The New York herald., 1875-11-26
ANOTHER BROKEN BANK.
A Receiver Appointed for the Gen.
trail Park Bank,
Fwo Years Of Insecurity Followed
by Suspension.
An Official Statement OF the
Banks Condition.

From he beginning Or the trouble which culmnato
q nc suspension OF the THIRD Avenue Savings Bank
arcs has been felt by all the small savings Institutions
mone others the Central Park Bank No. 574 Third
youue This institution, though never very prosper
,us one regarded solid and the directors hoped,
= conservative management, 10 bring up 10 paying
.ass Those hopes gave promise Of fulnlment until
~ Third Avenue Bank trouble began scare deposit
lrs and weaken confidence This lack OF confidence
Il the part Of the public engendered trouble ia
ne management of the bank, and great difficulty
experienced N finding man who would represent the
institution its president A temporary president
found, and shortly after he was necesstated to
retain the place, his resignason would be
accepted aud the directors could not hold
another election Under this temporized
management The institution houndered along until
iew weeks ssce, when Superintendent Ellis made an
investigation or the affairs Of the Central Park Bank
ound the institution to be in very shaky cond-
hon A consultation held with tho officers OF the
bank aud Mr. Thomas Gearty, the President induced
Mr. Ellis postpone definite action IN the premises
mrl The bank could move into it's new
quarters, corner Of Third avenue and Forty.
rlghth street This Mr. Ellis refused to do unless
he Of $1,000 added to the credit Of the
nank the money to be held security for the claims
ofdcpostors. ofthis sum Mr. Gearty raised $4,000,
ucw building. The condition Of affairs spoken Of as
having claimed the attention OF Mr. Ellis that the
bank bare or deposits, q the money having
been withdrawn Il vas hoped that when the new
quarters were entered business would be i'm
proved, but depositors not to be lured
ey high stoop and plate glass windows, and
he complained or bare condition Of the bank stin con
tinued Mr. Gearty promised inform Mr.. ETis OF
ne progress of the Institution under the condi-
sons aud on Friday last he told the Superintendent
hat business had not improved and, all things con-
Fdered, be thought II best to wind mp the
On receipt Of this information Mr. Ellis again visited
he bank, and after examination concluded to take
Mr. Gearty's advice. To this end he informed the
President that he would have receiver appointed,
and il is supposed that this functionary
Will take his position this morning at ten O'Clock
wHAr THE PRESIDENT SAYS
In possession Of these facts HERALD reporter called
Mr. Gearty the President at his residence on Lex
mgton avenue last night At arst Mr.. Gearty in
disposed to talk, but finally he gave the reporter all the
Information in his possession He recIted the trials Of
he institution as told above, and added that he was
Tlad that ha had been able induce Superintendent
Els 10 allow the bank to its quarters, as
it had smplaed matters greatly. Tho building,
with the lot which stands belongs 20 the insttu-
hon and unencumbered. 1t is substantial struc-
Wre ana 10 eoOu market VIII enaoie the oaIk 70
sealize enough TO pay dollar for dollar the $40 900
how remaining to the credit Of the depositors. From
he statement OF Mr.. Geary be inferred thai the
pank died natural DEATH q, the people drew out
heir moneys until what left could enough
,opay the help necessary to the proper working d
he institution.
BANK STATEMENT.
The following is the report Of the Central Parl
Savings Bank for 1875, examined December %, 1873
W George W. Reid and William Z. Aldrich, for Mr.
EiIs Superintendent:-