Mutual Benefit Savings Bank (New York, NY)

Episode Information

Episode UID
2849427990911
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
savings
Bank ID
284942799 hash
Start Date
November 27, 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
a42226195ee3c55b

Response Measures

None

Description

The bank enforced a 60-day withdrawal rule and then went into liquidation with a receiver; the Feb 1876 'reopening' was to present claims/pay dividends, not resumption of banking business.

Events (5)
1. November 27, 1875 Run
Cause
Local Banks
Cause Details
Nervousness from recent failures and stringency in the times producing depositors' withdrawals and anticipatory run behavior.
Measures
Resolved to enforce the 60 days' notice rule and decline new deposits; pay only pressing small claims.
Newspaper Excerpt
There was a tendency to a run ... numerous depositors had given the 60 days' notice of withdrawal.
Source
newspapers
2. November 27, 1875 Suspension
Cause
Local Banks
Cause Details
Bank suspended payments/normal business to protect securities amid depositors' withdrawals driven by wider savings-bank failures and stringency.
Newspaper Excerpt
On Saturday the Mutual Benefit Savings Bank in Tryonrow virtually suspended. ... it was resolved to enforce the rule requiring 60 days' notice of withdrawals ... and to decline to receive any more deposits for the present.
Source
newspapers
3. December 3, 1875 Receivership
Newspaper Excerpt
Isaac V. French ... has been appointed receiver ... The officers of the Mutual Benefit Savings Bank have decided to go into liquidation. The depositors will receive 65 cents on the dollar.
Source
newspapers
4. December 4, 1875 Other
Newspaper Excerpt
The officers of the Mutual Benefit Savings Bank have decided to go into liquidation. The depositors will receive 65 cents on the dollar.
Source
newspapers
5. February 1, 1876 Reopening
Newspaper Excerpt
The Mutual Benefit Savings Bank, which suspended several months ago, will be reopened to-day, at ten o'clock. All depositors who choose to present their claims will be paid a dividend of twenty-five per cent
Source
newspapers

Newspaper Articles (23)
1. November 29, 1875 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 29, 1875

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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.

2. November 29, 1875 New-York Tribune New York, NY
Article from New-York Tribune, November 29, 1875

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LOCAL MISCELLANY. THE BANK SUSPENSIONS. DONOTTION OF THE MUTUAL BENEFIT SAVINGS BANK -A DEFICIENCY CONFESSED-BUSINESS SUSPENDED-REPORT ON THE SECURITY BANKOTHER INSTITUTIONS. The suspensions among some of the smaller savings banks of this city do not apparently affect the larger and older institutions. No general "run" has taken place, although in one or two banks a number of depositors have closed their accounts. The feeling appears to be one of anxiety rather than of actual alarm. It is said on all sides that the heavier bauks are very unlikely to show any weakness, and that a panic is improbable. On Saturday the Mutual Benefit Savings Bank in Tryonrow virtually suspended. A meeting of the bank officers was held, at which it was resolved to enforce the rule requiring 60 days' notice of withdrawals by depositors, and to decline to receive any more deposits for the present. Charles K. Graham, the president, stated yesterday that the cause of the suspension was the stringency of the times, which made it impossible for the bank to make money. The recent failures had produced an uneasy feeling among depositors, and in anticipation of a run it was thought best to adopt the 60 days' rule in order to save the securities. There was & deficiency of assets, as compared with the liabilities. How much the deficiency was, Mr. Graham declined to state. It is said to be-according to the recent examination by Mr. Reed-about $22,000, besides some $12,000 of assets estimated over cost. Mr. Graham said that the bank was sound, nevertheless, and would be able to pay its depositors in full. The suspension was merely a precautionary measure. A tendency to & run had been shown last Friday, and numerous depositors had given the 60 days' notice of withdrawal. The number of depositors was about 2,800, and many of them had large accounts. The trustees in 1873 gave bonds to make up a deficiency of about $9,000. Mr. Graham did not know whether they would do the same now. He thought that to-day the banks generally would adopt the 60 days' notice rule. According to the report of the Mutual Benefit Bank, on Jan. 1, 1875, its assets and liabilities balanced at the round amount of $436,000 each. The amount of depositsnow is about $430,000. The German Up-town Savings Bank adopted the 60 days' notice rule on Friday. This bank is said by its officers to be in a perfectly sound condition. The assets are claimed to exceed the liabilities by $25,000. The bank has 5,000 depositors, of whom persons representing about $5,000 have given notice of withdrawal. D. D. T. Marshall, President of the Security Savings Bank, stated last evening(that G. W. Reed, the Examiner, had completed his examination of that bank, and made the following report:

3. November 29, 1875 New-York Tribune New York, NY
Article from New-York Tribune, November 29, 1875

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WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN.-The - Governor of Paris resolved to The prevent meetings likely to be disorderly. The case for the Prince of Wales was at Goa. defense at the trial in London of Henry Wainwright The British press and people approved began. the purchase of shares in the Suez Canal. DOMESTIC.-Honors were paid to the remains of Henry Wilson in Philadelphia, New-York, and BosJames E. English was appointed Senator ton. The for the unexpired term from Connecticut. whisky frauds libel on Secretary Bristow is flatly denied. - E. S. Tobey of Boston accepted the office of Indian Commissioner. Eleven removals Frauds were made from the Indian Bureau. were reported in the construction of the new State Contractor Capitol by the New-York experts. Bosler was shot at, and Agent Saville demanded the surrender of the guilty Indians. CITY AND SUBURBAN.-The Attorney-General authorized John E. Parsons to carry on suits against The body of members of the Brooklyn Ring. Vice-President Wilson was taken through the city with an imposing procession and other honors. The Mutual Benefit Savings Bank suspended business for the present, but there was no general run on The funeral of Wm. B. Astor took the banks. John Scannell was acquitted on the place. Col. Des Anges was senground of insanity. tenced to two years' imprisonment and to pay a fine Gold, 1143g, 11412, 11412. Gold of $10,000. value of the legal-tender dollar at the close, 87310 cents. THE WEATHER. - The Government report predicts cold and clear weather. In this city yesterday the day was cold and fair; thermometer, 33Β°, 37, 43Β°.

4. December 2, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 2, 1875

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THE SAVINGS BANKS. sOLVENCY OF THE MECHANICS AND TRADERS' SAVINGS INSTITUTION - CLEAR SURPLUS OF $50,000-OTHER BANKS. A number of the depositors of the Mechantes and Traders' Savings Institution, at No. 283 Bowery, applied for their money yesterday. The banking rooms were crowded and the payments were made slowly, and after a careful examination and comparison of the pass-books with the ledger accounts of the bank. Some of the trustees were present endeavoring to reason with the frightened depositors, and to convince them of the solvency of the institution. To & reporter of THE TRIBUNE were shown the books and accounts of the bank, with a statement of the market value of the assets. A. T. Conklin, the President, and Henry C. Fisher, the Secretary, declared that the bank was perfectly safe, and could pay dollar for dollar of liabilities without any difficulty. Mr. Conklin stated that the bank wasexamined on April 1, 1874, by theState bank examiners, who reported a surplus of $82,333 18* The bank property was appraised by appraisers em. ployed by the Bank Department, and was put down to its lowest market value. The market value of the stocks, bonds, and other securities was obtained by the examiners after consultation with leading brokers in Wall-st. The annual report, Jan. 1,1875, said Mr. Conklin, was an honest and true statement of the bank's condition. It showed a large surplus over liabilities, and was in every particular corroot. A8 to the item of suspense account, bankruptcy claim, worth $20,000," that claim was well known by the trustees to be good beyond all question, and would yield, principal and interest, at least $25,000 in a few months. The lawsuit pending in relation to it was merely to determine which of two very rich men was liable to the bank for the full amount. The total market value of the stocks and bonds owned by the bank at the present time was largely in excess of the figures reported by the bank examiners. A profit of $20,000 had been made last year on the sale of Government securities a few days before the examination, which did not appear in the figures of the examiners. This sum alone met all the charges of salaries, taxes, and incidental expenses. Salaries had been reduced $5,000 last year, and a considerable reduction made in advertising, stationery, &c. In every way, Mr. Conklin continued. the bank had economized and sought to merit the confidence of its customers and the public. After deducting this suspense account of $20,000, and making due allowance for any unexpected shrinkage, the bank had a clear surplus of at least $50,000. The trustees had decided to enforce the 60 days' rule in extreme cases, but would pay small amounts and pressing claims without delay. This action had been taken in order to protect depositors in the payment of interest due them at the end of this month. Mr. Conklin said, in conclusion that there had been a want of harmony in the Board of Direction some time ago, and the attack on the bank might have originated from that cause. The Mutual Benefit and the Security Savings Banks continued open yesterday, without transacting any business. The Security, it is understood, will resume in two or three days. A receiver for the People's Savings Bank had not arrived at the bank yesterday afternoon, but it is not doubted that an appointment was made yesterday.

5. December 2, 1875 The Sun New York, NY
Article from The Sun, December 2, 1875

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THE END OF THE FRIGHT. Yesterday in those of the Savings Banks that have Stood R Run. The run on the North River Savings Bank, at 478 Eighth avenue, and on the Franklin, at 658 Eighth avenue, ceased entirely yesterday, the depositors being apparently satisfied with the assurance in THE SUN that the banks named could pay dollar for dollar. At the Mechanics' and Traders' Savings Bank. 283 Bowery, a number of depositors assembled in the morning, seemingly anxious to get their money. There was also a line of persons who wished to deposit money. The clerks seemed more accustomed to their work than on Tuesday, and paid rapidly and promptly. Toward evening the demand for money diminished. and a number went away expressing confidence in the institution. The President, Mr. A. Ξ“. Conklin, said : ** The statement of last year does not apply to the bank now. The suspense account of $39,127 07 represented money in litigation, which h is been recovered, and is now an asset. The judgment secured by real estate. $5,178 48. is against a man who is very wealthy, and is entirely good. Our stocks and bonds were placed at the lowest m rket value, and we can get more for them now. We hold no town bonds. Our bonds are all State, city, and county. As for our real estate, we have been offered $147,619.27 for the site, but in our report we put it at only the cost. $126,646.77. We have a genuine surplus of $80,000, for, unlike some other banks. our de: 08118 have increased this year instead of decreasing." Mr. Conklin added that the bank had met with some losses during the Presidency of a former trustee, which had been fully repaired. The bank. he said, would not require any sixty days' notice. but would pay everybody that called. He had received offers from other banks to take up all his securities. He added, Although I don't like a run. I would rather have it now than pay interest in January." The trustees of the Mutual Benefit Savings Bank have been discussing whether they will put in enough money to start the bank again. They will probably resolve to do SO.

6. December 4, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 4, 1875

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SAVINGS BANKS. The trustees of the Mutual Benefit Savings Bank, in Tryon-row, after their meeting last Saturday, when they resolved to require the 60 days' notice for the withdrawal of deposits, and to receive no more deposits, communicated their action to Superintendent Ellis of the Banking Department, at the same time requesting that he would allow them one week in which to decide whether the bank should resume or go into liquidation. This was given. In the interval It is stated that vexations suits have been commenced, and after much deliberation it was concluded to be the best policy to go into liquidation. The deficiency reported by Mr. Reid, the bank examiner, amounts to $22,700 (which is about 5 per cent on the amount of deposits), about $9,000 of which is for interest due depositors since July 1, 1875. Isaac V. French, a lawyer in Willfam-st., has been appointed receiver of the People'sand Central Park Savings Banks. The total amount of their liabilities will not exceed $250,000. Mr. French will enter upon the discharge of his duties this morning. He is a young man, but is said to have had considerable experience in banking matters.

7. December 4, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 4, 1875

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FINANCIAL. NEW YORK, Dec. 3.-The suspension of the varnish house of Adolphus U. Mandel, No. 257 Pearl street, is announced. The officers of the Mutual Benefit Savings Bank have decided to go into liquidation. The depositors will receive 05 cents ou the dollar.

8. December 18, 1875 The New York Herald New York, NY
Article from The New York Herald, December 18, 1875

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MUTUAL BENEFIT SAVINGS BANK. A meeting of about eighty depositors of the Mutual Benefit Savings Bank was held yesterday afternoon at No. 291 Bowery. Dr. George Philips acted as Chair. man and J. E. Van Doran as Secretary. Mr. Van Doran read a report of the Executive Committee and showed the necessity of raising a fund to prosecute both civilly and criminally, if necessary, the bank trustees. For this purpose it was proposed that depositors should subscribe one per cent of the amounts of their several claims to secure counsel Sixty depositors, representing $60,000. had signed this agreement. The committee recommend Mr. Sharp as receiver in place of Mr. Aldrich. The committee had not received the permission of Mr. Aldrich to examine the securities in his hands, but presented the hat given by the Bank Examiner at his last examination. The result of that examination was the discovery of a deficiency of $22,000. About $15,000 have been withdrawn from the bank by depositors since this statement was prepared. The Exective Committee was empowered to demand from the Court an increase in the receiver's bonds to $250,000, and an order for the inspection of the bank accounts by an expert

9. December 25, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 25, 1875

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NEW-YORK SAVINGS BANK, 8th-ave., cor. PER CENT INTEREST paid from the 1st of each month. Assets, $3,468,278 93. Surplus, $329,088 72. C. W. BRINCKERHOFF, Sec'y. RICHARD H. BULL, Pres. PECIAL NOTICE.-The Depositors in the S MUTUAL BENEFIT SAVINGS BANK who have not presented their books to the subscriber for verification are requested to do so without delay, at the office lately occupied by the said Bank, No. 1 Centre-st., Staats Zeitung Building, it being important with reference to an early dividend. Notice to present books at any other place is unauthorized W. F. ALDRICH, Receiver. by me.

10. December 25, 1875 The New York Herald New York, NY
Article from The New York Herald, December 25, 1875

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PECIAL NOTICE.-THE DEPOSITORS IN THE S Mutual Benefit Savings Bank, who have not presented their books to the subscriber for verification are requested to do 80 without delay at the office lately occupied by the said bank No. 1 Centre street, Stasts Zeitung Building, it being important with reference to an early dividend. Notice to present books at any other place is unauthorized by me. W. F. ALDRICH. Receiver.

11. December 31, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 31, 1875

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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.

12. February 1, 1876 The New York Herald New York, NY
Article from The New York Herald, February 1, 1876

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MUTUAL BENEFIT SAVINGS BANK The Mutual Benefit Savings Bank, which suspended several months ago, will be reopened to-day, at ten o'clock. All depositors who choose to present their claims will be paid a dividend of twenty. five per cent

13. March 2, 1876 The New York Herald New York, NY
Article from The New York Herald, March 2, 1876

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MUTUAL BENEFIT SAVINGS BANK. Mr. William F. Aldrich, receiver of the Mutual Ben. efit Savings Bank, yesterday filed in the County Clerk's office his inventory of the real and personal property belonging to that institution. The following are the principal items:House and lot in Hampden street, Brooklyn; five lots in Middleton street, near Marcy avenue, Brooklyn; house and thirteen acres of land in Jamaica, L. I. lot on the Bloomingdale road, near Ninety-ninch street; piece of land in Mott Haven; lot in West Farms; two brown stone houses, with lots, Nos. 445 and 447 East Fifty-eighth street. $126,429 63 Bonds and mortgages 187,100 00 Stocks and bonds (estimated values) List of loans 33,168 10 Total $346,697 7 78 $113,128 01 Receipts Disbursements 107,467 52 Balance on hand $5,660 48

14. March 4, 1876 The Sun New York, NY
Article from The Sun, March 4, 1876

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One Broken Bank's Property. Receiver Wm. F. Aldrich of the Mutual Benefit Savings Bank, filed with the County Clerk on Wednesday an inventory showing that the-back's property owned by the bank at the time of his appointment, consisted of a house and lot in Hamden street, Brooklyn five lots 111 Middleton street, Brooklyn, a house and thirteen acres of land in Jamaica. a house and lot on the Blooming dale road, land in Mott Haven and West Farms. and the houses and lots at 445 and 147 East Filtveeighth street, in this city; $126,439 of bonds and mortgages and $187.100 of stocks and bonds, of which $20,000 are Texas pension bonds. The loans amounted Lu $33,168.10. The Rec IVer reports that since his appointment his receipts have been $113,128.01, and his disbursements $107,467.52

15. May 16, 1876 The Sun New York, NY
Article from The Sun, May 16, 1876

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Banks. Sabings FRANKLIN SAVINGS BANK, corner 42d st. av. Open daily 10 A M. to 3 P. M. and Monday and Saturday evenings from 6 to 8 o'clock. Interest begins the first of every month. JAB E. SMITH, Sec. JAS. F. CHAMBERLAIN, Pres. IXPENNY HAVINGS BANK. Broadway and S Astor place. Established 1853. Bank open daily from 10 A. M. to 8 P. M. Five cents to $5,000 received. Dibidends. D IVIDEND NOTICE. - A dividend of 25 percent. will be paid to the depositors of the Mutual Beneft Savings Bank, on demand, at the office of the Receiver. 1 Centre al., Stasts Zeitung Building. MAY 16, 1876. W. F. ALDRICH, Receiver.

16. August 13, 1876 The Sun New York, NY
Article from The Sun, August 13, 1876

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oraon for the Family-strangers under the Tall Tower. They were on a Fulton ferry boat, father. mother. and daughter - he in shirt sleeves, white trousers. and prunella gaiters, about seventy years of age; the mother in black bombazine, no bustle, and very warm; the daughter pale, sallow, and chewing gum. What's that, pa?' "That, oh, that's what they call a yach." "What's them towers for? "Them's for the suspension bridge. It's to be made of iron. They kin hoist It up when tallmasted vessels go under. The bridge will be 1,500 feet long, about half as long as they are at Niagara." The party rode up in a Fifth avenue stage, the slowest known mode of locomotion, thereby having ample time to observe the sights. That," said the sun-burned pa and guide, as he pointed at St. Paul's Chur that is a celebrated Baptist church. where Nickfield preached. All them tombstones was raised for British soldiers. They buried 'em just where they fell, and the British Government put up the stones afterward. The architect died and the plan was lost. 80 it's doubtful if any of the stones are properly placed. And this, said be. continuing, "is Astor's fur house. You can see the dags flying on the store. What's this. pa?" She referred to the Post Office. don't know whether that's the Museum or the Hippodrome. I rather guess its the Hippodrome. Yes, I know it is. You see the Italian musician at the door. That's him with the muste crank. This is where Moody and Sankey had their meetings. and that little shed in the rear is where they baptized the converted souls. Isupposethis Central Park isn't it. papa?' They were then passing the City Hall. Yes, dear. Yes, that's the Central Park. It's right in the middle of the city. The steeple is supposed to be directly over the heart of the town. They always pull up the flags when the Mayor goes out of town or if any of the Aldermen ate. don't know why three sides of the City Hall are marbie and one side free stone. Do you know. sir Stranger I believe it was because the rear of the building was 90 trup-town. they thought noonewould ever care to goround The handsome building just above it is one of our treasures. Its the new County Court House. We call it the house that Bill built. Bill who? Bill built-that is. William erected it.' Oh. Thank you. Daughter, that dirty old house is the house that Bill built. It doesn't look as though it had come to stay. Oh, there! look. mother: there's where Stewart made his fortune. Yes, that's his store. There's where he sold his store clothes." Is his store closed No. no. BAY that's where he sold his store clothes. But it was closed when he died.' "Is he then dead?' Very dead. Then they left the stage and walked down Chambers street and up Centre. That's one of the glories of the country my dear,' said the old man he slung his coatov er his other arm. and pointed at the vacant office of the Mutual Benefit Savings Bank. Isit. pa Yes. That is it was before it closed up. I don't know how it happened. but the money went out fasterthan it went in. Sothey appointed receiver. Butit open in the basement." Yes. They sell beer there. The basements are generally open when the banks are shut up. On, pa, what a tall tower. what a very tall tower. What is it?" That's it. What's it? You said it. What is it. That's just what it 1s. That's the celebrated highest tower in New York. Go up into it any day. and see a Reid shaken by the wind. That's the great temperance organ. That's the great-hello! Why see here mother let's go into dear Horace's saloon and take a bite. They enter. Zwei lager, two brandy smashes, one stein. one plate tomato soup, three lagers. and one pony brandy, were the salutations as the rural party stepped foot over the threshold. Waiter-Take seats blease. What shall I get, three lagers? All right. Papa-Three what? No. sir. Bring three pieces of pie and a cup of tea. Stranger- day, sir. You're a stranger I see. Come down stairs and see the pictures. Let the ladies remain. They go down. Presently the old man rushes back. His evel wild. his DATE dishevelled. his umbrella firmly classed. Come out of this place. Mother, daughter. come. Where are we? Where am And out they flv. followed by the watter's cheery cry. Zwei lager and a sgooner of Rhine wine. quig!"

17. December 21, 1876 The New York Herald New York, NY
Article from The New York Herald, December 21, 1876

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MUTUAL BENEFIT SAVINGS BANK. There will be no dividend paid by the Receiver of the Mutual Benefit Savings Bank this month, although it was generally expected by the depositors that such would be the case. The Receiver, Mr. Aldrich, is the old cashier of the bank, and one of the clerks sit by the side of the bank ledgers all day in a back room of No. 73 Broadway. The salaries of the bank employΓ©s are tous continued in winding up its affairs. The bank has now been closed one year.

18. April 28, 1877 The New York Herald New York, NY
Article from The New York Herald, April 28, 1877

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BOTTOMLESS MONEY BOXES. LOST PLEIADS OF OUR SAVINGS BANK SYSTEMNEW MATTERS FOR THE ELLIS INVESTIGATING COMMITTEE-HOW TO PREVENT FRAUDS. It is claimed by many influential merchants and others who have been interviewed on the subject that the present investigation of the official course pursued by Superintendent Ellis will clearly show that his neglect of duty has caused much of the suffering resulting from recent failures of savings banks. It is also contended that, in addition to the banking institu. tions named in Governor Robinson's late message to the investigating committee, there are other corporations whose cases have not been cited. but which furnish new prima facie evidence against the Bank Superintendent. Among these may be cited the Loaners' Bank of New York. About November, 1875, the Bank Superintendent was asked for a report upon the condition of this establishment, but it appeared that, the bank never having been examined, Mr. Eltis could furnish no information about its status. At the same time a lawyer wrote to the Superintendent asking to have the Loaners' Bank examined, but no examination took place, and the institution failed in May, 1876. A gentleman acquainted with its affairs says:"Its operations were worse than those of a low class pawnshop." The community lost $500,000 by the failure, much 01 which, it is claimed, might have been saved had the Banking Department held the corporation to strict account when required to do so. ANOTHER STARTLING CASE. In relation to the New York State Loan and Trust Company responsible parties state that about March, 1875, Mr. Ell's was officially informed by Mr. George W. Reid, examiner, and Mr. William T. Aidrich and others, that the capital stock had suffered an impairment equal to at least twenty per cent. It was the Bank Superintendent's duty to have caused this deneit to be made good, or to have closed the doors of the company under instructions from the Attorney General. No steps were taken by Mr. Exis and the concern was allowed to remain in the hands of the same parties until January 29, 1876, when the impairment of the capital amounted 10 about ninety per cent, and the trustees voluntarily relinquished the remaining ten conts on the dollar to a receiver. The loss 10 the public was about nine hundred thousand dollars. The wretched condition of this company was known to all persons familiar with us general operations at the time. By the statute of 1874 the superintendence of trust companies chartered by the State was placed under the charge of Mr. Ellis, and the condition of this concern was or should have been well known to him. A FRIGHTFUL LIST OF LOSSES. In conversation with Mr. John Mack, of No. 365 Fifth avenue, that gentleman gave the following estimates of the losses suffered by depositors 10 the suspended savings banks, and says that he believes the greater part of the immense sums which are given below migot have been saved if Bank Superintendent Eths bad properly discharged his important duties:$150,000 Abingdon Square Bank 1,730,000 Bona Street Savings Bank 500,000 German Savings Bank, Morrisanta 2,000,000 Mechanics and Traders' Savings Bank 450,000 Mutual Benefit Savings Bank 750,000 New Amsterdam Savings Bank 200,000 People's Savings Bank 400,000 Security Savings Bank 1,440,000 Third Avenue Savings Bank. 120,000 Traders' Savings Bank 1,000,000 Bank of Lainsburg 1,000,000 New York State Loan and Trust Company Loaner's Rauk 500,000 500,000 Security Bank Manufacturers and Builders' Bank. 460,000 Total $11,200,000 HOW TO PREVENT FRAUDS

19. December 26, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 26, 1877

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CRY FROM A LOSER BY A BROKEN BANK. To the Editor of The Tribune: SIR: I am a bookkeeper, and out of my seanty salary managed, with close economy, to save a couple of hundred dollars, which I from time to time deposited in the Mutual Benefit Savings Bank, it being recommended to me as being a safe though not a very large concern, and being convenient to my place of business. This bank is now in the hands of a receiver, who has paid two dividends thus far, amounting to 50 per cent. the last one being paid in May, 1876. The bank suspended payment in November, 1875. Now, do you not think that, if the receiver was to try really hard, be might pay the depositors another dividend, even though it should be a small one, at or soon after the beginning of the new year! I understand he has funds enough on hand at present to pay a dividend of 10 or 15 per cent, but wishes to realize on securities and real estate which are among the assets of the bank. so as to be able to pay a larger and final dividend to the depositors. I, in common with many others just now, am in actual need of every dollar I can obtain. Can you not nsk Mr. Aldrich, the receiver, to hurry up with a dividend? New-York, Dec. 15, 1877. A SAVINGS BANK VICTIM.

20. March 5, 1878 The New York Herald New York, NY
Article from The New York Herald, March 5, 1878

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WANTED, A DIVIDEND. To THE EDITOR OF THE HERALD:It is now nearly two years since the Mutual Benefit Savings Bank paid a dividend of twenty-five per cent. At that time they said they would pay an additional twenty.five per cent dividend in five or six months. Alter that period had elapsed without redeeming their promise they said they would pay ten per cent at some indefinite date. Now I have been informed that some time last January W. F. Aldrich, the re ceiver, was ordered by the Court to pay a dividend of eight per cent. Can you inform me if such an order was given or if there 18 any likelibood that the depositors will receive any more of their hard earned savings? Each time 1 called for information I have been received by an old official of the bank, whom I suppose, as well as the receiver, must be paid, while the depositors may starve for aughs anybody cares "That's the wav the A DISGUSTED DEPOSITOR. money goes."

21. March 3, 1879 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, March 3, 1879

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GOTHAM GLEANINGS News, Notes and Dashes in and About the Metropolis. National Associated Press to the Star. BAYARD TAYLOR'S DIRGE. NEW YORK, March 3.-Nearly five hundred Germans, members of twenty-three German singing societies. who are to sing at the funeral of Bayard Taylor, met last vening and rehearsed the parts of the Mirge. It is anticipated that the chorus will number a thousand singers at the funeral, and that every German society in the city will be represented. The singers meet again next Sunday for a final rehearsal. MR. FULTON ARRAIGNS THE BAPTISTS. Rev. Fulton yesterday arraigned the Baptist clergy for a lack of bravery in the pulpit. MBS. DYSON'S RETURN. Mrs. Dyson, on whose evidence Peace was hanged at Leeds, England, last Tuesday, came home yesterday. BANK BOOKS MISSING. The Mutual Benefit Savings Bank of this city closed its doors November 27th, 1875. At the time of its suspension it had four thousand depositors, to whom it owed about $450,000. Bad management and a shrinkage in values caused its failure. Now it is discovered that the books strangely disappeared after the death of the receiver (Aldrich). It is the opinion of the depositors that some of the officers and some of the trustees of the suspended bank are implicated in the fraud. Gen. Charles Graham was President of the bank when it passed into the hands of the receiver. KNOW HOW IT IS THEMSELVES. A considerable number of minstrel men have been joining temperance societies lately, and some of the noted ones are now announced as lecturers in the ranks. The other day Cool Burgess joined the Croton water army, and told of his experience, and yesterday James Sutherland, widely known as Senator Bob Hart, the burlesque temperance orator of minstrel shows, joined the ranks of the converted. He knew how it was himself, and said he had been won to the Temperance Union while attending a meeting three weeks ago. More to be heard from. THE INSURANCE MUDDLE. The Sun says since the management of our insurance affairs was wrested from the Comptroller's Department in 1860, to gratify the greed of unscrupulous partisans, the consequences have been disgraceful and disastrous. Policy holders have been swindled out of millions of money. The law creating the Insurance Department ought to be repealed, and its business restored to the Comptroller's office.

22. March 4, 1879 The Sun New York, NY
Article from The Sun, March 4, 1879

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POSITORS THREATENING. EIVER BRADLEY ANSWERS THEIR CHARGES OF WRONGDOING. drice In Relation to the Books of the Broken Mutual Benefit Savings Bank-A Casaap may no 009'198 JΒΊ wee nce, in the general crash in the fall of . the Mutual Benefit Savings Bank. whose 0 of business was in the Staats Zeitung ding. closed its doors. there has been much atisfaction among the depositors, of whom e were 4.000. and to whom it owed nearly .000. The friends of the bank say that the ire of the Third Avenue, and other savings ks. bred a want of confidence that had more , with its failure than any other eause, exshrinkage of values. There have always I some depositors who have laid the blame e institution's officers. I the 28th of November last William F. A1h was appointed receiver. some depositors esting vigorously against the appointment. Aldrich entered upon the receivership. and 1 dividends amounting in all to fifty-eight si on the dollar. After two years Mr. A1h died. and concerning his successor, and sequent important discoveries. Mr. FredeHollander the proprietor of the beer cellar 10 Staats Zeitung building. yesterday spoke bllows: After Mr. Aldrich's death, and after waiting e what would by done. I applied to Judge ohite for the appointment of A receiver. n I learned for the first time that Mr. D. en Bradley had been appointed. I thought SUM mispuoq SH 1.000 1: su nard W. Jerome. who WAS also Mr. Aid's bondsman. Not long afterward I detered to look into the nf fir of n certain morte that I suspected. and taking with me Mr. ries E. Wendt. who has charge of theaffairs TO Teutonia Savings Bank, and who is an ert. I asked Mr. Bradley whether an order he Court was necessary in order that we ht examine the books, He said, Certainly and put the books at our disal. Then we found that three imporbooks were missing. the general er. the minute book of the Board of stees. and A stub check book. the latter ortant ns covering the time at which the trage Was taken. The receiver pointed to a ken glass in the door of a store room oppo. where the books were kept, and said that e one must have stolen them from there. I w from H clerk who WAS in the employ of bank that the general ledger and the other ks were there. He will make affidavit that handled them three or four months after Aidrich was appointed receiver. No. I not tell you his name. We are going to get -1180A01 uwo OM Π΄Π΅Ρ„Π΅Ρ†ΠΌ 008 puw CHAMPING - this thing. We believe that there is a fraud somewhere. We thought so before we ned that the books had been stolen. Somey had an interest in getting these books out WAUM at ecoiver D. Ogden Bradley, who represents Second District of Westchester in the Asbly. said: I have been in politics for twenty years. and JeAnu I inq pawy AURUI poor u puq o annoyed more than by this imputation cerning the missing books. Now let me . you the whole story. Mr. Aldrich died on 15th of December. after an illness of six am peovid ou III othersed by 494M sq irs of the bank in the hands of Mr. George Reid. who had been Bank Examiner under Bank Superintendent. Mr. Reid was in rize when Mr. Aldrich died. and has virly been in charge since. He carries keys and has control of all the books. ry book that was in the bank at thetime of

23. December 21, 1880 New-York Tribune New York, NY
Article from New-York Tribune, December 21, 1880

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THE LAST OF A SAVINGS BANK. In the office of David O. Bradley, at No. 71 Broadway, bangs a small unframed portrait of Admiral Farragut. Near this portrait are stored a few old bank ledgers. This picture and these books are all that remain of the assets of the Mutual Benefit Savings Bank, formerly in The Staats Zeitung building, for which a ceiver was appointed December 3. 1875. This bank then had liabilities amounting to $440,000, which was about $23,000 in excess of its estimated assets. W. J. Aldrich was the first receiver appointed. He died, however, before the aftairs of the bank were settled, and Mr. Bradley was chosen as his successor November 21, 1878. Mr. Bradley's work has now been practically completed, and a final dividend is being paid to the depositors. Mr. Bradley said yesterday to a TRIBUNE reporter: I think that the affairs of the bank have been settled as satisfactorily as could have been expected. The assets of the bank were greatly overestimated. In Mr. Aldrich's receivership three dividends were paid, two of 25 and one of 8 per cent. I am now paying a final dividend of 6% per cent." " Has there been much litigation in settling up I" " No. Neither Mr. Aldrich nor I has indulged in this any more than was absolutely necessary. I think $25,000 would cover the expense of settling up. Mr. Aldrien's fees were, I think, between $16,000 and $17,000; my fees will certainly not be more than $2,000. There is between $3,000 and $4,000 yet in my hands belonging to depositors which has not been called for. One of the depositors, in particular, an old Catholic priest, I have taken great pains in trying to find. He has about $200 to his credit, but I have never been able to get any trace of him."