The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-04
DEP0SlT0RS THREATENING.
RECEITER BRADLEY ANSWERS THEIR
CHIRGES or URONGDOING.


Inquiries In Relation 20 the Books OF the
Broken Mutual uencnt savings Isank-A
Loan Of SOi,5OO on New Jcr.cy Land.
Since, in tho general crash in the fall Of
1915. the Mutual Benefit Savings Bank. whose
place Of business WIS in tho Stdnfs Zeihug
building closod its doors. there has been much
dissatisfaction among tho dcpostors. Of whom
there were 1000. and to whom IT owed nearly
il5o.000. The friends Of the bank say that the
failure Of the Third Avenue. and other savings
banks. bred n want Of confidence that had more
to do with its failure than any other cause, ex-
cept shrinkagc Of values. There have always
hren some dcuositors who have laid the blame
to the instiiutions officers.
On the 2Sth Of November last William +. Al
drich was appointed receiver some depositors
protesting vigorously against the appointment
Mr.. Aldrich entered uuon the reccivership. and
paid dividends amounting in all to nfty-eight
cents on the dollar. After two years Mr. Al
drich died. and concerning his successor and
subsequent importnnt discoveries, Mr. Erode
rick Hollandrr the proprietor OF the hcer cellar
IN me STATS Zetng building yesterday spoke
as follows:
After Mr.. Adrich's denth md after waiting
10 see what would b, done. | applied TO judge
Donohue for the appointment ~ u receiver
Then learned for ~" first time that Mr. D.
Ogden Bradley hud been appointed. | thought
II WIS uue"r proceeding. HIS hondsmW was
Leonard ". Jerome. who WIS n.so Mr.. AID
rirh's hondsman. Not long aitrrward deter
mined to look into the nf lir ~ a certain mort
gage that suspected. Hui taking with me- Mr.
Charles L. Wrndt. who has charge Qi theaffair rs
ot the Trutuna Savings Bank, and who IL an
expert. asked MIR. Bradley whether an order
of the Court was necessary in order that we
might examine tho hooSs H. said Certainly
posal. Then we found that three impor;
iant books were missing; tte =, general
Trustees. md u stub check book. the latter
imuortHnt ms covering the time ut which the
mortgage WAS taken. The receiver pointed to n
broken glass in the door OF a store room oppo-
sitr. where the hooks were kept. and said that
some ono must have stolen them from there. ]
know from a clerk who WIS in the employ NJ
the bank that the gCncrnl ledger AMI the other
books were there. He viii make AFFIDAVIT 'hHt
AIR; Aidrch was appointed receiver. No. |
VIII not tell you his name. We are going 10 got
his affidavit, aud scg,. whether We cnn nyr~ti-
gate THIS thing. We heliev" that there IL u
bug fraud somewhere. We thought So before we
learned that the books had hr'n stolen. Some
body had an interest in getting these books out
Rc,eiyer y. Ogden Bradley who represents
the Second District OF Westchester In the As
d" | have been IN politics for twenty venrs. md
have hnd good muny hard knocks. hut never
was annoyed more than los this tmputation
concerning the missing books: Now ."t ma
give YOU the whole story Mr.. Aldri'h died on
the 18th ~ December. after an Illness ~ six
wecks. When he became H. he pared the
affairs Of the bank In the hands OF Mr.. George
". Reid who had been Bank Examiner under
the Bank Superintendent. Mr.. Reid was in
charge when MIR. Aldrich died. and has vir-
tually been In charge since lie cnrries
the keys and hns control u NIL the books.
Every BOOK That WIS in the bank NJ the time OF
Mr.. Aldrich's death Is here now. A year n"fore
his drnth. MIR. Aldrich snid that h. had never
seen the minute book. That Is an important
book. having the records ~ the action Il the
Board Of Trustees. The book Of check stui-
that is missing Is ono Of six. and can't see Of
what poss thle valu" II is. That Mr.. Aldrich dii
not think them valuable Is shown by b : seeming
them on the top IT TINT safe tner". Tn. han <
never kent a general ledger. Mai - willard
Bullard. the Chairman Of the Executive Com.
mittee OF IN" bank. assures m" TINT no general
ledger WIS ever kept. He also tells me that tho
notice very soon after Mr.. AldrIrh was ap-
pointed receiver. Il Is no recent loss.
" The loss was discovered few DAYS after |
resenting themselves 10 be n comm tice from
the depositors wanted 10 see the books They
said that they had rrnson 20 suspect that luan
Of t6i 800 on sc ami $1,000 acres " land in
Orange. y. j.. 10 II. o. Cronnrl In. tnrn offs Wall
street had been made IN fraud and d.rogution
81 the interests Of the stockholders. showed
ut- hook WIS not i'm our hands. Thcy wanted
it 10 find who voted Tor that loan. II So hupu"us
that in this case the names 10 the trustees who
approved ths lonn are m mis- cal. loan hook.
Ma %y ST +. Br ~ 15isn , -s r .-
I. W. Morris. th" ust rnud tI'puIlv. / eunt toll
YOU ANYTHING NOR" about tho l.tu. evr'It THAT
erty hld "a 10y tho bank which still owns IT, |
rr"ntly sold hall an aero nt 10 ~ tine r iir ut
~ 3Orun urre. II ~" prnp -rty could b" sold 40
that rHr the bank would make money ry ~; hut
of course at a forced sale u would not bring
That. A. TO that story ABOUT our keeping tue
hooks a store room, u originated simply ia
THIS: Ia that sior"ro1m. which WAS "a common
storrroom OF this building. were three or four
dry goods boxes full OF druositors' slips, they
w"r" good for nothing. Wh'u W. went 90 ions
~ them the other nav II WIS lount thHt huys
had stolen the whole lot anu sold them for old
paper. They got IN through u broken pane of
glass In the door. All the hooks OF the ban X
have been Kept securely IN the safe. eX rpt the
stub hooks, winch We're not considered valuable.
D" don't know what Mr., Holllni"r means ly
/ SAYING That my appointment WAS queer. Tho
/ facts are simply thcs": Mr. Leonard W. Jerome
WIS Mr. Aldrlch'- hohN-Wuu. When Mr.. A.
, drich died hr sked me- Il have been the family
I lawyer Tor years II he was liable as bondsman.
/ snid thought he WIS. Ih"u alter sOm" tint"
/ consented io he receiy"r AMI WIS appointed 9l
/ Judge Donohur. | didn't want the loh II AIM
i plum hy any means. The most | can g't. after
/ all Is settled. In 81 500. II Doesn't nay. The
condition ci the bank now Is this: There ar
81 900 due deposi tors on old dividends drclnrr'
previous % my appointment. there Is 5000
] cash OF unuppruprl money, nnd other as "i'
/ to the amount OF t25 900. In an $4,000. Thu
bank owed its drpo-itors ti3S 900 Mr.. Aldrici
j puil 50 cents on a dollar. Another dividend o
7 about five per cent. will be declared; 30 d.
/ posltois will get ABOUT GO per cent on theil
deposits.