gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fcd67bc32eb95416
Response Measures
None
Description
Articles describe insolvency and misappropriation by officers leading to winding up and receiver appointment.
Events (2)
1.November 26, 1875Receivership
Newspaper Excerpt
The Central Park Savings Bank went into the hands of a receiver to-day.
Source
newspapers
2.November 26, 1875Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvent and to be wound up at request of president; trustees/officers alleged to have misapplied funds and diverted deposits into building and to officers.
Terse Telegrams. CHILLICOTHE, Nov. 26.-The venerable Joseph Sill, sr., died here yesterday. FLINT, MICH., Nov. 26.-Captain A. T. Chessman, an old resident, died yesterday. VIRGINIA CITY, NEV., Nov. 26.-Work was commenced in the new Ophir works yesterday. NILES, MICH., Nov. 26.-The Alder fruit preserving establishment burned yesterday. Loss $5,000. COLUMBUS, O., Nov. 26.-Daniel Hallerman, a Short-line switchman, was killed by the cars this morning. LONDON, Nov. 26.-The purchase of the Suez Canal by Great Britain meets with general approval, both on the part of the people and the foreign authorities. SAN FRANCISCO, Nov. 26.-An anonymous correspondent of the Portland Oreganian, says: Capt. Howell, of the lost Pacific, was 80 intoxicated when the boat left that he had to be led on board. NEW YORK, Nov. 26.-There was a run on the People's Savings Bank this morning, but the officers took advantage of the sixty days' clause, and shut the doors. The Central Park Savings Bank is to be closed up.
2.November 26, 1875Public LedgerMemphis, TN
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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.
3.November 27, 1875The Portland Daily PressPortland, ME
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NEW YORK. Bank Failures. NEW YORK, Nov. 26.-The Central Park Savings Bank went into the hands of a receiver to-day. It was a small affair. The telegram says the Merchants' and Builders' Bank, corner cf 3d avenue and 37th street, suspended payment this morning. The excitement among the depositors is intense. The bank started with a capital of $100,000. The officers are, President, John Davidson, Cashier C. A. Waterburg. This bank, like the People's. the Society, and the Central Park bank, is an up-town institution. Mr. Beecher on Public Schools in Brooklyn. Rev. Henry Ward Beecher preached against the bible ih the public schools yesterday, and also said; "The public should see that proper Commissioners of Education are appointed. I know of cases near here," said Mr. Beecher, (and his voice dropped and his face assumed a serious expression), "where Commissioners have hired female teachers and have made their employment depend upon their willingness to surrender their bodies to gratify the lust of their employers, and in some cases the teachers themselves were foul-mouthed and foul-handed."
4.November 27, 1875New-York TribuneNew York, NY
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WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN.-The British Minister, Mr. Layard, reThe fused at Bilbao a visit from Gen. Burriel. Public Prosecutor at Berlin charged Count von The sale of the KhéArnim with treason. dive's shares in the Suez Canal to the British Government was confirmed. DOMESTIC.-The funeral of Vice-President Wilson at Washington took place in a rain, but was very large; Dr. J. E. Rankin delivered a eulogy; the funeral train was impressively received in Baltimore, and, after remaining in that city some hours, left for The full $250,000 Philadelphia at 6:25 p. m. for the new Cincinnati Musical Hall has been raised. The schooner Sunshine was overturned off At the Columbia River, and 40 people lost. the Avery trial in St. Louis, it was said that Secretary Bristow is interested in the whisky firm of Newcomb, Buchanan & Co. of Louisville, and a A. B. Stoughthreat was made to indict him. Chief-Justice ton, a Washington lawyer, died. Waite refused to allow his name to be used for the Presidency. CITY AND SUBURBAN.-Plymouth Church decided upon calling a mutual council. The People's and the Central Park Savings Banks closed their doors, and a receiver of the Manufacturers' and Builders' Bank, a State institution, was appointed. Argument was had on the motion to release William M. Tweed from arrest or reduce his bail in the $100,000 The testimony was closed in the Scansuit. noll trial. Preparations were completed for the reception and escort of the remains of ViceCardinal McCloskey rePresident Wilson. The Legislative Comturned from Europe. mittee on Crime visited the House of Refuge. Three children were suffocated by the falling of an Gold 1143g, 11412, embankment in Brooklyn. 11412. Gold value of the legal-tender dollar at the close, 87 310 cents. THE WEATHER.- The Government report predicts cold and clearing weather. In this city, yesterday, the day was mild and very rainy; thermometer, 41°, 49°, 48°.
5.November 27, 1875Chicago Daily TribuneChicago, IL
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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.
6.November 30, 1875The SunNew York, NY
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Why Mr. Blessing Resigned. To THE EDITOR OF THE SUN-Sir: T was elected a trustee of the Central Park Savings Bank without my knowledge or consent, two months before its suspension. At the first meeting I attended I called for a statement of the bank's condition, which was not given until a month afterwards, when I discovered that it Was in a crippled condition which I thought could be remedied by each trustee paying in a pro rata share which would enable the bank to pay its depositors. A few others with myself paid $250 aplece, white the majority held off and would not pay anything. When they failed to do as they agreed 1 resigned my positien as trustee. When 1 left the bank it was $2 0 better off, while I Was that much out of pocket. FRANCIS BLESSING.
7.November 30, 1875The New York HeraldNew York, NY
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THE CENTRAL PARK BANK. NEW YORK, Nov. 29, 1875. To THE EDITOR OF THE HERALD:Knowing that it 18 your desire to do justice in all cases, allow the to occupy a short space in your columns in reply to a few paragraphs which appeared in your issue of the 27th inst. in relation to the suspension of the Central Park Savings Bank. I never received
8.December 2, 1875The Stark County DemocratCanton, OH
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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.
9.December 3, 1875New-York TribuneNew York, NY
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New-Dork Daily Cribune FOUNDED BY HORACE GREELEY. FRIDAY, DECEMBER 3, 1875. THE NEWS THIS MORNING. FOREIGN.-In Herzegovina, Govansko surrendered to the insurgents. Spain promised gradual emancipation in Cuba; the Ministerial changes at Madrid went into effect. The Russians achieved a victory at Balyktschi. DOMESTIC.-Duments published in the West connect Senator Carpenter with the Whisky Ring. Win. M. Evarts is appointed the Centennial I orator, Mr. Longfellow the poet; Richard Henry Lee, The old Philadelreader of the Declaration. phia Navy-Yard was bought at auction for $1,000,000 by the Pennsylvania Railroad. The Controller of the Currency urges the repeal of the twoCapt. Waddell has cent check stamp law. been taken off the Pacific Mail steamer, as the Hawaiian authorities call him a pirate. CITY AND SUBURBAN.-The police stations are Commissioner crowded nightly with lodgers. Porter refused to raise the rate of wages in his deA receiver was appointed for the partment. People's and Central Park Savings Banks. Legal proceedings to delay the fate of the condemned A murderers in the Tombs were unsuccessful. water main in Brooklyn burst, flooding a street and Gold, doing damage to the extent of $16,000. 11478, 115, 1147s. Gold value of the legal-tender dollar at the close, 87 cents. THE WEATHER.-The Government report predicts In this city cloudy and warmer weather. yesterday the day was cold and windy; thermometer 14°, 24°, 21°,
10.December 4, 1875New-York TribuneNew York, NY
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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.
11.December 9, 1875The Eaton DemocratEaton, OH
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TOO MUCH MONEY! COVINGTON, Kr., Nov. 27.-It falls to our lot to record another big brewery failure. A deed of assignment from Henry Niemeyer, jun., to H. P. Whitaker was lodged for record in the County Clerk's office yesterday. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, at Third avenue and Fifty-seventh St., suspended this morning. The excitement among the depositors is in tense. 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 1un on the Third Avenue Savings Bank a short time ago. There W?S 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. NEW YORK, Dec. 1.-R. & P. Lawrence, heavy stationers in Maiden Lane, announce to their creditors their inability to continue their payments. They promise a prompt state ment of their affairs when a meeting of creditors will be called. NEW ORLEANS, Dec. 1.-The Bank e of America has suspended. The Board of Directors resolved to cease operations and put the bank into liquidation at once. NEW YORK, Dec. 1.-The failure of John Thompson & Co., No. 441 Broadway, and No. 15 Mercer street, hair and fancy goods, is announced. u MT. VERNON, Nov. 29.-Several business men and farmers hereabouts e have made assignments recently. n NEW YORK, Dec. 2.-The failure of B. & P. Lawrence, stationers, Maiden Lane, is likely to be a heavy one, though much of the indebtedness is n to foreign houses. The liabilities of e Abrahan Bogardus, photographer, whose failure is announced, are esti0 mated at $35,000. He claims if his n creditors will allow him time he will y pay in full.
12.December 27, 1875The New York HeraldNew York, NY
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THE CENTRAL PARK SAVINGS BANK. A further meeting of the depositors of the Central Park Savings Bank was held yesterday at Germania Hall, Third avenue, to consider what action should be taken against the trustees. After a long discussion it was agreed that 8 lawyer should be engaged to prosecute the President of the bank, Thomas Gearty, it being considered that the best portion of the depositors' money had gone into his pockets. It was diso understood that some of the old trustees had given individual bonds to make up any deficiency, and that since the suspension of the bank they had been withdrawn from the bank. It is also decided to call a mass meeting of the depositors for the purpose of demanding the removal of the Bank Superintendent, Mr. Ellis, who is considered to have acted in the interest of this and other suspended banks, when he should have protected the interests of the depositors. The meeting is to be held some day this week.
13.December 27, 1875New-York TribuneNew York, NY
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8th Regiment, and Sergeant F. Backofen of the 47th Regimen t were the winners of first prizes. A match, open only to memhers, will be contested next Saturday, for a silver trophy valued at $28. STAMFORD.-Effot are making to secure the annexation of Fisher's Island to the State of Connectient. LECTURES AND MEETINGS. The Swedish Evangelical Lutheran Church of Gustavus Adolphus, in East Twenty-second-st., is in need of larger resources, and Paul B. Du Chaillu, the African explorer, has consented to give his lecture on Wild Africa" for the benefit of the church this evening in the church building. The Union Praise and Prayer Meeting in Dr. Burchard's church, in Thirteenth-st., near Seventh-ave., yesterday was largely attended. The Rev. W. B. Merritt of the Union Reformed Church in Sixth-ave., led the meeting, and the Rev. Drs. Burchard, Page, Gregory, and Harrower, together with several laymen, took part in the exercises. Several of the Moody and Sankey hymns were sung. The depositors of the suspended Central Park Savings Bank held a meeting on Saturday, at Brevoort Hall, at Fifty-fourth-st. and Third-ave. After a protracted discussion, a committee was appointed to wait on the receiver and get a statement of the condition of the bank. The conduct of Thomas Gearty, President, and John G. Carey, Vice-President, in the management of the bank was sharply criticised. It was stated that the trustees had been derelict in their duties, and had not protected the interests of depositors. The committee were authorized to employ counsel, and to begin an investigation into the management. POLICE NOTES. Stephen J. Lacey, age 60, of. No. 390 Water-st., was found dead in his bed at 3 p. m. yesterday. Mary Gammel of No. 184 Eldridge-st. fell on the sidewalk at Ninth-st. and First-ave, lastnight, and her leg was broken.
14.January 3, 1876The New York HeraldNew York, NY
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CENTRAL PARK SAVINGS BANK. The meeting of the Depositors' Committee of the Central Park Bank, which should have been held on New Year's day, was held yesterday afternoon at the Brevoort Assembly Rooms, Fifty-ninth street and Third avenue. The committee reported that they had been unable to obtain any satisfactory information from the receiver, Mr. French, and it was understood that be was about to dispose of the bank property at # great sacrifice to the depositors. The committee also reported that it had ascertained that most of the dopositors' money had gone into the pocket of the late President of the bank, Thomas Gearty, who is a builder. Gearty put up the bank building as it now stands, receiving in cash $75,000 and a mortgage of $35,000. Counsel had advised that the President should be sued as well as the trustees for the moneya found to have been illegally taken from the bank. The committee then decided to call a meeting of the depositors at an early day and then determine upon what steps shall be taken against the receiver, the President and the trustees.
15.January 6, 1876The New York HeraldNew York, NY
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CENTRAL PARK SAVINGS BANK. A meeting of the committee appointed by the depositors of the Central Park Savings Bank at their last meeting was held last evening at Brevoort Hall, Mr. George J. Wood presiding, and the other members of the committee, Messrs. Timothy Donovan, John Burlanson, Horatio F. Averill and Francis Durning, being present. It was stated that the total amount of the bank's liabilities was $77,388 23, while the assets were estimated at about $66,650. Mr. Averill, who is also counsel to the depositors, submitted a report setting forth that he had seen some of the officers of the suspended institution and also the receiver, and that the latter signified his willingness to prosecute the trustees civilly and even criminally, if the depositors thought it necessary. According to the report, Mr. Thomas Gearty, the last president of the bank, states that he and Mr. Redman and Mr. John G. Cary, the vice president, took a deed of the property at the corner of Third avenue and Forty-eighth street, at the request of the trustees, for $74,500, giving the owner $10 000 cash and their individual mortgages for $64,500. The bank, he says, has follows:-
16.January 12, 1876New-York TribuneNew York, NY
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THE MUTUAL BENEFIT SAVINGS BANK. Ashbel P. Fitch, counsel for the depositors of the Mutual Benefit Savings Bank, obtained an order yesterday from Judge Donohue of the Supreme Court, requiring William F. Aldrich, receiver, to show cause at the Special Term, on Jan. 14, why he should not be removed. The depositors complain that they are dented access to the books and accounts of the bank: that they have reason to believe that the assets have been grossly mismanaged and misapplied by the trustoes, who have thereby subjected themselves to criminal prosecution and pecuniary liability; that it is impossible to ascertain the facts in regard to the irregularities of the trustees, except through an examination of the books and records by an expert. The depositors further claim that Mr. Aldrich, while Bank Examiner, made incorrect reports of the suspended Mutual Benefit, Central Park, German Uptown, and Third Avenue Savings Banks. It is understood that Mr. Aldrich will deny all the material allegations in the petition, and claim that his reports as Bank Examiner were true and correct, according to the books of the banks at the time he examined them.
17.February 10, 1876The SunNew York, NY
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THE CENTRAL PARK BANK. An Institution without Responsible Trustees -A Thritty President. The depositors of the broken Central Park Savings Bank met last evening in Brevoort Hall to hear the report of their Executive Committee that has been investigating the affairs of the bank. The report sets forth that the committee had applied to seventeen reputed trustees of the bank. but some of those gentlemen asserted that they never were trustees, others that they had resigned, and others neglected to answer at all. A subsequent examination of the minute book showed that sixty-three trustees and officers had been elected in the short life of the bank, but there was nothing to show who were the trustees at the time of its suspension. The total assets of the bank were comprised In the bank lot and building, and asicall amount of furniture. Of cish in hand there was none. and the cash in bank was only $95, and that was safely deposited in the Manufacturers' and Builders' Bank, itself a bankrupt concern. The bank lots cost $74,500, and the building $32,000. A significant fact was that the building of the bank was given out on contract, and the builder was Mr. Thomas Gearty, its own President. The report showed by figures that this gentleman, by subletting his contr. ct. made $4,300 without touching a stone or driving it nail. There was a claim set up by Mr. Gearty that he had refunden this profit to the bank, but this the committee could not substantiate, The report asserted further that from the time of the organization of the bank until the day its doors were closed it was insolvent, and its officers and trustees were cognizant of that fact. The report concluded with a proposition made to the committee by Mr. Gearty, that taree arbttrators be appointed to decide the questions at issue, and fix the amount due by the trustees to the depositors. Whatever their decision might be, he (Gearty) would pay his share. This proposition could not be accepted, as the bank is in the hands of a receiver. The bank owes its 991 depositors $40.888, and should its building sell at what is estimated a fair market value. the liabilities in the way of mortgages, back taxes, &c., are so large that not over ten per cent. of the deposits can be paid.
18.April 3, 1876New-York TribuneNew York, NY
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SUSPENDED SAVINGS BANKS. A SUIT BY DEPOSITORS OF THE CENTRAL PARK BANK -CONDITION OF THE GERMAN UPTOWN SAVINGS BANK. The depositors of the Central Park Savings Bank have instituted proceedings, through Barlow & Olney, counsel for Isaac V. French, receiver, against Thomas Gearty, President; John G. Carey, Vice-President. and 18 trustees, for misappropriation of the funds of the bank. The complaint sets forth that the officers and trustees, in violation of law, declared dividends on a fletitious surplus, in order to deceive the depositors as to the true condition of the bank, and used the money of the depositors in the erection of a bank building, giving the building contract to Mr, Gearty, the President, and the painting to Mr. Carey, the Vice-President, at a large profit. Under the recent decision of Judge Westbrook, the depositors are stopped, as they are advised, from bringing criminal proceedings.
19.April 22, 1876New-York TribuneNew York, NY
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BUSINESS EMBARRASSMENTS. The creditors of Duncan, Sherman & Co. continued the proving of their claims yesterday. Among the principal claims proved were those of H. Kimball & Co.,$61,500 Tradesmen's National Bank, $20,320; E. J. Donnell, $21,081 : Bank of St. Thomas, W. I., $10,332; Stropfer & Streute, $15,000. The creditors of Jeremiah Quinlan, dealer in glassware in William-st. have been holding meetings to consider his proposition for A settlement. His liabilities are eatimated at about $150,000. and his assets at between $80,000 and $100,000. He owns some real estate which is valued % mace loss than he paid for it. The liabilities of Furchgort, Benediet & Co., dry goods dealers, of New-York, Charleston Savannah, and Jacksoeville, are estimated t about $200,000. Isaac T. Smith, the receiver of the Central Park Savings Bank, nas filed his report for the month of March. In that month he neither received nor paid anything. The liabilities to depositors are still $12,910 95, and the assets are, cash. $1,190 26, and a claim against the Oaean National Bank for $3,629 30. Joseph Hanstor, who recently made an insolvent assignment, reports his liabilities as 88,447 58 and his assets as $3,569 75.
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.
