The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-05
POLITICS AND SAVINGS.
The Incongruity of the Two APPLY
Illustrated.
A LITTLE YoRKv1LLE BANK
One Of Harry Genet's Commercial Adventures
aud Its Sorry Results.

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In the year 1862 when Harry Gene, was rejoicing
In his political strcngth and accommodating fortunes
one Of his speculative humors turned IN the direction
OF Yorkvlls, which he deemed TO be sadly IN need OF
savings BANK. II seemed to him q proper thing
that the industrious people OF that section OF the city
should have some little convenient institution 10
which to deposit snch n proportion Of their weekly
earnings circumstances would permit them to lay
by. Mr.. Genet philan thropst. TOO and, seeing
hard time ahead flor others, II not for himsef he
yearned to implant an early disposition for economy
among the working classes Of Yorkve. Thus II
happened that the Yorkvle Savings Bank sprang nso
existence under very favorable charter which per
mlted the officers TO accept deposits well
ings Tho list OF organizers was selected mainly from
the ranks OF M Gencts acquaintance, and not few
Of than will be recoected by those familiar with the
city politics OF that day. Their names were fol-
lows:-President, Harry Genet Vice Presidents, JOIN
McQuaae and Thomas Crombie; Secretary, John Gie-
Ian; Trustees Bernard Kelly, John 3. McKeon,
Thomas Donahuc, jeremiah Feore John 8. Master
ton, William h. johnson, Peter McGinnis. Laurence
r. Kerr, Gilbert Palmer, Prank $. Tuomey, Edward A.
Moore, Isaac Edwards, John n. Hail. Michael
McCunn, with the ioug officers FIRST named.
ON ITS LEGS
SO the philAu hropic plan inaugurated, ana an
street Mr.. Genet contributed . stfc. furnished by
Messrs Mcbride Davidson 4 CO., for which that
worthy officer was duly rewarded by vote Of thanks
IRON the trustees. The Industrious people or York
vile invited to deposit their earnings with ths
new and promising concern. aud for the conveniencs
oil the hardest working classes the doors were Kept
open on three evenings oil each week. As an infant
the bank nourished moderately, but history must re-
cord the painful truth that It's second childhood fell
whore ITS rst should have begun Outside the few good
souls who devoted themselves to its cement and
tho dcpostors, little was known OF the bank until the
time when Mr. Genet found II convenient to leave
the city. or some time before that, personal matters
had occupied his time tnat may DO supposed The
interests OF The bank were allowed 10 angu,sh. When
no left he sent a formal resignation, which
cepted. An examination aterward showed that
the banks affairs did not altogether balance, and few
thousand dollars we're wisely contributed by the on
GERS 40 keep the thing going"
SOMETHING WRONG AGAIN.
But those generous men had not reached their last
point Of sacrifice Among tho lat one tmej OF
the concern were 600 bonds OF tho Alabama and
Chattanooga Railroad. These osfaulted in interest
alter the second instslment and virtually OF
10 value Nevertheless both the bonds and accrued
interest were carried as assets and SO reported to
Albany. An Examination took place in December,
worthless and the officers wore ordered to replace
Them. The thea President, Mr.. Laurence r. Kerr,
donated So 900 in cash for this purpose and she BAL
anoe was made up by TWO mortgsges-one FROM
ana Clerk Of the Common CouuciI for 81, 800.
and another IRON John McQuade Tor q similar
amount. From .nis Tune the Saax ekea Out an exist
vilers did not seem 10 foel the same amount Of
hdcnce in II that Mr. Genet and his friends had done.
Perhaps me largest business with any single
positor with one Horace Il. Tiiden, and that
was aerward regretted, will appear below. On the
9th OF last June another examination WIS made by
the Bank superintendent a deficiency Of 500 APP
pcarcd. Ihereupon Judge Landon was applied 10 nc
am On suSe hs Az .
same month Mr.. Veddcr Van Dyck was appointed re-
cciver, anu he altorward employed Mr. e. II. W. Slb-
institution.
ANXIOUS DnPosIroRs.
For few months past those who have been await
Ing dividend from the assets OF the bank have become
naturally irrtateu the silence Of the the
Official examination showed but small deficiency,
and high hopes entertained OF large dividend
The reporL made to superintendent Ellis showed liza
oties Of $2oSs 80 and assets OF $40 500 oS. or the
latter sum 900 lay In the two bonds and mortgages
OF Tuomey and McQuade, already mentioned; safe
aud fixtures, 500; cash, 2129 ST. and overdraits
70 of of sHoa ny m c.m ns
plus oil 1904 49, Among the assets ~ then reported
woro:-Bonds aud mortgages, 5oo Long island Guy
bonds S. 702 5o cash In other banks, 81 462 W. and
cash on hand, 81. Sal ~.
Tho writer undertook yesterday TO discover what
the remnant was buried AtNo. 1850 Tnrd avenue,
the former ofhcc he found placard stating that tho
receivers office was al No 29l Broadway, room ~
Al this address, ana until Mr.. Veddor Van DycK HIM
self answered to tho appeiaon OF receiver there
nothing observable TO denote that the YorkvIle saw
ipgs Bank had ever been heard OF in that locality.
Such All experience aono would DO suiIicontIy
discouraging TO depositors, but conversation
win ali hopa Hs began ey enough sa,,us .ns,
the absence OF Mr. sblcy had somewhat deferred his
making report 10 the Court He said he had collec
in xtnrl. "A
what he had iound IN the office OF tho bank, In other
banks and recovered from overdraits He thought
the furniture and safe would realize ABOUT $500 at
ton sale and there were inc two mortgages Tor
each which completed the list OF Assets. But OF tho
concluding items there were some explanations 10
WHO OWNS THE sArEY
The members OF the old set, OF which Mr.. Genet was
oue, we're never put 10 much expense In obtaining
little arucies for tnor personal use So It happened
that MI Genet presented his bank with safe, aud
was duly thanked by tho trustees. When Messrs Me-
Bride Davidson q Co got into the hands OF a re-
cever, In 1874 tho Inter brought sus against tho
saSings bank Tor the price oi the safe, 800 no
claimed that u han been sold TO Mr. Genet Presi.
don't not 10 Mr. Genet the ppitcsn rms suit still
pending, and IL may not matter much TO the de-
postors whether that sale will bring auction $500
or s., 500
The receiver then went ON 10 explain that both OF
the $4,000 mortgages were contested by the mort
gagors rhey given In the early part OF 1876 and
IN tho carly part OF 1877 Mr. Tuomey handed Ia his
resignation, ana reQues thai mortgage be ro-
turned as he wished TO sell the property. The
gage had been recorded, but Mr. Tuomoy claimed that
u Dad never been intended, and offered new one for
the same amouut, IN order 10 satisfy tho hrst Of
record. The Executive Committee referred the sub
ject to ME Alexander Tnaln 10 draw UP and ex-
ANNE" Mr.. Than "a a newly elected member OF the
Assembly, aud then oil the trustees and coun
sci TO tho bank The exchange was made and the
second mortgage Is ON property Nos. TO Is East
highly NTH street, valued Al $4,000, but 10 which,
the recover states, Mr. Tuomey has not proper
title. He believes that Mr.. Iuomcy owned tho nrst
piece OF properly no learned alIerward that he had
sold IL
The mortgage for s. 900 given by Mr.. John McQuads
Ia on three vacant lots UP la tho Iwcnty-tard or
Invent -iourtn ward, which arc not worth the re-
ceiver's estimation ovor ~, SOY. Mr.. McQuads has
made no demand Tor return OF his mortgage, but,
ike Mr.. Tuomey, claims that he never received any
Inc receiver OF tho opinion that tho
bonds arc good II the mortgages are not but will
take some time 10 reach q conciuson tuts point
oSs ALL, AND ALL focR ONE
The arm OF Jones a Mcuuade. obtractors, and the
individual thereof dealt rather extensivcIy
with the Yorkvic savings Bank. Charles Jones aud
John McQuadc trustees ~ the date OF suspension.
When tue period OF dissolution drew Nigh the receiver
states, Charles Jvnes stood Indebted 10 tue bank
xl,05I G3, lhomrs r. McQuade was indebted
S54ls 05 John McQuade had credit OF 90, 657 ~,
ana the nrm OF Jones h McQuaae had credit oi
Il