The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-01-28
THE END OF THE SECURITY,
NOT SINCLE SIvTNGS BAHK NOW
OPEN ~ TIiIRD AVENUE.
, Fniiurc Prccipitn,cd h, the Failure Of Other
In., .utions-Thr History of the security
m. I,.,, afui tnort TO Revive IL.

Fniiurc Precipitn,cd h, the Failure Of Other
In., uiions-Tbr History of the security
m. lv.unc. qfui tnort 20 Revive II.
The Security Savings Bank, wh'ch has
been practically suspended for ro-' '"o
months, IL in the hands ~ a receiver. The NIX
Is situated at the northeast corner Of Thirty
fourth street and Thi-d avenue. 1t was founded
In 1888 by Col Henry +. Clpen, ex-COllec'or
Thomas Murphy and n number Of others. Cot.
pen. the first President, died soon after the
organic ltion Of the bank. For two or three
years the bank had no President. and then MIR.
ID. ID. r. Marshllt was elected. Mr. MARSHALL Ia
also President Of the lIomm ipathiG Life Insur-
ancc Company. md Commissioner OF the Excise
hoard. The bank was very prosperous tor sew
eral years. About four years ago its deposits
nj. 'ounted to t7DOO). The bank building was
,hon ;. rueht for S6i5oO cash. The run on the
,rn,r, A. nue. savings Bank In the spdng OF
1s7s va f,u,. I'd by a run on the Security, and
It paid out aboa s"o". The Security also
helped the Third Ave. o ,euS & w IN wv hna ,t',ua'
OF 500 o. taxing good nA 't4'Ros% III M 'H.uanIo, 6a,i
Tue bank was recovering '. ON WIS nepiet,on %
when tue panic Of 1913 came Oh nswbo Gail ID
Mr.. Marshall, was ono uf the persc. ",. IL AZ
on President Grant ~ the Fifth Az ~. i,a .
60 press MN u order the Secretary ni III ~ .,
ury to pay out Sl0.UDNVl Of currelacy IN IN w w, ~
e-se the money mDtket. The re'we-t W ~
granted. the Security Bank joined " vAf.ot.~,'
savings institutions ia f.quirnR sn.y ~Sy,
notice from dcnOsitors. In the sprinI ~ I5,l
tho security State Bank Of deposit and discount
went into uquinatOn and when the nhounoe-
~ mt WAS made many persons suppbsed tne
security swings Bank 10 oe ~, INSTITUTION
meant. before this erroneous ot ininn couid be
corrected about S6l.OOO was wItndrawu Dy
Di1utcntd dtVu-itIrs.
The insti'ution mot with no more notable mis-
fortune until q ,tobrr $50, when the 'rniri Ave
nue savings BInk iitd. rnat event led to All
other ran on the Sccdrity, aud on .ll the other
hanks "a Fhirl avenue. Tue Security paid out
GA Thanksgiving morning TUE srN announced
tat apollo alton nad been IN de 10y the SupO'in-
tendcnt - the Bank Department the an
puntment Of rec liver ior tho PEOPLES Bank.
On tho following day the security. the People r,
ana he ntral Park Banks closed thcir doors.
lhe leoplos and the Crntr fhtk we're soon
ufterw ri pl ced IN the hands Of receiver.
| lne ilreis OF the security pfot'stod That tneN
were solvent, ana dem nded IN immedi 'tc eN-
animation by the u nk Department. rho exam
iner. Mr. Reid. reported that the institution was
! wni.n Justice T.. G. ID Il presided. and rx-Ds-
/ tuct Attorney Gavin was secretary. Fifteen
neN trustees from the depOstors were recon-
| mrulcI. and aiterw lrd .ddeG 90 that the Uond
stood as follows:
od Trnstees-p y T. Marshall. Marshall vought,
| Va liam NJ y mas. Thona. Mur' y, !; a. rritot' d. g.
iaa9H R1oss' H. rs hx,s4 o.nie. w.s
A. Ml,s ,toTss @1i r. fis'a ''.s' ''"'-" ''.''''
T. r irc r l5nn 9rns1 9 f,res sT e. pSsy s cpn b.
! hymt, trrc,nand O.na AZ vi l5m A. .n%dYrn %
William N. Ii gerry, john j brooAs aud William T..
| IT was also ftAnlNtNs 10 NFutI 10 iTtNtuN phuA-
| ruptcy, to sign the following agreement;
We the undersigned. depOn IN -sid bank. in con.
siderauOn Of the pcnhcn and uf one olar 10 each OF
us 10 hlnd pad, m, rrccp whereof Is hereby CNnow-
cuLed do herrty covenant and agree with each other
that We VIII not DRAW FROM sara oank Anoun etce.d d
lux wcntyNNe per cent Of our respective dcp'Iis Tor
the peroI ~ trcc montns nom mi. dste nor eive TO
-ail AlKt sixty days nOicer quiring pa nent, Au.
turtc0 by law until after the expiration Of the period
of twelve Il Ontns from date.
TINS agreement signed by depOsitors
representing aoOut tlbJ,ooO Il toe s'SO.co On de-
| pr-t.
Two weeks ago Mr.. Marshall resigned, and was
| I, elected. Nitnin tho past two weeks It be
! came evident TIA 4 the reurginiz tiun scheme
| must f.ii. and IL determined to % into
| bankruptcy. Mrs. Capen, the widow Of the ~
! President Of the bank. rtins in concert with
the Trustees, applicd for a receiver. Justice
larreft anuuinted VIM. VI. Banks, and fix ii the
rnd Al S2aiuh II uNs, Who has been secretary
| o. the bunk. ts not set furni-hod ounds. lie Is
| "A rlpthing dealer at - u Dwery.
Mr. Marshall -aid, last evening that the re-
! cover " lu procce prom 'N TO- rcl.ile IRON
tue assets, anI olNldr lue proceeds a'n. ns ,he
Il -pnsitoI rlo hu dlur, ,wt lcA .. without IN
cuuitr nee and fuliF . ntcu. Is for s'le
Inc security having eucCuul ped. there IS NOT
! savings bank uuou 20 inlId 4Nenue from the
Cooper In ttLte 20 i,rlrln.