13225. Long Island Savings Bank (Brooklyn, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1877*
Location
Brooklyn, New York (40.660, -73.951)

Metadata

Model
gpt-5-mini
Short Digest
348c7e4a10e63515

Response Measures

None

Description

The articles state the Long Island Savings Bank suspended in 1877 and thereafter has been paying dividends to depositors (continuing through at least 1885). There is no mention of a depositor run triggering the suspension; rather the institution remained suspended and has been in a process of liquidation/settlement. I infer a state-chartered savings bank from the name; cause of suspension is not specified in the articles.

Events (3)

1. January 1, 1877* Suspension
Cause Details
Article states only that the bank suspended in 1877; no specific cause (rumor, insolvency, correspondent failure, etc.) is given.
Newspaper Excerpt
The Long Island Savings Bank, which suspended in 1877, ...
Source
newspapers
2. January 23, 1885 Other
Newspaper Excerpt
The Long Island Savings Bank, which suspended in 1877, will begin on Monday to pay off the remaining 6½ per cent ($25,000) due to depositors.
Source
newspapers
3. * Receivership
Newspaper Excerpt
The depositors of the suspended Long Island Savings Bank are receiving their seventh dividend, making in all 87½ per cent of their deposits.
Source
newspapers

Newspaper Articles (2)

Article from New-York Tribune, May 16, 1880

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Article Text

BROOKLYN. A new base ball organization, called the Long Island Amateur Association, has just been started. The corner-stone of the new building of the Sixth Avenue Baptist Society will be laid on Monday afternoon. Judge Pratt yesterday granted a decree of absolute divorce in the suit of William Crichton against Margaret Crichton. The flags on the City Hall and Municipal Building were displayed at half-mast yesterday in honor of the late Chief-Justice Church. The annual convention of the Long Island Protestant Episcopal Diocese will be held on Tuesday at the Church of the Holy Trinity. The depositors of the suspended Long Island Savings Bank are receiving their seventh dividend, making in all 87½ per cent of their deposits. The Williamsburg and Flatbush Railroad Company, whose cars run through Lee and Nostrandaves., has increased the pay of its drivers and conductors from $1 75 to $1 90 a day. The funeral of Max A. Plant, the broker, whose drowned body was recovered on Thursday night, took place vesterday. There were no religious services. The burial was in Greenwood. Henry Ward Beecher will lecture in the Academy of Music on Wednesday evening for the benefit of the family of the late Officer James M. Stone, whose alleged murderers are on trial in the Court of Oyer and Terminer. The body of a drowned colored boy was found at Catherine Ferry vesterday. He was identified as Joseph Lyons, age ten. of No. 2 Douglass-court, who fell overboard from Jewell's Pier, at the foot of Fulton-st., a few days ago. The trustees of St. Peter's German Church have obtained permission from the Department of Fire and Buildings to erect a two-story brick church at Union-ave. and Scholes-st. Forty-four other building permits were issued last week. William H. McFarlan, while cleaning windows on the third floor of No. 76 Fulton-st. yesterday, fell into the rear area. Both his arms were broken, and he sustained other severe injuries. His home is at No. 112 West Sixteenth-st., New-York. The Coney Island, Sheepshead Bay and Ocean Avenue Railroad Company, John McMahon, prestdent, has filed a map of its projected route, which runs from Ocean-ave. and Voorhees's-lane to Manhattan Beach, with a branch to Coney Island-ave. and along the old Coney Island Road to Brighton Beach. It will be a horse railroad. Mrs. Ella Smith, of No. 1,090 DeKalb-ave., was before Justice Semler on Monday on a charge of using a raw-hide on William Reel, a drug clerk, of No. 961 DeKalb-ave., and sentence was suspended. Yesterday Reel told the Justice that Mrs. Smith had again assaulted and kicked him, and that he feared she would kill him if she was not locked up. A warrant for her arrest for assault and battery was issued. James McDermott, a somewhat notorions character, was expelled a few nights ago from the Third Ward Republican Association for alleged bribery nt a recent primary election. He considered James McNamara, a clerk in the Tax Department. mainly instrumental in securing the expulsion, and meeting McNamara in front of the Municipal Department Building yesterday, he addressed him in abusive language. Hot words were followed by blows, and both men were arrested by Detective Riggs and taken to Justice Walsh's Court. While waiting for the Justice McDermott abused the detective soundly, and threatened to get square with him." Both McDermott and McNamara pleaded guilty to a charge of fighting in the streets, and sentence was suspended by the Justice. JERSEY CITY. Patrick Mear, a boiler-maker, was fatally injured


Article from New-York Tribune, January 23, 1885

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Article Text

BROOKLYN. It is proposed to limit the number of Democrats who will go in a body to Washington on-March 4 to 150. Only 108 have thus far signified their purpose of going. The expense is $50. The hearing in the case of Colonel Charles Morton, ex-Assistant Postmaster, who is charged with embezzling $137 from the Government, was adjourned for a week yesterday, owing to the absence of Inspector Newcomb, who is in New-Orleans. President Hazzard, of the Brookiyn City Railroad Company, says that the company could afford to pay its men $3 a day instead of $2. It is overrun with applicants for work at the present rates. The company pays 14 per cent dividends to its stockholders. The Kings County Wheelmen gave their fourth annual reception last evening at Knickerbocker Hall, in Clymer-st. The most interesting feature of the entertainment was a bicycle-drill by members of the club, followed by a display of fancy riding by W. D. Bloodgood. The Long Island Savings Bank. which suspended in 1877, will begin on Monday to pay off the remaining 6½ per cent ($25,000) due to depositors. When the bank closed there was $800,000 due to depositors, about half of whom chose to settle at once for 80 per cent. The others are to be paid in full except interest. The building at Fulton-St. and Boerum-place has been sold recently for $88,000, its cost having been $200,000.