The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-02

Total .Sl.tp5pip ~
Lookcd a. a- hove The statement showed Il
surpi4- of sh'HDti DVcg u lli,ir-.
Air. Carm IA 81. .id: o. have no hesitation In ac-
knowlrdEibg that this j. Acfoked ZIP statement.
AMI wn"u Ii Mas pIe.euted To me for sigma
iuro opJee''d. Bu. the y okkceper SAID that
it WIS the Kind uf st.irmrnt tney had always
been accustnmed g. prepare, aud on inquiry l
usccriaiucd that sucn was tine case. l therefore
Iilned It, and it wd~ sent sp."
Reporter How rhout tine individual bonds Of
The trustec4f Are they of aLv valuef
ntr Curuau- lbe Trustees 60 not acknowledge
n lhe lond- were Int, nded To be IN force for
more IN one ye r. and there VIII be suit
EeloTer.-Aud II you lose that suit that win
b. ll5QQl loss for the deposltors.
Nj. taruan-l | suppose 50.
lne reporter asked Mr.. Daniel Bates, late
President Cf tn bank. whether he was yet pre-
pared - n'.ha ans statement.
Mr.. Bte- said | am. In the first place,
Ni.n it unHcr. inol thai huye not IN de dol
iar Out ut thv tnird Avrnde savings Bank. On
n" contrary am Out s@,pn. lent To 1t in the
tay- oi its earl struggle. In e second place,
] had no active sphre IN lie adm inistrauoR OF
lost. or wore than los. In A;lanuc Mail,
which w.s ths foInIAfinn oi all our trOu-
b. IS. Never until fer lue uis ran In ls12 was
offered gny position which would give me IN
Hence iu G.. Atroliing and guiding the invest
ncnt uf O. depositots money since our mis-
Joruucs h-tdn TO bc sCliou-, the men who
;u,rl tneiu h We er .uIeiiy si,pp-u vut lux
NE ANA two ar three Others o. nrnr the burden.
t"HsCou- Of my own innocence | determined
- see lhr lnluS thfpu-l iiu.t " sN i'm, aud save
vi cuuld be saved Tor tie depOsifors Not
III g ciAiw entire tnnDrence, for was guilty
Or conn .lh- too mLcu in 1th rs. ana tacitly al
lowIur them to manage 'ifhrs IN their own
VIZ. which a trustee should not have done.
~ fVj-. whom iho Atllu,ic Mail loan ives ncqo.
u iCC, tic Fin nee Committee Il the bo rd
c,n.ieteI az the fol- uwlLz-uamod persons; -.
j.. !. Marshall. now President uf the security
Rcuurd Kelly. James owens. and A. G.. Dunn.
then Vire-presdent. Tn loan never came be.
fore tue board. To my knowledge, though II may
have been ratified by the board after II was
Ooue. II .fri-uu has told me that lie knew moth
ins a9out tLc loan untll after II had been made,
M DHi ing. now Appraiser was in Washing
ton AT the time. After the stock went down,
and the whole board learn the facts, l
suggested That 1t wolld be Dctler to regard the
whole stock ~ dead loss than TO have any
thng 10 DO win the real estate offered by Ar.
~ Lexpec'atipn. BESIDES the $4,000 cash paid
out on those real est,te eXch .nges. II cost US
5000 thr INST year to TX up Herricks castle,
erty have aosoIhed over $3p,0lO more, not speak
Inc uf taxes. insurance. and ordinary repairs.
30 that tne real estate has been worse than
nothing. we could have done much better by
no. touching T..
Tue run "i ls72 finished us up. and since then
there q = been no contention for otice as before.
In one WAY, teel lmosi sorry Tor being Presi-
dent OF a b nk at the dine OF failure but have
the consolation II knowing that not cent OF
the depOsiipr money ever reached my pockets.
Please re 'emher TO say that have been Presi-
dent since April only.
tloment, as he thinks that the real estate will
sell Tor III re year or two hence.
bonds and some GeuraiI. Nothing Is being
done. the receiver watiu. for further nstruc-
GOus from the court.
Some Of the deposltors propose holding a
meeting 10 determine upon united course.
now N AffECrs OTHER INSTITUTIONS.
All The sayinrs banks IN the CITY were visited
yesterday uy reporters Of iHE sun and every
wrere the books Of the INSTITUTIONS were exhib-
tted with readiness by the officers With few
ahc i0ilure Of the Third Avenue Bank had not
seriously disturbed the regular Business. The
number OF accounts closed was somewhat below
sue da'ly HFerHge' ana the deposits In nearly all
lhc banks were decidedly In excess OF the drafts.
This was due to the fact thar with many of The
bBnks tho 1T of October Is d regular quarter
day, from which interest on new deposits counts,
And that ~ cthers interest counts from the Ist
of every month Bankers have for long dine
been aware ~ the critic 4 condition u the Third
Avenue u ink. They were not therefore, sur
pris91 by It's failure, but they feared that It
niENt nave demuralizing Ell ct upon small de-
Vo,'toi7' a. u so cfch,e temporary excitement
snd incOnycnience. Ihcrr seemed 10 be little
fealiz ition Of their appTeLensions yesterday.
Some Of the larger banks had heavier deposits
offered - them then thoy were W.lling to re-
oeiye. They said that thoy already had more
money than they could proltably invest, and
they urged their deposltOrs to take their money
away and make private Investments. In some
cases they refused 10 accept more than moiety
The President Of the Cairmont Savings Bank
says he would not have known anything about
ebe Third Avenue savings Banks failure II he
pad not seen the news In the newspapers.
Though OF course said he, -" l., as well us
e'oIN nlhrl hdHktI. cApctltu u LOT Is lOng tlino
past. You know II you see "A sick horse led
past your door every day, growing worse lbs, cad
Sl better you look for ddyon which IL won't
pc LED last any more. he Third Avenue saw.
Sings Bank lei its securities accumulate until II
was ruined by tho load. Ia process Of tune
shey might lerhaps, exchange their dead
ourites tor live ones, but they cannot do SO
pow The failure, no ADDED, might affect
banks IN their immedi Ite neighborhoud but
eouid not Inconvenience those at distance.
a. tho present time lack of confidence would
benent the savings banks rather than otherwise,
ehd the Oniy sufferers would be the depOeltOrs
themselVes, who by Withdrawing their money
would forfeit three months interest, about to
A., looked forward TO this collapse for long
Union Dime savings Bank aand / knew tbs the
parties up there very well, They were had
sol, very lad set. Their failure, however will
& hnt aheot any Of the substantial banks In tho
""t' SW' Yesterday tThursdaY the amount paid
S ~. o( Us was less than the average. We re-
Sesed sed 5000 and paid out only $1,000; yet
10y % our depositors undoubtedly knew OF
80 80 failure OF tho Third Avenue Savings Bank.
many OF them spoke OF IL. IL may affect
SNe Sn. bankers somewhat, but not Others. We
tA8tobou Rtln nd haIn