The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-03-04
CLOSED ITS DOORS.
MIAMI VALLEY SAVINGS BANK
A Deficiency of About $ls, 900.

For some time it has been whispered that
Savings Society in this city was to close
its doors to its depositors and suspend pay
ment. Last Saturday evening this took a
definite shape, and the Miami Valley Say
ings Society, located in the Masonic Build
ing at No. 80 West Third street, ceased to
pay its liabilities.
The Society was organized in 1867 under
the laws Of Ohio. Its policy was to pay six
per cent. interest on deposits, but no person
was allowed to have more than $1,000 on
deposit at any one time.
The loans were to be made on real estate
at not exceeding three-ffths of its value
exclusive of buildings, or on bonds, accord
ing to their value in the market. The in
stitution was to be conducted on benevo-
lent principle, namely, for the benefit Of
small depositors.
The President and Trustees were to re-
ceiye no compensation for their services.
At one time this bank held on deposit the
sum of 1850 600, but of this it lost in con-
sequence of the withdrawal of confidence
on part of the depositors, the sum of nearly
$l8O000.
On Saturday evening, when the bank
failed, it had, on this account, something in
the neighborhood of $4,000. The assets,
according to the ledger, amounted to $l52,
600, leaving deficiency of about SIS, 900.
| One-third of the investments were in
United States bonds, which were purchased
at high figures, but which, owing to the late
heavy pressure from depositors, were sold
at sacrificing prices,
The Institution had lost but little on real
estate mortgages, and those held by the So
ciety now are all considered good.
Many of the depositors have been paid
off of late from the proceeds of the bond
which were sold by the managers.
The high rate of interest which the insti
tuition undertook to pay, and expenses
which could have been avoided, were the
causes which led to the crash.
| The following are the officers of the bank
President, w. B. Dodds; First Vice Presi
dent, John Holland; Second Vice President
Samuel G. Tatuln; Treasurer W. b. Dodds
Jr; Recording Teller, J. G. McMasters; At
torney o. ]. Dodds. Trustees-Stanley
Matthews, Thos +. Eckert, John NJ. Gregg
Isaac Grecnwald, Daniel B. Pierson, Harry
Il. Smith, George Fisher p p Lane, s. G
Tatu1n, John Holland, J. P. Carbery, Geo
Stribley, Herman Urban,
1t was understood at the commencement
of business that the President OF the Asso
citation should draw no salary as long as thu
Society should make no money This wa
done when Henry g. Spencer acted as Pres
ident.
1t is claimed by the Gazette that Presi
dent Dodds has drawn out money on &C
count of salary 1t is claimed that thu
money drawn by him would have kept th'
Society on its feet.
The management found that the crasl
was coming, and they did every thing il
their power to avert the calamity.
They made strenuous attempts to collec
all their mortgages and partly succeeded
In an interview with the Tr easurer, w. B
Dodds, Jr., he stated that they had collected
most of the mortgages, up to last Saturday
. when further efforts failed, and they wer
, compelled to refuse the demands of thei
depositors who made run on them. The,
then concluded to close their doors and pa.
out no more money.
Mr.. Dodds thinks that the creditors will
lose but very little. He claims that ther
is no undue excitement on the part of tn
depositors in regard 10 the action OF tn
bank.
OF course no deposits are now bein
received. He further stated that nothin
would be done in the matter, until tn
courts had appointed Receiver, whic
: will probably be done this evening or tt
e morrow. No definite name for this pos
1 ton has been determined upon, althoug
: that of Judge Moses #. Wilson is favorabl
e mentioned.
r Judge Wilson is the law partner of Or