The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-28
BOTTOMLESS MONEY BOXES

LOST PLEADS OF OUR SAVINGS BANK SYSTEM
NEW MATTERS FOR THE ELLIS ISvEsTIGAT-
ING coMMITrEE-How TO PREVENT FRAUDS.
1t is claimed by many influential merchants ana
Others who have been interviewed The subject that
the present investigation OF the official course pursued
by superintendent Ellis will clearly show that his
neglect or duty has caused much OF the suffering
resulting from failures OF savings banks. IL Is
also that in addition to tile banking nsti!u-
tions named Governor Robnson's late message to
investigating committee there arc other corpora
tons whose have been cited. but which ur-
nsn new prima fncie evidence against the Bank
superintendent Among these may be cited the
Loancrs' Bank OF New York. About November 1875,
the Bank Superintendent was asked tor report upon
the condition OF this establishment, but appeared
that, The bank never having been examined, Mr. Ellis
could furnish no information about IT'S AT tho
same time lawyer wrote to the Superintendent ask
ing to have The Loancrs Bank examined, but no cx-
animation place, and the institution failed in May
1876 gentleman acquainted with its affairs says
slts operations were than those OF low class
pawnshopn Tho community lost S5oo0Oo by The
failure much which, it Is claimed, might have been
saved had the Banking Department held the corpora
ton TO strict account when required 10 DO so.
ANOTHER STARTLING CASE.
In relation the New YORK state Loan and Trust
Company responsible parties state mat ABOUT March,
1879 Mr. Ellis was officially informed by Mr. George
W Reid examiner and Mr.. William 4 Aidrich and
others that The capital stock had suffered an impair
equal to at least twenty per cent IL was the
Bank Superntendent's duty 10 have caused this de-
be made good, or TO nave Closed the doors VI
the company under instructions IRON the Attorney
General No steps were taken by Mr. EMS and the
concern was allowed to remain III the hands Of tho
parties until January 20, 1876, when the impair
OF the capital amounted 10 about ninety per cent
and The trustees voluntarily relinqushed the remain
ing the dollar 10 receiver The loss 10
the public about nine hundred thousand dollars
The wrctched condition OF this company was known 10
all persons with IT'S general operations at the
trust companies chartered by the State was placed un
the charge Of Mr. EMS, and tue condition OF this
concern was or should have been we'll known TO him.
A FRIGIliPUL LIST OF LOSSES
In conversation with Mr. Junn Mack OF No. 365
Fifth avenue that gentleman gave tho following estl
the losses suffered by depositors ~ Tho sus-
pended SAVINGS banks and says That he believes the
greater part OF the immense sums wnlch are gwen
below micut have been saved II bank superintendent
Ellis bad properly discharged his important dutes:--
Abingdon souurc Bank, $3.50, 900
Bona Street savings Bank 1730, 900
German Savings Bank Morrisania. ....... 900, 600
Mechanics and Traders savings Bank. 1000, 900
Mutual Benefit SAVINGS Bank 10000
New Amsterdam Savings Bank............ 100000
Pcoplc's savings Bank. 900, 600
Security Savings Bank Observation-Disclosures. 10000
Third Avenue savings Bank. ............ LAO, 600
Traders Savings Bank. ................ l20, 600
Bank Of I.alnsDurg. Observation-Disclosures. 1000, 900
New York State Loan and Trust Company. 1,00n,000
Loancr's BANK. 100000
Security Bank Observation-Disclosures. 100000
Manufacturers and Builders Bank ........ 400, 900
Total. Sl1, 200, 900