16153. Market Savings Bank (New York, NY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1878*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini
Short Digest
79f8b255

Response Measures

None

Description

The articles (1878–1879) describe Market Savings Bank as 'broken' with receivers/assignees (Francis W. Worth deceased; later John H. Platt as receiver) winding up assets and paying small dividends. No contemporaneous report of a depositor run is mentioned. The bank was in receivership and assets were being liquidated, so this is best classified as a suspension/closure with receivership. Dates of appointment and administration are reported across articles (Jan–Dec 1878).

Events (3)
1. January 1, 1878* Suspension
Cause
Government Action
Cause Details
Bank placed in receivership/assignee and assets being liquidated under court supervision.
Newspaper Excerpt
BROKEN SAVINGS BANKS. ... interesting information for depositors ... Market Savings Bank ... the receiver ... could not hold out any hopes of ever realizing anything upon the few assets in his custody.
Source
newspapers
2. January 22, 1878 Other
Newspaper Excerpt
Register Dwight has completed his report on the accounts of the former assignee of the Market Savings Bank, Francis W. Worth, deceased, referred to him.
Source
newspapers
3. December 19, 1878 Receivership
Newspaper Excerpt
Mr. John H. Platt, the receiver of the Market Savings Bank, could not hold out any hopes of ever realizing anything upon the few assets in his custody. The first receiver, Mr. Frank Work, paid the depositors dividends amounting to thirty-eight per cent, and upon his death Mr. Platt was appointed his successor.
Source
newspapers

Newspaper Articles (4)
1. January 22, 1878 New-York Tribune New York, NY
Article from New-York Tribune, January 22, 1878

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Article Text

BUSINESS EMBARRASSMENTS. MERCHANTS SERIOUSLY CRIPPLED. SUSPENSION OF WATERHOUSE BROTHERS-FAILURE OF BIXBY & CO.-OTHER BANKRUPTCYPROCEED INGS. Waterhouse Brothers, manufacturers of flocks and woollen goods, at No. 52 Murray-st., and at Passaic, N. J., have suspended, owing about $150,000, and having nominal assets estimated at $220,000. The firm has two establishments at Passate, one being flock mill and the other for the manufacture of woollen goods. It is stated that the paper sold at a discount of ten per cent. A member of the firm said yesterday that a statement of its condition would be submitted at a meet. ing of creditors to be held Thursday. The creditors were chiefly merchants, and were scattered from Maine to Ohio. No assignment has been made, and the question of the firm's resumption would depend on the attitude of the creditors. One of the causes of the embarrassment was the unusually mild weather this Winter, which lessened the demand for woollens. The flock mill was closed last week, but the woollen mill was still PUB to work off certain stock. If the failure prove a permanent one, about 170 hands will be thrown out of employ. ment. At the establishment of Chase, Bartholomew & Co., No. 47 Worth-st., who were commission merchants for Waterhouse Brothers, it was said that the latter owed them nothing. A member of the commission firm said that they had had the account of Waterhouse Brothers only about a year, and that be believed the principal losses of the suspended firm occurred before his own firm became connected with it. Samuel M. Bixby and Clarence Tucker, composing the firm of S. M. Bixby & Co., blacking manufacturers. at Nos. 173 and 175 Washington-st., have gone into voluntary bankruptcy. Their liabilities amount to $123,000, of which the principal claims are the following: George W. Tucker, 870,364 Phelps, Dodge & Co., 88.887; Co. hansey Glass Company, of Philadeiphis, 85,594. The assets are nominally $40,000, and consist of sixteen hundred shares of the capital stock of 8. M. Bixby & Co. (a copartnership formed under the laws of the State of New-York), of the partvalue of 825 a share, issued as full paid stock to said firm by 8. M. Bixby & Co., in payment on purchase of assets of said firm at their full value." The failure of S. Orgler, manufacturer of cigars at Nos. 295 and 297 Greenwich-at., was reported yesterday, and subsequently he made an assignment to Frederick Lewis. The liabilities amount to about $50,000. The assets are valued at from $25,000 to $30,000, and consist of stock and book accounts. Thirty workmen are thrown out of employment. Register Fitch has adjudicated W. P. Pettet, builder, of No. 440 West Thirty-fourth-st., a bankrupt on his own petition. Mr. Pettet owes $54,262. and has merely nomfinal assets. The principal creditors are Voorhis & Hains, $28,332; Samuel G. Courtney, $4,000. In the matter of Joseph W. Duryee, lumber dealer, of No. 258 Cherry-st., creditors have withdrawn their opposition, and his discharge will be granted. Bennett & Smith, wholesale dealers in felt cloths. at No. 61 Leonard-t. have suspended on account of the heavy depreciation in the value of that class of merchandise. The exact amount of the liabilities is not yet known, but Mr. Bennett said yesterday he did not think they would exceed $30,000. H. W. Pinniger, dealer in teas, at No. 8 Barelay-st., submitted a statement of his affairs to his creditors yest erday, and asked a compromise, which was granted, the creditors accepting 50 cents on the dollar, 10 cents cash, and the remainder in sixty and ninety days. John H. Murray. the proprietor of Murray's Circus," was adjudicated a bankrupt upon bis own petition, yesterday. His liabilities amount to $47,732.61, and assets $9,090. With the exception of $28,657 owing to James Marray, of No. 47 South-st., for money loaned. the creditors are mostly performers. Register Dwight has completed his report on the accounts of the former assignee of the Market Savings Bank, Prancis W. Wortb, deceased, referred to him. He reports that the estate was chargeable with $98,769.99, but of the disbursements, $98,348.39, he makes deductions amounting to $762 34; that the estate is indebted to the present assignee of the bank in the sum of $658 34, and that it is proper the order of the court should pass, releasing the estate and representatives of Mr. Worth from all further liability, upon payment of the sum mentioned. Assignments for the benefit of creditors were filed yesterday by Lena Ruben to Ferdinand Brown: by Michael W. Foley to Thomas J. Hitchman: by Edward Beil to John Connor: by Stephen H. Powers, William Gaston, Frederick B. Stone and Hiram B. Cable (Powers, Gaston & Co., shoes, No. 126 Duane-st.). to James E. Hodges. The schedules of Susman Schuster, filed yesterday, state his liabilities at 884,452 41 and his assets at $18,337 14. The schedules of Antou Lieson state his liabilities at $30,088 16, and his assets at $3,100 33.

2. December 19, 1878 The New York Herald New York, NY
Article from The New York Herald, December 19, 1878

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Article Text

BROKEN SAVINGS BANKS. THE "SECURITY" AND "MARKET"-INTERESTING INFORMATION FOR DEPOSITORS. Inquiry having recently been made in the "Complaint Column" of the HERALD regarding the chances of the depositors of the broken Security and Market Savings banks ever obtaining an additional dividend, an effort has been made to give these unfortunates information that may in some degree be satisfactory. To this end the respective receivers were called upon yesterday and found willing to make brief statements, which are herewith appended:SECURITY SAVINGS BANK. Mr. William M. Banks, the receiver of the Security Savings Bank, was glad to give any information possible. The insinuation that he could not be found was looked upon as malicious, as the Directory, he said, contains his address as receiver. Three dividends have been paid, these being of twenty-five, twenty and twelve and a half per cent, making in all fifty-seven and a half per cent. The last was ordered by the Court in May, 1877, and since then constant effort had been made to realize upon the small amount of real estate remaining in his hands. The depressed condition of the market prevented a satisfactory sale until a fortnight since, when. thinking the opportunity had arrived. everything was disposed of at public anction. The terms or the sale were ten per cent deposit at the time and the balance within thirty days. Shortly after the 1st of next month the receiver's accounts will be presented to the Court, a referee appointed to examine them and then the final dividend will be paid. This will be small, no doubt, but the total amount that will have been received by the depositors is considered by Mr. Banks as extremely satisfactory when the muddle in which the affairs of the bank were found is remembered. Mr. Banks stated that he is willing at all times to give depositors any information in his possession. MARKET SAVINGS BANK. Mr. John H. Platt, the receiver of the Market Savings Bank, could not hold out any hopes of ever realizing anything upon the few assets in his custody, The first receiver, Mr. Frank Work, paid the depositors dividends amounting to thirty-eight per cent, and upon his death Mr. Platt was appointed his successor. Only odds and ends, and those all tied up by litigation, were turned over to him. Do what he could there were obstacles met at every step, and what he expected might realize a considerable sum has dwindled into almost nothing. A farm near Long Branch, said to have been purchased by the secretary of the bank and paid for with its funds, was among the assets. It was thought to be worth $60,000 or $70,000, but was mortgaged for $30,000. When Mr. Platt desired to sell it he was met with an injune: tion obtained by a Jerseyman. said to have been a partner with the secretary in schemes of speculation. The Jerseyman swore the farm was purchased with his money. and not that belonging to the bank, and in this manner blocked the efforts of Mr. Platt to dispose of it for the benefit of the depositors. For five years he was unable to collect the rent even, and when at last the injunction was set aside it was found the farm would not bring the amount of the mortgage. There is also a house in Jersey City, but the receiver has been unable to find a purchaser for it, though he has made half a dozen attempts to do so by placing it in the hands of auctioneers. "And I am afraid, concluded Mr. Pratt. "there will be but little or nothing realized for the depositors from the assets turned over to me."

3. December 29, 1878 The New York Herald New York, NY
Article from The New York Herald, December 29, 1878

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A LUCKY RECEIVER. To THE EDITOR OF THE HERALD:I have noticed in the "Complaint Book" for some time past a number of inquiries respecting. the winding up of the Market Savings Bank. Perhaps I can impart the desired information. The receiver is ex-Judge John H. Platt, of No. 40 Wall street, who alone is responsible. In the multiplicity of his affairs-being apparently a universal favorite, to judge from the numberless appointments showered upon him-we poor depositors have probably no right to expect that he should trouble himself with such trivial matters as the MarE. S. ket Savings Bank.

4. January 25, 1879 New-York Tribune New York, NY
Article from New-York Tribune, January 25, 1879

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Article Text

LEGISLATIVE PROCEEDINGS. [FROM THE REGULAR CORRESPONDENT OF THE TRIBUN ALBANY, Jan. 24.-The gratitude of .1 State to the National Guard for their prompt suppr sion of the railway strikers' riots in 1877 prompted 1 appropriation by the Legislature of 1878 the sum of $200,000, for supplying the Gua with overcoats, knapsacks, canteens, and ot accoutrements for making a campaign in 1 open field in Summer or Winter. Ex-Speaker Hust who is a Major-General of the Guard, called up in 1 Assembly to-day an additional bill on the same subje He said that the money given last. year I equipped only half the Guard. It was deen wise by the Governor and Adjutant-Gene to have every member of the Guard fu provided with accoutrements. Accordingly a bill h been introduced appropriating $200,000 more for 1 purpose. The inclement weather, be said, made it n essary that the bill should be passed at once. Mr. Droc ID a short speech also advocated the passage of the b It was then passed by a unanimous vote; every one the seventy-eight members present voting for it. Lieutenant-Governor Dorshetmer. in a short speech the Senate to-day, depicted a state of affairs in the V 6 temple of the law-making power of the State, whi doubtless astonished the spectators present. Its sta ments met with the unanimous at proval. however, the Senators and of all those acquainted with life in t Legislature. He said: The system of thieving which was universal in t old building has been bezun in this; no article howev small in value can be exposed without its bei promptly stolen. Yesterday, for a few moments, i messenger was out of my room, and every me able thing in the room was at once tak away. It is supposed that these thefts : perpetrated by a class of persons who ha around the Legislative chambers for the purpose perpetrating these petty thefts. Now I wish to give 0 information, that the employés of the Capitol Comm sion known as orderlies are all sworn policemen. a they have been instructed to watch for this class of P sons, and to arrest any person found taking aw anything, no matter how small in value; and whoe may be arrested will be prosecuted stealing. and : Capitol Commission will see to it that the prosecutio are carried forward vigorously. Mr. Langbein introduced in the Assembly to-day a I intended to reform the referee system in the Fi Judicial District. It authorizes the appointmo of twenty official referees by the presiding Justice the Supreme Court of that district, the Chief Justice the Superior Court of New-York, the first Jud of the Court of Common Pleas and the Ch Justice of the Marine Court. All cases made referal by law are to be sent when ordered to these refere The fees are to be as follows-a reduction from the pr ent fees: For every attendance and adjournment without he ing. $1; for every attendance and hearing. . amination of witnesses, production of do mentary evidence, or argument of counsel, $3; making a report and engrossing copy for the con 10 cents per folio of 100 words, and a like sum for necessary copies of testimony, exhibits or other papel for attendance on sale of real estate, when adjourn $3; when sold, $5 for each lot or parcel sold: for dra ing and executing a deed or other conveyance as 1 eree, $5. Mr. Langbein also presented a resolution, which n passed, directing the Board of Police Commissioners New-York to report to the Assembly within ten days 1 steps taken by them to reduce the pr of the police to in that city and under what authority they act. Mr. Harris, from the Senate Finance Committee, poried favorably the bill appropriating $500,0 for continuing the work upon the new Capitol. Acting Superintendent Lamb, of the Bank Depa ment, reports, in reply to a Senate resolution, t) Jeremiah Quintan. Peter J. O'Donohue and John McGowan. of the Guardian Savings Bank: Sheppard Knapp. of the Bowling Green Savings Bank, and Jan Dennis, Francis W. Worth and John S. Platt. of Market Savings Bank, appointed either as receivers assignees of the banks named, have failed to answer inquiries. The Senate Committee on Retrenchment have had ( or two meetings. at one of which they adopted a reso tion calling upon the Controller for a report of salaries paid in all of the State Departments. The C troller replied that the information was contained