Third Avenue Bank (New York, NY)

Episode Information

Episode UID
2534967090865
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
253496709 hash
Start Date
January 2, 1872
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
eadc2eb93addc738

Response Measures

None

Description

Suspension followed a prolonged run and a receiver was appointed (defalcation by a cashier/secretary noted).

Events (5)
1. January 2, 1872 Run
Cause
Bank Specific Adverse Info
Cause Details
Early reports of heavy withdrawals and public alarm over the bank's condition prompted large withdrawals.
Measures
Bank continued paying depositors, used ticket system, police maintained order.
Newspaper Excerpt
There was a run on the Third avenue bank, of New York, yesterday, and over $1,000,000 was withdrawn.
Source
newspapers
2. January 25, 1872 Run
Cause
Bank Specific Adverse Info
Cause Details
Prolonged run by depositors seeking to withdraw savings amid doubts about the bank's assets and statements.
Measures
Ticket system, police presence, limited daily paying hours; occasional abolition of ticketing to prevent manipulation.
Newspaper Excerpt
The Twentieth Day of the Sieze...the run has largely increased...payments made at about the old rate of speed.
Source
newspapers
3. January 26, 1872 Run
Cause
Bank Specific Adverse Info
Cause Details
Continued depositor flight due to loss of confidence and suspected bad loans/fraudulent statements.
Measures
Night lines, police oversight, slowed payments and alternating tellers.
Newspaper Excerpt
the twenty-first day of the run upon the above bank...money going out in insignificant sums and very little coming in.
Source
newspapers
4. February 1, 1872 Receivership
Newspaper Excerpt
Sheriff Kerr seized, yesterday, the personal property of Henry R. Conklin...attachment issued...on an application of James Dennis, Receiver of the Bank, to satisfy his claim of $125,000, the amount of Conklin's defalcition.
Source
newspapers
5. February 1, 1872 Suspension
Cause
Government Action
Cause Details
Bank was suspended and a receiver (James Dennis) appointed amid discovered defalcation by an officer (Conklin) and insolvency concerns; court actions and seizure followed.
Newspaper Excerpt
Through my personal efforts since the suspension...and Vice-President Roche and myself have, from our private funds, paid all depositors whose deposits were $10 or under...the receiver will be ready to pay 50 per cent to all depositors
Source
newspapers

Newspaper Articles (10)
1. January 3, 1872 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, January 3, 1872

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LATEST TELEGRAMS. A full Cabinet meeting was held yester day. New Year's was well observed in Louis. ville. The Prince of Wales continues to improve. French successes are reported from Algiera. New Years was not very generally observed in Chicago. Tweed has not claimed his seat in the New York State senate. The new city government of Boston was inaugurated on Monday. Boston owes $29,383,390 52-with amounting to $11,770,162 35. Fisk is convalescent. We are sorry for the Eris stockholders' sake. A drugstore in Wilkinsburg, near Pittsburg, was burned yesterday. One murder by railroad and one suicide by audanum in Chicago yesterday. Queen Victoria and Prince Leopold left Sandringham for Windsor yesterday. Twenty-six cases of small-pox and four deaths in New York, since Saturday. William B. Allison will succeed Harlan in the United States senate from Iowa. The Connecticut Republican convention meats is Hartford on the 24th inst. Minister Schenck has gone to Paris from London to meet General Sherman. Tolls on the New York canals are nearly half a million more than the year previous. The insurance companies of the State of New York paid twenty millions losses by the Chicago fire. J. C. DeLeon assumed the duties of managing editor of the Mobile Register on the las instant. A special committee of the State legislature will look into the financial affairs of New York city. Sixteen indictments for murder are on the docket of the present term of the Jefferson, Kentucky, circuit court, The debt of the State of New York has been reduced $29,000,000 the past year. Good for & Damoeratic governor. Chicago speculators ask $2,000,000 for the ground the government wants for a customhouse. They can't get it. The Penneylvania legislature convened yesterday. William Elliott, of Philadelphia, was elected speaker of the house. There was a run on the Third avenue bank, of New York, yesterday, and over $1,000,000 was withdrawn. It will meet all liabilities. Dennis McCarthy was kicked to death in Church street, New York, yesterday, by three unknown roughs, while peaceably going home. Colonel Dent, 8 prominent lawyer, and formerly adjutant goneral of the Confederate Army or the Tennessee, died at Washington yesterday. The passengers in S Broadway railroad in New York yesterday, beat a thief almost car to death, whom they caught in the act of robbing S lady. Alexis enjoyed himself hugely in Chiespecially at & pigeon match, in which cago, he LOOK a hand. He now knows how Chicago kills hogs. Governor Hoffman of New York thinks Federal constitution should be amended the so that United States senators would be elected by the people. Olive Logan says "unclean hands" have been laid upon the woman's suffrage question, and adds, "let it go." "So much for Claflin and Woodhull. Duke d'Aumale has been elected a member of the academy of France. The disannouncing that the election was to take place was patch yet incorrect. Rondout, New York, has an abortion the abortionist has fied, and the citizans case, offer $500 for his capture. His victim was one Mrs. Henrietta Gray. John W. Pittock, of Pittsburg, gave the a newsboys and bootblacks of his city grand dinner on New Year's Daycustom of his for the past thirty years. The Grand Dake Alexis is in Milwaukee, He returns to Chicago to-morrow, and goes thence to St. Louis and to the plains for a builalo hunt via Kansas City. At the installation of a conservative mayor in Limerick, Ireland, yesterday, a tumultuous mob alternately hissed at the name of the Prince of Wales and cheered for "home rule." " The storm on Sunday morning biew down the dwelling of Smith Yeager, two miles from Lagrange, Kentucky, and several barns in that vicinity. One lady was fatally injured. The American Ring company's shop and machinery in Waterbury, Connecticut, damaged by fire Monday night dolthe were extent of twenty-five thousand lars, Fully insured. fourth annual meeting of the Women's The Board of Missions was held in in Beston yesterday. condition, The the receipts society is for the a flourishing year being $51,000 and the expenditures $46,000. Rochester (New York) mob attempted the A break the jail, yesterday, where to outrager of a little white girl was negro confined. but were prevented by the the police. Great excitement exists in town. the banquet given to the TelegraphAt Conference at Rome by C. W. Field, from ie were present representatives 600,there countries, aggregating twenty-one of people, speaking twenty-siz languages. 000,000 Priyate capital to the amount

2. January 6, 1872 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 6, 1872

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NEW YORK CITY. NEW YORK, January 5.-In the case of the poisoning of R. F. Burroughs, at Pat. terson, N. J., the jury returned a verdict that Burroughs was poisoned by Libby Garrabrant. The Union Republican General Committee last evening re-elected Mr. Horace Greeley as chairman. A messenger boy was robbed of $11,000 in checks and coupons while in the Central National Bank Wednesday. the of dore it herself Mrs. Chauncey, Chauncey, appears, widow dressed Commoattire to watch a man named an admirer, who her Snowhill, in male discovered her clothes and attempted to tear off. fired a revolver at his disguise She and him keep and them companions to scare them from her and then Noone Mrs. is inwas hurt. stripping Chauncey fled. slightly jured and under nominal arrest for amurderous assault. Andrew Boyle and Mike Scanlan were committed without bail up town yesterday, for rape on a girl of 12 years. of the Supreme Court, in an to Judge elaborate Brady, opinion decides Mrs. Mansfield continue the injunction restricting from Jas. Fisk's to Permission was Mansfield. publishing letters granted Miss Miss Mansfield however, to make use of Fisk's letters in her suit against him for the recovery of $50,000 of her money alleged to be retained by Fisk. At Albany this morning, the counsel not arguof the motion ment for Tweed being appealing ready for the bail, the order and a reduction of Tweed's the order until Friday next. vacating postponed denying for his arrest, The argu- was ment in the Connolly case, is being proceeded with. A lease of the building with considerablc material of the Printing Company, was sold at Sherifl's sale to-day, for $50,000, to satisfy a demand on the Ocean Bank for $109,000. While a sale at anwas in the proceedwere by an of other ings office stopped progress, injunction of party Barnard, in the interest a A large was pressome stir was a ent, named Judge and Tracy. created crowd by report that Tweed was going to be taken to jail. Judge Cardoza decides to accept the suretics on Tweed's bail, on condition that the transfer of the deeds of young Tweed's property be recorded. Immense crowds of depositors, mostly people, are at the Third Avenue Bank. The run is poor Savings being fully met by the bank. states a Amerito present cans, The shareholders, Post opposed committee empowered the of Eric management, have been to act for the stockholders of this country, holding $10,000,000 worth of shares. This added to $30,000,000 worth in England, leaves only about $3,000,000 or $4,000,000 to enable them to and Gould. This necessary oust Fisk is victoriously expected electo be accomplished before the next tion. Against Thos. C. Fields and Jas. M. indictments will not ed Court until Sweeney, to the discharged be present- by Jury. the Court of and Terminer Grand and James was John Neville Oyer Walters, in the to-day sentenced to four years penfor revolt on the notorious ruflian, was itentiary, The Peter ship Burke, Neptune. to five years in prison, for asa at an sentenced saulting challenger shooting election. There was a pigeon tournament at Fleetwood Park today. The trial of the Cuban General Jordan, postponed until Friday, when if the is not ready, ings will be is government discontinued. further proceedWilliams, one who got away from in George recently of the Sing convicts Sing a tug boat but was captured, has again escaped. The ice in the Hockensack river last night destroyed plank road and railroad bridges. Tweed said to-day that he was entirely in the hands of hiscounsel. Asto his visit to Albany, it is asserted that they will advise him to remain in the city. The battery willed to the State of New the late Commodore is is as far as can Jersey completed by be until Stephens, it launched and docked. that a preIt is reported bill will providing be sented in Congress next week for the election of inspectors to canvass the Presidential and Congressional vote. Meaghor, Broadthis evening way Officer squad, Thomas attempted of the sui- He cide at his residence by shooting. refuses to state the reason. The wound is dangerous. This evening Senator Daniel D. Pratt, of while in a street Indiana, Twenty-third his omnibus, was robbed of pocket-book containing $51 in money and a draft for $500, together with valuable private

3. January 6, 1872 The New York Herald New York, NY
Article from The New York Herald, January 6, 1872

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"It was a bill introduced in the Senate-I think the last bill passed at the last session." "Did the Governor sign it y" "Certainly, and it is the law governing my acti on regarding savings banks." 6.I have not-seen it. What are its provisions ?" "I will send you a copy. All I can say briefly is that I cannot appoint a receiver. If a bank is in a critical condition it is my duty to report the evidence taken by the examiners to the Attorney General, whose duty it is to appoint a receiver. So far I 1all to And any justification for the appointment of a receiver for the Third Avenue Bank. Still, it is very proper that the trustees should give you a statement of their assets and liabilities." "Not to me, Mr. Howell. Say to the press." "Yes, I mean the press when I say you; and if they do not give it to you to-night, I will see them to-morrow and urge them to do so." This terminated the interview as far as the public are interested, and Mr. Howell, bidding the reporter good night, remarked:-"I will do all I can to aid the press and protect depositors." Mr. Howell has come to New York to stay until the panic 19 over, and it is safe to say that If he does his duty fearlessly and faithfully he will return to the capital only after every bank of savings in the city has been carefully examined and the securities in which their trustees have invested the savings of the poor are personally handled.

4. January 12, 1872 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, January 12, 1872

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NEW YORK. The Vice Presidency of the Erie. YORK, January 11.-In regard to rumor that the Vice of railroad has been to NRW the the Erie Presidency tendered that Geo. B. McClellan, it is stated Fisk's successor has not yet been appointed. The Remonstrance against Tweed. The committee met and presented to Senate the memorial remonallowing to strating the State against Tweed that take the his seat as Senator, asking be declared vacant, and a new ordered. The into the frauds by which seat election fully memorial election. Tweed's enters to have secured his also, that in various were marked down for more is It alleged shows, votes districts Tweed entire than were actually cast inthe district. It is believed in certain official circles Hall will not resume his as Mayor. and that of porary position that Mayor appointment General the Coch- tem- the a preliminary step to is of his office. A final rane is resignation only opinion Such also General Cochrane's rumor was prevalent yesterday afternoon to this effect. An Albany letter states that Tweed not has notified his triends that he is going to claim his seat in the Senate. ill. Erastus Corning is dangeronsly The Russian Squadron, which arrived here with Alexis, is still in port. The Admiral's flagship is and at the navy yard, undergoing repairs is about to receive new boilers. The Case of Stokes. Up to a late hour yesterday no pahad been received from the coroner pers District Attorney in the case of The District Stokes. by the Attorney received states that as soon as the papers are they will be laid before the Grand Jury Mexican Revolutionists Routed. A Herald special from Matamoras, Mexico, confirms the news of the defeat Gen. of the revolutionists under Diaz Alia, at the head of a large government the force, is marching on the capital of still State of Oaxaca. General Rocha pursues Diaz's army. Fighting is going on near Mier. Tammany to be Closed. The sachems of Tammany have passed a resolution closing Tammany Hall to all political committees or or The preamble asserts Democratic as no general ganizations. committee this action that in 1871, consequently the recently constructed on the part of the committee ignores elected Tamma- general which organization a proceeding furny Herald thinks will lead to a ther the disruption of the Democratic party of this State. General Items. Judge Aixby, before whom the FiskMansfield libel case had been proceeding, states that the case is, of course, be now practically ended, and will not brought up again. A meeting of the Methodist Sunday Union was held yesterday. Morris was chosen Board of Managers. A School Bishop the President thousand Sundollars each were appropriated for and day School work in Germany. India South America. Bergh states that Mayor Hall's his that the former in Russia is a base assertion namewhen Mr. changed slander. signed Governor Hoffman last night finan the bill passed yesterday for the cial relief of New York city. The Times says that the election Republi- of John Cochrane, a Tammany of to the Presicency of the Board retirecan, and the subsequent Hall, 80 that of be Mayor, is the ment would Alderman, of Mayor acting Cochrane privately result Tammany tactics, as proposed by Tweed. The New York Yacht Club is making for a cruise in Russia Grand next summer, preparations by invitation of the Duke. It is now stated that Mayor Hall has gone to visit Sweeney at St. Catharine, The Canada. Run Diminishing. on the Savings Bank The run on the Third Avenue Bank appears to be somewhat The officers assert a diminished. Savings and better new feeling now among depositors, deposits are now made every day. Investigations against Harbor Master will Hart were continued to-day, and probably be closed soon. Stokes continues to manifest much indifferThe District Attorney will probably ence. receive the papers from them the to to-morrow and submit session. coroner one of the grand juries now in Affairs Around City Hall. Everything is quiet around City Hall. Many rumors are current regarding the probability of Mayor Hall ever resuming his official position. Tweed has not left the city but looked his departure for Albany is daily for. Connolly is still in retirement and maintains strict seclusion. The Custom House Investigation continued to-day. General George was W. Palmer was examined and testified his knowledge of the abuses, &c. in to the Custom House. He complained of compromising of who had smuggled merchants the system goods order and witnesses a monopoly as to the detail of general testified business considered the Other general orders and bonded warehouses.

5. January 25, 1872 The New York Herald New York, NY
Article from The New York Herald, January 25, 1872

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THE THIRD AVENUE BANK. The Twentieth Day of the Sieze-Plenty of Greenback Ammunition Still on Hand-Excited Depositors Charging the Police. The scenes and inciaents occurring about the corner of Twenty-sixth street and Third avenue yesterday varied but little from those of the day before. There were the usual collection on the steps betion daybreak, the usual discussions as to the condition of the institation, the same longing for the swinging back of the huge doors, the rush when they were opened, the scramble for places in line, &c. At half-past nine o'clock the lines extended from the Sub-Post Office near the corner of Twenty. fifth street up to Twenty-sixth street and along Twenty-sixth street to the end of the bank, making present a larger number than have been in front of the institution since the fourth day of the run, and clearly showing that, notwithstanding the liquidation of ine claims of over two thousand five hundred depositors, the run has largely increased. There were admitted 190 persons, and the teller at once plied his nimble fingers in paying out the currency. The first man paid, Mr. John Healey. of Third avenear Thirty-firth street, put in a book, and reduced nue, the pile of the bank by $10,000, which he of slowed away in his pockets and those came friend named Russell. After nim a several small depositors, then a lady. who lightened the table by over six thousand of dollars, and a little later a tipsy son Erin, who was unable to find his pocket, but induced Sergeant Rooney to stow in It $2,000 ne had drawn. Generally the amounts called for were below six hundred dollars, but occasionally depositors would make demands reaching into the thousands. It 18 worthy of note that very few had extra books, and that nearly all carried away with them the interest as well as principal, and then wistfully glanced at the bank's well covered table and signed that they had no more books upon which to draw. The payments were made at about the old rate of speed. In the first hour there were paid 24. in the second hour 21, in the third hour 18. in the fourth hour 16 and in the fifta hour 23, making total persons paid in tive hours 102, There were probably a sufficient number of extra books to increase the total paymenus to 120. Long before three o'clock arrived many who had abandoned all hope of being paid yesterday withdrew irom the bank and went home. When three o'clock was reached there were turned out unpaid sixty-seven persons. The mutterings of these were heard on every side previous to being turned out; but a greater disappointment awaited them without. About fifty or the sharp ones, who read far the papers, learning by noon that they were so in the Year in the line that they could not reach the teller before three o'clock, deserted the cosey interior for a cold spot without. A very clever Irish in named Mary Duffy. was the first to form lady, without to await the opening in the evening, beline by three o'clock nearly nity had fallen in and and When the "ins" came out unpaid found hind her. the "outs" certain to be the "ins" at im. the session, there were curses and omevening nurled at the neads of the The precations for abouthing the ticket system. cials without rapidly increased from three until crowd O'clock, when there were present over one hun- rear six and nity. Some left in disgust from the dred line. When the doors were opened Sergeants threw of the and Nicnolson and about a dozen men themselves Rooney upon the shivering crowd. and had great with in keeping them from carrying in difficulty inner doors and plate glass that separated them the the teller. All of them were intensely and them from and pushed and scratched the police than excited, other; but one fellow. more pugnacious down each others, fought his way in, after carrying policethe He was knocked down by a station two man's policemen. "bunch of fives" and taken to the house. the ticket system has been abolished all the who ofSince endeavor to admit within the building world ficials without, and consequently, 10 the outside the are who pass up and down the avenue on the cars, run appears the to be entire decreasing. afternoon a well-dressed During harangued the crowd in praise of deposited. the bank, woman in which she claimed to have $4,000 denunciwas so earnest in her eulogy of it and She ation of Dunn and Dooley that many of the depositors the belleved sue had been employed to reassure trustees females who waited for their money. The have on still claim that they can pay all. They they exhand a large supply of currency, which hibit with pride; but they carefully avoid giving the press representatives any hint as to the converted amount daily paid out, the amount of securities indicaor the character of the securities held. The the tions are that the run will not stop until all deposits are withdrawn, unless some satisfactory the official statement of its affairs 18 given to people, who have a right to know how their savings have been invested.

6. January 26, 1872 The New York Herald New York, NY
Article from The New York Herald, January 26, 1872

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THE THIRD AVENUE BANK. Illuminating the Bank in the "Wee Sma' Hours"_Waking the Officers-A Decrease in Numbers, but Increased Alarm-Slow Payments and Singular Suppositions-Is the Bank Near the End ? Yesterday was the twenty-first aay of the run upon the above bank, yet there was very little evidence of any abatement-certainly none in excitement if there was in numbers. Since the abolition of the ticket system the people have become very vlolent in their denunciation of the officials, and even President John H. Lyon, whose urbanity of temper and kindly nature has made him very popular, did not escape the general scathing. Notwithstanding the chilly blasts that sang their requiems about the institution, by midnight a large number, including many females, had taken position in line, and as the-hours rolled away they became so chilled with cold that some succumbed and left. Others, more daring and determined than their companions, held their places. About one o'clock a lonely policeman, of Officer Frank Smith's platoon, leisurely approached. Saw frail women huddled upon bundles of straw and wrapped about with old carpets and rugs. His heart was touched, and he exclaimed, "Why the deuce don't you build a fire?" This was a sufficient hint for the ireezing creditors of the Third Avenue Bank. The policeman waiked away, and the men, women and boys deserted the line in search of combustible material. Stiner's tea boxes, Vain's kindling wood and Luyfeit's cnampagne baskets were called into requisition, and fifteen minutes later there was a roaring fire. About it were congregated the half irozen crowd, who had numbered themselves before breaking line, so that each would know his place. The courteous Cornell, of the bank, looked out and wondered at the illumination; the hawk-eyed Tuthill, who sleeps above, snowed his embroidered nightcap at an upper window, and wondered whether there was a reporter about to describe the scene. Captain John Cameron, while prowling about in search of Bull's Head horse trieves, was on the eve of touching Off a fire alarm box and calling out Shaler's baltalion of "braves," when the beautiful Groo, of the rerocious mustaches. tapped him upon the arm and pointed to a member of the Insurance Patrol, who was the central figure of the motley group who kept the wind from the roaring fire. Captain Cameron went home smiling, to sleep and report at nine A. M. to the jolly Kelso. small boys kicked the-burning embers into ashes, and Tuthila and Cornell slept and dreamed of the future. Such was the night. What was the day? At halfpast nine the crowd without was smaller by fifty than on the previous morning. At ten the doors were opened, and about two hundred were admitted. The theologian, Mr. Seaman-who is as lamiliar with Horace and Homer and the Koran as Mr. Hepworth is with the Bible-took charge of the greenbacks and paid slowly for a time, when he was "spelled" by Mr. Spencer, who, since depositors have been sparse, divides his time between loading the revolvers of the bank and aiding the tellers. Occasionally the artistic Weeks, of the bionde locks and jockey cap-who can tell "twenty" from a 'vve hundred" by intuition, a relieved these gentlemen at the teller's desk. Thus it went on all day, money going out in insignificant sums and very little coming in. The payments during the five hours of the day footed up seventy-five persons; but there were some extra books. The abolition of the ticket system was intended to prevent the reporters from getting the number paid and preventing depositors from having a "square show", with the book buyers and the iriends of the bank. Nevertheless, the payments at the front yesterday were about as follows:-First hour, 21: second hour, 19: third hour, 10: fourth hour, 11; filth hour, 14-total, 75. How much Mr. Tuthill paid out in rear to the friends of the bank was not ascertained. Certain it is that when Roundsman Doran marshalled his police force and leit, at three P. M., he drove out before him unpaid thirty. one of the 106 persons admitted five hours before. Depositors openly charge that the bank officials have agents about to buy places in line at $1, $2, $6 and $10; that when a large depositor's place IS thus purchased a man with a number of DOOKS calling for small sums enters, and that in consequence they materially reduce the amount daily taken out of the bank. It is not certain that there 18 any ground for such charge, but a careful scrutiny of the amounts taken out yesterday indicates that the Begrand total did not exceed $35,000 in ironi. tween two and three yesterday a friend of the bank, who has made himself for many days conspicuous in extolling the concern, entered the private door with three books. Mr. Seaman handed him out blank checks, which he signed as "John A. Holman," and then drew against his books. An old lady, dressed in Quaker can and nood, has for many days had the free run ga or the bank. Yesterday she enderfored to

7. January 27, 1872 The New York Herald New York, NY
Article from The New York Herald, January 27, 1872

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THE THIRD AVENUE BANK. Slight Decrease is the Run and an Easler Feeling-The Speculators Vanquished-810 to $15 Offered for Standing Substitntes. The creditors of the above institution still bestege it daily in search of their cash. On Thursday night, as early as nine o'clock, some of the more anxious ones put in an appearance on the steps for a thirteen hour's waiting. By ten o'clock there were present about twenty, and as high as $10 and $15 were offered for substitutes to hold places in the line until this morning's banking hour. Three or four of the crowd were substitutes eager to be purchased. At daylight the crowd was pretty large. and it in-

8. February 2, 1872 New-York Tribune New York, NY
Article from New-York Tribune, February 2, 1872

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Through my personal efforts since the suspension desecured from personal friends the release from have positors to the amount of $25,000, which will result to the benefit of the remaining depositors, and Vice-President Rocheand myself have. from our private funds, paid all depositors whose deposits were $10 or under in fall, except about $200. From this exhibit it appears that the actual deficencies cannot exceed $17,773 25, and may be largely reduced by the sale of the real estate, which is put at a low figure in the above statement. Whatever deficiency may exist upon the winding up of the affairs of the bank by the receiver, I regard Dayself as liable, in common with the other trustees, to make good my proportion, and shall 80 do whenever that amount shall be determined. In regard to the statement, which has been published, that loans were made unknown persons whose names cannot be ascertained, to I have to say that if any such loans were made, it was without my knowledge, suspicion, or authority. Twenty-five years of my life have been spent in the First Ward, where most of the depositors reside, to the greater portion of whom I am personally known, and during that period my character for financial integrity has never been questioned, and I feel well assured that inno one who has known me will attribute to me any tentional wrong or mismanagement of the affairs of any institution with which I have been connected. Nothing in business life has given me SQ much pain as the unfortunate my suspension of this Bank. I feel confident that the inconvenience occasioned by it will but temporary, and I shall spare no efforts to secure payment in full to each and every depositor at the earliest possible moHENRY SMITH ment. Respectfully, New-York, Feb. 1, 1872. MR. SMITH'S VIEWS. Mr.Smith stated to a representative of THE TRIBUNE, yesterday, after the above had been prepared, that the slowness in settling the affairs of the Bank had mainly arisen from the enforced delay in converting bonds and mortgages. But for the hard time savings banks are having, there would have been no difficulty in turning the $194,000 of bonds and mortgages into cash at once, and but little in realizing at once, also, on most of the $142,000 of good loans. He believes that the real estate, a part of which is situated at Carmansville and along the new Boulevards, is estimated at very low figures, and is likely to be sold, if a little time is given, for much more than the amount at which it is set down. These three items form the principal amount of the assets: and he believes each to be absolutely good, though, if put up at auction, or driven to a forced sale, in order to secure an immediate payment of liabilities, great sacrifices would, doubtless, have to be accepted. He has been giving his personal attention almost wholly to the matter, and believes that in a few days the receiver will be ready to pay 50 per cent to all depositora, as nearly money enough is now on hand for that purpose. He thinks also that the delay will be comparatively slight before at least 75 per cent of the indebtedness, if not all of it, 18 wiped out. He is very positive in his assertion that every dollar of his property will be held to meet any deficiency that may arise in the settlement of the accounts, and in his belief that every dollar due depositors will be paid. THE MARKET SAVINGS BANK-A REWARD OFFERED FOR CONKLIN'S ARREST. A special meeting of the Trustees of the Market Savings Bank was held yesterday, the VicePresident, c. L. Godkin, in the chair. The following offered by Elias J. Beach, was unanimously adopted: Resolved, That each of the Trastees of this institution will pay the sum of $200 of their private means for the arrest and delivery of Henry R. Couklin, late Secretary of the Market Savings Bank. to the public authorities of the City of New-York and that J. P. Richards be the treasurer of that fund. There are 14 trustees, so that the reward offered for the defaulting Secretary will amount to $2,800. It is said that the detectives engaged in the search have in their possession circumstantial evidence of his whereabouts, and are only prevented, it is said, from starting after him by the lack of funds. It appears that the ex-Receiver, Mr. Dennis, has up to the present time paid the expenses of the officers from his private purse. The Executive Committees of the Depositors have not yet prepared their report. but are busily at work upon it. They are investigating the subject of the Bank's call loans and securities, and other matters. a clear understanding of which is necessary to make a trustworthy estimate of the amount which will finally be saved for the depositors. As the investigation proceeds it becomes evident that the worst estimate of the than cial condition of the Bank was far below the truth. Sheriff Kerr seized, yesterday, the personal property of Henry R. Conklin. at Milton, near Rondout, or an attachment issued by Judge George C. Barrett, on an application of James Dennis, Receiver of the Bank, to satisty is claim of $125,000, the amount of Conklin's defalcition. It consials of farm property and valuable blooded horses and eattle The rina on the Third-ave. Bank is evidently draw inx Dear its close. A much larger amount was deposited yesterday than was drawn out, and not more than 30 persons at any time waited outeide to demoned

9. February 5, 1872 Worcester Daily Spy Worcester, MA
Article from Worcester Daily Spy, February 5, 1872

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|FROM OUR REGULAR NEW YORK Feb 2 1872. For days last ten to morning of on the operation bank the corner of Third avenue and Twenty-sixth street. The fcw hours thus spent have been.lost. Taken in connection with what learn respecting several fraudulent savings banks, gotten by members of our rascally political ring, they have lessons economy. One is, that the absolute occasioned by the collapse single by bank caused of exceeds that far savings the famous grest financial at If loses man "black Friday.' blow, matters little whether the amount of hundred dollars or hundred thoucase he has just to begin anew A of brokers and speculators lost Friday. Some hundreds of men lose their all by the failure of the Bowling Green and Market savings These institutions were from beginning to end absolute frauds. At present, month the run, man the Third bank placed. The facts just The bank, by its statement for 1871, had $5,959,000 of deposits, for which it debtor to its depositors; while its assets counted up $6,063,000 showing surplus of $104,000. assets all good, the bank solvent: But unluckily month that the sworn statements savings banks were fraudulent From be suspecte that the statement of the Third Avenue bank was also Hence the by deupon fraudulent. positors, which has lasted for month, and which yet closed. Of the actual number no of have sure judging; the deposits that find $200 in the to banks savings there Most of these, when the run began, wanted withdraw their money. Now, experience shows, twenty-fiv can paid an hour; and as banking time five hours day, persons could get their money day. this rate would require quite nine months to pay off all the depositors. take one day fair sample of what therun. Tuesday January passed the morning the bank ten. cold, clear morning. The high crowded with people, huddled together like partridges covey, keep themselves they could. count their heads packed closely judge In direction from the doors These Most evidently of class. Some women. All looked fearfully cold, as they could not help morning. barrel burning around loiterers warming their hands, evidently meaning place in the line by-and bye two hours before the bank Many those in line had the night: others stand of all day upon the chance reaching the paying desk. some but think the very saddest this people waiting most, represented of too cold, for All demonstration. their half-frozen their did This which had been going day and month. What worse, remedy for it. Supposing the bank able and willing to pay every dethe presentation of his or her book, the officers rapidly than in minutes? savings banks needs revision. The design excellent, and, think, on the worked not unfavorably Let me exists among us. There are York and Brooklyn tifty-eight savings banks. The aggregate amount of deposits is one hundred and seventy -four mildollars. Their aggregate assets, if stated, are about one hundred and eightyfive milliods On an each bank would three millions of dollars on deposit But actual amount varies from thousand dollars up to two-and twenty-millions One bank, the "Bushwick, a thousand dollars, all deposited by single person. others with less $100 $100,000. may fairly divide our sav three classes. In the first class with about twenty-two old "Savings," with more millions These two banks do nearly the business. There is no doubt perfect solvency. Then come deposits ranging from nine if their are reliable, the two larger small banks, That up. would they their indebtedness to depositors. How be otherwise when we look at their manner of doing business? They offer to pay all deposits. No bank can its realize more bond and real estate. In fact, in ormust invest largely in loans, realized at week's notice; such the United States, and of solvent states, bought to-day at current rates, ac from five to six per cent. But favorable view and supposing pay six cent, and loans per cent, then the mar which all expenses and losses upon its bus iness. bank which loans deposits and just $10,000. No bank this of carried for any of salaand ries. them be they honestly pay their depositors full. They indeed for years. deposits does of withdrawals, come, when no de ones withdrawn are then the When it shall do 80 time The bank spends money than earns. The last depositors to claim their Nothing in mathematics can be surer than this ultimate result This on the supposition that there is no fraud the conduct of the bank. But unfor tunately, good reason to know and smaller savings banks A are fraudulent from their very inception. few adventurers undertake to borrow money from anybody everybody who will lend it. small for them any number of thousands of dollars not too large. They as savings bank, get some wealthy to lend their names is done. Not one of

10. December 28, 1875 The New York Herald New York, NY
Article from The New York Herald, December 28, 1875

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THE THIRD AVENUE BANK. THE COURT PROCEEDINGS YESTERDAY-AN IMPORTANT POINT OF LAW INTRODUCED BY THE DEFENCE. The examination in the case of the Third Avenue Bank trustees, on the charge of perjury, was to have been resumed yesterday at the Fitty-ninth Street Police Court, in so far as the case of T. W. Decker was concerned, which is being investigated independent of the others. As soon as Judge Duffy assumed his seat on the bench Mr. Clinton, the counsel for Mr. Decker, rose from his seat and stated that before the proceedings were commenced he had a motion to make. He said, "We had intended to go into some evidence for the defence in this case, not necessarily for the defence of Mr. Decker, but for the purpose of the vindication of his character. Considering, however, the circumstances of the case and the valuable time of the Court, it has been deemed advisable that the motion I am about to make should be presented. Mr. Decker up to the year 1873 was not connected with the bank and was not even a depositor; he was importuned by others to accept office; he did accept the position of trustee on the representations that were made to him that the bank was solvent: the bank superintendent subsequently examined the bank and reported it to be sound; this was in 1873. Mr. Decker, after having held the Presidency for one year, retired in January, 1874, his business requiring his attention; during the time Mr. Decker was connected with the bank he never received a dollar for his services, and never made any claim therefor. If there was any error it arose in his desire to help others; by this I mean the depositors. The real trouble arose from certain loans which were made by his predecessors on which losses occurred. He did not stop to criticize their action, but accepted their statements as true. The result of the action of the former officers was a run, during which millions of securities were sold at a sacrifice. Any one knowing Mr. Decker will perfectly understand that he would on no account engage himself in any transaction not perfectly upright. His experience was not in banking business but in a branch of commerce totally different. "I had intended to go into other proofs in order to justify Mr. Decker, for his life has been one of spotless integrity, but I have concluded that it is hardly worth while to occupy the time of the Court in this regard, simply for the sake of spreading on the records of the court facts that can be made known in other ways sufficiently that they will reach his friends. I should have made the motion I now propose some time since, but I was desirous that the prosecution should put in all their facts. We desired to draw them out, and if any explanation was required we were ready to give it. The prosecution was instituted under chapter 136 of the Laws of 1857, and were it necessary I could show by the evidence already adis duced that no case has been made out. However, it sufficient to say that the statute has been abolished, and it is a well established fact that when a statute is abolished and no saving clause has been introduced in the new enactment, it is precisely the same as though no statute was ever enacted, unless under the repealing acts the offences are kept alive. This has been decided by the Court of Appeals. The repealing act in this case was passed May 12, 1875, and by its provisions the statute of 1857, under which this prosecution is brought, was repealed, for it does not provide for the prosecution of any offences committed under the old law, which it distinctly abrogates, but simply provides in so many words for offences committed after the passage of this act." Mr. Clinton here recited a number of instances in support of his argument, among which were those of Mrs. Hartung, the murderess; Shepard, the forger, and Carsell, in which cases laws had been passed even subsequent to their trial, but which repealed previous laws under which they hal been convicted, and where they had to be discharged from process simply because the law under which they were convicted was not kept alive by a saving clause. In the case of the murder law, that has been always kept alive by a saving clause, which not only provided for cases yet untried but still in abeyance, but also for cases subsequent to the passage of the law itself. Mr. Clinton here went into an elaborate argument substantiating his theories, reciting judgments of the Supreme Court and of the Court of Appeals, finally closing his remarks by moving that the case be dismissed, on the ground that the law under which the warrants were obtained had been repealed. Mr. Fitch, on behalf of the prosecution, suggested that inasmuch as he had been taken by surprise that an adjournment should be had and that before the next examination he should be allowed to put in his points as against Mr. Clinton's argument. After some discussion on both sides this course was agreed to and an adjournment was had until Monday next, when the Judge is to render his decision on the points raised.