The New York herald., 1875-10-01
ANOTHER BANK GONE.
The Third Avenue Savings Bank
in Liquidation.
INTERVIEW WITH THE RECEIVER.

Al the opening OF banking hours yesterday morning
honest people who had deposited their earnings in the
Third Avenue Savings Bank, At Third avenue and
Twenty sixth street. gathered about its doors TO learn
the truth Of the report published in the HERALD in
the morning that the Third Avenue Savings Bank had
failed Their worst fears we're realized AT ten O'Clock
A. NJ the porter Of the bank hung sign with the
words -Bank closed, pursuant order OF the Su-
preme Court, granted application of the Attorney
General, ut the request OF the superintendent Of tho
Bank Department Further notice will be givenn For a
few minutes the scene baGed description. Women
burst into tears and loudly proclaimed their losses
Men clenched their eeth and some with STERN solemn
faces walked rapidly away Others gave TO their
anger in violent language.
Tho bank officials anticipated storm and prepared
for by obtaining detail OF police TO guard the build
ing The police were posted the Third avenue ard
Twenty street fronts of the bank and denied
gress to all comers except the members of the press
and officers of the bank.
SCENES OK THE STREET
One old lady, scarcely able walk stood facing tho
door Of the bank leaning the Of her daughter
The tears streaming down her cheeks and her
voice was broken by sobs she said to tho reporter
'oh all that we have in the world is in that bank;
every dollar; nearly thousand. ! came here two
weeks ago 10 get it and they told to until
week Then came again, and they told me TO
yesterday. came here then, and tho said must
come this morning. Now they have closed What
shall dog What can do to pay my rent in the morn
ing? 1t must be paid or the landlord win put US out
on God have pity on US What can we do?n
One OF the policemen duty in front Of the door
said ~ had $500 there last week. but my wife coaxed
me to take it out" butcher, dong business on
Second avenue deposited 81 $50 last week fearing to
keep IT in his house until to-day when he wanted
to use it. Hundreds Of poor people hocked around the
doors early in the morning, for the OF the failure
spread like wildfre, and all earnestly denounced the
managers of the bank for their supposed mismanage-
ment While the crowd were waiting outside the
HERALD reporter went into the directors room in the
rear and Mr.. w. S Carman, the late Secretary OF
the bank, now the Receiver.
STATEMENT oP THE RECEIVER.
Mr. Carnan said:-'We held consult ation or the
Board of Directors last week. after thorough eXami-
nation of the affairs of the bank and decided that ii
necessary for the safety of the dcpostors wind
up the accounts of the bank Immediately Mr. Bates,
the president and myself directed to proceed
Albany and state the condition of the bank the
perintendent of the Bank Department He then took
the necessary steps TO close tho concern In
order to prevent alarm among our de.
positors which might result in panic and
run, deemed it advisable 10 continue receiving de-
posts until we had the machinery in order protect
every one. Last Saturday morning, acting upon that
for all deposits handed in after that tlmo, with
orders to put such deposits in separate envelopes
with the depositor's name and address each
envelope. 1t my intention TO return all those
veioped deposits as soon as we closed doors I
u
he replied Certainly you can !"
REPoRrER-Are you going to return them?
REcETvER-Well, that IS whore the trouble lies. Since
that time have been made receiver for the creditors,
and have been advised that !, receiver, have no
right to return any deposits any part of them except
pro RITA shall take further advice the subject be-
fore taking action.
REPoErER-How many depositors have you on your
books2
Recommendations seven thousand eight hundred
REroRTER-Arc the deposits received since Saturday
morning entered on any Of your booksY
REcEIyER-Not yet suppose they will have TO be
entered and considered part Of the assets Of the inst
tuition.
REPoGrER-wn you tell me, as nearly as you can,
the total amount on deposit?
REcEIyEE-It is dilcult to give exact figures at
present Our accountants busy engaged In closing
the books preparatory TO making general statement
which will be ready for the public about the latter part
Of next week. As nearly us can estimate the total
amount on deposit will fall OF ST. $50 COO and
IT may reach 81, 600, making an average OF about
Sll5 per head
REroRrER-what LED to this suspensionS
REcEIvER-The main depreciation in the
value Of real estate Most OF our funds locked up
In real estate, upon which wo cannot realize. Take
this bank building 1t cost about Sl95. 600 II we
put 1t under the hammer tomorrow 1t would not real
izo 500, 00o We have valuable property
Fifth avenue, near Eighty sixth street, valued
at $So,UoO that viii not sell to-day for
moro than $40 000 We could have gone on by sacr
tcng securities at such rates and have continued to
nay these depostors who came first; but there would
have nothing left for those who last aud in
justice to all VIC have placed all deposors the
footing.
liabilities OF the bank, what dividend do yeu think you
Will pay?
REcEIvRR--I should like you to say the worst at
once Let them be prepared Tor that and If We lind
we can DO better, there will bo no disappointment /
think that without doubt We pay nlty cents the
dollar ii everything was sold under the hammer to-
morrow; but If can nurse the property, and
little advance in real estate shall be able 10
dispose Of it better advantage, and may make div
dend oil seventy i've per cent AS we can get
our statement ready will send 1t to the HERALD.
Throughout the evening the sidewalk in front of the
bank was lined with anxious nqurers whose earnings
were thus suddenly locked up They paused moment
IN. front OF the policemen guarding the steps them
passing up the door, read the sign hung tnero and
quietly walked away.