The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-28
VOL. N.Y. no. 300.
THE SIXPENNY N\NK GONE.


ur.o,vent, yet Receiving the smnii savings "r
the Poor Tcports OF i- Condition that
ver. rni.c The Order To close not oheSrd
for over Two Hours-raying out Money.
On the 9th of March an examination OF the
Sixpenny Savings Bank. Broadway and Asior
placr was begun Nv order ~ Ia" Bank Denr'-
ment NY Examiners Albert J.. kirtand and i.
NJ ST. John and Special Examiner John I. No
Donough The sickness and drn'h of the wiie
of one of these gentlemen causcd delay. ana
It was not until Monday that tho r"ror WIS
made. Then Superintendent Lamb rnu-"d ap-
nlicntion to be made to Judge WcsthrOok in
Albany for an order restraining the bank
from doing further business. aud requiring
its officers to show cause why receiver should
not be Amounted The order was granted. and
vostcrdnv Examiner Kirkland and Mr. II.
schoonunkpr. son II the Attorney General.
.ervcd II upon President Miles NJ the bank,
That gentleman failed 60 conurch"mi lis I'M
mort for n few moments AMI seemed TO b" toe
tally demoralizcd. or, rs Mr.. Kirkland expressed
It da2cd.
DO you know what that order moans?' Mr.
Kirkland asked. There was no reply
Then Mr.. Kirkland said: ." advise you 10
close your doors at once. and remember that
the payment OF a dollar. or the receipt 81 doll
lar from this time until that order shall have
been revoked. is u crime
Mr. Miles. who could not recover from his
surprise twirlcd the papers over uneasily in
his hand. but made no move This interview
was held at 50 =. NJ. and while it WIS going
IN the patrons " the bank wore drawing or de
posting their money rs usual II was not uniil
4 20 i. VI. that MIR. Niles dir"c;rd the Sccrr-
iarv. Mr.. Alexander g. Collin-. To- stop pay
ments and the last named officer forgot 20
snII sanIIer'' W" Mr. IF luis Foo,. until p. IT. Th"n
q little pacard about l inches by ] inches.
was pasted on the inner doors Of III" hank,
setting forth that business was suspended
until further orders. Prior TO this time about
$4,000 had been paid to dcpositors. who were
more fortunate than thousands who were
dcbarrrd from early ncws Of the trouble II
was rumorcd that one of the trustees hud
drawn largely but this could not Doe suhstanti-
atcd. There was no run on IN" bank, ALTHOUGH
the paying trllers had little rest. They worked
slowly and nirthodically. however and were
drawn by ono person was - O1p. This WIS at
3i5 P. NJ. long after the service of the order OF
Mr.. Kirkland said thnt the examination was
only carried far enough to drmgustrntr tho
thorough insolvency OF the bank There wrrr
praised. This was ef; for the futur" rrreiv.r
TO do. as an examination at ms " UT. would
Of IL. trustees had at least $50 900 deposited in
the bank. although the law limits the nmount
deposited by any one person to S5.upu. II could
not be ascertancd yesterday whether this
trustee had drawn his money ont or not
Since the beginning Of the examination the
bank has opened 3li new accounts. Yesterday
It received the signatures Of ii new depo- tors;
on Tuesday q signed the books and on Mon
deposited yesterday will have t. ahd" 10y tho
fate of the older deposiiors. Probably tho
money deposited yesterday. both by old and
new depositors. viii be- returned.
NJ krtland il eyicn!lS ,S n1' sansnine as To-
he said. it may pay - cents ON the dollar.
With q bad one il won't pay 80 rcnts.'
servants in the New York Hotel. who acciden-
tally heard Of the trouble Of the bank, and six
or eight other poor persons, those who drew
being well-on II was whispered ;hnt relatives
OF certain trustees had early information. ana
drew their money but this could not l,, eS,al-
lished. Many newsboys and bootolacks have
The bank was established in 1853 hv Elijah
p. Purdy. the Tammany Wur-llor-r. 1t
was long located lenea,h the Mer rWnt" Ii
brary but in me- ls5e mo,ea NJ i1 pI-a
President Wilson Small AMI james Y Wat
kins. Vice: Presidents; \. {. Collins, se,r,s-
STopwei, Taon%gS /. small; Fr@,ii.risE , I'Tv,ei,i
cob Cromwell. F. VI. Harris and William Miles.
Mr.. Harris says that Mr.. Mics ele'ted him
trustee last summer while he Harris was IN
the country; Upon his return Mr. Harris told
Mr.. Miles that he could not serve. li' there
fore resigned. but his nam" was NOT taken from
the list. Mr.. Frederirk Fawceu h.s been a"ad
for some time. Mr.. Miles. tlg President was
leather merchant prior t. 1857. when hr retired
with an ample fortune, which he has since lr-t
In MAY. 1877. the hank hcid ss9j.noj ia bonds
and mortgages. iS22 2G1 in stocks and bonds
of which s2I $50 we're in Norh Carohuqs. s.
kansas. 81 .70o Tennessee s5nNl; nnd ;2i5-
$50 ia United states bonds. ilnr-r are rstl-
mated vaucs.l The uamk uwed deposit ~,
s2Oli ,e03: on interest account So f2j ani had
counts The Presidrn,'- salary was sj.Ouo:
secretary. 81 100; assistant s"cr"iary = loo;
three tcllers AZ 81 500 each hO okk"'uor 81 jpi
assistant book keeper s6uO: finance anu cxrcu-
tive committee. 81 800 Formerly II had num-
Dor Of running aceogn,s + and Ns NEsrd To- To- eear
stitutOn failed II owed the SlNpennY f23Ouu.
and the latter took the building the stuyvesant
On the first Of January last the bank reported
that i had Asnrplus OF ~ 452l2 Ihe report
demonstrates clearly that the statement sworn
10 on that day hy the on .ias of the bank wis
false. and they mus, have known II. SVpcrin-
tandent Lamb says there II no reason tO NuIlrye
that there II another Saving, bank IN tIiirr
New York or. BROOKLYN that is not p'riety
opinion that the bank will il properly wound
NJ, be able to pay from 80 - pr r.nt :" lH
mend the closing Of the bank ou account ol tine
manifest neglect and inprudcncs q! tlle trus-
tees In lis management,
Mr. Kirtlanl. one OF the examiner who signs
the report says, in q private letter a. Mr.. Lamb
The bank has bccn insolyent for years. 1t
was worse of at the iime OF the last cNarninn-
ton than i Is today. ioi!9N nvordraits as
lat as ls75 70 th" amount of $4,000.
The examiners report says;
and den,iencl inmc me nm uguis o. : 9.lii ~ Me
.%nni 'GS@a IS41' oi rs 3 81 III % a ny , M M n @ & M @ @
l,etoa Of s.'s en 20. % inil a' denttnl ue s,nrty
loss 'hcreou amounting To 81 -" ln.u',d IN uc.c
ss7S 2'os'o on 1I.' pa@.., pa IL, NV, a,~ caSIT SIT ~
ne mlcd su'c' Go''mm,n or Amu-'r. store.
'ry snounung iu u.r 90. .ro,n,, t sH-0o'p and
b auc,uon ca,er. vi, e aa cr t., "aG W1a
", Viz, 9'oi =. y. s", T., ,,. ,N % "'h i79 "'. "sr'.
w .e'u uiiiy tl" " .l Nl' i"ii I,'H nAN lr ,n.-