New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-21
A WEAK SAVINGS BANK.
THE BOND STREET BANK CLOSED.

TIE BOND STREET BANK CLOSED.
VOLUNTARY ACTION OF OFFICERS AND TRUSTEES
TOR THE PROTECTION OF ACKNOWLEDGEMENTS
rION THAT THE LIABILITIES WILL BE PAID IN
FULL-MUCH OF THE ASSETS IN REAL ESTATE
An injunction issued by Justice Landon OF
the Supreme Court was served yesterday morning upon
the officers OF the Bond Street Savings Bank at Bondst
and the Bowery restraining them until further order OF
the court from carrying any transactions rs cor
porae institution, and ordering them to show cause
why a receiver should not be appointed to take
stops toward closing up the AFFAIRS OF the
bank and liquidating all Liabilities The circumstances
that have led TO this result were stated yesterday by
John @ Adams, President Of the bank, as follows: In
1860 the bank was organized in Chahamsquare under
the OF the Atlantic Savings Bank In 1873 t felt
severely the business distress Of the time and resolved
to remove to its present locality and TO change its name
TO the Bond Street Savings Bank. Business began to
improve rapidly after this STEP and continued to grow
better till the failure Of the Third Avenue Savings Bank
last year. Since that time the financial condition OF the
bank has been growing constantly weaker. Deposits
became smaller or were entirely withdrawn, and it was
found Impossible under the circumstances to dill the
places OF resigning trustees with men who
were qualified for the trust aud willing TO
take it. At last there seemed TO be only
honorable, straightforward course to pursue-to
lquidae the liabilities while all could be met instead OF
waiting till time when the bank would be obliged to
suspend without being able to meet all its Indebtedness
owe might have easily continued six months or year
longer" said Mr. Adams "and appeared healthy on the
outside but nj the end OF that time should have to
succumb under very embarrassing circumstances, and
our depositors would lose much. We looked upon the
money left with in the light Of trust and so deter
rnued upon the course have taken-namely,
have receiver appointed, who should pro
coed at once judiciousy to close up our
affairs with the view OF paying to our
depostors as soon rs practicable, every cent due them
II the proper man is selected have doubt Of the
ability OF the bank 10 out square and whole The
great trouble undoubtedly will be in the disposition OF
the estate the present state OF the market at
anything like its real value II that can be done there
win he a surplus II would be possible within 80 days to
pay GO the dollar II necessary but we think the
present course much the wisest for all concerned
The officers Of the bank consulted with the Board OF
Trustees and they agreed that IL best to take mme-
date steps On Sept the trustees adopted the follow
ing resolutions:
Whereas, The legislation Of 1878, while beneficial in
many Of it, 0tnents has rendered 10 well nigh Inn
pOssbe 60 iii the vacancies which have occurred during
the past few months in the Board Of Trustees OF ts
members an OF whom have been active In directing ITS
affairs for eigh. years and upward; by reason OF inc
disinterested men, who can well aud properly MI the
position OF trustee IN saShgs DaA MN wtSon anV
Osgiblc advantage or equivalent of any KIND WINE on
The other hand they subject themselves 10 haD'eS tue
ascsraIn They arc, however, fully aware that still
more stringent legislation has been threatened and at
the last of the Legislature II was proposed that
trustees should not only be made liable Tor theif own
individual acts hut also in their persons and property
Tor the acts and conduct Of others; and
Whereas, It's change OF location was toowed by steady
aud gradual Increase and Improvement IN the Dusless
ls SAVING Nank, which continued until tho failure OF
tie Third Avenue Savings Bank this event was olyTsd
bv Brg. withdrawal OF deposits, ana WAS sllccetdeu IN
Soyrmber last and in almost each succeeding month by
the suspension Of other banks on hs sde oi inc Gy
each one Of these events causing further Withdrawals O
deposits amounting from september Is TO
1870 20 the OF 1921 1852 "a upward OF seventy per
cent OF the deposits held ny this Dank, Whe during
tie same period the amount deposited was only $780,
G5S ST. OF less than tweDyegt per cent OF ia deposits
WSerszs me cau,es above named con bined with the
preyailIpg stRguaon OF business, have brought TINS
hqu 10 MONT where In the deliberate Judgment ot thls
board decisive action L. called for; therefore, be II
PssoIrsd Tint faithful performance OF the trust re-
a. II,sa t,,stess vbo shall continue active mem
ber of the board ard cusOdans OF the interest an he
depostors require That mmeaiag steps De s de-
positors the emit that every depostor may leGeins
realized by an hones, gradual and proper realization OF
ITS property namely, payment IN iui ana lflhe po
Rssoired That inasnuch as there Is no provision on Jaw
the business " this bank that the officers De- ana the
hereby are requested 10 confer with the superintendent
of te Bank Department and the said officers hereby are
further directed request said superintendent 10 take
such immediate action as viii ltquidate Inc auas ana
business OF this bank in such way IN his Judgment
shall be most conducive 10 the interests OF all the de-
posters Of the Bond street Savings Bank.
tested he nrasened to the said superintendent OF the
Bank Department by one or more OF the officers oil lhs
bank accompanied by copy OF It's statement Oh assets
ami liabilities ON Sept. l, 1875.
La accordance with these resolutions, Superintendent
Ellis OF the Bank Department Informed OF the banks
condition on Sept g. his petition to the court asking
that receiver be appointed he supports the statements
made by the officers in their resolutions, and adds;
The present condition Of the bank shows; IN
Assets OF all kinds ~ 1hs ~