The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-06-08
THE TRADES SAVINGS BANK.

AN INDIGNANT MEETING OF DEposIroRs-
SOME QUEER FACTS ABOUT RxcEIvERsHIP.
A meeting OF tho Trades Savings Bank dcposi,ors
was held last night nj No. 275 West rwenty-third
street, to hear tho report Of committee appointed to
get statement Of tho banks affairs from the receiver
Nr. Dudley Jaruine presided aud Frederick 6. Hull
acted secretary. Tho committee reported through
Mr. Jardine that they could get no statement from
the receiver. The bank failed lass August. BY tho
influence OF J. II Frocse and Dcxlcr A. Hawking u
claimed, Mr.. y. White. president OF tho
Grocers' Bank, appointed receiver A. that
Iimo $4,000 duo dcpositorx Tho Trades Saw
ings Bank y dcpostor In tho Groccrs' Bank, and
had ovsrdrawp It's account 10 the extent OF $4,000
The Improperly Of appointing tho President OF tho
latter bank ~ receiver loudly detained agaiust
By the dcposttors The Groccrs' Bank, u was SAID,
should not be allowed TO make good their account from
the assets OF the Trades Bank but should come IN ms
any other creditor aud take III share OF tho loss II
was said tha. tho trustees Of the bank had become
personally liable for the amounts duo tho creditors ny
A. HAWKINS said 10 have been Quo Of the
trustees aud 70 DO now acting us attorney,
related whore thrcc mortgages we're nado out on
property Ia Beach street, all signed and scaled the
gage. The hoicor Of the lrat aud second mortgages
about 10 foreclose the property and tlcre
would not DO enough !e OF the proceeds Q. inc SAFE
TO pay even me second mortgage u had boon found
that y great deal Of tho banks none. had been
lent on second mortgages property that would
barely pay tho FIRST mortgages Mr. Jardinc stated
that Tho committee had MI White, and tha. the
latter would mako them no statement when asked
about tho 81 900 tho Groccrs Bank Mr. White had
answered that tho bank would protect It's OWL In
tcrcst rhis the committee Interpreted 10 mean that
tho "a. 900 would be taken from the assets OF the
Tradcs Bank before the other creditors came In Tor
their share when tho committee protested
Mr.. White said that ne was tired OF being
receiver and that tho depositors knew
their remedy They could so to tho supreme Court 70
have another receiver appointed. There were abou.
500 dcposors the bank, but OF these nearly 500 had
only small sums OF than $40 each on deposit. In
this tact lay the great trouble OF getting sufficient
funds from tho remaining 800 10 carry on sun before
the supreme Court.
After these remarks had been made the depostors
passed a series OF resolutions condemning in the
strongest terms tho action OF Receiver White ana
agreeing 10 appoint committee 10 have the matter
brought before the Supreme Court. and II
possible, 10 have receiver appointed. For
necessary legal expenses the dcpositors agreed
to pay pro rata as foows:-For eacn
deposit Of from 81 10 $780, ST. from 500 TO 5000 s2
IRON $500 to FL O00 10, and all over $1,000 So These
resolutions were signed by number Of the deposit
ors Tho appointed consists OF the follow
Ing gentlemen IL Cohnicd, Dr.. Marslin j. W. Dows,
Dudley Jasdinc, Frederick Hull, N. Lyncs, S. n, Hey.
man and +. Lcahy