The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-11-01

The Peoples Bank sssind,e a. Cincin natt.
HE VIEW INSIDE OF AN EXPLODED BAsK-MsErIsd
or DEPosIToRs-PIvE PEK CENT on THE DOLLAR,
PRINCIPAL AND INTEREST.
HSrom The Cincinnati Commercial Oct. 30
The dcpositors in the Peoples Bank alter an assign
ment had been made TO Nallon, by =. b. Manchester
we're notified to call at the bank Saturday, at two
O'Clock r. NJ, and the real state OF affairs should be
hour the sidewalk Ia front o. the Manchester building
covered by depositors anxious TO receive CLEAN
hope, to Know the worst large majority OF the
persons thus assembled hborers their work day
garments with toilhardened hands and or furnace
bronzed teaturesmen whose money had evidently been
earned by hard, dry Enocks-men too who had attempt
ed to something for their amies-who had worked
extra hard and long, and lived in the rigid style
economy, 10 put little money in bank for rainy
gay Ana there were poor laboring women, WHO
toiled until their faces pnched, and their
Fingers crooked, 10 get something ahead" and had
deposited dollar by dollar in the Peoples Bank,
prayerfuly, and thought that they were plant.
ing good seed and providing against the chances of
sickness or other misfortune Poor conhding, unsophs
they should be wronged out Of their ''little all and
thrown back in utter despair upon their enecocu hands
whose daily work must be the sole dependence Tor daily
bred What encouragement is there for them to attempt
0savingo ever again whom may they trust now They
were ensnared and robbed in Peoples Bank; they
thought the bank was for the people because Of the
name and how they 10 discover that which is not
hollow and disiUnorabley
If Manchester's imposing bank building, one OF the
most ord locking structures in this city his splendid
private residence, his costly apparel his gorgeous
nture the purple and ne linen by those Of his
household who toiled not, neither spun his pew in a
respectable church. his lofty well fed look his sump-
tuous dinners were not evidence OF wealth. of stability
If all that fasehood and rottenness where can
Confidence be paced The people who thronged the side
walk under the shadow OF the towering walls of oman
chester's block" waiting patiently to know how much
each might save from the wreck presented one Of tue
saddest spectacc5 tie world witnessed
at last the door opened, and the crowd poured into
tho bank and waited again, many could leaning
against the marble counter which they had passed
Their money into the hands of the banker being told
that 1t could be drawn at moment and would be
into amos. hopeless but resoue expression,
would have impressed artist, any student OF hui
man nature, remarkable The crowd got behind the
counter well in front of it-there nothing be-
hind the counter that worth special caring for piles
of notes no gitterng gold
Captain Haldeman motion of Mr.. Mallon
sgnee took a chair on the counter and called the
meeting to order but there seemed little necessity for
the call to order, as stiffness almost breathess pre-
vailed Mr Maon read carefully prepared statement
Of the liabilities and assets of Mr. Peter Manchester
II appears that the real estate of Mr. Manchester-the
and Sycamore streets, which there il ground rent
OF $4,000 per year-the Art Union building, which
there ground rent of 81 800 and the residence
value
Between three and four hundred persons had on de.
post with Manchester the Of s135 900 Manchester
had made drafts St Louis to the amount of So GOO
which would not be paid of course and which would be
returned to augment the debt. He had raised
$4,000 on notes left with him for collection that the
amount Of indebtedness above that secured by mort.
cages and other securities $l40 o00 and this sum
is to be added the store bills which it is presumed will
amount to SO COO
The only certainly available is the furniture of
bis house, which b very rich and costly library These
effects bring at public sale So 900 There notes
belonging Manchester calling for about So roo most
OF which are good for nothing and altogether worth
perhaps 81 600 The amount OF overlrafts shows that
reliable men have oyerdrawn 81, 400 SO that, without
allowing anything for the expenses of reducing to money
abe personal property have 81 400 to balance sl40 00
and store bills to indefinite amount The
men OF the assignee that the creditors would have FIVE
per cent of their deposits (haf the interest without
PrncipaD was received with roar Of laughter, but
there were those who shed tears
Mr. Manchester had deposited as collaeras notes en-
trusted to him for collection the amount of ST
g These are in condition somewhat dubious Mr.
Maon stated that Dir Manchester informed him that
there would be assets enough pay of the depositers
dollar for dollar and that he would leave town only be
cause he was "crowded' aud did not feel personally
cure Mr. s. j. Browne stated that Manchester had Civ
en- him the most solemn of his AGILITY to pay
his creditors hundred cents the dollar The vault
OF the bank was examined, and found to contain box
OF insurance policies old checks the books of the
concern, and three dollar bispn broken banks The
books said Mr. Mallon had been Well kept but some OF
MIR. Manchesters recent transactions, such as
pIedgng as colaerals notes entrusted to him seemed
TO have been unknown to the bookkceper. There
one item OF personal property OF MIR not yet mention
ed the naming Of which by the assignee caused
church, worth according to the estimates the Trus
tees OF the church $500 MI Malon thought that per-
On recaptulating the household good exempt from
execution the bedsteads were referred to- According
Mrs H. and four for the seven children voice sug.
gested that good Place for Manchester to take his rest
FeDk4A be meat tub.
YRV~total amount of Manchestcr's indebt edness j.
e2s0 000 and of this there will be clean dead loss
the people OF at least 1925 600 The aggregate of mort
Cages held against the real estate is s79.500 The mort
gage notes for than half this already past
due The ground rents, taxes insurance money and in
tercst mortgage notes will nearly if not quite
sumo the rents Of the buildings But it is thought If
the holders of the mortgages will show due forbear
ance and not forecose the property at once that the
houses may be rented sad the sales managed at
prosperous times, to leave surplus beyond that which
Is called FOR by the mortgages to be divided among the
depostors And the real estate alone can be made to
meet the demands Of the mortgages, there will be
siderable railroad stock held with the mortgages,
freed for the benefit OF the depositors and II
be possible that ten per cent viii be paid their de-
posts.
A long consultation was held by the depositors MIR.
F. Frank, OF the Museum and the Rev. S. j. Browne,
the principal speakers 1t finally concluded to
appoint committee Of three to look infinitely into mat
ters and for the satisfaction Of the depostors
tain with much precision possible what had become
or the notes. money and securities, and whether
there was any clue by which anything than disco
vered by the assignee could be made available.
Picture OF the Accident on the Western
Railroad.
FIFrY.sBvEN KILLED.
From the Detroit Papers, Oct %
Tho express locomotive completely capsized and
thrown Off the track and the heavy gravel cars came
crashing through the baggage car, jamming the two
second class and the connecting first class into
promiscuous Of spnters and fragments Of human
bodies and badly damaging the second Of the first class
cars. The emigrant cars were allied with Germans and