, 1877-02-20

In regard 10 the stability Of m Institution known
a. tic City Saviugs Hank, located On the corner Of
iIarrllon snd f1a!sted atrcets. tp 10 Feb. the
bank lad Its headquartefe ut No. 1sg Washington
street, the Wcst Side afslr being ONLY 4 branch.
Three week, nyo the basts Of operattous was tsuns
cruAh.
The bank wss started Immediately after the Dire.
and, In common With iii baslness establishments
of that date, it, location wax. for time. h1fgra.
tory. The main Office WIS first established on West
Madison atreet. near the bridge. sad wss after-
,tfeet nnd Filth syenac. 4 tfsneh oasce VI: apsn:
ed on the corner Of hlue island avenue and Twelfth
srsst tn ns.ns,' w..t wat III" mS' o.
ese 3 i, sS5
charter III orisiuaIiy granted 10 somc iaiis!dasls
ten: H.; oGadish Jackson and oshsf. purchasing
Tho City savings D.nk. In common With most
Of tS73. and until abont .l1 months ago was con.
sdeEed safe and reliable conccsh.
TWO YEARS AGO
lehn il. iismmoa4 oseeiains TT..ldeat.@A: i.
s H. s: ,a s'' as i s'is; IT, gas:ss::
d } }bdnk ~ ena to ,snse senG
upllvhs nan. nceomtng 'conrIneeJ. iloweyes,
@ b I'D ey h g
~ vlec. Presldent. md hls advice wa taken 10
secur'tler. 10 con.equence. tue bank loaned
ftetlsr, and discounted notes which cannot be col.
-. MR. tAcKsoa's DIRECT LIABILITIES
TO the bunk gulUunt to aoout u. 50u-of which
mute, lls adtrect labli!te. SAID to be several
II s.leas much ssss
that the Ut tho institution s due 1o
Mr.. Jacksona decspttons. The rresldsnt ind
realize IN some Of tho securities. aol at
die teyInstnK af the prcscnt taaath II waa decided
to clpse thu South hide on'cs on economical
The son'cqnenee Of tlis act Va. to Greats trouble
there has btcn constant struggle To kacp matters
srasht. The closing Of the down.town oticc IN.
ducea tho.t who bay Mnacy "a csll 70 withdraw
piei. AAlurday Int uen. ilau,nond was struck
with paralysis. and thIs untowafa event pseclpitat.
ed tho failure which va: 70 lonS iore'een.
wcra requested to Withhold their c!aIus for q few
da,'; atia ys.tsraay mrstlnT Of those Interested
betlf Of several deposItoFs. as,d there were niso
! present Sir. ii. liyan, Of tbs Protection Life In.
pastors, cnrsofy equalization Of the books
showed thtt The depos!ts we're betwcsn 34A 900
End 3tu. w. HA8 lh& 2sseta arc roufhtt tstifn&t"
cd al $7o. QUO Tile hitter consist ofIolns on un.
AcuuIhere1 real estate, uotes. and asst mortgages.
iaud at Riverside. Nj. ltoss s1ys that
| t!trru are Sut. UoU In good astets-feal estate
unI hills receivable. and that dspus tors. Will hC
| paIt In full whether The bank resumes or not.
| In order 10 place tue Institution once more In
working order and to avoid stoppage uf business.
Ii was decided to teorxunike and thls was done bj
electiuy atE. Adam L. An'beFy, formerly Manager
q liz iisst slds branch, rirailent: III. j. 4.
lto4s. Henri. Alper2: Aartu Ryan. Philip Maaa,
| and Adam l.. AMbtrg were elected DireelosA.
Grn. Hammond Rzte up oil h! stock and resigned
his position ~ Mana::cI; Also tasnnY oseF tht
| dteds 10 Aomt property, which IL considered fnf'
AeIently valuable to guarantee tue Deposition
4 Teporiuf Of Tux TutxrxE last evening eaite<
| upon Gen. Hammond, but found him too weak Il
niaks say extsnaed statement - 10 ths ad.srs O.
the bank. tts sisted, however. that biz w!fs hat
turned over certain property belonging 70 hefs+l
uxcIusyely lu order to sscuEe thu deposttors. aat
he Dpinrd that there would be u0 uccesulty to
closing the bank. Sir. Ward took similar sles
Ut malters,. aud both gsn!emsn wsrs ssnxnlla
~ to ths actual sotrencJ oa the tnstItutiom- 1h
| majority vi hepnsitor& having money u call hAs
elected to grant an E1teHs lon. Chlef the rules
thirty and sixty days ugtlce u ssqal!sd, aeeor1n
tu Tho amount on drposit. Before the e1ptrstlol
OF tho month Il II believed that everything can
arranged. anl II 10 hopsd that the bank WILL con
| Nlle IL operations.