16167. Mechanics & Traders Savings Institution (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: December 2, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 8c3d62eb

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Description

Depositor runs occurred in December 1875 (reports Dec 2–3) with officers reassuring customers. In June 1876 Superintendent Ellis obtained an injunction (closure/suspension) due to heavy depreciation of Southern state bonds; a receiver (Wm. J. Best) was appointed by July 1876 and the bank remained in receivership with reported large deficiencies and no reopening. I corrected minor OCR variants (e.g., 'Mechantes' -> Mechanics). Cause of run classified as local_banks because multiple savings banks experienced runs and depositors' fears spread among savings institutions.

Events (4)

1. December 2, 1875 Run

Cause: Local Banks
Cause Details: Part of a broader episode of runs and depositor nervousness among New York savings banks; depositors crowded the Bowery offices and drew funds after worrying about bank health and local savings-bank troubles.
Measures: Officers published statements of solvency, showed books to reporters, paid out small and pressing claims and indicated enforcement of the 60-day notice rule for larger withdrawals.
Newspaper Excerpt: A number of the depositors of the Mechanics and Traders' Savings Institution, at No. 283 Bowery, applied for their money yesterday. The banking rooms were crowded and the payments were made slowly
Source: newspapers

2. June 12, 1876 Suspension

Cause: Government Action
Cause Details: Injunction obtained by State Superintendent of Banks (D. C. Ellis) due to a substantial deficiency caused by depreciation of Southern state securities; court order restrained the bank from further business.
Newspaper Excerpt: Bank Superintendent Ellis...has begun proceedings for the appointment of a receiver...an injunction...was served on the officers of the bank...the few depositors who called to make deposits or to draw out money were put off until Wednesday.
Source: newspapers

3. July 8, 1876 Receivership

Newspaper Excerpt: William J. Best had already been appointed as receiver...A resolution approving the appointment of Mr. Best was adopted, and a committee...to confer with the receiver.
Source: newspapers

4. September 23, 1876 Other

Newspaper Excerpt: The receiver...made a statement of the condition of the bank to depositors, which shows a deficiency in assets of $343,816. He states that...a number of the trustees have been insolvent for years past; accounts have been wilfully falsified for nearly twelve years.
Source: newspapers

Newspaper Articles (20)

1. September 23, 1873 New-York Tribune New York, NY

Article from New-York Tribune, September 23, 1873

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THE SAVINGS BANKS UNHARMED. SEVERAL TEMPORARY RUNS-GENERAL RESTORATION OF CONFIDENCE. Among the savings banks there was little variation in yesterday's business as compared with that of Friday, Saturday, and many previous days. A few of them alone experience anything like a run upon their deposits, and these not to such an extent as to excite anyapprehension as to solvency. All were seemingly prepared for the worst, and were most agreeably disappointed as the day passed on without any invasion of moment upon their cash assets. In anticipation of a general run, members of the police force had been assigned to duty in the different savings banks, and most of them had an easy task. The German savings banks were particularly quiet, a president in one instance informing a reporter that his bank had money on hand for any of his neigh bors who might be pressed. At number of the banks the rule requiring notice of the withdrawal of deposits over a stated sum was strictly enforced, the amount varying, and it is a somewhat singular fact that those meeting all demands were the only ones, with one or two exceptions, upon which there was any considerable run. EAST RIVERSAVINGS BANK. At the East River Savings Bank, on Chambers-st there was no variation in the usual business of the day President Whitney stated that during the morning a number of deposits had been withdrawn. and likewise a large number received, in neither case to such an ex tent as to excite comment. He knew nothing of the action taken by some of the savings banks' officers Sunday evening, and could not agree with them that any particular distinction at this time should be made in the withdrawal of deposits. His bank was paying all demands without regard to notice given. EMIGRANT INDUSTRIAL SAVINGS BANK. At the Emigrant Industrial Savings Bank a considerable amount of money was withdrawn during the day. Soon after the opening of the bank a large number of the depositors assembled, and the line formed to the paying teller's windows found constant accessions during the day. Controller David Ledwith stated that they were meeting all demands without regard to amount or notice, and apprehended no difficulty in continuing to so. Indeed, the present run was not 80 extensive as they had anticipated and had made preparations for. They were led to believe that it would be of short duration. The bank statement of Jan. showed an excess over liabilities of $790,129 The majority of those closing their accounts had comparatively small deposits, 80 that the amount paid out was not large. ATLANTIC SAVINGS BANK. At the Atlantic Savings Bank, on Chatham-st. there was no excitement; still. as a precautionary move, the officers have adopted the plan of requiring sixty days' notice in the withdrawal of all sums of over $100. CITIZENS'(SAVINGS BANK. The Citizens' Savings Bank experienced something of a run during the earlier port of the day. but before closing this had almost entirely subsided. They are paying all demands under $1,000. requiring notices for larger amounts. Those in the line early in the day were mostly new depositors, the older and heavier ones having perfect confidence] in the bank. President Quintard remarked, as an evidence of the class now withdrawing their deposits, that up to p. m. probably not more than $25,000 or $30,000 had been paid over the counter. He was satisfied that no extensive run need be anticipated, but was well prepared to meet all demands. ORIENTAL SAVINGS BANK. Everything was as quiet as usual at the Oriental Savings Bank, on Grand-st. President Buckmaster stated that many had visited the bank during the day to make inquiries as to their deposits, and had departed satisfled of their security-many, perhaps, coming with the intention of drawing, and returning with only such as they required for use. In such cases no advantage was taken of the law requiring notice of such intention. As evineing a general confidence in the institution, the cashier stated that a number of new accounts had been opened during the day, and that no inconsiderable amount had been received on deposit. BOWERY SAVINGS BANK. Before the opening of the Bowery Savings Bank it was evident that a run was to be made, from the erowd of depositors that gathered around the doors. The trustees met and decided to pay all claimstor the present, believing that the run would not last long and not interfere with,the regular business. It was understood that should it continue, they should take advantage of the 60 days' notice, even then using their own discretion in the matter, and paying larger claims, to relieve suffering or inconvenience. Throughout the day and evening the steady run continued, the number at no time greatly crowding the bank. One by one they drew their deposits, losing nearly three months interest by doing 80, 80 that they alone are the losers and the bank is in no way inconvenienced. A very great many before long were convinced of this fact, returned to the bank and again deposited their money, begging that their interest might not be sacrificed. An instance of this kind was mentioned by the President. Early in the morning a woman drew about $3,000, the earning of many years. Her anxiety to withdraw it was hardly equaled by her anxiety to return it a little later, and the loss to her of the $85 interest affected her very much. The scene deterred many from following her example. The President further stated that the majority of the deposits drawn were of small amount, and that the smaller the amount the more auxious the owners seemed to be to get it, so that up to 2 o'clock in the afternoon not more than $200,000 had been paid out, and in the same proportion during the afternoon and evening. The bank had more tban 60,000 depositors. He did not anticipate any extensive run. NEW AMSTERDAM SAVINGS BANK. The New-Amsterdam Savings Bank has experienced no run from its depositors. Yesterday was a quiet day at the bank, though considerable deposits were received. President Frohwein stated that they are more fortunate than a majority of the banks in having an abandance of small bills. having $116,000 in the safe. They proposed to help the neighboring banks as far as they could, and had already done so by furnishing one that morning with $20,000 in bills on bond security. MECHANICS AND TRADERS SAVINGS' BANK. At the Mechanics' and Traders' Savings Bank it was stated that some accounts had been closed during the day. and perhaps $20,000 drawn while the average deposits had been received. There had been no run sufflclent to excite comment. NEW-YORK SAVINGS BANK. The New York Savings Bank on Bleccker-st. was surrounded by an anxious crowd of depositors from the opening of the doors in the morning. o'elock the doorewere closed, the officers deeming that there were then as many in the building as they could pay during banking hours. Probably nearly 100 were then in walt ing. Little information could be gained, further than that considerable money had been withdrawn, and also many deposits received. The officers anticipate DO trouble in meeting all demands. PEOPLE'S SAVINGS BANK. At the People's Savings Bank the cashier stated that one or two large demands had been made, in which cases they had taken advantage of the rule requiring notice. In small amounts, $3,000 or $1,000 had been drawn, and more than made up by deposits. MANHATTAN SAVINGS BANK. At the Manhattan Savings Bank a long line of depositors presented themselves in the morning desirous of drawing out their money, but the bank readily met Nee Fourth Page

2. December 2, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 2, 1875

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THE SAVINGS BANKS. sOLVENCY OF THE MECHANICS AND TRADERS' SAVINGS INSTITUTION - CLEAR SURPLUS OF $50,000-OTHER BANKS. A number of the depositors of the Mechantes and Traders' Savings Institution, at No. 283 Bowery, applied for their money yesterday. The banking rooms were crowded and the payments were made slowly, and after a careful examination and comparison of the pass-books with the ledger accounts of the bank. Some of the trustees were present endeavoring to reason with the frightened depositors, and to convince them of the solvency of the institution. To & reporter of THE TRIBUNE were shown the books and accounts of the bank, with a statement of the market value of the assets. A. T. Conklin, the President, and Henry C. Fisher, the Secretary, declared that the bank was perfectly safe, and could pay dollar for dollar of liabilities without any difficulty. Mr. Conklin stated that the bank wasexamined on April 1, 1874, by theState bank examiners, who reported a surplus of $82,333 18* The bank property was appraised by appraisers em. ployed by the Bank Department, and was put down to its lowest market value. The market value of the stocks, bonds, and other securities was obtained by the examiners after consultation with leading brokers in Wall-st. The annual report, Jan. 1,1875, said Mr. Conklin, was an honest and true statement of the bank's condition. It showed a large surplus over liabilities, and was in every particular corroot. A8 to the item of suspense account, bankruptcy claim, worth $20,000," that claim was well known by the trustees to be good beyond all question, and would yield, principal and interest, at least $25,000 in a few months. The lawsuit pending in relation to it was merely to determine which of two very rich men was liable to the bank for the full amount. The total market value of the stocks and bonds owned by the bank at the present time was largely in excess of the figures reported by the bank examiners. A profit of $20,000 had been made last year on the sale of Government securities a few days before the examination, which did not appear in the figures of the examiners. This sum alone met all the charges of salaries, taxes, and incidental expenses. Salaries had been reduced $5,000 last year, and a considerable reduction made in advertising, stationery, &c. In every way, Mr. Conklin continued. the bank had economized and sought to merit the confidence of its customers and the public. After deducting this suspense account of $20,000, and making due allowance for any unexpected shrinkage, the bank had a clear surplus of at least $50,000. The trustees had decided to enforce the 60 days' rule in extreme cases, but would pay small amounts and pressing claims without delay. This action had been taken in order to protect depositors in the payment of interest due them at the end of this month. Mr. Conklin said, in conclusion that there had been a want of harmony in the Board of Direction some time ago, and the attack on the bank might have originated from that cause. The Mutual Benefit and the Security Savings Banks continued open yesterday, without transacting any business. The Security, it is understood, will resume in two or three days. A receiver for the People's Savings Bank had not arrived at the bank yesterday afternoon, but it is not doubted that an appointment was made yesterday.

3. December 2, 1875 The Sun New York, NY

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THE END OF THE FRIGHT. Yesterday in those of the Savings Banks that have Stood R Run. The run on the North River Savings Bank, at 478 Eighth avenue, and on the Franklin, at 658 Eighth avenue, ceased entirely yesterday, the depositors being apparently satisfied with the assurance in THE SUN that the banks named could pay dollar for dollar. At the Mechanics' and Traders' Savings Bank. 283 Bowery, a number of depositors assembled in the morning, seemingly anxious to get their money. There was also a line of persons who wished to deposit money. The clerks seemed more accustomed to their work than on Tuesday, and paid rapidly and promptly. Toward evening the demand for money diminished. and a number went away expressing confidence in the institution. The President, Mr. A. Γ. Conklin, said : ** The statement of last year does not apply to the bank now. The suspense account of $39,127 07 represented money in litigation, which h is been recovered, and is now an asset. The judgment secured by real estate. $5,178 48. is against a man who is very wealthy, and is entirely good. Our stocks and bonds were placed at the lowest m rket value, and we can get more for them now. We hold no town bonds. Our bonds are all State, city, and county. As for our real estate, we have been offered $147,619.27 for the site, but in our report we put it at only the cost. $126,646.77. We have a genuine surplus of $80,000, for, unlike some other banks. our de: 08118 have increased this year instead of decreasing." Mr. Conklin added that the bank had met with some losses during the Presidency of a former trustee, which had been fully repaired. The bank. he said, would not require any sixty days' notice. but would pay everybody that called. He had received offers from other banks to take up all his securities. He added, Although I don't like a run. I would rather have it now than pay interest in January." The trustees of the Mutual Benefit Savings Bank have been discussing whether they will put in enough money to start the bank again. They will probably resolve to do SO.

4. December 2, 1875 The Rutland Daily Globe Rutland, VT

Article from The Rutland Daily Globe, December 2, 1875

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Run on a Bank. NEW York, Dec. 1. There was a run to-day on the Mechanics' and Traders' savings bank, but everybody was paid and the deposits were quite large.

5. December 3, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 3, 1875

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WEAK BANKS TO BE WEEDED OUT. SUPERINTENDENT ELLIS determined TO ERADICATE UNSOUND SAVINGS INSTITUTIONS-A RECEIVER FOR TWO BANKS. A reporter of THE TRIBUNE called on D. C. Ellis, State Superintendent of Banks, at the Metropolitan Hotel, last evening, and had a long conversation with him in relation to the condition of the savings banks in his city. Among other things Mr. Ellis said The worst is now over. I shall act carefully, cautiously and prudently, but I am determined that every unsound savings bank in this city shall be closed by the end of this month. The Examiners of the Bank Department have been hard at work for several months. and only solvent banks will remain in operation at the beginning of the new year. Very few banks will be closed. I shall compel the trustees of the weak banks to secure the depositors fully by advances of cash or approved securities. A very few banks whose deposits will not yield sufficient income to meet expenses must retire from business. The monetary condition of the country is against them. They are struggling against fate, and it is impossible for them to gain strength as there is nothing from which they can support themselves. Early in the present year I examined with great care every annual report of the banks, and marked those whose affairs seemed to require immediate examination. I came to this city and consulted with the leading bankers and merchants, and guided by their advice, I felt my way quietly but surely, until I understood fully the condition of things. There were so many millions of dollars involved, and the interests of thousands of depositors to be cared for and protected, that it would have been highly improper for me to have acted rashly. I have not acted on my own unsupported judgment, but have been advised by the best men in all positions in society. I am now undoing the bad work of Legislatures of previous years. With the new Savings Bank law and the difficulties in the way of getting charters, new banks will be established only when and where the needs of the people demand them. The new law also limits investments within a narrow circle. Mr. Ellis stated that the Security Bank had been found by the examiners to be perfectly safe, and he supposed it would resume business early next week. He had no fault to find with the bank. As to the Mutual Benefit Savings Bank, he remarked that the trustees were men of spirit and energy, and they had asked for a week's delay in which to put the bank on a sound basis. He had given them time, and the result would be made known by Monday. There was nothing against the Mechanics' and Traders' Savings Bank, and he had been surprised to learn that a run had been made on it. It is understood that Mr. French, a lawyer, has been appointed receiver of the People's and the Central Park Savings Banks. He will probably enter upon his duties to-day. There is so small an amount to be handled in the last named bank, that it was not considered advisable to appoint a separate receiver for it.

6. June 12, 1876 New-York Tribune New York, NY

Article from New-York Tribune, June 12, 1876

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A SAVINGS BANK SHAKEN. APPLICATION FOR A RECEIVER. DEFICIENCY IN THE MECHANICS' AND TRADERS' SAVINGS INSTITUTION-DEPRECIATION IN SOUTHKRN STATE BONDS THE CAUSE-SUPERINTENDENT ELLIS APPLIES FOR A RECEIVER-THE BANK TRUSTEES WISH TO GO ON. Bank Superintendent Ellis, through AttorneyGeneral Fairchild, has begun proceedings for the appointment of a receiver to wind up the affairs of the Mechanics' and Traders' Savings Institution at No. 283 Bowery. It has become embarrassed, in the judgment of the Bank Superintendent, by the depreciation of its Southern securities. Justice Landon of the Supreme Court in the Schenectady district has issued an injunction and an order to show cause why a receiver should not be appointed, returnable at Albany to-morrow. This order was served on the officers of the bank on Saturday mor: ing, and the few depositors who called to make deposits or to draw out money were put off until Wednesday. There was no excitement and no run on the bank as the action of the Bank Superintendent and the Attorney-General had not been made public. A run was made on this bank last Fall, but was stopped on the statement of the officers that the value of the bonds and securities showed a large surplus over the liabilities to depositors. It is believed that this statement was correct at that time, but the Southern securities, composing a large portion of the assets, have steadily depreciated in value. In April, 1876, the bank was examined by George W. Reid, Bank Examiner, as required by law, and he reported to the Bank Superintendent that the bank was behind about $90,000, growing out of the depreciated market value of the bonds of the Southern States. A conference was then held between the bank officers and the Superintendent as to the way in which this deficiency could be made up, and the depositors be protected from loss. It is understood that the trustees refused to make themselves personally liable for the depreciation of these bonds, on the ground that the securities had been purchased in good faith, and were legal obligations of the States issuing them. The trustees claimed that it was a question of market value which they could not control, and the bonds would at some time in the future be worth their face. It might take a year, possibly several years, but the States finally would be obliged to pay them. The President of the bank and other officers have held several consultations with Bank Superintendent Ellis since the report of the examiner, but nothing could be agreed upon, and the Superintendent determined last week to close up the bank. Following are the resources and liabilities as reported 60 the Bank Department, Jan. 1, 1876: RESOURCES AND LIABILITIES.

7. June 12, 1876 New-York Tribune New York, NY

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STATEMENT OF MR. ELLIS. als REASON FOR DECIDING TO CLOSE THE BANKCAUSE OF THE FAILURE-PERCENTAGE DEPOSITORS WILL PROBABLY RECEIVE. [BY TELEGRAPH TO THE TRIBUNE. ALBANY, June 11.-An injunction, issued by Judge Laudon of Schenectady on complaint of D. C. Ellis, Superintendent of the Banking Department, was served upon the Mechanics' and Traders' Savings Institution of New-York City, at No. 283 Bowery, on Saturday, and will be served to-day by Deputy Attorney-General Paige, to restrain that institution from doing any further business whatever. The injunction is returnable at the Special Term of the Supreme Court in this city on Tuesday next. The effect of the order of injunction has been to close the doors of the bank, and depositors will have to await the decision of a receiver to obtain the appointed percentage of their deposit. Upon inquiry of Mr. Ellis, the Superintendent, he said that the bank had been the victim of depreciated Southern securities and a continuing decrease of revenue. If not closed now, the assets of the bank would probably be used in a vain endeavor to regain its business, and, while 90 cents on the dollar by judicious management can easily be paid to depositors now, if allowed to continue business much longer not more than 30 or 50 per cent could be paid. Some of the city stock of the bank now in hand, such as its Rochester, Oswego and Brooklyn bonds, can be converted into cash within 30 days, and 50 per cent of the deposits could be paid almost at once; but the condition of the bank showed unmistakable evidence of dry rot, which was becoming worse every day. The only question, in Mr. Ellis's wind, when he began proceedings for this injunction, was the best interests of the depositors, and those he found could be served best only by an immediate cessation of business.

8. June 13, 1876 The Sun New York, NY

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PRI E TWO CENTS. LOOKING AFTER BANK MEN THE MECHANI ICS AND TRADERS SAVINGS INSTITUTION. Enjoined by Judge Landon. at the Instance of the Superintendent of Bankine-The Institution's Latest Official Exhibit Republished At the instance of Mr. D. C. Ellis, SuperIntendent of the Banking Department, Judge Landon recently enjoined the Mechanics and Traders' Savings Institution of New York from doing further business. Notice of this injunetion was served on Saturday last, and Mr. Alfred T. Conklin, President of the Institution, went to Albany last night to make a statement of the bank's affairs, with a view of averting the appointment of a receiver. There can be no run upon the bank, Inasmuch as since last fall, when it sustained a run, it has availed itself of the right to demand from depositors sixty days' notice of withdrawal. The bank made a good statement at the time, and, as it paid checks on sixty days' maturity, the fears of depositors were momentarily calleted. The bank officers aver that it is as sound now as when the following report was made to the Bank Department on the 1st January last: Resources.-Bonds and mortgages $616,650 Stock investments: Stocks and bonds of States other than New York, cost 1,310,012 25 Banking house and lot, cost 79.093 50 Other real estate, cost. 58,748 08 Cash on deposit in Danks or trust companies 78.101 BY Cash on hand 15,000 00 Accrued interest 32 346 93 2,936 50 Interest due in less than SIX months Suspense account 89,127 or 5,354 as Judgment secured by real estate Deficiency based upon real estate at cost 5,628 31 and stock investments as market value Total $2,242,998 or $1,977,572 as Liabilities.-Amount due depositors Excess of cost over market value of stock investments 185,426 x 80,000 08 Loan had on Rochester city bonds Total $2,242,998 n Surplus based upon market value of real 9,530 is estate and stock investments This report adds that the Southern State bonds held by the bank cost $465,945.22, but were then worth in market only $236,976. In April last Mr. George W. Reid. bank examiner, reports ed to the bank superintendent a further decrease since January of about $90,000 in the market value of the Southern securities. The bank also reports at the present time a decrease since January last of $527,572 in the amount due dopositors. The bank's officers say that nearly all the Southern securities were bought prior to the war, when the credit of those States was good. and their bonds were not much below par. Others, among them Wm. H. M. Sistare, broker. of 24 Nassau street, say that nearly, if not all the bonds were purchased after the war, as depreciated rates, and that the subsequent fall has by no means caused the loss of a sum sumcient to cripple the bank. They insist that losses have been made on other securities; hence they demand that a full exhibit shall be made public. The South Carolina bonds now held by the bank are quoted at from 31 to 36 : North Carolinas, 111/6 to 60: Tennessees, 43 to 45: Alabama, 30 to 35. The question is asked whether these latter are railroad bonds, which the bank, under its charter, bad no right to purchase. The assertion is made that the State bonds did not, in general, cost more than eight or ten cents on the dollar more than the above quotations. Other savings banks rejected them as unsafe. It is said that the trustees had serious disagreements for some time, a number of them sustaining Mr. Alfred T. Conklin, the President, in his transactions, and that others, very much dissatisfied, repeatedly tried to effect the removal of Mr. Conklin, but without success. Some years ago the institution was a heavy loser by Atlantic Mall, as was the now exploded Third Avenue Savings Bank The stock had been worked up to about 115. and a loan of $175,000 was made at par for three months to O. W.Jocelvn on 1,750 shares. The price soon began to tali, and several complaining trustees urged that the loan should at once be called in. on the ground that it had been made in violation of the cbarter. Joceivn is said to have quieted the complaining trustees by arguments not specified. and the stock finally went down ta 20 and to 15. at which it was sold. Opinions are various regarding the percentage that can be paid to depositors should sue bank go into the bands of a receiver.

9. June 13, 1876 The New York Herald New York, NY

Article from The New York Herald, June 13, 1876

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A BANK IN TROUBLE. Another city savings bank has been enjoined from transacting any business for the present Bank Superintendent Ellis has obtained an injunction against the Mechanics and Traders' Savings Institution, No. 283 Bowery, near Houston street, on the ground of a doficiency in its resources, caused by the depreciation of certain Southern State securities held by the bank. The injunction order was Issued by Judge Landon. of the Supreme Court, and, together with an order to show cause why a receiver should not be appointed, was served on the bank officials yesterday. The order to show cause is returnable to-day at Albany. Last autumn there was a run on the bank, which was checked by the publication of a statement to the effect that the bank could more than meet its liabilities. But though the run terminated the bank suffered in its credit with prospective depositors, and since then the receipts have not been at all up to the expectations of the officers. At the beginning of the year the following statements of the bank's affairs was forwarded to the Bank Superintendent:RESOURCES AND LIABILITIES. Resources. $616,650 of Bonds and mortgages Stock investments:Stocks and bonds of States other than New 1,310,012 25 York, cost 70,093.50 Banking house and lot, cost 58,748.06 Other real estate, cost Cash on deposit in banks or trust com78,101 57 panies 15,000 00 Cash on hand 32,346.93 Accrued interest 2,936 50 Interest due less than six months 39,127 07 Suspense account 5,354.48 Judgment secured by real estate Deficiency based upon real estate at cost and stock investments at market value. 5,628 31 Total $2,242,998 67 Liabilities. $1,977,572 42 Amount due depositors Other Liabilities. Excess of cost over market value of stock investments $185,426 25 80,000 00 Loan had on Rochester city bonds Total $2,242,995 67 Surplus based upon market value of real estate and stock investments 9,530 13 At that time the bank held securities of the Southern States whose estimated market value was only $236,976, for which the sum of $465,945 22 had been paid. A HERALD reporter inquired of Mr. Alfred T. Conklin, the president of the institution, yesterday, what the present condition of the bank is, and was told in general terms that the depositors would get all that is due them. Mr. Conklin said, however, he could not tell what Southern securities they held without going over the books; but he proceeded to enumerate certain other securities that bad advanced in value since being purchased by the bank. Counsel will appear at Albany to-day on behalf of the bank, who will endeavor to show that, if let alone, it can settle its own aflairs with. out n receiver. On Wednesday morning, said Mr. Conklin, we shall know the result. News of the action of the Bank Superintendent not having yet reached the ears of the depositors, very few called during the day, although the bank now has on deposit about a million and a half of dollars. The action of Superintendent Ellis is the consequence of an investigation made last April.

10. July 8, 1876 New-York Tribune New York, NY

Article from New-York Tribune, July 8, 1876

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MECHANICS AND TRADERS' SAVINGS BANK The depositors of the Mechanics' and Traders' Savings Bank held an adjourned meeting the Germania Assembly Room, at No. 293 Bowery. last evening, to recommend to the Court some suitable person from among their number to be appointed as receiver of the bank. When the meeting was called to order only a few of the depositors present knew that William J. Best had already been appointed as receiver. The Commuttee reported, recommending that the name of Ri hard M. Bent be presented to the Court for this office. An rxcited discussion followed as to the possibility of getting a new appointment, and it was flually judged best to ascertain whether or not Mr. Best was a suitable man for the place before asking that lie be superceded. A. H. Holmes, attorney for Mr. Best. stated that Mr. Best had been approved for the position by Gov. Tilden, Attorney General Fairchild, the Hon. J. .1 Knox, John McKeon. and the law firm of Mann & Parsons He was moreover a man of wealth and large business experience as well as integrity, and had shown his ability i such a position by ably conducting the affairs of the Eighth National Bank after it became insolvent. Mr. Holmes invited the depositors to appoint a committee to confer with Mr. Best as to the best method of closing up the affairs of the bank. A resolation approving the appointment of Mr. Best was adopted, and a committee consisting of J. 8. Satterice, James Galliger, and R. M. Best was appolated to confer with the receiver.

11. July 22, 1876 The New York Herald New York, NY

Article from The New York Herald, July 22, 1876

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IMPORTANT TO DEPOSITORS. MECHANICS AND TRADERS' SAVINGS INSTITUTION, 283 Bowery. 1 To THE EDITOR OF THE HERALD:I earnestly desire that all of the depositors of this bank who can be reached should present their pass. books for comparison with the "dealers' ledger" and to be balanced. This should be done at once; otherwise I shall not be able to make a strictly trustworthy statement of the liabilities, which will determine the percentage that depositors should receive. The bank will be open daily from ten A. M. to three P. M., and next week open also on Monday, Wednesday and Friday evenings, from six to nine o'clock, to accommodate those who cannot call during the day. RespectWILLIAM J. BEST, Receiver. fully yours,

12. August 9, 1876 New-York Tribune New York, NY

Article from New-York Tribune, August 9, 1876

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THE MECHANICS' SAVINGS BANK. ALBANY, Aug. 8.-Justice Landon, at Schenectady yesterday, granted an order in the case of the people, &c., against the Mechanics' and Traders' Sav. ings Institution of New-York, authorizing the receiver, Wm. J. Best, to assign certain bonds and mortgages, and the order was entered in this county to-day. The bonds and mortgages specified are four in number-three for $10,000 each and one for $12,000. Upon the payment of the principal and interest due thereon. the receiver is authorized to assign all his interest therein to the party so paying, and to deposit the sums 80 received with the United States Trust Company. The order further authorizes the receiver to withdraw from the Trust Company sufficient to pay to Messrs. Vermilye & Co. of New-York the sun of $90,000, loaned by them upon the pledge of the Rochester City Funding Loan bonds, together with the interest due thereon. The order, in conclusion, authorizes the receiver to convert such loan bonds into cash.

13. August 10, 1876 The Sun New York, NY

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CURIOSITIES OF CRIME. Nicholas Portius was sentenced to a year and a half imprisonment. yesteroay, in the G heral SesFIONS, for stealing $38 from his employer, a saloon keeper at 1,051 Third avenue. W m. H. H. Bennett was arraigned before Justice Morgan, yesterday. on a charge made by Win. J. Best. Receiver of the Mechanics' and Traders' Savings Bank, of having forged three grafts for $500, $890, and $90 respectively. purporting to be signed by Wm. B. Lynch a depositor. E. was committed without ball.

14. September 10, 1876 The Sun New York, NY

Article from The Sun, September 10, 1876

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A Defaulting Bank Teller Arrested. The receiver of the Mechanics' and Traders' Savings Bank said yesterday that a dividend of 40 per cent. would be soon declared. and that ultimately at least 70 per cent. would le realized by the depositors W H. 11. Burnett, the defaulting teller of the bank. has been arrested and 18 in the Tomos.

15. September 23, 1876 Public Ledger Memphis, TN

Article from Public Ledger, September 23, 1876

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Condition of the Suspended Mechanles and Traders savings Institution. NEW York, September 23.-The receiver of the Mechanics and Traders Savings Institution has made a statement of the condition of the bank to depositors, which shows a deficiency in assets of $342,816. He states that it is now well known that a number of the trustees have been insolvent for years past. They all neglected or mismanaged their trusts, and several for alleged services have withdrawn large sums of money for their own use. He further charges that the accounts have been willfully falsified fer nearly twelve years. Many of the investments, amounting to hundreds of thousands of dollars, were made in direct violation of law.

16. September 23, 1876 The Daily Argus Rock Island, IL

Article from The Daily Argus, September 23, 1876

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ROTTEN BANK SWINDLERS. A Fine Gang to Have Charge of Trust Funds NEW YORK, Sept. 23.-The - receiver of the suspended Mechanics' and Traders' Savings Institut on has made a statement of the condition of the bank to the depositors, which shows a deficiency in assets of $343,816. He states that it is now well known that a number of the trustees have been insolvent for years past and that all neglected or mismanaged their trusts, and several, for alleged services, have withdrawn large sums of money for their own use. He further charges that the accounts haye been wilfully falsified for nearly twelve years, and many of the investments. amounting to hundreds of thousands of dollars, were made in direct violation of the law.

17. September 23, 1876 New-York Tribune New York, NY

Article from New-York Tribune, September 23, 1876

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SUSPENDED SAVINGS BANKS. FAITHLESS AND GRASPING TRUSTEES. THE STARTLING MISMANAGEMENT OF THE MECHANICS' AND TRADERS' SAVINGS INSTITUTION-EXTRAORDINARY TRANSACTIONS OF PRESIDENT AND TRUSTEES-RECEIVER BEST'S STATEMENT. William J. Best, Receiver of the suspended Mechanics' and Traders' Savings Institution, at No. 283 Bowery, has made a statement of the condition of the bank to the depositors, which shows a deficiency in the assets of $343,816 He estimates the amount which the depositors will receive at about 75 per cent of their respective claims. He says that "on Jan. 1, 1867, the institution had of United States bonds $1,400,000. Most of the other securities it owned were also of such a character as to be readily converted into cash. All told, it held only $83,100 of Southern bonds. In January last, and for several years previously, it had no United States securities. Instead, it owned $603,000 of the bonds of Tennessee, North and South Carolina, and Alabama. Of this amount $330,000 appear to have been purchased of Alfred T. Conkin's friends, O. W. Joslyn & Co. The purchases of and through this firm and the loan made to it on Atlantie Mail Steamship Company stock were sufficient to break the institution. The amount lost cannot be definitely determined, but it is safe to say that it exceeds $300,000." Mr. Best states that it is now well known that a number of the trustees of this institution have been insolvent for years past. All, he declares, have neglected or mismanaged their trusts, and several, for alleged services, have withdrawn large sums of money for their own use. He further charges that the accounts have been wilifully falsified for nearly twelve years. Many of the investments, amounting to hundreds of thousands of dollars, were made in direct violation of the law. "The loans to Jusiyn & Co.," the receiver says," have not even the shadow of legality. A large loan was made to this firm by Mr. Conklin in March, 1867 on Pacific Mail Steamship Company stock, and other loans of like character during the year. The loans out of which arise the loss of $152,000 appear to have been made on his own responsibility. No authority for them can be found in the minutes of either the Finance Committee or the Board of Trustees." The receiver presents several extracts from the minutes of the trustees showing appropriations of the depositors' money. Following are some of the items: Jan. 21, 1867. The examining committee (3 trustees) were voted each $800 per year; and the special examining committee," presumably trustees Gregory, Conklin, and Ross, $1,000 each for past services. Feb. 10. 1868. On motion of Mr. Gregory, trustecs Fenn and Sharet were given $300 each additional per year, for services as examiners. The president was also voted 800, as a member or the examining committee. May 11. Ira W. Gregory, chairman of the special examining committee, was voted $1,500 in full for his services as such chairman. The building committee were voted $1,000 each, and the committee on alterations and improvements $500 each. six years after the completion of the building. In 1868 Alfred T. Conkhn. the president, drew his pay as president, and member of the original building committee, and the examining committees, the whole amounting to $7,215. In 1870, on a report in favor by Messrs. Conklin and Gregory. the trustees agreed to purchase $600,000 of bonds of the Chattanooga and Alabama Railroad Company, but were subsequently enjoined by the Supreme Court from making the purenase. These bonds are now almost valueless. In 1871 M. V. Le Count, trustee, nominated himself for the position of telle, and was elected, at a salary of of $3,000. Mr. Le Count in 1874 was made a member of the Examining Committee, and was paid $1,200 per year for examining," in part, his own work as teller. The sams drawn by the trustees from 1863 to 1876, as shown by the receiver, amounted to $163,737, of which Mr. Conklin received $44,051, and Henry C. Fisher $51,576. There was paid for refreshments" $5,000. Following is is summary of the assets and liabilities: Approiced

18. September 24, 1876 Pioche Daily Record Pioche, NV

Article from Pioche Daily Record, September 24, 1876

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BY TELEGR APH! SPECIAL TO THE PIOCHE DAILY RECORD BY WESTERN UNION LINE. EASTERN DISPATCHES. NEW YORK, Sept. 23.-The Times' Nashville dispatco says: During the speaking at Shelbyville, Tenn., yesterday. between Gen. John D. Porter, Derby B. Thomas and W. T. Yondby, the latter a colored citizen, Porter took exception to a statement made by Thomas and denounced him as a liar. Thomas immediately attacked Porter with a stick, when the latter drew a revolver. Friends instantly interferred and the collision between the two was prevented. The affair has created a great deal of excitement and Porter 18 seriously censured by many for carrying concealed weapons, thus violating one of the principal laws of the State. The following further details of the Hell Gate explosion on Sunday are published this morning. A gun will be fired from the Government scow 25 minutes before the explosion and a second gun a quarter of an hour later, when it 18 desirous for those living in the vicinity of the mines to open their doors and windows and leave their houses till after the explosion has taken place. About 53,000 pounds of explosives will be dis. charged, mainly dynamite. There is great excitement in the city on the subject. The Tribune's Washington dispatch has the following: The Attorney General says if the Democratic whites of the South insist upon organizing armed bands to intimidate the negroes and de. prive him of bis rights he sees no reason why negroes should not arm for their own protection and meet force with force. Nothern Republicans have hitherto urged the negroes to peacefulness and submission. If the Bourbons continue in their violent course a different policy may be adopted. The United States District Attorney of South Carolina and other persons who were to consult with Taft, did not arrive here until this morning. Taft left last night for Ohio without seeing them. The delegation has consequently gone to Philadelphia to confer personally with the President. They desire to have troops stationed in at least three of what are called up-country counties, to prevent intimidation of the negro vote. The President is expected here soon; his baggage has already arrived from Long Branch. NEW YORK, Sept. 23.-The explosion at Hell Gate is the talk of the people and papers. Many visitors braved the storm yesterday to look for the last time at the excavation. Not a few ladies walked with perfect coolness over the mine of fifty thousand pounds of the most destructive of known explosives. At ten o'clock last evening the wires were connected and taken in the bomb-proof. The shaft was then entirely clear of debris and the workmen ascended the stairs for the last time. When the miners reached the ground above, cheers were given for General Newton. Captain Mer cur, A. R. Boyle, Mr. Streidenger, and a successful blast. At 10:20, dispatches were sent to Washington that the work had been completed. At midnight Captain Mercur ordered the gate of the siphon opened, and Barney Boyle turned the valve. The water howled through the iron pipe, resounding through the galleries with the roar of Niagara. The work has been completed without an accident. All that remains is for a gentle inundation of the excavation. The lunatics who occupy the asylum buildings on a Ward's Island will be kept in the open air on Sunday afternoon. o The receiver of the suspended Mechanic's and Trader's Savings Bank has t made a statement of the condition of the h bank to the depositors, which shows the deficiency in the assets to be $343,816.

19. September 24, 1876 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, September 24, 1876

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SELFISH BANK OFFICERS. NEW YORK, Sept. 23.-The Receiver of the suspended Mechanics' and Traders' Savings Institution has made a statement of the condition of the bank to its depositors, which shows a deficiency in its assets of $343,816. He states that it is now well known'that a number of the Trustees have been insolvent for years past. All neglected or mismanaged their trusts, and several, for alleged services, have withdrawn large sums of money for their own use. He further charges that the accounts have been willfully falsified for nearly 12 years, and that manyof the investments, amounting to hundreds of thousands of dollars, were made in direct violation of the law.

20. October 28, 1876 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, October 28, 1876

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A Falling Off in the Demand for Discounts. Smaller Supply of New York Exchange---Clearings, $3,-400,000. The Produco Markets Irregular-Provisions Moderatoly Aotive, and Weak. Wheat Lower---Other Breadstuffs Tame and Stendy. FINANCIAL. There was not so much of a demand for loans as the banks have enjoyed during the earlier days of the month. The country demand continues heavy, but at most of the local banks there has been a general diminution in discounts. They found a week or two ago that the applications for favors were quite as numerous as they were ready to meet, but recently this has ceased to be the case. Something of a surplus is now accumulating, but rates have not been affected, as there is no expecta-tion that the full is anything more than a temporary one. Business generally seems quiet, and will probably remain so till the excitement and uncertainty of the Presidential election are things of the past. Rates of discount are 8@10 per cent at the banks to regular customers. On the street rates are 8 per cent and upwards. The offerings of paper are small. New York exchange is not so freely offered, but it is still quoted at 75c@$1.00 per $1,000 discount, The clearings were $3,400,000. THE STOCK MARKET. The belief that rates are to be raised by the trunk lines still affecte tho New York stock market. Prices have advanced and buyers are bolder and inore numerous. The New York Dally Bulletin records that outsiders are operating more extensively in Wall street than at any previous time this year. THE PHILADELPHIA & READING RAILROAD. The floating debt of the Philadelphia & Reading Railrond, the stock of which recently collapsed from 44 to 10%, is now stated to be $6,000,000 to $8,000,000. Before the break it was between $2,500,000 and $3,000,000. McCalmont, of London, advanced the Directors of the road $500,000 and 50,000 shares of stock to meet this debt. They used it, however, in the attempt to sustain the stock, and, of course, lost it all. THE BANK OF MONTRESI.. The Bank of Montreal roquest us to announce that they are now lasuing letters of credit and circular notes for travelers avallable in all parts of the world. THE NEW YORK SAVINGS-BANK EXAMINER. Supt. Ellis, of the New York Bank Department, has not gained any ground by his reply to the charges of Receiver Best, of the Mechanics' and Traders' Savings Bank. Mr. Best shows that the deficiency in the bank's assets was never made good, notwithstanding Mr. Ellis' assertion that that had been done to his satisfaction by the Trustees. He proves that Supt. Ellis was personally acquainted with the condition of the bank, although the Superintendent now denies all auch knowledge. When the Bank:-Examiner, Reid, reported a surplus of $62,331.18, there was in truth a deficit of $200,623.50. Mr. Best concludes by showing that under the new Savinga-Bank law the Superintendent haa abundant power to close the bank a year before it failed; and that he not ouly did not do so, but by his personal efforts prevented the appointment of a Receiver in the spring of 1875. GOLD AND GREENBACKS, Goid was 100¼@109¾ in greenbacks. Greenbacks were 91½@91¾ cents on the dollar in gold.