The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-01
INSOLVENTSAVINGSBANK
ELEVEN CONCERNS WHOsE DOORS
HIVE BEEN CLOSED.
Tho Result Of Inquiries on Behalf OF Many
Deposiior- wbo have written to The sun
The Tncts n- Ncnrns rhe sun can Get Them
-some Dividends thnt may be Expected.


The Tnrts n- Ncnr rhe sun can Get Them
-some rividcnds TINT may be Expected.
To THE EDITOR OF THE srN-Sir. win you
be 40 kline as fo oi me- know wncn am going 10 get
eny moro of my sipI from me Ihird Avenue sWngs
Tor the winter
Iu compliance with the foregoing and m any
like requests. rms sun has gathered the follow
Ing facts respecting New York city savings
Institutions;
The Bowling Green Savings DInk collapsed
nearly nvc years ago. and 40 far the depositors
have got bncl only thirty-fye PER cent. OF their
savings. The receiver, MIR. shepherd +. Knapp,
has not made statement for throe years lie
rents an oiice at ll5 Broadway. a, the expense
of the bank, but the deposlt,rs say that they
are unable TO find him there. \ reporter for
THE Sun has visited the OH . six times, and
the door has invariably been locked. ihe most
OF the depo-itors lve IN the First, second, and
Third Wards, ana In South Brooklyn and
jersey city. The majority " them are
very poor and another dividend, no matter
how small u mi ght he. would he very accept ibe
In this time OF financial pressure. Mr. Philip
Canton, one OF the he West llsers. SAYS tnat he
IL visited every week bS scores uf depO-itpra,
and that he has tried IN vain tp obtain the infor-
nation that theY desirc. some of the deposit
tors have been forced e become the re-
cipients Of public chntiiy. md Others
are barely able to live from day to day.
The ruin OF the bank IS charged To- the late
Police Commissioner Suith, tie President. y l.
ter Roche, one of the Vice Presidents, and the
Secretary. In his latest report the receiver saws
th0t they lost deal OF the Oanll money IN w ali
street speculatiuu-. and ihlt they drew on the
bank t. nay the expeus r 1t trips to Europe.
The entire manhEemelt.of tue bank was cor
rupt. Some lime after the fnlGfc tpc late Com
missioner Sutth restored 10 the Institution hfty
thousand dollars nearly all in coin. rhe Hon.
John II. white. counsel Tor the depo-,tOrs. p iys
shat about forty thousand dollars hos oeon spent
by receiver IN fees. Every dollar that has
been pad out 10 the depOsitors nai cost eighteen
cents.
The Market Savings Bank failed on tho 10Th OF
January ls72. under the management OF some
OF its officer. For years they used the bank
money IN Wild specuiatlons IN stocks and re Al
estate, ana fioted with II In fast living. The
bank owed lis depOsltors S1Oel,slJ.13. Among
the assets were s2d9.uO dcpieci ted southern
state bonds. The depOsitor,. who are mostly
downtown 1anitors aud clerks and Staten
Island farmers nave been paid two dividends
ageregating thirty-eght per cent. lhe last div
idend was paid over TWO wears ago. Counsellor
NJ r. DOwley. the Chairman Of the depOsltors'
committee, thinks that they viii not get more
than six per cent. beyond what they have
already received. The bank has had one re-
ceiver, James Dennis, and two assisnees, ID. W.
Worth ana John II. Plat. Since it, suspension
Mr.. Dennis was removed because ne was trus-
tee OF the bank, and Mr.. Worth died on vow
age from Europe. he depO-tofs are grum-
bling because n claim u twenty thousand
dollars has haa been allowed as receivers fees
out Of the banks money rnev say that this is
far too muca. Mr.. john IL. rittt, the present
Assignee. saws that he has few thousand dol
lars cash on hand, and that with that aud what
Il
and from suits pending against ' an Name ana
Others he may be aole to declare another sm III
dividend.
The Guardian Savings Bank failed I'm Novem-
Der, ls'l. aud has since paid the dcpositors
tMenty-hNe CEN ON tue iuiiar. W iiter Roche,
the vice P,esldent mad" rrstitu'l' on Of nearly
flOOU. MT. Jeremiah QlInlln. tae ex-receiver.
expects % pay the aidtiunal aNc per cent due
the subscribers at some futlre une. William
NJ. Tweed was one OF the ut 'ers Of the institu-
ton at the time OF its susp shsion.
The Third Avenue SAVINGS Bank has paid
rr : "A = q ar
ngo. 1t l. uncertain whether there will 10
snother payment. Mr.. = II. hurd. the receiver,
has been absent from the cry Tor some time,
ana the dep 'sitors have been unable TO yet any
information.
last, owing about four hundred thousand doll rs
10 depo,it9r-, lney we're paid twenty i've cents
on the dollar in May, and were promised another
dividend theieaiter. They are mostly poor, anu
are sadly In need Of their money to hclp them
through the fall aud winter. MIR. william NJ
Banks, the receiver, promi-cs an lther payment
next month. lie thinks 1t viii tr about twenty
per cent. lie expects TO r. tlize enough from
the sale ~ tie bank edlhCe dhd tie mUrtga yes
on broohlyn property to declare one or two
small dividends AT some future time.
The Centred Park Bank failed ia November
1879, after lrectflOus existence OF eight years.
IL owes its ej, depositors out $4,000, ana all
there Is to pay them with Is 40 which was
found ON deposit in another OanN Inc receiver
Is unable 10 promise anything - the deuosItora,
who are manly poor inhabitants Of The Nine
Inc Mutual Benefit Savings Bank has prid a
dividend Of nifty per cent, IN Two instalments,
since ltb suspension On the 18th OF November
isio. II was the youngest II tne city savings in-
sutuuOns. and had "A bright future before 1t
bad II not been for the panic Of three years ago.
aDuut twenty SIX hundred persons, mostly
clerks, lawyers, ana small tradesmen in the
Deighborhood Of the City Hall, were It's de-
positOrs. Gen. Charles X. Griham, of the De.
phrtmont Of Public Parks, was the President
DIR. w. r. AlVord. the receiver, SAYS that there
will not he third dividend for six months TO
come. The assets In his possession consist OF
bonds and mortgages on real estate. which he Is
holding Tor advance. lie thinks that there Will
al 81 a Nt. 49, "a.
blchty i've per cent.
The German Up Town Savings Bank has paid
lhe largest dividend Of any Of the broken banks
tScept one lue depositurs have received sixty
per cent since the suspension in October. $50.
ne last payment OF ten per cent was ordered
10 $3.50 rs, Of which sS6,3's.ll was due de-
posiiors' and its nominal assets were $l,O3G.
bol3 AT the time when Mt. Herman Chl took
charge OF II a. receiver. He holds consider bic
rear estate Tor An advance In the market. He IL
confident that there will he another dividend Of
zen per cent, II not much larger
=. A diNdend 4 Mi, per cent. has been paid to
ne l2sJ depositors in the Peoples savings
pNlk ahre Us suspension In November last
DIT lsaac French, the Receiver, does not ex-
pect 70 declare another dividend for some time
- come; lhe bank owed slH,.6.8lj of which
tlo2,+2!lb was due the deuositor-. 9 assets
we're npmiually valued AT tl0s,1i1 ~, hut many
.h,u tneIn nave proved WORTHLESS aud others have
smother and hhai dividend Of from ten 10 nftesn
per cent, tut he cannot say wnen
me Abingdon Square Savings Bank was
elosod Al month by order of Ju ge Landon on
tne APP llcHilon Of the representatives ~ tie
Auornt! -Nencrnl and the Banhing Superin-
tendent. l.r Frank Thomson wa. apuulntrd
receiver lie reports $s7,~i.5 SO owing 10 the de-
positors, who number between eight and nine
buhdred he othcr Liabilities ara fl3yjl bor-
rowed VI the Hanover B uk, 1885 20 due iii
Iectofa OF tie thk, and N account of about
t5v lie Dank bvail. bic a-set- are reported at
t253lj ~. Inc receiver hopes To pay q nrst dNI.
dcnd OF from twenty TO twenty y-nye cent late IN
November. lhr lepositoTs are tOid that they
may gel niiy per cont. of tuer money, and pos
slbly a lhrger sum.
The lrldcs' savings Bank was closed on the
10Th uf last ulunth, Oh the cpWpl int Of the
Deputy superintendent Of the Btnking Depalt-
ment. the july eXultit showed the assets To
DO <A.% o, and the amount due dei o-i ors.
500 gl3 leaving a surplus OF S2.yL Iianh *
pmiuer r. ed found ffa IdulehtlN classcd 81. as
Gets bonds and mortgages to the amount uf
S2l,OOl for which no title cOuIu Ue shown. After
he threw these out there was a dencltncy Of
3sJ,YD, he deposltors are promised nily cents
on the dollar
iGL aLnE = u 4