New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-31
THE PLIGHT or BINGHAMTON"
MAYOR GREEN DECLARES THE CITY is ENTIRELY
SOLVENT AND BUSINESS GOOD.

MAYOR GREEN DECLARES THE CITY is ENTIRELY
SOLVENT AND BUSINESS GOOD.
Mayor George F.. Green. OF Binghamton. who was
In New-York yesterday, gave to Tribune reporter
an emphatic contradiction OF the reports that his
city was bankrupt result OF the closing or
the Broome County Bank and that business there
was practically suspended.
The story published Tuesday" he said. 'on
The Plight OF Binghamton largely fictitious.
Naturally The citizens OF Bnghamton feel much
incensed because and this and similar misleading
reports published broadcast are doing the city ana
its business interests great injustice II not grave
injury. The exact facts are that several days ago
the Merchants Bank State institution was
closed upon evidence aiduced by Bank Examiner
Clark. The bank capitalized for slc'o ana
was doing a splendid business The Messrs Ross.
who were majority stockholders. made an assign
ment to Senator O'Conror for the beneht or cred
itors and without preference, thus closing the
private banking institution OF r. Ross sons
The Merchants Bank is now In the hands OF q
receiver. Colonel George W. Dunn. In whom the de-
posltors have full confidence. II Is understood
that as a sequence OF these difficulties. examina-
ton o. the Chenango Valley Savings Bank was
be gum when Bank Examiner Philo H. Backus'
through published kilograms to the state Banking
Department ard by copious newspaper interviews
declared thefts and desalcations had occurred As
a result the savings bank was closed. and this was
at orce followed by the closing OF the Natonai
Broome County Bank, an institution in the same
building and differed practically by the same
men as the savings bank.
"As result Of the talk Of Bank Examiner
Backus ard the closing Of the four banks within
a few DAYS depositors. business men and citizens
generally became alarmed The fright was greatly
Intensified because a local newspaper ran out sew
eral special editions the day the last two banks
were closed openly procalming the cashier OF one
O.. them 4 thief That cashier is one OF the Oldest
and mos; respected bankers and the charge against
him Is yet entirely unsupported by anything
blt the word OF the bank examiner.
The high order OF intelligence OF the citizens OF
Bnghamton, and the cool. eve-headef generaiship
thing like a panic. Quiet almost immediately
restored. and ever since business mas moveo on
without an apparent ripple Business Is good Ohe
trust company, with capital or spo,UW, three Na-
tIonal twJ private and one savings banks, al VII
usually sound and reliable institutions are amply
what /; IL hoped VIII prove only temporary en,-
barrassment Is remeded o. ~ kenogs, St III,
land has been appointed receiver Tor tie -Na..v,.
Troome Company Bank. and IL IL thought receiver
VIII not necessary for the savings Da"N 10, AZ, a,
while the balance OF city funds over Sleey"' y
nav, locked up the city Is perfectly secured, -
special act has been introduced In me Lesisa.u,o
allowing II to borrow money during tne slhersehSyt
and IN The mean time home banks gladly cash an
CITY orders presented. The credit OF the ely ~ guy.
only $4,000 while II owns the water works plant.
easy worth .50cO 600. and much edditionai Vaiuaoo
c,v nronsrty The assessed valuation OF properly
approxin,ates S2500,C0 ,,
In short Bnghamton and her banking ana ousi.
ness interests are. according to the Mayor. all
r,oh, and the city still ranks one OF the most
Progressive and prosperous municipalities OF the
state.