The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-29
THE BROKEN GUARDIAN BANK.
What Has Keen Done with its Cash Since u
went 60 Receiver.

ALBANY. Jan 2s.-John r. MCGOWAN, re-
cciver Of the defunct Guardian Savings Bank.
fled n report to-day with the Bank Superin-
tcndcnt and tho Senate Committee on Banks.
This is the savings bank of which William VI.
Tweed was President and Walter Roche Vice.
President. 1t failed in 1871 and Jeremiah
Qunlun was appointed the original receiver
Mr. McGOwan. the present receiver. reports
that the bank AZ the time Of its failure. had liza
bilitcs Of 1861 Gji71 aud assets Of sji5 422.3 80.
The first dividend VI IS per cent was declared
10y Receiver Quinlan in February. 1872. BE-
tween the time 0f the banks failure and tho
declaration Of tho first dividend. the liabilities
were reduced through tho cxcrions OF Walter
Roche and his friends. over $50 600. leaving liza
bliiics Of s4s0.5iG.79. Prior To this dividend
Qunian was onc. real estate almost uncncum-
la'rod. and valued NJ $3.50 600. to pay dcpositors
Receiver QuiNIpa collected ont Of the assets
s22GlHl 20. fry per cent Of this amount WIS
paid to the small positors-those VI t2DO and
loss. Tho trustees sold the greater part OF
the Roche real estate for tho amount OF $500 600
Out or this. nearly all the dcpOsitors were paid
an additional fortv-ilve per cont. Owing to tho
alleged Acknowledgement Of Receive Ouinlnn.
assets orig nay estimqted to bo 1851 1880 still
remain. Receiver McGoWun eat mates these
assets to be now worth about $4,000. The re-
port also shows that the amount realiged on the
sale OF Rochcs property together with the nc-
tual moneys collected from assets were ample
10 Jay ull creditors. ANA lraNea handsome sur
plus for eN-Supcrvsor Roche. or over sl0l0OO.
The document further shows that when Gum
Ian resigned. pending tho decision OF the court
Tor his removal pcterJ. o 'DoRuhue the brother
OF Quinlans surety was appointed receiver.
An examination Of Quinian's accounts before a
referee Designated 10y the Court. DEVELOPED tho
peculiar fact that there WIS upward of t3j 600
unaccounted for. Judge Brady reviewed the
testimony and the referees report. and found
Receiver Quinlun short sos 403 instead Of as
reported 10y the referee. Qunans surety an
pNued from tho order to the General Term.
The General Term affirmed the order in De-
ccmber last, after reducing the amount fl0OUO,
ON account of mistake in the calculations. An
appeal from this decision is pending before the
Court Of Appeals.
Mr.. MCGOWAN was appointed receiver in July.
1877. with the consent of the creditors on the
removal OF ODonohue. All the proceedings
against Quinlan aud his surety have been CON
Quoted by him M counsel. H. has collected
since his appointment $l201S90. Tins sum
includes q Judgment against O'Donohuc ho-
Yund his linbihty ms surety for Qunlan. and q
claim against Reilly. his brothcr-in-law. who
was clcri, for the fist receiver. which waa set
tied by the order OF the Court. for tlO.461 80.
The depositors. with half dozen exceptions.
have received nincty-fiye per cent. With up-
ward of s6i0.0UO collected the claims OF $3.50 600
have not all been paid, and Roche has been the
heaviest sufferer.