1042670932 104267
routing
1-0426e7cb4c211892a665None
Click image to open full size in new tab
A Savings Bank Takes Advantage of the sixty Days Notice, NEW YORK, August 15 - There is great excitement in Brooklyn on aocount of the run on the Long Island Savings Bank. The directors held a meeting and resolved to take advantage of the sixty days notice for any amount exceeding twenty-five per cent. of depositors.
Click image to open full size in new tab
Run on a Bank. New York, August 15.-There is considerable excitement in Brooklyn on account of the run on the Long Island Savings bank. The directors resolved to take advantage of their legal right to sixty days' notice for any amount exceeding 25 per cent. of the depositors account. The officers of the bank declare it to be perfectly solvent.
Click image to open full size in new tab
Excitement of the Suspension of the Long Island Savings Bank.-The Bank's Attorney Publishes a Card. NEW YORK, Aug. 16.-The excitement over the suspension cf payments by the Long Island Savings Bank continues. Secretary Fowler declared to-day, that the bane is solvent and has a surplus of $26,000, but that it is necessary to take adyantage of the sixty days' rule in order to avoid needless sacrifice in some of the securities. Jno. C, Perry, counsel for the bank, issued a card this morning declaring the solvency of the institution.
Click image to open full size in new tab
NEW YORK. Bank Matters. NEW YORK, August 16. The excitement continues over the suspension of the Long Island Savings Bank. John C. Perry. counsel for the bank, has issued a card this morning, declaring the solvency of the institution. Aid for St. John. Sheridan makes report of $550, the receipts of the entertainment in Union Square theatre, for the benefit of the St. John sufferers. Suicide. Jarvis Woolmad, a prominent Trentou mer" chant, blew out his brains yesterday. He leaves a wife and four children. Political. A Columbus despatch says the anti-Hayes committee are receiving a vast number of letters commending the movement. Gen. Beatty says 20,000 republicans will refuse to vote for the Ohio State ticket. Grain Markets. A despatch from the United States minister to Greece asserts that the United States can now and henceforth control to a large extent the grain markets of Europe. Russia has been our only competitor in this trade. British capitalists are now building six large sized iron vessels for the transportation of breadstuffs from our shores, on English account. We should not only strain every nerve to meet the increased demands of Europe for breadstuffs, but should also supply ships to carry the same. Gold. Gold opened at 105 1-4. An Assault. James Weldermott was terribly cut with a knife last evening, by Honora McComick. She charges that Weldermott ruined her. She subsequently married happily in San Francisco, but some one revealed her former intrigue with Wildermott. Her husband deserted her and she came east to kill her betrayer. A later despatch says Mrs. McCormick states that she cut him in defence of her honor, he attempting rape. She denies the paramour story. Wildermott will probably die. Vanderbilt's Gift. The auditor of Vanderbilt's roads says he is busy dividing Vanderbilt's $100,000 gift. It will be distributed early in September to the men connected with the running of trains on all branches of the New York Central Railroad, except the Harlem division, and not including station masters and freight house workmen. About 8,000 will share in the money. The Turf. UTICA, August 16. Jennie Hatton won the 1st race to-day; best time, 2.22. Three heats of the second race were trotted. Comee, Prospero, Hanna, May Bird and Slow Go started. The latter was the favorite. Comee won the 1st and 2d heats and May Bird the 3d, when a shower compelled a postponement. Time. 2.20 3.4, 2.21, 2.21 Arrested. Rev. John Matthews, head waiter at the West End hotel at Long Branch, who led the religious exercises there Sundays for the servants, and several other waiters have been arrested for stealing bed clothing, table linen and goods belonging to the guests at the hotel. Most of the stolen property was recovered. Destructive Fires. The Davis mill and elevator burned to-day at Topeka. Loss, $26,000. The oil works of Denslow & Bush, at the foot of 25th street, Brooklyn, took fire to-night from some unknown cause, and beforethe flames could be extinguished a damage of about $7,000 was done. The burning oil made a great conflagration, and about one thousand empty kerosene barrels were consumed. Indicted. Wm. E King, an employee of the city finance department, supposed to be intimately connected with the ring transactions, has had four indictments found against him by the general sessions grand jury, for defrauding the city. King is in Brazil, where he fled at the time the frauds were discovered. Court Matters. Judge Van Brunt has ordered the Dominion nuns to give up an 11 year old daughter of Mr. Healey to her father, she having been placed in the nunnery by her mother, unknown to her father. Cholera. There was a case of Asiatic cholera in this city, last night. Sentenced. Justice Maurice Marshall of Jersey City has been sentenced to jail for thirty days, for beating his wife. Death. R. T. Daniels, Attorney General of Virginia, died at Richmond, to-day, aged 72 years. Fatal Railroad Accident. The seven year old daughter of Pat McCarty was killed by a train on the Conn. River road, at Northampton, this evening. Suicide. John Stone of Claremont, N. H., committed suicide by hanging, to day. Fatal Accident. By the falling of a safe, to-day, one negro was killed and three whitemen and four negroes injured at Savannah. Work Resumed. The Atlantic & Georges Creek Coal Miding Co. resumed work to-day, at 55 cents. Also the Swanton Co., at the same rate. CUBA.
Click image to open full size in new tab
net I e forcement of the Sixty-Day Role. Any run on the Long Island Savings Bank. in Brooklyn, owing to the publication of the Bank Examiner's statement. showing an unsafe condition of its finances, was effectually blocked yesterday by the rigid enforcement of the sixty-day rule. The bank's officers explained to depositors that they considered their institution wholly solvent. but that they were obliged. for the protection of the depositors themselves, to refuse payment. This they said in an off-hand way. In cases where persons expressed a keen need for their money they were allowed to draw $10. or if they had deposited their funds inside of thirty days they were permitted. according to law. to take out fliteen per cent. of their account. Nearly all the depositors who called took their $10. and signed a notice that they should demand the rest of their funds at the nend of sixty days. The are about 5,000 depositors, all of them poor people. There is only one account of $5,000. One or two men called to leave deposits on the representation of the officers that everything was all right. The Secretary, Gen. E. B. Fowler. has communicated with the Bank Superintendent's office requesting an alteration of the damaging report. to conform to the true condition of the bank. The bank's officers denounce the report as a gross blfunder, working great harm and injustice. They say that any bank. unless it has an extraordinary good showing. might be vistimized in the same way, and hurt almost beyond calculation. It was rumored that the bank desired to keep its July statement a secret. It is not true, said Secretary Mackay. We have not had any statement for July printed. but we forwarded it to Albany promptly. It shows us to be in a better condition than we were on Jan. 1, when we had a surplus of $39.102.22." Will you take advantage of the sixty-day rule until the nd of that time?' No. If there is a railroad accident or anything exciting next week to divert public attention. we will probably begin to pay out as much as is demanded of us. All that we are contending against is the excited temper of the community.' Mr. John C. Perry. counsel for the bank. in a card for the public, explains some of the discrepancies in the Bank Superintendent's report. The examiner in May, 1876, found the real estate of the bank to be worth its cost value, $8,036. In the six months which followed the bank required other real estate, which cost $4,621.29. which, taken with the other sum. makes up the $12,657.29 which is given as the value of their estate. The bank examiner in making up his report for Jan. 1. 1877. assumed that the bank had acquired no other real estate beyond that held in May, 1876. The bank report shows that in January 1876. there WAR $45,544 cash on hand. while the examiner in the following May found only $13,534. In January an additional amount was kept on hand to pay interest due depositors at that time. By the following May the cash was reduced by investments, it being the bank's practice to keep all money invested not required for its ordinary transactions. The card concludes: The investments and securities of the bank are unexceptionable, the only ground of criticism being the investment in the bank building. which shows for itself. and in regard to which our
Click image to open full size in new tab
the Catskill Mountains, yesterday, and was at the bank. Speaking to a reporter, he remarked, "There is not a bank in the country that can stand a run and the consequent forced sale of securities." Some business men, in speaking of the action of the institution in refusing to pay depositors on demand, expressed the opinion that it was not a wise policy to adopt, as it created doubt and anxiety among small depositors, which could be avoided if the managers were to take the other course and pay. By doing so the bank, too, would save the interest which has accrued on all deposits thus withdrawn from July 1. The first vice president, General P. S. Crooke, reiterated the assertion that the bank is in a better condition now than it was a year ago, and that as all the bonds and other securities held as assets are of the very best character, there was no fear of a suspension of business. Of course a general run would cripple the institution or any other in Brooklyn for that matter, but there existed no cause of alarm among the depositors, who, if they but rest satisned, will come out all right. The bank's present condition could not be got at yesterday, for the resson that the report for the half your ending July 1, 1877, had been forwarded to Albany. The assets and liabilities will not be made pabhe for the present. The following card to the public was furnished by Mr. John C. Perry, counsel to the bank, this morning:- # TO THE PUBLIC It is perhaps unnecessary to add anything to the explanations which have already been made concerning the report of the affairs of the Long Island Savings Bank, which appeared in the NEW YORK HERALD ON Wednesday, and yet a brief supplemental explanation may be justified. In the report of the Examiner the cost of the real estate belonging to the bank at East New York is put at $8,046, while the report of the bank made to the department six months later puts the cost of the real estate, besides the bank building at $12,657 20, and an explanation of the discrepancies between these two sums is asked for. It is this:-Wuen, in May, the Examiner made his report, the only real estate besides the bauking building held by the bank was the Last New York property, the cost of which was the amount stated. After his report had been made, however, and before the report of the bank made in January following, another piece of property, situated in Brooklyn, had been sold on a foreclosure of a mortgage and bid in by the bank at the cost of $4,621 29, that being the exact amount of the diserepancy referred to. Thus it is seen that this error occurred by it being assumed that the bank on the 1st of January, 1877, had acquired no other property beyond that which it held in May, 1876. Again the bank report of January, 1876, states the amount of cash on hand and en deposit to have been $45,544, while the Examiner in May, six months later, found only $13,534 cash on hand, and it is stated that "an explanation of the difference of the statements of cash on hand is needed." The simple statement of these facts would seem to be sufficient. On the 1st day of January, 1876, interest became due to depositors, and there was, therefore, then on hand an additional amount to be appropriated to that purpose and to pay depositors, there being usually more money withdrawn at that period. All above this amount excepting, of course, a sufficient for the ordinary transactions of the bank, was invested before the following May, it being the practice to keep all moneys inve-ted not required for that purpose. This disposes of the only points of difference pointed out between the two reports and for which an explanation seems to be required. he investments and securities of the bank are unexceptionable, the only ground of criticism being the investment in the banking building, which shows for itself. and in regard to which our situation is not unlike that of most savings banks of modern creation that have made similar investments. JOHN C. PERRY, Counsel for the Bank.
Click image to open full size in new tab
LONG ISLAND SAVINGS BANK. THE COUNSEL FOR THE INSTITUTION EXPLAINS A DIFFERENCE BETWEEN REPORTS. The Long Island Bank was opened at nine o'clock yesterday, and secretary E. B. Fowler and treasurer Mackay were at their posts to receive creditors and answer all questions. When the doors were opened about twelve people, a majority of whom were women, and all of whom had small sums on deposit, made their way to the treasurer's desk and asked to withdraw their money. They were politely informed that at a meeting of the Board of Trustees, held the evening previous, they had resolved to avail themselves of the sixty days' notice from each depositor of his or her Intention to close account with the bank. Sums of $10, or less, would be paid however, so applicants for money had to content themselves with $10 each and the filing of a notice of intention to withdraw their money. At no time during the day were there more than twelve or eighteen peopie present in the bank. "The great danger we run, " said the secretary, "is from depositors, who, on reading the newspapers, tell other depositors that the institution 18 in a bad condition, and that they had better look out. The story goes from one to another, varying as it goes, and only a few get the exact truth." Oue-half the directors of the bank are enjoying themselves by the seaside or among the mountains, but several of the absentees will, it is expected, retura to Brooklya within few days, when some further action may be taken with reference to the business. President Seabury returned from
Click image to open full size in new tab
New York. A WOMAN'S REVENGE. NEW YORK. August 16.-Jumes Wildermatt. aged forty-eight, employed at the Delamatro Iron-Works. was taken to the Eastern District hospital, Williamsburg, last night, shockingly mutilated. He said he had been injured by a woman named Mrs. Honora McCormick. She said she had cut Wildermatt because, having seduced her several yearsago, he had separated her from a good and loving husband in San Francisco. She came from there to get revenge. Wilderinatt has a wife and married children. THE LONG ISLAND SAVINGS BANK REPORTED SOLVENT. NEW YORK, August 16.-The excitement over the suspension of payments by the Long Island Savings Bank continues. Secretary Fowler declared to-day the bank is solvent, and has a surplus of $26,000, but that it is necessary to take advantage of the sixty,days' rule in order to avoid needless sacrifice of securities. SARATOGA RACES. SARATOGA, August 16.-The three-quarter-mile race for two year-olds was dead between Duke Magenta and Spartan; WarDance, colt, second. Time, 1:16% Magenta and Spartan divided the stakes, In the three-quarter-mile race Vera Cruz won; Ochiltree second, Viceroy third. Time, 3:17. Intheone-and-one-eighth-milerace Madge won; Mary second, Sister of Mércy third. Time 2:012. Redding
Click image to open full size in new tab
# Depositors Still Excited. NEW YORK, August 16.—The excitement over the suspension of payment by the Long Island Savings bank continues. Secretary Fowler declared today the bank was solvent and has a surplus of $26,000, but that it was necessary to take advantage of the sixty days rule in order to avoid needless sacrifice of the assets.
Click image to open full size in new tab
NO RUN ON THE LONG ISLAND BANK. There was no run on the Long Island Savings Bank of Fulton-st., Brooklyn, yesterday, on account of the determination to require sixty days notice before the withdrawal of large deposits. A large number of persons having small deposits drew out the $10 allowed them, and some gave notice of their intention to withdraw all their deposits at the end of the sixty days. None of these had larger amounts due them than $500. Some of these having larger amounts in the bank, after listening to explainations of officers, declared their intention to allow their money to remain. The bank authorities took no further action yesterday, they have concluded to allow affairs to remain in their present condition until they can confer with the State Superintendent. They claim that the investments and securities of the bank are unexceptionable and that the only possible ground for criticism is the investment 11) the bank building. In this respect, however, they claim that they are in the same position as all other savings banks which invested in real estate when it commanded high prices, but which have not become naturally depreciated in market value.
Click image to open full size in new tab
THE LONG ISLAND BANK'S RECEIVER ALBANY, Sept. 17.-The Attorney-General will contest the Receivership of the Long Island Savings Bank. The bank has been insolvent, it is stated, since 1868. Since that time, it is asserted. in its statement of assets, it has each year added to the estimated value of its building, until now it is reckoned at $230,000, while its real value is thought to be not more than $100.000. Mortimer 8. Ogden was appointed Receiver by Judge Pratt. of Brooklyn, on Friday last-the Banking Department believes by collusion between the bank and Stewart, a depositor, the applicant for a Receiver. A letter received by the Acting Superintendent of the Bank Department, "from one of the Examiners, contains some damaging statements in relation to the management of the bank.
Click image to open full size in new tab
BROOKLYN'S BROKEN BANK. THE LAST PROPOSITION FROM THE TRUSTEES TO THE DEPOSITORS. The officials of the Long Island Savings Bank feel pretty certain that the litigation through which they are about to pass will be attended with considerable expense, and in the end the depositors will have to suffer a loss. Should the Attorney General succeed 11. appointing a receiver to take charge of the institution all hope of patching up its alfairs will be at au end. They have therefore been devising plans through which to escape the pending difficulties. The total deposits in the bank amount to $850,000. The cost of the bank building was about $200.000, and they estimate the value of their real estate at $222,000. The superintendent of the banking department has stated that the present Value of the bank building does not exceed $98,000. The trustees contend that this 18 not a fair estimate. At a meeting yesterday they appotated a special committee to make the best offer that could be made to the depositors, with a view to rescuing the bank from its present embarrassments. The committee consisted of Messrs. E. G. Webster, Franklin Bell and John C. Perry. PROPOSITIONS TO THE DEPOSITORS They made au exhaustive examination of the affairs, and then offered the following proposition to the depositors:First-The trustees to retain all the assets. including banking building. Second-10 pay to depositors wishing to close their accounts eighty per cent in cash, as follows:-One-hait in thirty days, and the remainin. half in sixty days after the acceptance of this prop 18. tion. Third-Depositors not in immediate need of their money to be paid in full as follows: Twenty-five per cent in six, twenty-tive in twelve twenty-five in eighteen, and twenty. five in twenty-lour months after the acceptance of this proposition. Fourth-Each depositor to elect which proposition he wit accept. but all must assent to one or the other. Firth The trustees to give a satisfactory guarantee that they will perform their part. Sixth-This offer is on condition that all legal proceedings against the bank be discontinued. SEPTEMBER 22. 1877. Mr. Perry said that there would probably be about $200,000 drawn out at once 11 the proposition was accepted. The consent of the Attorney General would have to be obta ned LO discontinue the litigation already begun. The trustees say they are ready to give bonds ID the sum of $200,000 for the faithful performance of their part of the contract.
Click image to open full size in new tab
An Unsatisfactory Proposition. The proposition of the directors of the Long Island Savings Bank to pay eighty per cent to depositors, half in thirty and half in sixty days, or to pay the full amount of deposits in instalments, in six, twelve, eighteen and twenty-four months, provided the Attorney General will withdraw the proceedings he has instituted against the bank, is said to meet with a favorable response. This statement comes, however, from the officers of the bank, and should, therefore, be received with some caution. Ex-Senator Perry, the counsel of the bank, according to the Brooklyn Eagle, makes the assertion that many of the depositors "are surprised at the liberality of the offer." That is to say, the people who have been induced to place their money in the keeping of the Long Island Savings Bank, in the belief that the institution was in as sound a condition as the sworn statements of its officers have alleged it to be, are "surprised" at the "liberality" of the men who, having victimized them by false representations, now propose to rob them of only twenty per cent of their deposits. The depositors will be fortunate if they receive back eighty per cent of the money they have been foolish enough to intrust to the bank. But they cannot safely rely on the honor of men who have combined to cheat them into the belief that the bank was solvent in order to obtain their deposits. If the directors and trustees mean honestly to pay the amounts they propose they can do so through a receiver as well and better than through any other agency. If they intend to secure the depositors it must be by making good the deficiency out of their private resources. This they can do through a receiver. If the bank and its assets should be left in their own hands there is no certainty that their promises would be carried out. The bank has been insolvent since 1869 and has been a fraud on depositors ever since that year. If the trustees and directors are now repentant and are willing to make the best amends in their power to their victims they certainly cannot object to do so through the medium of an honest and disinterested receiver. The very fact that they are so anxious to retain the trust they have abused in their own hands is sufficient to cast suspicion on their motives.
Click image to open full size in new tab
STILL SEEKING THEIR MONEY. The Depositors ofthe Broken Bank in Brook. lyn Adopting More Resolutions. The committee of ten depositors of the Long Island Savings Bank, selected to represent the interests of those who have money tied up in the broken bank. met in the bank parlor yesterday morning with John C. Perry, counsel of the bank. Franklin Bell, Cornelius Stryker, E. G. Webster, William Cropsey, and D. V. Tntum. who represented the trustees. Mr. Bell said that the trustees had enlculated that about one-half of the depositors would accept the proposition totakeeighty per cent. now. The trustees thought that if they flgured closely they could fill the building with good tenants for two years. and then possibly sell it so that they could pay the rest of the depositors in full. They had already a partial offer of $150,000 for the building. but they hoped to receive more. They propose to give their time and attention toearrying out their agreement without cost to the depositors. They were prepared to give security to the amount of $200,000 that all the depositors who leave their money in the bank will get paid in full. The trustees gave the depositors' committee an official copy of their proposition. At a meeting of the committee held in the nfternoon, the following WHS adopted and handed to the counsel of the bank to use in Schenectady to-day in opposing the Attorney- neral's motion to appoint another receiver of the bank: At a meeting of the depositors of the Long Island Sav. ings Bank, held at Brooklyn Sent 26. 1877. the undersigned were appointed a committee to center with the directors of the bank. and carry the proposition into effect. We have conferred with the directors, and the have given us their proposition in writing. to PAX such of the depositors as desire IL NO per cent of Uneir deposits in thirty and sixty days, and to pay the others in nott within two years. and to give vatista tory security to carry the same into effect Provided they retain the assets, the depositors agree thereto, and the present legal proceedings are disconticued We are timily of the opinion that such course will be the most beneficial to the depositors, and we find that a large number of them have agreed thereto in writing. and that undombtedly all will do NO. We therefore urye the Bank Department reaccept this proposition, and respectivity urge and request that the proecodings now pending at the instance of the Bank Des partment Le withdrawn or postponed, so that this are angement may be consummated. Another meeting of the depositors has been called for this evening. and it was decided to admit only those persons who could show their bank books at the doors.
Click image to open full size in new tab
# How Shall It Be Wound Up? The Brooklyn Eagle strongly favors the acceptance of the proposition of the Long Island Savings Bank trustees, and advocates leaving the assets of the bank in their hands. The Eagle has for years condemned the management of the bank, and is therefore entitled to be credited with entire independence and a sincere desire to aid the depositors in the position it now assumes. We believe the bank should be wound up by other parties than the trustees, and for these reasons:- The bank trustees propose to pay depositors eighty per cent in thirty and sixty days, or one hundred per cent in four equal half yearly instalments. If they had proved themselves capable and trustworthy business men, and if the assets were of a character to increase in value by wise management, there might be some merit in the proposition. But the assets, exclusive of the banking house and lot, a small parcel of other real estate and a trifle of money on hand or loaned when the doors were closed, consist wholly of bonds and mortgages, and the stocks and bonds of cities, counties and villages of the State. These will not increase in value by keeping. The latter, indeed, are worth more to-day than they will be two years hence; while, if there are no frauds covered up in the bonds and mortgages, they ought to fetch their face now, when safe investments are sought after. Together these assets amount to eighty per cent of the total deposits. Under a receiver the depositors ought to receive this amount forthwith, and they would then be able to hold on to the real estate until a good sale could be effected. If frauds are concealed under the cover of the bonds and mortgages the depositors had better know it at once. They cannot get at the facts if the business is lett in the hands of the trustees. The latter may be honest men, but as they have by mis-management brought a promising business to ruin we should not select them to wind up its affairs. Their anxiety to retain in their hands assets which cannot be improved by time has a suspicious look, and although our contemporary states that the depositors are not asked to rely on the honor of the trustees it must be remembered that the bond they offer is for two hundred thousand dollars, while the deposits are in the neighborhood of a million. To be sure, the depositors have held a meeting and seem to be
Click image to open full size in new tab
The Long Island Savings Bank. The broken Long Island Savings Bank of Brooklyn now has the privilege of promptly paying its de. positors according to the terms of the propositions the directors recently submitted to them On Saturday Judge Landen of the Supreme Court at Schenectady nalli. fled the order of Justice Pratt of Brooklyn. appointing Mortimer Ogden a receiver. and the bank is authorized to wind up its steurs immediately The proposition of the bank that met with the most favor among the depositors was to pay eighty cents on the dellar, one. half in thirty and the balance in sixty days. About 2,300 signature were obtained The other proposition was to pay one hundred cents on the dollar in installments of twenty-flve per cent in twelve, eighteen. and twenty-four months Attorney-General Fairchild had obtained an order to restrain the receiver from entering upon the performance of his duties: also to show why Justice Pratt's order should not be set aside on the ground of fraud.
Click image to open full size in new tab
# LONG ISLAND SAVINGS BANK. Justico Pratt, of the Kings County Supreme Court, granted an order yesterday discharging Mortimer C. Ogden as receiver of the Long Island Savings Bank, and directing him to turn over all the funds to the trustees of that institution, who have been empowered to settle with the depositors. The order was granted with the consent of counsellors B. F. Tracy and John C. Perry, and in conformity with the recent decision given in the case at Schenectady. The sum of $3,500 is to be allowed the receiver for expenses.
Click image to open full size in new tab
A SAVINGS BANK RESCUE. The trustees of the Long Island Savings Bank, having obtained permission from the Court, have now reorganized the concern so as to close its accounts without the interference of a receiver. Of the depositors, 94 per cent agreed to the terms of settlement proposed by the trustees; this is a large percentage to bring to any agreement, when it is considered how widely scattered and difficult of access many of the depositors of a savings bank must always be, and what the chances are of finding utterly obstinate people among them. The terms of settlement gave the option of 80 per cent of a deposit within sixty days, or to be paid in full by instalments scattered through two years. This settlement gives great joy to the good people of Brooklyn, who have felt the failure of the bank as a disgrace, since several of its managers are of prominent social position. As the compromise was voluntary on the part of creditors, it relieves the trustees from any accusation of dishonor in the management; this was the more desirable because the Bank Superintendent had been inclined to question the rectitude of some of the past transactions of the bank. It is always fortunate to be able to
Click image to open full size in new tab
dispense with the dragging of respectable citizens through the mire. There can be no doubt that this compromise, by rescuing the bank from the wreckage of a receiver, has been a great saving to the depositors. The destruction of assets in receiver's hands is not quite so great with a broken savings bank as with a life insurance company. Twelve out of the sixteen savings banks of New-York that receivers are now winding up, have paid the gréater part of all the dividend that is to be hoped for. The average of this payment is a trifle over 50 per cent. Possibly 10 per cent more will be paid by some of them. Taking experience and estimates together, 55 per cent is about what may be expected from a broken bank and a receiver. But this range is wide, since it includes such scandalous examples as the Third Avenue Savings Bank, which has paid only 15 cents on the dollar, and will pay little more. Compared with the average, the management which has secured 80 per cent to most of the depositors in the Long Island Savings Bank, and 100 per cent to those of them that can afford to wait, must be considered felicitous. Yet while we sympathize with the pleasure of the Brooklynites in the restoration of their good name, it needs to be pointed out that better management would have prevented the loss in the first place or diminished it afterward. The mistake of building a costly banking-house as a speculation, when there was little or no surplus over liabilities in their coffers, was inexcusable. The trustees were doubtless influenced by the furor for improving real estate, which raged at that period; their mistake was one which most of their townsmen were then making. But almost equally grave was the error of not closing the bank when the deposits began to fall off. That indication of decay should always decide the matter at once; it is not like a "run" on the bank, a temporary thing from which it may recover. If when the bank had $3,000,000 of deposits, it had found a deficiency of, say, $120,000, the loss to depositors, upon promptly closing, might have been only 4 per cent. If, even, the determination to close had been arrived at while the bank had still $2,000,000 on hand, it might have paid 94 per cent to all its depositors, or, on a basis similar to the present settlement, 92 per cent to three-fourths of them, and the rest in full. There was no good reason for dragging along, with no better future in prospect, till the deposits fell to $800,000, and a "run" brought matters to a climax. The lesson is one which managers of savings banks will do well to heed.
Click image to open full size in new tab
The depositors of the Long Island Savings Bank, Brooklyn, were paid yesterday their first installment of forty per cent., which they agreed to accept when the bank suspended.
Click image to open full size in new tab
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.
Click image to open full size in new tab
pair or silk stockings at Lord & Taylor's have duchesse lace sides, and may be bought for $500. New percales and French cambries are in the oddest and prettiest designs, and will be much worn in the street next season. Venetian glass is again in favor, and many bandsome vases and ornaments at the Meriden Comestablishment are made of it A public investigation is to be made of the conduct of the Fire Department at the Grand-st. and the Worth-st. fires. It will begin to-day. Parke Godwin will deliver a lecture this evening in the Anthon Memorial Church in West Fortyeighth-st., near Sixth-ave., on." Our Social Problem." Francis Thompson. arrested on Tuesday night for intoxication, died from the effects of intemperance morning. at the Eldridge Street Police Station yesterday Matthew Flanagan, of No. 17 Norfolk-st., is day laborer. Yesterday, at 3:30 m., be found his wife intoxicated on the floor, with their child, two months old, dead in her arms. At the annual meeting of the Class of '73 of the College of the City of New York last night the following officers were elected: President, A. Bach; secretary, kate to H. M. Leipziger: treasurer, K. Clapp; delethe Aiumni Executive Committee, S. Kolin. Joseph Cook delivers the last lecture of the Thursday course this evening in Association Hall. His subject will be A Night on the Aeropolis, and will be illustrated Potter. by stereoscopie views by the Rev. D. The prelude will be on the Chinese Question." Peter Burke, one of the leaders in the July riots of 1863, was yesterday arraigned at the Fiftyseventh Street Police Court on complaint of his wife, Christina, who charged him with beating and abusing months her and ber children. He was sent to the Island for six An alarm of fire was sent out at 11:30 a. m. .yesterday from the Union Club House. The fire was confined entirely to the roof, and was extingutshed by officers of the American District Telegraph Company. The damage is estimated at $300. A defective flue was the cause of the fire. John Rogers obtained from A. T. Stewart & Co. R $300 shaw! by the old trick of having it sent to a hotel and then amusing the messenger who brought it. escaping with the goods by another door. He pleated guilty, and, in view of his youth, was sent the State Reformatory at Ermira, Delegates from the different city police precheck met yesterday afternooa at Military Hall, No. 193 Bowery, to organize the New Policemen's Mutual Aid Society. Twenty precincts sent representatives. A committee was appointed to draw a constitution and by-laws: also to prepare an address to members of the force. The funeral of General William Gurney took place yesterday in the Masonic Temple, the ceremony being conducted by Morton Commandery, Adelphi Chapter and Continental Lodge of Masons, of which General Gurney was a member. The Rev. H.R.Nye.of Brooklyn, delivered an address The body was buried in Greenwood Cemetery. The National Line steamship Canada, which sailed for Liverpool yesterday, took in addition to other freights 18 head of live cattle for the London market from Illinois, Kentucky and Ohio. Previous to shipment the animals were carefully examined by a skilled veterinary surgeon, who stated that 80 far as he was able to ascertain no existed among them. John Schmidt, indicted for the murder of Henry Madden : John Brown. who killed John Regaglia on Christmas Day, and Felix Lavelle, who killed Sarah Hayden in Centre-st., were arreigned before Judge Barrett. in the Court of Oyer and Terminer, yesterday, and plended not guilty. Assistant District-Attorner Rollium said these cases would be taken up at the earliest pos sible time. Owing to the defeat of the project to erect a new Produce Exchange, which the provision trade holds the grain men responsible for, the provision dealers sent a petition to the Board of Managers of the Exchange yesterday with 110 signatures appended, asking that they be permitted the privilegés of the upper floor whieft they formerly had. The petition will considered to-day. Receiver Best is preparing a preliminary report of the affairs of the National Trust Company as they were when be became receiver. The report, when completed, will be submitted to H meeting of the stock holders, who doubted the insolvency of the company. The balance sheet will show, it 18 said, that there was deficiency of $700,000. and that the fleticious loans amounted to over $500,000. The directors of the New-York Volunteer Life Saving Society held their meeting yesterday at the Maritime Exchange, President Edson, of the Produce Exchange, presiding J.F. Wenman was elected vicepresident in place of Brayton Ives, resigned, and T.P. Ball, E. R. Powers and L. McKAy were elected directors, also to 1111 vacaucles. The treasurer acknowledged the receipt of $601 09. An executive committee, consisting of H.J. Robinson, T. P. Ball and L. McKay, was appotated to take charge of the affairs of the society. with power to expend $500, to receive further applications for membership, and to solicit additional contributions BROOKLYN. During the month of January the Post Office sold stamps and postal cards to the amount of $39,706, issued money-orders to the value of $18,522. paid money-ordersfor $30,799. The excess of receipts over expenses for the month was $29,146. The will of the late Mrs. Mary Harrison was offered for probate before Surrogate Dailey yesterdav. She devised the income of the estate, valued at $100,000, to her son and grandson during their lives, and after their deaths to the issue of her grandson. The joint committee of the Supervisors of Kings an Queens Counties met at the Brooklyn Court House yesterday morning to consider the matter of providing a temporary bridge for teams over Newtown Creek, while the new iron structure is building in Union-ave. The committee asked A contractor to furnish anestimate of the cost of such a bridge. The Bedford Congregational Church in Paelifie-st., near Bedford-ave. of which the Rev. Dr. Hugh Smith Carpenter is pastor, owes 88,000 to the Long Island Savings Bank. The debt is in the form of a mortgage on the lots owned by the church. The church regarded this as a permanent debt, but the bank's failare forced the foreclosure of the mortgage. Efforts have been made to settle with the bank, but so far with out success. It 18 now proposed to secure a loan of 85,000 on the real estate of the church, and to raise the remaining amount by subscription
Click image to open full size in new tab
the littie ones. This was stopped at the beginn of the year, and the superintendent asked the J tice to issue formal commitments for each of children, in order that he might claim from C troller Kelly a portion of the Excise fund. The quest was granted. At a mass-meeting of the bricklayers last even at Twenty-sixth-st. and Seventh-ave., a union of various factions from the East and West Sides upper and lower portions of the city was effected, a committee was appointed to secure a central pl of meeting open to all members of the craft. A 0 eral good feeling seemed to prevail. and the exp sion This is like the old times" was heard every hand. One mason said : Things are tive than they have béen for five years." Another marked: This is the season of prosperity with but we should unite now and stand together W dark days come." The report that several contra ors on the Elevated Railroad extensions granted the demand for eight hours' work with pay was received with great applause. Richard Clarson, the well-known messenger the Tombs Police Court, died on Tuesday night f erysipelas. He was forty-four years old, was b in Ireland and came to this city when five years age, his parents settling in the Fourteenth W He grew up in the companionship of the late Su intendent Jourdan and Police Justice Dowling. polities he was a steadfast Republican. At one t he was a United States Marshal under Mar Murray. He was made janitor of the Tombs Po Court under Justice Dowling and subsequer messenger. He was noted for his quaint t " Sure everyone knows this isn't a Court of law, a Court of Justice said he, when Juctice Dow asked him if he was langhing at one of his decisi He advised a penniless prisoner, who had been signed inexperienced counsel, to plead guilty throw himself on the mercy of the Court. The following standing committees of the St Exchange have been announced: Finance-A. Baylis, S. T. Russell, W. B. Dickerman, Bray Ives and D. C. Hays; Arrangements-F. K. Stur G. H. Brodhead, G. L. Haight, D. T. Worden, J. Kilbreth, A. Wolff, jr., D. B. Van Emburgh; missions-A. M. Cahoone, G. H. Brodhead, J TenBrook, G. L. Haight, Donald Mackay, Cha M. Stead, H. Lapslev, H. W. Perkins, Henry Me D. T. Worden, W. L. Bull, F.N. Lawrence, F Sturgis, J. J. Higginson, W. B. Dickerman See ties-Edward Brandon, R. Winthrop, W. A. Sm T.S. Ferry, F. L. Eames; Government Securiti W.L. Bull, R. Winthrop, H. Graves, H. W. Perk C.S. Day ; Stock List-A. B. Bavlis. S. T. Rus H. Graves, T. B. Atkins, J. J. Higginson; Arbi tion-S. T. Russell, H. E. Alexander, C. K. Rand William Lummis, H. Graves, H. H. Hollister, 8 Harriot, R. Keppler, S. J. Drake; Law-Cha M. Stead, H. W. Perkins, H. G. Stebbins Com sioners-H. H. Hollister. E. T. Bogert, Josep Stout ; Printing-J. W. Kilbreth, A. M. Kidder W. Fuller; Insolvencies-Donald Mackay, H. L ley. F. N. Lawrence ; Mining Securities-Charle Stead, D. B. Van Emburgh, A. Wolff, jr., W. Bull, A. M. Kidder. BROOKLYN. Deaths in Brooklyn last week, 160; marria 77; births, 128. Judge Gilbert, of the Supreme Court, will sp his Summer vacation in Europe. No. 1,651 Atlantic-ave. was visited by the po at an early hour yesterday morning, and ten sons, all negroes except one, were arrested for orderly conduct. The house has a bad reputat The Long Island Savings Bank, which suspen business two years ago, began yesterday to pay third dividend of 25 per cent to those deposi who agreed to await three years to receive t deposits in full. The report of the Supreme Court Rapid Tra Commission in favor of the routes of the K County Elevated Railway Company will be are before the General Term of the Supreme Cour Poughkeepsie to-day. General Tracy occupied the entire day yester in summing up the case for the prosecution in trial of Commissioners Flaherty and Bennett Purveyor Milne. It is expected that the case