The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-29
THE TRADES SAVINGS BANK.
The Onlccrs to Rcsist the APPOINTMENT OF
Receivcr-Thcir Exhibit,

The Trades Savings Bank was open until
SPIN. yesterday but no business was done. Two
CLERKS sat behind the brass CRATE at the cashicrs
desk and waited for inquirins depositors' but
very few came. The clerks said the bank would
pay 100 cents on the dollar, but depositor WHO
had made the bank a receptacle for his child's
money replied: "Ah, but I'D rather see my
money. The Sun just hit u when IT called this
a rotten concern" The clerks invariably showed
to inquirers message from Henry =. Lamb, In
which he says that he has been shown state
ments by the President and Secretary OF tue
bank indicating "a far better condition OF re-
sources than reported In the newspapers ana
affording a reason to believe that the depositors
will be paid nearly in full, with an economical
course in closing the bank. This was regarded,
however. with evident distrust by those who
were moro anxious TO receive their money than
TO get consolation in words. The clerks said
that President Lesley was In consulate on with
his lawyers. and might visit the bank at any
moment, but re lly lie was not In town.
Yesterday Secretary Freese made report
purportns to give the status OF the disputed
assets of the bank and references to places
where the mortgages, deeds, and proofs oil
property might be found. and announcing that
the bank cXuectet TO successfully resist the ap-
point ~ receiver.
The banks attorney yesterday gave the fol-
said, the statements which led to Nr. LAMBS
despatch abnvp quoted: he mortgages cover
ing the property at II loach street were recorded
In New YORK, ~ et iSle OF MORTGAGES, page 2ll,
on August a. 1870, the day after the order TO
show c.uso whv o rrccivCr should not be APP
pointed. hut Two tavi prior TO tue service of the
complaint iu the action against the bank. Thus,
when Mr.. Larh low, ted, the MORTGAGES
| wrte rrali, not recorded. these mortg CAGES for
/ $50 egch were made ~ President Lesley TO
Wm. B.L'vln-ston., on july 20 $50, AMI were
| assigned by him TO the bank. when advanced
| tho $4,000 upon them the next day. july II.
| Tue records II these transactions were made
/ simultaneously on Aug. "a The sus icious ap-
/ pearance OF MS tr!usAction seeming 70 snow
| that Lesley was tryiug to gct the bank 10 ad-
vance money on hi- proi erty, was admitted b.
bank yesteriey. the assicnment to thu
bank Of the other doubtful asset, the
mortgage OF s6.0O at 2H bedford avenue,
| bank 9 officers failed to show proof OF title. the
banks LAWYER SAYS was recorded In Kings
county on ! N. Is. $50 The bank received this
mortgage from Joseph " Blrnum IA January,
! 1875. ana Il WIS given to lin by william At
| WAGER samuel II. Mills, the owner Of the Bed
ford avenue propctiy.f He'd to pay the NOR gage
di ect. the deed bcinR recorded In Kings
| county ON june 81, 1919. To avoid any ques-
| tion whether under the new law - savings
| bank AN ffkc deed IN paNmeni OF "A oeol
without going through the usual Judicial pro-
| Cttuiug-. taia de q was giNt n SUI Je to ths
$500 la rtgtge, so that the latter should no
metre into the u,ed, 1ithoucn both are now the
b.nk's property. and the taiiure ol the lue O
the deed would rot lnfalidate the mortgas.
1hs no lsc I'm Beach street rents. II Il said
for 300 ana tAat III Beuiold -Venue Is thtte
story brown stone residence, valued at SG,ur
when cqAtfcd is the bIuk, but now worth no
NOR TIA $3.50 or $1,000.
Bank Examiner Reid nes examined the papor
upon winch the LAWYERS statements arc based
ami. II l. ealj. dmts thcir validity VIVA
would be the next step the wyer could not ~
but us instrtcti ms were to resist the appoint
ultut OF a receiver.