The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-04
THE BROKEN SAvINGSBANK
PROPORTIONS FOR THE PAYMENR
OF THE DEPOSITORs.
How the Conclusion ,ha, tn. Bank Must b 20,


How the Conclusion that the Bank Must b 80
into the Hands Of n Receiver was Reaches
A Public Meeting Of the Depositers.
Mr.. Carman, receiver OF the Third Ave-
nue. Savings Bank, told a Sun reporter yesterday ,
that he meant to pay tho deposltors i've Do
cent. as soon as bs could pos''h'-
amount, and sop''--' realize thss
mora 49, ..us to pay Ave per cent. os
-..sn the assets are exhausted. A suggcs-
tion had been made to him by one Of the de-
positor that all the deposltors agree -
take the assets Of the bank at their
natural value and be credited Herewith
In new books, surrendering their old ones,
Thus, should the assets be equal to forty pcs
cent. of .he liabilities a depositor would be
credited In his new book with $40 for every sios
on the old account, II being further agreed thas
depositors should not draw on their new books
Tor six months. Mr.. Carman thought the sur
gestion good one " all the depostors would
agree to II. He added wish the public 10
understand that have been connected
that before / became Connected With Il
u was hopelossiy, ,rrotrtevably ruined. was
not aware of its condition when took the office
OF Secretary. IsuppOsed II to be weak, and had
heard reports ABOUT IL, but I hoped by Rood
my time exam lining tho condition OF the bank
were; After a most thorough investigstion.
Whlch TOOK me several months, camo to tho
conclusion, and SO told MIR. Bates, that We
could not conscientiously run the bank any lon
way for the deposltors. Mr. Bates, whom I be-
iieve to be an 9pIght man, agreed With me- and
Reporter. How long do you think II will take
Mr. Carman-That will depend upon the In
structions l may receive from the Court, ana
upon the wishes OF the depositors. shall NOS
Keep ,.es, any large amount Of money on hand, bus
Reporter-l understand that tho affairs Of tho
Bowery Dink' which suspended In 1857, are not
Mr. Carman-I was not aware OF that faot bul
u Is in the power OF the courts to compel SET
agcrieved have remedy IN law. As cashier of
the Mutual Bank, which went into liquidation
all doposiIors in full. In the case of that banx
there was no suspension. We went out OF busi-
ness, because business didn't pay.
Mr.. Bates, late President Of the Third Ayenue.
said that he considered himself relieved from
duty ny tho appointment OF receiver, but
posi- ois. lie Is trying to get the trustees to-
eether, but some OF them have become rather
Mr. Anthony Dimock, to whom the bank made
rs unfortunate loans on Atlantic Mail, and who.
though not trustee, almost controlled tho in
stttution, is a young man not vet thirty years OF
aie' OF dashing and ndventu tous temperament.
He has made and lost immense sums ia Wall
street and Is rather Door. though he Is reported
TO have raked In over fl2.00O the rise In gold
II Is an interesting fact IN connection with the
bank that four OF tine most prominent trustees
at the time the loans were made were Republi-
can politicians, and two OF them, ID. ID. 4. Mar
shall and VIM. A. Darling, are now Office hol dors
Marshall 10 the Excise Board and Darling in tue
Custom House.
Inc excitement among the deposItors Ia In
creasins rs the news spreads among those that
don't read THE Sun. On Sturdy there was
more weeping and wailin2 on the sidewalk than
on Friday. some OF tho more ia elligeot do
positors propose a meeting. at which to express
their views. hvery one with whom the SUN re-
porter tsised was Ia favor Of a speedy settle
ment at whatever sacrifice.
Mr. Severn ID. Moulton, Vice President, told
one of his depositors that II would DO better to
wait for two ye irs or so than TO sell OF the
the property now. A committee Of depUsitors
has arranged for meeting Ia Hitchcock Hall.
30 Third avenue, at O'Clock next Wedne sday
evening.