The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-27
THE TRADES SAVINGS BANK
THE ROTTEN CONCERN ORDERED TO
STOP DOING BUSINESS


A Dcncit Fanai TO Nearly n Quarter Of the
Amount Of the Dcposits-The Depo-itor- to
Certainly Lose One Half Of Their Money.
The Trades Savings Bank, Mt 2A West
Twenty-third street. was ordered To stop busi-
ness yesterday. The order, which was served
upon the officers, came from the Supreme Court
at Albany, ana was issued at the request Of Dep-
uty Attorney @ eneral Paige, on complaint Of
Henry l.. Lamb. Deiuty Superintendent OF tho
II inktnR Department. notice OF the service
was returned to the Attorney Generals ONCE by
telegraph, The order commands the bank TO
show cause why a receiver should not be ap-
pointed.
The sworn statement Of this bank, 80 recently
as July last. showed its assets to no tW,sOy,
and Its liabilities, or amount due depOsitors'
s94 9i3, leaving surplus Of t229i. hut upon an
examination Of its condition on Auguat9 by
Rank Examiner Reid, II was discovered that
there we're very queer assets among the re-
sources. Ono OF these was bond and mort
gage OF william Atwiter for $1,000 upon prop.
erty at 2j7 Bedford avenue, Brooklyn, TO which
no title could be shown, and two bonds and
mortgages for an aggregate amount OF $4,000 81
Alex NJ Leslie. the President Of the bank. upop
Beach street PROPERTY, which had not been re
corded. aud to which no tide could be shown.
There were other assets such as +. King
mans receiot ior !. Il: Freezes bond ana
To be pooL Of $500; "A loan to T.. II.
Scw 10 oie.5.oo n, ISi in XTrl, 1875, snd
three mortgages OF G. BOltcr Tor an aggregate
OF t2eOOO upon Eiebtv-third street property
which were quoted IN the examination " as.
signed by Lester to +. W. Freese." Tue tot ! 81
have given the bank a SURPLUS over the amount
due depositors 81 only $50.
the Examiner would not accept the ponds
and mortgages 20 which no title was shown,
amounting to s2l,O0D. THIS left the bank with a
dc0ci ncy OF f20,gD. which II cannot possibly
] make good. AT seversl times previous To the
examination OF Aug. ., MIR. Reid had found
reas ons to distrust the statements
male to him by the bank ofncirls.
and Mr.. Freeae, the Secretary. had repeatedly
shown himself unwilling u nave a thorough ex-
nmination made. IL became necessary when
! 9 ecial commission should be issued by Mr..
| Lamb for the purpose. on account OF the per
! sistent antagonism OF Freese. When the re-
! port was finally made, MIR, Lamb at once laid
| the matter, with his complaint, before
the Attorney General The humber Of the
ABOUT My cents on the dollar. Rumors affect
| ing the bank officials have been very generally
current. and the early closing Of the institution
| has been expected. A brother of the Secretary
| made application only a few days ago to be
| relic we'd OF the bond upon which ne had entered
| us security for the bank officials.
| Yesterday afternoon Sun reporter called at
| the once Of the bank, In the lngersoll build
| ing, one Of the monuments OF the Tweed
! Ring. but could find one who would
admit any knowledge OF the order to stop
business. The President OF the bank had gone
tlry had gone away, no one seemed to know
where nor for how long single clerk was Ia
| tine establishment, ana the doors were kept
open during the usual business hours.