16058. Knickerbocker Savings Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 1, 1854*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
f7e39625

Response Measures

None

Description

The Knickerbocker Savings Bank suspended in mid-October 1854 (articles report it suspended a day or two ago and later as failed). A receiver (United States Trust Co.) was appointed by Dec 1854. Coverage describes mismanagement, illegal loans on stock, and inter-company dealings as the cause. The bank did not resume normal operations; assets were liquidated and dividends paid to depositors under the receiver. Dates are taken from the newspaper items (suspension reported Oct 1854; receivership appointment Dec 30, 1854).

Events (4)
1. October 1, 1854* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed discovery of mismanagement: loans made on pledges of bank and insurance stocks contrary to savings-bank investment rules; insolvency concerns and connections with affiliated firms led to suspension.
Newspaper Excerpt
The Knickerbocker Savings Bank, which suspended a day or two ago with deposites to the extent of about $500,000, appears to have been managed in direct violation of the law organizing Savings Institutions.
Source
newspapers
2. December 30, 1854 Other
Newspaper Excerpt
The United States Trust Co. has been appointed Receiver of the Knickerbocker Savings Bank, by the Supreme Court.
Source
newspapers
3. January 15, 1855 Receivership
Newspaper Excerpt
United States Trust Co, Receiver of Knickerbocker Savings Bank, agt. the Knickerbecker Bank. Application on behalf of the Savings Bank (as a creditor) for the appointment of a Receiver as to the assets of the Knickerbocker Bank... As to the motion for a Receiver of the Knickerbocker Bank (whose assets are said to be $600,000) ... the Directors will attend on Wednesday, and show the nature of said assets.
Source
newspapers
4. October 22, 1855 Other
Newspaper Excerpt
the receiver ... decided that the second dividend should be made forthwith ... The amount in hand for this second dividend is $240,000, being about 50 per cent ... with the 33 1/3 per cent already paid ... will make 83 1/3 cents on a dollar.
Source
newspapers

Newspaper Articles (15)
1. October 14, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 14, 1854

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The Exchanges at the Clearing House were less today-$16,286,000. The steamer to-morrow will take $900,000 to $1,000,000, unless there should be some countermands. Of this some $150,000 is in Mexican dollars. There is considerable difference of opinion as to the specie reserve to be shown on Monday next, but the general opinion appears to be that it will be about eleven millions. Money has been in active demand to-day from outsiders, but the stock houses are generally easy. The feeling among the Banks is that a further contraction is necessary. The merchants thus far have met their October payments with unexpected promptness. The rates for paper are not materially changed, but tending upward. On demand outside loans command higher rates. Borrowers not well known, or with doubtful securities, must pay much larger shaves than last month. There were various rumors in the street to-day of trouble among the up town Banks, but as far as we could learn, there was less excitement than yesterday. At the Clearing House all the suspected banks were unusually prompt this morning. There was a run on the Bowery Savings Bank, but not a serious one. This is one of the soundest institutions in the City, and can pay to the uttermost. Some of the rumors of the day were simply absurd. The Knickerbocker Savings Bank, which suspended a day or two ago with deposites to the extent of about $500,000, appears to have been managed in direct violation of the law organizing Savings Institutions. We presume the Trustees are personally liable should there be any deficiency of assets to pay the deposits. This Institution is reported to have $40,000 of Knickerbocker Bank stock, $90,000 of St. Nicholas Insurance stock, and a large amount of some Life Insurance Companies stock as security for loans, and all these concerns are more or less connected with the Knickerbocker Bank. This concern appears to have put out its suckers in every direction where a dollar could be drawn in. Thelaw authorizing Savings Institutions states that the funds shall be only inves. ted in Bonds and Mortgages, Government Stocks or City Stocks. The Eighth-av. Savings Bank was to resume payment of deposits to-morrow, but we hear that it doubtful if it will do so. It is stated that the stockholders of the Ohio Life Insurance and Trust Company at Cincinnati have resolved that in case the General Assembly of that State will not grant such relief from the present burden of taxation imposed upon said Company, as to allow of reasonable dividends upon the capital stock, the affairs of the Company shall be wound up and the capital returned to the holders of stock. There is less pressure in the street to-day of uncurrent money, and the redemptions are proceeding without difficulty. The report of the Erie Committee will probably be made public on Monday. It only needs the signature of the Chairman. The Committee of the Board of Brokers to which was referred the question of the contracts in Parker Vein Ceal Company stock, have reported the following plan of settlement, which has been adopted. The arrangement is only optional, not obligatory: The Committee appointed by & meeting of members of the Stock and Exchange Board, having contracts in the Stock of the Parker Vein Coal Company, to embody the views of said meeting, in regard to a plan for adjustment of said contracts, respectfully submit the following as conveying the sense of the meeting: Resolved, That in view of the difficulties in the way of the fulfillment of existing contracts in the stock of the Parker Vein Company, This meeting recommends as a compromise between buyer and seller, the following settlement, viz: The buyer shall accept either of three propositions. 1st. He shall settle his contracts by paying to the seller 40 per cent. of the price at which he purchased and interest, leaving the stock to belong to the seller. Or 2d. He shall pay the seller 60 per cent. of the stock. price at which he bought and interest, and take the Or 3d. He shall pay the seller 50 per cent. of the price at which be bought, and interest, divide the stock, each taking one half; all the propositions to apply to contracts at and below 84 per share, the last two only to contracts above that figure. In the delivery of stock as contemplated in the above settlement, it is understood that the seller may deliver certificate and irrevocable power of attorney, attested by & notary public, or irrevocable power 80 attested without the certificate, but in the latter case the power must be accompanied by an affidavit of the maker, that the stock stood in his name at the closing of the books of the Company, the party so delivering in no way guaranteeing the genuineness of the stock. The Auction Sales held during the week have been

2. October 18, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 18, 1854

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BANKS IN OUR CITY. We are induced to hope that the pressure on a few of the younger and smaller Banks of our City has done its worst. The Empire City, one of the youngest of these institutions, has been tried by a four days' run, which quite a number of its depositors were impelled to aggravate; yet has met all demands promptly, and is now apparently quite as strong as at the beginning. Yesterday the run was not renewed, and we believe this Bank's resources have been fully tested and proved adequate to any emergency. We do not hear that any Bank has been pressed this week, though very obscure reports of the insolvency of this or that institution are quite current in the surrounding country. The Knickerbocker Savings Bank, we are very glad to be assured, is expected to. resume payment within a few days. We understand that its affairs have been honestly but not wisely conducted-a considerable portion of its means having been loaned on pledges of Bank and Insurance Stocks which are now of little value. Should the Knickerbocker Bank be resuscitated, it will be placed fully on its feet; but should everything go wrong, the bulk of its receipts have been invested in City Bonds and Mortgages, which are believed to be worth every dollar they specify. On every account, we hope this institution will be able to resume its business; but if this hope should be blasted, we trust that the loss to depositors will be small. It is of course understood that we retract no part of our former strictures on the laxity and viciousness of our present Savings Bank system. This must be reformed-promptly, resolutely, thoroughly. The fall of a Savings Bank is a serious public calamity-a discouragement to frugality, an incitement to improvidence, unthrift and squandering on the part of the poor. It is the duty of the Legislature to guard effectively against another such disaster.

3. October 25, 1854 The Ashland Union Ashland, OH
Article from The Ashland Union, October 25, 1854

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didates, and who will come right side up out the Chaos, CEDIPUS himself could not guess. The oldest and shrewdest campaiguers are at fault, as well they may be, after the late astounding news from Pennsylvania, Ohio and Indiana. The verdict in the case of Dr. Graham seems to give universal satisfaction. His counsel have given notice of a bill of exceptions, but if wise, they will not move for a new trial. Another jury might be less lenient. The maximium of punishment under the verdict, is seven years imprisonment, and the general opinion seems to be, that he should be sentenced for the full term. Iager, found guilty of manslaughter in the third degree, has been condemned to the State Prison for three years. His offence was the stabbing to death of a man named Moran, during a drunken quarrel. Yesterday another fatal knife case was concluded in the court of Oyer and Terminer. The prisoner, Charles Graham, was found guilty in the same degree as Iager, and received the same sentence. It would seem, however, the spirit which is rife among the rowdies of this city, has not been checked by the late examples. A deliberate homicide was committed in Brome Street last night by an unknown man, who leaped upon the platform of a Harlaem car and knocked the brakeman off. The unfortunate man, whose name was Rickert, died fifteen minutes afterwards in consequence of the injuries he received by the fall. A rowdy who had been en gaged in a dispute with Rickerts on Wednesday last, is suspected to be the guilty party, but he has not yet been arrested. Some of the small Banks of this city are shaking in the wind. The Knickerbocker, Suffold, Eighth Avenue and Bank of the Union, have suspended operations, and their circulation is going in for redemption. It is scarely possible that bill-holders should sustain any loss by the failure of these concerns, whatever may be the fate of the depositors. The fact is, we have too many banks of the small fry class. They do anything but a legitimate business, and the sooner they are wound up and their notes redeemed from the proceeds of their stock in the hands of the comptroller, the better. The Knickerbocker Savings Bank also has failed. The weather here is warm enough for August, and the furs, merinos, and other winter goods, behind the plate-glass windows of the fashionable stores in Broadway, look singularly unseasonable. The cholera, which has nearly ceased its ravages on terra firma, is making frightful havoc at sea. On board thé Harvest Queen, from Liverpool, and the Piscatore, from Havre, both arrived yesterday, the total number of deaths on the voyage was one hundred and twentyfive. Seventy-five dead bodies were thrown overboard from the former and fifty from the latter. Business continues to be dull, and.retrenchment of expenses seems to be the order of the day among our merchants; still there are no heavy failures, and although we shall probably have a "tight" time this fall and next winter, there is a fair prospect of a renewal of trade in the spring. The Clearing house which was established last spring by the different banks, has been the cause of the suspension of the banks reported above. If a bank fails to settle up its account daily, it is suspended from the paivileges of the House, which causes a general run upon it, which few banks can go through safely. ST. CYR. THE EUROPEAN WAR.

4. November 8, 1854 Nebraska Palladium Bellevue, NE
Article from Nebraska Palladium, November 8, 1854

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teen minutes afterwards, in consequence of the injuries he received by the fall. A rowdy who had been engaged in a dispute with Rickert, on Wednesday last, is suspected to be the guilty party, but he has not yet been arrested. Some of the small banks of this city are shaking in the wind. The Knickerbocker, Suffolk, Eighth avenue, and Bank of the Union, have suspended operations, and their circulation is going in for redemption. It is scarcely possible, that bill-holders should sustain any loss by the failure of these concerns, whatever may be the fate of the depositors. The fact is, we have too many banks of the small fry class. They do anything but a legitimate business, and the soener they are wound up and their netes redeemed from the proceeds of their stock in the hands of the Comptroller, the better. The Knickerbocker Savings Bank also has failed. The weather here is warm enough for August, and the furs, merinoes, and other winter goods behind the plate-glass windows of the fashionable stores in Broadway, look singularly unseasonable. A fine body of firemen, from Lynn, Mass., calling themselves the Silver Greys and wearing a beautiful uniform of that color, are now receiving the hospitality of the fire department of this city. The cholera, which has nearly ceased its ravages on terra firma, is making a frightful havoc at sea. On board the Harvest Queen, from Liverpool, and the Piscatore from Havre, both arrived yesterday, the total number of deaths on the voyage was one hundred and twenty-five. Seventy-five dead bodies were thrown overboard from the former, and fifty from the latter. The Second avenue railroad company was yesterday mulcted in $3,000 damages, l'or a breach of contract in suspending the laying of concrete rail, after having agree therefor. Whenever a jury get a chance of this kind at a railroad corporation, they are pretty sure to give the plaintiff a rousing verdict. Besides the criminal trials in the court of oyer and terminer this week, there have beentwo In the court of sessions one for manslaughter in the fourth degree, and the other for rape. Both the offenders were found guilty and sentenced to two year's imprisenment. So we go! All the theaters here, seem to be doing a good business, notwithstanding the 'hard times.' At the Broadway English Opera is decidedly successful. Miss Louisa Pyne, the prima donna, is a delightful singer; but the "great Engliah tenor," as n he is called, is by no means equal to Wood, v Wilson, and others, who have preceded him in the same line. d Business continues to be dull, and ref trenchment of expenses seems to be the n order of the day among our merchants.Still there are no heavy failures, and although we shall probably have a "tight" g time this fall and next winter, there is a fair prospect of a renewal of trade in the h spring. The clearing house which was established last spring by the different e banks, has been the cause of the suspenI sion of the banks reported above. If a I bank fails to settle up its accounts daily, ) it is suspended from the privileges of the ) house, which causes a general run upon it, which few banks can go through safeel ly.

5. December 13, 1854 The New York Herald New York, NY
Article from The New York Herald, December 13, 1854

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MONEY MARKET. TUESDAY, Dec. 12-61 M. The stock market presents no new feature. At the first board to-day the operations were limited, and at lower prices. Erie Income Bonds fell off 1 per cent; IIIInois Central Bonds, %; New York Central Railroad Bonds, %; Delaware and Hudson, %; Canton Co., %; Pennsylvania Coal, %; Nicaragua Transit, %: New York Central Railroad, %; Erie Railroad, %; Harlem Railroad, M; Reading Railroad, %; Hudson River Railroad, %; Northern Indiana Construction, 1. The transactions in Nicaragua Transit to-day were unusually large, but prices fell off from the opening. New York Central stock still rules above the market value of the bonds, but it probably will not continue so long. The difficulty of getting argequantities of the stock when required, in consequence of its general distribution, deters sellers from putting out large contracts, and prices are therefore sustained much beyond its actual value. Holders are waiting patiently for a dividend. Their patience will soon be exhausted, when we may look for a greater supply of stock on the market. It was a long time before holders of Frie Railroad stock believed that investment was not the best on the list, and those who would not sell at 80 and 90 per cent have since sold at 40 and 50 percent It will be just so with New York Central. It willgo down as fast as Erie, and ultimately reach as low points. It is now the highest railroad stock on the market, and it is the most inflated, overgrown corporation in the coun try. Its capital, funded and floating debt, amount t nearly forty million of dollars, and will soon exceed tha enormous sum. It must break down from its own weight and when it does collapse, it will leave a sad wreck be hind. From the time of the consolidation it has been going rapidly to decay. Under the different companies the different stocks were kept at a premium, and large dividends paid, in some way, but since the amalgan tion, the tendency has been downward, and the entire concern bas become dilapidated and diseased. Since the consolidation, twelve million of dollars have been added to its indebtedness, without anything to show for it and the roadway and rolling machinery are in such a condition that an expenditure of from three to five million of dollars will be required to place them in decent condition. The opinion is rapidly gaining ground that the New York Central Railroad Company never will pay another dividend above two or three per cent per annum from its net earnings. The Clearing House closed up another bank to-day. The Central Bank failed to make good its account this morning, and was therefore suspended. This concern has been putting up an elegant marble building on the corner of Broadway and Chambers street, at an expense of about one hundred thousand dollars, equal to about one third of its capital,and the probability is that it will, when completed, be occupied for some other purpose than that originally intended. About a year ago, new banks were created at the rate of one per week, they are now suspending at about the same rate. We shall soon get back again to the old number. Bill holders of the Central Bank need be under no apprehension regarding their value. The returns of this bank for the week ending the 9th instant, were as follows:-Loans, $301,172; deposits, $186,249; circulation, $83,733-Specie, $22,405. After the adjournment of the first board the following sales were made at auction by Simeon Draper:$3,000 N. Y. and Har. R. R., 1st mort., int. added. 80% 2,000 Green Bay, Milwaukie, and Chicago 8's, 1st 81 mort., int. added. 18 40 shares Suffolk Bank 30 97 American Exchange Bank 20 23½ Third Avenue Railroad Company Adrian H. Muller & Co. regular semi-weekly sale of stocks and bonds will take place at the Merchants' Exchange to-morrow (Wednesday), at half-past 12 o'clock, At the second board the market was heavy and depressed. The transactions were confined to a few of the leading fancies. Nicaragua Transit fell off ½ per cent; Cumberland Coal, 1/4; Erie Railroad, 1/4; Reading Railroad, 1/4. At the close the market had a downward ten dency. The receipts at the office of the Assistant Treasurer of this port to-day amounted to $62,605 payments, $52,598 21-balance, $6,738,241 27. Paid for assayoffice, $50,198 50. There has been during the past two days a great run upon the different savings banks of the city. The Cham bers street Savings Bank paid out to depositors yesterday a larger amount than ever drawn before in any one day. The Greenwich and Bowery were very busy meeting demands upon them,and the deposits must have been largely reduced. The failureof the Eighth Avenue, the Knickerboel er, and the Empire City Savings Banks has alarmed depositors, and they are hoarding up their money in gold, distrustful of all savings institutions. We are not much surprised at this. The failure of three savings banks in less than three months is pretty well calculated to destroy public confidence, and we wonder depositors do not make a grand rush upon the banks still in operation and draw out every dollar due them. There is very little doubt in our mind, but that the Chambers street, the Bowery, the Greenwich, the Seamen's and, perhaps one or two other Savings banks are perfectly sound and solvent, and can pay every dollar due their depositors, but it will be difficult to make the public believe it, after the losses incurred by the failures which have already taken place. The warrants entered at the Treasury Department, Washington, on the 9th inst., were:$2,763.84 For the payment of Treasury debts 474 12 For the customs 40 For the War Department 91,213 12 For the Navy Department 726 74 For the Interior Department The Boston Transcript of the 11th inst. says:The business community in this city were surprised this morning to learn that one of the largest and most extensive dry goods houses-J. W. Blodgett & Co.-in Pearl street, enjoying a high reputation in all sections of the United States and Canadas, had failed and gone into chancery. The liabilities of the firm are between $1,900,000 and They are reported to owe one commission house in Milk street, $176,000; another, for $151,000; about $50,000. and there The are several failures others at the who South are and creditors West, and the utter impossibility of collecting the vast sums due them, is the cause assigned for this suspension. It is the largest failure of the season in Boston. The report of the Land missioner discloses some interesting facts in relation to the state of the government lands. It appears that during the fifteen months ending with September, 1854, the sales of land were 13,735,208 acres ;a very large proportion of which was in those regions where railroads have penetrated. This settlement of government land contributes largely to the success of the roads that induce the settlement. The land report shows that in the line of the Illinois Central region, where, for fifteen years, the government could not sell an acre, there have been sold 2,377,994 acres, much of it at deuble price. This tract, equal to the State of Connecticut in surface, will, in a few years, become tributary to the Central Railroad. In the midst of that large tract, the Central Company own a large quantity of selected lands-to be put upon the market when its value shall have felt the influence of the sales

6. December 30, 1854 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, December 30, 1854

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Total $500,000 The property will be entirely free of all incum brance. The installments are cash, $2.50 April 1; $2.50 June 1; 81 December 1; 50c. April 1, 1856; $1 December 1; 50c. April 1, 1857; BL December 1-$10. The Seventh Ward Bank has declared a semiarnual dividend of 5 P cent., payable January 2. The Commercial Bank of Albany 4 P cent., paysble January 2. The $100,000 subscription to the Erie loan, noticed in THE TRIBUNE yesterday, was by Aymar & Co., and not Hyman & Co., as printed. A now feature in the Stock market, is the renewal of bids for Nicaragua Canal Rights, which have been entirely dead for 8 year past. Yesterday and to-day, $200 were bid, and $500 asked. This demand for Canal Rights, coincident with & decline in Transit Shares, in the face of a rising market, may mean more than it appears to. The street, however, appears to be ignorant of what it does mean. The United States Trust Co. has been appointed Receiver of the Knickerbocker Savings Bank, by the Supreme Court. Mr. Albert H. Nicolay will hold a special auction sale of Stocks and Bonds to-morrow, (Saturday,) at 12} o'clock, at the Merchants' Exchange. The following sales of Bonds and Stocks were made at auction by Simon Draper:

7. January 16, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 16, 1855

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SUPREME COURT-JAN. 15-SPECIAL Judge ROOSEVELT. United States Trust Co, Receiver of Knickerbocker Savings Bank, agt. the Knickerbecker Bank. Application on behalf of the Savings Bank (as a creditor) for the appointment of a Receiver as to the assets of the Knickerbocker Bank, and for other relief. Judge Reaseveit in this case, gave a short short written opinion, yesterday, as to the law governing such matters. The act of 1849, he said, governing such cases, requires that the assets be paid over within three months, or sconer, if possible. As to the motion for a Receiver of the Knickerbocker Bank, (whose assets are said to be $600,000) the Directors will attend on Wednesday, and show the nature of said assets. &e., in reference to the 00jections to the appointment of a Receiver.

8. January 22, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, January 22, 1855

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Knickerbocker Sevings Bank ada. J. Hopper Mott. Mr. M. borrowed of the Savings Bank $10,200 on a pledge of stock of the Knickerbocker Insurance Company. He DOW somes in, through his counse!, Mr O'Conor, asking for & injurction restricting the United States Company. the Receiver of the Knickerbecker Savings Bank, from welling said stock, or entering suit on said note; the note, he contending, being void, by reason of the Savings Bank not having authority, by its charter, to make such loan, it having been confined, on making investments, to deposit in safe and solvent institutions or to loan on unincumbered real estate, but it was net authorized to loan upon stocks. it was said, as we understood. that Mr. Mott was a Director of the Knickerbocker Bank. It was intimated that he was President of the Knickerbocker Insurance Company. which, with the Knickerbocker Savings Bank, and the Knickerb ocker Life Company were of the same family, 84 . party In Court termed it, with the Knickerbocker Bank, and all conducted by the same set of men. Money deposited by parties la the Sev. ings Bank was taken to the Knickerbocker Bank, and used for discounting the paper of directors, dec There was a broker's office in the same building, at which loass, It was said. were made, as rates of interest irrespective of the regular legal rule of the Bank. The amount received by the Knickerbecker Bank and the Insurance Company, from the Knickerbocker Savings Bank, and now due to it, we understand, is about 180,000-$90,000 of which, we heard it stated were on security of Knickerbocker Insurance Co stock and the balance it claims to be in deposit; but $15,000 of this, It is said are contested by the Knickerboeser Bank, and a suit is pending. It is contended, on behalf of the Bank, that said $45,000 were not made by the Savings Bank in deposit, and is therefore has & prior right to the assets, as a depositor, to that amount; but that it received, in return. the stock of the Bank To this it is replied by the United States Trust Co., the Receiver, that the law authorized the Savings Bank to deposit no greater amount in any one Institution than would be equal to teo per cent of its capital; that the capital of the Knicker bocker Bank being the deposit in It, agreeably to law, could not be over $40,000; and that is order to Make a re. port which would be in conformity with law, a portion of the deposits was made to appear as . loan. This is denied. The depositors in the savings Bank were said, on the argnment as to the Knickerbocker Bank, to be all poor people, mechanics. laborers, sewing.women, &c., and this was urged as one reason why a Receiver should be appointed, and the assets sold with a view to obtaining money to pay them On the other hand it was said the amended law requiring an immedia'e disposition of the assets was a ferocious and an an wise law, making the stockholders personally liable for debts, and yet placing its notes and other paper. yet to become and which is past due, in such a position as to be sacriticed, as none but the parties whose names are on the paper will buy under the forced sale, and they will obtain possession of their notes, bonds, and such, which they sbould pay in full for a mere nominal amount. To this it was replied that the law was $ good one, and it would show to the stockholders the necessity of watching the condition of the Bank, and seeing that It ioready at all times to meet its liabidties- and if they do not, it is but justice to the creditors that immediate recourse should be had to the assets, and on the failure. in them. of sufficiest to meet the claims that the stock. holders should be required to make good the amount [By the law the bill-bolders must be paid first, then the depositors, after which the general creditors-the Controller of the State usually holding for the former enfficient in his hands] The Judge intimated that the Court had no option in the matter. ifa Bank is shown to be insolvent it must be so declared, a Receiver appointed and the matter slosed within & certain time. Be suggested that It would be proper, on a sale of the for the stockholders to watch them. and, on their own account, not permit them to be sacrificed. In this instance, it is to be feared, be said, that the unfortunate stockholders will lose the whole of theirahares, and it will be a matter of regret to addition to that, that they should have further to pay toward the debta of the Bank It was stated, during the argument as to the Knickerbocker Bank, thes it was probable most of the original stockholders did not pay in any money but give their notes, &e and very much of the loss will fall upon those who purchased since. 7wc or three instances were related as to persons investing is its stock. where the loss will prove of great herdship-one of them where the whole of the property belonging to thred denabters of a late Beptist clergyman was invested. with a view to the ordinary dividend, in the stock of the Bank: another, is. wherean elderly gentleman, in the country, was induced to $5,000 in its stock, being bis all and it is on his account, desirous vest that Mr Hunt is exerting bimself, and ww Dr for that use, the Bank should 50 on without . Receiver, and its new rections close its affaire. For s Receiver, as already stated, the Cashier of a know

9. February 27, 1855 The New York Herald New York, NY
Article from The New York Herald, February 27, 1855

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AFFAIRS IN ALBANY. Proceedings in the Legislature Inconsistencies in the Prohibitory Liquor Bill, &c. &c., &c., NEW YORK LEGISLATURE. Senate. Albany, Feb. 26, 1855. CONSUMPTION HOSPITAL IN NEW YORK. Mr. BRADFORD gave notice of a bill for the erection of an hospital for consumptive patients in New York. BILLS PASSED. To extend the charter of the College of Pharmacy in New York. To improve and increase the supply of Croton water in New York. THE KNICKERBOCKER SAVINGS BANK. Mr. SHERILL offered a resolution that the receiver of the Enickerbocker Savings Bank report the names of the officers of the bank of the previous year. Adopted. PUNISHMENT OF FRAUDULENT STOCK ISSUES. Mr. WALKER reported the following:To prov de for the ponishment of fraudulent and unauthorized issue of stock of joint stock corporations. Mr. BROOKS moved to amend the bill by substituting the Senate bill in place of the one from the Assembly. Agreed to, and the bill ordered to a third reading. Pending a motion for an afternoon session, Hon. Z. Clark was taken suddenly ill, and the Senate adjouraed 10 10 A.M. to morrow.

10. March 17, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, March 17, 1855

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TO NERVOUS SUFFERERS.-A retired Physician, who posreses & PRESCRIPTION that proved effectual in restoring him to health in a few days after years of suffering from general Nervous Debivity, is anxious to mare it known. Will send it free anywhere on receiving a letter post paid. Direct to DR. ED. WILLIAMS, No. 69 Fulton-st., Brooklyn, N. Y. # Chances for Business Men. A GOOD CHANCE to MAKE MONEY.-The owner of the Looking-Glass and Picture Store, weli es- tablished at No 95 Canal st., with a good run of business, will SELL OUT to any one with from $200 to $500; or will take a Partner with like amount. An active Man can dos capital business with little means. Apply soon as above at No. 95 Canal-st. CHANCE SELDOM OFFERED-To enter into the MERCANTILE BUSINESS, in one of the most wealthy counties of New Jersey. Daily communication with New-York and Philadelphis by railroad. No oid stock or in- cumbrance. For particulars, address JOHN SHARP, M. D., Musconetcong P. O., Warren Co., New-Jersey FOR SALE-The property known as THE ORANGE MOUNTAIN WATER-CURE, at South Or- ange, New Jersey. It containe 18 acres of land, situated on the Morris and Essex Railroad, 14 miles from New York City. The beuse contains over 70 rooms, which will accommodate over 100 boardera, and is furnished in the most thorough man- ner for a Water Cure or Summer Boarding-House. It is sup- plied with hot and cold water-there being batos in a greater number of the rooms; it is heated throughout by steam-heat, which is also used for cooking, washing and heating water for the house. There are a number of Out-buildings, viz: Bowi- ing alley, Buliard-room, Station-house, Stables, Carriage- houses, Out-door Baths, and Ice house. It has done a large and increasing business, and is now in successful operation, under the management of Dr. Welling- ton of New-York City The present owner, living at a distance, is desirous of selling it. It will be sold on easy terme, for which apply to LUCIUS D. TOMPKINS, Real Estate Agent, Orange. Essex Co. New Jersey. FOR SALE or EXCHANGE. -The FIXTURES of & STEAM SOAP and CANDLE MANUFACTORY con- plete for making from 20 600 to 3000 pounds of Soap weekly, besides Candles and Fancy Soaps of all kinds, are offered for sale, and paymente received in monthly or weekly instaliments of soap, or will be exchanged for real estate. Address Box 146. Brooklyn Post Office. FOR SALE-A new and beautiful STEAM- SHIP, of very light draft of water; length on deck 240 feet; beam, 37 feet; depth, 21 feet, frame of live-oak, white- oak, locust and hackmatack, thoroughly cross braced with iron straps, and is now being fitted in the most approved manner. Apply to JOHN GRAHAM, No. 82 Wall-et. TO EXHIBITORS.-A large and superb EX- HIBITION PAINTING, by a distinguished native artist, which bas yielded, in one portion of the United States, a net income of $4,000 per annum, will be sold, or rented to a care- ful person, on reasonable terms. It may be seen for a short time, and explanations will be given, on application to E. W. & G F. CHESTER, No. 218 Fulton-st., over Ocean Bank. TO IRON MANUFACTURERS and DEAL- ERS IN IRON! SHERIFF'S SALE. VALUABLE FORGE PROPERTY and WOOD LOT, CHARCOAL, IRON ORE, MULE TEAMS, STORE GOODS, &c. &c. On MONDAY, March 26, 1855, at the Hotel of Jacob O. Drake, in Morristown, N. J., will be sold at Public Auction, between the hours of 12 and 5 o'clock, by the Sheriff of the County of Morris, all that varuable proper ty known as the SHIPFENPORT FORGE, situate in Kox- bury Township, Morris County, New Jersey, comprising about 16 acres of Land, more of less, with all the Buildings, Dam and other Improvements on the same. It is, undoubtedly, one of the best forges for the manufacturing of hammered iron from the ore in the State. It is located on the Morris Canal and on the Morris and Essex Railroad, both crossing the property, and has four forge fires, coal-houses, dwelling houses for the work- men, a large new store and dwelling, with unfailing water power free of rent. It is in the immediate vicinity of the best ore mines in New- Jersey, and is capable of making six hundred tuns of hammered iron yearly, and, if properly managed, could be made to pay for the whole property in eighteen months. It can be reached, by railroad, in less than three hours from New-York, and the products of the Forge can be sent to mar- ket either by railroad or by canal, Alro at the same time and place, all that valuable lot of WOODLAND situate in Roxbury Township, Morris County, N. J., within one mile of the Retiroad. containing FOUR HUNDRED ACRES, more or less. This is one of the finest lots of woodland in the county, and it is estimated would now cut twenty cords of wood to the acre; and the soil is fully equal to any in that vicinity. The wood is worth $3 per cord, delivered at the Railroad, at Ship- penport, which is not more than one mile distant; and the whole of it is in fine growing condition. A portion of the purchase money can remain on bond and mortgage, if desired. TO CARD MANUFACTURERS.-FOR SALE or to RENT, the Lease, Machinery, including Steam En- gine, Toole, Fixtures and business of the BEST CARD FAC- TORY IN THE COUNTRY, located in this city, in perfect order, and ample facilities for the manufacture of both Playing and Printer's Cards. To competent parties this is a desirable opportunity. Possession immediately. Address Box 3,995 Post-Office. TO COUNTRY and CITY DRUGGISTS.- FOR SALE-One of the oldest established RETAIL STORES in the City, with a three-years lease, low rent, and thickly populated neighborhood. The advertiser being unac quainted with the business will sell the stand cheap. No far- ther particulars. Address J., Tribune Office. TO MACHINISTS and MANUFACTURERS. -TO LET-A fine fire-proof WORKSHOP, with Steam Engine, Blowers, Belting, Shaftieg, and other Tools, with Dwelling House, sard room, &c. Apply to B. G. BRUCE, No. 288 Madison-st. TO DOCK CONTRACTORS.-A Dock is re- quired about 1,500 feet in length, on the Hudson River, in the vicinity of Albany, be forthwith put under contract. Dock Builders can ascertain particulars by applying to M. LEYNE, Esq, No. 11 Wali-st. $10,000 WANTED, with a good BUSI- NESS MAN, to take an INTEREST in an IRON FOUNDERY MACHINE BUSINESS, having a large amount of work on hand, doing a successful business. A long, cheap lease; building, &c. of sufficient capacity to ex- tend the business. Address 18ON, for one week, Tribune Office. $2,500. -WANTED $2,500 on a MORT- GAGE now in the hands of the Receiver of the Knickerbocker Savings Bank. The property is a four- story brick store, situated in one of the aveaues in the upper part of the city. The loan is only $1,500 on the lease.

11. April 21, 1855 The New York Herald New York, NY
Article from The New York Herald, April 21, 1855

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FINANCIAL AND COMMERCIAL. MONEY MARKET. FRIDAY, April 20-6 P. M. There was a reaction in the stock market this morning. All kinds of stocks advanced, and the leading railroad securities were quite active at theimprovement. Virginia 6's went up ½ per cent; Missouri 6's, ½; Erie bonds, 1875, 1/4; Canton Company, ½; Nicaragua Transit, ½; Cumberland Coal, %; N. Y. Central Railroad, ½; Cleveland and Toledo Railroad, %; Harlem, %; Hudson Railroad, %; Panama Railroad, 1. Michigan Central Railroad fell off 1 per cent. The movement in N. Y. Central Railroad stock was somewhat unexpected. A large operator took 1,000 shares in a single lot at an advance of ½ per cent on the closing price of yesterday. Afterwards the market was a little firmer. Reading Railroad improved on the opening. The coal tonnage of this road for April will be more than 200,000 tons. For the first sixteen days the aggregate was 108,322 tons, showing an excess in that time over last year of 18,532 tons. In April, 1854, the tonnage was 170,147 tons. Erie Rail. road appeared to be in favor with all the little jobbers of the street, but we doubt their ability to carry it up much. There is nothing in the internal affairs of the company of a character calculated to give an upwar impetus to the stock. It is very sensitive, and easily depressed. After the adjournment of the board the following sal-s of bonds and stocks were made at auction by Si meon Draper:$4,000 Cleveland and Pittsburg R.R. 1st m. int. ad. 68½ 4,000 Buffalo, Corning and N. Y. R.R, do. do.. 66 9,000 Ohio and Mississippi R.R., 2d mort., do.. 50 At the second board there wasa slight improvement in prices. Erie, Canton and Cumberland were in demand, and closed firm at cur quotations. Reading Railroad was not in much demand, but was held at better prices. Panama Railroad dranced in the face of large contracts on time, sellers option. The inside party in Cumberland Coal are buyers, which accounts for the rise to-day. The European steamers will not take out a large amount of specie to-day. A large portion of the orders has been countermanded, and the shipments will be comparatively limited. The total exportation by both steamers will not exceed three hundred thousand dollars, and the aggregate for the week will not vary much from one and a half million of dollars. The transactions at the Assistant Treasurer's office to day, were as follows :$274,348 83 Paid on Treasury account 56,161 78 do. Received Balance do. 2,607,963 22 4,308 9 Paid for Assay office 34,140 73 Paid on disbursing checks The warrants entered at the Treasury Department, Washington, on the 18th inst., were $16,492 92 For the redemption of stock 15,115 98 For paying Treasury debts 57,583 84 For covering into the Treasury from customs 12,372 21 For covering into the Treasury from lands 37,839 For the War eartment. 24,848 56 For repaying in he War Denartment 2 873 32 For repaying in the avavy Department -13 30 For the Interior Department The earnings of the Harlem Railroad Company, for the $85,162 27 month of March, 1865, amounted to 75,970 86 For March, 1854 Inerease $9,191 41 Earnings for 6 months preceding 31st March, 1855 $534,868 60 Receipts for 6 months preceding 31st March, 1864 454,474 11 $80,391 49 Increase in 6 months The amount reported for the six months ending March 31, 1855, exhibits the exact cash earnings after settlement with, and payment to all connecting roads; while, for he same period in 1854, the sum represented is that of the gross receipts before such payment to connecting roads. Such was the mode then of making up the monthly statements, and which could not now be rectified without considerable time and labor. If it were done, it would make the actual increase for six months more than $100,000. The receipts of the Grand Trunk Railroad Company of Canada, for the first quarter of 1885, were as follows:$179,080 £47,270 First quarter, 1855 35,968 144,872 Same time, 1854 $35,208 Increase, equal to 25 per cent The receipts of the year ending December 31, 1854, were $835,036. The earnings of the remainder of the year, judging from the weekly returns thus far, will swell the total year's earnings to a million of dollars. Estimating the running expenses at 50 per cent, there is left $500,000, or six per cent upon eight millions of dollars. A dividend of thirty-three and a third per cent has been declared by the Receiver of the Knickerbacker Savings Bank, payable on demand. Upon the announcement of the second suspension of Messrs. Page & Bacon, of St. Louis, we gave a brief review of the causes which led to that unhappy event, and supposed that, as the public mind would soon be absorbed by other excitements, our remarks would close the matter, and that it would soon be lost sight of. But such appears not to be the case. After a few days of profound silence on the part of the organs of the only "American Banking House" in the country, we find a lengthy official statement of the affair, which we cannot let pass without notice. Although the financial organs of the banking house referred to have from the first been pretty loud in their peals of praise we have not before been favored with a blast from an official seurce. We have not much space to devote to a refutation of the statements made by the "American Banking House," and therefore merely give a brief and succinct history of the affair. Messrs. Duncan, Sherman & Co. have waited three months before they were prepared to give any ex planation of their unaccountable course with their eor. respondents in January last, and now that both the parties on the one side are out of the city, they put forth this statement, distorted in all its features, incorrect in all the essential particulars, and avoiding entirely the main question at issue. We are well assured that at no time scarcely were Duncan. Sherman & Co. in actual

12. June 21, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, June 21, 1855

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CIRCUIT COURT-JUNE 20-Before Judge ROOSEVELT. CLAIM FOR KNICKERBOCKER SAVINGS BANK. The United States Trust Company, Receiver of the Knickerbocker Savings Bank, agt, William P. Dixon. To recover $7,000 and interest, being the amount of a note, dated 7th December, 1853, payable to A. Willis, Director of said Savings Bank, &c. [The Savings Bank, also the Knickerbocker Bank, it will be recollected, failed, and the United States Trust Company was appointed Receiver.] The defense is that the Savings Bank, by the terms of its charter, had no right to make & loan except on the security of real estate or on the collateral of stock of this State, or of the United States, and that having had no such right the loan was illegal and void, and defendant is not liable on his note. Beside this point it was contended for defense that the charter of the United States Trust Com pany is unconstitutional, it being in fact a Bank of discount and deposit, and therefore should have been organized under the general law instead of by special charter. Also that even if its charter is valid it has no power to become receiver for another corporation, although its charter gives power to become receiver for an individual, and therefore has no right to sue the present claim. It appears that the stock of the Knickerbocker Bank had been left in security for the loan. The Judge in his decision overruled the objections. He thought the first point an extragrdinary defense. It is not like usury, where a penalty is intended for taking more than 7 per cent interest; but the object of the law is to give greater securi y to the loan, as in the case of an executor. The defendant acknowl. edges that be received the money of these poor depositors to the extent of $7,000, and would have been liable had he given good security as required by the law and which he knew should have been done, but as there was an arrangement between him and the Secretary by which he gave security that did not prove to be good, that therefore he was not liable ani not bound to repay his loan. It is only necessary to state the fact to carry its refutation. Judgment for plaintiff in amount and interest, with an allow. ance of 1 per cent. For plaintiff Mesrs. Charles H. Hunt and Jonathan Nathan; for defendant Messrs. Tracy, Wait & Olmsted.

13. July 7, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, July 7, 1855

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SUPREME COURT-SPECIAL TERM-JULY6. United States Trust Company, receiver Knickerbocker Savings Bank, ngt. Knickerbocker Bank.-Report confirmed. After payments provided in sec. 4, ch. 257 Laws of 1858-the receiver to pay the depositors in the Savings Bank 20 per cent. Costa of this reference to be paid from assets Knickerbocker Bank; of the litigation, from both. In the matter of Lyman Cole-John M. Cole of Massachusetts was offered as stirety or ball, but objectou to as not being A citizen of this State. He then offered to deposit the $4,500 in Court, which was also opposed. James Rogers and other rs agt. 8. C. Tilley and others-On the construction of terms of & trust estate. Rule ordered. RIDGWAY ESTATE. Jeremiah Rowland and wife agt. Sarah C. Bennett and others. On a motion alleging inequality in partition of the estate between the heirs-at-law (Mrs. Ridgway and her children are not included, the heirs being the child and grandsbild, we believe, of former marriages of Mr. R.). Report of Commissionera referred back, with directions to make such changes as in their judgment may appear just and proper.

14. August 1, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, August 1, 1855

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Financial. E. C. HALLIDAY, Auctioneer. ALES of STOCK by order of the UNITED STATES TRUST Co., Receiver. and others.-E. C. HALLIDAR wi Isell at AUCTION on WEDNESDAY. August 1, at 12} o'clock, at the Merchants' Exchange, by order of the United States Trust Company, Receiver of the Knickerbocker Savings Bank: 452 shares of the capital stock of the Knickerbocker Life Insurance Co. $25 each. (Also, for account of whom it may concern.) 275 shares Delaware and Hudson Canal Co. stock. $100. se shares Merchane's' Bank stock. $50. 50 shares Metropolitan Bank stock. $100. 20 shares Corn Exchange Insurance Co. stock. $50. 70 shares Francis's Metallic Life Boat Co.'s stock. $50.

15. October 22, 1855 New-York Daily Tribune New York, NY
Article from New-York Daily Tribune, October 22, 1855

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LA W INTELLIGENCE SUPREME COURT-SPECIAL TERM-OCT. 20. KNICKERBOCKER SAVINGS BANK. Mr. CharlesH. Hunt, counsel for the United States Trust company, receivers of the above institution, applied to Judge Rooseveit for instructions as to whether the company should make a second dividend to the depositors of said saving bank now or wait till the balance of assets shall have been collected, there being some claims which are in suit and have gone to the court of Appeals, and also bonds and mortgages for about $7,500, which will take some months to foreclose. The judge decided that the second dividend should be made forthwith, without waiting for the balance. The amount in hand for this second dividend is $240,000, being about 50 per cent of the whole, and, with the 331 per cent already paid to the depositors, will make 83} cents on a dollar which will have been paid them. The remaining assests will amount, we understand, to about 5 per cent more, making 90 per cent in all-a much better result, we believe, than had been at first hoped for. KNICKERBOCKER BANK. Mr. Hopper Mott and members of his family (his brothers and mother we believe,) united in a bond and mortgage to the bank for $142,000 on a block or two of property in the neighb rhood of Eighth avenue and Fifty second street to secare $150,000 alleged to be due by Mr. Mott to the bank, and beving two of three years to run. He disputes the extent of the claim saying he owes at most but $120,000, and that Mr. Rowland, another director and not himself, owes the other $30,000, and the matter has been ferred to avcertain how much, in fact. is due on the bond and mortgage Motion 18 made by Mr Whiting on be. bed of Mr. Mott, that the United States Trust company, the receiver, furnish 8 bill of particulars The motion was op. posed by Mr. Hunt on behalf of the Trust company. The judge denied the motion considering that Mr. M had a full knowledge of the vouchers, and the receiver nothing but books, which did not show all the roatters connected with the account; and also that the application had been delayed for some time. The prospect is, we understand, that the amount due by Mr. Mott to the bank will, by means of the securities and personal liabilities, probabiy all be collected. BUSHWICK CREEK BRIDGE AND RAVENSWOOD TURNPIKE COMPANY. John Marshall and others have made application for & mandemus to compel the company to permit them to pass free over the bridge, they insisting that it is a part of the turnpike; and the law giving to residents within 8 mile of a turnpike gate pennission to pass free-and they living within said mileand that the turnpike CO npany, in charging them penny toll over the bridge, act without authority of law. The attorneygeneral and Mr. Robinson are counsel for applicants, and Mr. Potter for the company. A demurrer was put in, the compiny saying, among other things, that they act under a special charter. The principal point of the demurrer is that the company is alleged, in the first place, as having no charter, and then claimtog to proce ed against them as a company. The general term has decided against the demurrer, and an order was obtain by Mr. P. for leave to carry the matter, on a case, to the court of % Appeals. RESIGNATION OF TRUST. Mrs. Mary Hooker, by her counsel, Mr. H. Simms, applied for an order to change the trustees of the estate of her father, Richard Amos, deceased, of property bequeathed to her, corner Arnos and Greezwich streets and elsewhere. The trusteer resigned, and an order of reference was made for the selection of & suitable trustee. SUIT IN DIVORCE. Madison Winchell agt. Sophia E. Winchell, by her next friend, Richard Combe. Motion was made in this case for a imony during the pendency of the suit, but opposed on the ground of the mation not being properly served. Motion dened. METROPOLITAN GAS CO. Unioh J. Smith, Moses Taylor and John J. Phelps as property owners and tax payers, and who, we understand; are connected with the New York and Manhat an Gas companies, applied for, as already stated, and obtained, a temporary injunction against the Metropo itan Gas co. and the members of the board of Aldermen, restr aining the former from laying down mains under their recently obtained charter, and the latter from confirming the vote of the board of councilmen giving them permission to lay down such mains. The principal grounds of the injunction are that the streets, by charter, belong to the corporation, which is composed of the mayor and common conxcil, and that the legislature had no power to exclude, as It did, the voice of the mayor in relation to such sauction; also that the franchise is of great value; that the company were bound by the constitution of the State to be incorporated by the general lsw and not by & special act; and also that the said permission will destroy the two companies having already permission to lay down B ains, and who give a large bonus to the city by lighting the streets at a much less price for the gas than is afforded to individuals. This case came up on Saturday before Judge Cowles, on the motion to dissolve the injunction, Messrs. Moneil, Willard and Anderson appearing for plaintiffs, and Mesers. Stoughton and Harrington for defense. A motion to adjourn the argument, however, prevailed, and the case lies over. GENERAL TERM-Oct. 20-DECISIONS. Joel W. Foote agt. William Bunting.-As to direction of appropriation of assets of late firm. Injunction continned. Norman P. Hitchcock agt. Morgan L. Harris.-Order modified and receiver to be appointed. Mr. Harris may be spointed such, there being no objection in law to a partner in such cases, on his filing security. Reynolds against Davis and others.-Appeals from chambers and special term must be noticed for the Saturday calendar, and not for the first day of the term. Oct Refore Indge