, 1875-10-06

Which a1nA Successfully Vvcntlcretl
Two PAnlcb and Tllrcc Extrztprul-
nary Ilaaa.
Tho Third Avenue sav1nga Dank Of Nav York,
an Institution OF twonty-ono years Htandiue,
and notable for having successfully pgssct
through tno sovore pantcs, aud with
stood three Of Tho seyoreot ar,ns ),
on record, has Ut last Auccumbea to ,ts
1niHfortunes, miamanaGoment and poor inyos. :
monta aud suspended. It began business In
1901 ~ tho B!oo'n.ngdale Savings Bank. won't
In lsG3, When 1t Was At tts prime, lad s5 tJ0 u01
on deposit autl upward of &a5U,V 100 surplus. In
April OF Tint year a heavy decline In Atlantio
Aan steamship stock, gu which tho bank
run" on the bank which lasted four days, dur
lag which oycr q, l,000, ,00g was paid ont to the
dapoBitors. who iost tho interest OH thoir money
from Jau. l, aud tue bank successfully weather.
swamp It. Subsequent lissoneions among tlo
bank Trustees. am. tho publication Of Tho rc-
ports OF private Examiuefs showing a deficit
caused second run In October, 1871, which,
however, abated lu fow days, after sl,500. 900
had been paid out tho bapk paying ali demands
no promptly that confidence was somewhat re-
stotod. Tho third aud Groatost run occurred in
the following January, aud was resultant upon tho
publlcatinn or grave charges Of acknowledgement.
tor ton "eoaaa . crowd Of wlladcposstors oeaiogea
OF the two previous runs, the clams wero paid
promptly 40 fast a. tic creditors presented thelr
books, md Thousands OF dollars passed over tho
countors each day. During tho hrAt two .!nys OF
tue run 9S0o GOO were Withdrawn. poopo won-
dorou nhere tho money camo from. Al it was sub
posed tho bank had not sufficient resources Ia
bold cut. Week after weok passed, and
stii theEo were no aiaas Of abatsment.
but but the banhs came to ita rescuo aud
met, Tho Mutual Lila rnp"ranco @ ,o'n1rayy H,t"mr1,y
took '00o. 900 OF its socuritieH and the Park
Bank loaned largo amounts. Tho struggle con-
tinuod, but after ton wects Of stoady
Eaa Raasss esssed drsstSssfs IT, I ss sss' ho Ses in s
very poor condition, and iss RESOURCES
were nearly exhausted. It was no eorlouH|y
crippled that, when tho panic Of last falI
came H. ~ WAS Ds5oly able to keep up although t#
stncc the run Of 1s72. tho doposts hayo not
oqaated tue Withdrawals. which. owing to
tho hard tlmes, hayo been large. although.
nhteady. n and ~ tue money dlnlinist.od,
tho securities OF tho bauls ha7o boon mar
kescd to obIaia sfls necessary caah for tic
daily douaantls, until now very few of tle
available securities aro loft. Far tho paat throo
months TIE trustees have understood that tho
bank cvlld not continue much longer, but It was
put to my Inconvenience. Eiu1inR tho money
ao low, tho offlcp1s lad to eufprro tic C0-.ay
law. and demanded notice Of withdrawal OF any
lArso amount. Tuesday evening, 1t Was decided
to apply 70 the State Hank SUPERINTENDENT tor
the appointment OF 1soceiyer and Thursdar
tue application WaA granted by the guplens
Court aud the banks doors were closed, po.
posits had bcea received up 10 Tie last,
rather than ,o1cito renarks by = refusal,
which would havo proc,pitatsd auoth-
to hand WcE0 laid aHllo Ia euyelopes
without entry OIL tha books, aud ll,e tlenusitors
Will OF course teoolye this monty in fult, The
exact standing OF the bunk IL not yet mado pub.
lie, but y ~ certain the deposits can now hardly
parsons. and tho aseets mich uso left arc 90
poor. comprising wild-eat boatho1n bonds nud
heavily mortgagoa real estaso that not nbovo so
centa On dollar ie likely to bo got from them.