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A Savings Bank Takes Advantage of the sixty Days Notice, NEW YORK, August 15 - There is great excitement in Brooklyn on aocount of the run on the Long Island Savings Bank. The directors held a meeting and resolved to take advantage of the sixty days notice for any amount exceeding twenty-five per cent. of depositors.
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Run on a Savings Bank. [Special to the Democrat.] NEW YORK, Aug. 15.-Some excitement was occasioned in Brooklyn to-day on account of a run on the Long Island Savings Bank. The officers of the bank declare it to be perfectly solvent.
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Run on a Bank. New York, August 15.-There is considerable excitement in Brooklyn on account of the run on the Long Island Savings bank. The directors resolved to take advantage of their legal right to sixty days' notice for any amount exceeding 25 per cent. of the depositors account. The officers of the bank declare it to be perfectly solvent.
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New York. RUN ON THE LONG ISLAND SAVINGS BANK. NEW YORK, August 15.-There was soine exoitement in Brooklvn to-day on account of a run on the Long Island Savings Bank. The directors held a meeting and resolved to take advantage of the sixty-days' notice for any amount exceeding twenty-tive per cent. of depositors' accounts.
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A savings Bank Suspended. [Special to the Democrat.] NEW YORK, Aug. 16.-The excitement over the suspension of payments by the Long Island Savings Bank continues. The counsel for the bank issued a card this morning declaring the solvency of the institution.
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SHUT BUT FOLVENT.- - The excitement in Brooklyn, N. Y., over the suspension of the Long Island savings bank continues, notwithstanding the official announcement that the bank is perfectly solvent. and that the shutting down under the sixty-day rule is in order to avoid needless sacrifice of securities
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NEW YORK, Aug. 15.-Considerable excitement in Brooklyn on account of a run on the Long Island Savings Bank. The directors resolved to take advantage of their legal right to sixty days notice for any amount exceeding 25 per cent. of depositors accounts. The officers of the bank declare it to be solvent.
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Long Island Savings Bank-Excite ment Over its Suspension. NEW YORK, August.-Excitement over the suspension of payment by the Long Island Savings Bank continues. Secretary Fowler declared to-day that the bank is solvent, and has a surplus of $26,000, but that it is neessary to take advastage of the sixty days rule in order to avoid a needless sacrifice in some of its securities. John C. Perry, council for the bank, issued a card this morning declaring the solvency of the institution.
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The Brooklyn Savings Bank. BROOKLYN, Sept. 16.-At a meeting of the directors of the Long Island Savings Bank, held yesterday, Mortimer L. Ourden, the receiver being present, it was thought that a
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THE LONG ISLAND SAVINGS BANK. Mortimer C. Ogden, of Brooklyn, who was appointed receiver of the Long Island Savings Bank, is now engaged in the examination of its financial condition, It is now proposed to pay off about 25 per cent of the deposits during October. The receiver will make an effort to raise sufficient funds before January 1, 1878, to pay 50 per cent more at that time; but this will not be done if it is necessary to sacrifice the securities of the bank in order to do P.O. With 75 per cent paid, there will still remain the bank building.
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LONG ISLAND SAVINGS BANK. The receiver of the Long Island Savings Bank, of Brooklyn, Mr. M. C. Ogden, was busy yesterday arranging the bonds and mortgagos for disposal. The bank holds bonds and mortgages to the amount of $447,416 10, and most of these bear seven per cent interest, so the receiver will have no (rouble whatever in getting rid of them. He has already had numer. ous offers from capitalists and others for the bonds, and will disposo of them at the highest price. Toe receiver would not say exactly how much the deposit. ors would receive, but thinks they will nos Isso more than twenty per coah
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D The Long Island Savings Bank. at Brooklyn, N. Y., is in a receiver's hands. The bank of England had only two deod positors with larger credits than Brigham Young. 9720 81891 080111 Inds ginvell
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An Unsatisfactory Proposition. The proposition of the directors of the Long Island Savings Bank to pay eighty per cent to depositors, half in thirty and half in sixty days, or to pay the full amount of deposits in instalments, in six, twelve, eighteen and twenty-four months, provided the Attorney General will withdraw the proceedings he has instituted against the bank, is said to meet with a favorable response. This statement comes, however, from the officers of the bank, and should, therefore, be received with some caution. Ex-Senator Perry, the counsel of the bank, according to the Brooklyn Eagle, makes the assertion that many of the depositors "are surprised at the liberality of the offer." That is to say, the people who have been induced to place their money in the keeping of the Long Island Savings Bank, in the belief that the institution was in as sound a condition as the sworn statements of its officers have alleged it to be, are "surprised" at the "liberality" of the men who, having victimized them by false representations, now propose to rob them of only twenty per cent of their deposits. The depositors will be fortunate if they receive back eighty per cent of the money they have been foolish enough to intrust to the bank. But they cannot safely rely on the honor of men who have combined to cheat them into the belief that the bank was solvent in order to obtain their deposits. If the directors and trustees mean honestly to pay the amounts they propose they can do so through a receiver as well and better than through any other agency. If they intend to secure the depositors it must be by making good the deficiency out of their private resources. This they can do through a receiver. If the bank and its assets should be left in their own hands there is no certainty that their promises would be carried out. The bank has been insolvent since 1869 and has been a fraud on depositors ever since that year. If the trustees and directors are now repentant and are willing to make the best amends in their power to their victims they certainly cannot object to do so through the medium of an honest and disinterested receiver. The very fact that they are so anxious to retain the trust they have abused in their own hands is sufficient to cast suspicion on their motives.
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# How Shall It Be Wound Up? The Brooklyn Eagle strongly favors the acceptance of the proposition of the Long Island Savings Bank trustees, and advocates leaving the assets of the bank in their hands. The Eagle has for years condemned the management of the bank, and is therefore entitled to be credited with entire independence and a sincere desire to aid the depositors in the position it now assumes. We believe the bank should be wound up by other parties than the trustees, and for these reasons:- The bank trustees propose to pay depositors eighty per cent in thirty and sixty days, or one hundred per cent in four equal half yearly instalments. If they had proved themselves capable and trustworthy business men, and if the assets were of a character to increase in value by wise management, there might be some merit in the proposition. But the assets, exclusive of the banking house and lot, a small parcel of other real estate and a trifle of money on hand or loaned when the doors were closed, consist wholly of bonds and mortgages, and the stocks and bonds of cities, counties and villages of the State. These will not increase in value by keeping. The latter, indeed, are worth more to-day than they will be two years hence; while, if there are no frauds covered up in the bonds and mortgages, they ought to fetch their face now, when safe investments are sought after. Together these assets amount to eighty per cent of the total deposits. Under a receiver the depositors ought to receive this amount forthwith, and they would then be able to hold on to the real estate until a good sale could be effected. If frauds are concealed under the cover of the bonds and mortgages the depositors had better know it at once. They cannot get at the facts if the business is lett in the hands of the trustees. The latter may be honest men, but as they have by mis-management brought a promising business to ruin we should not select them to wind up its affairs. Their anxiety to retain in their hands assets which cannot be improved by time has a suspicious look, and although our contemporary states that the depositors are not asked to rely on the honor of the trustees it must be remembered that the bond they offer is for two hundred thousand dollars, while the deposits are in the neighborhood of a million. To be sure, the depositors have held a meeting and seem to be
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The Long Island Savings Bank. The broken Long Island Savings Bank of Brooklyn now has the privilege of promptly paying its de. positors according to the terms of the propositions the directors recently submitted to them On Saturday Judge Landen of the Supreme Court at Schenectady nalli. fled the order of Justice Pratt of Brooklyn. appointing Mortimer Ogden a receiver. and the bank is authorized to wind up its steurs immediately The proposition of the bank that met with the most favor among the depositors was to pay eighty cents on the dellar, one. half in thirty and the balance in sixty days. About 2,300 signature were obtained The other proposition was to pay one hundred cents on the dollar in installments of twenty-flve per cent in twelve, eighteen. and twenty-four months Attorney-General Fairchild had obtained an order to restrain the receiver from entering upon the performance of his duties: also to show why Justice Pratt's order should not be set aside on the ground of fraud.
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A SAVINGS BANK RESCUE. The trustees of the Long Island Savings Bank, having obtained permission from the Court, have now reorganized the concern so as to close its accounts without the interference of a receiver. Of the depositors, 94 per cent agreed to the terms of settlement proposed by the trustees; this is a large percentage to bring to any agreement, when it is considered how widely scattered and difficult of access many of the depositors of a savings bank must always be, and what the chances are of finding utterly obstinate people among them. The terms of settlement gave the option of 80 per cent of a deposit within sixty days, or to be paid in full by instalments scattered through two years. This settlement gives great joy to the good people of Brooklyn, who have felt the failure of the bank as a disgrace, since several of its managers are of prominent social position. As the compromise was voluntary on the part of creditors, it relieves the trustees from any accusation of dishonor in the management; this was the more desirable because the Bank Superintendent had been inclined to question the rectitude of some of the past transactions of the bank. It is always fortunate to be able to
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dispense with the dragging of respectable citizens through the mire. There can be no doubt that this compromise, by rescuing the bank from the wreckage of a receiver, has been a great saving to the depositors. The destruction of assets in receiver's hands is not quite so great with a broken savings bank as with a life insurance company. Twelve out of the sixteen savings banks of New-York that receivers are now winding up, have paid the gréater part of all the dividend that is to be hoped for. The average of this payment is a trifle over 50 per cent. Possibly 10 per cent more will be paid by some of them. Taking experience and estimates together, 55 per cent is about what may be expected from a broken bank and a receiver. But this range is wide, since it includes such scandalous examples as the Third Avenue Savings Bank, which has paid only 15 cents on the dollar, and will pay little more. Compared with the average, the management which has secured 80 per cent to most of the depositors in the Long Island Savings Bank, and 100 per cent to those of them that can afford to wait, must be considered felicitous. Yet while we sympathize with the pleasure of the Brooklynites in the restoration of their good name, it needs to be pointed out that better management would have prevented the loss in the first place or diminished it afterward. The mistake of building a costly banking-house as a speculation, when there was little or no surplus over liabilities in their coffers, was inexcusable. The trustees were doubtless influenced by the furor for improving real estate, which raged at that period; their mistake was one which most of their townsmen were then making. But almost equally grave was the error of not closing the bank when the deposits began to fall off. That indication of decay should always decide the matter at once; it is not like a "run" on the bank, a temporary thing from which it may recover. If when the bank had $3,000,000 of deposits, it had found a deficiency of, say, $120,000, the loss to depositors, upon promptly closing, might have been only 4 per cent. If, even, the determination to close had been arrived at while the bank had still $2,000,000 on hand, it might have paid 94 per cent to all its depositors, or, on a basis similar to the present settlement, 92 per cent to three-fourths of them, and the rest in full. There was no good reason for dragging along, with no better future in prospect, till the deposits fell to $800,000, and a "run" brought matters to a climax. The lesson is one which managers of savings banks will do well to heed.
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Settling with the Creditors. NEW YORK, Dec. 17.-Depositors of Long Island Savings Bank, Brooklyn, were paid today the first instalment of 40 per cent., which they agreed to accept when the bank suspended.
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The depositors of the Long Island Savings Bank, Brooklyn, were paid yesterday their first installment of forty per cent., which they agreed to accept when the bank suspended.
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NEW-YORK CITY. Colonel Mapleson has taken Nilsson Hall for use as dressing rooms for his ballet The stage was so crowded with people that he was compelled to do this. The 7th Regiment will celebrate Evacuation Day (November 25), by a parade at 1 o'clock p. m. The veterans of the regiment have been invited to parade on this occasion, and will be escorted by the regiment to and from the new Armory. Mrs. Ann Thornton, of No. 304 Mott-st., who was shot in the forehead by her son, Peter, on Sunday, appeared before Justice Morgan yesterday afternoon, and made formal complaint against her son. He was held for trial in default of $600 bail. The work on the City Hall branch of the Elevated Railroad in Chatham-st. is rapidly advancing. Nearly all of the columns are in position and many of the girders are up. The station will be in front of No. 19 Chathsm-st., near the proposed approach to the East River Bridge. The Roman Catholic Church of the Assumption in West Forty-ninth-st. has recently been enlarged and refitted. On November 24 the church will be dedi_ cated. The ceremony will be performed by Cardinal McCloskey. Bishop Lynch, of Charleston, S. C., will sing a Pontifical Mass. The Bureau Veritas furnishes the following statistics of marine disasters during September last sailing vessels reported lost 34 English; 13 American; 12 French; 7 German; 5 Norwegisn; 4 Italian; 2 Danish; 2 Dutch; 1 Spanish; 5, nationality unknown. Steamships lost 7 English; 1 Italian. Total, 93. W. F. Aldrich, receiver of the Mutual Savings Bank, died yesterday in the house where his son, E. K. Aldrich, committed suicide on Friday last, at No. 43 West Twenty-second-st. His death is said to be due to a complication of diseases. He leaves a wife, two sons and a daughter. His wife and one son are now on their way from Europe. Otto Berger, son of an attendant to the Grand Duke of Baden, died in Ward's Island Hospital last Summer, and his body was taken to the Morgue, where, being embalmed, it has lain ever since, waiting for instructions from his father. A letter hasjust been received, in which the father begs that the body may, be buried to Potter's Field, as the son was a scapegrace and not worthy of a parent's consideration. A reception was given for the benefit of the Chapin Home for the Aged and Infirm, at the house of Charles L. Stickney, No. 230 East Twelfth-st. The programme included a song, Fleurs des Alps," by Mrs. Louise Oliver; several quartettes by the Union Glee Club; a duet, Oh, Wer't Thou in the Cold Blast," by Mrs. Jameson and Mr. Strickland piano solo, by Mrs. W. D. Whiting, [and readings by Mrs. Jameson. BROOKLYN. The number of deaths in Brooklyn last week was just equal to the number of births, there being 219 of each. The mar iages numbered 66. The County Canvassers continued their work yesterday, completing the canvass of the Seventh, Eighth, Ninth and Tenth Wards. They found no changes in the returns which will affect the result as already announced. United States Commissioner Winslow has issued a warrant for the arrest of Captain Wm. H. Eiles, of the British steamship Galileo, which recently arrived from South America. on the charge of violating the revenue law in not paying duty on three tigers, which formed a part of the freight of the vessel. Eiles had not been arrested yesterday afternoon. The suspended Long Island Savings Bank yesterday began paying the second of the 25 per cent dividends due to the depositors who elected to take the full amount of their deposits in equal instalments at the end of six, twelve, eighteen and twenty-four months. Those who chose to take 80 per cent of their deposits in sixty days, with a few exceptions, have all been paid.
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pair or silk stockings at Lord & Taylor's have duchesse lace sides, and may be bought for $500. New percales and French cambries are in the oddest and prettiest designs, and will be much worn in the street next season. Venetian glass is again in favor, and many bandsome vases and ornaments at the Meriden Comestablishment are made of it A public investigation is to be made of the conduct of the Fire Department at the Grand-st. and the Worth-st. fires. It will begin to-day. Parke Godwin will deliver a lecture this evening in the Anthon Memorial Church in West Fortyeighth-st., near Sixth-ave., on." Our Social Problem." Francis Thompson. arrested on Tuesday night for intoxication, died from the effects of intemperance morning. at the Eldridge Street Police Station yesterday Matthew Flanagan, of No. 17 Norfolk-st., is day laborer. Yesterday, at 3:30 m., be found his wife intoxicated on the floor, with their child, two months old, dead in her arms. At the annual meeting of the Class of '73 of the College of the City of New York last night the following officers were elected: President, A. Bach; secretary, kate to H. M. Leipziger: treasurer, K. Clapp; delethe Aiumni Executive Committee, S. Kolin. Joseph Cook delivers the last lecture of the Thursday course this evening in Association Hall. His subject will be A Night on the Aeropolis, and will be illustrated Potter. by stereoscopie views by the Rev. D. The prelude will be on the Chinese Question." Peter Burke, one of the leaders in the July riots of 1863, was yesterday arraigned at the Fiftyseventh Street Police Court on complaint of his wife, Christina, who charged him with beating and abusing months her and ber children. He was sent to the Island for six An alarm of fire was sent out at 11:30 a. m. .yesterday from the Union Club House. The fire was confined entirely to the roof, and was extingutshed by officers of the American District Telegraph Company. The damage is estimated at $300. A defective flue was the cause of the fire. John Rogers obtained from A. T. Stewart & Co. R $300 shaw! by the old trick of having it sent to a hotel and then amusing the messenger who brought it. escaping with the goods by another door. He pleated guilty, and, in view of his youth, was sent the State Reformatory at Ermira, Delegates from the different city police precheck met yesterday afternooa at Military Hall, No. 193 Bowery, to organize the New Policemen's Mutual Aid Society. Twenty precincts sent representatives. A committee was appointed to draw a constitution and by-laws: also to prepare an address to members of the force. The funeral of General William Gurney took place yesterday in the Masonic Temple, the ceremony being conducted by Morton Commandery, Adelphi Chapter and Continental Lodge of Masons, of which General Gurney was a member. The Rev. H.R.Nye.of Brooklyn, delivered an address The body was buried in Greenwood Cemetery. The National Line steamship Canada, which sailed for Liverpool yesterday, took in addition to other freights 18 head of live cattle for the London market from Illinois, Kentucky and Ohio. Previous to shipment the animals were carefully examined by a skilled veterinary surgeon, who stated that 80 far as he was able to ascertain no existed among them. John Schmidt, indicted for the murder of Henry Madden : John Brown. who killed John Regaglia on Christmas Day, and Felix Lavelle, who killed Sarah Hayden in Centre-st., were arreigned before Judge Barrett. in the Court of Oyer and Terminer, yesterday, and plended not guilty. Assistant District-Attorner Rollium said these cases would be taken up at the earliest pos sible time. Owing to the defeat of the project to erect a new Produce Exchange, which the provision trade holds the grain men responsible for, the provision dealers sent a petition to the Board of Managers of the Exchange yesterday with 110 signatures appended, asking that they be permitted the privilegés of the upper floor whieft they formerly had. The petition will considered to-day. Receiver Best is preparing a preliminary report of the affairs of the National Trust Company as they were when be became receiver. The report, when completed, will be submitted to H meeting of the stock holders, who doubted the insolvency of the company. The balance sheet will show, it 18 said, that there was deficiency of $700,000. and that the fleticious loans amounted to over $500,000. The directors of the New-York Volunteer Life Saving Society held their meeting yesterday at the Maritime Exchange, President Edson, of the Produce Exchange, presiding J.F. Wenman was elected vicepresident in place of Brayton Ives, resigned, and T.P. Ball, E. R. Powers and L. McKAy were elected directors, also to 1111 vacaucles. The treasurer acknowledged the receipt of $601 09. An executive committee, consisting of H.J. Robinson, T. P. Ball and L. McKay, was appotated to take charge of the affairs of the society. with power to expend $500, to receive further applications for membership, and to solicit additional contributions BROOKLYN. During the month of January the Post Office sold stamps and postal cards to the amount of $39,706, issued money-orders to the value of $18,522. paid money-ordersfor $30,799. The excess of receipts over expenses for the month was $29,146. The will of the late Mrs. Mary Harrison was offered for probate before Surrogate Dailey yesterdav. She devised the income of the estate, valued at $100,000, to her son and grandson during their lives, and after their deaths to the issue of her grandson. The joint committee of the Supervisors of Kings an Queens Counties met at the Brooklyn Court House yesterday morning to consider the matter of providing a temporary bridge for teams over Newtown Creek, while the new iron structure is building in Union-ave. The committee asked A contractor to furnish anestimate of the cost of such a bridge. The Bedford Congregational Church in Paelifie-st., near Bedford-ave. of which the Rev. Dr. Hugh Smith Carpenter is pastor, owes 88,000 to the Long Island Savings Bank. The debt is in the form of a mortgage on the lots owned by the church. The church regarded this as a permanent debt, but the bank's failare forced the foreclosure of the mortgage. Efforts have been made to settle with the bank, but so far with out success. It 18 now proposed to secure a loan of 85,000 on the real estate of the church, and to raise the remaining amount by subscription
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the littie ones. This was stopped at the beginn of the year, and the superintendent asked the J tice to issue formal commitments for each of children, in order that he might claim from C troller Kelly a portion of the Excise fund. The quest was granted. At a mass-meeting of the bricklayers last even at Twenty-sixth-st. and Seventh-ave., a union of various factions from the East and West Sides upper and lower portions of the city was effected, a committee was appointed to secure a central pl of meeting open to all members of the craft. A 0 eral good feeling seemed to prevail. and the exp sion This is like the old times" was heard every hand. One mason said : Things are tive than they have béen for five years." Another marked: This is the season of prosperity with but we should unite now and stand together W dark days come." The report that several contra ors on the Elevated Railroad extensions granted the demand for eight hours' work with pay was received with great applause. Richard Clarson, the well-known messenger the Tombs Police Court, died on Tuesday night f erysipelas. He was forty-four years old, was b in Ireland and came to this city when five years age, his parents settling in the Fourteenth W He grew up in the companionship of the late Su intendent Jourdan and Police Justice Dowling. polities he was a steadfast Republican. At one t he was a United States Marshal under Mar Murray. He was made janitor of the Tombs Po Court under Justice Dowling and subsequer messenger. He was noted for his quaint t " Sure everyone knows this isn't a Court of law, a Court of Justice said he, when Juctice Dow asked him if he was langhing at one of his decisi He advised a penniless prisoner, who had been signed inexperienced counsel, to plead guilty throw himself on the mercy of the Court. The following standing committees of the St Exchange have been announced: Finance-A. Baylis, S. T. Russell, W. B. Dickerman, Bray Ives and D. C. Hays; Arrangements-F. K. Stur G. H. Brodhead, G. L. Haight, D. T. Worden, J. Kilbreth, A. Wolff, jr., D. B. Van Emburgh; missions-A. M. Cahoone, G. H. Brodhead, J TenBrook, G. L. Haight, Donald Mackay, Cha M. Stead, H. Lapslev, H. W. Perkins, Henry Me D. T. Worden, W. L. Bull, F.N. Lawrence, F Sturgis, J. J. Higginson, W. B. Dickerman See ties-Edward Brandon, R. Winthrop, W. A. Sm T.S. Ferry, F. L. Eames; Government Securiti W.L. Bull, R. Winthrop, H. Graves, H. W. Perk C.S. Day ; Stock List-A. B. Bavlis. S. T. Rus H. Graves, T. B. Atkins, J. J. Higginson; Arbi tion-S. T. Russell, H. E. Alexander, C. K. Rand William Lummis, H. Graves, H. H. Hollister, 8 Harriot, R. Keppler, S. J. Drake; Law-Cha M. Stead, H. W. Perkins, H. G. Stebbins Com sioners-H. H. Hollister. E. T. Bogert, Josep Stout ; Printing-J. W. Kilbreth, A. M. Kidder W. Fuller; Insolvencies-Donald Mackay, H. L ley. F. N. Lawrence ; Mining Securities-Charle Stead, D. B. Van Emburgh, A. Wolff, jr., W. Bull, A. M. Kidder. BROOKLYN. Deaths in Brooklyn last week, 160; marria 77; births, 128. Judge Gilbert, of the Supreme Court, will sp his Summer vacation in Europe. No. 1,651 Atlantic-ave. was visited by the po at an early hour yesterday morning, and ten sons, all negroes except one, were arrested for orderly conduct. The house has a bad reputat The Long Island Savings Bank, which suspen business two years ago, began yesterday to pay third dividend of 25 per cent to those deposi who agreed to await three years to receive t deposits in full. The report of the Supreme Court Rapid Tra Commission in favor of the routes of the K County Elevated Railway Company will be are before the General Term of the Supreme Cour Poughkeepsie to-day. General Tracy occupied the entire day yester in summing up the case for the prosecution in trial of Commissioners Flaherty and Bennett Purveyor Milne. It is expected that the case
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BROOKLYN. It is proposed to limit the number of Democrats who will go in a body to Washington on-March 4 to 150. Only 108 have thus far signified their purpose of going. The expense is $50. The hearing in the case of Colonel Charles Morton, ex-Assistant Postmaster, who is charged with embezzling $137 from the Government, was adjourned for a week yesterday, owing to the absence of Inspector Newcomb, who is in New-Orleans. President Hazzard, of the Brookiyn City Railroad Company, says that the company could afford to pay its men $3 a day instead of $2. It is overrun with applicants for work at the present rates. The company pays 14 per cent dividends to its stockholders. The Kings County Wheelmen gave their fourth annual reception last evening at Knickerbocker Hall, in Clymer-st. The most interesting feature of the entertainment was a bicycle-drill by members of the club, followed by a display of fancy riding by W. D. Bloodgood. The Long Island Savings Bank. which suspended in 1877, will begin on Monday to pay off the remaining 6½ per cent ($25,000) due to depositors. When the bank closed there was $800,000 due to depositors, about half of whom chose to settle at once for 80 per cent. The others are to be paid in full except interest. The building at Fulton-St. and Boerum-place has been sold recently for $88,000, its cost having been $200,000.