The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-07-27
Trying . BiyK srpERfNTENDENT o.
How the Til ID Avenue and Trades savings
Hanks were Run.

SARATOGA, n Y, July 2G.-1n the Ellis
trial before the SENATE. Mr.. Plumb was sworn.
and testified ~ to the value Of the stocks and
rcnl estate Of the Third Avenue Bank
MIR Aldrch was recalled. and explained the
understanding about the Tarryiown property
Mr.. Hurd. the Receiver. was recalled. and t"s-
uned as tu the appointment OF appraisers, the
disposal of the real estate and The reasons for
selling 1t at that timc-thc sale being 10y the adj
var OF the supreme Court
Henry l.. Lamb. Deputy Sur'rinicnlcnt of
the Bank Department. produced the letters Of
Ellis regarding the Third Avenue Bank. AMI
said ne advised Ellis to clos the bank in March.
1879. ON the receipt Of tn Examiners report.
hui Ellis did not do 80 hocaus" hc was afraid
that such action might influence ~ bill pending
in the legislature Tho bill passed in May.
1873. 1t allowed tho merging of weak and
strong banks in sOme instnn Hs.
-, I'm rcpiv 70 Mr. S,toonnlah'r he said he
thuurht Tho bank was insolv"nt
Tine Trades Savings Bank cusc was then
Tlr witness pro .n.nd tho reports Of Exam.
iunr Reid of Doc q. ls73 also letter from lt,id
dated Feb. g. ts7i. regarding the removal " n"
5 secretary NH IL" trgubl" caused ihrrchv the
dat,i Nov. -. 1s75. estimating The value Of tho
ns-nt- ni the Trades Bank. \ letter from Mr..
I'll to the President of the Trades Bank WAS
senator hoonmalcr asked counsel to state
what points they wished To show I'm enPn fN
pnr2 Tic lNtnr " Mr.. Heid to Mr.. Fills lated
have h"cn paid In hv the S'cr0iarv and his
doubts of th'truih Of ihoir report To him mud
tie report Jam 10. 1876. were road He called
att utinr fo tho surplus uf The nssfts. The let
tor from Mr. Reid to Mr. l. lis ~ the snnc date
chilled attention 10 the sale ~ the hou-" on
Bench street. No account WAS shown on the
hooks. nor 0f the money reported To- have been
put in hv thrtrusteOs. tn" advert iscmcnt of
july. 1876 II the hnnl; ultra ted hi- attention.
H. wrote 90 Mr.. Reid that il looked ike failing
4 lttfHTof N"ids 90 Lamb WAS read in r'rly
TO tho above. drtrd Aug. ,. that h" had called ut
o.. b.. nk. and did rot liho lis appearance. Mr.
Ellis WINS AWAY on his vnoaiion that he sent y
ton 90 ihn sales Of real estate MIR. R'd re-
Turmoil his report shown. Tho corrupt condi-
tom Of thr bank and reported TO the Attorney
General
on renes'rllng. after ro'css. the eXamina-
tiuu of Deputy superintendent Lamb was con-
Hnl President Of The Trades SAVINGS Bank.
n'-o t'le replies. and let re from Examiner
Reid refusing To- say what IN" on '"rs Of tho
~aw" bank wer' doing Atar Lamb had re-
port n TO tho Attorney Gem raj tO Put the bank
{ lu thH ham II ut a rnriyrr, l.nmb said ~ would
/ hay rlo.I 'lc bank in January. 1916 Ellis
/ did mot dN so for months aft rwHrd.
q orye ". E'il Examiner rr'ogn2od tho
| Ice. r, and reports as r'ui, md stiff 'd 'ofNc
truth of IT," sumr. II told how hr d'-'oN red
/ certain rrr..ulurtiDS and oNr'ssos of the off,
! c"r-. H. vaS oru-s-cNamirNd hN Mr. Chapman
! rs Co. his method of "Nar.inat IN of banks aud
h N hr n.. cert inn pa 10 tho Value ~ r'al 80 u"
steady slr0uhure of values since Ellis had been
/ Sup'rintn. mt R'id SAID there had boon g
/ 4nrIrI uUn. lut n Thought il might hgve stood
/ fair II the M iiguc'- had boon hnnu Hide.