The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-01-26


discourage any movement the part OF rhe deposi-
tors until q statement showing the instltuuon's
condition, should be presented, and then-such was
the burden OF their representative can WORK ad-
visedly." One OF these, found to be deaier III
Washington Market, was very laxative, Out us
true character was soon ascertained when ne De-
took himself fields favorable for his jealous
work. Mr.. M. J. Dowley, q large depositor' was
called upon to preside, and Mr.. Fred j. STOKES Vi
SO Nassau street, appointed Secretary.
Briefly the Chairman stated the object OF the
meeting. They were desrous OF preventing, II pos
siDle the institution gong into bankruptcy. ana
thought committee should investigate its AFFAIRS,
reporting at subsequent and larger meetih9 oi
the depOsitors. ms,
Union No. O. said he represented that association and
as ITS members mad So 900 and over IN the banE he
would ask the Chairman's opinion OF the present
Mr.. DoWLEY--If the attempt made to force the
bank into bankruptcy Is successful there are assets
In officers hands that Will never be reached. we
should and must avoid 1t. An investigation COM
mGtee, as has recently been shown IN the matter Of
the Bowling Green Savings Bank, can do
something. They have discovered frauds In that
institution which many whitewashed reports never
developed and which the Officers aared , not 70
case OF the Market Savings Bank to keep back any.
thing they can. We are greatiy interested and
money to be returned. To this end 1t Is suggested
that committee Of five be appointed to investigate
n,
result Of their work: (Applausel
Mr.. F. J. Sr0KEs-I have learned with the deepest
regret that steps nave been taken for our broken
up savings bank" To 20 into bankruptcy. the
lady who started the matter knew Is much about
the laws and results OF such action she would never
have taken the step. 1t Will materially inJure our
prospects, and entredt all dep0st0rs to oppose 1t.
IL Is sure loss OF twenty per cent.
DEPOSITION SAID that action must at once be
taken II they desired to prevent the bankruptcy mat
ter. No Tune could be lost. Energetic work and
jealous cooperation were demanded.
Mr. MCKEcHNIE-Thats tine right way to talk.
Let us work, and that our endeavOrs may take o
practical shape move that q committee Of five be
appointed 10 investigate the affairs oil the bank and
report thereon so soon as convenient, making such
suggestions as are deemed necessary.
DEPOs ITOR-The bank officials won't let you or
any other committee make sucn an investigation,
though should like to see 1t.
Mr.. MCKECHNIE-We can try at least, ana should
we meet with a rebuff the public Will know 1t. We
always De wlnked at. Tne committee can do no
harm and may do much good.
DEPOsIT0R-H0w did the Bowling Green Bank
Committee manage to succeed IN their work
Mr.. DOwLEY-They went into the bank and in the
name OF the depOsltors demanded that they be al
lowed to examine the books, ana they were not re.
DEPOsITOR-It Is Just what we must do. The pub
lie are becoming aware That some, even many, or
these sO-caed savings 6ank TX are rotten to the
with 1t and do that which III other stations or life
would cause the offender to be sent TO the Peni-
Tertiary.
There were many other like expressions TO the
above during the formation of the committee, which
was announced as iOilows;-R. McKechnie, Presl.
No. 81 Nassau street; G. W. Parsons, No. 1914 Broad
way; MIR. MumtOrd. No. 800 Fulton street. Brooklyn;
Frederick j. Stokes, No. So Nassau street; NJ J.
DOwleV, 70 Nassau street.
The names of the depOsitors present were then
TAKEN and the meeting adjourned, every one being
OF the opinion that decided action must at once be
taken to secure their rights. The committee ap-
pointed VIII 90 to work Immediately.