gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f6f6e445cb741e35
Response Measures
None
Description
Secretary Conklin (or Conkling/Conklin in OCR) was a large defaulter; bank placed in receivership and never resumed normal operations.
Events (4)
1.January 20, 1872Receivership
Newspaper Excerpt
Judge Barnard appointed Mr. James Dennis ... as receiver, and at ten o'clock this morning Mr. Dennis took charge of all the effects of the bank.
Source
newspapers
2.January 20, 1872Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed and receiver appointed after discovery of large deficits and investments/indebtedness (secretary's misappropriation and inability of correspondent to pay $119,000).
Newspaper Excerpt
The Market Savings bank closed this morning and its receiver was appointed.
Source
newspapers
3.January 22, 1872Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors reacted to revelations of mismanagement/defalcation by the secretary and reports of large deficits and bad investments.
Measures
No measures reported beyond appointment of a receiver and examination of books.
Newspaper Excerpt
There is a large crowd in Nassau street, composed of depositors in the Market Savings Bank. Cries of Swindlers, Robbers, Highwaymen, are frequent.
Source
newspapers
4.March 4, 1873Other
Newspaper Excerpt
Francis W. Worth, assignee of the Market Savings Bank, has called a third general meeting of the depositors ... for the purpose of declaring such a dividend ... on March 4, at 3 p. m.
Source
newspapers
Newspaper Articles (24)
1.January 20, 1872Alexandria GazetteAlexandria, VA
Click image to open full size in new tab
Article Text
From New York. NEW YORK. Jan. 20. --The Market Savings bank closed this morning and it receiver was appointed. Erie Stockholders, representing a sum of about thirty millions, have issued a petition to the Legislature remonstrating against the present management of the road and asking the re peal of the classification bill. At a meeting of the Workingmen's Union last evening it was stated that several unions had recently withdrawn on the ground that the organization was a political one. Some twentyone unions. however, are represented. The Retrenchment Committee met this morning at the hotel. An agent of a steamship line testified that it has been the custour for a great many years to give the Custom House officer a gratuity of 810 or $20 after the steamship has left. but never as a bribe. Normon Stratton states that he succeeded Von Cleft as civil engineer at the Navy Yard. and he (Stratton) is not a lawyer as Von Cleft stated: but graduated as a civil engineer of Reusellear Institute. J.C. Watson. a Custom House storekeeper. stated that there is no arrangement between Leet & Co. and the inspeetors to harry goods as has been testified.
2.January 21, 1872The New York HeraldNew York, NY
Click image to open full size in new tab
Article Text
Barnard to appoint a receiver for the Market Savings Bank, and Judge Barnard appointed Mr. James Dennis, also a trustee, as receiver, and at ten o'clock this morning Mr. Dennis took charge of all the effects of the bank.
The immediate cause of the failure of the Market Savings Bank was the inability of a Wall street house to pay the sum of $119,000, which they hold as trust funds of the bank.
ReUection on Our State. NEW YORK, January 21.-The Herald says the Market Savings bank suspended in consequence of the secretary investing one hundred and ,twenty thousand dollars in Tennessee bonds.
4.January 22, 1872Evening StarWashington, DC
Click image to open full size in new tab
Article Text
The Run on the New York Savings Banks. NEW YORK, Jan. 22.-There is a large crow4 in Nassau street, composed of depositors in the Market Savings Bank. Cries of "Swindlers," "Robbers," "Highwaymen," are frequent, but no overt acts are committed. Excitement is visible on all countenances. No one is admitted to the bank but the receiver and officers of the broken institution. The general impression is that the statement will show unparalleled knavery. The retrenchment committee have decided to stay here another week. The run on the Third-avenue Savings Bank ceased to-day. A depositor to-day petitioned that the Bowling Green Savings Bank be declared bankrupt.
NEW YORK. The Committee of Seventy NEW YORK, January 20.-The com mittee of Seventy at a protracted session last night, finally adopted a draft of a new charter for this city, as prepared by the sub-committee on legislation, and authorized that sub-committee to present the same to the Legislature and urge its adoption by that body. The new charter differs from the one originally drawn in the following respects: It provides for a single ballot for the Board of Aldermen, without abandoning the plan of proportionate representation; provides for the daily publication of city matters in the city record; omits from the organization the Department of Docks; adds street cleaning to the duties of the Department of Public Works; includes a plan for Police, Health, Fire and Building Departments under one branch of the Department of Public Safety; gives the subordinate appointments to the Heads of Departments on the nomination of the Chiefs of the Bureaus; makes the Commissioners appointed by the Mayor Chairmen of the several Departments; extends the duties of the Department of Finance, and reduces the number of Commissioners of Education. The document is now complete and will be sent to Albany in a few days. Insane. Last night Lawrence Oliver, convicted in the Court of General Sessions for killing John O'Brien, and sentenced to be hanged, was taken to the State lunatic asylum, at Auburn, by a deputy sheriff, Governor Hoffman having, on report of a medical commission, decided him to be insane. The Grand Jury of the Court of Oyer and Terminer will probably bedischarged to-day. The General Session jury, being relieved of this bar to their action, will then resume their work of investigation into municipal frauds. Another Bank Failure. The Market Savings Bank, 82 Nassau street, wound up business this morning by closing its doors to its depositors. The rumor yesterday that one of its officers had dabbled in stocks and lost, caused some excitement among depositors, and many drew out their deposits. This morning the crowd increased, but no doubt at the usual hour of opening there was an intention of doing 80 on the part of officials. A notice was hung up on the outside with the words "Bank closed, a receiver being appointed," written on it. The crowd was much excited at the suddenness of the crash. Examiners are now busy on the books, and a short time must elapse before the true state of its finances can be known. The deficiency is said to be over $100,000.
NEW YORK ITEMS. NEW YORK, January 20. Erie stockholders, representing thirty millions, protest to the Legislature against the present management. Several Unions have withdrawn from the Workingmen's Union, on the ground that the organization is political. The Market Savings Bank has been closed. A receiver has been appointed. The German Reform Central Committee have adopted a resolution denouncing the city bills recently Introduced at Albany.
7.January 22, 1872The Daily DispatchRichmond, VA
Click image to open full size in new tab
Article Text
New York Items. NEW YORK, January 20.-The investignting committee continues its sessions here next week. Erie stockholders, representing $30,000,000, protest to the Legislature against the present management of that road. Several unions have withdrawn from the Workingmen's Union on the ground that the organization is political. The Market Savings Bank is closed, and a receiver has been appointed. City Chamberlain Palmer says there is $500,000 belonging to the city on deposit in the Broadway Bank that the Comptroller is at liberty to draw upon. This will pay the police their back wages. The principals of some of the public schools to-day made a request for the vaccination of the children under their charge. There were twenty-five deaths from smallpox during the week. Ten new cases were reported yesterday. Minister and Madame Catacazy departed for Europe to-day. Catacazy has high hopes for the American people notwithstanding their present bad and corrupt Government. The deficit in the Market Savings Bank, which closed this morning, amounts to $100,000. The excitement around the suspended Market Savings Bank this afternoon was very great. A crowd of indignant depositors blocked up the streets and indulged in vigorous threats against the officials. John Russell, a messenger of the Metropolitan Bank, was robbed to-day of $23,000 in gold certificates and a quantity of notes and bonds, No arrests havens yet been made.
Private cables from London state that over six millions of Northern Pacific 7-30 bonds were sold during the first five days after the introduction of the loan. Miscellaneous-A large crowd of indignant depositors were around the Market Savings bank, on Naseau street, but no violence is yet committed. It is stated that the bank exhibit will present eviIt is rumored dence of great kn&very that the Manhattan Savings institution has suspended. LONDON. LONDON, January 22. - The money market at the close was as follows: 931 Consols, money 921/2 U. S. 5-20s 1865 U.S. 5-20s 1867 Consols, account 925/8 9384 U. 3.5-20s 1862 U.S. 10-40s 929239 PARIS, PARIS, January 23.-Rentes, 56f. 45c FRANKFORT. FRANKF RT, January 22. - United States securities-five-twenties of 1862, 961/2.
NEW YORK CITY. I NEW YORK, January 22.-A large crowd of indignant depositors surround the Market Savings Bank on Nassau t street, but no violence has yet been committed. It is stated that the bank exLibit will present evidences of great knavery. Wm. Waix has been sentenced to 1 twenty years imprisonment for rape on a little girl. The Custom House Committee have decided to remain here another week. Tweed's constituents request him to either go to the Senate or resign. It is stated that Tweed only wants to buy two g more members of the Legislature to secure him from expulsion, and that he is waiting 3 to obtain them. The police of this city propose a testimonial to the memory of Fisk. It is rumored that the Manhattan Savings Institution has suspended. The Investigation Committee will leave for New Orleans on Wednesday. The National Labor party expect there will be about 2,200 delegates to the Columbus Convention. ) Representative McKinney, of Ohio, has ) been sick for two weeks. 3 The Ways and Means Committee will soon report on the Syndicate. King's distillery at Williamsburg was damaged $15,000 by fire yesterday. Insured. Rev. Dr. J. D. Bradley delivered a sermon yesterday in the Forty-third Street Church, Episcopal, announcing his seces. sion and his adoption of the Catholic religion. He was educated at Oxford University, England. John Gloss was assaulted and stabbed and cut in seventeen places last night by James Costello for abusing the latter in a vituperative manner. Gloss presented a shocking spectacle when taken to the station, being covered with blood. His face and head were hacked lawfully. The assault was made with a large carving knife which Costello was using in his restaurant, where Gloss had just ordered supper. Gloss will die. The grand jury have had a number of prominent bank officials before them to testify relative to the balance accounts of the officials. A teacher in school No. 25 was committed for trial this morning for rape on two littie girls. Mayor Hall to-day suggested to the Boards of Aldermen the appointment of a committee to draft and propose such amendments to the charter as they may suggest themselves, to be submitted to the Legislature in connection with the proposed new charter. The rumored failure of the Manhattan Savings Bank is untrue.
10.January 23, 1872The Daily DispatchRichmond, VA
Click image to open full size in new tab
Article Text
New York Items. NEW YORK, January 22.-Rev. Dr. J. D. Bradley has renounced the Episcopal for the Catholic Church. Three persons-two nich and one woman-are reported killed this morning. Mr. Leet, before the investigation committee, exonerated Generals Porter and Babcock from sharing the profits of the "geneaal order" business. A man recently convicted of rape has been sentenced to twenty years' imprisonment. A large crowd was assembled around the Market Savings Bank to-day. Cries of "swindlers, robbers," &c., were indulged in, but no overt act was committed. The general impression is that the statement willshow unparalleled knavery. A rumor which prevails that the Manhattan Savings Bank has suspended is untrue.
11.January 23, 1872New Orleans RepublicanNew Orleans, LA
Click image to open full size in new tab
Article Text
NEW YORK. Retrenchment Committee Investigationsa of Raper-Twenty Conviction Years' Imprisonment-Indignant Savings Bank Depositors-Arrivals. NEW YORK, January 22.Mr. Leit, before the retrenchment investigating committee, exonerates Generals Porter and Babcock from sharing the profits of the general order of business. A raper, recently convicted, has been sentenced to twenty years' imprisonment. A large crowd around the Market Savings' Bank to-day, greeted that institution with cries of "Swindlers, robbers," etc., but no overt act was committed. The general impression is, the statement will show unparalleled knavery. Rumors prevail that the Manhattan Savings Bank has suspended, but are untrue. The retrenchment committee will remain another week. Arrived out-Steamships Idaho, Queen and Silesia. Monev easy at 6@7 on call loans. Sterling exchange heavy but lower. Gold 109 @ 109 1/s. Loans were made at from 3 to 6 P cent for carrying. State bonds quiet; Tennesses, old, 67, new 67; Virginias, old. 49, new 50: Louisianas, old, 52, new 50; levee sixes 60, eights 70; Alabama eights 90, fives 60; Georgia sixes 70, sevens 84; North Carolinas, old, 35, new 16: South Carolinas 50, new 27. Evening.-Governments steady all day; at the close, sixes of 1881 were off 1/8, and live-twenties of 1864 and 1865 were up 1/8 as compared with Saturday's prices. Closed very strong; 1881s 115%; 1862 1101/4: 1864 1101/2; 1865 1115% new 111: 1867 1121/2; 1868 1121/2; ten-forties 110 %.
12.January 25, 1872Evening StarWashington, DC
Click image to open full size in new tab
Article Text
ANOTHER STUPENDOUS FRAUD has been unearthed in New York, it being asserted that Secretary Conklin, of the Market Savings Bank, is a defaulter to the extent of $400,000. A warant of attachment against his property has 1 een issued by the receiver of the bank. Conklin admits having appropriated to his own use $125,000 belonging to the bank.
13.January 25, 1872The Athens PostAthens, TN
Click image to open full size in new tab
Article Text
Athens Post. Athens, Thursday, 25, 1872. Savings Banks. From the general smashing among the Savings Banks Northand West, it is not likely people will hereafter cultivate much confidence in such institutions. The latest case is the Market Savings Bank, New York, which suspended last Saturday, with a reported deficit of one hundred thousand dollars.
14.January 25, 1872Alexandria GazetteAlexandria, VA
Click image to open full size in new tab
Article Text
It is reported that another stupendous fraud has been unearthed in New York, it being asserted that Secretary Conklin, of the Market Savings Bank, is a defaulter to the extent of $400,000. A warrant of attachment against his property has been issued by the receiver of the bank. Conklin admits having appropriated to his own use $125,000, belonging to the bank.
15.January 27, 1872Evening StarWashington, DC
Click image to open full size in new tab
Article Text
Half a Million Missing. NEW YORK, Jan. 26.-The statement of the receiver of the Market Savings Bank shows liabilities of $960,000, with only assets of 8572,000. Heiser & Sous acknowledge an indebtedness of $120,000. Conkling, the absconding secretary, is denounced as a scoundrel. Bonds were found in the safe altered largely by Conkling. Evidentiy the bank has been run very loosely, it not criminally.
It is stated that another stupendous fraud has been unearthed in New York, it being asserted that Secretary Conklin, of the Market Savings Bank, is a defaulter to the extent of $400,000. A warrant of attachment against his property has been issued by the receiver of the bank. Conklin ad mits having appropriated to his own use $125,000 belonging to the bank.
17.January 28, 1872New Orleans RepublicanNew Orleans, LA
Click image to open full size in new tab
Article Text
Widows and Orphans' Funds. NEW YORK, January 21.-Conklin, the secretary of the Market Savings Bank, is reported to have disappeared, on account of his dread of arrest for his mismanagement and ruin of the bank. He was a prominent member of the Young Men's Christian Union, and heretofore stood very high. The bank's affairs look worse and worse. It is feared that it will not pay over twentyfive cents on the dollar. It has been regarded as one of the safest concerns for savings in the city, and had a large amount of widows and orphans' funds. Its suspension has greatly shaken confidence in all the savings banks here, and it is believed that runs will be made on many more and that suspensions must take place. There is much danger of a panic among the savings depositors.
18.January 31, 1872The New York HeraldNew York, NY
Click image to open full size in new tab
Article Text
mismanagement of institutions like the Market and the Bowling Green savings banks. We believe that the spirit of anxiety would have exhausted itself but for the shameful and criminal mismanagement shown in these cases. This leads us to the conviction that something is radically wrong in the whole system. When savings banks can be swindled without any check upon them, when a crowd of depositors can suddenly wake up and find that a dishonest secretary has walked off with the funds, when a panic in the newspapers can assemble crowds of men, women and children in the highways through the watches of a long, cold, dreary winter nightthere must be a radical unsoundness. We see no remedy for it but in a national savings bank system. Depositors must be secured against the contingency of failure, just as we secure the depositors in national banks. We cannot expect a deposit of bonds in the Treasury for that purpose, as such an expedient would render the business impossible. But the poor man's deposits should be protected by the government and turned into the Treasury. Every Post Office might become a savings bank, just as it now is a medium of money exchange, and money deposited in New York might be available all over the country. This would be an advantage to the Treasury, an assurance of safety to the people, and an encouragement to thrift and industry. Let Congress put an end to this period of distrust by taking the whole question in hand and giving us a wholesome and practical law. While this will give security to the people and stimulate habits of thrift and industry so necessary to the happiness of our poorer classes, there are political considerations involved. We are among those who consider that a national debt has many of the elements of a national blessing. It makes a conservative class. If there had been a thousand millions of bonds held in the North and South we should have had no civil war. A man is not apt to rebel against a treasury that holds his money and cashes his coupons. An influence like this would be the effect of a national savings bank. Let every poor man who deposits his earnings with a postmaster feel that the gover nment is his debtor or his agent in trust for a certain sum, and he is not disposed to quarrel with that government, to take up arms against it, or to show it anything but good citizenship and due respect for the laws. A government whose bonds are held by the rich, and in whose treasury vaults are the deposits of the poor, may count upon the undivided allegiance of both rich and poor. The country will welcome any legislation that looks to this end, and the friends of General Grant's administration could do nothing so well calculated to attach the lowly to its fortunes as to pass a law that will protect the poor man's deposit in savings banks just as surely as it protects the holder of the national bank notes.
19.April 10, 1872Alexandria GazetteAlexandria, VA
Click image to open full size in new tab
Article Text
From New York. New YORK, April 10.-The World says. that ou Friday last a private meeting was held in this city, of young men of the republican party who are opposed to the re-nomination of President Grant that a complete central organization was formed and clubs in some fourteen or fifteen wards established at that time. It is expected that thirty clubs will be thoroughly organized shortly. They do not express their preference for any one person as a candidate for the Presidency. The World also says many of the leading republicans here, among others Marshal O Roberts and A. T. Stewart, are reported to have expressed their intention of attending the Cincinnati Convention. Henry R. Conklin, the fugitive Secretary of the collapsed Market Saving's Bank, was indieted Tuesday for forgery, in that he had used fictitious names for the purpose of abstracting the funds of the bank. Other indictments are to be found against him. There is an unfounded rumor of the indictment of Mr. Van Naine, President of the bank. An officer yesterday went to Washington to procure a demand for the extradition of Conklin from the Canadians to bring him back from Montreal. Conklin's friends say that startling revelations of the frauds may be expected on the trial. A parent has sued the health department for $10.000 damages, for the forced vaccination of his child, charging first, assault upon the child and second the introduction of scrofula into its system. The result of the election in Jersey city yesterday was the choice of 0 Neill, democrat, for Mayor, seven republican Aldermen, and eight republicans to the Board of Education, which give majorities to both those boards, and a republican unajority in the Board of Freeholders. The Japanese Embassy visited Newark yesterday. They return to Washington to-day. The report of the Judiciary Committee of the Bar Association which has been pressing the investigation into the conduct of Judges Barnard and Cardoza say, although no direct pecuniary bribes are expected to be found, still they had traced presents received from successful litigants and political favorites. The pow er to issue injunctions, appoint referees and receivers and make allowances the committee states, has enriched the favorites regardless of damage to other parties. They instance the case of James Fisk against the Union Pacific Railroad which caused a loss of five million dollars to the company, Judge Barnard boasting of the terror the order created. Another was the Black Friday case, wherein Barnard compelled the Bank of New York, then insolvent, to pay all its assets, amounting to $400.000, to the brokers of Fisk, Gould & Co., and $15,000 to the receiver of his own appointment, leaving other creditors without a cent. The justification for this action is that the plaintiffs and bank officers consented to it; but the bank officers say consent was wrung from them and the bank suffered a loss of between $200,000 and $300,000 within forty days. The suit of the English stockholders of Erie against Fisk and Gould, in which John H. Coleman was appointed receiver is another case. Within one hour after this the suit was discontinued. One Robinson, keeper of the Erie Company's cattle yards in Jersy was appointed a receiver in return for a loan of $3,000 which he gave to Judge Barnard in a check of Jay Gould and which Barnard gave to Coleman for some land speculation. Judge Barnard also appointed a manager for a railroad eight hundred miles long, running throuh three Western states, and the result was the loss of $2.000,000, from which the road has never recovered.
20.January 31, 1873New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
The arrest of William Van Name, President of the Market Savings Bank, which failed a year ago, on charges of fraud, will direct attention to all the banks which suspended at the same time. The usual explanation of this failure is furnished; the officers speculated in Wall-st.
21.February 22, 1873New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
SAVINGS BANK DIVIDENDS. Francis W. Worth, assignee of the Market Savings Bank, has called a third general meeting of the depositors at the office of the Register in Bankruptcy, No. 7 Beekman-st., on March 4, at 3 p. m., for the purpose of declaring such a dividend as the funds in hand will warrant, which will certainly be 8 and perhaps 10 per cent. It is also announced that the Receiver of the Bowling-green Savings Bank will soon declare the longdeferred dividend of 10 per cent, or possibly 10 per cent.
22.September 29, 1873The Petroleum Centre Daily RecordPetroleum Center, PA
Click image to open full size in new tab
Article Text
Francis W. Worth, receiver of the Market Savings Bank, of New York, died of Cholera on the 16th inst., while on his way from Havre to New York. He was buried at sea.
23.January 7, 1879The SunNew York, NY
Click image to open full size in new tab
Article Text
The Market Savings Bank. The Market Savings Bank was placed in the hands of a receiver in January, 1872, and since that time the 1,900 depositors have been paid only 38 cents on the dollar. Receiver Pratt, in answer to the inquiries made by numerous depositors, said on Saturday that he thought it very doubtful whether any further dividend would be paid. In consequence of heavy lawsuits instituted against the bank. most of the money that should have been paid to the depositors has been eaten up in legal expenses, and if the suit now pending should be decided in tavor of the bank there would be little left for B dividend. The amount owing the depositors when the bank suspended was over $1,000,000.
24.May 31, 1880New-York TribuneNew York, NY
Click image to open full size in new tab
Article Text
A SAVINGS BANK DIVIDEND LONG COMING. To the Editer of The Trisune, Sm: I was one of the unfortunate depositors in the Market Savings Bank, which failed some nine years ago. When the present receiver was be pointed, four years ago, I called on him, and he said had received something over $20,000 from his predects sor, and that the bank owned some real estate at Long Branch which he expected to dispose of, ROOM which he would declare a dividend. I have not from him since. As the same time a person buy my bank-book. 1 understood that bank-1 being bought up at from 5 to 10 per cent. is way by which I can get my moneyi Please 105 know, and oblige a depositor. New-York, May 24, 1880.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
