The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-21

ufu u 8
buiding was heavily mortsaged that the rent only
betrayed the interest on the mortgage Suits, how
ever pending against the president and trustees
and may yet result IN yielding something.
Clinton Bank collapsed July 5, 1877, with roll OF
800 depositors calling Tor SIS, 900. Mr., Edward L.
Paris appointed receiver by Judge Landon July
H. 1871 tho panic OF 1873 caused such shrink
age In the securities OF this bank that II was
reduced 70 us last legs, and was ,, only Kept
struggled on. making up the deficiency rom year TO
year until they grew tired From Inc sale OF real
estate owned by the bank and available assets he de-
posters may yet reailz, dividend oil thirty 1--we per
cent, out tney must have patience
Cairmont Bank closed september, 1871 on 1000
sepositors representing 100000. Judge Wcstbrook
appointed General Henry v. Smslley receiver. but
though tns available assets are rated a. sixty cents
dividend has yet been declared, and the late re-
ceiver is enjoying himself IN Canada HIS successor
receiver s Mr. Clark Brooks, ~ho Is expected to do
every hing possible Tor tie drpositors
GERMAN UPTOWN BANK.
This stit ution closed December d, 1873, with
roll OF 1889 dep'sitors claiming $z29, 49, MT her.
nun Uhl WAS appointed receiver by Judge Davis, ana
the depostors received eighty cents on the
dollar, the last dividend being declared
pec,ed about ,hs time OF ten per cent Inc
trouble with this that It's assistant Secre-
tary, schwartz who y nov 10 s.rg sns s,o,e ~ s
securities were in deprcciated Southern bonds
The German Bank, OF horrisania Jailed March,
1877 having 2. 200 deposltors, 10 whom u owed
$3.50 900. Mr. William J. Best was made receiver
by Judge Landon, and he expects when ell tho
available assets are realized and he trustees
ments that Tho depositors will be reimbursed
to the extent Of sevsnty-nye cents on inc dollar,
but they have had nsthIng yet. Mr.. Best says
mat when he took possess OF tho bank last July
It's cash oay 1851 80 aud owed $o4 900
10 sundry secured creditors including Two VI It's own
trustees The sum named had been borrowed at DIFF
fercnt times by the officers 10 meet current disburse
mens us beng and ~
Mr. Best says he holds railroad bonds and
other securities to the amount o. Si0I ooo aud TINS
tees who voted oil the purchase OF the bonds
ana OF making the loan railroad securities, both
acts being direct violation OF tho charter OF the
bunk and oil the laws Ia relation savings banks II
he only succeeds this 1t win be well taught lesson
TO all trustees IN future.
GUARDIAN RANK.
This bank had LOCO depositors TO whom II owed
$3.50, 900 on the day IL closed, November IL, 1915
Ring Its first receiver was Nj. Jeremiah Quinian,
sppo nted by Judge Barnard November IL, 1871 Mr,
Mr. Waiter ). Roche one o. the airectors, VINO NED
turned over Qulnlan his entire property to make
good the losses THIS property realized enough TO pay
the depostors In full and leave surplus Of aoodt
81 10 900: but Roche cheated 81 his last dollar.
0unian resigned and Peter J. O'Donohue was ap.
poinled his successor by Judge Donohue; but
Mr. John 7. MCGOWAN, a lawyer Of
gooo repute, was substituted In his place. Suits
AGAINST Qunlan for the recovery OF the moneys
were promptly started by Mr.. MCGOWAN, but nothing
has come OF them yet The depositors, however,
cents the dollar though was secured BY the beg
gary OF Roche.
MECHANICS TRADERS BANK
This closed June TO- 1876 having 5 800 depositors,
10 whom it owed ST. 454,0J On July 10 Mr. William
g. Best was appointed receiver by Judge Osborne.
dollar The last divdend having declared Decem-
ber 1871 and one more OF ten or fifteen per cent Is
expected TO be declared within low months shrink
age OF values, along with culpable Encouragement,
brought about tate OF the Mechanics and Traders
MUTUAL BENEFIT BANK
This Yielded up the ghost November n. 1875. AFTER
being seven years IN existence. 1t had 900 deposit
tors, to whom 1t owed $3.50 600 Judge Donohue ap-
pointed William F. Aldricn receiver me aeposis ss
Another dividend often per cent, and though urtner
on. Of ten hoped tor there Is not much faith In It's
being realized Fall In real estate and stupid manage
mcnt brought this concern 10 its inglorious end.
RANK.
This fnstttution went under In January, 1872
through the rascalites OF ring composed OF Its
OH GERS and on Two outsiders The number Of It's
deposiors was 300 to whom 81, 600 900 were due.
Mr. James Dennis was appointed receiver January
90 1872 by Judge Barnard, but the appointment,
owing to the character Of the Judge, excited
such action being IaKeu as resulted In the rejection
OF Dennis aud the throwing OF tue bank into bank
ruptcy. Ar. Francis W. Worth, who died the follow
ing year. Was elected assignee by the creditors, aud
ABOUT the same the secretary of the bank Conk
I'm departed Canada with AS much OF the funds az
he could conveniently lay hold o. On Worlds death,
in September, 1873, John $ Piatt appointed h,s
successor by Judge Blatchiord but no succeeded to
ttlo more than legacy o. harAssng Litigation about
The bank paid thiryeight cents on the dollar up 10
March II 1873 and another dividend IL hoped Tor
NEW AMSTERDAM RANK
This concern expired september %, 1876, with q
roll Of 210o dopos'tors, representing 500 wv. II
had been IN existence eignt years aud was lodged IN
large aud most expensive building, that proved q
fatal drag upon It's resources Mr. Richard NJ Bent
was appointed receiver December, 1916, by Judge
pos,tors sls,yhve cents oi,he dollar. with prom.
ised forthcoming dividend Of twelve per cent
NATIONAL BANK
This was a savings institution OF no great conse-
Quence, and or less identified with the Ring,
.~h, rnlIa nh Gvnft xwao
The trustees made up the deficiency ana
The depostors TO whom 500 600 were DUE were paid
but he nod the Office only hail day, was offered
So 900 Tor his services, winch he Indignantly declined
and felt ashamed 0; tho whole business, his name
never transpred
This was rather a weak Institution and collapsed
i'm me iately wnen the hard times set In November
49, 1875 II had ], 296 dcposItors, 10 whom II owed
1876 900 Isaac v. French was appointed receiver ny
Landon and succeeded In paying 33 Is cents on
10 past SIX months 10 per cent additional has been
PAID mas,ngio all ~ Is cents on the dollar. an
Cured hardly ever expected TO get
SECURITY RANK.
This bank failed November 20, 1878, alter exist
,ncc OF seven years, which appears TO be about the
average longevity or a New York savings bank. II
had 1900 depositors. emitted to the gross
sum Of ssso,ooo. Mr. " iilam NJ. Banks
by Judge Landon, and up to May I, 1877,
paid dcpostors hty-seven and halt cents on the
"
John L. Sci, who subsequently, sent to The Pen-
cntary and also the tail IN the value OF real estate
the causes OF tn. collapse Mr. Banks expects
ithin Two months more TO pay an additional live per
sent
THIRD AVENUE BANK.
This bank closed with a deep. resounding crash
30. 1878, aud produced more wdesprsad
distress tnan nall the other banks put together 1t
had the immense roll OF 5000 depostors, to whom
" as due 81 400 O00 Mr.. Wiiiism 8 Carman was fret
appointed receiver by Judge OSBORNE Uctober
1915 but was subsequently removed and
Mr. Samuel n. Hurd, the present receiver,
appointed IN his place by Judge wcstorook.
pody has heard the history oil this BANK and us
ais graceful and. corrupt management loop In the
law permitted the escape of tue president and trus-
lees. Fifteen cents The dollar what they nave got
already IL nearly all the depositors are ever likely
see. the maDags nent OF this concern was Illus
Irated in the matter OF the trustees bond suit,
In whtcn u shown that when tho bank
ran behind so that u could not pay dividend the
u Us ces held meeting and drew up bond By which
they became individually liaD. 10 tho amount OF
0U0 The Undertaking being that IL tno bank
following year should 40 business enough TO make
IN the pond should be cancelled, " not
the money should be PAID. inis bond was officially
returned asset ana enabled tue bank 10 pass