The New York herald., 1878-03-29
SAVINGS BANKS.
CONSERVATION Among the Depositors
of the Sixpenny.
THEIR FIRST ACTION.
Nine Additional Reports Of New York City
Savings Institutions
ASSETS AND LIABILITIES.
ASSETS AND LIABILITIES.

peered anxousy through the bars OF tho iron doors
for o moment and then loitered a disconsoaie way
about the sidewalk. Before eight O'Clock q con
siderable crowd had collected and all wero
suffering from common they fell into
conversation ana exchanged bitter comments
concerning the managers of tho bankrupt m
stttution. As the forenoon aud tho great
iron gates remained tightly closed many departed,
lamenting their bad luck in having deposited their
savings In the bank. II rumored after time that
the officers wore the building, having entered II
through the Broadway door, The crowd Immediately
Hooked thther but wero mot by policeman who
drove them OF alleging that they obsructod tho street
and in.erlcrec with the business OF other parties
tho building.
II began to rain. but the crowd still remained,
many waiting about tho Asor place entrance and
Others lining tho opposite sidewalk and gazing with
despair upon thoir Iaces at the mplacabe walls be-
hind which they believed their money held. Oc-
casonaly the carriage OF a wealthy depositor drove
up. but no admitted 10 the bank; there
was way Of sending message
10 the directors, supposed to be In counsel
inside, and these drove of again.
But the mass that lined the street mold It's
place. One palc, wan old woman, in thin ana faded
garments, stood upon the steps with dngers
clutched In gray hair and her sunkcn eycs, be-
tokening sisepiess night, fixed upon tho slip Of
paper posted up inside tho bars rho business this
bank is suspended until further notice." The
peltsd upon hor upturned Taco unheoded she
swayod her body to and fro, moaning in despair. A
BRET conversation with her elected pitful story
UNFoRTUNATEs.
Loft friendless widow years ago, she had
earned scanty livelihood by washing aud ironing,
and, looking forward TO the distant time when she
would BIZ TOO old TO work, had deprived herself Of
all the humble comforts OF life and OF It's
that she might provide for hor old age.
Que week ago her savings amounted to ST. O0O and US
health faiiing, she determined To remove from
the city, and with her little fortune exc out QUOT
cx,s,enco with somo friends in Now Jersey.
The news OF the banks failure almost unsettled
her mind. and It was impossible TO make beliove
that she would a dollar OF her hard
earned treasure There were many ike her In the
crowd. There OF homes, looking thrifty
workingmen, whose patched garments denoted tho
sacrfccs and sel-denials they had undergone "to
put fine cIo.hes upon tho backs of the tnicves" as
they expressed It, very large proportion OF the
assemDlago consisted Of working girls. Some
OF those wept bitterly, while the faces Of
others hardened into herce, desperate lines that
indicated an uttor reckeness to their future le.
As the bunk had'received deposits small as five
CONS, largo number OF errand boys newsboys boot
blacks and other mcmbcrs OF tho army Of juvenile
workers were among Its creditors These wore very
largely represented III the Whiting throng, and
thor pompous illusions to their bank accounts
brought smile many anxious face.
number of the aospairing depositors whose
needs pressing disposed OF their passbooks for
song spectators who took advantage OF their
unfortunate position. This came 10 the of the
officers within and slip OF paper with the inscrip.
tlon, "Deposuors advised not to sell their books
at y sacrI1cc," pasted on the inside Of OF the
glass doors and caused derisive laugh among tho
watchers outside.
The officers the renal ned IN consultation in
the ONCE oil insurance company in the bank build
rug all day long Night Tell aud tho dsconsolate de.
p0sitors trudged weary to their bones, making
lor Others who. employed during the day, hurried
when released from their work TO the bank and stood
In groups gazing AZ the wall which they believed stood
between them and their money. The officials OF the
bank still remained In session.
About nine O'Clock tho writer called and had con-
versation with President Miles. That gentleman
stated that the officers engaged in selecting
Of their number to to Albany this morning and
sDdeavor TO show cause 10 the Attorney General why
the bank should not be placed in the hands OF
csver Mr. Miles said he did not inond to 60 himself
f tho bank mad been let alone" no sald "thcre is
doubt would have paid every cont Of our do
posits" Ho had doubt that, as II is, sevcnty.nvo
per cent would bo paid. The special examiners, he
Sad have greatly undervaued the assets oi insti-
lution
NOT HOPEFUL.
In reply 10 q question whether he believed the OIL
GERS could mako out u satisfactory case before tho
Attorney General Mr.. Niles SAID no could tell
Tho amount to DO realized by tho deposliors would
depend very much upon the character OF the re-
ceivcr. In regard 10 tho statement that money had
been paid 0ut by the tcIlers after the order OF the
court suspending tho bank Mr.. Miles said he
believed II true. "When the order presented
10 me said ~ gave orders to close at onco, and
went down TO one OF the trustees. In my
absence money was paid our but believe not moro
than 81, ,0O0 or course It was wrong, and am sorry
for IL"
Mr. Miles admitted that the bank had paid interest
upon daily balances 'tn a few cases" Ihis ho IL
Sacred ~ be perfectly legitimate Tor savings bank
but they did 10, pay so much as ordinary banks Ito
denied that the bank had ever certified checks. In
tho OF a lew accounts money was paid out upon
checks without tho presentation OF tho passbooks
Mr. Miles attributed the iailuro OF The institution
chiefly To the dep eciaton oi IT'S assets dc said that
tho bank now holds upward OF 100000 In securities
whcn could be Ienzed a, once consssins Of United
States, New Y Ork city and BrooklyL city ponds.
DRPosiToRs' ACTION
number OF tho dcpostors met yesterday n: No.
BIS Broadway aud issued u call Tor meeting oi de-
positors 10 be held tomorrow afternoon, al three
O'CLOCK IN the first District Court room, corner OF
ChamDers aud Centre strcets 'to devise measures Tor
thcir own protection
LIABILITIEs
Tho following the assets aud liabilities OF tho
SxpenDy Savings Bank OF the city of New YORK upon
the vtn day OF Marcn, 1878, iound upon
lion made by tho uirecton anu authority Of tho
Superintendent oil tho Bank Department.
Market Value.
Bonds aud mortgages
Second anu properly executed; abstracts
Of tile proaucea sIeo, 800
Apparently securou ana properly
ecu,cd, but no abstracts OF lille produced s4 l2O
lnsufhciontly secured ana properly OK
oculed; abstracts produced. ............ I6I. $50
InsunIci cientIy secured. not properly
crulsd; a6slracis produced. ............. %, 900
Insuhiclently securod and n, abstrac,s pro-
duced. d................. ................. u, ,423
Total. $5li, 1913
Doubtal or bad ............. .......... $297, ,6O3
Deduct Tor probable loss same. 45. 900
Balance 1852. lOJ