The New York herald., 1876-09-23
A BROKEN BANK.
Report of the Mechanics and Traders
Savings Bank Receiver
UNFAITHFUL TO TRUST.
Exhibit of What Has Been Found Against
the Officers

When about ten weeks ago William J. Best, tho
ccivcr of the Mechanics and Traders Savings nstiiu
tion Of No. 2s3 Bowery, was appointed, the FIRST
intelligence o! the terrible manner IN which the saw
ings OF tho poor had been dIssipated by the trustees
to light Almost for the rst tmo IN the history
of violated public trusts dishonest paying teller,
William Henry Harrison Bennett, was arrested ana
committed without bail to answer the charges OF
forgery ana misappropraton whirh the receiver had
discovcrcd--a full account OF the complaints and
mitmcnt being published In the HERALD u, the time.
summary OF the report made to the Board oil DEPOSIT
tors yesterday which will be found shows that
not only the petty officers guilty OF gross irreeu-
larities but that President Conkln mado Investments
contrary to law increased tho salaries from time to
time aud expended vast sums in double fees tho
men performing the same official work. In "rciresh-
mcnts" and various other expenses.
THE REPORT.
To THE DEroslToRs:-
On July IL began the task of examination Of the
securities ot tho institution OF winch had been up
pointed receiver. Two DAYS thus occupied On
tho l4th took formal possession. l soon discov-
cred that the work to be done far exceeded my expec
taions Since that tmc with the aid OF diigcnt clerks
and trusted agents, have gwen TO 1t from twelve to
sixteen hours daily. You can form some idea OF the
magnitude OF the task when say that outside Of ex
OF dcpositors since 1882, tho whole numbering over
$4,000 My first attention. OF course, directed
ascertanng tho percentage OF the claims which could
ultimately pay dcposiiors. Tho amount, character
and value ot tho assets is forth In Ex.
hib.ts A to l, inclusive Exhibit Includes
all tho liabilities as far as they 10 dis
covered. In the summary" tho assets and
Liabilities are condensed and balance struck by which
the deficiency appears be $343, SIG 80 That is the
institution of $343, SIG SO in excess of
its assets at their appraised value. This amount VIII
in having a receiver appointed and tho rcccivership
II also liable TO be increased diminished by the
sac OF the securities, which changing IN value
almos: daily.
Tho amount you may safely count on receiving how.
ever think VIII reach seventy five per cent or So
out OF 81 OF your respective claims, and may justly
congratulate yourselves IN farlDg, as You WILL much
better than depositors in similar institutions which
have failed during latc years. When men have the
management OF the most sacred trusts-he savings of
the poortrie with them, neglect plain duties or de-
beracly appropriate and misuse the funds and prop
erty in their keeping no words too strong to con-
denim them. ask your attention 10 this brief exhibit
the securities held by this Institution at different
periods since January, 1867
At the time named 1t had. of United States bonds.
$l4OOOO Most OF tho other securities we're also
OF such character to be readily cash All
told held only xS3 100 If Southern In january
States securities Instead owed $03 900 bonds
Tennessee North and South Carolina and Alabama OF
Alfred r. Conkiins friends o. W. oslyn 4 o. rhe pur
chases Of and through this and the ade 60 II on
break the institution The canuot be dc
determined hut il is safe to that 1t exceeds S3OO O
CHARACTER AMP TITLE OF SECURITIES ny MERCHANTS
AND TRADERS SAVINGS INSTITUTION JANUARY l. rRoM
Is Z 1915 INCLUSIVE.