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Suspension of Third Avenue Savings Bank. NEW YORK, Sept. 30.-The Third Avenue Savings Bank has suspended. The trustees have made application for the appointment of a receiver The exact standing of the bank at present is unknown. The report of the Superintendent of the Banking Department, in March last, showthe bank's resources to be $1,526,919 02, and the liabilities at $1,519,958 47, leaving a surplus of $6,960 65 in the bank's favor.
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SUSPENSION OF A NEW YORK SAVINGS BANK. New YORK, Sept. 30.-It is stated that the Third Avenue Savings Bank has suspended and will not open to-day for business, and that application has been made for a receiver.
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VOL XLIII.-NO. 28. ABOUT THE BROKEN BANK. FURTHER REVELATIONS OF THE CONCERN'S ROTTENNESS. Throng of Deluded Depositors Bealeging the Doors-How False Reports of the Institution's Accounts were Prepared-The Other Savings Banks not at all Affected. The throng of depositors around the Third Avenue Savings Bank was much greater yesterday morning than on Thursday. The bank doors were not opened. the receiver. Mr. Carman. having changed his mind after taking logal advice. Not less than forty women. all of them evidently poor, were crying and sobbing In the street at one time over the loss of their hard-earned money. One of them. a colored woman, with a sick child. who had forty dollars In the bank. became so excited that the policemen threatened to lock her up. Another gained entrance to the bank through the private door, and made a rush at the receiving teller. She called him a thief, and tried to climb over the desk to reach him. The receiver summoned a policeman, who ejected her. A young German, who seemed to : c the least agitated of any in the crowd. said that his mother had $4,000 in the bank. all her wealth. accumulated by years of toil and anxious saving. He expected to realize little from the assets of the bank. and intended to work hard to try to make up for the 1983. Among the lookers-on was a police officer. in civilian's affire. who was looking after about $2,000. He complained that the bank officers bad accepted $10fr in him the week before, as though they had no intention of closing up. The depositors all expressed anxiety for an initered te settlement at any sacrifice of assets. Many of them have been saving up money through the summer to live on in the winter, and they are cut oil from that support. Only 117 of the depositors have accounts exceeding $2.00) Those 117 have in the aggregate about $120,000. the rest being comparatively smail dePOSICS. Mr. Corman the receiver. appeared very much disgusted with the situation. He is a mild-manhere. business man, evidently unaccustomed to scenes of excitement and publicity. The SUN rop rter questioned him about the latest statement sent to the Bank Superintendent. It is as follows: Resources.
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GENERAL NEWS. The Full River operatives are quietly resuming work. A run on the Third Avenue Savings Bank New York, obliged the bank to close its doors. A Cheroke Indian, a Japanese and a retired clergyman 50 years old, are among the students at Dartmouth College. The late hurricane was very destructive on all the windward islands of the West Indies. Many marine disasters are reported, with much loss of life. A Hussian Engineer is making a tour of Canada and the United States, inspecting American canals and railways for his government. The sales of Eastern Railroad stock at the broker's from September 1 to 27 were only 7283 shares. The price ranged from $53 on the 6th to $21 50 on the 27th. When you use postal cards remember that nothing but the name and destination can be legally written upon the face of the card. If anything else is written, for instance a date, the card is subjected to letter postage which must be paid before the card leaves the office, or double postage will be exacted at the other end of the route. The wood pavement has not only proved a la-
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S The New York Bank Failure. A reporter of the New York Herald in picturing the scene in front of the Third Avenue Savings Bank in that city which has suspended payment, gives the following: One old lady, scarcely alle to wa k, stood facing the door of the bank leaning on the arm of her daughter. The tears. were streaming down her cheeks and her voice was broken by sobs, as she said to the reporter:-"Oh all that we have in the world is in that bank ; every dollar nearly a thousand. I came here two weeks ago to get it' and they told me to wait until next week. Then I came again, and they told me to come yesterday. I came here then, and the man said I must come this morning. Now they have closed. What shall I do? What can I do to pay mv rent in the morning ? It must be paid or the landlord will put us out. Oh! God have pity on us! What can we do?" One of the policemen on duty in front of the door said, "I had $300 there last week, but my wife coaxed me to take it out." A butcher, doing business on Second avenue, deposited $1,450 last week, fearing to keep it in his own house until to-day, when he wan ed to use it. Hundreds of poor people flocked around the doors early in the morning, for the news of the failure spread like wildfire, and all earnestly denounced the managers of the bank for their supposed mismanagement.
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The depositors of the Third Avenue Savings Bank are naturally indignant at the prospect of the loss of a large part of the accumulations of their thrift, but angry denunciation of the trustees of. the suspended institution and of the State Superintendent of the Banking Department will avail them little. Moreover, there hardly seems to be sufficient ground for their proposed effort to get a new receiver appointed; at least, no convincing reason for
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WALL STREET'S USUAL RUMORS. The Reports of Runs upon Various Savings Banks Pronounced Untrue. Just before the close of business in Wall street. yesterday, it was ascertained that the German Up-town savings bank, at Fifty-fifth street and Third avenue was the victim of a run. Mr. Christian Schwartz. President of the bank, said that there bad been a slight run. but that it had its inception in the general distrust created by the failure of the Third Avenue Savings Bank. "Our bank, he said. is perfectly sound, and our depositors are the victims of a scare." Some months ago this bank successfully withstood a run of nine days, paying all depositors as they applied. Yesterday the bank availed itself of a clause in its by-laws which authorizes it, in cases of emergency, to demand that its depositors give it SIXTV days notice of their intention to withdraw their deposits. President Sebwartz and his officera therefore refused the applications of several panic stricken depositors, but where they had taxes, or interest on mortgages. or rent to pay, or where urgent necessity for the use of money was apparent, it was paid without demur. But unless good cause was shown depositors were refused sums of over $20. The rumor that the Merchants' and Traders' Savings Bank has been dabbling in stocks IS pronounced false: but it is undoubtedly true that many of the less conservative savings banks have been lending money on stock collateral, in plain violation of the law.
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Condensed Telegrams. Nothing has been yet heard from Pond Worcester, Mass:, who SO mysteriously appeared early this week. Mayor Wickam, of New York, has asked police commissioners to resign before 15th. the collapse of the Third Avenue Savings nk, New York, has caused a slight run on Germania Savings Bank of that city. the Tennessee Central College at Nashe was dedicated on Thursday. foody and Sankey commence their real meetings in Brooklyn on the 31st. Irs. Henry Vanduser committed suicide Brooklyn yesterday by taking morphine. grand re-union of the soldiers will be dat Manchester, N. H., three days ne: k. Twenty-five hundred soldiers are pected to be present. he Murderer of Mr. Noe, it is surposed arrested in New York, yesterday. is said that Mr. Pond of Worcester, has been foully dealt with, as he $2,500 on his person 2t the time that disappeared. P. Smith, Commissioner of Indian airs, left Washington on business yesav. IIc will not return until the new retary has been appointed, when he hand in his resignation.
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NEW YORK. Moody and Sankey. Now York, October 8. It was decided last night at the conference with the Brooklyn ministers and Mr. Moody, that the latter, with Mr. Sankey, will commence their religious labors in the Brooklyn Rink, on Sunday, October 21st, as there will be no place ready in Philadelphia at that date. Nearly all the ministers of Brooklyn, except Fulton, give them a cordial welcome. Captured. A street car thief who had picked the pocket of a merchant, last evening, was chased by the latter, when the thief turned and fired at his pursucr, but was captured just as he was about firing on a policeman. Financial. There was a slight run, this morning, on a German savings bank, caused by the collapse of the Third Avenue savings bank. The worst is believed to be over, and the bank is said to be entirely sound. The Haytien Government. The Post's Washington specialsays the Haytien Government has carried out the terms of the protocal signed here a few weeks ago in regard to the liberation of the rebellious fugitives who sought safety and protection from Minister Berrett. Suit Termi aated. The old suit of John T. Green against the city to get pay on contracts for laying down big pipes at the upper end of the city, terminated to-day in a judgment for the plaintiff for $62,000, being entered by consent. Marine Disaster. The brig J. Leighton, from Port Johnson to Boston with coal, is ashore on the east end of Varner Shoals, and is water-logged. The sea is washing her deck, and high water will probably cover her. A small boat is astern ready to take the crew off. A tug boat has taken off some of the articles.
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THIRD AVENUE SAVINGS BANK. Several of the heaviest depositors of the Third Ave. nue Savings Bank have been in consultation with the bank officials relative to resuming business again. They propose that as soon as it is known what dividend can be paid each depositor shall be credited with the amount due on that basis; that the bank be run under a email expense and shall pay but four per cent interest and that all the profits shall be added to the depositors' individual accounts. They also propose that the present Receiver, Mr. Carman, shall manage the bank, but that a new board of officers be appointed. If this plan is followed the creditors will in the end, it is said, receive upward of ninety per cent, while if they push the Receiver their dividend will not amount to more than fifty per cent. They further suggest that the most needy depositors be paid a dividend of about ten per cent as soon as possible, which can be easily done. with the property that can be negotiated without loss If this plan is not agreed to by a majority of the depositors they are in favor of waiting and giving the Receiver an opportunity to negotiate the property without sacrificing it to wind it up immediately,
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THIRD AVENUE SAVINGS BANK. THE PLAN FOR RESUMPTION FAVORABLY RECEIVED-ITS BASIS. The proposition of several of the heaviest depositors of the Third venue Savings Bank to reorganize the bank and run it for the benefit of the depositors meets with much favor, and upward of &wenty depositors called at the bank yesterday and heartily indorsed the idea. The matter has been canvassed by the originators, and they deem the plan very feasible. The figures on which they base their calculations are as follows:RECEIPTS. $14,000 $200,000 mortgages, interest per year 5,000 Bonds market value $72,000, interest per year. 15,000 Rent of Bank property, interest per year, 3,000 Profits on $100,000, estimated deposits Total $37,000 EXPENDITURER $25,000 Interest at four per cent to depositors 8,000 For salaries, rent and other expenses, Total $33,000 From this statement they claim the institution can be made self-supporting and the receiver, Mr. Carman, can keep the real estate, amounting at a fair valuation now to about $250,000, until higher prices can be ob
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# THE COURTS. Important Suit Against the New Jersey Steam Navigation Company. Indictment Against Claflin & Co. Sustained. Receivership of the Third Avenue Savings Bank.
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Bank Failure in New York. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, on Third avenue and 57th street, suspended this morning, The excitement in this vicinity, among depositors is intense, NEW YORK, Nov. 26.-A run haying commenced on the People's Savings Bank, Third avenue, this worning the officers closed the doors and took advantage of the 60 days' notice rule. This bank was affected, together with others, by the run on the Third ayenue Savings Bank.
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THE SAVINGS BANK RECEIVERS. The receivers of the suspended savings banks have entered upon their duties and are busy examining the books and securities. Bank Superintendent Ellis stated to a reporter of THE TRIBUNE last evening that there was nothing new to say about the condition of the banks. He should return to Albany to-day, and would visit this city again, probably, next week. Herman Uhl, receiver of the German Up-town Savings Bank, filed yesterday his bond as receiver, Oswald Ottendorfer and William Steinway becoming his bondsmen. Each of the boadsmon jusiifies in $150,000. The Mutual Life Insurance Company has begun a suit against the Third Avenue Savings Bank to foreclose a mortgage for $25,000 ou property on Fifth-ave., near Eighty-fifthst., originally mortgaged to the bank, but the mortgag on which the bank was guaranteed.
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THE SUSPENDED SAVINGS BANKS. At a meeting of the depositors of the Peoples' Savings Bank on Saturday evening at No. 200 Third-ave. it was decided to employ counsel to procure the removal of the present receiver and Ito bring suits against the trustees in dividually in order that the deficiency might be made good. Another meeting will be held this afternoon to receive a preliminary report of the condition of the bank. The examination in the charge of perjury against T. W. Decker, late President of the Third Avenue Savings Bank, was continued on Saturday at the Yorkville Police Court, before Justice Duffy. The accountant employed by the depositors testified that he had found many irregularities in the yearly reports and some tietitious items. The hearing will be resumed on Dee. 27. The rumor that Christian Schwartz, late President of the German Uptown Savings Bank, was in the city and had intended to sail for Europe on Saturday, proves on investigation to be false. Papers for his arrest were prepared for presentation to court on Saturday by A. B. Fitch. It is believed that the report was intended to mislead those interested.
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The case of the officers of the suspended Third Avenue Savings Bank is rendered serious by the decision of Judge Duffy. They are held for making oath to a fraudulent statement of the affairs of the bank, its true condition being concealed by false entries in the books. The technical ground of the defense will not help it in popular estimation. The argument that the defendants were not liable because the deceptive report was dated a
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The Broken Savings Banks. Mr. Hurd, receiver of the Third Avenue Savings Bank, will probably be ready to pay a dividend about the 12th of May. The trustees of the German Up-town Savings Bank are to has
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The people of St. Louis seem to be thoroughly alarmed by the recent suspension of several of their oldest and most trusted financial institutions. On Saturday the Butchers' and Drovers' Bank failed. with liabilities amounting to nearly one million of dollars. This, following closely upon the failure of the State Bank of Missouri. the exposure of the rottenness of the Commercial Insurance Company. and the suspension of several financial concerns of less note, caused a panic, and a general run upon banks. Several of the banks took advantage of the sixty days' notice clause in their charters, while others braved the run. and trusted that it would soon subside. To-day will probably determine whether the panic is or is not a serious one. A run upon a bank is, as a rule. as senseless as it is selfish, and is only justiflable when, as in the case of the Third Avenue Savings Bank in this city, both the bank officials and the State authorities refuse to do their duty. At the same time it must be acknowledged that recent developments both East and West, go to show that there has been much raseality and laxity in the management of not a few institutions to which the capital of the business man and the savings of other men have been committed. To fully restore public confidence it is necessary that every weak or rotten concern be weeded out, and every thief, however respectable his connections, be consigned to the penalty of a thief.
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ANSWER. THE THIRD AVENUE SAVINGS BANK. OFFICE RECEIVER THIRD AVENUE SAVINGS BANK, NEW YORK, April 8, 1878. } 11.
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THE THIRD AVENUE SAVINGS BANK. To THE EDITOR OF THE HERALD:It IS three years since the Third Avenue Savings Bank was closed. Thus far we have received only fifteen per cent of our money. We can get no infor. mation as to the balance. Why cannot the depositors hold a meeting and take measures to compel a settle. POOR DEPOSITOR ment by the receiver?
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THE THIRD AVENUE SAVINGS BANK. To THE EDITOR OF THE HERALD:When will the depositors of the above bank hear from Mr. Hurst, the receiver? ANXIOUS DEPOSITOR.