New-York tribune., 1873-02-06
EIGHT INSOLVENT BANKS.
WHAT RECEIVERS ARE DOING.

SPONSIBlE.
Eight banks have failed in this city within
the past u or IA months These the stuyvesanJ
Bank the Guardian Savings Institution the Bowling
Green Savings Bank, the Ocean National Bank, the
Eighth National Bank, the Market Savings Bank. the
Union Square National Bank. and the Central SAVINGS
Bank. TRIBUNE reporter has investigated the prog
ress In the settlement of the ars Of these nst
tutions, and has obtained much information as given
below.
THz sTUYyEsANr RANK.
The stuyyesant Bank suspended ON Oct. 49, ISL o.
H. p. Archer a Director and more atey VicePreSidont
OF the Erie Railway Company was President OF the
bank. and John Van Orden, Cashier The immediate
cause Of the failure the refusal Of the bank to pay
check for SSH a. drawn 10y William r. Barr, President
OF the Erie Railway Sleeping Coach Company Suit was
brought on this check on the day preceding that
on which the hank closed its doors and order was
issued by the Supreme Court appointing Mr. Archer the
President Of the bank. receiver Another suit was
brought subsequently by the state at the instance OF
John II. Conner, Erie Railway employs. Mr. Archer
again appointed receiver under this later proceeding
In January 1874 John Mack creditor OF the bank hed
"A petition in bankruptcy, under which, and also by
an order Of tine United States Court John H. Pratt
was appointed receiver. The new receiver was op-
posed by the one appointed by the State Court but sue
ceeded June In securing possession of the BOOKS
papers and assets OF the bank Mr. Archer is sti de-
feulng his claim TO the receiyershp and Mr. Platt so
affairs OF the bank Is obliged, IT is said TO take every
step in the dark. Mr. Patt has made the following
statement of the assets ana liabilities Of the bank as
turned over TO him:
Assets-Bills receivable. $l2o.1S5 Sc unpaid loans
sos 30 30; overdrawn accounts, SiO6S Oh; county
banks unsettled collections, consisting m9ny oi pro
tested paper sy,SS Ti NeW-aOLA ettJe LOaS, e. 81 S,' ~
cash received from o. r. = Archer receiver S''oS 0i
total, sSss,25s So ,-...,
and Merchants Bank tas collateral for balance OF tneiT
claim IN account amounting, July l. to l02 TO SzsOSJl
l57S5 39 in the hands OF Field Shearman by former
receiver for collection 100000 IN the halu' OF Il. n. ~
T. r. Wghtman, attorneys Of the Dank, tor coe.toh
$3.50 S Total of assets claimed by bank S6jsl5 Is.
Iabihties-AmOuut due 10 depOSitOrs, S90OjO 6i Ger
posit oTtstandns s55s7i os due Merchants and Manu-
iac,urers' Bank s2sll5 %; bills payable, $500.
Ofhe assets enumerated the Receiver cannot make an
accurate estimate Of value. More than third Of the
bills receivable and the loans the liabilities Of E.
Parkmau who borrowed $4,000 certified checks OF the
bank upon which he obtained the money on October H.
or two days before the bank closed its doors Upon the
same day, another loan appearing in the name OF one
Tlurstou made for $4,000 and j. c. Thompson was
permitted 20 overdraw Lis account for $4,000.
Tie creditors OF this bank are much aggrieved and
although anxious TO press the receiver in his settlement
~ the Business have manifested disposition TO give
him reasonable opportunity. The receverIsays that
Che larger part OF the claims for assets have been dis
putod aud contested ami that the bad way in which the
books Of the bank kept prevents clear knowledge
OF $4,000 claimed to have been made to the bank, and
there is nothing to suDstantiato the claim except
statement made upon piece of paper by the cashier.
soue Of the stocks deposited collateral security oI
loans Of little no value when accepted by the
bank although portion Of them are believed 10 have
become enhanced in value. A large proportion OF the
assets are of most unprOmisng character proper
ton the securities and cOecable assets will be used
speedily possible by tho receiver for the purpose OF
declaring a dividend to the creditors of the bank.
THE GUARDIAN SAVINGS EsTlTUrION.
The fall Of Tweed resulted in upon the Guardian
savings Institution. which eliminated in its failure.
William NJ. Tweed was It's President, and Walter Roche
IS vce-President The latter also VicePresident
o; the Bowling Green Savings Bank, and the financial
operations Of the two banks related so Intimately
day the money due each TO the other
matter of dispute between the receivers On Nov.
a. 1871. jeremiah Quinlan was appointed receiver OF
the Guardian Savings Institution and fled his bonds up
on the day OF his appointment at assuming charge
NJ the affairs OF the bank. The immediate cause Of the
flure was the inability OF the bank 20 pay check for
about $4,000 drawn by the Public Administrator of the
city and County of New-York. This officer TO whom
Is ntrusted the charge OF the funds arising
from the estates OF intestate persons, had
determined to withdraw his deposits from the
bank and in the prosecution Of that intention found the
bank unable 10 meet his demand When the receiver
took charge OF the affairs OF the bank the assets were
found Of bonds and mortgages, notes, some OF
which were not secured, small amount of money in
hand and q CLAIM for $4,000 loaned by the officers Of
the Guardian TO the Bowling Green Savings Bank Much
has done in this 10 repay deposors and pro
tect them from loss The receiver acted eneTgetcaly,
securing all the papers Of the bank and informing the
officers and that 10 would be for them
TO give BIN suient security. IN cash or otherwise to
were threatened to compel such settlement
cash and available securities, and Walter Roche, the
YicePresident, offered 10 place IN tne hnds OF te re-
ceiver trustee, and OF John f. Devlin and James
Lynch as cOitrustees real estate valued aI SSOlOO
These propositions accepted. The receiver began
realize the general assets Of the bank, and IN
February, 1872 within three months rom MS appoint
ment paid dividend OF % per cent on TINS occasion,
$50 Of the smaller and needier dePosiors, who were
largely dependent that Of the year upon their
savings and whose deposits ranged from $40 10 300 were
rene Court srsnted on an application Of the receiver
report OF the proceedings including tile first payment
continued convert the general assets into cash. and
April 1872, made further pay OF 2o per cent Lnls
aud steps at taken TO sell the SlOOOO worth
& M K9ens pI9peI m apS Si ement was to have been
made on June l, when y was founa tnat
Mr.. Roche's assignment eonhicted with the pro
visions OF the United States Bankruptcy law,
aud the contracting purchaser refused 70 tahe
th date Of the assignment. This period expired on
Aug TO- and the trustees have endeay0red 10 compel
contamination Of the contracts OF sale and purchase
but have succeeded only 10 a limited exten Various
have been made 10y some OF the ana
the trustees unwilling 70 c0neede luI,het delay nav
decided sell the property az public auction on March
g. aud order TO expedite the sale have concluded 10
allow only 50 days the examination OF titles The
receiver hopes 70 make ful ana hnaI payment ploro
June l. This hope, II Is said, viii be realized IL the
property 10 be sold brings ordinarily lair market
price There is about S22OOO0 VI outstanding Liabilities
and should the Roche property, valued at S0OO l 10
meet them, there Is still large amount or general
assets. The creditors Of this institution nave eVlDced
d-sre 10 aid receiver. The liabilities OF the Guard
ian were about $4,000 The assets according 10 the
banks statement S536 O but upon the receivers
estimate were valued at S436OOO The receiver says that
trustees have manifested every disposition 70 ad III
settling the liabilities OF the bank ~ fuL
THE BOWLING GREEN SAVINGS BANK.
Tue Bowling Green Savings Bank, OF which Henry
smith was President Walter Roche, president and
Reevcs l. Semes SecretarY failed Nov 90 1911, at