16151. Market Savings Bank (New York, NY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
January 20, 1872
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
3feeb582

Response Measures

Full suspension, Books examined

Other: Bank adjudicated bankrupt under U.S. District Court; receiver appointed and later bankruptcy proceedings and criminal indictments of secretary for forgery.

Description

Contemporary articles describe a run by depositors (crowds, heavy withdrawals), the bank's closure and appointment of a receiver (Judge Barnard appointed James Dennis; later receiver Worth). The immediate trigger was bank-specific adverse events: large trust funds lent/entrusted to Wall Street brokers (Heiser & Co.) who could not pay, and alleged fraud/mismanagement by officers (Conklin). The bank was later adjudicated bankrupt (Feb 1872) and did not reopen.

Events (4)

1. January 20, 1872 Run
Cause
Bank Specific Adverse Info
Cause Details
Rumors and deposit withdrawals driven by revelations that the bank had entrusted large Tennessee bonds/trust funds ($119,000–$125,000) to Wall Street brokers (Heiser & Co./Heiser's Sons) who were unable to pay; suspicion of malversation by officers (Conklin).
Measures
Clerks closed doors; officers insisted depositors would be paid; examiners from the Bank Department conducted an examination; later receiver appointed.
Newspaper Excerpt
Yesterday afternoon a rumor was current...that the Market Savings Bank...a heavy run had taken place.
Source
newspapers
2. January 20, 1872 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability of a Wall Street house/brokers to pay large sums (trust funds/bonds) entrusted by the bank and discovery of deficits and alleged frauds by officers, leading to suspension of payments and closure and appointment of a receiver.
Newspaper Excerpt
The Market Savings bank closed this morning and its receiver was appointed.
Source
newspapers
3. January 21, 1872 Receivership
Newspaper Excerpt
Judge Barnard appointed Mr. James Dennis...at ten o'clock this morning Mr. Dennis took charge of all the effects of the bank.
Source
newspapers
4. February 12, 1872 Other
Newspaper Excerpt
THE MARKET SAVINGS BANK ADJUDGED A BANKRUPT. ... Judge Blatchford ... directed the entry of an order declaring the Bank a bankrupt.
Source
newspapers

Newspaper Articles (23)

Article from Alexandria Gazette, January 20, 1872

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From New York. NEW YORK. Jan. 20. --The Market Savings bank closed this morning and it receiver was appointed. Erie Stockholders, representing a sum of about thirty millions, have issued a petition to the Legislature remonstrating against the present management of the road and asking the re peal of the classification bill. At a meeting of the Workingmen's Union last evening it was stated that several unions had recently withdrawn on the ground that the organization was a political one. Some twentyone unions. however, are represented. The Retrenchment Committee met this morning at the hotel. An agent of a steamship line testified that it has been the custour for a great many years to give the Custom House officer a gratuity of 810 or $20 after the steamship has left. but never as a bribe. Normon Stratton states that he succeeded Von Cleft as civil engineer at the Navy Yard. and he (Stratton) is not a lawyer as Von Cleft stated: but graduated as a civil engineer of Reusellear Institute. J.C. Watson. a Custom House storekeeper. stated that there is no arrangement between Leet & Co. and the inspeetors to harry goods as has been testified.


Article from The New York Herald, January 20, 1872

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THE MARKET SAVINGS BANK. Rumored Embarrnssment of the InstitutionThe Albany Bank Examiners Making an Investigation. Yesterday afternoon a rumor was current in Wall Street that a run had taken place on a savings bank, and a HERALD reporter, on making inquiries at the office of a prominent broker, ascertained that the Market Savings Bank, which occupies the second story of No. 82 Nassau street, was said to have failed, and a heavy run had taken place. It was late in the afternoon, however, before the affair was sufficiently ventilated to cause any crowd, and at three o'clock only six people were present, most of whom were receiving their semi-annual interest. On calling after three the reporter found the doors of the institution closed, but after a vigorous knocking a youth behind a lighted cigar appeared and demanded the visitor's business. On ascertaining its nature he called out, "Mr. Goddard, will you admit a HERALD reporter p" Mr. Goddard, one of the Vice Presidents, answered in the affirmative, and, winding his way around the long glass partitioned counter, confronted the scribe and appeared QUITE ASTONISHED when informed that a rumor prevailed in Wall street that a serious run on the bank had taken place. He denied that anything unusual had happened, and stated that they had always a large amount of money to pay in the month of January. He was disincurred to give any information until the arrival of the President, Mr. William Van Name who, however, failed to put in an appearance before six o'clock. at which time the clerks, who were very cross at being interrupted by Inquisitive visitors, left the establishment. Mr. Goddard, in the course of conversation, said that the examiners from the Bank Department were engaged on Thursday and yesterday in making an examination, and be could not furnish a list of the assets and liabilities, as all the documents were in the hands of these gentlemen. He declined 10 answer the question, sell ail depositors applying would be certainly paid 10-day," and stated that the press, by applying this morning, could obtain a printed schedule showing how the bank stood. The examiners will be there to-day and CONTINUE THE EXAMINATION. The reporters, finding this a barren field to work in, again sought the depositor who gave him the information and inquired the origin of the report. "Well," said this gentleman, "I was sitting in IL Y office when a friend came in and, knowing that I banked at this insultution, told me to get all the money I could out of it as there was sure to be a run. I went over and drew three checks, the largest or which I presented and received prompt payment, but it was after three before I got a chance to present the other two. That building over there is a nest for corporation thieves, and many of the depositors have looked with suspicion on the bank since the recent disclosures of the ring money transac. tions. You can't touch pitch and not be defiled. And tears are entertained that the bank officiale are in the Tweed boat.' THE OFFICERS. The Market Savings Bank has always borne a high character, and until the circulation or the present rumor was considered to be a very sound institution. The following 18 the list of officers:William Van Name, President; Calvin L. Goddard and Peter Voornis, Vice Presidents; Henry R. Conk. lin, Secretary; Messrs. Carpenter and Beach. Attorneys and Counsellors; Gershom Banker, Ellas J. Beach, Henry R. Conklin, William L. Cole, James S. Carpenter, James Dennis, Calvin L. Goddard, George E. Jarvis, Ell Martin, John R. Richard, Benjamin F. Sherman, William Van Name, Peter Voorh.s, Conrad F. Wettyen and George M. Woodward, Trustees.


Article from The New York Herald, January 21, 1872

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Barnard to appoint a receiver for the Market Savings Bank, and Judge Barnard appointed Mr. James Dennis, also a trustee, as receiver, and at ten o'clock this morning Mr. Dennis took charge of all the effects of the bank. The immediate cause of the failure of the Market Savings Bank was the inability of a Wall street house to pay the sum of $119,000, which they hold as trust funds of the bank.


Article from Memphis Daily Appeal, January 21, 1872

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The statement is favorable, and shows a net gain of $65,550 in the reserve fund. Banks now hold $10,931,625 abovethe 25 per cent required. The figures reflect an influx of money at this point. Miscellaneous—Rumors were current yesterday of an intended run on the Market, Bleecker Street and German savings banks...... Later—The excitement around the suspended Market bank this p.m., was very great. Crowds of indignant depositors marched up the street and indulged in vigorous threats against the officials........ John Russell, a messenger of the Metropolitan bank, was robbed on the street about noon to-day of $23,000 in gold certificates and a quantity of notes and bonds. No arrests...... City Chamberlain Palmer says there is $5,000,000 belonging to the city now on deposit in the Broadway bank, and that the comptroller is at liberty to draw on this to pay the police their back wages. NEW ORLEANS. NEW ORLEANS, January 20.—Gold, 109%. Sterling exchange, 118%; sight, par. LONDON. LONDON, January 20.— The money market at the close was as follows: Consols, money 92% | U. S. 5-20s 1865.......93% Consols, account..... 92% U. S. 5-20s 1867.......93% U. S. 5-20s 1862.......92% U. S. 10-40s 92% PARIS. PARIS, January 20.—Rentes, 56f. 55c. Specie in the Bank of France has increased 3,500,000 francs. FRANKFORT. FRANKF RT, January 20 - United States securities-five-twenties of 1862, 96%.


Article from Evening Star, January 22, 1872

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The Run on the New York Savings Banks. NEW YORK, Jan. 22.-There is a large crow4 in Nassau street, composed of depositors in the Market Savings Bank. Cries of "Swindlers," "Robbers," "Highwaymen," are frequent, but no overt acts are committed. Excitement is visible on all countenances. No one is admitted to the bank but the receiver and officers of the broken institution. The general impression is that the statement will show unparalleled knavery. The retrenchment committee have decided to stay here another week. The run on the Third-avenue Savings Bank ceased to-day. A depositor to-day petitioned that the Bowling Green Savings Bank be declared bankrupt.


Article from The Charleston Daily News, January 22, 1872

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NEW YORK ITEMS. NEW YORK, January 20. Erie stockholders, representing thirty millions, protest to the Legislature against the present management. Several Unions have withdrawn from the Workingmen's Union, on the ground that the organization is political. The Market Savings Bank has been closed. A receiver has been appointed. The German Reform Central Committee have adopted a resolution denouncing the city bills recently Introduced at Albany.


Article from Public Ledger, January 22, 1872

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NEW YORK. Small-pox-The Runs ou Banks. NEW YORK, January 22. -There were twentyfive deaths from small-pox and ninety-three cases reported during last week in this city. It is understood that the American Atlantic Cable Company intend to begin soon laying the cable from the extremity of Long Island to a point on the English or Dutch coast. B. L. Beekman. receiver of the Union Square national bank. expects to pay a dividend of fifty per cent. about February 10th, and requests all depositors to call and prove claims. It is rumored that the run on the Thirdavenue savings bank still continues. It has now lasted ten days. with but little diminutation since the commencement, and over $2,000,000 have been withdrawn. Tweed, Hall and Connolly, despite conflicting rumors. which have been circulating during the past few days concerning their flight, are still in this city. Connolly's bondsmen will justify to-day. At the Fifth Avenue Hotel last night the subject of discussion was the failure of the Market Savings bank, and it is anticipated that runs on several other savings banks may be made immediately. The cause of the Market Savings bank failure was the inability of the Broad street firm of Heiser & Co. to pay a draft of $120,000 for Tennessee bonds due by them to the bank. The chamber of pammerce received a letter from Augustus Adee. United States charge d'affairs. U. S. legation. Madrid, remitting £314 sterling, being the receipts from the performance at the Royal opera house given under patronage of the king and queen of Spain for the Chicago sufferers.


Article from The Portland Daily Press, January 22, 1872

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NEW YORK. A SMALL JOB. NEW YORK, Jan. 21.-The Times relates the history of an alleged job in connection with an old line of stages were compelled by the carrying out of plans for improvements of upper Broadway to take the side streets for which the city, it is said, paid $48,000 under judgment of a referee confirmed by Judge Barnard. The Tsmes charges that four men conspired and divided the plunder. ILLNESS OF MR. TILDEN. Samuel J. Tilden, owing to illness has been unable to leave his residence for the past week. He expects soon to take his seat in the legislature. VARIOUS MATTERS. Petitions for the repeal of the Erie classification of the directors act, it is said, received 25,000 signatures from American stockholders. Mrs. Lucinda B. Chandler of Boston, lectured to-night on the "Divineness of Marriage." The Herald states that the city of New Ark has been swindled by contractors out of a large amount of money by frauds very similar to the recent Tammany affairs. McKay's locomotive works, Jersey City, have stopped work on account of the strike. The residence of James Crook at Paterson, N. J., was burned Saturday night. SOCIAL MOVEMENT. The World's London letter contains a detailed plan of Scott Russell for his next step in the social movement, under which he hopes to obtain, by parliamentary legislation, for every workingman's family a house for forty dollars per annum and food at wholesale rates. The eight hours work and technical education bills will be ready for presentation to parliament early in February. A SAFE WAY OF BURGLARIZING. The Herald says the Market Savings' Bank was forced to suspend in consequence of the Secretary entrusting $125,000 in Tennessee bonds to the care of Hisers Sons, Broad street brokers, for sale. The brokers disposed of the bond and then announced that they were unable to pay as they had met heavy losses in the Stock Exchange. One of the officers of the bank is said to have used a considerable portion of the bank's funds on an infalible point in Wall street.


Article from The Daily Dispatch, January 22, 1872

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New York Items. NEW YORK, January 20.-The investignting committee continues its sessions here next week. Erie stockholders, representing $30,000,000, protest to the Legislature against the present management of that road. Several unions have withdrawn from the Workingmen's Union on the ground that the organization is political. The Market Savings Bank is closed, and a receiver has been appointed. City Chamberlain Palmer says there is $500,000 belonging to the city on deposit in the Broadway Bank that the Comptroller is at liberty to draw upon. This will pay the police their back wages. The principals of some of the public schools to-day made a request for the vaccination of the children under their charge. There were twenty-five deaths from smallpox during the week. Ten new cases were reported yesterday. Minister and Madame Catacazy departed for Europe to-day. Catacazy has high hopes for the American people notwithstanding their present bad and corrupt Government. The deficit in the Market Savings Bank, which closed this morning, amounts to $100,000. The excitement around the suspended Market Savings Bank this afternoon was very great. A crowd of indignant depositors blocked up the streets and indulged in vigorous threats against the officials. John Russell, a messenger of the Metropolitan Bank, was robbed to-day of $23,000 in gold certificates and a quantity of notes and bonds, No arrests havens yet been made.


Article from New-York Tribune, January 22, 1872

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The day's transactions at the U.S. Sub-Treasury were: Gold receipts..........$1,492,609 33 Currency payments......$745,040 73 Gold payments.......... 1,091,201 84 Currency balance....... 6,837,191 06 Gold balance........... 66,425,205 89 Customs................ 512,000 00 Currency receipts....... 482,656 90 $778,000 canceled coin certificates sent to Treasurer U. S. Foreign exchange, after the steamer, was dull but firm on the nominal basis of 109@109¼ for prime bankers' 60 days' bills, and 109½@109⅝ for sight. The money market was not affected by the suspension of the Market Savings Bank, and ruled easy all day at 6@7 per cent, but in the afternoon lenders willingly accepted lower rates for larger balances for the sake of employing their funds over Sunday. The Government bond houses were offered money at 5 to any extent they might require. The demand for commercial paper continues active, and choice acceptances find ready sale on the basis of 7 to 9 per cent. The bank statement, though favorable, was less so than has been, perhaps, with reason, anticipated, showing a net gain to the banks of only $65,500. The decrease in specie may be accounted for by the heavy drain from the banks for duties, which amounted during the week to $3,818,000, the Sub-Treasury disbursements of coin interest footing up $1,870,000; the specie export is given elsewhere. The gain of nearly $2,000,000 in legal tenders is accounted for by the remittances from the interior. The increase in deposits was about the sum of the gain in specie and the expansion in loans, the latter being warranted by the strong position of the banks. The following are the totals as compared with last week:


Article from Worcester Daily Spy, January 23, 1872

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Our New York Dispatches. More Light on the Custom House Business-A Murderous Assault-From the Episcopal to the Catholic Church, etc. NEW YORK, Jan. 22.-There is a large crowd in Nassau street of depositors in the Market savings bank. Cries of "swindlers, robbers and highwaymen," are frequent, but (no overt acts have been committed. Excitement is visible on all countenances. No one is admitted to the bank but the receiver and officers of the broken institution. The general impression is that the statement will show unparalieled knavery. The run on the Third Avenue savings bank about ceased to-day. A depositor to day petitioned that the Bowling Green savings bank be declared bankrupt. The retrenchment committee resumed their sessions at their hotel this morning. George K. Leet testified that he came here in the spring of 1869, had been engaged in the general order business the past nineteen months; began the business by a partnership with Bixby through an arrangement engineered by Mr. Lindsay, confidential adviser of Grinnell, by which he (Leet) received $5000 per year of the profits because he enabled Bixby to get the business through his influence with Grinnell. In answer as to what induced Grinnell to give him the business, Leet said he was introduced to Grinnell by a letter from President Grant, as follows: EXECUTIVE MANSION, WASHINGTON, March 9,1869. W. H. Grinnell: Dear Sir-This will introduce to you Col. G. K. Leet, who served under me from early in the war to the present dayfrom the fall of Vicksburg forward as a staff officer. He is a business man of unquestioned integrity. His experience before the war fits him for business of almost any kind. He now proposes to resign from the army to engage in private life, and I cheerfully commend him as possessing all the qualities necessary to insure confidence. Yours truly, U.S. GRANT. (Signed) Leet continued-The profits annually from the general order business were from five to eight thousand dollars; resigned from the army in February, 1870; when the president gave him the letter to Grinnell, did not tell him I was going to apply for the general order business. At the evening session, the examination of Col. Leet was continued. He remembered having written to Mr. Lindsay to come to Washington in reference to an investment in San Domingo; while receiving about five thousand dollars from Bixby, his salary from the army was about twenty-eight or twenty-nine hundred dollars; he never made any threat against Grinnell; the rents for the stores of Leet & Stocking are $19,000; the profits of the concern amount to $58, 000, In starting business witness put in $1000 and Stocking $500. J. D. Bradley delivered a sermon yesterday in the Forty-third street church (Episcopal), announcing his secession and his adoption of the Catholic religion. He was educated at Oxford university, England, John Glass was assaulted, stabbed and cut in seventeen places last night by James Costello, for abusing the latter in a vituperative manner. Glass presented a shockingspectaelo when taken to the station, being covered with blood. His face and head are hacked lawfully. The assault was made with a large carying knife which Cos. tello was using in his restaurant, where Glass had just ordered supper, Glass will die. He was once in the state prison for killing a policeman, and the attack upon him by Costello last night was not made until he hud been threatened and abused beyond all endurance by the scoundrel. A policeman who was requested 19 put Glass our of the saloon was afraid to do so and sneaked away, Costello is known as a quiet and peageable man. Forty thousand citizens signed a petition for opening the Cooper institute library and reading room on Sundays. Jacob Wetzel shot Enima Behrens in a con cert sajoon this morning ap6 King's distillery at WiHiamsville w to thejamount of $15,000 by fire yes Mr WM. . sured. crem this & CO. Michael Fittner was fatally assaulted


Article from The Wheeling Daily Intelligencer, January 23, 1872

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NEW YORK CITY. I NEW YORK, January 22.-A large crowd of indignant depositors surround the Market Savings Bank on Nassau t street, but no violence has yet been committed. It is stated that the bank exLibit will present evidences of great knavery. Wm. Waix has been sentenced to 1 twenty years imprisonment for rape on a little girl. The Custom House Committee have decided to remain here another week. Tweed's constituents request him to either go to the Senate or resign. It is stated that Tweed only wants to buy two g more members of the Legislature to secure him from expulsion, and that he is waiting 3 to obtain them. The police of this city propose a testimonial to the memory of Fisk. It is rumored that the Manhattan Savings Institution has suspended. The Investigation Committee will leave for New Orleans on Wednesday. The National Labor party expect there will be about 2,200 delegates to the Columbus Convention. ) Representative McKinney, of Ohio, has ) been sick for two weeks. 3 The Ways and Means Committee will soon report on the Syndicate. King's distillery at Williamsburg was damaged $15,000 by fire yesterday. Insured. Rev. Dr. J. D. Bradley delivered a sermon yesterday in the Forty-third Street Church, Episcopal, announcing his seces. sion and his adoption of the Catholic religion. He was educated at Oxford University, England. John Gloss was assaulted and stabbed and cut in seventeen places last night by James Costello for abusing the latter in a vituperative manner. Gloss presented a shocking spectacle when taken to the station, being covered with blood. His face and head were hacked lawfully. The assault was made with a large carving knife which Costello was using in his restaurant, where Gloss had just ordered supper. Gloss will die. The grand jury have had a number of prominent bank officials before them to testify relative to the balance accounts of the officials. A teacher in school No. 25 was committed for trial this morning for rape on two littie girls. Mayor Hall to-day suggested to the Boards of Aldermen the appointment of a committee to draft and propose such amendments to the charter as they may suggest themselves, to be submitted to the Legislature in connection with the proposed new charter. The rumored failure of the Manhattan Savings Bank is untrue.


Article from The Daily Dispatch, January 23, 1872

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New York Items. NEW YORK, January 22.-Rev. Dr. J. D. Bradley has renounced the Episcopal for the Catholic Church. Three persons-two nich and one woman-are reported killed this morning. Mr. Leet, before the investigation committee, exonerated Generals Porter and Babcock from sharing the profits of the "geneaal order" business. A man recently convicted of rape has been sentenced to twenty years' imprisonment. A large crowd was assembled around the Market Savings Bank to-day. Cries of "swindlers, robbers," &c., were indulged in, but no overt act was committed. The general impression is that the statement willshow unparalleled knavery. A rumor which prevails that the Manhattan Savings Bank has suspended is untrue.


Article from New Orleans Republican, January 23, 1872

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NEW YORK. Retrenchment Committee Investigationsa of Raper-Twenty Conviction Years' Imprisonment-Indignant Savings Bank Depositors-Arrivals. NEW YORK, January 22.Mr. Leit, before the retrenchment investigating committee, exonerates Generals Porter and Babcock from sharing the profits of the general order of business. A raper, recently convicted, has been sentenced to twenty years' imprisonment. A large crowd around the Market Savings' Bank to-day, greeted that institution with cries of "Swindlers, robbers," etc., but no overt act was committed. The general impression is, the statement will show unparalleled knavery. Rumors prevail that the Manhattan Savings Bank has suspended, but are untrue. The retrenchment committee will remain another week. Arrived out-Steamships Idaho, Queen and Silesia. Monev easy at 6@7 on call loans. Sterling exchange heavy but lower. Gold 109 @ 109 1/s. Loans were made at from 3 to 6 P cent for carrying. State bonds quiet; Tennesses, old, 67, new 67; Virginias, old. 49, new 50: Louisianas, old, 52, new 50; levee sixes 60, eights 70; Alabama eights 90, fives 60; Georgia sixes 70, sevens 84; North Carolinas, old, 35, new 16: South Carolinas 50, new 27. Evening.-Governments steady all day; at the close, sixes of 1881 were off 1/8, and live-twenties of 1864 and 1865 were up 1/8 as compared with Saturday's prices. Closed very strong; 1881s 115%; 1862 1101/4: 1864 1101/2; 1865 1115% new 111: 1867 1121/2; 1868 1121/2; ten-forties 110 %.


Article from The New York Herald, January 26, 1872

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# THE SHAKY SAVINGS BANKS. Old and New Charters and Their Respective Results. Meetings of the Depositors of the Market Savings Bank-Committee Appointed to Investigate the Affairs of the Institution. # THE RUN ON THE THIRD AVENUE BANK Paying the Ocean Bank Depositors Their First Dividends. The question as to the condition and general management of savings banks has, owing to unfortunate circumstances, become very prominent, and there seems to prevail an earnest desire on the part of the public to thoroughly comprehend the situation as it stands. That a feeling of insecurity has of late prevailed among the poorer classes of depositors has had ample demonstration. Whether the system of doing business is well understood there appears to be considerable doubt. The fact is that a great deal of ignorance prevails as to the mode of operation; and since a few institutions have thrown up the sponge, so to speak, confused ideas naturally take possession of those whose sudden reverses have naturally induced feelings of excitement. But in order to know the real state of affairs it is necessary to consider the laws which govern the institutions in question. A representative of the HERALD visited yesterday many of what are termed the old savings banks, whose charters were passed, in some instances, over twenty years ago. From conversations with several of the officers it would appear that the STRINGENT LAWS ORIGINALLY ENACTED for their guidance are strictly adhered to, and hence their security and comparative prosperity. The case of Conklin, of the Market Savings Bank, furnished the text for some inquiries, and in reply to the question as to whether the investment of money was placed in the hands of an individual, and whether by any dexterity he could mislead the trustees, it was stated generally that no money could be invested except by the affirmative vote of at least seven of the trustees out of a quorum of ten, while some of the banks have rules that no money can be invested where securities are below par without a two-third vote. The old banks were restricted from doing a discount business, which competent judges consider unsafe for savings banks; but recent Legislatures have been much more liberal in granting charters to the new institutions. Discounting, however, seems to be outside their province, as not a little risk was involved by that method of procedure. Although many of the new savings banks in this city are regarded with decided confidence, it appears that all the institutions which have caused so much COMMOTION AND INDIGNATION were doing that description of business. The old charters distinctly prohibited the discount trade, but the Legislatures for the past few years have not been quite so stringent in their requirements. In his annual report on savings banks for last year the Superintendent, among other things, sets forth that, as it is impracticable to apply to savings banks the requirements as to security of invested capital and stock deposits in the Bank Department which are applied to banks of discount and circulation, and in a degree to other financial institutions, the duty of the State becomes the more imperative to provide with jealous care such safeguards for the protection of depositors as are practicable. Again the indiscriminate multiplying of a certain class of savings banks, such as characterized the legislation of the last few years, is considered most IMPOLITIC AND HAZARDOUS. The Superintendent went on to show that the competition for business to which that policy inevitably tends results in diminished security to depositors, growing out of the greater risks incurred in doubtful investments in order to meet the higher rates of interest promised them. The old charters limit the investments of the savings banks to which they were granted, and distinctly define the character of the bonds in which these banks are to invest. They are restricted from investing at a higher figure than ninety per cent of the cash value of such bonds, and providing where such bonds are depreciating that measures be taken to secure the depositors. The bonds in which the old banks are allowed to invest were only those issued by the United States government, State stocks, bonds and mortgages, and county bonds issued under the laws of the State, and city bonds authorized by act of the Legislature. That many of the new savings banks follow that wise provision there is no reason to doubt, but it is THE DISCOUNT BUSINESS that has generally caused unfavorable comment. It is thought that to insure vigilant care the business of a savings bank should be disconnected from all other business. The Superintendent's report says:-"When operated in connection with a bank or insurance company the interests of the savings bank are almost certain to be made subordinate, as at times they are opposed to those of the institution assuming the conduct of its affairs, and the laxity on the part of its proper guardians, engendered by this relation only intensifies the evil." Now, it appears that Legislatures of the past two or three years have been very liberal in their provisions, and some, but not all, of the newer banks are allowed privileges distinctly prohibited to the older institutions. But the recent developments will doubtless cause A WHOLESOME REFORM, and it is expected that the present Legislature will be more stringent than its immediate predecessors. The older banks generally are in favor of careful legislation. In making inquiries yesterday it appears that many of the banks have become so cautious that they have had their mortgage property examined by a special committee, and in cases where the property has decreased in value loans have been called in. A feeling of annoyance is experienced in the older institutions at the recent failures, as they have tended to create uneasiness among depositors generally, although there is no foundation for the slightest apprehension so far as the savings banks whose charters provide almost entirely against loss are concerned. In the old banks the interest generally averages six per cent, which allows them to accumulate a surplus, which is distributed in the form of an extra dividend. Some of the institutions are prohibited from receiving more than $5,000 as a deposit from one person, but others have had their charters managed to allow the receiving of a much larger amount. However disastrous THE RECENT FAILURES have been, it is sincerely hoped that they will prove a warning in the future. Careful and judicial legislation in regard to savings banks is demanded, and the law cannot be too stringent that will protect the hard earnings of the poor. Below will be found meetings of the depositors of the Market Savings Institution and details of the run on the Third Avenue Savings Bank.


Article from Worcester Daily Spy, February 1, 1872

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# Ring Frauds—Another Suit against Mr. Murphy, etc. NEW YORK, Jan. 31.—Miss Fowler was award- ed $4000 damages against Mr. Martin, for not marrying her, at Kingston, yesterday. The commission of appeals in the case of Rawson against the Pennsylvania railroad com- pany have decided that their limitation of lia- bility to $100 for loss of baggage is not a con- tract, and have awarded the plaintiff $4000 dam- ages for her baggage lost by the defendant. The general sessions grand jury are in doubt whether to refind indictments against the ring men. They have not time to bring witnesses before them, as their term expires Saturday. A petition to the South Carolina legislature to consolidate its debt is being signed by the finan- cial men of the city. A disastrous fire occurred in the armory of the 22d regiment yesterday, caused by the wood- work taking fire from a grate put in by Garvey, the swindling ring plasterer. It is stated that Attorney General Barlow is about to commence suits against Jay Gould and other members of the Erie ring. John V. Gridley, a Tammany republican, has been appointed water purveyor of this city, by Tweed's successor. Many of the persons who are charged with furnishing supplies to the city department, in the account published yesterday, represent that they never received the moneys charged to them. It also appears that many of the articles were never furnished. The disbursement bureau re- pairs, published yesterday, show that a quarter of a million was paid out. Eighty thousand of this ranks as repairs to the police civil courts, though not one-tenth of the amount was actually expended. The coroner's jury last night rendered a ver- dict that Mrs. Fannie Hyde killed Geo. W. Wat- son in Williamsburg. Two jurors considered the shooting justifiable. The republican general committee last evening elected John G. Townsend president, and John J. O'Brien secretary. The congressional committee resumed their sessions to-day. A letter was read from a coal inspector, alleging irregularities on the part of inspectors. He will be subpœned. A letter was also received from Gens. Porter and Bab- cock, asking to be subpœned to testify against the statements made adverse to them. Gens. Porter and Babcock will be heard next Friday. Chas. Billings testified that his brandy was robbed under Grinnell's administration, of five gallons to the cask, and could get no satifaction at the custom house. The case of Thomas Sproul, which came up in the Jefferson Market police court, yesterday afternoon, occasioned much excitement among the spiritualists. It will be recollected by the readers of the Spy that he was charged with the larceny of a watch and chain, he alleging that it was a conspiracy against him on account of his exposing the tricks of a couple of so-called spiritualists, named Elizabeth Fuller and a man named Gordon, who was formerly associated in business with Sproul. The testimony was of a most ludicrous character; that is, when viewed through the glasses of those who are not believ- ers in the mystery. For instance, one of the witnesses, a spiritualist, of course, testified that Gordon, at one of the seances, exhibited the bust of Benjamin Franklin, which was not flesh nor blood, and a child that had been shockingly mu- tilated by a railroad accident, and said that no person had succeeded in unraveling the mys- tery, the "spirits" vanishing when approached. Mr. Sproul's evidence was very attentively list- ened to, and his denunciation of the tricks re- sorted to by the "medium," Gordon, was of a most decided character. He claimed, and made apparent to his own satisfaction, and to that of many in the court room, that Gordon's mani- festations were produced by an elaborate com- bination of wires, strings, pasteboard, pictures, illusion lace and darkness. The Times contains another broadside at the "ring," the frauds in the department of public works while under the direction of "Boss" Tweed coming in for consideration. Among the items is one of $76,217 recorded for repairs on public markets, and investigation fails to sub- stantiate the fact. In other words, the Times says not a dollar was paid by the city for such repairs. Another $82,924 is recorded for re- pairs in police and civil courts, which are in a notoriously bad condition, and upon which prob- ably not a dollar has been expended, as claimed. It also appears that Haggerty, the voucher thief, now in the tombs, was not removed from office until yesterday, and has drawn his salary regularly. Vice President Colfax has been invited to ad- dress the young men's Christian association of Brooklyn. Another suit has been commenced against Collector Murphy, to recover the amount of a political assessment paid by an office holder in the custom house. The Williamsburg coroner's jury in the case of Watson, who was shot on Friday last by the woman whom it was said he had insulted, ren- dered a verdict, last evening, that the deceased came to his death from a pistol shot fired by Mrs. Hyde, with malice aforethought. Two of the jury wished to find a verdict of justifiable homicide. A warrant has been issued for the arrest of Hyde, the husband of Fanny Hyde, as accessory to the murder of Watson. Mr. Patterson, whose name was disagreeably connected with the failure of the Market savings bank, visited the receiver, to-day, and declared that he was able and willing to repay the loan made him. The receiver expresses the belief that the bank is unable to pay depositors over forty per cent. A portion of the Southside railroad track, at Rockaway, L. I., was destroyed by some un- known persons. One of the early trains this morning had a narrow escape from a serious disaster. The principal theme of discussion about city hall yesterday was the audit bill passed by the legislature, and great satisfaction was felt among the employes of the various city departments when the news arrived of the governor's signing the bill, thereby making it a law.


Article from New-York Tribune, February 12, 1872

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INSOLVENT BANKS. THE MARKET SAVINGS BANK ADJUDGED A BANKRUPT. In the United States District Court, on SatFurday, in the matter of Mrs. Mackey's petition to have the Market Savings Bank adjudicated a bankrupt. Judge Blatchford overruled the objection to the petition, that it was signed, not by the petitioner. but by her husband, and directed the entry of an order declaring the Bank a bankrupt. In speaking of the petition, signed by about 2,000 depositors of the Bank. praying that it be not put into bankruptcy, the Judge said that he could take no judicial police of such a petition. H. R. Conklin, the Secretary of the Mar ket Savings Bank. it is stated, was seen in Toronto, Canada, on Monday last, and left on that evening for Halifax via Montreal, on his way to South America. Receiver Worth stated that during the past few days the call loans have been paid with more promptitude than heretofore. It is believed that if Messrs. Heiser's Sons, Mr. Bright, and Mr. Patterson do not make some arrangements to pay their indebtedness soon, legal proceedings will be begun against them. It is alleged that Receiver Worth has discovered that one of the officers of the bank has participated in the frauds, and connected him with one transaction of $35,000. Mr. J. Dowley, the Chairman of the Depositors', Investigating Committee, states that civil and criminal proceedings will be brought against the bank officers within a short time. The suit instituted against Mr. Van Name by Mr. Swain of Staten Island, is for $2,100. On the Thursday preceding the failure of the bank. Mr. Swain, who is an old man, and disabled by paralysis, called upon Mr. Van Name, and asked him the condition of the bank. as he had $2,100 which he wished to deposit. Mr. Van Name is said to have replied that the bank was in a sound condition, and that Mr. Swain could not do better than leave his money with him. Swain did so, and within 48 hours the bank suspended payment, and Van Name acknowledged to the depositors that he had for five or six days suspected its solvency. Mr. Worth's counsel informs the depositors that this morning an officer of the Court of Bankruptcy will be in attendance at the bank to prove the claims of depositors, and that this process can be completed in a few days. Depositors can make no claim to dividend who do not prove their claims in accordance with the bankrupt act. They will, when their claims are proved be able to elect a.trustee in bankruptcy. The presence of the officer of the Bankrupt Court will enable the depositors to comply with the act at one-fourth of the ordinary expense, beside-avoiding all the wearisome delays which have occurred in the proceedings of the Stuyvesant Bank. The meeting of depositors to hear the statement of their investigating committee will take place to-day in the First District Court-house at 2 p. in. OTHER INSTITUTIONS. Jeremiah Quinlan, receiver of the Guardian Savings Bank, has filed the amounts credited to depositors, about $560,000. a report of the entire assets of the bank, $547,000, and a list of the fixtures, books, &c., to ber sold at auction. He has received from the officers and trustees of the bank $80,000 subscriptions, and a deed of trust of one of the officer's property amounting to more than $300,000. These are held as security against any loss of any of the assets that may not prove valuable, or for any deficiency that may have existed at the time when the bank suspended. By this means it is claimed that all the depositors will be paid in full. He has also filed a report of all the money received by him since his appointment as receiver, amounting to $110,000. In the matter of the petition of Mr. May to have the Bowling-green Savings Bank thrown into bankruptcy, the service of process by publication. as directed a week ago by Judge Blatchford. has been effected. The order is returnable next Saturday, in the United States District Court.


Article from The New York Herald, February 13, 1872

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THE MARKET SAVINGS BANK. Something About Mr. Dennis, the Late Receiver-A Modest Claim-Meeting of the Depositors-The Election To Be Heid. The victimized depositors of the Market Savings Bank held a meeting yesterday afternoon in the First District Court room. The meeting was advertised for two o'clock, but in consequence of the absence of several of the committee it was not called to order until half-past two. The chairman called the meeting to order. and the minutes of the last meeting were read and approved. The CHAIRMAN stated that he had seen some of the depositors who were not aware that the bank was declared an involuntary bankrupt. For their benefit and also for others who might be in blissful Ignorance of the same he now mentioned it. He further informed the depositors that Mr. Dennis-who had pledged his solemn word that he would charge nothing for his services as receiver-had presented A CLAIM FOR $2,000 for his services as such for two days. This claim, he said, was presented before Judge Sutherland, and that he (the chairman), in the name of the depositors, had protested. (Applause.) Another proof that Mr. Dennis was dishenest as well as untruthful was to be found in the fact that the committee had just laid bare a little operation of mis. This little game" involved some $20,000. It appears that he obtained several loans from the bank, amounting in the aggregate to the sum above mentioned, and although his name does not appear on the vouchers for the same the committee have proof of his doings. The money obtained in the loans was invested in lands, and for his part of the work Mr. Dennis received a handsome bonus. In concluding his remarks the chairman stated that under the Bankruptcy laws the depositors were allowed thirty days to choose an assignee or trustee, and to go to a registrar in bankruptcv with their bank books to prove the bank's indebtedness to them. Every depositor will have to vote for the assignee or trustee either in person or by proxy, If he cannot come to the meeting to vote he will have to give "power of attorney" to some one else to do so for him. A meeting for the purpose of ELECTING AN ASSIGNEE will be held in about ten days from now. which will be duly advertised. A member of the committee then made a motion that Mr. Hodnett be requested to withdraw from the committee. The member gave as his reasons for making this motion that Mr. Hodnett had been, and was at present, in familiar intercourse with the officials of the bank, and that he boastingly declared himself a friend of Mr. Dennis, and that he furtner stated that no one could make him believe Mr. Dennis guilty. In response to the mover and the meeting in general Mr. Hodnett defended himself in this wise:-"Gentlemen, if I was now or ever had been a friend of the officers of the bank 1 might have been told to draw my money, as others were. If I was a friend of the bank officers I would not have informed the committee how they could come into the possession of FIFTEEN HORSES BELONGING TO CONKLIN, and might now have the $700 which I lost on the bank becoming bankrupt." A voluntary subscription was taken up to defray expenses of advertising, &C The meeting then adjourned, and will meet in the early part of next week to go into an election.


Article from The New York Herald, March 3, 1872

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There were in this city during the past week 594 deaths, 137 marriages, 491 births and 42 stillbirths. As compared with the previous week the above shows a decrease in deaths of 27, in the marriages of 35 and in stillbirths of 3, and an increase in the births of 63. The Street Cleaning Commission met yesterday. Judge Bosworth, to whom was referred the question as to the advisability of the street cleaning being taken in hand by the Board of Health, reported favorably. The Judge is confident that the streets will then be kept much cleaner than they could be by contractors. Mr. G. D. Cardozo, Chief of the Ordinance Bureau, received 81 complaints of violations of city ordinances last week. Marshal Hart, of the License Bureau, has granted the following licenses - Boarding houses, 10; express wagons, 11; vendors, 40; carts and cartmen, 29; coaches, 5; porters, 6; drivers, 29. Total, 130. Amount received, $289. Yesterday being the last day allowed for the Market Savings Bank depositors to prove their claims, Commissioner E. L. Owen sat for that purpose during the morning. Nearly all the claims have been proved thus far. Mr. Worth, the receiver, and his assistants, are still engaged in getting the books in order for the depositors' meeting on the 16th of March. The funeral obsequies of the Rev. James Keenan, late assistant pastor of Transfiguration church, Mott street, took place yesterday morning at the church. The crowded assemblage attestea the deep respect in which the deceased was held by his peopie. The funeral sermon was fittingly spoken by the Rev. Father Loughran, an intimate friend and classmate. The reverened clergy attended in large numbers, viz.:-The new Bishop elect of Springfield, the Right Rev. Francis McNeirney; Fathers Slevin, Yonkers; McSherry, Kean, Loughran, O'Farrel, McCauley, Curran, Flannelly, Brophy, Henry, Farrelly, McKenna, Slattery, O'Reilly, McAvoy, Dromgoole, Baxter, Mea, Daly, Mooney, Meister, Burtsell, D. D.; Healy, Lilly, O. S. D.; Farreil, Hassan, Cassidy, Lings, Bovee, C. S. S. R.; Dr. Hame, C. S. S. R., and the pastor, Father McGean. The mass of requiem was celebrated by Father Edward McKenna, with Father Mee. deacon: Father Daly. sub-deacon; Master of Ceremonies, Father McNamee. The deceased was held in the highest estimation as an exemplary priest and able theologian. Requiescat in pace.


Article from Alexandria Gazette, April 10, 1872

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From New York. New YORK, April 10.-The World says. that ou Friday last a private meeting was held in this city, of young men of the republican party who are opposed to the re-nomination of President Grant that a complete central organization was formed and clubs in some fourteen or fifteen wards established at that time. It is expected that thirty clubs will be thoroughly organized shortly. They do not express their preference for any one person as a candidate for the Presidency. The World also says many of the leading republicans here, among others Marshal O Roberts and A. T. Stewart, are reported to have expressed their intention of attending the Cincinnati Convention. Henry R. Conklin, the fugitive Secretary of the collapsed Market Saving's Bank, was indieted Tuesday for forgery, in that he had used fictitious names for the purpose of abstracting the funds of the bank. Other indictments are to be found against him. There is an unfounded rumor of the indictment of Mr. Van Naine, President of the bank. An officer yesterday went to Washington to procure a demand for the extradition of Conklin from the Canadians to bring him back from Montreal. Conklin's friends say that startling revelations of the frauds may be expected on the trial. A parent has sued the health department for $10.000 damages, for the forced vaccination of his child, charging first, assault upon the child and second the introduction of scrofula into its system. The result of the election in Jersey city yesterday was the choice of 0 Neill, democrat, for Mayor, seven republican Aldermen, and eight republicans to the Board of Education, which give majorities to both those boards, and a republican unajority in the Board of Freeholders. The Japanese Embassy visited Newark yesterday. They return to Washington to-day. The report of the Judiciary Committee of the Bar Association which has been pressing the investigation into the conduct of Judges Barnard and Cardoza say, although no direct pecuniary bribes are expected to be found, still they had traced presents received from successful litigants and political favorites. The pow er to issue injunctions, appoint referees and receivers and make allowances the committee states, has enriched the favorites regardless of damage to other parties. They instance the case of James Fisk against the Union Pacific Railroad which caused a loss of five million dollars to the company, Judge Barnard boasting of the terror the order created. Another was the Black Friday case, wherein Barnard compelled the Bank of New York, then insolvent, to pay all its assets, amounting to $400.000, to the brokers of Fisk, Gould & Co., and $15,000 to the receiver of his own appointment, leaving other creditors without a cent. The justification for this action is that the plaintiffs and bank officers consented to it; but the bank officers say consent was wrung from them and the bank suffered a loss of between $200,000 and $300,000 within forty days. The suit of the English stockholders of Erie against Fisk and Gould, in which John H. Coleman was appointed receiver is another case. Within one hour after this the suit was discontinued. One Robinson, keeper of the Erie Company's cattle yards in Jersy was appointed a receiver in return for a loan of $3,000 which he gave to Judge Barnard in a check of Jay Gould and which Barnard gave to Coleman for some land speculation. Judge Barnard also appointed a manager for a railroad eight hundred miles long, running throuh three Western states, and the result was the loss of $2.000,000, from which the road has never recovered.


Article from The Petroleum Centre Daily Record, September 29, 1873

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Francis W. Worth, receiver of the Market Savings Bank, of New York, died of Cholera on the 16th inst., while on his way from Havre to New York. He was buried at sea.


Article from The Rutland Daily Globe, September 29, 1873

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From New York. NEW YORK, Sept. 27. ARRIVED. The steamship Maine from Bremen. SHIPMENTS. The specie shipment to Europe to-day amounts to $153.751.17, of which $50.000 is in gold coin and the rest silver bars. IMPORTS. The total imports for the week is $10,- 902,486, of which $7,464,702 was merchan- dize, and $3,437,766 dry goods. The am- ount of dry goods marketed was $3,803,- 835. # CHOLERA ON A STEAMER. Francis J. Worth, for nearly two years receiver of the Market Savings bank, died. as reported, of cholera on the Ville du Havre. The steamer reached here yester- day, and was quarantined by the health offlcials preparatory to overhauling. Mr. Worth had been traveling in Europe for his health, and wrote to his father here from Paris some six months since, com- plaining of a severe attack of cholera. # CITY VALUATION. An investigation proves that the tax books of this city have been tampered with since first made up. Many houses on pro- minent avenues being taxed by the new fig- ures at only $8,000 while the valuation of the Grand Opera House, which, sold for over a million dollars, has been reduced to $330,000. # AFRICAN EXPLORING EXPEDITION. A letter from Albert Bushnell, dated Gaboon, Africa, Aug. 4th, to president Daly of the American geographical society states that the German exploring expedi- tion left for the interior with the intention of crossing and establishing communica- tion between the eastern and western coast of Africa. The English Liyingston relief expedition was as St. Salvador arrived at the capital of Angolo The French ex- pedition is at Inenga on the Ogovi river. # FINANCIAL. The amount of money which will be brought into the market by the action of secretary of the treasury in paying interesą on coupon and registered bonds is estimated at ten millions on coupons, but as most of these bonds are held in Europe the relief from them will not be felt for some time. The amount which will result from pay- ement of interest on registered bonds will be about four million dollars. The registered bonds are nearly a'l held in this country. The president of the First National bank here says that the immediata resumption of specie payment on the ground that such ac- tion will immediately add aighty million dollars of positive relief to the currency of the country. Arrived, Batavia, from Liverpool. Immigrant arrivals for the past were 4,764. At a meeting of the reform association last night it was stated that 22,000 voters of this city were members.


Article from The Sun, December 4, 1873

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# Using Up a Broken Bank's Assets. After the failure of the Market Savings Bank in this city Mr. Francis A. Worth, who was appointed receiver and assignee, employed Mr. Mann, of the firm of Mann & Parsons, as counsel to assist in closing up the affairs of the bank. Afterward, when Mr. Worth died, his counsel presented a bill of $10,000 for his services, which the creditors of the bank refused to pay. Hence a law suit. Testimony has been taken from time to time before Register Dwight, and yesterday the proceedings were continued. The principal points proved by the defendants were that Worth had said that he would charge nothing for his services previous to his regular appointment; that all of his services and his counsel's were not worth more than half of the fee charged. Mr. J. E. Hadnett and Mr. E. T. Gardner appeared for the creditors, and Mr. Mann appeared for himself and partner. Mr. Wm. Weston, a counsellor of forty years' practice, testified as an expert that assuming Mr. Mann had rendered all the services which he swore to, $5,000, with disbursements, would be a fair compensation. The Hon. Clark F. Whittemore agreed substantially with Mr. Weston.