The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-11-15
THE BOWLING GREEN SAVINGS BANK.
WHY IS SETTLEMENT or ITS AFFAIRS SO
LONG DELAYED HAVE THE ASSETS BEEN


LONG DELAYED ?-HAvE THE ASSETS BEEN
SWALLOWED by LEGAL COSTS?
The Bowling Green Savings Bank closed its doors in
1871 and with promise that all depositors should re-
ceive the total OF their investment in very short
time. Such depostors credited for sums rang
ing from $40 downward paid the sum total Of
what due to them. At the time the plan Of settle
ment with its creditors declared above well re-
cevcd and the larger depostors expressed their con
ndence in the judgment of the officers
appointed to settle its affairs. Time wore
on, however, and, Notwithstanding the declare
tion that the assets OF the bank were
amply sufficient TO cover liabilities, il not until
about three years ago that the heavier depostors sue
ceeded in obtaining a first instnlment OF their dues
and that only after the most serious threats OF
combined action against those who had been involved
in its management before its failure and such as had
subsequent charge OF ITS affairs. The nstalment which
paid amounted to thirty five per cent OF tho claims
against the defunct institution, and was made In two
decarationsone of twenty-five and another OF ten per
cent The remaining sixty-hve per cent was to be
forthcoming u short time but from the time OF tho
ten per declaration until not another cent has
been realized by the depostors, they, they
declare, any satisfactory statement TO why the
remaining Indebtedness is SO long delayed. Mr..
Shepherd Knapp, who is and has long been in
troll of the affairs OF tho bank does give any euci
daton of tho difficulty other than that the suit against
Walter Roach tor s95 0Oo which he is said to have
ricd TO the credit OF the Guardian Savings Bank
properly, has
BEEN SETTLED,
and that large amounts represented by Hoboken real
estate securities cannot now, could they in the
past be converted cash without very serious
loss.
In
the control of the banks affairs have been author
lied to make ami they exceedingly unsatisfactory
to the depositors who awakening TO the necessity
for some definite action by which those who
troll OF the bank affairs shall be forced to make its real
condition known.
For the purpose OF getting the feelings OF the de-
ferred depositors generally, reporter detailed
interview n number OF them, and OF all they have 10
say in regard to IL. The statement OF Mr.. Henry s.
Lord seems the most completely TO cover the ground
or complaint made by them. He says that after the
declaration OF those IN control of the banks affairs
that its assets were equal to its liabilities settle
NEXT made with Henry smith, since dead, for all
his respons bes for $50 000 and that the settlement
declared TO be satisfactory. Ar. Smith, II will be
remembered was tho President of the bank who de-
cared ut the time Of tho failure that he would all
the depoSitors reimbursed, If he had TO pay the
money out OF his own pocket.
Then came the claim against Walter Roach for the
500 900 named above. He declined to make the amount
good claiming to have covered all his responsibilities
TO the banks depositors by carrying over the amount
TO the account OF the Guardian Savings Bank. suit
followed and, AS is claimed though merely technical
error the bank temporarily defeated Since then,
however the depositors claim that there has not been
any effective effort the part of those in control OF
affairs 10 have the case reopened and proper judg
mcnt rendered; has there been anything done TO
realize from the Hobokcn securities This lothargy.
II is charged has other foundation
than the desire OF those interest other than the de-
postors, to have settlement long delayed as that
they the depostors shall become tired of waiting and
TO give trouble account OF their loss leaving
those in control to swallow the assets in tees for
vice In this connection IL Is added that while John
Fox and Judges Hogan and White seemingly
in their demand for final settlement OF the affairs
OF the bank soon after the failure they alto
gcthcr quiet in relation the subject leaving is de-
clarcd, the impression that they have been
SATISFIED PRIVATELY
for the several amounts which they had deposit
when tho doors Of the bank were closed.
This growing belief has gwen very grave dissatsfac
ton to the other deposors who declare that they
the present status of the hanks concerns Mr. Lord
says thai in so far concerned personally tho
delay in action the part OF those in control has
given him cause for the apprehension of very serious
loss to himself His case is somewhat in this form
He had obtained loan on real estate security Tor
given amount; then, with view to the liquidation of
his Indebtedness, he had by advice OF prominent
officials made deposits in the bank which still held the
mortgage some OF his property. When the failure
occurred he assured by the controlling officials
that they would balance and settle his account mme
diaely and relieve him from further trouble. But from
that day this he had not been able settle
ment and his fear Is now that while his property is
held for tho sum for which 1t mortgaged with the
interest accrung thereon the design 10 10 cheat him
out OF the he had deposited for the purpose OF
paving the mortgage