Brooklyn Savings Bank - Brooklyn, NY

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: July 30, 1873
Location: Brooklyn, New York (40.660, -73.951)

Metadata

Model: gpt-5-mini
Short Digest: bca53263

Response Measures

None

Description

Article (Jul 30, 1873) reports the bank's president Mills embezzled large sums and then drowned himself; the bank 'has suspended' and large losses to depositors are reported. This indicates suspension due to internal fraud and implies permanent failure/closure; no reopening is mentioned.

Events (1)

1. July 30, 1873 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President Mills defrauded depositors (embezzlement), bookkeeper also a defaulter, and the bank held worthless Georgia state bonds; fraud discovered leading to suspension.
Newspaper Excerpt: When he discovered that his accounts were to be examined by the directors of the bank... went and drowned himself. ... The bank has suspended and depositors will loose $150,000 and the widows and orphans $450,000.
Source: newspapers

Newspaper Articles (1)

1. July 30, 1873 Clearfield Republican Clearfield, PA

Article from Clearfield Republican, July 30, 1873

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Article Text

Another Great Robber. One of Henry Ward Beecher's church members, named Mills, who was the President of a Brooklyn savings bank, has defrauded the widows and orphans of that city out of nearly half a million of dollars. When he discovered that his accounts were to be examined by the directors of the bank, knowing full well that his crimo would be exposed, went and drowned himself. No man in that city stood higher in a business and social capacity than this man Mills. The bank has suspended and depositors will foose $150,000 and the widows and orphans $450,000. It's the same old story-fashionable and fast living.Later investigations develop the fact that the book keeper is a defaulter, too, to nearly $40,000, and that Mills had négotiated $200,000 worth of Georgin State Bonds, fraudulently is. sued by the Bullock carpet-bag gov. ernment of that State, which are totally worthless, and for which Mills' account is credited at 75 cents on the dollar. It is no wonder the old vil. lain drowned himself.