15498. Bond Street Savings Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
September 20, 1876
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
666e6a51

Response Measures

None

Description

The Bond Street Savings Bank suspended/closed in Sept. 1876 by action of trustees and banking authorities and was placed in the hands of a receiver; it did not reopen. Although articles note deposit withdrawals and general uneasiness, there is no clear discrete 'run' (panic-driven street rush) that caused the suspension—the trustees chose to wind up (voluntary liquidation) and sought a receiver. Receiver later (Willis S. Paine) conducted sales of property in 1879.

Events (5)
1. September 20, 1876 Suspension
Cause
Voluntary Liquidation
Cause Details
Trustees resolved to wind up affairs and requested appointment of a receiver; bank closed following court order/show-cause and supervision by the Superintendent and Attorney-General.
Newspaper Excerpt
The closing of the Bond Street Savings Bank in New-York to-day was due to an order of Justice Landon of the Supreme Court, to show cause on the 25th inst. why a receiver should not be appointed.
Source
newspapers
2. September 21, 1876 Other
Newspaper Excerpt
An injunction ... restraining them ... from carrying on any transactions as a corporate institution, and ordering them to show cause why a receiver should not be appointed to take steps toward closing up the affairs of the bank and liquidating all liabilities. The assets are $1,412,287, and the liabilities $1,286,688. A large part of the assets are in real estate. All injunction was issued at the instance of the trustees, who desired to liquidate its affairs.
Source
newspapers
3. September 25, 1876 Receivership
Newspaper Excerpt
The receiver is to be appointed on the 25th Inst., but as yet the officers of the bank are unable to give his name.
Source
newspapers
4. September 29, 1876 Other
Newspaper Excerpt
About 250 depositors of the suspended Bond Street Savings Bank assembled ... The committee appointed to confer with the officers of the bank made a favorable report. Following are the chief points of interest: Value of assets by the books, $1,412,287.58, with liabilities $1,286,688.02 ... the committee reported as immediately available ...
Source
newspapers
5. March 19, 1879 Other
Newspaper Excerpt
RECEIVER'S SALE of the BOND STREET SAVINGS BANK PROPERTY ... UNDER THE DIRECTION OF WILLIS S. PAINE, esq., Receiver: Bowery, No. 330.-The valuable corner of Bowery and Bond-st.
Source
newspapers

Newspaper Articles (23)
1. September 21, 1876 New-York Tribune New York, NY
Article from New-York Tribune, September 21, 1876

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MISFORTUNES OF THE BANK. ITS LOSSES ON TOWN BONDS-WITHDRAWAL OF DEPOSITORS AND TRUSTEES. ALBANY, N. Y., Sept. 20.-The closing of the Bond Street Savings Bank in New-York to-day was due to an order of Justice Landon of the Supreme Court, to show cause on the 25th inst. why a receiver should not be appointed. The order was issued on the application of the Attorney-General, at the request of Superintendent Ellis of the Banking Department. in the January statement the bank had shown a deflcleney of income for 1875 amounting to $20,000, and this was greatly due to the suspension of interest on certain town bonds during litigation. Recently, however, a

2. September 21, 1876 Evening Star Washington, DC
Article from Evening Star, September 21, 1876

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Injunction on Bank Officers. NEW YORK, Sept. 21-Aniojunction issued by Justice Landon, of the Supreme Court, was served 3 esterday morning upon the officers of the Bond Street Savings Bank, at Bond street and the Bowery, restraining them, until further order of the court, from crrrying on any transactions as a corporate institution, and ordering them to show cause why a receiver should not be appointed to take steps toward closing up the affairs of the bank and liquidating all liabilities. The assets are 81,412,287, and the liabilities $1,286,688. A large part of the assets are in real estate. All injunction was issued at the instance of t the trustees, who desired to liquidate its affairs.

3. September 21, 1876 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, September 21, 1876

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unsatisfactory, and leaving the essential facts untouched. The Bond-street Savings Bank suspended yesterday. They will pay depositors in full. During the past year over one-third of the deposits have been withdrawn, owing to recent savings bank failures and general lack of confidence. Murdered by Her Husband. Mrs. Rose Chatterton, 58 North Second street, Williamsburg, was murdered by her idle drunken husband Samuel, last night in the presence of the children. He struck and kicked her until she expired. He was arrested.

4. September 21, 1876 The Sun New York, NY
Article from The Sun, September 21, 1876

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Cost. Valuation. Bank Report for 1875. In the Bank Superintendent's report for 1875 the bank's resources were $1,965,881.89. and the liabilities $1,786,165.88. The officers of the bank say that the surplus will fully cover all shrinkages in the value of bonds and real estate. They might, they add, have kept the bank running for six months or a year longer, but seeing that every day's business was smaller than that of its predecessor. they resolved to face the Inevitable. and go into vol. antary liquidation. The receiver is to he appointed on the 25th Inst., but as yet the officers of the bank are unable to give bis name. There was no rush of depositors to the bank yesterday. the news not having become public until long after business hours. Since the 5th inst., the date of the meet. mg of the Board of Trustees. all deposits recelved between $5.000 and $0.000 have been kept separate from the general fund. The Bond Street Savings Bank was established In April. 1860. under the name of the Atlantic Savings Bank, and for many years occupied a building In Chatbam square. In 1873 it removed to its new building, Bond street and the Bowery, having Invested more than a quarter of a million dollars in it. The officers of the bank are: John Q. Adams, President Jamies W. Dominick and Peter C. Barnum, Vice Presidents: Charles D. Bailey, Treasurer, and Joseph P. Cooper, Secretary. Mr. Adams has held office only since last February. The Board of Trustees has thirteen members. The January report of the Bond Street Bavings Bank showed a $20,000 deficiency of Interest account. Upward of seventy per cent. of the deposits have been withdrawn within a year. The depositors will receive fifty per cent. within sixty days and twenty-five per cent. soon after.

5. September 21, 1876 The New York Herald New York, NY
Article from The New York Herald, September 21, 1876

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BOND STREET SAVINGS BANK. Yesterday morning the Bond Street Savings Bank closed, the trustees having detarmined 10 give over business and pay the depositors in full. Owing to the steady withdrawal of deposits they concluded that it was expedient to wind up their affairs and make a settlement while it was in their power to do so. On September 5 a meeting was called and the conditio: n of the institution was investigated. It was found that during the past year and since the failure of the Third Avenue Bank one-third of the deposits have been withdrawn, and that this withdrawui is steadily going on to such an extent as to indicate is lack of confidence on the part of depositors and the public generally. In view of these facts they deem it an act of prudence that a receiver be appointed to close up the affairs of the bank, and they have passed resolutions to that effect. Among the assets are items of real estate amounting to $355, in round numbers. To convert this property into money at fair prices will require time and thus prevent the bank from going into voluntary liquidation and paying off its depositors on demand. Resolutions explaining their reasons for closing were unammously adopted at the meeting of the trustees on September 5 and forwarded to the Superintendent of the Banking Department, who has given leave to the Attorney General to dissolve the corporation and wind up its attairs. The following IS a statement of the bank's condition at the time of closing:ASSETS.

6. September 22, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 22, 1876

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The Bond street, New York, savings bank has been closed by order of the bank commissioner and a receiver will be appointed.

7. September 28, 1876 New-York Tribune New York, NY
Article from New-York Tribune, September 28, 1876

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Boss Shepherd has testified on the witness stand to Gen. Babcock's good character. Nevertheless, the indications still are that he will be acquitted. The baggage-smasher must take a new place in history. One day last week/he handled 4,000 pieces received from Philadelphia on the Pennsylvania road alone, and nobody seems to have been hurt. The Centennial travel on this road reached its maximum last week with a quarter of a million passengers carried to and from Philadelphia without accident. No more fitting choice could have been made for the orator of the Seward statne than that of Mr. Seward's devoted friend and warm partisan. The occasion and the surroundings compelled the address of Mr. Evarts to be brought within narrower compass than the oration of Mr. Charles Francis Adams several years age, but it will excite less criticism and controversy than did that somewhat famous address. It deals with Mr. Seward rather in respect to what he was in himself than as to what he was, measured by and above other men distinguished like himself. Yesterday's coal sale showed conclusively that the low prices established by the first auction are to be maintained. The public, however,. will do well even yet to buy sparingly. Coal is more likely to be lower than higher. The coal companies must throw it on the market in large quantities, in order to meet their obligations, and they must take for it whatever they can get. Buyers have heretofore had nothing to do in fixing the price. Now they are likely to have everything, if they do not throw away their opportunity by undue haste. Another savings bank has the wisdom to close its doors of its own accord without waiting until the time when they would be shut in the faces of outraged depositors. The New Amsterdam follows the good example of the Bond Street Bank, and asks for the appointment of a receiver to adjust its affairs. The large proportion of the real estate to the total assets makes it hardly possible that the full figure claimed for them can be realized, but the depositors are better off than they would have been if there had been further delay, and the community is safely rid of a weak bank which probably had no excuse for being. Thus far every investigation that has been made tends to confirm the belief that the Hell Gate explosion crumbled the reef into small fragments. Both by the sounding apparatus which has been swept along the bottom, and

8. September 30, 1876 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 30, 1876

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SUSPENSIONS. 1100 Run on the New York Savings Banks. NEW YORK, September 29.-The suspension of the New Amsterdam and Bond street savings banks has produced quite an excitement among small depositors in different savings institutions, and at the time the banks were opened for business this morning, the counters were surrounded by people anxious to withdraw their deposits. Bank Suspension in San Francisco. SAN FRANCISCO, September 29-The Valley Savings and Commercial Bank suspended yesterday. It was caused by the financial embarrasement of the president, General J.B. Friable, who has been unfortunate in stock specu tions. The assets of the bank stated at upwards of $550,000, and debtedness at $325,000. The BUSPEL sion is expected to be temporary.

9. September 30, 1876 New-York Tribune New York, NY
Article from New-York Tribune, September 30, 1876

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THE SAVINGS BANKS. MANY DEPOSITORS WITHDRAWING THEIR ACCOUNTS -ACTIVITY OF THE DRY DOCK BANK-RESERVES OF THE BOND STREET BANK. There appears to be considerable uneasiness among the depositors of the different savings banks, and an inclination to withdraw deposits, even from some of the stronger institutions. The closing or suspension of the New Ainsterdam and Bond Street banks has apparently created this excitement. At the Dry Dock Bank, at Third-st. and the Bowery, yesterday, large numbers of men and women called for their deposits. The officers of the bank waived the 60 days' notice which they had a legal right to enforce, and the uneasy depositors were paid as fast as two clerks could settle their accounts. Mr. Webster, the secretary of the bank, stated that the securities held by the bank could be turned Into money in two or three hours, and that even if they were sold at the lowest market rate there would be a surplus left large enough to start another bank with a capital of from $60,000 to $65.000. Most of the securities were United States and city bonds, which command a premium of from 8 to 15 per cent. Six millions of these bonds are United States, New-York City, Brooklyn, and Albany bonds, all of which are salable at a moment's notice. The excitement also extended somewhat to the Bowery, Bleeeker Street, and Metropolitan Banks, and the officers of each made similar statements in regard to their readiness to meet any demands. About 250 depositors of the suspended Bond Street Savings Bank assembled last evening at No. 291 Bowery. Henry Dauscha was chosen chairman, George D. Rollwagen secretary, and Sohn Lewis treasurer. The committee appointed to confer with the officers of the bank made a favorable report. Following are the chief points of interest: Value of assets by the books, $1,412,287 58, with lialiabilities $1,286,688 02, showing an apparent surplus of $125,599 56. The committee, however, reported as immediately available:

10. September 30, 1876 The Sun New York, NY
Article from The Sun, September 30, 1876

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MEETING OF DEPOSITORS. What the Creditors of the Bond Street Savings Bank May Get. The depositors in the suspended Bond Street Savings Bank met last evening to listen to the report of their committee. The committee reported that the property immediately available is: United States bonds, $296,000 Brooklyn city bonds, $112,000; New York city bonds, $85,700 Westchester county bonds. $70,000: Richmond county bonds, $1,020: bonds and mortgages, $332,300; loans on call. $6,000; cash in vault and banks, $27,735.91; interest accrued. $14,152.82 interest overdue. $2,266.70; rents due and accrued. $2,500. Total, $899,675.43, which Is about seventy per cent. of the whole amount due the depositors. Not immentately available are: Real estate valued in official statement, $398.212.15; town bonds, $114,400. Total, $512,612 15. which is about forty per cent. of the liabilities. But the committee compute a sbrinkage. The bank value at this la follower

11. October 14, 1876 Shepherdstown Register Shepherdstown, WV
Article from Shepherdstown Register, October 14, 1876

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The New York Commercial Advertiser says: "An inturiated depositor in the suspended Bond street savings bank demanded last night that the president and officers of the bank should be seized and their heads chopped off and thrown into the safe. This plan prevails in China, and no bank has suspended there for a thousand years, but we are afraid it will not work in New York, though it is fair to say that the proposal was vehemently applauded, Meanwhile, president and cashiers may find it advantageous to note the drift of popular sentiment." The China plan may be put into operation if they are not careful.

12. January 17, 1877 New-York Tribune New York, NY
Article from New-York Tribune, January 17, 1877

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LETTERS FROM THE PEOPLE. A BANK RECEIVER'S ECONOMY. CARD OF EXPLANATION FROM THE TELLER OF THE BOND STREET SAVINGS BANK. To the Editor of The Tribune: SIR: A short communication in a recent number of your journal criticising "a bank receiver's extravagance," concludes with a proper appeal provided the premises were true. "The six able-bodied men" were composed of four men and two boys, and two of the men were dismissed last Saturday evening. Depositors were exceedingly anxious to withdraw the dividend during the first ten days of January, in order to deposit in other savings banks and obtain the benefit of the six months' interest accruing from Jan. 1. Previous to last Friday the number of depositors was 80 great each day that despite our most strennous efforts we did not conclude the payments until after 5 o'clock in the afternoon. Upon two occasions we remained in the bank till 10 o'clock in the evening. Furthermore, the " crew were not peid even the lowest sum mentioned in "Depositor's" communication. OSCAR EVERITT, Teller. New-York, Jan. 16, 1877.

13. October 1, 1878 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1878

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RECORDED REAL ESTATE TRANSFERS NEW YORK CITY. Franklin-st (No 170), 30x50 Jacob Romer to James Cogan Railroad ave, n e cor 11th-st (24th Ward), 100x100; Theodotas Burwell, beforee, to Eliza Ann De Cross 30th-st, 8. 200 it e of 3d-ave, 14.3x98.9xirregular; William S Keiley, referee, to Harrison Johnston 93d-st, n 8. 300 is W of 3d-ave, 100x62, Johanneta Blum to John D Jones. Grove-st, 8 cor Old Boston-road, 205 ft to Retreat ave 48.9x200x25; and also Retreat-ave, ses, 85 fc 8 of Grove-st, 75x108 to Mill Brookx79.6x82.6 Henry Schmidt and wife to Charles C Clausen 78th-st, n 8, 2-0 ft e of 3d-ave, 25x102.2; Julius Lip man and wife to Ludolph T Kaiser 78th-st. n 8, 180.6 ft W of 2d-ave, 13.10x102.2 ; Ludolph T Kaiser: and wife toJulius Lipman 75th-st, n 8, 125 ft W of 2d-ave, 80x102.2; Mary J Lyon to Joseph Emrich 169th-st. 8 S, 70 It W of Franklin-ave. 35x117.3x30.6x 1056 Elizabeth o Hite to Frederick Zelling 61st-st. S S, 275.8 ft W of 1st-ave, 99.414x100.5 ; Jo. hanna Gardner and wife to Francis F Cruise, 29th-st, 88, 12a ft W ot 10th-ave 25x98.9: Thomas P Wickers, referee. to Rebecca Salomon. Tinton-ave, 8 e cor Cedar-st (23d Ward), 100x100 E1. len T Keating and husband to Annie M Cudlipp 61st st, n s. 120 ft W of Madison-ave, 25x100; Edward Jones and wife to Thomas Wall 38th-st, 200 it e of 2d-ave, 25x122.6x125xirregular; James Crow and wife to Johanna Nosser Same property, Macy C Brophy and wife to Johanna Nosser 60th-st, n a, 21.6 rt of 4th-ave, 21.0x100.5; Joseph Schmid and wife to August Schmid Same property, August Schmid and wife to Elise Schmid Emerson-st, W 8, 150 ft n of Seaman-ave 222.7x62.11 x202.8 to Prescott-avex343.412x482.84x172.6x47 Joseph J Potter and others to John H Dyckman Sheriff st (No 81), 25x100; Albert J Murat to Mary C Amend Rivington-st n 8, 49.3 it W of Columbia-st, 25.4x100; Magdalena Murat to F William Heide 2d-ave, se cor 78th-st, 76.8x80: Barbara Seitz and husband to the New-York Life Insurance Company 104th-st, 8 8, 80 it W of 3d-ave, 20x10011 Mary E Bailey and husband to Josephine C Sibley Franklin st (No 170), James Cogan to Jacob Rower and wire 61st-st, 8 8, 275.7 ft W of 1st-ave, 99.4x100.5 : Francis A Cruise to Oliver L Gardner 47th-st, 8 8, 217 ft W of 2d-ave, 25x100.5 : Samuel Blattand wife to George A Lender Greenwich-st (No 82), and No 87 Washington-st, Francis A Livingston and wife to Rachel Duffy Same property, John E Ward, referee, to Francis A Livingston 6th st. 88,126 ft W of 1st-ave, 25x97 Louis C Waehner, referee, to Margaretha Bolkart Chatham-st (No 185), 28x56.3x32.8x77.8; William S Paine (as receiver of the Bond Street savings Bank) to John Simpson 6th-st (No 727), 22.5 90.10 : and also No 729 6th-st, 22.5 2x90.10; William Bloomfield, referee, to Wil. liam E Turner

14. October 22, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 22, 1878

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MINOR TELEGRAMS. Ballion gone into the bank of France today, 275,000 pounds. Snow fell at North Troy, Vt., Sunday for two hours. Subscriptions to the 4 per cent loan yesterddy were $111,500. National bank notes received at the Treasury yesterday for redemption $450,000. The Connt de Paris has contributed 1000 francs for the ycllow fever sufferers. The receipts of internal revenue vesterday were $646,174 and from customs $706,877. Brig America from Sligo is ashore on Orleans island, St. Lawrence river. Allan mail steamer Sardinian from Quebec arrived out yesterday morning. The whole story of an Afghan envoy to the Porte is untrue. The villa of Samuel George at Jamaica, L. I, was burned yesterday. Loss $10,000. The Ameer's reply to England is unconciliatory and unsatisfactory. The Sultan has authorized Baker Pasha to employ 21,000 men to complete the defensive lines of Constantinople. Seven illicit distilleries were captured in Yankton and Davie counties, North Carolina, last week. The executor of the will of Miss Danser of New York has paid $320,000 to benevolent and religious societies. John Miller, a baker of Providence, R I., was badly burned yesterday by the explosition of a kerosene lamp. Henry Arlington of New York was accidentally and probably fatally shot while gunning near Portsmouth, N. H, yesterday. Nothing has been heard of Hoxie, the defaulting Brooklyn. asssitant district attorney of The Orangemen have sued the mayor of last. Montreal for false arrest on the 12th of July The Democrats of the sixth Tennesse DisCongress. trict have nominated John T. House for The stock markets are steadier upon the contradiction of rumors afloat regarding the suspension of a large Liverpool firm. The headless skeleton of Aaron Symes, an English emigrant, was found Sunday in the woods near Yonkers. A large illicit distillery with 25,000 gallons of mash whiskey was captured in Cherry street, New York, Sunday. A brick building owned by General Brady and occupied by the Muncie Times and the postoffice, at Muncie, Indiana, has been burned. Loss $10,000. All the collieries in a working condition throughout the Schuylkill region began work Monday morning. to fill the additional quota for October and the full quota for November. In Bostou yesterday Fred Collamore fell from a hotel on the corner of Cclumbia killed. avenue and Berkely street and was instantly At Philadelphia yesterday John O'Neil was sentenced to death for the murder of Coroner Hesser in December, 1874. Peter McManus. his accomplice, was also sentenced to death. Senor Pi Y. Mangall has been arrested by the Spanish government and sent to Leville spiracy. for complicity in the recent Republican conThe London Times Bucharest correspondent telegraphs: "Dr. Smith, the American consul at Galatz, told me that he was the bearer of a letter from President Hayes recognizing the independence of Roumania. Mayor Howell of Brooklyn has vetoed a resolution of the aldermen appropriating $20,000 for street repairs on the ground that it was a shallow and hyprocritical dodge to aid politicians in the forth coming elections. The receiver of the Bond street savings bank, New York, which suspended two years ago, yesterday began the payment of five per cent to depositors, which will aggregate upwards of $6,500. Carthagena, New Granada, has an epidemic in the form of malarial fever, the character of which has not been satisfactorily determined by medical men. Some fatal cases have occurred and many are prostrated. Ship Edith Troop of St. John, from New York for Antwerp, with wheat and rice, arrived at Halifax in distress from the effects of the hurricane on the 12th. The vessel is owned by Troop & Son of St. John. A. C. Larose, the murderer of his father and mother and of Moses Schurz, who has been confined in the lunatic asylum at Harrisburg, escaped therefrom Saturday. The physicians had recently pronounced him sane, and fearing that the sentence of death would be carried into effect, he escaped.

15. October 22, 1878 The New York Herald New York, NY
Article from The New York Herald, October 22, 1878

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BOND STREET SAVINGS BANK. During the widespread financial panic of the fall of 1876, which resulted so disastrously to savings institutions all over the country, and which spread like wildfire along Third avenue in this city, the Bond Street Savings Bank was compelled 10 succumb to the pressure of popular distrust. The bank had the con. fidence of the German residents of the east side of the city, 3,800 of whom deposited their savings there, the total amount of deposits being as the time of the failure $1,286,688 02. Mr. Willis S. Paine was an.

16. March 7, 1879 New-York Tribune New York, NY
Article from New-York Tribune, March 7, 1879

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MORRIS WILKINS, Auctioneer. ECEIVER'S SALE of the BOND STREET R SAVINGS BANK PROPERTY. E. H. LUDLOW & CO. will sell at Auction on WEDNES. DAY, March 19, 1879, at 12 o'clock, at the Exchange Balesroom, No. 111 Broadway, UNDER THE DIRECTION OF WILLISS PAINE, esq., Receiver: Bowery, No. 330.-The valuable corner of Bowery and Bond-st, and known as the Bond Street Savings Bank. Maps and all particulars at the Auctioneer's office, or Messrs. BARLOW & OLNEY, Attorneys, No. 206 Broadway. [5257]

17. March 8, 1879 New-York Tribune New York, NY
Article from New-York Tribune, March 8, 1879

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Auction Sales of Real Estate. MORRIS WILKINS, Auctioneer. RECEIVER'S SALE of the BOND STREET SAVINGS BANK PROPERTY. E. H. LUDLOW & CO. will sell at Auction on WEDNES- DAY, March 19, 1879, at 12 o'clock, at the Exchange Sales- room, No. 111 Broadway, UNDER THE DIRECTION OF WILLIS S. PAINE, esq., Receiver: Bowery, No. 330.-The valuable property on the Northwest corner of Bowery and Bond-st., and known as the Bond Street Savings Bank. Maps and full particulars at the Auctioneer's office, or Messrs. BARLOW & OLNEY, Attorneys, No. 206 Broadway. [5257]

18. March 17, 1879 The Sun New York, NY
Article from The Sun, March 17, 1879

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Auction Notices. MORRIS WILKINS, Auctioneer. RECEIVER'S SALE OF THE BOND STREET SAVINGS BANK PROPERTY. E. H. LUDLOW & CO. will sell at auction on WEDNESDAY, March 19, 1879, at 12 o'clock, at the EXCHANGE SALESROOM, 111 BROADWAY, UNDER THE DIRECTION OF WILLIS S. PAINE, ESQ, RECEIVER, BOWERY, No. 330. The valuable property on the northwesterly corner of Bowery and Bond st., and known as the Bond Street Savings Bank. Maps and full particu- lars at the Auctioneer's office, or of MESSRS. BARLOW & OLNEY, Attorneys, 206 Broadway.

19. March 18, 1879 New-York Tribune New York, NY
Article from New-York Tribune, March 18, 1879

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Auction Sales of Real Estate. MORRIS WILKINS, Auctioneer. SAVINGS BANK PROPERTY. R ECEIVER'S SALE of the BOND STREET E. H. LUDLOW & CO. will sell at Auction on WEDNES. DAY, March 19, 1879, at 12 o'clock, at the Exchange Salesroom, No. 111 Broadway, UNDER THE DIRECTION OF WILLIS S. PAINE, esq., Receiver: Bowery, No. 330.-The valuable propertv on the Northwest corner of Bowery and Bond-st., and known as the Bond Street Savings Bank. Maps and full particulars at the Auctioneer's office, or Messrs. BARLOW & OLNEY, Attorneys, No. 206 Broadway. [5257]

20. October 9, 1879 The New York Herald New York, NY
Article from The New York Herald, October 9, 1879

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THAT BANK JOLLIFICATION. THE BOND STREET BANK HOUSE WARMING DECLARED NOT TO HAVE BEEN PAID FOR OUT OF THE SURPLUS. In the statement published in yesterday's HERALD from Superintendent Lamb, of the Banking Department, concerning his investigations into the alleged mismanagement of some of the savings banks in the State, Mr. Lamb makes the following criticism upon the officers of a bank for savings in this city:A newspaper reporter has told me recently that he attended a "jollification" at the opening of the now Bond Street bank Building in 1873 or 1874, and that a whole floor was there laid with tables containing lunch and wine, and one of the officers especially requested him to say in his report that not a cent of the depositors' money was expended in the outlay-it was all sarplus. Novertheless, surplus surply is, to is certain extent, depositors' money: from is the dividends to depositors must be made. This same bank failed a few years afterward and has not paid over seventy-one per cent of its indebtedness. When this paragraph was shown to Mr. Charles D. Bailey, late treasurer of the Bond Street Bank, he shook his head and emphatically declared that he did not think that a strict interpretation of the law allowed the directors of a bank to spend its depositors' money in this way. "I regarded the giving of an entertainment at the opening of our new building as a benefit to us in the way of advertising us and making friends, and thereby increasing the business of the bank and giving us an opportunity to rent part of the building. I took a business view of the matter and believe that the affair was a benefit to the bank, and that, therefore, the spending of the money was of advantage. But I agree with Mr. Lamb. The officers have no right to spond any of the surplus of a savings bank for such purposes." HOW IT WAS PAID FOR. "Then why was it permitted?" asked the reporter. "Well," replied Mr. Bailey, hesitating as though he were about to make a very damaging admission, "between you and me, the entertainment was not paid for from the surplus. In fact, I may as well tell you that I paid for it myself." "Oh!" said the reporter. After further questioning Mr. Bailey admitted that the "jollification" cost $980, that he gave his personal check to the secretary of the bank for $1,000 to pay for it, and that that was all there was of the matter. He did not know that the other directors were all of his way of thinking on this question. Mr. Bailey desired to correct another mistake of Mr. Lamb's. The.assertion that the bank has only paid seventy-one per cent of its indebtedness 18 not true, he says. It has paid seventy-five per cont and will pay ninety per cent, in the opinion of Mr. Bailey. The bank was not mismanaged and failed only as eleven other savings institutions in this city did and from the same causes-viz., the financial panic, the great fire and the sudden depression in business. Moreover, when it suspended Mr. Bailey thought the bank was able to pay every cent of its liabilities, and this would have been the case but for the continued depression of real estate. At all events, said the gentleman, the Bond Street Bank dopositors are better off than any of the others.

21. October 29, 1879 The New York Herald New York, NY
Article from The New York Herald, October 29, 1879

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BOND STREET SAVINGS BANK. Three suits against the trustees of the Bond Street Savings Bank in 1870 and 1871 have been brought by Willis S. Paine, receiver of the bank, to recover some $125,000, alleged to have been lost through illegal loans made by the bank. The defendants in the suits are Messrs. Sinclair Tousey, Gershon N. Herrinan, Erastus F. Mead, Robert Irwin, Peter C. Barnum, John Aitken, Joseph F. Whitlock, Charles D. Bailey, John Q. Adams, James W. Dominick, David S. Duncomb, Joseph Simonson, Jr.: Joseph P. Cooper, Edward Corning, Samuel F. Hubbard, Thomas E. Haughton, William Schwarzwaelder, Sylvester R. Comstock, James O. Pond, William Phelps, Moses D. Van Pelt; Erastus E. Bouton, George Walker, Harrison Hall, John E. Toucey and the executors, administrators and legatees of William Gardner, William F. Dominick, Theophilus Authony, William A. Walker, Alfred A. Underhill, Robert R. Willetts and Peter Moller, deceased. The first suit relates to $25,000 lent in 1870 to Benjamin Wright, and secured on a mortgage; the second concerns three loans of $20,000, $15,000 and $18,000, made to Emery E. Childs, L. N. Murray and H. E. Seelye, respectively: the third suit relates to the purchase by the bank officials in 1870 of five mortgages from G. W. Mead for the sum of $37,000. The present proceedings are new actions instituted in reference to old suits. As several of the defendants in the above action re. side out of the State, a motion was made yesterday

22. March 29, 1880 New-York Tribune New York, NY
Article from New-York Tribune, March 29, 1880

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# SPECULATIONS IN TOWN BONDS. The Township of Belleville, New-Jersey, issued bonds to the amount of $100,000 for the construction of the Montclair Railroad at the time the road was built. Subsequently a part of the township called Woodside was annexed to the City of Newark, and a condition of the transfer was the assumption by Newark of $82,800 in bonds. They were issued for different terms, the last not falling due until 1890. The highest quotation of the bonds for several years has been from 40 to 60 cents on the dollar. Eighteen of the bonds of the par value of $1,000 each became the property of the Bond Street Savings Bank of New-York, and this institution being placed in the hands of a receiver, Mr. Paine, he began suit through Randolph & Talcott, of Jersey City, to recover the full value of the bonds, together with the seven years' interest and coupons. On March 18, Randolph & Talcott collected from the City of Newark $22,557 76 in full settlement of Newark's share of liability on the eighteen bonds held by the receiver. It has been ascertained that Mr. Paine, pending the suit against Newark, sold the bonds to an unknown person at the rate of 120, realizing therefrom $21,000. At 120 the share of Newark on the bonds would have amounted to $17,884 80; and Belleville's share $3,715 20, showing that the sum paid by Newark in settlement was $4,672 96 in excess of that paid to the receiver, leaving also the sum of $4,893 64 to be collected from Belleville by the person holding the bonds, who has made about $6,851 40 by the operation.

23. April 26, 1883 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1883

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# SUPERINTENDENT HEPBURN'S SUCCESSOR. ALBANY, April 25.-It is reported that the Governor to-morrow will send in the name of Willis S. Payne for Bank Superintendent in place of A. B. Hepburn. Mr. Payne is a lawyer, and has been receiver of the Bond-st. Savings Bank.