Year: 1875




Since the above report was made the complexion of
time the new building was occupied the whole Of
the depositors' money bad with the 6oo ex
cash, been sung in the building With regard
to the building aud the manner IN which the bank
rum the story is better told in the words of the Bank
superintendent Mr. Ellis, who, in conversation with
HERALD reporter last night said substantially as fol-
lows


at was by my order that the Central Park Bank
closed. ! have known for some time that they were
not in condition TO go on with their bus
ness and ! applied for the appointment Of
receiver This not being done, ! peremp-
toriy ordered the bank to be closed up. The
way in which my attention to the condition Of affairs
was called is follows:-When the new building
completed applied TO by the president for permis
TO allow the bank to move to its present location.
Knowing that the business usually done but small
did not see what they wanted TO change their Offices
for ! came on TO New York and began in
vestigaton, when found that the bank had
purchased the lot at the Of Forty eighth
street and built the present edince This
was the FIRST intmation had that they had begun
building The property had been bought and the build
THE DEposIroRs' MONEY


which amounted TO somewhere about $4,000 or
$40 600 The total cost of the building and lot was,
believe about $4,000 On this sum was paid $40 600
and a second mortgage gwen for tho balance
who built the house The first mortgage
was of course, held security for the depositors
found that there was existing, looking upon this
security as good deficiency Of between S., 600 and
$4,000 and until that was made good refused TO sane
tion any removal, while at the same time had
almost determined TO close the institution The
President enaily said he would make up
the deficiency himself by writing oil from
his second mortgage the sum of SIS OO0 and giving
to the bank for the same amount, which he did. This
made the bank apparently straight paper that Is to
say the dcpostors had security for their money 1t
then said that II would be saving OF the 1000
year rent which the bank was then paying If the re-
moval was made as they had on their hands the new
\ at last gave my consent, and after this re-
4 mova was effected three weeks since,
continued to frequently look after the bank Finding
\ that the depostors we're gradually Withdrawing de-
4 posts, the money for which furnished by the
900 Sc 600 held back when the $40 600 paid,
/ determined to close the matter


A SINGULAR FACT


/ win be noticed IN the above statement which
\ President Of the bank but be the builder
\ of the premises, while at the same time he Is tho
second morgagee, and paid himself tho $4,000 out of
the moneys entrusted 70 him for safe keeping by tho
depositors. Mr. j. W. Carey, the Vice President, has,
il is understood been busy engaged doing the paint
ing on tho building inside and out No doubt these
model officers thought but right that the money spent
should be retained and divided for tho benefit OF tho
4 brotherhood.


The only wonder among banking people generally Is
that the Central Park Bank was not closed long since,
for II has long been talked Of What portion OF their
deposits the unlucky depositors will get back is
problem difficult TO solve The dividend will in all proba-
bity DO not more than thirty per cent and II may DO
even very much less


The practical stoppage OF the Security Savings Bank
took every by surprise yesterday morning for Il
Il was looked upon with RFeab iaVOT anu C0nHutnGe.
People first refused TO credit the fact but when in
qury made at the Office no further doubt existed
There they found posted the glass partition enclos
! ing the clerks' desks the following cards.



4 I This Bank will decline 10 receive deposits or
nav drafts until examination which has been re.
4 squcsted shall have been made by the state Supern
4 $tendent








! Mr. Ellis the Bank superintendent was present
! al the bank this morning and states that he has
}every confidence IN the solvency Of the bank and
that any stat,mepts purporting TO been made
sby Tim regarding the appointment of n receiver
$are without the slightest foundation. He VIII OK
| Samifge the bank on Monday.





| Mr. Commissioner ID. y. I. Marshall was on hand
throughout the day, and In answer TO all inquiries
stated In the most emphatic that there exists no
ground for any apprehension loss 10 the depostors
Every claim would bo paid In full The trustees,
he said, had simply determined. IN order 10
avoid run on the bank, 10 not receive any
moro deposits and 70 avail themselves OF the
sixty days notice required by law TO be given
by the depositors before Withdrawing their money.
THIS course will be followed until the Bank Supern
tendont has made an examination INTO the bank:
leaves us in position. said Mr. Marshall ITO 20 On
Or wind up, according the Official exam
nation shall determine our exact condf
ton. Tho securities all hrst class
and will fully realize all they set down Tor on th'
books This fact it may here be mentioned, Wa1
aterward verified by tho reporter by inquiries made
IN other quarters Indeed the general belief that
Tie aapk "a ahle 10 pay every one, There, hoWeSsF