Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-02-05
IrRoM OUR REGULAR connrsroSDrsrl

/
ty-sixth street. The few hours thus spent have
not been lost. Taken in connection with what
learn respecting several fraudulent savings
banks, gotten up by members of our raScally
political ring, they have taught me some lessons
in social economy. One is, that the absolute
suffering occasoned by the collapse of a single
savings bank far exceeds that caused by any of
our crest financial crashes-say the famous
"hlack Friday" If man loses his all at a
blow, it matters little whether the amount of
the loss is a hundred dollars or hundred thou
sand. In either case he has just TO begin anew
A few score of brokers and spectators lost
their all on black Friday. Some hundreds of men
and women would lose their all by the failure of
the Bowling Green and Market savings banks.
These institutions were from beginning to end
absolute frauds. AT present, even after full
month of the run, no man can safely say IN
what category the Third avenue savings bank
is to be placed The facts known are Just these:
The bank by its statement for 1871, had
S5,959000 Of deposits, for which it was a
debtor to its dopositors; while its assets
counted up S6,O63, 900, showing a surplus of
100000. lfthc assets were all good, the bank
was perfectly solvent: But unluckily month
ago ii came out that the sworn statements of
several savings banks were fraudulent. From
various causes it came to be suspected that the
s,otaron+ Of tha Third Avenua banl, ,voS olso
fraudulent uopco tho rr, rnop n NV the 40
nositors which has lasted for month ond
which is nor ,,ot closed Of tho octro1 rn,,ber
or donositors T have M sure means If indcipo.
Int in 1881 I f,d thar tbo o,orooo denosits IN
III so,,inrs bonl,s in tho stata oho,,t s9oo 70
o.ch A, tlis roto tboro would no m coo roorIo
70 whom, this h,nl, rus Debtor Mos, of thoso
Tho nv, to,ro, ,,,,D+o5 =, ,,tdro,,, .to;r
monoy Now as evnerionce shows tyop+v-s,,o
persons cor, be mid in an bour. and os ban1,in,r
-. : &C., 1,,,,,,s 1o,, o,,, 1o5 ,or,, ,,,,,I
,rot +,oir money in doy Ar chic ro,o II would
roo,,iro o,,i+o yino months ~ no, OF al, tho
aonos;+or,
| c,,,. 1o,,,so roir sor,r,o of what
r.a,, &c +tor,,r II shol no r,osda,, Iarrorr
az - 49,, :, .,,o
~, 49, =, 1,, :, . i,
49,. ~. ~. -. -, -,
-. ,.,. :.
80 -, -
,5 - :. 80, -, ,1t ,'>,
-, - .,nt ile''G'
as,gl ! itr,1y tbot flnr 1par aalAn ct,
In each direction from tho doors ron a fIo ri
neonlc in two lonc rows Thesc counted
There wore inst 15o Most wore mon evidenny
Of the noorer class Some wore women All
looked fearfuIIv cold nc thew could not VOL
helm On sucb morninr Al tho CORNER a Tar.
barrel was bu,nno around which score n
loitercrs were ,varminu their hands cv;dentl,
meonino to take their plocc in TN, limo bv-and
hive II was now two hours beforc the bapl
would omen Many of those in the line bo,
stood there all tbe nirbt. others ,vould e+and
There all dov unon the mere chance n
reaching tbe paving desk. Ibaye seen some
sad siuhts. but 7 thinl, the very saddest wa.
tbis lono file of neonle WAITING IN oct the fev
dollars. which. TO most, represented fine savings
of wears. They were too cold. weary and sad
| for anv noisy demonstration An tbev couId
do was to stamp their baIf.Crozen feet and rnb
their halEfrozsn ears. I did NOT hear lopd
word spoken. This is but a glance of five min
| utes, at a run, which had been going on day
and night for a month. What was worse,
could devise no remedy for it. Surprising the
bank TO be able and willing TO nav every de-
positor upon the presentation of his or her
hook. how could the officers do il more ronidlv
than ot tho rate of one in ,breo minutesp
Our system nj sov;nrs hanks moods revision
Tho dee;rn is evcolIont and tbink ON tho
- ~, ,,.,,.,,o1 49,. ,,.,c,,.,,.,hI-,
$500 ,aso a, y o,-is,s an,o,,a - rhoro aro
in Nou, Vol, ord pr,oI,I,n rtvoir,ht so,,;,,r,s
l,a,,,. M aa.,-.a,roto -. oF so-..-e;s
not far from one hundred and sevont,. ro,,r nil
lions Of dollars Their apg,egots ossets if