Mutual Savings Bank (New York, NY)

Episode Information

Episode UID
6037897290912
Episode Type
Suspension โ†’ Closure
Bank Type
savings
Bank ID
603789729 hash
Start Date
December 1, 1875
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bad9834060f10af9

Response Measures

None

Description

The bank was already suspended by Dec 1875; subsequent articles confirm it remained in receivership until at least 1878.

Events (3)

1. December 1, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank was facing a deficiency and was attempting to resume business while in a state of suspension.
Newspaper Excerpt
Affairs were in statu que yesterday. The trustees are exerting every effort to make good the deficiency and so resume business.
Source
newspapers
2. May 8, 1876 Receivership
Newspaper Excerpt
The receiver of the Mutual Savings Bank, William T. Eldridge, filed yesterday in the County Clerk's office an order of Judge Donohue, authorizing him to sell Long Island City bonds.
Source
newspapers
3. November 14, 1878 Other
Newspaper Excerpt
W. F. Aldrich, receiver of the Mutual Savings Bank, died yesterday
Source
newspapers

Newspaper Articles (3)

Article from The New York Herald, December 2, 1875

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Article Text

THE BANK SCARE. END OF THE RUN ON THE SAVINGS BANKS-CONFIDENCE RESTORED. The feeling manifested yesterday throughout the city by depositors in the different savings banks was unmistakably one of greater confidence. In fact, it appears from the investigations made by the HERALD reporter that the excitement of the past few days has almost entirely subsided. That depositors generally are to be congratulated on this result no one can doubt for, as has already been pointed out in the HERALD, the banks raided on have available assets sufficient to meet all liabilities, and the people who have drawn their money from these institutions have simply lost so much interest for six months on their deposits. The really weak banks have been left untouched, much to the surprise of all who know what a really sound bank congists of in the matter of assets. These will, however, it is confidently asserted, be taken in hand by the Bank Department and put into the hands of receivers forthwith. Mr. Ellis is expected in New York to-day, and his action is anxiously looked for. THE NORTH RIVER SAVINGS BANK was to a certain extent raided on early in the morning, but as the day advanced the number of depositors grew small by degrees and beautifully less, until by two o'clock in the afternoon there were but some five or six depositors present seeking to withdraw their balances. The amounts deposited exceeded the withdrawals. THE FRANKLIN SAVINGS BANK was similarly affected, and the run of the past two days was practically at an end by noon yesterday. Many who had previously withdrawn their savings returned in the afternoon and reopened their accounts. THE MERCHANTS AND TRADERS' SAVINGS BANK, although visited in the early hours by quite a number of depositors, was at the closing of business hours almost deserted. The President, as well as the other officers, assert their ability to meet all demands, and say that the scare of the last two days was simply a suicidal policy on the part of the depositors, who by withdrawing their deposits at the present time lose their six months' interest which is an actual gain to the bank. The securities of the bank consist of State, city and county bonds, which can be realized upon at a moment's notice at a profit on their original cost. The real estate held by the bank, it has been ascertained, is fully worth the value set upon it, and from the inquiries made at other banks there appears to exist no reason for the late run, which, however, may now be considered at an end in view of the restored confidence that prevails. THE THIRD AVENUE BANK. It was said by the Committee of Thirteen, appointed by a certain number of the depositors, that a Mr. Tate, of No. 229 Broadway, had been appointed receiver, in place of Mr. Carman, by Judge Westbrook. THE MUTUAL SAVINGS BANK. Affairs were in statu que yesterday. The trus tees are exerting every effort to make good the do ficiency and so resume business. This will probably be done during the next six days.


Article from The New York Herald, May 9, 1876

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Article Text

MUNICIPAL NOTES. Chamberlain Tappan makes the following statement for the past week:-Balance April 29, $2,518,130 90; receipts, $3,530,390 39; payments, $4, 138, 785 88; bal. ance May 6. $1,949,884 41. The Bureau of Permits has received $1,045 during the past week. The receiver of the Mutual Savings Bank, William T. Eldridge, filed yesterday in the County Clerk's office an order of Judge Donohue, authorizing him to sell Long Island City bonds, This sale, it is understood, will enable the receiver to pay a dividend to depositors of twenty-five per cent.


Article from New-York Tribune, November 15, 1878

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Article Text

NEW-YORK CITY. Colonel Mapleson has taken Nilsson Hall for use as dressing rooms for his ballet The stage was so crowded with people that he was compelled to do this. The 7th Regiment will celebrate Evacuation Day (November 25), by a parade at 1 o'clock p. m. The veterans of the regiment have been invited to parade on this occasion, and will be escorted by the regiment to and from the new Armory. Mrs. Ann Thornton, of No. 304 Mott-st., who was shot in the forehead by her son, Peter, on Sunday, appeared before Justice Morgan yesterday afternoon, and made formal complaint against her son. He was held for trial in default of $600 bail. The work on the City Hall branch of the Elevated Railroad in Chatham-st. is rapidly advancing. Nearly all of the columns are in position and many of the girders are up. The station will be in front of No. 19 Chathsm-st., near the proposed approach to the East River Bridge. The Roman Catholic Church of the Assumption in West Forty-ninth-st. has recently been enlarged and refitted. On November 24 the church will be dedi_ cated. The ceremony will be performed by Cardinal McCloskey. Bishop Lynch, of Charleston, S. C., will sing a Pontifical Mass. The Bureau Veritas furnishes the following statistics of marine disasters during September last sailing vessels reported lost 34 English; 13 American; 12 French; 7 German; 5 Norwegisn; 4 Italian; 2 Danish; 2 Dutch; 1 Spanish; 5, nationality unknown. Steamships lost 7 English; 1 Italian. Total, 93. W. F. Aldrich, receiver of the Mutual Savings Bank, died yesterday in the house where his son, E. K. Aldrich, committed suicide on Friday last, at No. 43 West Twenty-second-st. His death is said to be due to a complication of diseases. He leaves a wife, two sons and a daughter. His wife and one son are now on their way from Europe. Otto Berger, son of an attendant to the Grand Duke of Baden, died in Ward's Island Hospital last Summer, and his body was taken to the Morgue, where, being embalmed, it has lain ever since, waiting for instructions from his father. A letter hasjust been received, in which the father begs that the body may, be buried to Potter's Field, as the son was a scapegrace and not worthy of a parent's consideration. A reception was given for the benefit of the Chapin Home for the Aged and Infirm, at the house of Charles L. Stickney, No. 230 East Twelfth-st. The programme included a song, Fleurs des Alps," by Mrs. Louise Oliver; several quartettes by the Union Glee Club; a duet, Oh, Wer't Thou in the Cold Blast," by Mrs. Jameson and Mr. Strickland piano solo, by Mrs. W. D. Whiting, [and readings by Mrs. Jameson. BROOKLYN. The number of deaths in Brooklyn last week was just equal to the number of births, there being 219 of each. The mar iages numbered 66. The County Canvassers continued their work yesterday, completing the canvass of the Seventh, Eighth, Ninth and Tenth Wards. They found no changes in the returns which will affect the result as already announced. United States Commissioner Winslow has issued a warrant for the arrest of Captain Wm. H. Eiles, of the British steamship Galileo, which recently arrived from South America. on the charge of violating the revenue law in not paying duty on three tigers, which formed a part of the freight of the vessel. Eiles had not been arrested yesterday afternoon. The suspended Long Island Savings Bank yesterday began paying the second of the 25 per cent dividends due to the depositors who elected to take the full amount of their deposits in equal instalments at the end of six, twelve, eighteen and twenty-four months. Those who chose to take 80 per cent of their deposits in sixty days, with a few exceptions, have all been paid.