The New York herald., 1878-03-28
SAVINGS BANKS.
The Sixpsnny, Of This City,
Suspended Yesterday.
REPORT OF THE EXAMINER.
condition Of Other City Savings Banks on
the lst Of January
Z OF THE EXAMINER.
A BOSTON BANK ENJOINED.

Mr.. W lillian Miles, president OF the Sixpenny Saw
ings Bank, Astor place. about two O'Clock yesterday
afternoon received q notification from the Superiu-
tendent OF the Banking Department ut Albany
that the sixpenny Savings Bunk should be
closed until further ordcrE Since March
Q. or thereabouts, this bank had been un.
dergoiug thorough ovcrhauline. the result
OF which was the Nat which President Niles received
yesterday. Tho news spread rapidly that the bank
was broken. just news Of that usually spreads
BY tho order from Albany the bank should have sus
pended payment immediately, but It was said last
evening that the cashier continued paying until Eve
O'Clock
THE DISAPPOINTED.
There can scarcely be 4 more pitiabe sight
than the crowd arou nj a broken bank. It does not
mako much difference, as far as the unhappy de-
positors are conoornod whether the bank is solven,
or not tho worst fears generally those which
possession OF the scared depositors and last evening
there was no exception TO the rule The that this
bank was Rurst' seemed 10 spread with mysterious
pd,y. Al about i've O'Clock In tie afternoon the doors
closed, and the bank the habit Of doing
business until eight O'Clock every ing the alarm
Erew with wonderful celerity. AS tho young people
began to so home from the doors on Astor place
were crowded with impatient deposors, who camorcd
vainy for admission For two or three hours though
u
stant rush in the vicinity OF the bank building The
announcement posted on the glass window that tho
bank was suspended had the effect of making
people believs that the Hnapcia affairs OF
the institution were far worse than they
may be- Women began TO flock around the building
At about eight O'Clock, the news having by that time
reached them. This was the painful part Of the
scene. Tho youngsters who had money deposited in
the bank laughed and chaded each other about their
loss but II was no laughing matter Tor these poor
elderly people, whose little all seemed to have goue
from them in momeuI They stood In little groups
together on tho sidewalk sympathizing with each
other, but with despair on their faces.
WHAT The SECRETARY SAYS
From talk with the retcsnt secretary ot the bank,
tuition was established IN 1858, and that until within
n,.sv : ,sw years % past . good business was done.
Ssr Of deposors began to fail ".S or Sna .S. aaqs a
ei the bank were not quite so prosperous MS
they had BEEN There were nearly thir.y-two thou.
band depositors In all, the accounts beng mostly
small The trouble In the Seoretary's judgment
from The shrInkagc In the vauo Of securities
real estate The building was leased nj 900 year
and came into possession OF The Sxpenny Savings
Bank an indebtedness Of The Stuyvssant Bank anu
was clear gam, ~ the rents from the ocss lott the
THE PRESIDENTS STATEMENT
The president Of the bank, Mr.. William Miles, was
conversed with ~ 10 Inc situation, and no seemed
fee very keeny The position In winch tue bank
placed he even went 10 far 10 suy that be would
attached 70 him on account OF the financial
endorsements Of the insttutiou. He SAID that
In his judgment the bank would pay ninety cents
on TIE hoar, and that II II had not been interered
WITH II could have come out all right. The total lia-
biiities OF inc institution Mr. Miles SAID, about
IOO, O00 and II was claimed by the Banking Depart
Ment that there was u delciency In tho assets Of
about nve per cent Of that Ho did believe
that thore would have been such deficiency II the
bank had lime 10 retrieve Itself Tho reduction IN
the amount OF deposits ior u twevemonth past
was about 500. OuU, put still he believed that
there was NC necessty for this action by Banking
Department. The bank had In assets about $500, 900
tn United States bonds about U00 In North Caro-
lima bonds aud tho balance assets In New
York aud Brooklyn cites bonds Mr. Niles limited
pretty emphatcally that there iou play
In regard TO the bank He said he could place the
wrougdoing snywncre, Tut he iet sure that there
dare to say what he thought, because be had alb
eoiute proof but he had conviction in his own mind
shat the bank mad not been trealed squareiy
TEE OFFICIALS AND SALARIES.
The following named the officers OF the Sixpenny
Savings Bank k-Pres idcnt, William Miles; Vice Pres-
Alexander Collins. Direc,ors-M. NJ. Van Buren,, Wn-
lam Il. Dean. Charles Cromwell. Thomas L. Small,
Stephen Hyatt William H. Adams, Bernard
Smythe, jacob Cromwell and Wilson Small
The salary Of the president has been $1,000
year, the other salaries ranging from 81, sou up
ward The total amount paid IN salaries was Sic, 0U0
annually. The real estate owned by tho bank IL
Third avenue near l07th street., worth about 81 900
lOt
Finally. Mr. Miles stated that ST. 4Ov was paid out
Yesterday and that feared 1t would Do difficult Tor
the bank to get through the crush had
De able 10 resume again Us before.