16128. Manufacturers & Builders Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 26, 1875
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
e6f68883

Response Measures

None

Description

The Manufacturers & Builders Bank suspended payment on Nov 26, 1875 and went into liquidation; a receiver (William A. Butler) was appointed and dividends to depositors were paid. Although newspapers mention runs on nearby savings banks, there is no clear evidence of a run on Manufacturers & Builders itself — its suspension appears driven by bad loans/insolvency (not a rumor).

Events (2)

1. November 26, 1875 Receivership
Newspaper Excerpt
WILLIAM A. BUTLER APPOINTED RECEIVER OF THE MANUFACTURERS AND BUILDERS' BANK - THE DEPOSITORS TO BE PAID IN FULL. The Manufacturers' and Builders' Bank ... went into liquidation yesterday, and William A. Butler ... was appointed receiver.
Source
newspapers
2. November 26, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank stopped payment and went into liquidation after heavy losses/tied-up loan (notably a $150,000 loan to Henry Clews & Co. secured by railroad bonds) and impaired capital; statement shows impaired capital and inability to meet liabilities.
Newspaper Excerpt
The Manufacturers' and Builders' Bank, on Third avenue and 57th street, suspended this morning.
Source
newspapers

Newspaper Articles (21)

Article from The Daily Argus, November 26, 1875

Click image to open full size in new tab

Article Text

Bank Failure in New York. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, on Third avenue and 57th street, suspended this morning, The excitement in this vicinity, among depositors is intense, NEW YORK, Nov. 26.-A run haying commenced on the People's Savings Bank, Third avenue, this worning the officers closed the doors and took advantage of the 60 days' notice rule. This bank was affected, together with others, by the run on the Third ayenue Savings Bank.


Article from Wilmington Daily Commercial, November 27, 1875

Click image to open full size in new tab

Article Text

Shaky New York Banks. The Manufacturers' and Builders' Bank, in New York, suspended yesterday. Its liabilities, not including its capital, which is $180,000 are reported at $200,000. There was a run on the People's Saving4 Bank, but its officers took advantage of the 60 days' notice, and closed their doors. There was also a slight run on the Security Savings Bank.


Article from The Cheyenne Daily Leader, November 27, 1875

Click image to open full size in new tab

Article Text

REPORTED EXPRESSLY FOR THE MORNING LEADER. NIGHT REP ORT. The Last Honors paid to the late Vice President. Indian News from the South The Missouri River Sioux Ready to give up the Black Hills. The Loss of the Pacific. New York, Nov. 26,-A dispatch from Paris says that a rumor is prevalent to the effect that there is a movement on foot, among the people of Sayoy, having for its object a separation from France and re-annexation to Italy. The Manufacturers and Builders bank, at the corner of Third Avenue and 57th street, suspended this morning. The excitement in the vicinity, among depositors is intense.


Article from The Cincinnati Daily Star, November 27, 1875

Click image to open full size in new tab

Article Text

New York. / NEW YORK, Nov. 27.-There is no probability that the suspension of the small banking institutions on Third avenue reported yesterday will produce any excitement or run upon any of the other savings banks. The Manufacturers' and Builders' Bank will probably pay in full, and may resume business. The People's Bank will also resume soon. FUNERAL. NEW YORK, Nov. 27.-The funeral of W. B. Astor, the millionaire, took place from Trinity Church this morning. Bishop Potter, Revs. Morgan, Dix, Houghton and other eminent divines were present. ALIVE. Matthew Crony, gate-keeper at the Penitentiary, whose skull was fractured yesterday, his brains oozing from the wound, is still alive. His vitality under the circumstances is a marvel to the physicians. The summing up in the Scandal murder trial is progressing. Beach, counsel for prisoner, is making an able argument. SENTENCED. Col. Robt. Des Anges, who has been found guilty ot complicity in smuggling goods through the appraiser's office at undervaluation, was sentenced by Judge Benedict to-day to two years in the Albany penitentiary and to pay a fine of $1,000.


Article from New-York Tribune, November 27, 1875

Click image to open full size in new tab

Article Text

SUSPENSION OF A STATE BANK. WILLIAM A. BUTLER APPOINTED RECEIVER OF THE MANUFACTURERS AND BUILDERS' BANK-THE DEPOSITORS 10 BE PAID IN FULL. The Manufacturers' and Builders' Bank, at Third-ave. and Fifty-seventh-st., went into liquidation yesterday, and William A. Butler, who is one of the D1rectors, and a plumber by trade, was appointed receiver. This bank was organized in 1869, with a capital of $100,000, which was increased to $450,000, but reduced recently to $180,000. Its officers Were John Davidson. builder, President, and David Morgan. Cashier. Mr. Morgan was formerly Secretary of the Third Avenue Savings Bank, and is one of the accused officers prosecuted by the depositors. The officers of the bank stated to a reporter of THE TRIBUNE yesterday that their troubles began in a loan of $150,000 to Henry Clews & Co., secured by bonds of the Burlington and Cedar Rapids Railroad to the amount of $365,000. They had been obliged to carry this loan, and they thought that there was now a fair prospect of its ultimate payment. Some of the collaterals for this loan had been sold, and the proceeds applied to reduce the debt. The dull times and a general drag in business had followed, and their heaviest depositors had graduaily withdrawn their deposits in order to invest in stocks and bonds. After paying all the depositors 100 cents on the dollar, there would remain about $100,000 for the stockholders. Deducting the expenses of winding up the business, and the bad debts, the stockholders, it is estimated, will receive between 40 and 50 cents on the dolIar. Following is an official statement of the condition of the bank yesterday morning: ASSETS.-Bond in Bank Department, $5,300; bills discount. ed, $374,050 80; demand logus, $70,887 07; bank notes. $12,729 03; bonds and mortgages, $31,550; interest account, $3,550 13; State and rairroad bonds, $44,113 50 fixtures, $5,000; country bank checks. $1,053 12; protested notes, $8,176 35 making a total of $556.4 7 06. LIABILITIES-auk capital, $180,000. due depositors, $239. 525 15: certified checks, $21,447 65; Chatham Bank (86cured), $54,767 78; call loans, $51,000; a total of $546. 740 58. This statement shows an apparent surplus of $9,676 48. But the capital, it is well known, has been impaired one half, although depositors will be paid in full. The following court proceedings in regard to this bank took place yesterday: Judge Donohue in Supreme Court, Special Term, appointed a receiver of the bank in a suit brought by Samuel Rosenbach for that purpose. In his complaint Rosenbach sets forth that he is a stockholder to the extent of 50 shares at $40 each, and a depositor to the extent of over $900, and that the bank is unable to pay its debts, and has closed its doors and refused to pay his check for $900. He asks an accounting by the bank of its assets and liabilities, an injunction against its carrying on business, and a receiver to wind up its affairs. His complaint, which is plainly formal and friendly, is supported by his own afiidavit, repeating the same facts. On this complaint and affidavit Flanagan and Bright obtained from Judge Dono-


Article from Eureka Daily Sentinel, November 27, 1875

Click image to open full size in new tab

Article Text

Thy ways, erc., and from the Scriptures. Soon after th casket was placed on the catafalque the President with Secretaries Fist Bristow, Belknap, Robeson and Char dier entered and were assigned to tl front row of seats, opposite those o enpied by the Supreme Court, all whom were clad in their robes office. The Committee of Arrang ments and Massachusetts Committe occupied seats immediately in the rea of the Supreme Court, and behir them were nearly all the members € the Diplomatic head d by Sir E ward Thornton, who is the oldest con tinuous member of the corps, and b hind them were citizens of Massach setts in Washington. On the oth side of the chamber the relatives the President and next the membe of the Senate and House of Represe tatives. Among others on the flo were Adjurant General Townsen Quartermaster General Ingalls, Jud Advocate Gen. Holt, and Ass't Judi Advocate General Dun, Genera Pelou e, Van Vliet, Meir, Barne Humpurey and other armv of cers; ex Attorney General William Commi sioner Pratt, Frederic Don las, and others of prominence. T chair of the Vice President was vaca and heavily draped in mourning. W. Ferry, of Michigan, President P tempore of the Senate, occupied a NO at the Clerk's desk. The officers of t Senate and the Committee of Arrang ments wore whitesilk sashes. gather at the left shoulder in black and whi rosettes. In spite of the very inelet ent weather the largest part of the present were ladies. Among those the diplomatic gallery were Mrs. Grat Mrs. Fish, Mrs. Blknap, and M Bristow, All being in readiness, M Ferry announced that the service would now begin. Rev. Dr. Sunde land, standing at the Clerk'sdesk, the read = brief selection of Scripture, all which Rev. Dr. J. E. Rankin deliver an eloquent discourse. When the addres was finished. Re Dr. Sunderland offered a I rayer al pronounced the benediction. The es fin was then closed and the funer cortege formed in the order prescrib and proceeded to the depor of the B timore and Potomac Railway Cor pany. Suspension of a Bank. NEW YORK, Nov. 26. The New England Society met special session to-day and adopted re oluvions of regret at the death of Vi President Wilson. The Manufacturers and Builde Bank, at the corner of Third aven and Fifty-sovench street, suspend this morning. The excitement in t vicinity among depositors is intense. Run on a Bank. NEW YORK. Nov. 26. There was a run on the People's Sa ings Bank in Third avenue, this mor ing. and the officers closed the door takin advantage of the sixty days n


Article from Alexandria Gazette, November 27, 1875

Click image to open full size in new tab

Article Text

NEWS OF THE DAY. "To show the very age and body of the Times." The report of the failure of the Manilla house of Russell, Sturgis & Co., is confirmed by yes. terday's London advices. Small pox is prevailing at several points along the has of the Delaware and Hudson canal, in New York and Pennsylvania. Cardinal McCloskey arrived at New York yesterday, and was escorted to bis residence by a delegation of elergymen and laymen. The announcemet that ex-Mayor Hall would appear at the Park Theatre, in New York, in a new drama collaborated by him, has excited much interest. A dispatch received at Quebec from one of the survivors of the Magdalen Island fluet says SIX vessels were lost and only seventeen III D were saved out of sixty-two. Great snow storios are reported in the prov ince of New Brunswick. In some places the snow eighteen inches deep. Several school ers are ice-bound at Port Duchene. Ao elderly gentleman caused some excitement in a street car in Baltimore, yesterday, by an attempt to administer personal chastisement to a young geutleman. The public prosecutor at Berlin has apphed to the Senate of the State Tribunal to indict Count Von Arnim for treason, on account of his alleged authorship of the pamphlet which recently appeared. The sum of $105,000 has been subscribed by the citizens of Cincionati, which, with the $145,000 given by Mr. Reuben Springer, completes the sum necessary for the erection of the new Music Hall. A Madrid special says that Mr. Layard, the British Ministert Spain, when passing through Bilbao recently, refused to receive a visit from General Burriel, of Santiago notoricty, who is Governor of the Province, and has been remonstrated with by the Minister of State. Lyon (the signal officer on Mount Washington, N. H.,) supposed to have been lost ou the mountain during the severe storm of Wednesday, reached the summit next morning in an exhausted condition, having passed the night in a deserted hut. While pleading a case in the court-room at Westminster, Md., yesterday, Elijah F. Crout. esq., a leading member of the bar of Carroll county, fell to the fl or and expired with startling suddenness. The deceased was aged fiftyfive years, and was greatly esteemed. The Manufacturers' and Builders' Bank of New York suspended yesterday. There wasa run on the People's Savings Bank, but the officers took advantage of the rule requiring sixty days' notice for the withdrawal of depositsand closed their doors. The bank will pay seventy-five cents on the dollar. There was also a slight run'on the Security Savings Bank. At the execution of a colored manand woman yesterday at Monroe, La., for the murder of the latter's husband, a horrible scene was enacted. The woman died with but a slight struggle, but the man by some means succeeded in freeing his arms of the cords by which they were pinioned and grasped therope above his head and one of the supports of the gallows, when the Sheriff and jailor seized his arms and held them down until death put an end to his struggles.


Article from Memphis Daily Appeal, November 27, 1875

Click image to open full size in new tab

Article Text

MONEY MARKETS. BY TELEGRAPH. PARIS, November 26.-Rentes, 66f. 17½/2c. NEW ORLEANS, November 26.-Gold, 1151/4; 549. sight, discount; sterling, commercial, 518@ LONDON, November 26.--The rate of discount in the open market for three months bills is 21/4@2% or 3/40% per cent. below the Bank of England rates. The amount of bull on withdrawn from the Bank of England on ba!ance to-day is £10,000. Consols for money and account, 91%; 5-20s of '65, 103½; do. 1867, 1091/4; 10-40s, 1051/4; new 5s, 104; New York Central, 95; Erie, 14%; Erie preferred, 30. NEW YORK, November 26.-Money, 31/2@5 per cent. Prime mercantile paper, 51/2@8 per cent. The customhouse and sub-treasury were closed. Clearings, $30,000,000. Gold was steady at 114½ Rates for carrying, 1@2 per cent.; loans were also made flat. Government bonds were firm with a moderate business; coupons of 1881, 1231/4; do. 1865, 116½; 1865, new, 1203/4; do. 1867, 1225/8; do. 1868, 1221/2; new 5's, 1163/4; 10-40s, regular, 1164/4; coupons. 1171/4; currency 6s, 1251/8. State securities dull; Tennessee 6s, old, 46%; Tennessee 6s, new, 41/4; Virginia 6s, old, 36; Virginia 6s, new, 30½; Missouri 6s, 1027/8 Railroad bonds were strong. The largest transactions were in Milwaukee and St. Paul, Northwestern and Chesapeake and Ohio firsts. Stocks opened strong and higher, the advance ranging from ½ to ⁷/₈ per cent. in the entire list, with increased business in the leading shares. During the last hour of business the market was quiet, and prices reacted 1/4 to 4/4 per cent. from the highest point of the day. Lake Shore fell off to 62½, Western Union to 76, Erie to 16, Northwestern to 395/8, Union Pacitic to 73, St. Paul to 363/8, St. Paul preferred to €5%, Ohios to 183/4, and Pacific Mail to 403/4. Missouri Pacific declined from 138/8 to 12%. *Adams Express advanced to 102. Messrs. Ewallsidefer, cotton and commission merchants, suspended to-day. Transactions at the stock exchange amounted to 70,000 shares, of which 6000 were Pacific Mail, 10,000 Westem Union, 2000 Northwestern common, 3000 Nortuwestern preferred, 2500 Rock Island, 8500 St. Paul tammon, 3700 St. Paul preferred, 3500 Erie, 24,000 Lake Shore, 6000 Ohios, and 2000 Union Pasific. The Manufactu ers and Builders bank, which suspended payment to-day low the purpose of going into liquidation, was a smail up-town concern. The capital was originally $100,000, but according to the quarterly statement of the state of banks on the eighteenth of Here tember, 1t stood at $450,000, but was afterware reduced to $180,000. At that date the loansand accounts were $710,900; stocks, bonds and mortgages, $245,000; due from banks, $47,700; office furniture, $15,300; legal tenders, $26,300; specie, $4100: deposits, $558,600; net profits, $40 700. The bank was not a member of the clearing-house, its exchanges being made through another institution. Quotations: Western Union Telegraph, 75%; Pacific Mail, 40½; Adams Express company, 1013/4; Wells & Fargo's Express company, 831/4; American HXpress company, 603/4; United States Express company, 51; New York Central, 106; Erie, 16; Erie preferred, 25; Harlem 1331/8; Harlem preferred, 130; Michigan Central, 011/2, Union Pacific stock, 72½; Lake Shore, 62; Illinois Central, 95; Cleveland and Pittsburg, 89%; Northwestern, 391/2; Northwestern pref'd, 54; Cleveland, Columbus, Cincinnati and Indianapolis, 56½; New Jersey Central, 1053/4; Rock Island,105%; St. Paul, 36%; St. Paul preferred, 66½; Wabash, 5½; Wabash preferred, 7: Fort Wayne, 97%; Terre Haute, 5: Terre Haute preferred, 20; Chicago and Alton, 971/4; Chicago and Alton preferred. 105; Ohio and Mississippi, 188/4; Indiana Central, 45/8, Chicago, Burlington and Quincy, 113; Hannibal ana St. Joseph, 231/4; Delaware and Lackawanna, 119%; Atlantic and Pacific Telegraph, 181/4; Central Pacific bonds, 1061/4; Union Pacific bonds, 1083/2.


Article from Pioche Daily Record, November 27, 1875

Click image to open full size in new tab

Article Text

Ingalls, Judge Advocate Gen. Holt and Asst. Judges; Advocate Genl. Dun, Generals Pelouse, Van Vliet, Meir, Barnes, Humphrey and other army officers. Ex-Attorney Gen. Williams, Commissioner Pratt, Fredk. Douglass and others of prominence. The chair of the Vice-President was vacant and heavily draped in mourning. T. W. Ferry was President pro tem. Poore, of the Senate occupied the seat at the Clerk's desk; the officers of the Senate and the Committee of Arrangements wore white silk sashes gathered on the left shoulder in black and white rosettes. In spite of very inclement weather the largest part of those present were ladies. Among those in diplomatic gallery were Mrs. Grant, Mrs. Fish, Mrs. Belknap and Mrs. Bristow. All being in readiness Mr. Ferry announced the services would now begin. The Rev. Dr. Sunderland standing at the Clerk's desk then read a brief selection of scripture, ,after which Rev. Dr. J. E. Rankin delivered an eloquent discourse. When the address was finished Rev. Dr. Sunderland offered prayer and pronounced a benediction. The coffin was then closed and the funeral cortege formed in the order prescribed and proceeded to the depot of the Baltimore & Potomac Railway Co. The streets along the route were thronged with spectators. who stood in the cold, drizzling rain, guns were fired and bells throughout the city were tolled. At the depot the remains were given by Senator Thurman on behalf of the Committee of Arrangements to the charge of the Massachusetts Committee and placed on a special train which started for Baltimore at 1:30 p. m. BALTIMORE, Nov. 26.-The rotunda of the new city hall has been draped in mourning to receive the remains of VicePresident Wilson. Two regiments of militia and an organization of soldiers and sailors who served in the late war will escort the body from the railway to the city hall. A chilling drizzling rain prevails. NEW YORK, Nov. 26.-The New England Society met in special session to-day and adopted resolutions of regret at the death of Vice-President Wilson. The Cotton Exchange adopted similar resolutions and will close at half past twelve to-morrow, the day on which the remains will be borne through this city. The Stock Exchange adjourned at one p. m. The Manufacturers' and Builders' Bank at Third avenue and 57th street suspended this morning. The excitement in the vicinity among the depositors is intense. There wasa run on People's Savings Bank on Third aven ue this morning and the officers closed the doors, taking advantge of the 60 days notice, as this Bank was affected by the run on Third Avenue Savings Bank a short time ago. There was also a slight run on the Security Savings Bank. COLUMBUS, O.. Nov. 26.-Daniel Halleren, a switchman at this point, by the Short Line Railway, was run over and killed this morning by a passing train. ST. LOUIS, Nov. 25.-Judge Stanley Matthews, of the Railroad Convention, has appointed the following gentlemen as a Committee to prepare the address to Congress provided for by a resolution adopted by the Convention: Hon. R. W. Thompson, Hon. J. H. Kennard, Morton McMichael, Peter Cooper, Hon. James O. Broadhead, Colonel F. W. Johnson, General James R. Anderson, D. Felsenheid, A. G. Clafton, H. G. Smith, Gen. J. E. Johnston, of Georgia, and C. K. Marshall. Judge Matthews is also a member of the Committee in accordance with a provision of the resolution. It is stated on good authority thata ring a of speculators have been systematically defrauding the Pottowatamie Indians, c who, until recently, occupied a reservation near Topeka, Kansas. The princiE 19 pal charges that certain members of the tribe living in the Indian Territory were E represented as being dead and their estates were administered upon and the proceeds pocketed by the ring. The amount realized by this scheme is estimated at $20,000. F


Article from The Daily Dispatch, November 27, 1875

Click image to open full size in new tab

Article Text

Bank 10rm. New YORK, November 26-The Central Park Bank, a small savings institution up town, is to be wound up. The Manufacturers and Builders Bank has suspended. There was a run on the People's Savings Bank to-day, but the officers took advantage of the sixty days' notice and closed their doors. There was also.a slight run on the Security Bank.


Article from New-York Tribune, November 27, 1875

Click image to open full size in new tab

Article Text

WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN.-The British Minister, Mr. Layard, reThe fused at Bilbao a visit from Gen. Burriel. Public Prosecutor at Berlin charged Count von The sale of the KhéArnim with treason. dive's shares in the Suez Canal to the British Government was confirmed. DOMESTIC.-The funeral of Vice-President Wilson at Washington took place in a rain, but was very large; Dr. J. E. Rankin delivered a eulogy; the funeral train was impressively received in Baltimore, and, after remaining in that city some hours, left for The full $250,000 Philadelphia at 6:25 p. m. for the new Cincinnati Musical Hall has been raised. The schooner Sunshine was overturned off At the Columbia River, and 40 people lost. the Avery trial in St. Louis, it was said that Secretary Bristow is interested in the whisky firm of Newcomb, Buchanan & Co. of Louisville, and a A. B. Stoughthreat was made to indict him. Chief-Justice ton, a Washington lawyer, died. Waite refused to allow his name to be used for the Presidency. CITY AND SUBURBAN.-Plymouth Church decided upon calling a mutual council. The People's and the Central Park Savings Banks closed their doors, and a receiver of the Manufacturers' and Builders' Bank, a State institution, was appointed. Argument was had on the motion to release William M. Tweed from arrest or reduce his bail in the $100,000 The testimony was closed in the Scansuit. noll trial. Preparations were completed for the reception and escort of the remains of ViceCardinal McCloskey rePresident Wilson. The Legislative Comturned from Europe. mittee on Crime visited the House of Refuge. Three children were suffocated by the falling of an Gold 1143g, 11412, embankment in Brooklyn. 11412. Gold value of the legal-tender dollar at the close, 87 310 cents. THE WEATHER.- The Government report predicts cold and clearing weather. In this city, yesterday, the day was mild and very rainy; thermometer, 41°, 49°, 48°.


Article from The New York Herald, November 27, 1875

Click image to open full size in new tab

Article Text

William A. Butler, one of the directors of the Manu facturers and Builders' Bank, was yesterday appointed by Judge Donobue receiver of the bank. He was required to file a bond for $600,000. In the Surrogate's Court yesterday Surrogate Hutchings denied the motion made by Mr. Booth, of Brook. lyn, Long Island, to open the probate of the will of Otis Dyer, admitted to probate last December. The denial was on the ground that if Booth had wished to contest the will be would have been present before the will was admitted, and that his absence at that time led the Surrogate to believe that he had withdrawn all opposition. A judgment was obtained not long since by Hugh O'Rorke against Deputy Comptroller Earle for $1,533 12. He assigned this claim subsequently to Rhody Gallaber, who recently moved before Judge Donohue for an order compelling Mr. Earle to appropriate a portion of his year's salary toward the pay ment of this judgment. This motion failed, however, it being shown that Mr. Earle's whole salary was required for the support of himself and family. Another motion, for the appointment of a receiver, was made yesterday and granted, and the latter has now brought suit to ascertain the condition of Mr. Earle's financial affairs. In Supreme Court, Chambera, yesterday, before Judge Donobue, there was quite an extended argument grow. ing out of a dispute as to the lease of Terrace Garden. It appears that Charles Schwartz leased the place to Charles P. Wood, T. P. Devereux and others, who took possession. The lessor subsequently endeavored to dispossess them, and the laster get a temporary injunction. It was claimed that the lease had never been executed, and the proper remedy was an action for damages. Judge Donohue took the papere, reserving his decision,


Article from The New York Herald, November 27, 1875

Click image to open full size in new tab

Article Text

MEMORANDA. The Stock Exchange will adjourn at one o'clock tomorrow, out of respect to Vice President Wilson. To-day the following committee was appointed to at tend the funeral on behalf of the Board:-J. W. Kilbreth, Chairman; G. A, Fanshawe, John D. Wilson, J. M. Fuller, Ludlow Thomas, George H. B. Hill, Peter R Kissam, John Slayback, J. C. Carey, Mendez Nathan, S. V. White, S. H. Thayer, D. T. Worden. The following are to-day's rates of bank exchange on New York, reported by telegraph from the cities named:-Chicago, 1/2 per cent discount; Cincinnati, 1-10 of one per cent discount, and St. Louis, 1/4 per cent discount. Messrs. E. Wailzfelder, cotton commission merchants, suspended to day. The Cotton Exchange has resolved to adjourn tomorrow at half-past twelve, and the following committee have been appointed to attend the funeral of Vice President Wilson:-James J. Denman, George Blagden, Thomas Scott, Arthur B. Graves, William P. Campbell, John H. Inman, William Woodward, Jr.; Theodore Fachiri, William Whitlock, John H. Hollis. The Stock Exchange will adjourn for a similar purpose at one P. M. to-morrow. Owing to the obsequies we have no Washington reports to-day. The Manufacturers and Builders' Bank, which stopped payment to-day for the purpose of going into liquidation, was a small uptown concern. The capital was originally $100,000, but according to the quarterly statement of the State banks on the 18th of September, it stood at $450,000. At that date the loans and discounts were $710,900. The stocks, bonds and mortgages, $245,000; due from banks, $47,700; office furniture, $15,300; legal tenders, $26,300, and specie, $4,100. The deposits were $558,600 and net profits $40,700. The bank was not a member of the Clearing House, its exchanges being made through another institution.


Article from The Portland Daily Press, November 29, 1875

Click image to open full size in new tab

Article Text

NEW YORK. Caved Banks. NEW YORK, Nov. 27.-Wm. A. Butler, the receiver, has assumed duties at the Manafacturers and Builders Bank, The Mutual Benefit Savings Bank demands 60 days notice today. There is an unimportant run on the Germania Savings Bank. Geo. W. Reed, Bank Examiner. is examining the affairs of the Security Bauk. A receiver is to be appointed for the People's Savings Bank. Plymouth Church and the Congregational Council. NEW YORK, Nov. 23.-Rev. Dr. Buddington of Brooklyn, said yesterday in regard to the proposed mutual council to be called by Mrs. Moulton and Plymouth cburch that no point could be considered by the council other than those submitted in a letter missive. If the church and Mrs. Moulton could agree upon th e raising of any scandal issue the matter would be inquired into by the council. There was no possi bility of a mutual council if the parties could net agree upon the questions to be submitted, Rev. Dr. Scadder said he did not see how the scandal matter could be bronght up in any ecclesiastical body. Rev. C. H. Eveest said he did not see how that body could touch Mr. Beecher as it was a question of discipline which rested entirely with Plymouth church.


Article from The Sun, December 31, 1875

Click image to open full size in new tab

Article Text

DEPOSITORS IN A RAGE. A Turbulent Meeting of the German Up-Town Savings Bank's Victims. A small number of the depositors of the German Up-Town Savings Bank assembled in Terrace Garden last evening. Louis Reis presided. The meeting was a scene of turbulence. One of the speakers was interrupted by a point of order. Turning around he slapped the face of the man who had interrupted him. and looking around among his fellow depositors, asked: Is there any other that wants a smack in the face?" A motion was made to depose the Chairman for having held a conference with Christian Schwartz. the former President of the bank. It was received with loud applause. One woman cried out: "I have $3.000 in the bank. and I'll buy a rope to hang Schwartz." Others loudly demanded the immediate arrest of the exofficial. Reis was not deposed. A plan for resumption WAS offered and partially approved. The meeting adjourned in confusion. An order of the Supreme Court was filed with the County Clerk yesterday directing W. A. Butler, receiver of the Manufacturers' and Builders' Bank. to pay to Col. Herman Uhl. receiver of the German Up-Town Savings Bank, $10,000, that being one half of the sum on deposit in the Manufacturers' and Builders' Bank to the credit of the savings bank when It was closed.


Article from The New York Herald, February 24, 1876

Click image to open full size in new tab

Article Text

MUNICIPAL NOTES. The Board of Apportionment held a short session at the Mayor's office yesterday afternoon. Mayor Wickhain, Alderman Lewis and Tax Commissioner Wheeler were present. An application was received from the Board of Education for a transfer of $100,000 from the un. expended balance of their account for 1875 to the appropriation for 1876, which was laid over. No other business of interest was transacted, and the Board adjourned to meet on Tuesday next. A regular meeting of the Board of Aldermen will be held to-day. Several important matters will be up for consideration, among them the Croton water and Hackman's resolutions. Comptroller Green being absent yesterday no meeting of the Sinking Fund Commissioners was held. Mr. Charles H. Swan was sent to Albany as the Comptroller's representative, with a copy of the lengthy document dilating upon the administration of city affairs in answer to a resolution of the Legislature calling for such information. Among the callers upon Mayor Wickham yesterday was Colonel William T. Pelton, nephew and private secretary of Governor Tilden. The Aidermanic resolutions in recognition of courtesies extended to representatives of the Board while on a trip to Ireland with the American Team have just been shipped to Dublin. They are beautifully engrossed, and will be presented to the Irish Team. An order was yesterday filed in the County Clerk's office giving Mr. William A. Butler, receiver of the Manufacturers and Builders' Bank, thirty days addi tional time in which to pay the first dividend. He has now on hand some $37,000, and expects to realize as much more at the end of this thirty days, when he expects to pay thirty-five per cent to depositors.


Article from The New York Herald, March 10, 1876

Click image to open full size in new tab

Article Text

SUMMARY OF LAW CASES. In a trial yesterday, before Judge Lawrence, George Watrous obtained a verdict against the city for $1,339 50, for lumber. Arnold Schmedas, charged with running an illicit distillery, denied il'knowlege of the business but was yesterday held by United States Commissioner Shields in $1,000 bail for examination. August Klein, accused of obtaining money from the Pension Bureau by fraud, was committed yesterday by United States Commissioner Shields, in default of $2,000 bail, to await the action of the Grand Jury. In the suit of the United States VS. J. Nicholson Elbert, indicted for forgery in the Circuit Court of the United States, before Judge Benedict, counsel for the prisoner has entered a plea of abatement, and Mr. Bliss, United States Attorney, has filed a replication and tender of issue. A motion was argued at length yesterday before Judge Donohue, in Supreme Court, on an application for an injunction restraining the Marine Court from trying six suits on promissory notes against Charles P. Chester and others. The motion was made on behalf of the Manhattan Telegraph Company. In the suit of Daniel F. Hastings, receiver, against Daniel Drew and others, the facts of which have been published in the HERALD, a decision was given yesterday by Judge Donohue, the case having been heard before him at Special Term. He holds that, no effectual proceedings having been taken to dissolve the New Jersey Steam Navigation Company, the judgment for $9,525.24 is valid, and that the plaintiff is entitled to its payment. In the libel suit of C. H. Marshal et al. vs. the Adriatic, James Hamilton and James McKay, sailors on the Adriatic, testified before United States Commissioner Gilbert yesterday that no hails were given from the steamer before or after the collision, and that blocks were found that belonged to the strange ship. The hearing will be continued to-day. Johanna Kennepick, who has been drawing a pension for the last four years, claiming to be a soldier's widow, was yesterday tried before Judge Benedict, in the United States Circuit Court, on a charge of fraud, it being alleged that she had since married. It not being proven that the person who performed the second marriage was legally authorized to do so, she was acquitted. The Pension Agent, however, has taken her name from the roll. Considerable time was occupied yesterday before Judge Van Brunt, holding Special Term of the Court of Common Pleas, on a motion to set aside a mortgage for $7,000 given by Mrs. Lorina J. Davis to Lawrence A. Riley, upon which the latter raised $2,000, with the understanding that he would not have it recorded, but would keep it in his safe. It is alleged that he failed to do this, and hence the present motion. the mortgage now being in the hands of Augustus C. Beckstein, who claims to be a bona fide holder, and who also is a defendant in the suit. Application was made yesterday to Judge Donohue, in Supreme Court, Chambers, on behalf of the German Uptown Savings Bank to have the receiver of the Manufacturers and Builders' Bank pay $20,000, balance of loans still due the German Uptown Savings Bank. The application was resisted on the ground that the plaintiff is not entitled to any preference over other creditors, and especially as $20,000 has already been paid them on account of call loans. Judge Donohue granted a reference to ascertain the facts in the case,


Article from The Sun, March 17, 1876

Click image to open full size in new tab

Article Text

JOTTINGS ABOUT TOWN. Judge Curtis has granted an injunction against the use by T. A. Brown of the title "Piqued." James C. Rice Post No. 29, G. A R., annual Camp Fire on Monday evening next at 58 West Foarteeath street. Señor Holgado y Cruces and Detective Henry W. Davies returned yesterday from Washington, whither they had been to see the Spanish Minister. The semi-annual book fair, participated in by nearly every extensive American publisher, is to begin in this city on Monday next and last four days. The taxable costs in the $6,000,000 suit against Tweed will DC about $12,000, exclusive of the one per cent. allowance asked for by the city's attorneys. "The New York Stage of To-day" is the subjeet of the Rev. Henry Morgan's lecture in the large hall of the Cooper Union, on Sunday evening next. William A. Butler. receiver of the Manufactarers' and Bulidera' Bank, has been authorized by the Supreme Court to pay to the bank's creditors a dividend of thirty-tive per cent. The theatre billboards are to be banished from the sidewalks, the Common Council having BUStained the Mayor's veto of the ordinance permitting their erection, 11to9. In compliance with the request of the Knights of Si. Patrick and of the Friendly Sons, Manager Stuart will repeat his St. Patrick's evening entertaiament tomorrow night in the Park Theatre. The Fifth Avenue Theatre will offer an extra matinée to day, being the one hundredth performance of Pigue The theatre 16 to be decorated in green, and gold and silver change. satin programmes, photographs, &c., are to ne given. The celebration to be OSD tinued on Saturday.


Article from The New York Herald, March 23, 1876

Click image to open full size in new tab

Article Text

BUSINESS TROUBLES. L. A. Johnson has made an assignment to James E. Davidson for the benefit of his creditors. The first meeting of the creditors of Messrs. Scott & Van Raden, produce dealers, No. 340 Washington street, was held yesterday at the office of Register Isaac Dayton, No. 322 Broadway. Debts to the extent of about $2,500 were proven and Mr. Henry L. Wilson was elected assignee. The adjourned first meeting of the creditors of Messrs. Fairfield & Trask, produce commission merchants, No. 150 Chambers street, took place yesterday at the office of Register John Fitch, No. 345 Broadway. The minority of the creditors voted to elect a trustee instead of an assignee, but they did not represent a sufficient amount to carry their purpose. An election for an assignee was then proceeded with, and Mr. D. B. Halstead, President of the New York National Exchange Bank, was unanimously chosen. The bankrupts are endeavoring to procure the acceptance of the composition of twenty cents on the dollar--ten cents cash and ten cents secured-which they have offered. The following is a list of the largest creditors of Messrs, Drake & Colby, No. 66 Pearl street, who have not proved their claims:-Robert Craig & Co., London, $58,760 81; Merchants' Bank of Canada, $5,777.63 Corn Exchange Bank, $5,020 64; Richard Irwin & Co., $3,346 40; Slocovich & Co., $3,678.77; Kidder, Peabody & Co., $3,274 86; Bank of New York $2,886 77; Benham & Boyesen, $1,382 49. The firm of Harris, Richmond & Snafer, importers of clothiers' and tailors' trimmings, No. 550 Broadway, have been adjudged bankrupts by Register Fitch on the petitions of Brooke & Co., Forstman & Co., Schmidt & Co., Danforth, Clark & Co., Williston, Knight & Co., Holbrook & Co., Yutte & Co., E. P. Nudge, Sawyer & Co., Bottum & Co., Brookfield Linen Company and other creditors. The claims of the pe. titioning creditors amount to $66,000. The firm has been in business since 1870, when they succeeded Dale & Co. Their liabilities are said to amount to over $150,000. A meeting of the creditors will be held at No. 345 Broadway, on April 4, to prove claims and choose an assignee. Mr. William A. Butler, receiver of the Manufacturers and Builders' Bank, corner of Third avenue and Fifty-seventh street, will begin the payment of a dividend of thirty per cent to-day to the creditors of the bank at his office No. 892 Third avenue. A petition in bankruptcy has been filed against Sackett & Miller, clothiers, No. 6 Fourth avenue. by Henry H. Smith, J. H. Sackett, W. A. Mills and William H. Burras, and an order to show cause has been granted, returnable on Saturday. The claims of the petitioning creditors amount to $15,421. The firm made an assignment last Thursday to George Sherwood, of Golden's Bridge, Westchester county.


Article from The New York Herald, July 18, 1876

Click image to open full size in new tab

Article Text

# SUMMARY OF LAW CASES. Judge Westbrook, sitting in Supreme Court, Chambers, yesterday granted a writ of certiorari directed to Governor Tilden, asking him to forward the requisition and affidavits of the Governor of Pennsylvania upon which he authorized the arrest of Nathan Ulman. At the suit of George W. Ballou and Clarence H. Verner, Judge Westbrook yesterday granted an attachment against the property of the city of Erie in this State. The defendant is a municipal corporation in Pennsylvania, and plaintiffs are owners of one of defendant's bonds; and on presentation of the coupon to the Fourth National Bank of this city, where it was made payable, payment was refused; whereupon plaintiffs brought suit. On behalf of William W. Thompson application was made yesterday to Judge Westbrook for permission to make W. A. Butler, receiver of the Manufacturers and Builders' Bank, party defendant to a suit against William H. Richards for foreclosure of mortgage against Richards and wife. The averment is that subsequent to the execution of the mortgage a judgment was obtained against Richards and James R. Davis for $4,030 95 in the Marine Court. James Rothschild is now in the custody of the Police Superintendent upon the requisition of the Governor of Missouri, the charge against him being embezzlement. Application was made yesterday to Judge Westbrook by Mr. William F. Howe, his counsel, for a writ of habeas corpus, which was granted. The prisoner declares in his petition that the alleged embezzlement was moneys taken on a lien for services, and, further, that a civil suit brought by himself against the complainant in regard to such lien is now pending in the civil courts in Missouri. The writ is made returnable to-day, when the facts will be fully investigated. Henry Van Hoven, an alleged fugitive from justice, and whose extradition on a charge of forgery is demanded by the government of Belgium, was brought before United States Commissioner White for examination. The accused, who was brought here a few days ago from St. Paul, Minnesota, where he was arrested on a warrant, was represented by Mr. Richard O'Gorman, retained for the defence. The examination was postponed for a few days to await further documentary proof from the Belgian authorities.


Article from New-York Tribune, January 6, 1877

Click image to open full size in new tab

Article Text

A BROKEN BANK'S STOCK. In the suit of William A. Butler, receiver of the Manufacturers' and Builders' Bank, against John Sexton, Judge Donoluu, in Supreme Court, Chambers, has denied a motion to open a judgment by default obtained against the defendant. The action was on notes given for extra stock issued by the bank when it increased its capital. and Mr. Sex ton claims that he was induced to take the stock and give his notes for it on the repeated solicitations of the president of the bank. accompanied by assurances that the stock should be disposed of 80 as to take up the notes. Mr. Sexton, however, paid $800 on the notes to the receiver before the judgment, and $1,000 to the Sheriff after execution was issued. He claims that he did this when prostrated by sickness, without legal counsel, and in ignorance of his rights. The president of the bank denies the solicitations, and Judge Donohue denies the motion.