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Business Suspension. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, corner 3d avenue and 57th street, suspended payment to-day. Failure in London.
Manufacturers & Builders Bank (New York, NY)
Episode Information
- Episode UID
2820248190911- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
282024819hash - Start Date
- November 26, 1875
- 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
191ef1787bf40709
Response Measures
None
Description
Contemporary articles describe a suspension followed by appointment of a receiver and subsequent receivers' actions; causes mention London failure and local real-estate losses.
Events (2)
1.
November 26, 1875
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspended payment amid diminished deposits after real-estate collapse and cited Failure in London; directors resolved to discontinue while able to settle dollar for dollar.
- Newspaper Excerpt
- The Manufacturers' and Builders' Bank, corner 3d avenue and 57th street, suspended payment to-day.
- Source
- newspapers
2.
November 27, 1875
Receivership
- Newspaper Excerpt
- Wm. A. Butler, the receiver, has assumed duties at the Manufacturers and Builders Bank.
- Source
- newspapers
Newspaper Articles (21)
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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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REPORTED EXPRESSLY FOR THE MORNING LEADER. NIGHT REP ORT. The Last Honors paid to the late Vice President. Indian News from the South The Missouri River Sioux Ready to give up the Black Hills. The Loss of the Pacific. New York, Nov. 26,-A dispatch from Paris says that a rumor is prevalent to the effect that there is a movement on foot, among the people of Sayoy, having for its object a separation from France and re-annexation to Italy. The Manufacturers and Builders bank, at the corner of Third Avenue and 57th street, suspended this morning. The excitement in the vicinity, among depositors is intense.
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Another Bank Suspension. NEW YORK. November 26.-The Man ufacturers' and Builders' Bank at the corner of Third avenue and 57th streets, suspended this morning. The excite. ment in the vicinity of the bank is intense.
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New York. / NEW YORK, Nov. 27.-There is no probability that the suspension of the small banking institutions on Third avenue reported yesterday will produce any excitement or run upon any of the other savings banks. The Manufacturers' and Builders' Bank will probably pay in full, and may resume business. The People's Bank will also resume soon. FUNERAL. NEW YORK, Nov. 27.-The funeral of W. B. Astor, the millionaire, took place from Trinity Church this morning. Bishop Potter, Revs. Morgan, Dix, Houghton and other eminent divines were present. ALIVE. Matthew Crony, gate-keeper at the Penitentiary, whose skull was fractured yesterday, his brains oozing from the wound, is still alive. His vitality under the circumstances is a marvel to the physicians. The summing up in the Scandal murder trial is progressing. Beach, counsel for prisoner, is making an able argument. SENTENCED. Col. Robt. Des Anges, who has been found guilty ot complicity in smuggling goods through the appraiser's office at undervaluation, was sentenced by Judge Benedict to-day to two years in the Albany penitentiary and to pay a fine of $1,000.
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THE MANUFACTURERS' AND BUILDERS'. On the cor er of Third avenue and Fifty. seventh street is a splendid five-story building of O: in stone, owned by John D avidson, Presidentol the Manufacturers' and Builders' Bank, a Statemank of deposit and discount. The om 108 are in the first story, and are very b: ndsomely fitted up. Henry J. Burenell is Vice. President and David Morgan cashier. Mr. Morgan was secretary of the Third Avenue Savings Bank for several years, until succeeded by Mr. Carman in D cember List. The directors are Henry J. Burchell, John Sexton. David Morgan, John J. Burebell, vichael Murray, John D vidson, Samwel Cooper, David Babcock, William Baird, Leander Stone, Withium A. Butler, G L. Schuyler. Nath niel Burchell. A. H Mass, N. A. WilInims, William P. Parsons, G. Vanderpool, John D. Moll. The bank Was organized in 1869. with a capital of $100,000. I 8 business was Largely, as its name indie with builders and real estate owners in the metriborhood of Central P rk. Since the pante, and the consequent collapse in real e in tate. its dep sits have greatly diminisned and its capital, which had been increased to $450,000, was reduced to $180,000. Fincing that banking did not Day, and learing that should liquidation be delayed they might not be able to pay their depositors, the directors resolved to discontinue business while still able to settle dollar for dollar. Mr. Wm. A Butler was appointed receiver, and gave a bond for $600,000. Yester-
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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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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. Caved Banks. NEW YORK, Nov. 27.-Wm. A. Butler, the receiver, has assumed duties at the Manafacturers and Builders Bank, The Mutual Benefit Savings Bank demands 60 days notice today. There is an unimportant run on the Germania Savings Bank. Geo. W. Reed, Bank Examiner. is examining the affairs of the Security Bauk. A receiver is to be appointed for the People's Savings Bank. Plymouth Church and the Congregational Council. NEW YORK, Nov. 23.-Rev. Dr. Buddington of Brooklyn, said yesterday in regard to the proposed mutual council to be called by Mrs. Moulton and Plymouth cburch that no point could be considered by the council other than those submitted in a letter missive. If the church and Mrs. Moulton could agree upon th e raising of any scandal issue the matter would be inquired into by the council. There was no possi bility of a mutual council if the parties could net agree upon the questions to be submitted, Rev. Dr. Scadder said he did not see how the scandal matter could be bronght up in any ecclesiastical body. Rev. C. H. Eveest said he did not see how that body could touch Mr. Beecher as it was a question of discipline which rested entirely with Plymouth church.
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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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DEPOSITORS IN A RAGE. A Turbulent Meeting of the German Up-Town Savings Bank's Victims. A small number of the depositors of the German Up-Town Savings Bank assembled in Terrace Garden last evening. Louis Reis presided. The meeting was a scene of turbulence. One of the speakers was interrupted by a point of order. Turning around he slapped the face of the man who had interrupted him. and looking around among his fellow depositors, asked: Is there any other that wants a smack in the face?" A motion was made to depose the Chairman for having held a conference with Christian Schwartz. the former President of the bank. It was received with loud applause. One woman cried out: "I have $3.000 in the bank. and I'll buy a rope to hang Schwartz." Others loudly demanded the immediate arrest of the exofficial. Reis was not deposed. A plan for resumption WAS offered and partially approved. The meeting adjourned in confusion. An order of the Supreme Court was filed with the County Clerk yesterday directing W. A. Butler, receiver of the Manufacturers' and Builders' Bank. to pay to Col. Herman Uhl. receiver of the German Up-Town Savings Bank, $10,000, that being one half of the sum on deposit in the Manufacturers' and Builders' Bank to the credit of the savings bank when It was closed.
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meeting was characterized by great disorder and confusion, and one person received a severe blow in the face from one of the speakers. On the petition of William A. Butler, receiver of the Manufacturers' and Builders' Bank, and on motion of Flanagan & Bright, Judge Lawrence yesterday authorized Mr. Butler to pay over at once $10,000 to Herman Uhl, the receiver of the German Up-town Savings Bank, that being about one-half of the sum the latter bank had on deposit with the former when both failed. It is rumored that the depositors of the Mutual Benefit Savings Bank are endeavoring to procure the removal of W. F. Aldrich, receiver. The proceedings, it is said, will be based on his alleged incorrect certificates as to the soundness of certain savings banks while he was Bank Examiner.
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THE GERMAN UP-TOWN SAVINGS BANK. Herman Uhl, receiver of the German Up-Town Savings Bank, has filed his report for the past month. He has paid a dividend of 25 per cent on balances due 2,051 depositors, amounting to $183,184 53, and has a balance of cash on hand of $110,164 84. Judge Donohue has granted an order permitting Wm. A. Butler, receiver of the Manufacturers' and Builders' Bank, to pay over the balance of the $20,000 on deposit with that bank belonging to the German Up-Town Bank, with interest. At the meeting of the depositors of the German Up-Town Savings Bank, at Turtle Bay Hall yesterday, it was reported the signatures representing $450,000 of the $700,000 necessary for resumption of business by the bank had been obtained. Other signatures were obtained during the meeting. The action of Assemblyman Killian in proposing a bill for th investigation of the official conduct of Inspector Ellis was approved.
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JOTTINGS ABOUT TOWN. Judge Curtis has granted an injunction against the use by T. A. Brown of the title "Piqued." James C. Rice Post No. 29, G. A R., annual Camp Fire on Monday evening next at 58 West Foarteeath street. Señor Holgado y Cruces and Detective Henry W. Davies returned yesterday from Washington, whither they had been to see the Spanish Minister. The semi-annual book fair, participated in by nearly every extensive American publisher, is to begin in this city on Monday next and last four days. The taxable costs in the $6,000,000 suit against Tweed will DC about $12,000, exclusive of the one per cent. allowance asked for by the city's attorneys. "The New York Stage of To-day" is the subjeet of the Rev. Henry Morgan's lecture in the large hall of the Cooper Union, on Sunday evening next. William A. Butler. receiver of the Manufactarers' and Bulidera' Bank, has been authorized by the Supreme Court to pay to the bank's creditors a dividend of thirty-tive per cent. The theatre billboards are to be banished from the sidewalks, the Common Council having BUStained the Mayor's veto of the ordinance permitting their erection, 11to9. In compliance with the request of the Knights of Si. Patrick and of the Friendly Sons, Manager Stuart will repeat his St. Patrick's evening entertaiament tomorrow night in the Park Theatre. The Fifth Avenue Theatre will offer an extra matinée to day, being the one hundredth performance of Pigue The theatre 16 to be decorated in green, and gold and silver change. satin programmes, photographs, &c., are to ne given. The celebration to be OSD tinued on Saturday.
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SUMMARY OF LAW CASES. An order has been granted by Judge Lawrence directing the receiver of the Guardian Savings Bank to pay $1,175 to Robert U. Inness for services rendered. The Supreme Court has authorized Mr. William Allen Butler, receiver of the Manufacturers and Builders' Bank, to pay a dividend of thirty per cent to all the creditors of that institution. Albert Jeuther, late carrier of letters at station E, in this city, recently convicted of robbing a registered letter, was before Judge Benedict, in the United States Circuit Court yesterday, and by counsel moved for an arrest of judgment and a new trial. Decision was reserved. Allen L Merdecal yesterday obtained a verdict in the Court of Common Pleas, before Judge Robinson, for $3,656 34 against William Wetmore and others. The suit was brought to recover commission for exchange of property. The motion for the confirmation of the report of the Rapid Transit Commissioners was to have been argued yesterday before the Supreme Court, General Term. The hearing in the case, however, after a brief discus. sou, was adjourned till next Wednesday. John Garvey, the brother of Andy J. Garvey, is having trouble as to the collection of his rents in this city, he being a non-resident Under an attachment recently granted by the Marine Court his rents are being collected and he does not consider this a square thing. Judge Donobue has come to his rescue and yesterday granted an order to show cause against the Judges of the Marine Court why a writ of certiorari should not issue against enabling a review of the proceedings in that Court
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A BROKEN BANK'S STOCK. In the suit of William A. Butler, receiver of the Manufacturers' and Builders' Bank, against John Sexton, Judge Donoluu, in Supreme Court, Chambers, has denied a motion to open a judgment by default obtained against the defendant. The action was on notes given for extra stock issued by the bank when it increased its capital. and Mr. Sex ton claims that he was induced to take the stock and give his notes for it on the repeated solicitations of the president of the bank. accompanied by assurances that the stock should be disposed of 80 as to take up the notes. Mr. Sexton, however, paid $800 on the notes to the receiver before the judgment, and $1,000 to the Sheriff after execution was issued. He claims that he did this when prostrated by sickness, without legal counsel, and in ignorance of his rights. The president of the bank denies the solicitations, and Judge Donohue denies the motion.
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M. CLANCY, jr., Comptroller R. V. HARNET, Auctioneer.-The undersigned, as Receiver of the Mannfacturers' and Builders' Bank, will sell the following-named promissory notes, judg. ments. and securities, by order of the Supreme Court, at public auction. by R. V. Harnet, auctioneer, at the Exchange Sales rooms, No. 111 Broadway, in the City of New. York, at 1 o'clock on the 3d day of February, 1877: PROMISSORY NOTES. Due. Amount Indorsers. Makers. 1875. $46291 Calhoun Wood June 30. Calhoun Wood 2,500.00 James Meagher. April 16 James Meagher 60 00 James Ryan Oct. 9.James Ryan. 60.00 James Ryan Nov. 6.James Ryan 300 00 Aug. 9.T. McLelland R. C. Haley, 1876. 100 00 Jan. 29 Jeremiah Kennedy John Riley 1875. Mar. 25 Brady's Bend Iron Co.*Brady's Bend Iron Co.6,253 99 April 27 Brady's Bend Iron Co.*Brady's Bend Iron Co.4,47342 Collaterally secured by nineteen second mortgage bonds of the Brady's Bend Iron Company, $1,000 each, principal payable Nov. 1, 1887. TUDGMENTS
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THE MANUFACTURERS AND BUILDERS' BANK. The affairs of the broken Manufacturers and Builders' Bank came incidentally before the Supreme Court yesterday, in a trial before Judge Donohue, in Part 1 of the Circuit. William A. Butler, the receiver of the bank, brought suit against John D. Phyle to recover on notes amounting to about $4,000. It appeared in testimony on the trial that the notes were made as an accommodation for a friend of Phyle (Mr. Byrnes), at the request 01 Mr. Davidson, the late president of the back. What Mr. Davidson appears to have said was that 11 Mr. Phyle would make the notes be would never hear of them again. This, it was claimed by Mr. William Strauss, counsel for defeudant. was equivalent to giving an accommodation DOLE to the bank, and the latter could not enforce payment. Judge Donosuu held, however, that Mr. Davidson's language amounted to nothing more than an expression of confidence that Mr. Byrnes, who was getting the accommodation of the notes, would take care of them. and in this way Mr. Phyle would never Lear of their again. Testimony was also giveir on the point as to whether the bank had actually paid away the proceeds of the notes, 11 being claimed for the délence that IL went to make good the account of Byrnes, already withdrawn. The Judge held the testimony to be suificient to hold the maker of the notes, and on motion of Mr. Bright, cousel for the receiver, gave judgment in his favor.