gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a0a58ce6d10dd40c
Response Measures
None
Description
Suspension followed heavy withdrawals and delayed payments; receiver appointed and bank wound up rather than resumed.
Events (4)
1.December 28, 1871Run
Cause
Correspondent
Cause Details
Loss of funds / inability to meet demands traced to $12,000 the bank had on deposit at the Ocean National Bank upon that bank's suspension.
Measures
Officers attempted to placate depositors and delay payments; asked depositors to wait and promised short delay.
Newspaper Excerpt
Several days have elapsed before checks made by depositors have been honored, and considerable anxiety prevails among them.
Source
newspapers
2.December 28, 1871Suspension
Cause
Correspondent
Cause Details
Suspension triggered by inability to meet demands after Ocean National Bank's suspension left Central unable to obtain funds owed ($12,000).
Newspaper Excerpt
The Central Savings Bank ... has suspended payment. This suspension, according to the statement of the President, is only temporary.
Source
newspapers
3.January 18, 1872Receivership
Newspaper Excerpt
Isaac T. Smith has been appointed Receiver at the Central Savings Bank. The Receiver ... announced deadlines for claims and has been closing affairs.
Source
newspapers
4.May 11, 1872Other
Newspaper Excerpt
Report: depositors' meeting; receiver's report showing liabilities and assets and planned dividend of 20 percent; trustees accused of extravagance.
Source
newspapers
Newspaper Articles (20)
1.December 28, 1871New-York TribuneNew York, NY
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BANK AFFAIRS. INVESTIGATION BY THE CONGRESS COMMITTEETHE CENTRAL SAVINGS BANK. The sub-Committee of the Committee on Banking and Currency. consisting of Representatives Worthington C. Smith, Merriam, and Randall, appointed to investigate the bank suspensions in this city, met at the Clearing-House in Wall-st. yesterday morning, to confer with Messrs. Leverich and Tappen, representing the Clearing-House Committee, on the best means of preventing such disasters as have befallen the Ocean, Eighth, and Union Square National banks. Messrs. Leverich and Tappen were of the opinion that the failure of the banks named was attributable to bad banking. They recommended that a proper compensation should be attached to the office of Bank Examiner, and that it should only be filled by men of approved ability and integrity. They further recommend that Bank Examiners should be moved from one center of finance to another. and not allowed to remain in one place, as in the case of Callender. It is understood that the Committee will urge the passage of an act making it a misdemeanor for a Bank Examiner to borrow money. directly or indirectly. from any bank examined by him, and making it a similar offense for any bank officer to lend a Bank Examiner any money even upon the most approved securities. The Committee have investigated the affairs of the Ocean and Union Square National Banks, but will not report until Congress reassembles. Mr. Merriam informed 8 TRIBUNE reporter last evening that nothing had been discovered calculated to throw discredit on the National Banking system. Mr. Smith has been suddenly called away from the city, and the investigations will be conducted by Mr. Merriam. The Central Savings Bank. at Sixthave. and Fortysecond-st., was organized four months ago, and having had $12,000 on deposit in the Ocean National Bank at the time of its suspension, has been unable to meet all the demands which its depositors have made upon it. Several days have elapsed before checks made by depositors have been honored, and considerable Anxiety prevails among them. officers of the bank have stated that the institution has not paid expenses. The rest of the building which the Bank occupies*is a large one, and although the number of depositors IN considerable, yet the aggregate amount of money intrusted to its care is comparatively small. A TRIBUNE reporter was informed yester day by Mr. Davis, Receiver of the Ocean National Bank, that the amount due the Savings Institution will ulti. mately be paid in full. and there is no doubt from the statement of Mr. Peek, President of the Central Bank, that the bank will be able to pay all its depositors.
2.December 29, 1871New Orleans RepublicanNew Orleans, LA
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NEW YORK. Tweed's Wherenbouts Known-He is in the City-Central Savings Bank Suspended - Embezzlement by a Clerk Hackett, the Actor, Dead-Man Found Dead-Sheriff's Warrant for Him. NEW YORK, December 28.-Tweed's whereabouts is known to the sheriff. He never left the city; had no such intention. Justification of his bondsmen is progressing. The opinion prevails that Tweed's bail will be entirely settled to-morrow. The Central Savings Bank, corner of Sixth avenue and Forty-second street, has suspended. Michael J. Murphy, postoffice clerk, was to-day held in $3000 bail for embezzlement. One hundred and eight cases of measles occurred in this city last week. James H. Hackett, the noted actor, is dead. The sheriff found Charles B. Burroughs, for whom he had a warrant, dead in his house. He committed suicide. The body was frozen stiff when found.
3.December 29, 1871New-York TribuneNew York, NY
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ANOTHER BANK FAILURE SUSPENSION OF THE CENTRAL SAVINGS INSTITUTION. The embarrassed condition of the Central Savings Bank-an account of which appeared in yesterday's TRIBUNE-compelled that institution, yesterday. to suspend payment. This suspension, according to the statement of the President, is only temporary, and the bank will not be compelled to wait for a settlement with the Ocean Bank before paying its creditors in full. as on Jan. 1 the interest on mortgages held by the bank will become due. Great surprise is expressed by persons familiar with the condition of the bank. that the officers and trustees have not advanced the amount necessary to carry the bank along. as they are persons of wealth. and iaccording to their own statement, and that of Receiver Davis, would have suffered no loss from such a proceeding. For the past two weeks the bank has given evidence of great weakness. Sums as small as $250 have with difficulty and much delay been obtained by depositors, and in one case a poor mechanic was compelled to wait three days before a demand for $25 was honored. Meanwhile the bank received deposits as usual, and in many cases prevailed upon auxious depositors to withdraw their demands for funds by promising them that, in a short time, they would be able to pay them the amounts. if they would not urge their claims. A depositor who had been put off, from time to time, urged payment. yesterday, and finally made application in legal form, after his check had been returned to him protested, whereupon the officers announced that the bank "had suspended for a few days. A TRIBUNE reporter had an interview last night with an officer of the bank, who reiterated the statement of the President in regard to the ability of the bank to pay its indebtedness after Jan. 1, and said that he understood that a motion would be made to-day in the Supreme Court to appoint a receiver. which action would probably result in winding up the affairs of the bank. He said that in any event it would be useless to resume after once suspending, as in the present state of public feeling with regard to banking institutions, no bank can possibly survive a suspension. Most of the depositore are poor men, who have saved the amounts deposited in the bank . by depriving themselves of many necessaries of life, and when they beard yesterday of the suspension they collected in groups around the bank and remained, discussing the matter of their probable losses, until long after dark. There appears to be no doubt that the institution will ultimately pay all its indebtedness.
Stocks-The market was firm at the highest prices of the day. During the evening the market was quiet. The greatest improvement was in Wabash and Western Union. There were rumors of further large sales of Wabash. It is denied that a prominent operator sold "A" on 15,000 shares of Erie at 41, for 30 days, for 1 per cent. The Central savings bank, Sixth avenue and Forty-second street, suspended its affairs, they say for a few days only. The bank has been organized only four months, and had $12,000 in deposits. NEW ORLEANS. NEW ORLEANS, December 28. i.-Gold, 1091/4. Sterling exchange, 117% sight, 3/8 discount. LONDON. LONDON, December 27.-The money market at the close was as follows: 94 Consols, money 928/8 U. S. 5-20s 1865. U.S. 5-20s 1867 Consols, account 92% 943/4 U. 8.5-20s 1862 U.S. 10-40s 92% 91% American securities were firmer. The bullion in the Bank of England has decreased £40,000. PARIS. PARIS, December 28. -Rentes, 55f. 47c, FRANKFORT. FRANKFORT, December 28.-United States securities-fve-twenties of 1862, 961/8
5.December 29, 1871The Daily State JournalRichmond, Alexandria, VA
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LATEST NEWS. FROM NEW YORK. Mayor Hall to be Indicted-General Items The Whereabouts of Tweed. New York, Dec. 28.-The Broadway bank received a worthless check for $20,000 yesterday, and a Newark bank was victimized in the same amount by the same person. The Times says that O'Conor opposes the indictment of Mayor Hall. It is stated that Captain Murray, of the schooner "General Torbet," was drowned off Cape Hatteras. The steamer "Cuba" was ashore yesterday, but she floated this morning and is off for Liverpool. The Centeral Savings Bank, on Sixth avenue and Forty-second streets, has suspended. Michael J. Murphy, a postoffice clerk, is held in $3,000 bail on the charge of cmbezzlement. One hundred and eight cases of measles are reported during the past week. Jas. H. Hackett, the actor, reported ill yesterday, is dead. The officers have, as yet, been unsuccessful in finding any traces of Tweed. Judge Leonard has dissolved the injunction against the sale of Tweed's property. LATER.--Tweed's whereabouts are known and have been all the time. He never left the city, nor has he had such intention. The jnstification of his bondsmen is progressing. The sheriff and his attaches express the opinion that his bail will be entirely settled to-morrow.
THINGS IN NEW YORK. NEW YORK, December 28. Tweed's whereabouts is known to the sheriff; he has never left the city, and has no such intention. The justification of his bondsmen is progressing. The sheriff's attaches express the opinion that the bail will be entirely settled to-morrow. The Times says O'Conor opposes the indictment of Mayor Hall. The Central Savings Bank on Sixth avenue and Forty-second street has suspended. Michael O. Murphy, a postoffice clerk. has been held in three thousand dollars ball for embezzlement. The Broadway Bank has received twentythousand dollars in a worthless check. At Newark a bank was victimized for the same amount by the same person. There were one hundred and eight cases of measles last week. James H. Hackett, the actor, is dead.
7.December 29, 1871The Daily DispatchRichmond, VA
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GENERA AL ITEMS. NEW YORK, December 28.-The Broadway Bank received a worthless check for $20,000 yesterday, and a Newark bank was victimized in the same amount by the same person. The weather is clear and cold this morning, with wind from the northwest. The Times says that O'Conor opposes the indictment of Mayor Hall. It is stated that Captain Murray, of the schooner General Torbet, was drowned off Hatteras. The steamer Cuba was ashore yesterday, but she floated this morning, and is off for Liverpool, The Central Savings Bank, on Sixth avenue and Forty-second street, has suspended. Michael J. Murphy, a post-oflice clerk, is held in $3,000 bail on the charge of embezzlement. One hundredand eight cases of measles were reported during the past week. James H. Hackett, the actor, reported ill yesterday, is dead. The sheriff found Charles R. Burroughs, for whom he had a warrant, dead in his house, he having committed suicide. The body was frozen still when found.
From New York. NEW YORK, December 28.Tweed's whereabouts is constantly known to the sheriff. He never left the city, and has no such intention. The justification of his bondsmen is progressing. The sheriff's attaches express an opinion that the bail will be entirely settled to-morrow. The Central Savings' bank, Sixth avenue and Forty-Second street, has suspended. Michael J. Murphy, postoffice clerk, is held in $3,000 bail for em bezzlemement. There were one hundred and eight cases of measles during last week. James H. Hackett, the actor, is dead. The sheriff found Chas R. Burroughs, for whom, he had a warrant, dead in his house. IIe committed suicido December 10th, and the body was frozen stiff when found. The Broadway Bank received a twenty thousand dollar worthless check. A Newark bank was victimized iu the same amount, by the same person. Clear, cold northwost wind this morning. The Timos says O'connor opposes the indictment of Mayor Hall. No trace of Tweed. Judge Learned has dissolved the injunction against the sale of Tweed's property. It is stated that Captain Murray, of the schooner General Torbid, was drowned off Hatteras. The Cuba, which shoaled yesterday, was floated and is off for Liverpool, this morn ing. An Havana letter says that the civil portion of the Cuban government is abolished and the whole power vested in the military. A thousand rifles, by the steamer Webster, have safely reached the Cubans.
9.January 4, 1872The Manitowoc TribuneManitowoc, WI
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his bondsmen, and is hiding from the offi errs of the law. The United States frigate Chattanooga has been stunk in the Deleware riyer. Six persons were burned to death at Floris, Iowa. Several persons of the South Carolina Ku Klux have been sentenced. Sames H. Hackett, the actor, died at Jamaica, L. I. The Central Savings Bank suspended payment in New York. Rufus Ripley, a bank clerk, commited suicide while temporarily insane. The President has appointed the late Civil service Commission as the Advisory Board under the new regulations. One man was killed and several injured by a boiler explosion in Baltimore. The shoemakers of Natick are on a strike. Warrants have been issued for the arrest of Fisk and Gould on charges of false imprisonment, Wm. M. Tweed having secured new bail, left his hiding place and surrendered himself to the Sheriff. Geo. M. Van Nort has been appointed Commissioner of Public Works, vice Win M. Tweed resigned. The Tammany Hall committee passed resolutions condemning corruption. The steamship Florida has foundered in the Gulf of Mexico, but no lives were lost. Two servant girls have been burned to death at Wheatland, Penn.
Tweed has resigned his position as one of the directors of the Erie Railway. Fifteen thousand public shools have recently been organized in Russia. The Soldiers' Home, at Knightstown, Ind., was burned on Christmas morning. On the 27th ult., the Treasurer commenced the payment of interest due Jan. 1st. Admiral Poto, of the Spanish Pacific fleet, has been appointed minister at Washington. It is thought that Philadelphia will be chosen as the place for holding the next Republican National Convention. The Ohio Dairymen's Association will hold its eight annual convention at Wellington on the 24th and 25th of January. Four persons were burned to death, by a fire in Detroit, on the 30th. The fire occurred in the drug store of Frederick Sterns. The Central Savings Bank, of New York, has suspended. It was a short lived affair, and had only been in operation a few months. In a saloon in, at East Arlington, Vt., on Christmas day, during a fight, the saloon keeper shot five persons, two of whom died. A rowdy named McManaway.while making an attack upon persons in a house near Cambridge, on the night of the 23d, was shot through the heart. A National Bank, with a capital of $50,000, with privilege or increasto $300,000, was organized at Napoleon, Henry county, the 22d of December. The ship Pyce, while laying at South End, on the Thames, with a cargo of 2,200 barrels turpentine, from Wilmington. was burned. on
11.January 10, 1872Watertown RepublicanWatertown, WI
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THENEWS. At Home: JAMES H. HACKETT, the veteran actor, died at his residence in Jamaica, L. I., Wednesday evening, aged 72 years. THE Central Savings Bank. in New York city, has suspended, its officers say for a few days only. The bank has been organized only four months, and had $12,000 deposited. WM. BROWN, one of the counterfeiters who escaped from Ludlow street jail, New York, some weeks ago, was re-arrested at Freeport, Illinois. THE engine and machine works of Hugh H. Bole & Co., at Duquesne, near Pittsburg, were totally burned Thursday evening. Loss estimated at $50,000; insurance not ascertained. THE upperportion of New York city was deprived of gas on Sunday by the explosion of the purifying house of the Metropolitan Gas Company's Works on Forty-Second street. The building was demolished. Fortunately no one received serious injuries. THE examination of the Robinson murder ers at Salt Lake City has resulted in the committal of three of the persons under arrest, Hampton, Jolls and Blithe, and the discharge of the rest. THE Philadelphia health officer reports 228 death from small-pox last week, a slight inthe previous week.
12.January 12, 1872The New York HeraldNew York, NY
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SUPREME COUTT-CHAMBERS. Removal by the Deck Commissioners of Sheds from North River Piers. Before Judge Barrett. Cohen vs. The Mayor, &c.-This is one of five suits growing out of an attempt by the Dock Commissioners to remove sheds from piers on the North River. The Commissioners claim that they were only carrying out the provisions of the Legislative act, but as they were endeavoring to exercise this power they were stopped by an injunction. The argument as to vacating or continuing this injunetion was to nave been heard yesterday, but. owing to the absence of counsel, through sickness, was postponed. The Central Savings Bank. Valentine Spies VS. The Central Savings Bank.It will be remembered that an injunction was obtained the other day restraining the defendants from further carrying on banking business. An application was made vesterday for the appointment of a receiver. but decision upon the application was postponed for a week. Meantime the Court granted an order prombiting the Ocean National Bank from paying $12,000 or any sum in its possession claimed by the Central Savings Bank. Decisions. Gallatin National Bank of New York vs. Wolff et al.-Motion granted. Order to be settled on notice. Cech vs. Goodrich.-Motion to amend su mmons and complaint granted. Judgment for plaintif. Justh vs. Justh et -Motion denied. Waaser et al vs. Rogers et al.-Motion denied, with $10 costs. Coleman vs. Hunt.-Motion - granted. Attachment to be bailable in $500. By Judge Brady. Ayres et al. vs. Chittenden et al. - -Motion denied. Fuller et al. vs. Fuller et al.-Order settled. By Judge Cardozo. Shaw vs. Duncan. - -Motion dented, without costs.
n NEW YORK CITY. NEW YORK, January 17.-Reports of t the increase of small-pox in this city begin to excite alarm. The number of cases S has increased in the past week from 58 to 83. The disease seems be confined to no one section. Vaccination is rapidly progressing, but among the lower classes of Germans, who object to vaccination, the contagion is making the most marked ravages. A subscription was set on foot yesterday i. among the crowd gathered to witness the t unveiling of the Franklin statue for the purpose of procuring it statue of Horace Greeley, to be erected opposite the statue of Franklin, at the other end of the square. Six thousand subscribed to the list, com prising among others the names of C.A. Dana, Mayor Hall, Henry Ward Beecher, If Wm. Orton and Samuel Courtney. I Gen. Henry A. Bhrnum, who was yest terday elected to the command of the New i York department of the Grand Army of the Republic, is said to be an adherent to the Fenton party. The Womens' Missionary Society, for t the conversion of heathens. held its an nual meeting yesterday. The address says the Society wants means for its proper maintenance During the year live l missionaries, sixty Bible readers, and eighty children have been supported in furtherance of their labors among the heathens. At the ice boat race yesterday, on the Hudson river, one craft sailed nine miles in eight minutes, and two others going a mile in a minute. A great crowd were. at the Court of Oyer and Terminer this morning, to witness the arrignment of Stokes for the murder of James Fisk, Jr. Stokes was brought to the Court in a close carriage and arraigned. His counsel asked for a postponement as they and not seen theindictment yet. The case was then adjourned until Wednesday next. Mr. Catacazy sails for Europe on Saturday. A public meeting will be held in Steinway Hall on the evening of the 26th to hear it statement from Dr. Wines of the progress of his mission for the organization of an International Prison Congress. Addresses are expected from Gov. Hotfman, ex-Gov. Seymour, Archbishop McClosky, and Representatives Banks, Garfield and Kerr. Letters will be read from the President, Vice President, Mr. Seward, Senators Summer, Casserly, Norton, Trumbull and others, Isanc T. Smith was appointed Receiver at the Central Savings Bank. The run on the Third Avenue Savings Bank continues but is declining. About $20,000 000 have been paid out. The appearance of Eldridge T. Grey as one of the counsel in the Stokes case, indicates that the theory of defence requires much elaboration of details. It is said the pressure of freight occasioned by the railroad blockade has compelled the Pacific Mail Co. to charter another steamer to go to Aspinwall on the 25th. There is great excitement at Fordham College over the two attempts to assassinate a student named Rencit, of Saint Louis, by an unknown person. Two hundred and forty thousand dollars worth of Brooklyn Park bonds sold to-day at $1012,112.03 with interest. The resident agent of the Liverpool & London Insurance Co., states that the allegations made in Delmar's paper, regarding the company which he represents, are utterly untrue.
14.January 19, 1872Daily Kennebec JournalAugusta, ME
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News from New York. New York, 18. A public meeting will be held in Steinway Hall on the evening of the twenty-sixth inst., to hear the statement from Dr. Wines of the progress of his mission for the organization of an international prison congress. Addresses are expected from Gov. Hoffman, ex-Governor Seymour, Senator Wilson, Archbishop McCloury, and representative banks, Garfield and Kerr and letters from President, Vice President. Mr. Seward, Senators Sumner, Casserly, Morton, Trumbull and others. Isaac T. Smith has been appointed receiver of the Central Savings Bank. The run on/the Third Avenue Savings Bank continues. but it is decreasing. About $2,000,000 have been paid out. The appearance of Elbridge T. Gerry as one of the counsel in the Stokes case indicates that the theory of the defence requires much elaboration of detail. It is said that the pressure of freight occasioned by the railroad blockade will compel the Pacific Mail Company to charter another steamer to go to Aspinwall on the 25th inst. There is an excitement at Fordsham College over two attempts to assassinate a student named Benoit from St. Louis by an unknown person.
15.February 8, 1872New-York TribuneNew York, NY
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NEW-YORK CITY. The Sisters of the Stranger have adopted a minute in memory of the late Mrs. Hannah M. Cronly, the founder of the Society. Seven cases of small-pox were discovered yesterday by an Assistant Health Inspector, in a tenement in West Thirty-first-st., where ten families are living. The Stuyvesant Bank depositors have appointed O.H.P.Archer, the Rev. John Orcutt, Richard Kelly, and R. H. Bull a committee to wind up the business of the bank for them. The ex-Jesuit Passaglia arrived in Philadelphia, yesterday, in the bark Ollanda, from Genoa, and took the first train for this city, where he intends staying some time quietly with friends. Several depositors in the Central Savings Bank met last evening at No. 754 Sixth-ave., and resolved that they would wait upon the Receiver of that institution and demand a statement of its affairs. The following appointments were made yesterday: Charles H. Tucker, Assistant Sergeant-at-Arms and Doorkeeper to the Board of Aldermen; Samuel Bromberg, Third Assistant Clerk to the Board of Alternet. Boswell H. Jerome, age 30, a son of ex-Alderman Lawrence P.. Jerome, of No. 33 West Nineteenthst., was found dead in bed at the Summit House, at Bowery and Canal-st., on Tuesday evening. A post mortem examination showed that death was caused by Bright's disease of the kidneys. About 90 merchants and others of this city have signed a petition to the Legislature, praying that whatever charter may be adopted for the City of New. York, the Department of Docks, as at present constituted, with all its powers and duties, may be continued as a separate and independent department of the City Government." BROOKLYN. Ex-Mayor Kalbfleisch, and others of the Eastern District, went to Albany yesterday, for the purpose of advocating the passage of the Ferry Reform bill. The Coroner's Jury in the case of Prof. Panormo. rendered a verdict, yesterday, censuring Mr. Marvin, the apothecary, for not offering assistance, and recommending an increase of the police force. LONG ISLAND LONG ISLAND CITY.-While workmen were repairing a still at Warren's Oil Works, yesterday, an explosion took place, seriously burning Edward Moran David Leut The 6 p. m. train on the Flushing and and North Side Railroad ran over a horse last evening. and was thrown from the track, the passengers escaping without injury. NEW-JERSEY. JERSEY CITY.-In the Hudson County Courts, yesterday in the libel suit brought by George Watts, agent of the Lehigh and Wyoming Coal Company, against The Evening Journal, to recover $50,000 damages, a verdiet was rendered awarding $3,300 to the plaintiff.
16.February 17, 1872The New York HeraldNew York, NY
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THE CENTRAL SAVINGS BANK. In consequence of the announcement made a few days since by the Receiver of the Central Savings Bank, Forty-second street and Sixth avenue. that all persons having claims against the bank should present them, properly certified to, before February 17, a number of depositors during the past few days have acted upon the Receiver's instructions. There are at present about 200 accounts open in the institution, nalf of which are now properly sworn to by depositors. The books of the bank have been examined by the Receiver, and nothing now remains for him to do but to dispose of the fixtures of the banking room and of the lease of the building, which has still four years to run. It is expected that by the 1st of March the Receiver will have finished his part of the business. The cause of the continued delay in closing the affairs of the bank is that $10,000 is due to it by the Ocean Bank, and this amount it is not expected shall be received until the 1st of May next. The Receiver intends publishing a full statement of the present condition of the bank within a week. It is said that the trustees are unwilling to have the bank entirely broken up, and mean to make some effort to re-establish it on a sound basis.
17.March 23, 1872The Weekly Panola StarSardis, Batesville, Panola, MS
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BANK FAILURES IN NEW YORK.- The following banking institutions of the city of New York have failed during the winter: Market Savings Bank, Boling Green Savings Bank, Central Savings Bank; Stuyvesant Nationi Bank; Ocean Natonal Bank, Union Square National Bank and Eighth National Bank. A run has been in progress on the Third Av enue Savings Bank for more than a month, during which time upwards of $2,000,000 have been paid to its small depositors, at the rate of from 60 to 80 per day. At the commencement of the run the individual deposites in the institution amounted to about $5,000,000. It is supposed that it will finally break down.
18.May 11, 1872The SunNew York, NY
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THE BROKEN BANKS. Meeting of Depositors of the Central Savings Bank-The Trustees Charged with Extravagance. A large meeting of depositors in the Central Savings Bank was held at the bank building. 736 Sixth avenue, yesterday afternoon. They are mainly workingmen and servants, and had sums varying from $1 to $100 in the bank. The trustees, Messrs. Leonard Hazeltine, Cullen Ward. Charles Peck. Joseph M. Stuart, Joel W. Mason, John H. Wilcox. John E. Hazelton, Charles Blondell, John Farrell, James R. Marvin, Thomas E. Triffer, T. M. Quimby, and E. B. Kinney were severely condemned. It is alleged that they were very extravagant In the expenses of the bank, and that when a deficiency was caused by reason of the failure of the Ocean National Bank. they declined. not withstanding the most earnest Importunities of 197 depositors, to make up the deficit, the sum required being only $7.000. Mr. Isaac T. Smith, who was appointed receiver Jan. 18. read his report of the condition of the bank. There is due to depositors $16,088.27. including interest to Dec. 31. 1871, and for rent, gas, newspapers, &c., $729.73. The assets on hand amount to $1,743.81. The furniture of the bank and the safe are to be sold. and it is expected that a dividend of 20 per cent. will be declared June 1. The indebtedness of the Ocean National Bank, amounting to $12.000, the receiver thought would be paid in full, thus making it possible to pay the depositors in the Central Savings Bank the full amount of their deposits. There was an evident feeling of distrust on the part of the depositors. and many expressed their dissent from the receiver's views. A German, who appeared to be the adviser of the gathering, asked Mr. Smith if they would be debarred from suing the trustees by accepting whatever dividend he might declare. He replied that they would still have a right to sue. The depositors then withdrew. Once outside the bank some of them indulged in the wildest denunciation of the trustees. who, in the opinion of a coachman, employed by a wealthy broker in Forty-second street, should be at once hanged to the neighboring lamp-posts. Among the depositors is a domestic In the family of Mayor Hall. The following was circulated and signed by over 100 depositors: We hereby agree to prosecute the swindlers of the Central Savings Bank, and make them feel that in this city their tricks are played out. They declare their intention to at once procure counsel and proceed against the trustees.
19.February 13, 1876The New York HeraldNew York, NY
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THE CENTRAL SAVINGS BANK. RECEIVER'S MONTHLY REPORT. The receiver of the Central Savings Bank, Mr. Isaac T. Smith, yesterday filed his monthly report in the County Clerk's office for the month of December, 1875. According to this statement the whole amount of receipts up to date is $10,135 42, of which $8,945 16 were disposed of in the following manner:Loan and interest to Mechanics and Traders' Savings Institution $3,039 12 First dividend to creditors (20 per cent) 3,102.96 Rent of banking room 1,281 50 Expenses of receivership 1,521 58 The assets, January 1, were:-Balance in cash in receiver's hands, subject to his commission and expenses, $1,190 26; amount due from receiver of Ocean Bank, $3,629 30, or a total of $4,819 56. Liabilities, which consist of depositors' and other creditors' claims, amount to $12,919,950.
20.April 22, 1876The New York HeraldNew York, NY
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THE CENTRAL SAVINGS BANK. Isaac T. Smith, receiver of the above bank, yester day filed in the County Clerk's office his statement, showing that the liabilities, January 1, were $12,919 95, the assets $8,195, of which sum $3,629 30 was a claim against the Ocean National Bank, there being only $1, 191 26 cash on hand 10 the bank.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
