16119. Manhattan Savings Institution (New York, NY)

Bank Information

Episode Type: Suspension → Run → Reopening
Bank Type: savings bank
Start Date: October 28, 1878
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: aa78d0cb

Response Measures

Partial suspension

Other: Congress later authorized duplicate registered bonds; some sources mention receiver involvement but bank resumed operations.

Description

The Manhattan Savings Institution was burglarized Oct 27, 1878 and the bank closed and posted a sixty-days notice (suspension). It resumed business March 12, 1879; when it reopened depositors withdrew funds (a modest run). Cause of the suspension and subsequent withdrawals stems from the bank-specific adverse event (the large robbery) and fear about missing registered bonds. I corrected OCR inconsistencies (dates and amounts) based on article context.

Events (3)

1. October 28, 1878 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank vault was robbed of nearly $2.75 million in securities on Oct 27, 1878; officers invoked the sixty-days rule and closed to prevent a run.
Newspaper Excerpt: Notice has been posted in the bank, saying that no payments will be made without 60 days notice.
Source: newspapers

2. March 12, 1879 Reopening

Newspaper Excerpt: The Manhattan Savings Bank closed October 28 ... to-day it will resume business after an enforced suspension of over four months. ... duplicate bonds ... are now in possession of the institution ... it is now solvent and able to pay depositors on demand, and the injunction can safely and properly be removed and this action discontinued, and the regular business of the institution resumed, ... the doors will be open from ten A. M. till four (New York Herald, 1879-03-12).
Source: newspapers

3. March 12, 1879 Run

Cause: Bank Specific Adverse Info
Cause Details: When the bank reopened after the robbery and legal proceedings, depositors queued and withdrew funds (concern over the robbery and missing bonds).
Measures: Bank posted sixty-days notice; sought duplicate registered bonds from Congress and federal/state authorities; legal injunction removed after duplicates partly issued; increased clerical force and police detail to manage orderly payments.
Newspaper Excerpt: At the time-ten o'clock yesterday morning-when the doors ... were opened ... about one hundred people ... Two policemen were on duty ... About two hundred depositors were paid during the day; payments will continue indefinitely ... it is not anticipated ... the pressure ... will last longer than two weeks.
Source: newspapers

Newspaper Articles (20)

1. October 28, 1878 New-York Tribune New York, NY

Article from New-York Tribune, October 28, 1878

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THE BANK AND ITS OFFICERS. REASONS FOR RESORTING TO THE SIXTY-DAYS RULE -FULL FIGURES OF THE BANK'S CONDITION. Edward Schell, the president of the Manhattan Savings Institution, said last night that the securities taken by the burglars would not benefit them, but their loss might be productive of great damage to the bank. The interest on the registered bonds could be col. lected regularly even if the bonds were not recovered, but the bonds could not be converted readily, and the consequences of a run, consequent on the panic to which the announcement of the burglary would give rise among the thousands of depositors, would be disastrous. It had, therefore, been decided by the officers and trustees to take advantage of the sixty days act, in order for the bank to take the best measures for protecting its depositors, and for the de positors to become able to look calmly on the situation. The officers of the Manhattan Savings Institution are Edward Schell, president; Henry Stokes and James M. McLean, vice-presidents, and Charles F. Alvord, secretary. Edward J. Brown was president until about three months ago, when Edward Schell, then treasurer, was chosen to the position, remaining also acting treasurer. It was designed to alter the by-laws so as to combine the duties of these two offices in the hands of one man. The following is the official statement of the condition of the Institution on the 1st of January last, made by the Banking Department of this State, and published early in the year:

2. October 28, 1878 New-York Tribune New York, NY

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THREE MILLIONS STOLEN. A BANK RIFLED BY MASKED BURGLARS. THE MANHATTAN SAVINGS INSTITUTION PLUNDERED IN THE DAYTIME. ENTERING THE VAULT BY MEANS OF THE COMBINATION OBTAINED FROM THE JANITOR-THREE HOURS OF WORK WITH BURGLARS' TOOLS ON THE INNER SAFE-THE ROBBERY COMMITTED BETWEEN THE HOURS OF 6 A.M. AND 9 A. M.NO CLEW TO THE BURGLARS. The Manhattan Savings Institution was robbed of nearly three millions of dollars in securities and money yesterday morning by a band of masked burglars. The burglars entered the janitor's sleeping room, handcuffed him and his wife, and forced him to surrender the keys of the vault and the secret of the combination of the lock. They then entered the vault, where they remained nearly three hours, breaking open the safe, and rifling it of a portion of its contents. They carried away $2,747,700 in bonds and $11,000 in cash. Of the bonds, $2,506,700 are registered and $168,000 are payable to the order of the Institution. The numbers of these are given below, and it is not believed that the thieves will profit largely from their robbery. The bank has decided to take the benefit of the sixtydavs act, in order to prevent a disastrous run. There is no clew to the burglars, but the conduct of the janitor has caused some suspicion to fall on him.

3. October 28, 1878 New-York Tribune New York, NY

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OF THE LOSS. MILLION SEVEN HUNDRED HOUSAND DOLLARS TAKENSECURITIES. bank. on being inimmediately sumand began an the amount of their loss. about 10 p. m., when the made and given to the SAVINGS INSTITUTION, YORK, Oct. 27, 1878. that the vault of the Manwas broken into on the 27th day of October, 1878, bonds and securities wit: registered, eight of 66, 643 to 646, 737 Nos. 13,486 to 13,$500,000 registered, twenty of 200,000 to 9,295 inclusive. registered, 60 of to 8,763, and 18,903 600,000 registered. 30 of 300,000 to 2.000, inclusive. 48,000 1865 006, S2,141, 82.107, 86,080. 86.943, 90,319. 90,419, 93..928. 97,933. 99,570, 102,908, 103,421, $13,000 152,410, 152,411. 844, 161,662, 163,166,794, 166,821, 59, 172,543, 172,173,785, 175,642, 141, 194,439, 194.201,292, 202,897, 746, 208,828, 209.$35,000 und Gold 6s, regis32,000 Fund Stock Cer22,700 House Stock No. 2, ertificate No. 4, $10,$35,000; certificate No. 32, $10,000; 000; certificate No. 202,000 Debt 7 per cent $100,000 each, Nos. 1 of $50,000, 250,000 Stock 7 per cent, of $20,000 each, 200,000 registered 200,000 onds- 118 of $1,000 to 278, 281 to 310, all inclusive 118,000 bonds-25 of $1,000 inclusive 25,000 of $1,000 each, 50,000 ecurities are registered in Manhattan Savings Instiexcept the $48,000 5-20 the $25,000 Brooklyn City notified not to purchase or or securities, or any of property of the said The itution. THE SIXTY-DAYS ACT. the following announceto take advantage of the prevent a run upon their luence of the panic likelv on the announcement of Institution was on the 27th of October, 1878, the amount of $2,747,760, registered in the name of negotiable, and $168,000 $73,000 are in coupon venting loss to depositors, that no payments be made as provided by the byWARD SCHELL, President. Secretary. 1878. bove was not completed by nearly midnight. It Police Headquarters, and Superintendent WallDilks, Captain Kealy, sent for a printer had him

4. October 28, 1878 Daily Press and Dakotaian Yankton, SD

Article from Daily Press and Dakotaian, October 28, 1878

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CRIME. A POLITICAL DISCUSSION. New Orleans, Oct. 28.-In a shooting affray on Fricay, at Plaqnemine, between Chas. A. Brule and state senator Geo. B. Waites, the former received a flesh wound tn the arm, and the latter a Beyere wound in the side, and is now in a critical condition. Cause, politics, HEANY BANK ROBBERY. New Nork, Oct. 28.-A gigantie robbery of the Manhattan Savings Institution is the sensation in banking circles. Notice has been posted in the bank, saying that no payments will be made without 60 days notice. The surplus of the bank is more than sufficient to cover any probable loss that may be sustained by the robbery. A great number of depositora have given the necessary notice. The directors were In secret session to day. It is said to be the rule for janitors of buildings in this city'to have the combinations of vaults. Every avail able detective in town has been assigned to the case. The Evening Post says: So far as can be ascertained no arrests have been made yet. Supt. Walling said this forenoon that he could give no new information about the case and denied that be professed last night to have a clue to the robbery and if he had one he would not admit it. The janitor and the night watchman are at the bank to-day helping to straighten out matters. Augustus Schell democratic candidate for mayor and brother of the president of the bank says the bank will have a surplus of a half a million,if all the couron bonds stolen were counted as lost. Great crowds con tinue all, the morning about the bank. The robbers left behind a skeleton key. Also three pairs of band cuffs. Of 40 or 50 boxes stored away about 20 had been open ed and their contents rifled. It is possible that the amount may bc more than three millions, since the contents of a number of boxes, containing gold coin and government bonds, with which the sides of the vault were lined, have disappeared, HUNG HIMSELF. Provost, the suspected murderer of the Vaclet family, hung himself yeaterday in his cell in the jail at Vincennes, Indiana. ETHERIDGE THE ABSCONDER. Milwaukee, Oct. 28.-Charles Etheridge, of St. Paul, the absconding insurance agent and financial representative of the New York Loan Trust company, came here Thursday, and being well known, had nd difficulty in being identified. At the Milwau waukee bank he realized on a $15,000 draft drawn by the Merchants National of St. Paul, on the American Exchange bank of New York. The Wisconsin Marine

5. October 29, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, October 29, 1878

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THE MANHATTAN BANK. The Institution Closed to Business-Sixty Days' Notice Required of DepositorsA Reward for the Burglars. NEW YORK, Oct. 28.-The startling news of the gigantic robbery of the Manhattan Savings Institution caused a profound sensation to-day in banking circles. The magnitude of the robbery and the daring manner in which it was planned and carried out fairly astounded the custodians of the people's money. The bank building is closed for business, but large crowds of depositors are gathered in the neighborhood of the bank anxious to ascertain the condition of affairs and the prospects of getting their money. The janitor and night watchman, who were arrested and afterwards released yesterday, are at the bank to-day helping to straighten out mattors. Depositors are indignant and denouncing the bank officials for entrusting the janitor with the combination of the vault. The bank directors held a meeting to-day and it is understood a large reward will be paid for the apprehension of the burglars and the recovery of the stolen securities. Notice has been posted on the doors of the bank stating the fact of the robbery of $2,747,700, and requiring sixty days' notice from depositors. Many depositors are giving notices of intended withdrawal, but no deposits are being taken or payments made. The bank officials state that the surplus of the bank is more than sufficient to cover any probable loss that may be sustained by reason of the robbery. The police are actively at work on the case, and the officers on duty during the past few weeks in the vicinity of the bank have been called to a conference at headquarters thls morning, probably to compare notes as to professionals who have been noticed thereabouts recently.

6. October 29, 1878 The Sun New York, NY

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morning The outer doors of bank 1 and guarded by police the session had been called of the bank came out of the affixed the following to the at the paying teller's window 27 Oct robbed of the institution and loss to depositors sixty institution nt to reason by of SCHELL President C F ALVORD,Secretary 1878 Then the outer doors were opened. The pace in front of the counter was soon filled anxious depositors, each eager to get in ormation The bookkeepers uniformly rearred the inquirers to the notice given above to the me rning newspapers. Several hun red persons had been shivering in the cutting October breeze as near to the Broadway and in Bleecker street entrances 88 each could RD broach from n'eleck although all knew that hour opening the bank WRA 10 o'clock. There was not much excitement because the lowspape rs had already informed them that not able to get their money with ut the sixty dave notice which banks are to demand. It's fine story they tell : their surplu and the ir regist red bonds aid A man who was lecturing to H little group. but find that it will turn out like all the est of the banks When trouble first comes on hear everybody it to be paid in full. Then week. the truth comes out. ombated this view of the case, and they aid came to make inquiries as was about their money. Those who were post ndent were women most of whom made appreciate the difference unregistere bond of ask lty they made no diff in of strangers. The answers generally encouragion. but patiently the inquirers retold had worked for their savings in they had derived little en trustees of the meeting had been busin state of th yesterday had been made brother Mr Augustus one of the the reas " MI. transacted during the day was that the by dis hith the of bank were left to rest burglare that time hem. It ie thought that transacted over the counters until board Secretary Alvord said that the de et decided to for 11 reward. Many of the caltors, after being admitted to the bank ot give the eixty days their money being withdraw the bank Mr would be safe would not give nat the giving who because live it. paitors there would no run. Below the mensu of sixty again Mr Saturday the bank. This to ting until the bank.resume payments the vault in belong the in Sunday open must They its of the The blows n surpr Mr. when Butler. fficere but safe the visited entine Butier told them that this iron for pur the of the room. gainst nine the feet high. and the work part by the Lillie Safe Company, n made lock. with Butler. very reticent but light. they how mus estimate pressed be than more $50,000 if him It $25,000. of the $11.00 stolen in $73,000 court of the securities missing and bank. the without ergery All of the consists The and may D will bonds the coup by 111 burglare been have ad of coupon the $11.000 of mos' the robbere up make Mr loss. the bank's vesterday declared that of $500,000 if all H counted as lost. creditable degre high !! the bank that so large were registered yesterday explained on any to the bank by because giving obtain duplicates would interest meantime it as yet though of uld They be thein. not could they to their makers coupon bonds, vestorday well burglars but sold iT-hand. advan

7. October 29, 1878 Daily Los Angeles Herald Los Angeles, CA

Article from Daily Los Angeles Herald, October 29, 1878

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Miss Herring. Rawson, Lamber at chica Cal., Oct. 28.-The of the Sierra CHICO, factory morning and took in less 9:30 building a and about Flume door Co. hour o'clock, the fire and this considera- fell than total All half the an machinery of the stock prove were at a work ble part A few hands when the fire broke loss. lumber force of citizens but dressing large lumber piles, a large destroyed. trying out. A to quantity save the will necessarily SECOND DISPATCH. are now The and lumber the fire piles is burn beyond itself control out. the blaze, will have to to estimate property and It is There impossible is no adjacent that loss. it can damage. s Three Rubbery Million. of Neeriy Man28.-The NEW York, Oct. Institution the 27th, was, hattan Havings of Sunday amount on the morning securities to the $2,505,700 robbed of of which the name of the of institution were $2,757,700, registered of and $168,000 are in not is negotiable. made $73,000 payin coupon The able sum to the bonds, institution, and $11,000 cash. semmers Terrorizing. the NEW shoul YORK, reviewing Oct. its 28th.-The The specials persecution from Tribune, Carolina. of Republican South, says: Two continues up Republican in jail South been shut meetings. in in one of leaders keep them have from Louisiana holding and, was broken up by of any of the permit the part A meeting med counties an not Texas, mob the political Demoby crats activity will whateverstate as on described of things that shows an this in South old State, Union at as the well soldier, coming as others, election is by be carried military power. The Hallfax Oct. award. 28th.-The NEW YORK, Mont Government special says: should the the refuse World's American to settle Governmentaniana the Halifax will award, Canadian isthrown into for will be the put responsibility.ro Newfoundland anawkway this there serious provinces. chartion trouble, upon with perhamaritime the engaging the attenacter The matter Sir John is Macdonald. of Qigantic Robbery. The Oct. 28 th.-The g Manhattan NEW YORK, of the the sensagantic robbery Institution is Notice tion posted of that Savings been in banking purpose in the bank ordered preventing saying has the it is the that, to for depositors made without that the loss payments notice, be and more than sufficient sixty no days of the bank is any prob- be that loss able surplus to cover may of by reason of de number Austained A great given the necessary were robbery. positors have The directors It said buildsecret be notice. a rule ession this for city janitors to day. to have of Every bank the avail- com- been Ingain vaulte. has in the farascan bination able detective of the case, arrests 80 town have been assigned to No Wallthat Ascertained. made yet. Superintende morning information said this new that 6 ould case, and to have a clue he F ing bout the give last no night he dented had one, gfessed If The d the would to bank out 1, he robbers. night not watchman admit 11. are Auitor and to-day helping matters. bank would straighten Schell says $500,000 the if all the gustus urplus of were country have a bouds stole", crowds continued The coupon lost. Great about the skeleton bank. key; as the morning left behind a handcuffs. Of robbers three pairs boxes of stored away and also forty or fifty had been opened is possible about twenty rifled. It may be their contents ainount taken since the that the three million, of tin boxes, more than of a number and Government of containing contents gold which the disappeared. sides bonds, were with lined, have omerr's vault for the Nobie A Fond Family. Postmaster NEW YORK, Oct. that contribu- yellow announces of the postfor made three days tions fever James sufferers the the relief next fund at to the be held office during to the and children of will be who died in trust the rellef Lieut. added for Benner, the charge widow U.S. of A., while In M. Chambers. steamer, J. New Orienne. WeathNEW wilgud ORLEANS, pleasant; Oct. deaths, 23:

8. November 5, 1878 The Sun New York, NY

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Mr. AUGUSTUS SCHELL, a leading director of the Manhattan Savings Institution, failed to take needed precautions to protect that institution from burglars who robbed it of securities amounting in value to nearly three millions of dollars. Mr. AUGUSTUS SCHELL was acting President and general manager of the Union Trust Company when that company was robbed of $375,000 by the Secretary, CHARLES T. CARLTON. While Mr. Schell professed himself utterly unable to account for the rumors afloat affecting the stability of the company." the Secretary was a fugitive from justice. The fraudulent practices of the Secretary dated back four years, and. according to the receiver of the company, could only have happened "because the management of the company's affairs was undoubtedly very loose." Mr. AUGUSTUS SCHELL, with his record as a private trustee, now comes forward RH the King and Clown candidate for a great public trust-no less than the Chief Magistracy of the first city on the American continent. What guarantee have the citizens of New York that Mr. AUGUSTUS SCHELL would discharge the public trust any better than he has the private ones: that he would protect the city Treasury any better than he did the vaults of the Manhattan Institution for Savings: that he would be less blind to wholesale theft and fraud under his very eyes than he was in the Union Trust Company?

9. December 17, 1878 The Sun New York, NY

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MANHATTAN BANK ROBBERY WHY CONGRESS WAS URGED TO RESTORE THE STOLEN BONDS. A Lawyer of Repute Negotiating with the Thieves-The Danger of Delay-A Stock. holder's Confession-Only a Fortnight Left. WASHINGTON, Dec. 16.-Now that the bill restoring to the Manhattan Savings Bank the larger part of the securities stolen from its vaults seven weeks ago has become a law. the members of the Committee on Finance in the Senate, whose influence passed the bill. are more ready to explain the reasons which led to their prompt action. The bill authorizing the reissue of the registered bonds stolen from the bank was drawn after consultation with the de facto Secretary of the Treasury. One of the trustees came here and laid the case before him, which he afterward laid before the Finance Committee of the Senate, and the form of the bill leaving the custody of the bonds, after reissue. with the Treasurer. was then suggested. Once drawn. the bill was taken to Senator Kernan for introduction. He presented it by request," though he, Senator Morrill, and other members of the Committee on Finance were fully satisfled by the statement made by the trustee who appeared before them that the bill ought to pass. The facts presented were certainly extraordinary. The representative of the bank said that a respectable lawyer in New York had proDosed to return the stolen bonds to the bank on payment of a round ransom. Some lawyers on the Committee were inclined to doubt whether any respectable lawyer could figure in such a transaction but the trustee asserted that without mentioning names he could only say that the lawyer had a large practice. was widely known. and was treated as a respectable lawyer by the courts before which he practised. This offer to seil was accompanied by the threat that in case it was refused a run would be begun on the bank. This made matters serious. Barely a fortnight was left of the sixty days' notice the bank had given its depositors. They numbered 17,000. The bank. in anticipation of a run, had made arrangements for turning three millions of its securities into cash. It could only do this at a sacrifice. Even this might not be enough to allay alarm. And a run once begun might lead to the appointment of a receiver, with the usual loss. In fact, between the stolen bonds being In the hands of one receiver selected by the burgiars. and the fear that the rest of the assets would be placed in the hands of another receiver selected by some court, the trustees regarded the situation as urgent, and they asked for immediate action on the bill. This the Committee agreed to recommend. the officers of the bank going on to say that the rest of the plunder was made up either of called bonds, which were bractically unsalable, or city bonds, of whom the holders were so few that sales and the payment of interest could be prevented: so that. the payment of blackmail on the registered bonds being made unnecessary. the bank felt that it would be ableto decline paying a cent for the recovery of the rest of the plunder. As for the provision that the registered bonds should remain in the Treasury. the trustee said, with some truth: "I presume. after what has happened. that the depositors will be quite as well satisfled to know that the bonds are in the custody of the Treasury Department as in ours." In case the bill passed, the bank hoped to strengthen public confidence by announcing that it would begin paying depositors before the expiration of the sixty days. Both the Senate and the House dealt with the bill promptly: and ifthe lobby was employed, as is stated in some quarters, the bank authorities wasted their money. The bill passed on its merits.

10. January 25, 1879 The Sun New York, NY

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JHOIA лоп V The Abolition of the Insurance Department Stirring up the Albany Politicians. ALBANY, Jan. 24.-This has been a day on the surface, but an unusual amount excitement underneath it grows out of the vassing and speculations over Mr. Skinner' bill to abolish the Insurance Department. It conceded that the contending forces will to a collision on this bill next week. Some the old heads predict that Mr. Skinner will cure the victory in the Assembly. In the ate, the opponents of the bill expect to accom plish their purpose. Yet even there the resul SU uodn Looked signature The Assembly has held one session withou any attempt at display by the many orators that body. Statesman Holahan has become tired of seeing the members crane their in an effort to hear what is said. He presente a resolution directing the clerk to purchase one hundred and twenty-seven ear trumpets for the members, with such acoustic apparatur ns the Speaker may desire for his own use. Salt insisted that the Assemblymen heard they ought to of what is going on. The bill for the relief of the Manhattan stitution for Savings by authorizingthe issue New York city of duplicate registered bonds those stolen from the bank passed the Assem bly and was taken to the Governor. It provide for the issue of about $900,000 worth of N York city bonds, and is approved by the Comp trol er and Corporation Counset of New York Mr. Sloan. in advocacy of the bill, said that robbers had made an attempt to negotiate with the officers of the bank for the return of the stolen securities, demanding a large reward James McLeon. one of the trustees. said to bank committee that these negotiations instituted by lawyers of reputable standing New York, who assumed to represent those who had stolen the bonds, The terms for their return were so large that the officers refused to negotiate. He also said tha und our uodn peter SUM 1119 sup 11 would be able to open its doors and resume business next Wedesday. He was very severe on the efforts that had been made to frighter depositors into selling their claims. If Mr. Lean's assertions and promises are correo depositers will not be obliged to wait long 'Abuom them Major-Gen. Husted made an appeal to the statesmen of the House for the National Guard of the State. He pictured in sad to rms the suf fering of the hard-worked soldiers of the in tack of overcoats and blankets. The hearts of the statesmen were touched. Their imagina tion pictured the scenes of the suffering Washington's forces crossing the Delaware those which are actually transpiring in this State at present. and they promptly passed bill appropriating $200,000. Corporal Langbein, who returned this ing from the Soldiers' Home at Bath. has tender feeling for the police officers of York and he secured the adoption of a resolu tion directing the Police Commissioners of York to report to the Assembly, within ten days the steps taken to redu 20 the pay of police cers. and under what authority they net. The orators of the Senate exercised their County idinoxe 911119 u JOAO sensuor of certain counties from the provisions of utes to protect the money. The measure disposed of for the present by the story of ator Pomeroy of his efforts last year to relieve the Treasurer of Wayne County from the visions of statute, and how that Treasurer since turned UD a defaulter. He gave this as lesson of warning to other Senators not to caught in that manner. took the warning and decided not to put their feet in the trap. Senator Thomas Murphy has been assigned to duty on the Committee on Cities, Villages and Indian Affairs of the Senate. the position given to the late Senator Morrissey

11. March 12, 1879 The New York Herald New York, NY

Article from The New York Herald, March 12, 1879

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1A1 o A RESUMPTION OF BUSINESS TO-DAY-AN ORDER FROM JUDGE LAWRENCE REMOVING THE INJUNCTION. The Manhattan Savings Bank closed October 28, the day after it was robbed, and to-day it will resume business after an enforced suspension of over four months. Though closed against public business, its officers all along through this interval of idleness had a busy time of it, or, as Secretary Alvord, of the bank, expressed it yesterday, the "busiest idle time" they ever had. They are now in an ineffably serene mood of mind, from President Schell down to the janitor. They lost much valuable time, it is true, and suffered immeasurable worry, but they feel so solid and set up again that they entirely forget the dreary memories of their period of suspension. At a meeting of the Finance Committee of the bank on Monday the following preamble and resolutions were adopted:Whereas at a meeting of this committee held on December 20, 1878, a resolution was adopted requesting the Superintendent of the Banking Department and the Attorney General to take such action as they might be advised to extend the time of payment to the depositors, so as to protect their interests in this institution and whereas such proceedings were had by the Attorney General on the information of the Superintendent of the Banking Department, by which this institution was restrained from making such payments to depositors until the question of procuring all the registered bonds which had been stolen, either original or duplicate, should be settled: and whereas by an act of Congress duplicate bonds of the United States have been issued in place of those stolen from the institution, $1,200,000 of which du. plicates are now in possession of the institution, the remaining $400,000 being held by the Treasurer of the United States in trust for the institution, and the Legislature of the State of New York having also authorized the Comptroller of the city of New York to issue euplicates of the stolen bonds of the city of New York, all of which have been received and are now in possession of the institution, and a duplicate bond of the State of New York having also been issued in place of the one stolen and which duplicate is also in possession of the institution, and it being further shown by a statement submitted by the officers of the condition of the institution, as of the 7th of March inst.. there is an apparent surplus over the amount due depositors of, say, $144. 186 71; therefore be it Resolved, That the Superintendent of the Banking Departnent and the Attorney General of the State be requested to take such proceedings as may be necessary to remove the said injunction by which the institution is restrained from paying its depositors and from the transaction of its business. In compliance with this request Mr. Lamb, State Superintendent of Banks, had an interview with AtGen General Schoonmaker and showed him the balance sheet of the bank, displaying a surplus of $376,000, which was convincing evidence enough that the institution was in a position to pay all its depositors on demand. The Attorney General then applied to the Supreme Court and Judge Lawrence granted an order as follows:It appearing satisfactorily by examination made by Hon. H. L. Lamb. Superintendent of the Bank Department, that the defendant-the Manhattan Savings Institution-is in possession of all its registered United States, State of New York and municipal bonds, except $400,000 United States bonds still held in trust for it by the Treasurer of the United States, and that it is entitled to those bonds, and that the institution is now solvent and able to pay depositers on demand, and that the injunction can safely and properly be removed and this action discontinued, and the regular business of the institution resumed, it is hereby stipulated that an order may'he entered vacating the injunction granted herein and discontinuing this order, and that the institution be permitted to resume its business. President Schell was delighted when he saw the order, and his face was for a considerable time after wreathed insmiles. He said he was ready to resume business at any time when the injunction was removed. He did not apprehend any rush of depositors after the doors are open, but there will be considerable business after so long a rest; yet everything was in such admirable order that he thought they could discharge more business in a given time than almost any bank in the city. The doors will be open from ten A. M. till four

12. March 13, 1879 The New York Herald New York, NY

Article from The New York Herald, March 13, 1879

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NEEDY PEOPLE. At the time-ten o'clock yesterday morning-when the doors of the Manhattan Bank were opened for first time in over four months for the payment of depositors about one hundred people of both sexes and of various conditions of life were in waiting on the Broadway sidewalk. This crowd quickly filled the space outside the officers' desks and was formed into one long loop line, the head beginning at the paying teller's window and the tail ending on the sidewalk. Two policemen were on duty, but their services were only needed for a short while in the morning, as everything was quiet and orderly after the line had been formed. Of course it may be presumed that only those in urgent need of money composed the throng that attended at the bank all day yesterday, for everybody was aware the bank had a large surplus and was ready to meet the demands of all depositors. Had it not been so the rush on the institution might have been alarming. Elderly gentlemen of slender incomes and irritable tempers were noticed in the crowd. There were also many keepers of boarding houses from the neighborhood of St. John's Park, Washington square, Waverley and Clinton places: also young and plainly dressed ladies, who might be school teachers, shop attendants and sewing machine operators. A few swell young men were in the line, but as a rule the depositors seemed to belong to a middle class of business and working people who live in a moderate degree of domestic comfort. No really poor people were observed, such as thronged the doors of the Sixpenny Savings Bank when it was reopened about a year ago by the receiver, half of whom had hardly any shoes on their feet. Youth and old age were in and looked as the pinched long and patient weary, line. though Many of scant the living faces had been their portion. Others were cheerful and lighted up with anticipations of joy in the knowledge that their savings were all safe and were near to their possession. There was little conversation among the people in the line. Each one seemed intent only on getting whatever money he or she purposed drawing out, but when a couple of men acquainted with each other met they joked about the narrow escape they had of losing everything. An additional force of clerks was on hand, and no time was lost in satisfying every demand presented. About two hundred depositors were paid during the day; payments will continue indefinitely, but it is not anticipated by the officers of the bank that the pressure of depositors taking out money will last longer than two weeks. OFFICERS ACCUSED OF NEGLECT OF DUTY. The trial of two officers, Van Norden and Watson, of the Fifteenth precinct, for failing to prevent or discover the burglary of the Manhattan Savings Bank during their tour of patrol duty, was begun yesterday. Captain Byrnes preferred the charges. He maintained that the burglary was perpetrated between the hours of six and half-past nine o'clock, October 27. To substantiate this statement Captain Byrnes produced as witnesses the night watchman who locked the premises securely and ascertained that the interior was unmolested at six A. At that hour he proceeded to the janitor's rooms over the bank by the Bloecker street entrance. He locked the street door after him. At 9:30 the janitor found his way to the street, handcuffed, and gave the alarm. The robbers in the interim having bound and gagged him, Van Norden explained his movements at the hours in question. He said he went on post at 6 A. M.; he tried all his doors several times. The door of the bank he found secured at 6:05, 7:30 and M. He did not learn of the robbery until 9:30. He was relieved from duty at eight o'clock. Watson said he began to patrol the post at eight o'clock: everything appeared to be in its usual condition. He tried the back door at a quarter to nine; afterward he. had to assist Officer McDermott in taking a prisoner to the station house. Commissioner Smith reserved his decision.

13. March 13, 1879 New-York Tribune New York, NY

Article from New-York Tribune, March 13, 1879

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MANHATTAN BANK RESUMPTION. A CROWD OF PLEASED DEPOSITORS FILLS THE BANK -NOT MORE THAN $100,000 WITHDRAWN. Crowds of depositors of all ages and conditions in life turonged the lobbies of the Manhattan Savings Institution, at Bloocker-st. and Broadway, long before 10 o'clock yesterday morning, when. for the first time since the robbery of its safe in October last. that institution was opened for business. A special detail of police from the Fifteenth Precinct was made for the preservation of order. and the crowds were arranged in a double line without confusion. Some of the depositors came in carriages, which were kept within call for several hours, before the demands of their owners could be met. Bootblacks, shop-girls and laboring men spent the day awaiting their turn, and the last depositor on the spot was not attended to until a late hour last evening, when the doors of the bank were closed for the day. A large number. but, perhaps, not a majority of those at the bank yesterday, drew out their entire deposits; but many drew only enough to relieve their immediate needs, and left the remainder with expressions of great confidence in the soundness of the bank. Among those present at the bank was Bergeant William H. Lefferts, of the Police Mutual Aid Association, concerning whose deposit of the money of policemen's widows 80 much talk has lately arisen. Mr. Lefferts drew out a considerable amount, and subsequently showed receipts in full from various widows. President Schell stated last night that he could give no correct idea of how much money had been paid out yesterday, although it was not likely that the amount would be much above $100,000. It is not thought that the run will continue longer than two or three days.

14. March 14, 1879 Daily Press and Dakotaian Yankton, SD

Article from Daily Press and Dakotaian, March 14, 1879

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The Daily Tress and Dukotaian. YANKTON, DAKOTA. Friday Evening, March 14, 1879) LATEST BY MAIL. New York, March 12-Gen. Thomas T. Eckert bus tendered his resignation of the presidency of the Atlantic & Pacific telegraph company. New Orleans, March 12-The Bonnie Lee, with 1,150 bales of cotton, sank in the Red river. A wrecking boat has gone to her assissance. St. Louis, March 12.-The Globe Democrat has special from Texas stating that several Mexicans, the murderers of Judge Howa dand Messrs Atkinson and McBride and son at Enzaro several months "go, had been arrested and juled. The Mexicans threaten to rescue them. Couscil Bluffs, March 12.-In the case of McCrary, of Mills county, charged with deliberately murdering two men near Pa cific Junction last summer, the jury at Gienwood yesterday returned a verdict of guilty in the first degree, with the recommendation that McCrary be sentito the pententiary for life Lock Haven, Pa., March 12-An ice gorge four miles West of Lock Haven gave away at 10 o'clock last night, carrying everything before It until 11 reached Queen Run railroad bridge, which withstood the shock. The ice passing on, reached here at 11 o'clock. The water rose four feet and carried the ice for up the banks along the city front. It IS feared the boom piers have sustained much damage. Rock Island, March 12-Officer Rosen field of the police force, while patroling his beat a 2 o'clock this forenoon, wasset upo n y 1. or desperadoes, Mike and Pat Heeney, Bill Murray and Mike Burns, and murdered outright. His body was found at er daylight, terribly bruised with marks of boots, rocks and clubs upon it Three of the men were arrested. They came from Davenport. New York, March 12.-The Manhattan savings bank, robbed some time "go of nearly $3,000,000 of its securities, which have been duplicated and TO deposited with the bank. resumed business this forenoon Several hundred depositors were in line be. fore 10 the bour for resumption. At DOSD President Schell stated that a large number of depositors were drawing out all their de. posits, but some only for present contingencies With a surplus of $500,000 the offi cials say they can answer all claims.

15. March 18, 1879 The New York Herald New York, NY

Article from The New York Herald, March 18, 1879

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THE RUN ON THE Manhattan Savings Bank is about over, the depositors having drawn less than the burglars did.

16. March 19, 1879 The Sun New York, NY

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The Manhattan Bank's Depositors. The officers of the Manhattan Savings Institution consider the run. which followed opening the doors of that institution on Tuesday or last week, to be at an end. The turning point was reached on Friday, when the demand of the depositors for their money began to perceptibly diminish. At no time did the run exhibit alarming proportions, although the amount withdrawn has averaged over $100,000 a day for the eight days since the bank was opened. Deposits are being made, chiefly in small amounts, daily The bank still has a surplus of SIX and a quarter millions.

17. October 14, 1893 Evening Star Washington, DC

Article from Evening Star, October 14, 1893

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stroyed or defaced," &c. The owner of the destroyed or defaced bond is to surrender the remains of the bond and file a penal bond with the treasurer in double the amount of the destroyed or defaced bond and the interest on it with two good securities. For a registered bond, to be issued in duplicate, the owner of the original has only to file a bond in the amount of the original and interest. These penal bonds are perpetual, as are all bonds made to the United States. Every officer of the treasury who is under bond today can be held under that bond fifty years hence if any shortage can be traced to his administration. His securities are never released. It is not easy to get together bondsmen for half a million dollars, and it has happened not infrequently that the owners of bonds that have been destroyed have gone to Congress for relief. When a duplicate bond is issued it is always registered. The largest amount ever issued by the government in duplicate bonds was $1,600,000. These were issued under special act of Congress of December 19, 1878, to the Manhattan Savings Institution of New York. They were registered bonds which were stolen from the bank in the robbery made famous by Inspector Byrnes' book, "The Great Bank Robbery." The robbers of the Manhattan got eight bonds of $50,000 each, and 120 bonds of $10,000 each. All of these bonds were on the books of the register of the treasury as the property of the Manhattan Savings Institution. That institution went into the hands of a receiver as a result of "the great bank robbery," and as it was next to impossible to give a bond for $1,000,000, and absolutely impossible to prove that the missing bonds had been destroyed, the bank had to come to Congress. Congress directed the Secretary of the Treasury to issue duplicates of the bonds "upon evidence clear and satisfactory to him being furnished that they have not been assigned, but are still the property of said institution;" and on the further condition that a number of them be held in trust by the Secretary of the Treasury until such time as would secure the United States from loss. # Issuing New Government Bonds. The business of issuing a new set of bonds is a matter of some moment to the officials of the Treasury Department, because it involves a great deal of labor in the bureau of engraving and printing, in the register's office and in the treasurer's office. It takes some time for the bureau of engraving and printing to get out an issue of bonds. The engraving is a slow process. Then the paper must be prepared. The issue of renewal bonds of 1891 was printed on paper ten years old which was lying in the vaults of the bureau. It had to be taken out and wet down, and it was not ready for use for ten days. Bonds go through the presses three times. First the tint is printed on the face of them. Then the form on the front is printed in black, and then the form on the back is printed, also in black. These bonds were printed from plates wich were made in 1876. The bond issue of 1891 was a reissue of the bonds of 1876; so the bonds were printed alike. It is astonishing how little wear there is on the tempered steel plates from which bonds are printed. But this is not more remarkable than the process of freshening the plate which has been worn a little. If a bond-plate looks at all dull under the microscope, it is put in the transfer press and the cylinders with which the design was cut into it are rolled over it again. Anyone who has seen the fine hair lines in the engraving on a bank note or a greenback will appreciate the marvelous accuracy of a machine which can be adjusted so that the original cylinder, passing over the engraved plate seven or eight years after the original engraving, will cut again into the same lines and simply deepen the impression. The variation of a thousandth part of an inch in the adjustment of the cylinder would blur the plate and ruin it. The cost of transferring from the cylinders alone is about $50 a plate, and that feature of the preparation of a bond issue would cost the government fully $3,000. The cost of engraving and printing would bring the expense of issuing a new series of bonds up to about $15,000. The registered bond is about fourteen inches long by six inches wide. The old coupon bond was eighteen by twenty-four inches. This was the size of the 4 per cent bond which was to run thirty years with interest payable every three months, and which bore 120 coupons. In the issue of coupon bonds the signature of the register of the treasury is engraved on the coupons. It would be impossible for the register to sign 120 coupons on each bond. In some of the heavy issues of bonds the signature in the body of the bond has been engraved. But all of the registered bonds are signed by the register or his deputy. When these bonds are issued the initials of the clerk who entered, and the initials of the clerk who recorded each bond are written in the corner of it so that if there is any mistake it can be traced very quickly.

18. October 21, 1893 The Morning News Savannah, GA

Article from The Morning News, October 21, 1893

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plicates make them difficult to obtain. The law provides that "Whenever it appears to the Secretary of the Treasury by clear and unequivocal proof that any interest-bearing bond of the United States has, without bad faith on the part of the owner, been destroyed in whole or in part, or so defaced as to impair its value to the owner, and such bond is identified by number and description, the Secretary of the Treasury shall, under such requirements and with such restrictions as to time and retention for security or otherwise as he may prescribe, issue a duplicate thereof, having the same time to run, bearing like interest as the bond SO proved to have been destroyed or defaced," etc. The owner of the destroyed or defaced bond is to surrender the remains of the bond and file a penal bond with the treasurer in double the amount of the destroyed or defaced bond and the interest on it with two good securities. For a registered bond to be issued in duplicate, the owner of the original has only to file a bond in the amount of the original and interest. These penal bonds are perpetual, as are all bonds made to the United States. Every officer of the treasury who is under bond to-day can be held under that bond fifty years hence if any shortage can be traced to his administration. His securities are never released. It is not easy to get together bondsmen for $500,000, and it has happened not infrequently that the owners of bonds that have been destroyed have gone to congress for relief. When a duplicate bond is issued it is always registered. The largest amount ever issued by the government in duplicate bonds was $1,600,000. These were issued under special act of congress of Dec. 19, 1878, to the Manhattan Savings Institution of New York. They were registered bonds which were stolen from the bank in the robbery made famous by Inspector Byrnes' book, "The Great Bank Robbery 19 The robbers of the Manhattan got eight bonds of $50,000 each, and 120 bonds of $10,000 each. All of these bonds were on the books of the register of the treasury as the property of the Manhattan Savings Institution. That institution went into the hands of a receiver as a result of "the great bank robbery," and as it was next to impossible to give a bond for $1,000,000, and absolutely impossible to prove that the missing bonds had been destroyed, the bank had to come to congress. Congress directed the Secretary of the Treasury to issue duplicates of the bonds "upon evidence clear and satisfactory to him being furnished that they have not been assigned, but are still the property of said institution." and on the further condition that a number of them be held in trust by the Secretary of the Treasury until such time as would secure the United States from loss. ISSUING NEW GOVERNMENT BONDS. The business of issuing a new set of bonds is a matter of some moment to the officials of the treasury department, because it involves a great deal of labor in the bureau of engraving and printing, in the register's office and in the treasurer's office. It takes some time for the bureau of engraving and printing to get out an issue of bonds. The engraving is a slow process. Then the paper must be prepared. The issue of the renewal bonds of 1891 was printed on paper ten years old which was lying in the vaults of the bureau. It had to be taken out and wet down, and it was not ready for use for ten days. Bonds go through the presses three times. First the tint is printed on the face of them. Then the form on the front is printed in black, and then the form on the back is printed also in black. These bonds were printed from plates which were made in 1876. The bond issue of 1891 was a reissue of the bonds of 1876; so the bonds were printed alike. It is astonishing how little wear there is on the tempered steel plates from which bonds are printed. But this is not more remarkable than the process of freshening the plate which has been worn a little. If a bond platelooks at all dull under the microscope, it is put into the transfer press and thecylinders with which the design wes cutinto it are rolled over it again. Any one who has seen the fine hair lines in the engraving on a bank note or a greenback will appreciate the marvelous accuracy of a machine which can be adjusted SO that the original cylinder, passing over the engraved plate seven or eight years after the original engraving, will cut again into the same lines and simply deepen the impression. The variation of the thousandth part of an inch in the adjustment of the cylinder would blur the plate and ruin it. The cost of transferring from the cylinders alone is about $50 a plate, and that feature of the preparation of a bond issue would cost the government fully $3,000. The cost of engraving and printing would bring the expense of issuing a new series of bonds up to about $15,000. The registered bond is about fourteen inches long by six inches wide. The old coupon bond was eighteen by twenty-four inches

19. October 12, 1918 El Paso Herald El Paso, TX

Article from El Paso Herald, October 12, 1918

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-ByFrank G. Carpenter 400 Clerks, Many Machines, Keep Books (Copyright, 1918, by Frank G. Carpenter). On the Billions of U. S. Indebtedness Millions of Accounts Are Carried and Record of Each Account Must Be Perfect; Making Out Interest Checks Is Colossal Task. large sums of money into them. Some where he is and just how his account ASHINGTON, D. C., Oct. 12.-I years ago one of the Vanderbilts stands. This is now done by an inW have spent this week at the treasowned $45,000,000 of such bonds. They dex card system, which gives the full ury department looking into the brought four percent interest, and evdetails of every transaction. Every ery three months he had a check of bookkeeping of the Liberty loans. It registered bondholder has his index $450,000 mailed to him by the treascard which shows when he bought is the biggest job of the kind since urer of the United States. His money his bonds and if from some other Joseph, the Hebrew W. G. McAdoo of was absolutely safe, and the receipts party than the government, the name Egypt, kept the accounts of the corn on the day fixed were as sure as the of the seller. The history of every rising of the sun. It made one almot crop and fixed the individual income bond from the time it is issued until a Socialist when he heard of the init is paid can be found on these cards. tax at 20 percent of the gross income vestment, but today the pill of such The system is fool-proof, and it has for old Aphobis the shepherd king. covetousness is coated with the thick replaced the old method. Down in At the close of this drive the bonds sugar of the new income tax, which the vaults of the treasury department takes about-seven-tenths of such sold for the war will have brought are the books containing the records money back to the government. in more than $16,000,000,000 of money, of such accounts of the past. They It is impossible for a thief to get and the annual interest charges upon consist of 85 great ledgers each as away with a registered bond. If it is them will be in the neighborhood of big as the top of a tea table and as stolen or lost, all one has to do is to $700,000,000. The bonds are of more thick as an old family Bible. They than a half dozen denominations, notify the treasury department and a contain the story of the bonds in pen check will be made on the index card ranging in value from $50 up to $100,and ink. The bonds have been paid, 000, and their holders are millions. showing that nothing is to be paid on but it would take a lifetime or 80 to For the first three loans the indithat bond until the matter has been get out the facts concerning each invidual purchases were more than 31,adjusted. The thief cannot sell the dividual bond. The story of each of 000,000 and it is expected that 25,000,bond, for the interest will go to the the registered bonds of the liberty 000 more subscriptions will be made owner until the transfer has been loans is kept upon a card not half as during this drive. made as above stated. big as a sheet of note paper. The total number of transactions If a registered bond is burned and Coupon Bonds Like Cash. inside the treasury and out of it thus the owner can prove this fact to the But before I go further let me exnumber 56,000,000 and the bonds they treasurer of the United States, a new plain the difference between coupon represent are of two kinds-regisbond will be issued, and if he can bonds and registered bonds, the two tered and coupon. They belong to prove that his bonds have been stolen, classes into which our government four different series and some are it is possible that the same might ocloans are divided. The bookkeeping exchangeable one for the other. Keepcur, although in certain cases it redivision has to keep track of each ing track of these enormous sums quires an act of congress to bring kind, but it is only as to the regisscattered among millions of individabout this result. tered bonds that it deals direct with uals is a part of the bookkeeping of Biggest Theft of Bonds. the individual holder. No record is the Liberty loans. The biggest theft of registered kept here of the owners of the couThe thought nakes one's brain bonds occurred abqut 40 years ago pon bonds. boil. In the past year the United when the Manhattan Savings InstituThey are payable to bearer, and to States has become a nation of booktion of New York was burglarized. A each is fastened detachable coupons of keepers. Uncle Sam now requires part of the loot carried away by the about the size of a special delivery every one of us to put down our rerobbers consisted of eight bonds of stamp, representing the semi-annual ceipts and expenditures, and if our $50,000 each, and 120 bonds of $10,000 income amounts to more than $2000 interest. Every six months you clip each, representing altogether a value off one of these coupons, and cash it he wants a big share of every cent of $1,600,000. All of these bonds were of the surplus to help pay for the at the treasury of the United States registered, but before the act of conwar. Each of us knows the work and or at the banks. Any bank in the gress could be passed authorizing the the strain he undergoes in striking country knows.what it is worth, and issuance of duplicates, there was a his balance sheet. Multiply that a the value of the bonds and coupons is run on the bank and it went into the million times, and you have some SO well known that they easily pass as hands of a receiver. The chief of the idea of what is going on in one little money. Any one can cash or sell branch of the treasury department. burglars, Jimmy Hope, was finally them, and if they should be lost, the 400 Clerks Do It. captured and sent to the penitentiary. finder could turn the bonds into money I saw one little branch of the You may read the story of his advenat any bank or collect the coupons treasury. The whole department emtures in inspector Byrnes's book, "The when they become due. The burglar ployed more than 5000 clerks at Great Bank Robbery." who gets hold of a lot of coupon Washington before the war began. bonds can use them as easily as SO Lock Up Coupon Bonds. It has many times that number today, many greenbacks or. gold eagles. Most of the subscribers to the presbut the great increase has not been in ent loan buy coupon bonds, and to The Registered Bonds. the division which keeps account such I would say you had best put As to the registered bonds, they of the bank notes and has charge of them carefully away and if you have payable only to the persons whose paying the principal and interest on not a safe deposit box give them over names are written upon them. They these government loans. The total are in the hands of the owners and to your bank for safe keeping. Counumber of clerks in this bookkeeping pon bonds can be negotiated anywhere the government has a record of every division is only 400. They do all the and the stories of the unredeemed holder. They are without coupons, work and keep the records and acbonds of the past would make a book but the treasury mails the interest counts right to a fraction of a cent. of exciting interest. to the owner as soon as it becomes This has been possible only by the Hundreds of such bonds are lost, introduction of cost efficiency due. When a transfer occurs, the and there is scarcely a government bond has to be sent in to the treasmethods and by new systems of bookloan which has not records of many ury department with an indorsement keeping, indexing and mailing. such bonds still unpaid. To show Fool-Proof Records. upon it before witnesses fixed by the where the lost bonds go, take, for inTake the registered bonds. They government. A record of this transfer stance, the case of an old Irish washis then put down on the index card. already number hundreds of thouwoman who bought a battered bookWhen the bonds become due the prinsands, and the government has to case at auction. She intended to use have a record of each holder. It must cipal is returned to the owners. it as a china closet, and when she Registered Bonds Safest. know his address in order to send came to clean it she found in one of Registered bonds are the safest of him his interest every six months, of a five drawers and the rich men all greenish a investments, put papers able tell be at and to to glance

20. October 13, 1918 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, October 13, 1918

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cash it at the treasury of the United States or at the banks. Any bank in the country knows what it is worth, and the value of the bonds and coupons is so well known that they easily pass as money. Anyone can cash or sell them, and if they should be lost, the finder could turn the bonds into money at any bank or collect the coupons when they become due. The burglar who gets hold of a lot of coupon bonds can use them as easily as SO many greenbacks or gold eagles. As to registered bonds, they are payable only to the persons whose names are written upon them. They are in the hands of the owners and the government has a record of every holder. They are without coupons, but the treasury mails the interest to the owner as soon as it becomes due. When a transfer occurs, the bond has to be sent in to the treasury department with an indorsement upon it before witnesses fixed by the government. A record of this transfer is then put down on the index card. When the bonds become due the principal is returned to the owners. Registered bonds are the safest of all investments, and rich men put large sums of money into them. Some years ago one of the Vanderbilts owned $45,000,000 of such bonds. They brought 4 per cent interest, and every three months he had a check of $450,000 mailed to him by the treasurer of the United States. His money was absolutely safe, and the receipts on the day fixed were as sure as the rising of the sun. It made one almost a socialist when he heard of the investment, but today the pill of such covetousness is coated with the thick sugar of the new income tax, which takes about seven-tenths of such money back to the government. It is impossible for a thief to get away \with a registered bond of the United States. If it is stolen or lost, all one has to do is to notify the treasury department and a check will be made on the index card showing that nothing is to be paid on that bond until the matter has been adjusted. The thief cannot sell the bond, for the interest will go to the owner until the transfer has been made as above stated. If a registered bond is burned and the owner can prove this fact to the treasurer of the United States, a new bond will be issued, and if he can prove that his bonds have been stolen, it is possible that the same might occur, although in certain cases it requires an act of Congress to bring about this result. The biggest theft of registered bonds occurred about forty years ago when the Manhattan Savings institution of New York was burglarized. A part of the loot carried away by the robbers consisted of eight bonds of $50,000 each, and 120 bonds of $10,000 each, representing altogether a value of $1,600,000. All of these bonds were registered, but before the act of Congress could be passed authorizing the issuance of duplicates, there was a run on the bank and it went into the hands of a receiver. The chief of the burglars, Jimmy Hope, was finally captured and sent to the penitentiary. You may read the story of his adventures in Inspector Byrnes' book, "The Great Bank Robbery." The most of the subscribers to the present loan buy coupon bonds, and to such I would say you had best put them carefully away and if you have not a safe deposit box give them over to your bank for safe keeping. Coupon bonds