New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-11-09
FAILURE OF 4 BANKING FILM.
GREAT INDIGNATION IN MT. VERNON.
THE MATTER TO DE PRESENTED TO THE GRASp
JURY-INDEBTEDNEss Sl25,00O.

| JURY-INDEBTEDNEss S125OOO.
| The residents of Mt. Vernon were panic
stricken Yesterday morning by the announcement 'ha'
the banking firm of j. NJ. Masterton Co. had made al
| assignment TO ey-County Judge silas d. Clifford. Inc
news spread through the village and neighborhood VIII"
| great rapdity, and soon the bank, its en'ian'o
| and the sidewalk in front OF It were beseieea ny
depostor. and other persons who had business transac
tjons with the bank Many persons who had entrusted
their savings TO the Fast Chester Savings BanE' "o
ranacs its business at the banking house OF Maseron
crushed there In the greatest condemnation to hhu "".
whether they had bee robbed Of their money WHIT na
| become Of II. and TO get II back II possible.
Several Of the trustees Of the Savings Bank, aSsea c
depositors that the bank In wise affected ny 'he
closing OF Maserons bank that II was as souud az any
savings institution IN the country that It's business
would 40 tomorrow as usual when those WI" "es"o'
o Withdraw their deposits could do SOL that thcy "e'o
prepared pay every dollar entrusted to hom nut ,ha
II would the interest of every dcposor to allow
his money a. remain where II was. This assurance ."
aycd the fears Of the dcroetors and they WIN row o'
rcp,ona returned tothclr homes those who ad doPo'
tied their funds with the firm Of MasicrtonS Co'bowa'"
their anticipated lossos varying from hundred "o''
10 thousands and OF them bitterly denounced u'
firm aud charged IL with prcconccivcd fahT as H""'
freely runorcd that of the residents VINO wog'
ing business with them had withdrawn, the nl amounts
OF their deposits. or nearly so day or TWO peI"f" SUI
pcpding-gaye rise the suspicion that they h"i peoh
privately advised 10 withdraw them
Att o'clock a meeting of creditors was held NJ "he"
committees were appointed to learn the condition. o '
hank and another to consider what steps should ne
taken for the Of creditors and w
Police Justice Cornelius L. Kccne, OF Ncw-h"Vhe''o' "
the committee appointed To learn the cohduoh o "'
bank Of j. ~ MaserOn Co., reported that WIN ''ese'
Berry 4 Biqelow ho had had an interview WITH the
cashier and teller Messrs. Bissell and Lucas that 'he
.mouut Of Indebtedness TO creditors was less thah
Sl2j 600; that the assets cannot he positively s'ateu
nj present. that Mr.. Masorton and Ir Lucas say 'he
dcpositors been made preferred crcdors' Iha' MI
their available property of whatever nature VIII DC use
In nav their debts Mrs Mastcrton at the time the az
s,ments were made declared that she would give all
she owned 70 aid her husband TO meet his liabites Mr
Kccne stated tina. all the real estate OF J NJ Mas'er'oh
consists of marble quarry at Tuckahoe ana 'he country
house at Bronxvic, also some houses at Mount YER
non
The committee on the question whether any legal Pro
ceedng could had in behalf of the dcpositors ana
creditors OF the banking house and firm of j. NJ Master
Ton a Co. repored that from Trustworthy sources the
firm has for time in state OF bankruptcy
and this fact has beon concealed From all the informa-
ton that they had received they believed tue assign
ment made TO he a fraud upon the creditors and de-
positors that the firm until m. on November re-
ceved large deposits from large number OF their
dealers weknowng AT the time that such receipts ana
deposits were received in violation OF law ana were
taken with preconceived intent and design to deraud
their creditors
They believed further that large sums deposited in the
bank were withdrawn the bank by favored depos-
tors within the last days before the closing OF the
bank from and pursuance OF information and advice
received from the rm thus showing that the rm heh
contemplated and intended said assignment If the facts
stated in this report true as we firmly believe them
to bel we hesitation I'm saying proceedings OF
criminal nature should be Immediately taken against all
persons connected with the institution and that the
several matters be laid before the Grand Jury OF this
county, ~. -. =,