15206. Long Island City Savings Bank (Long Island City, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
October 4, 1877
Location
Long Island City, New York (40.745, -73.949)

Metadata

Model
gpt-5-mini
Short Digest
07b39b67

Response Measures

None

Description

Newspaper articles refer to the 'Long Island Savings Bank' as broken and in the hands of trustees/receiver; the provided bank name (Long Island City Savings Bank) appears to be a mismatch/typo. The bank was put in the hands of trustees/receiver and wound up (closure/receivership), with no explicit contemporaneous report of a depositor run in the provided articles. Cause judged as bank-specific insolvency/mismanagement (articles mention 'broken' and winding up, impaired assets, proposals to pay 80% then 100%).

Events (3)

1. October 4, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank described as 'broken'; trustees proposing settlements to pay depositors 80% now and remainder over time — indicates insolvency and winding up.
Newspaper Excerpt
Winding Up the Long Island Savings Bank...the broken Long Island Savings Bank...propositions of the trustees...to pay 80 per cent of the deposits in sixty days.
Source
newspapers
2. November 13, 1877 Receivership
Newspaper Excerpt
The Court at Schenectady having given power to the trustees of the Long Island Savings Bank to settle with their creditors, the receiver, Mortimer C. Ogden, was discharged and directed to turn over to the trustees all the fonds, except $3,500, allowed for his expenses. (New-York Tribune, 1877-11-13). THE receiver ... was discharged
Source
newspapers
3. January 3, 1878 Other
Newspaper Excerpt
between one and two hundred depositors of the Long Island Savings Bank had consented to take eighty cents on the dollar and had actually received forty cents: and that good Deacon Broadwell of Clairmont Savings Bank fame had been arrested ... (Farmer and Mechanic, 1878-01-03).
Source
newspapers

Newspaper Articles (3)

Article from The Sun, October 4, 1877

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Article Text

PHOTOGRAPHS BY REPORTERS. Winding Up the Long Island Savings BankThree Thousand Signatures Wanted. The depositors who signed one or the other of the propositions of the trustees of the broken Long Island Savings Bank, which are. to pay 80 per cent of the deposits in sixty days. and 100 per cent. in install. ments in two years, number about 1,000, and represent about $375,000 in money, or nearly one-half of the whole amount due depositors. There are about 3,000 depositors yet to sign the propositions but their individual accounts are small. The larger number of the depositors are in favor of the 80 per cent proposition. but those who hold the heavier deposits incline to the other. The bank ottl. cers are sending circulars to all out of town depositors, with blanks for them to sign. A committee of the deposit tors are also industriously getting signatures, so that when the question of putting the bank in a receiver's hands is before the courtazain, they can present the depositors petition to have the trustees wind un the bank adairs. Gen. E. H. Fowler, the cashier. said yesterday that the trustees were not at all fright ned liv the sug. gestion of the Bank Superintendent that they were personally resport sible for dividendo that W edeclared in excess of profits The bank's banks will show that at no time since the law went intoellecthas any divide nd been declared beyond the profits.


Article from New-York Tribune, November 13, 1877

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Article Text

NEW-YORK CITY. Assignments for the benefit of creditors were filed yesterday with the County Clerk by Marie Peiser to Gabriel Turk, and by Joan P. Simms to James Hogan. The City Chamberlain reports a balance in the City Treasury, November 10, of $4,099,587 76; the receipts for the past week were $5,248,131 04, and the payments, $8,718,894 47. The British Patent Office has presented the New-York Academy of the Useful Arts with a complete set of the Abridgements of British Patents-which includes more than one hundred volumes. The committee of the Produce Exchange for prosecuting claims against the Pennsylvania Railroad, has secured as counsel, William R. Foster, jr., and ex-Judge Fancher. The committee requests that all claims be forwarded to A. E. Orr. The Court at Schenectady having given power to the trustees of the Long Island Savings Bank to settle with their creditors, the receiver, Mortimer C. Ogden, was discharged and directed to turn over to the trustees all the fonds, except $3,500, allowed for his expenses. At the meeting of the Sinking Fund Commissioners yesterday, the ferry franchises recently said were formally awarded to the purchasers. Resolutions were adopted appraising the franchise of the Cortland Street Ferry at $5,500 a year, and the Desbrosses Street Ferry at $3,700. Members of the National Guard express the hope that the Aldermen's Committee on County Affairs will speedily attend to the subject of armories and drill-rooms for the regiments, and report on the matter. At present the quarters of several regiments are held by a very precarious tenure. The Adelphotes Syllogus of Athens, Greece, has just forwarded to Henry Bergh a diploma, constituting him a member. The document, which is in the Greek language, thus concludes: "in communicating to you this action of the Board, and sending you this diploma, we take the opportunity to congratulate you, and to assure you of our highest consideration." A report was in circulation yesterday that The Evening Mail was in the Sheriff's hands. The report was emphatically demed at the publication office in Park-row, in answer to the inquiry of a TRIBUNE reporter. It was stated by Mr. Johnson, the publisaer, that several judgments against the paper were in the Sheriff's hands, but were being rapidly adjusted, and in no wise interfered with the publication of the paper. Dr. Lewis Duer was an involuntary passenger on the steamship Weser which sailed for Bremen on Saturday. He went on board the steamship to bid farewell to a friend, and the vessel was well down the bay before he realized his situation. In spite of his shouts to "stop her," the vessel continued under way. He was finally transferred, at sea, to pilot boat No. 7, and arrived in this etty yesterday on the tug boat Union. Eight English steerage passengers on the French steamer Amerique complained to the Commissioners of Emigration in regard to the food and treatment received on a recent voyage from Plymouth, and yesterday Commissioner Kaufman held an examination. The complainants declared that their sleeping apartments were unciean, that the supply of water was poor and insufficient, and the food inferior to that promised. The Commissioners wili bring the matter before the Board. At a meeting of the XXIst Assembly District Republican Association last evening, M. Cregan, G. Joseph Ruch, and R. M. Lush, were appointed to inquire if any electors on the rolls of the association voted the Democratic State ticket, at the recent election, and to prefer charges against such persons at the next meeting. It ischarged that many belonging to the Reform Republican Club voted the Democratic ticket. Twenty-five new members were elected, and about the same number proposed for membership. BROOKLYN. In a yard on Washington-st., have been growing since May last, two fine specimens of the cotton plant which blossomed in July, and about ten days ago the balis opened and disclosed a fine quality of cotton. Mrs. Mary Mosely, who disappeared mysteriously from her home, No. 223 South Third-st., about two weeks ago, was found on Sunday in the House of the Good Sheperd, where she had been for several days. She was still insane and will be sent to an asylum. The Common Council yesterday decided to meet this morning at 10 o'clock as a Board of Canvassers. The election returns filed in the office of the City Clerk will be opened and referred to the Committee on Elections, who will at once proceed with the counting. Douglas Walker, the amateur actor who was released from the Penitentiary on Saturday through the intervention of Governor Robinson, speaks gratefully of the kind treatment he received from Warden Shevlin. He attributes his pardon to the efforts made in his behalf by Governor Wade Hampton, of South Carolina. Tax-Collector Tanner declares that he will dismiss eight clerks in his office as soon as he can determine those whose services can be dispensed with to the best advantage. Yesterday Isaac M. Lawrence, who carried the legless corporal off the field of Buil Run, was appointed bill clerk in place of Thomas Devyr, who was discharged. Henry C. Simms, the Democratic candidate for Coroner, was reëlected over Thomas C. Henderson, the Independent Democrat nominated by the Republicans. Henderson now claims that he was counted out; that several thousand Democratic tickets with his name upon them for Coroner, were counted for Dr. Simms; and that many votes east for him by the Labor and League organization were put down as scattering. Mrs. Sarah J. Amsden, the singer, died on


Article from The Farmer and Mechanic, January 3, 1878

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Article Text

A Week's Bad Record. The past week was a bad week for the unsound savings banks and insurance companies. It opened ominously, On Monday we got news of the appointment of a receiver for the German Savings Bank of Chicago of the discovery that an Indiana cashier was a defaulter in the sum of $50,000; and of a suit brought against the stockholders of a broken Iowa bank by indignant depositors, who averred that only $50,000 of available assets could be found to meet liabilities aggregating $1,000,000. In the middle of the week came the astounding news that the Newark Savings Institution, with $12,000.000 of assets and $10,800,000 of deposits, was in trouble, had appealed to the courts, and was paying depositors for the present only 18 per cent. of their money. The week ended as it had begun. On Saturday Receiver Best made public the fact that the affairs of the National Trust Company of this city had been mismanaged, that there had been irregularities and violations of the charter, and that the company's assets had been impaired to the extent of $700,000. On the same day, the New York public learned that the Orie Savings Bank had put itself in the hands of the Attorney-General to be closed up: that a receiver had been appointed for the Brewers' and Maltsters' Fire Insurance Company at its own request : that between one and two hundred depositors of the Long Island Savings Bank had consented to take eighty cents on the dollar and had actually received forty cents: and that good Deacon Broadwell of Clairmont Savings Bank fame had been arrested on a bench warrant for perjury. He is now in the city prison, where he has ex-President Cane of the Security Life Insurance Company for a neighbor. These incidents, added to the developments of the Lambert trial, the arrest of the excashier of the Beading Savings Bank on a charge of embezzlement. and other recent occurrences of a like nature, have made a deep impression on the public mind. It is not a pleasant impression. In its first, immediate effects it is a very painful impression. These discoveries of international rottenness are discouraging. They beget suspicion and distrust. shaking confidence, and alarming capital.-N. Y. Sun.