The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-03-14
OUR SAVINGS BANKS.

PRESENT CONDITION OF AFFAIRS OF THE
TRADES AND THE MUTUAL BENEFrT--srArE-
MENT OF THE RECEIVERS.
As there has been considerable feeling sand anxiety
manifested by many OF tho deposors Of two dcfunct
savings banks In the hands of rcceivcrs-tho
Trades and the Mutual Benclt-a HERALD reporter
called yesterday at the Office Of Mr. White, to whom
theianairs OF the Trades Savings Bank are committed
and OF Mr.. Adrch, who looks after the Mutual Beno.
IT. Mr. s. b. White OF the Grocers' Bank, said
laton to tho Trades Savings Bank, of which he Is
ccver that he had only received 500 in cash he
appointed Tho liabilities amoun: to over $4,000
aud the consist manly OF bonds and mortgagcA
About 81 900 IN cash is deposited in the Trust Come
pany. since Mr. White became receiver In Deccmpcs
last ho says that ne mas been unable. 20
dispose Of tho bonds and mortgages that form the bulk
OF the assets OF the broken company. No one
possibly tell how much n foreclosure any case
Will bring into the depleted golfers Tho Ia, no
acknowledged, an exceptionally hard one Tor the poor
dcpositors, but II Is out OF his power TO move more
expediousiy should he throw those present
into the market tho likelihood is that they would
azc, comparatively speak ing, little nothing The
mortgages In course OF collection aud many OF
them before tho courts. OF course suits ana
suits must be expected and tho laws delay Ia
dealing with cannot DO laid the Of
the receiver From another source II was ascertaned
that the assets of tho Trades savings Bank OF
sght bonds aud mortgages on houses and lots In New
York aud brooklyn, amounting TO solOOO; one bond
and mortgage properly IN New Jersey for $1,000,
bonds and mortgages, being second lien OF $4,000
n and lot in Rcade street, are not yet due.
All the others process OF foreclosure Ttree Of
them amounting to sl2 000 are IN judgment, and the
three houses lots to DC sold by tho Sheriff OF
Kings county at the city sacsroom, No ~ Broadway.
Brooklyn, Il. d., on the 2lst inst II Is impossible 10
say what tho results OF such sale will be, but there
httc hope for the dcpostors TO realize by II anything
like n fair percentage what represents their
hard earned deposits
A BRIGHTER PROSPECT.
Tho Mutual Benefit Savings Bank went into tho
hands Of receiver, Mr. Aldrich, IN November, 1878
payment OF MY per cent was made last May, and q
further payment OF ten per cent II Is expected Will DO
made IN the same month tins year. Mr. Aldrichs
representative SAID that great trouble experienced
In dsposng OF real estate, $50 worth OF which
owned by The company at the date OF suspension
100000 In bonds and mortgages Yet the receiver
confident that the loss 10 dcpostors Of the Mutual
BENEFIT savings Bank would exceed TWEEN live per
cent and that the nnal payment would be made
shortly after next May. Tho present state OF the
market was entirely uniavorabc 10 large transactions
In the species OF property at tho disposal OF the
TiIE SECURITY nrupfNG.
Ju dge Barrett yesterday granted an order author
zing the receiver OF tho Security Savings Bank 70 sell
the bank building at Thirt y-iourth street and Third
Tor not less than o00 for the benefit OF tho
Inn -llAVx