New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-01-22
INSOLvENT SAVINGS BANKS.
SUSPENSION OF THE MARKET BANK-ALLEGED
DEGRADATION OF TIE CASHIER.


On Saturday morning the Market Savings
Bank, No. SO Nassaust added to the long list OF
financial institutions which have succumbed TO bad man
agement and to tho distrust OF deposors On Friday
afternoon IL was rumored in financial circles that tho
stability OF the bank had become impaired in conse-
quence OF disastrous specuations with its funds by the
Secretary, Henry r. Conkn, and that the State Bank
Examiners were then inspecting its affairs number
OF Its deposors fastened 20 the bank and drew out
about $4,000 The announcement OF these facts the
morning newspapers caused additional excitement and
at about Saturday large number OF depositors
assembled before the opening OF the doors Of the bank
with deposbOoks in hand, determined 10 draw their
balances and to close their accounts AZ 10 a. m.
placard was hung outside door informing the hrong
that the bank closed and that receiver would be
appointed. Soon afterward another placard was dis
played to the effect that James Dennis had been aP-
pointed Receiver
The petition for the appointment OF receiver was made
by James Carpenter on fling bond in 100000 The or
der granted the complaint and AFFIDAVIT OF William
Van Name setting forth that the banks monthly exmbit
at the beginning Of this month gave its liabilities to depos
ors at OST73 49, and though it is represented in the
exhibit that the assets exceeded that amount yet ap
pears recent investigation made by him and other
trustees that assets represented good are entirely I'M
secured and the persons owing the money nave declared
themselves unable to give security or paw inc dehclI
was fixed at 100000. He asked the appointment OF
Peter Voorhs one the trustees, receiver Judge
William Van Name and John S. Bemus we're accepted az
his sureties.
The failure of the bank attributed 10 the abstraction
Of 100000 worth Of Tennessee bonds and TO culpaDc
msmanagement the part Of Henry r. Conklin TRUSTEE,
Secretary and Treasurer the bank into whose hands
had been committed the management OF ts AFFAIR." The
fact OF the defacaton having TO the knowledge oil
the State Bank Examiner, Tuesday last, at No.
they began investigation and ascerained that
there had been criminal defacaons and unfortunate I'D
vetmens and that the bank would not be able TO dis
charge its liabilities This Investigation developed the
fact Secretary Conkn had borrowed securities from
firm indebted to the bank, and by credtng them as
assets had concealed the condition Of affairs from the
| Trustees. II il asserted that Mr.. Van Name was
aware OF the transaction well the Secretary Know
ing that further conceament useless Conkln admit
ted that he had taken the bonds and also an amount
OF money that he had left the bonds with banking
house in Wallst, Henry A. Heiser Sons and that he
had invested the money real estate in the vicinity OF
New.York This real estate he claimed II held until
| Spring would net 100000, an advance OF ABOUT
| $4,000 on what he had paid for it, all
OF which willing to transfer to the Receiver to
Offset the claims held against him by the bank The
bank officers stated that when Messrs. Heser q Sons
were called upon TO return the their equivalent
they declared their inability pay them and asked for
time in which to the demand. There are others,
| however, who believe that COnkn took the bonds 10
| Messrs Heiser & Sons, and used them as margin 10
| stock operations
Mr. Van Name, the President, applied TO for nfor'
nation as TO the condition the bank, but he stated,
that knew nothing of its affairs as he had not taken
an active interest in its management the direction hav
ng been left to Henry Il. COnkn, Trustee, Secretary
and Treasurer whose integrity and ability the other
officers and trustees had great confidence. The Tennes
bonds had been taken by Conklin from the bank
than two years without the knowledge OF the
other officers, and equivalent had been substituted
Mr. Van Name did not know anything about the assets
OF the bank and could net tell their amount or their Guar
acter what dividend, If any, the bank would pay The
receiver engaged in ascertainng its condition. and
| would report In few days. Mr.. Van Name appeared
very oath TO impart any information and hurried away
before additional details could be obtained.
Henry Conkn, the Secretary OF the bank said &c
be prominent member OF the Young Mems Christian
| Association. The bank very fayoraDy known III
| financial circles. Its officers as follows:
Presidents L. Goddard and Peter Voorhis
COnSln and Trustees
GeTshsn Banker El Beach yOha C. Bishop Jacob Carlton
Chs " Gardiner, Gael James Carpenter Bart b. Bap
pe William Henry L. Conkln Thomas COwaa janice
b. Ennis George r. Douglas C. l. Goddard, D. H. Cloud AmesP
HaWley, George John g. Lghbod III MARKHAM hRuon
Ma Edward Mills j. r. Richards, b. f. sherman william N
Name Peter Voohs Conrad +. Wetven, George woodward s'
| Edward ID. Walker.