240330690911 24033069
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People's Savings Bank. The People's Savings Bank, No. 301 Third avenue, have taken advantage 01 the sixty days' law. They will, however, pay all small sums that may be applied for, but any demands made under the influence of the panic shall be refused. The deposits in the bank amount to from $8,000,000 to $4,000,000, covered by assets slightly exceeding that amount.
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Run on a New York Bank. NEW YORK, Nov. 26.-There was a run ON the People's Savings Bank this morning, but the officers closed their doors and took advantage of the sixty days notice. Officials say that the bank which was affected by a run on 3d avenue Savings Bank a short time ago will be able to pay now 75 cents on the dollar. There was also a slight run to-day on the Security Savings Bank, but not NO large as in the case of the People's bank.
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Terse Telegrams. CHILLICOTHE, Nov. 26.-The venerable Joseph Sill, sr., died here yesterday. FLINT, MICH., Nov. 26.-Captain A. T. Chessman, an old resident, died yesterday. VIRGINIA CITY, NEV., Nov. 26.-Work was commenced in the new Ophir works yesterday. NILES, MICH., Nov. 26.-The Alder fruit preserving establishment burned yesterday. Loss $5,000. COLUMBUS, O., Nov. 26.-Daniel Hallerman, a Short-line switchman, was killed by the cars this morning. LONDON, Nov. 26.-The purchase of the Suez Canal by Great Britain meets with general approval, both on the part of the people and the foreign authorities. SAN FRANCISCO, Nov. 26.-An anonymous correspondent of the Portland Oreganian, says: Capt. Howell, of the lost Pacific, was 80 intoxicated when the boat left that he had to be led on board. NEW YORK, Nov. 26.-There was a run on the People's Savings Bank this morning, but the officers took advantage of the sixty days' clause, and shut the doors. The Central Park Savings Bank is to be closed up.
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NEW YORK ITEMS. NEW YORK, November 26.-A dispatch from Paris says a rumor is prevalent to the effect that there is a movement on foot among the people of Savoy, having for its object a separation from France and re-annexation to Italy. The Central Park Savinds Bank, a comparatively small institution, is to be wound up, by the State Superintendent at the request of its president. The New England Society met in special session to-day, and adopted resolutions of regret at the death of VicePresident Wilson. The Manufacturers' and Builders Bank, at Third avenue and Fifty-seventh street, suspended this morning. The excitement in the vicinity among depositors is intense. There was a run on the People's Savings Bank, Third avenue, this morning, and the officers closed the doors, taking advantage of sixty days notice, as this bank was affected with others by the run on the Third avenue Savings Bank a short time ago. There was also a slight run to-day on the Security Savings Bank.
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Bank Failure in New York. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, on Third avenue and 57th street, suspended this morning, The excitement in this vicinity, among depositors is intense, NEW YORK, Nov. 26.-A run haying commenced on the People's Savings Bank, Third avenue, this worning the officers closed the doors and took advantage of the 60 days' notice rule. This bank was affected, together with others, by the run on the Third ayenue Savings Bank.
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NEW YORK. A Savings Bank Wound Up. NEW YORK, November 26.-The Central Park Bank, a small savings institution up town, will be wound up. Suspended. The Manufacturers and Builders' Bank suspended. The liabilities, exclusive of capital, which is $180,000, are $300,000. The officers say they have sufficient to pay depositors and have a handsome surplus. Run on a Bank. There was a run on the People's Savings Bank, but the officers took advantage of sixty days' notice allowed. and closed the doors. There was a slight run on the Security Savings Bank. Arrival of the Cardinal. The Abyssinia. with Cardinal McCloskey, has arrived. He was met on the landing by a delegation of the clergy and laymen, and escorted to his dwelling. Failed. E. Waitzfelder & Co., dry goods and cotton commission merchants, failed. Oakey Hall Turned Actor. Manager Stuart's announcement that exMayor Hall would appear at the Park Theatre in a new drama is corroborated by him, and has excited much interest in dramatic, literary and legal circles. Boucicault, Harlbut and Stuart himself are said to be his collaborators. Beecher's Thanksgiving Sermon. Mr. Beecher, in his thanksgiving sermon, discussed the question of the common schools. and notably the point whether the Bible should be read in them. He declared unqualifiedly against. There is no reason, he argued, why the Jew should be compelled to listen to, or pay for the reading of the Testament, which he did not believe, why the Roman Catholic should be forced to have his children read or listen to the reading of the Protestant version of the Bible, which he did not think correct. or why, in the localities where the majority was the other way, the Protestant children should be forced in the same way to read the Douay Bible.
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Shaky New York Banks. The Manufacturers' and Builders' Bank, in New York, suspended yesterday. Its liabilities, not including its capital, which is $180,000 are reported at $200,000. There was a run on the People's Saving4 Bank, but its officers took advantage of the 60 days' notice, and closed their doors. There was also a slight run on the Security Savings Bank.
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Bank 10rm. New YORK, November 26-The Central Park Bank, a small savings institution up town, is to be wound up. The Manufacturers and Builders Bank has suspended. There was a run on the People's Savings Bank to-day, but the officers took advantage of the sixty days' notice and closed their doors. There was also.a slight run on the Security Bank.
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WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN.-The British Minister, Mr. Layard, reThe fused at Bilbao a visit from Gen. Burriel. Public Prosecutor at Berlin charged Count von The sale of the KhéArnim with treason. dive's shares in the Suez Canal to the British Government was confirmed. DOMESTIC.-The funeral of Vice-President Wilson at Washington took place in a rain, but was very large; Dr. J. E. Rankin delivered a eulogy; the funeral train was impressively received in Baltimore, and, after remaining in that city some hours, left for The full $250,000 Philadelphia at 6:25 p. m. for the new Cincinnati Musical Hall has been raised. The schooner Sunshine was overturned off At the Columbia River, and 40 people lost. the Avery trial in St. Louis, it was said that Secretary Bristow is interested in the whisky firm of Newcomb, Buchanan & Co. of Louisville, and a A. B. Stoughthreat was made to indict him. Chief-Justice ton, a Washington lawyer, died. Waite refused to allow his name to be used for the Presidency. CITY AND SUBURBAN.-Plymouth Church decided upon calling a mutual council. The People's and the Central Park Savings Banks closed their doors, and a receiver of the Manufacturers' and Builders' Bank, a State institution, was appointed. Argument was had on the motion to release William M. Tweed from arrest or reduce his bail in the $100,000 The testimony was closed in the Scansuit. noll trial. Preparations were completed for the reception and escort of the remains of ViceCardinal McCloskey rePresident Wilson. The Legislative Comturned from Europe. mittee on Crime visited the House of Refuge. Three children were suffocated by the falling of an Gold 1143g, 11412, embankment in Brooklyn. 11412. Gold value of the legal-tender dollar at the close, 87 310 cents. THE WEATHER.- The Government report predicts cold and clearing weather. In this city, yesterday, the day was mild and very rainy; thermometer, 41°, 49°, 48°.
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Failure of Four Institutions Yesterday. CONSTERNATION ON THIRD AVENUE The People's, Security and Central Park Savings Banks Suspended. Winding Up the Manufacturers and Builders' Bank. THE PROSPECTS FOR DEPOSITORS. That Third avenue is an unfortunate location for financial institutions was fully demonstrated yesterday by the closing up of four banks-viz., the People's Savings Bank, the Security Savings Bank, the Central Park Savings Bank and the Manufacturers and Builders' Bank of Deposit. The sudden collapse of these banks, following 60 quickly upon that of the notorious Third Avenue Bank, caused no little consternation among all classes of citizens, and it was no infrequent thing to hear loud and angry language uttered against all banking institutions generally, and particularly against the officers of the three savings banks already named, for having, as it was claimed, continued to receive people's money when they must have been aware of their insolvency. Owing, perhaps to the heavy rain storm, there were but few of the unfortunate depositors who visited the premises where their money is locked up. In fact, bnt for the closed doors and the presence of a policeman on guard one would have passed by without knowing that anything so serious as a stoppage had occurred. Even the few unfortunates who did visit the broken banks were assured in the most dulcet tones by the different officials that their money was perfectly safe and they would only have to wait a short time to get it in full, dollar for dollar. However, it appears from all the inquiries that were made that, with the exception of the Manufacturers and Builders' Bank, there is considerable doubt about the capability of any of the others to meet their liabilities, except, perhaps, at a very heavy discount. The statements of the several banks and the information obtained from the officials 18 given herewith. THE CENTRAL PARK BANK. The announcement made by the HERALD that a receiver had been appointed to wind up the affairs of the Central Park Savings Bank doubtless prepared the depositors for the closing of the doors yesterday morning, for there was nothing like any of the usual entitement around the premises that is usually attendant on a bank failure. In fact there was no one present in the offices through the day either to give information or answer inquiries. The President and Vice President could not be found and no statement could therefore be obtained from them as to the assets and liabilities. The following, however, correctly sets forth the condition of the bank last January, as sworn to by the officers and reported to the State Superintendent:-
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FINANCIAL. NEW YORK. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, at Third avenue and Fifty-seventh street, suspended this morning. The excitement in the vicinity among the depositors is intense. There was a run on the People's Savings Bank, at Third avenue, this morning, and the officers closed the doors, taking advantage of the sixty days' notice, as this bank was affected with others by the run on the Third Avenue Savings Bank, a short time ago. There was also & slight run to-day on the Security Savings Bank. The Central Park Savings Bank, a comparatively small institution, is to be wound up by the State Bank Superintendent, at the request of its President.
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NEW YORK ITEMS. NEW YORK, Nov. 27.-The People's Savings Bank closed to-day. Deposits amounted to $200,000. The funeral of Wm. B. Astor, from Trinity Chapel, was largely attended. Vice President Wilson's remains arrived here at 3 o'clock. Col. Robert De Anges, ex-Deputy Collector of Customs, convicted of smuggling goods through the Appraiser's office, at under valuation, was sentenced to two years imprisonment, $10,000 fine, and to remain imprisoned until the fine was paid. Goodkind Brothers, wholesale liquor dealers, suspended. NEW YORK. Nov. 27.-Maj. Gen. Hancock, United States Army, and staff; Admiral Rowan, United States Navy, and staff, and Gov. Tilden's full staff, received the Vice President's remains at Jersey City. The display throughout was grand. Many houses in the line of march were draped. NEW YORK, Nov. 27.-The second trial of John Scannel for the murder of Thomas Donohoe terminated this evening in a verdict of "Not Guilty" -the jury believing him insane. Judge Barrett was indignant, and plainly intimated his disgust at the verdict. He remanded the prisoner until Wednesday to ascertain whetner his insanity still continues.
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ONE BANK SUSPENDS AND ANOTHER CLOSES ITS DOORS TO SAVE ITSELF. New York, Nov. 26.-The Manufacturers and Builders' Bank, at Third avenue and Fifty-seventh street, suspended this morning. The excitement among the depositers is intense. There was a run on the People's Savings Bank. Third avenue, this morning and the officers closed the doors, taking advantage of the sixty days' notice. This bank was affected, with others, by the run on the Third Avenue Savings Bank a short time ago. There was also a slight run to-day on the Security Savings Bank. The Central Park Savings Bank, a comparatively small institution, is to be wound up by the State Superintendent, at the request of its President.
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THE PEOPLE'S BANK. An adjourned meeting of the depositors of the People's Savings Bank will be held to-morrow evening at. seven o'clock, at No. 200 Third avenue, and those inter ested who have not hitherto attended are requested to be present with their bank books. Judge White will read a statement of the affairs of the bank and a new receiver will be selected to supplant the present one.
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THE SUSPENDED SAVINGS BANKS. A meeting of the depositors of the German Up-town Savings Bank was held last evening at No. 869 Becond-ave. It was reported that at a meeting of the depositors' committee and the trustees of the bank on Monday it was determined to make the following recommendations: That the German Up-town Savings Bank resume business: that all depositors consent in writing to reduce the value of their deposits 20 per ocut; that they allow as much of their deposits to remain as they can conveniently with their wants; that it 18 to their mutoal interest that this should be immediately accomplished; that unless the depositors unanimously consent to allow this reduction and the bank to resume, all inperest from July 1, 1875, on their remaining deposits will ve lost; that, if a forced dissolution be made. only 70 per cent or less will be realized, while, if a continuation be effeeted with their consent, they will receive 100 cents for every dollar now due them by the bank. After some discussion the report of the committee was adopted. It wes then ordered that at least 50 per cent of the deposits remain in the bank for one year. About 50 depositors of the suspended People's Savings Bank assembled last evening at No. 200 Third-ave. Dr.
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A Case of Hope Deferred. The depositors of the insolvent People's Savings Bank will have to wait A while for their ne dividend. Receiver J. V. French said yesterday th there was now que depositors $180,000. the total not mal assets were #162 717.64. and the Habilities $192. and 15. Since the last 334 per cent dividend 10 April last he has realized ib ut $9,000, This wottid give a dividend of two percent. Suits are pending and he no to declare a leo per cent. dividend In February
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PRICE TWO CENTS. THE BANK SUPERINTENDENT. THE MORRISANIA GERMAN AND SECURITY SAVINGS BANKS. Judge Larned Declining to Grant an Injune tion, Although a Deficiency of $12,000 was Shown-False Entries Made by n Clerk. SARATOGA, Aug. 3.-In the Ellis trial, at the morning session of the Senate, Mr. Reid. the examiner. testifled that the report regard. ing the German Savings Bank of Morrisania of April, 1875, was correct. Deputy Superintend ent Lamb produced the report of the examina. tion of the State Loan and Trust Company of February. 1875, returned with a memorandum of the bank's closing. The depositors were paid. The bank reported June 3. 1875. an ex. cess of assets, but the stockholders were not paid in full when the affairs of the bank were all wound up. The receiver was not appointed until Jan. 28, 1876. Henry J. Hubbard, employed by the Loan and Trust Company. testi< fled that Henry F. Spaulding. receiver, was appointed Jan. 28, 1876, and settled up the concern at a loss to the stockholders of from ten to fifteen per cent. They are mostly brokers and merchants. John H. Robertson, Recording Clerk of the county of New York, identified the summons and complaint against the People's Savings Bank. heretofore referred to, filed Nov. 11,1875. Mr. Swayne. Managing Clerk of the AttorneyGeneral's office. testifled regarding the above complaint. On cross-examination he said Judge Larned refused to grant an injunction. although a deficiency was shown of $42,000, Isane Smith. a clerk in the department, pro. duced the report of Jan. 1. 1875. of the Security Savings Bank, showing an excess of assets of $11,030.51 above the sums deposited. The ex. amination by Mr. Reid, Nov. 27, 1875, shows a deficiency of $890.23. The excess of income was $940.74 Jan. 1. 1876, the bank reported a deficiency of $27,175. The report was received Jan. 31. 1876, when the bank was in the hands of's receiver. He waseross-examined, and said he had not furnished information to John Mack. the complainant, to the Governor. nor to any reporter, nor to counsel. William R. Bangs, Secretary of the Security Savings Bank. testified that he was appointed receiver in February 1876: thought it would pay 60 per cent. On his es-examination the witness said the clerk made false entries, and there were discrepancies between the general ledger and the depositors' ledger amount. ing to $68,000: he found some losses on mortgages: did not take deposits after Reid's report of November, 1875; it was understood in the bank that Ellis had been seen by some of the bank officers after Reid's report. Isaac Smith, clerk in the Banking Department. testified as to the examination of the Mutual Benefit Savings Bank as follows: It was examined by Reid on Dec. 1. 1873, when the as sets were found deficient to the amount of $11, 400, and the income deficient to the amount of $809.10. The bank reported. Jan. 1. 1874. that the trustees' obligations were $5,000. and July 1. 1874. the trustees' obligations were $7,000 To balance the deficiencies, Jan. 1. 1875, the trustees' obligations were increased to $9,152.21 Reid examined the bank in October, 1875, and reported a den. ciency in the assets of $22,700, and the income short $6,391 The trustees did not pay the interest on the call oan for several years. Reid's examination made the as lets the same HS the bank, only valued them differently. Wm P. Aldrick, receiver of the Mutual Benefit Savings Bank was sappointed in December.1 and hascollected $9,000 on trustees' notes He paidtwo divide nds together of fifty cents on the dollar. and hopes to pay twenty-five cents more Prssexamined-The bank held $27,000 in real estate in No Jersey The loss on bonds and mortgages is near. lv $50,000) There were no sales of real estate for cash. Call loans were not paid. the parties having failed.
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Another Bank Failure. NEW York, Nov. 17,-The people's savings bank. started in 1871, suspended. About $50,000 is due depositors. The assets, if realized, are enough to pay in full.
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NEW YORK Barclay Street Affair-Coal ConferenceBank Receiver Appointed. / NEW YORK, Dec. 27,-Martin / Connors, injured in the recent fire in Barclay St. died to day in the hospital. A quantity of clothing and a number of letter addressed to Nicholas Wolf 63 Barclay street were dug from the ruins to-day, but no one yet seems to know Wolf. The conference of coal managers has been adjourned to 3 o'clock, The morning session was private. It is believed a settlement will be arrived at. A receiver was to-day appointed for the Peoples Savings Bank, Mabilities $200,000, assets $157,000.
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Savings Banks Troubles. NEW YORK, December 27.-A receiver W&8 to-day appointed for the Peoples' Savings Bank; liabilities $200,000, assets $157,000. BOSTON, Dec. 27.-The - officers of the West Boston Savings Bank availed themselves of the provisions and by-laws, requiring notice from the depositors of intended withdrawal. The ultimate solvency depends on the realization from real estate, which greatly depreciated in value. PATERSON, N. J., December 27.There was is slight run on both the BAVings banks to-day. All the depositors were paid promptly.
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Trouble Among the Savings Banks. New YORK, Dec. 27 - A Receiver has been appointed to wind up the affairs of the People's Savings Bank of this city. PATERSON, N. J., Dec. 27.-There was a slight run on both local Savings Banks to-day. The depositors were prompils paid. NEW YORK, Dec. 27.-The officers of the Boston Savings Bank availed themselves of the provision requiring notice from depositors. Payments to depositors during the present month amount to nearly $100,000. The ultimate solvency of the Bank depends upon the value of the real estate owned by it.
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THE PEOPLE'S SAVINGS BANK depositors will get a dividend next month. What are the receivers of the other broken institutions doing?
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THE PEOPLE'S SAVINGS BANK. A notice has been issued by the receiver of the People's Savings Bank to the depositors, stating that ten per cent will be paid to them on the presentation of their pass books at the building formerly occupied as the Bull's Head Bank, corner Third avenue and Twenty-fifth street, from the 1st to the 6th of April inclusive.
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ONE OF MANY. To THE EDITOR OF THE HERALD:Having had some money in the People's Savings Bank I am very much interested in its business affairs. I hear that there has been a new receiver appointed, and I think he has had sufficient time to examine the accounts of the bank so as to give a poor man like me, who has been out of work all summer-and a poor prospect for the winter-an idea of when ne can get some money. A SUFFERING DEPOSITOR.