16268. Mutual Benefit Savings Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: November 27, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 0520a0ab

Response Measures

Partial suspension, Books examined

Description

Deposit withdrawals and nervousness in late November 1875 led the bank to invoke the 60-day notice rule (a suspension of payments for immediate withdrawals). A receiver was later appointed and the bank was put into liquidation, but press reports state the bank was to be reopened on 1876-02-01 with a 25% dividend. Cause of the initial run appears driven by contagion from other failed/suspended savings banks and general stringency (panic about other local savings banks), so classified as 'local_banks'.

Events (6)

1. November 27, 1875 Run

Cause: Local Banks
Cause Details: Recent failures and suspensions of other New York savings banks produced uneasiness and anticipatory withdrawals; described as stringency of the times and recent failures had produced an uneasy feeling.
Measures: Resolved to enforce the 60 days' notice rule for withdrawals and to decline to receive new deposits; paid small pressing claims.
Newspaper Excerpt: The Mutual Benefit Savings Bank demands 60 days notice today... A tendency to a run had been shown last Friday, and numerous depositors had given the 60 days' notice of withdrawal.
Source: newspapers

2. November 27, 1875 Suspension

Cause: Local Banks
Cause Details: Bank officials cited stringency of the times and anticipatory run risk from other recent failures; suspension implemented by enforcing 60-day notice rule.
Newspaper Excerpt: On Saturday the Mutual Benefit Savings Bank in Tryonrow virtually suspended. ... it was resolved to enforce the rule requiring 60 days' notice of withdrawals by depositors, and to decline to receive any more deposits for the present.
Source: newspapers

3. December 2, 1875 Receivership

Newspaper Excerpt: Four of these banks are now in the hands of Receivers, the Security, the Mutual Benefit, the Central Park, and the Manufacturers' and Builders'. ... William F. Aldrich was appointed receiver (reported Dec. 2 and subsequent articles reference Aldrich as receiver).
Source: newspapers

4. December 15, 1875 Other

Newspaper Excerpt: Meeting of depositors of the Mutual Benefit Savings Bank... permission to have an accountant Mr. Aldrich declined to grant at present. He said also that he could give no positive assurance as to the time when the dividend would be paid, nor the time when he could give to depositors the state of the assets now in his possession.
Source: newspapers

5. December 25, 1875 Other

Newspaper Excerpt: Reports of missing bank books and allegations of fraud; disputes between depositors and receivers about access to books and condition of assets; receiver Aldrich later dies and successor appointed (Bradley).
Source: newspapers

6. February 1, 1876 Reopening

Newspaper Excerpt: The Mutual Benefit Savings Bank, which suspended several months ago, will be reopened to-day, at ten o'clock. All depositors who choose to present their claims will be paid a dividend of twenty-five per cent
Source: newspapers

Newspaper Articles (21)

1. November 29, 1875 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, November 29, 1875

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

2. November 29, 1875 New-York Tribune New York, NY

Article from New-York Tribune, November 29, 1875

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LOCAL MISCELLANY. THE BANK SUSPENSIONS. DONOTTION OF THE MUTUAL BENEFIT SAVINGS BANK -A DEFICIENCY CONFESSED-BUSINESS SUSPENDED-REPORT ON THE SECURITY BANKOTHER INSTITUTIONS. The suspensions among some of the smaller savings banks of this city do not apparently affect the larger and older institutions. No general "run" has taken place, although in one or two banks a number of depositors have closed their accounts. The feeling appears to be one of anxiety rather than of actual alarm. It is said on all sides that the heavier bauks are very unlikely to show any weakness, and that a panic is improbable. On Saturday the Mutual Benefit Savings Bank in Tryonrow virtually suspended. A meeting of the bank officers was held, at which it was resolved to enforce the rule requiring 60 days' notice of withdrawals by depositors, and to decline to receive any more deposits for the present. Charles K. Graham, the president, stated yesterday that the cause of the suspension was the stringency of the times, which made it impossible for the bank to make money. The recent failures had produced an uneasy feeling among depositors, and in anticipation of a run it was thought best to adopt the 60 days' rule in order to save the securities. There was & deficiency of assets, as compared with the liabilities. How much the deficiency was, Mr. Graham declined to state. It is said to be-according to the recent examination by Mr. Reed-about $22,000, besides some $12,000 of assets estimated over cost. Mr. Graham said that the bank was sound, nevertheless, and would be able to pay its depositors in full. The suspension was merely a precautionary measure. A tendency to & run had been shown last Friday, and numerous depositors had given the 60 days' notice of withdrawal. The number of depositors was about 2,800, and many of them had large accounts. The trustees in 1873 gave bonds to make up a deficiency of about $9,000. Mr. Graham did not know whether they would do the same now. He thought that to-day the banks generally would adopt the 60 days' notice rule. According to the report of the Mutual Benefit Bank, on Jan. 1, 1875, its assets and liabilities balanced at the round amount of $436,000 each. The amount of depositsnow is about $430,000. The German Up-town Savings Bank adopted the 60 days' notice rule on Friday. This bank is said by its officers to be in a perfectly sound condition. The assets are claimed to exceed the liabilities by $25,000. The bank has 5,000 depositors, of whom persons representing about $5,000 have given notice of withdrawal. D. D. T. Marshall, President of the Security Savings Bank, stated last evening(that G. W. Reed, the Examiner, had completed his examination of that bank, and made the following report:

3. November 29, 1875 New-York Tribune New York, NY

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WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN.-The - Governor of Paris resolved to The prevent meetings likely to be disorderly. The case for the Prince of Wales was at Goa. defense at the trial in London of Henry Wainwright The British press and people approved began. the purchase of shares in the Suez Canal. DOMESTIC.-Honors were paid to the remains of Henry Wilson in Philadelphia, New-York, and BosJames E. English was appointed Senator ton. The for the unexpired term from Connecticut. whisky frauds libel on Secretary Bristow is flatly denied. - E. S. Tobey of Boston accepted the office of Indian Commissioner. Eleven removals Frauds were made from the Indian Bureau. were reported in the construction of the new State Contractor Capitol by the New-York experts. Bosler was shot at, and Agent Saville demanded the surrender of the guilty Indians. CITY AND SUBURBAN.-The Attorney-General authorized John E. Parsons to carry on suits against The body of members of the Brooklyn Ring. Vice-President Wilson was taken through the city with an imposing procession and other honors. The Mutual Benefit Savings Bank suspended business for the present, but there was no general run on The funeral of Wm. B. Astor took the banks. John Scannell was acquitted on the place. Col. Des Anges was senground of insanity. tenced to two years' imprisonment and to pay a fine Gold, 1143g, 11412, 11412. Gold of $10,000. value of the legal-tender dollar at the close, 87310 cents. THE WEATHER. - The Government report predicts cold and clear weather. In this city yesterday the day was cold and fair; thermometer, 33°, 37, 43°.

4. 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.

5. December 2, 1875 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, December 2, 1875

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Bank Failures. Our dispatches this morning announce the suspension of the Bank of America at New Orleans. The directors have resolved to put the bank in liquidation. The cause of this necessity is not stated, but no doubt it is the old, old story with which the public are made daily familiar, viz: reckless management, favoritism to unsafe borrowers, and perhaps the payment of large interest to depositors. This is the story that we are hearing now in regard to certain Savings Banks in New York, a number of which have been examined lately and found wanting. Four of these banks are now in the hands of Receivers, the Security, the Mutual Benefit, the Central Park, and the Manufacturers' and Builders'. The New York Herald gives currency to the rumor that Supt. Ellis; of the Bank Department, is about to close up eight or ten more. There is no general alarm in the city, and the credit of none of the larger banks has yet been attacked. The columns of the New York papers are full of the most unpleasant disclosures. The officers of the Central Park Bank, in order to make a good showing, were in the habit of putting in their own checks to the aggregate of $60,000 before making their quarterly reports. After the reports were made the deposits were withdrawn. The trustees of the bank began the erection of an elegant brownstone building, although they had but $50,000 deposits. One of the Trustees took the contract to build the bank, and another to paint it. The deposits are all gone, the building stands incomplete, and is mortgaged to the Trustees for $40,000. Could Credit Mobilier further go? In the Mutual Benefit Savings Bank there is a deficiency of at least $22,000; in the Security Savings Bank the deficiency reaches $23,000. The Trustees of these institutions have been compelled to give bonds to protect the depositors. The most unpleasant feature connected with these failures is the fact that the State Superintendent of the Bank De partment as recently as Oct. 12, certified that the Manufacturers' and Builders' Bank had $180,000 of assets beyond its liabilities. It now turns out to be about $80,000 short. The Herald publishes the certificate of Superintendent Ellis in full It is accompanied with all the official trappings of seals, and depositions, and must have looked to the depositors-before whom it was of course kept in a magnificent gilt frame-as true as Gospel. The contrast between this certificate and the truth will do more to hurt Superintendent Ellis' reputation than can possibly be made good by his procrastinated efforts now to clean up the savings banks. The occurrence illustrates the dangers of the system of examination. Secretary Chase, scenting the frauds, which it has made one of his successers famous to have exposed, once asked a body of scientific men if they could not invent for him a metre that would measure and register with infallible accuracy the flow of spirits from a vat. They could, was the reply, but they could not invent a man honest enough to report infallibly, the infallible register. This is the trouble with such systems as that of the examinations of savings banks. Who is to examine the examiners?

6. 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.

7. December 4, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 4, 1875

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SAVINGS BANKS. The trustees of the Mutual Benefit Savings Bank, in Tryon-row, after their meeting last Saturday, when they resolved to require the 60 days' notice for the withdrawal of deposits, and to receive no more deposits, communicated their action to Superintendent Ellis of the Banking Department, at the same time requesting that he would allow them one week in which to decide whether the bank should resume or go into liquidation. This was given. In the interval It is stated that vexations suits have been commenced, and after much deliberation it was concluded to be the best policy to go into liquidation. The deficiency reported by Mr. Reid, the bank examiner, amounts to $22,700 (which is about 5 per cent on the amount of deposits), about $9,000 of which is for interest due depositors since July 1, 1875. Isaac V. French, a lawyer in Willfam-st., has been appointed receiver of the People'sand Central Park Savings Banks. The total amount of their liabilities will not exceed $250,000. Mr. French will enter upon the discharge of his duties this morning. He is a young man, but is said to have had considerable experience in banking matters.

8. December 15, 1875 The New York Herald New York, NY

Article from The New York Herald, December 15, 1875

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MEETING OF DEPOSITORS OF THE MUTUAL BENEFIT SAVINGS BANK-AN EXPERT AND COUNSEL TO BE APPOINTED. An adjourned meeting of the depositors of the Mutual Benefit Savings Bank was held yesterday afternoon, at No. 21 Park row, to hear the report of a committee appointed at a previous meeting to ascertain certain information relative to the condition of the bank. Dr. W. Phillips presided, and there was a numerous attendance of indignant depositors. The committee consisted of Messrs. G. A. Norman, J. W. Thompson, F. Hollander and J. Van Doren. Its report set forth that its members had waited on Mr. Aldrich, the receiver, at the bank, and presented the wishes of the depositors in relation to having an expert accountant appointed to make an examination of the actual condition of affairs. This permission to have the accountant Mr. Aldrich declined to grant at present. He said also that he could give no positive assurance as to the time when the dividend would be paid, nor the time when he could give to depositors the state of the assets now in his possession. The report further stated that the committee was satisfied from the interview with the receiver that all was not in a strictly healthy condition, and that the appointment of an expert by the depositors is the only way in which they can obtain any information as to the true condition of the bank's assets. The reading of this report provoked considerable discussion. It was finally moved that an expert accountant and counsel be appointed on behalf of the depositors to examine the assets of the bank, to protect the interests of said depositors of said institution. This resolution, after some debate, in the course of which several depositors gave vent to their indignation, was adopted. On motion, Dr. Phillips and Mr. Edward Ives were added to the committee, the members of which were requested to confer with bank experts and counsel in order to ascertain the rights of depositors under the law and report at the next meeting, which was set down for Friday next.

9. December 16, 1875 The Sun New York, NY

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LOOKING FOR THE ASSETS. Bad News from the German Up-town and People's Banks. Christian Schwartz, the President, and Sch: ffuer. the Secretary of the German Up-town Savings Bank. have not been seen at the bank or their usual haunts in the city since the suspension. Every day develops some new fraud or improper transaction. Mr. Schwartz, who has been bankrupt for some months past. was interested in the Empire Laundry Company, to which $19,000 was loaned on very questionable security. A worthless check for $5,600 has also been found among the assets as cash. and $25,000 of unnegoti ble town bonds. The arrest of Adolf Levinger 18 criticlsed LV some of the depositors as injurious to their prospects of obtaining the money for which he is responsible. Levinger is a partner ID H. brewary, and has rich relatives. and It is believed that if allowed to 120 on without exposure be could have settled within a few months. As it is, his business IS ruined. he will propably be thrown over the bar. and his relaLives will have no incentive to save him from the disgrace with which he is already overwhelmed. Orders of arrest are waiting for S. hwar z and Seb as soon as they make their appearance. Mr. Herman Unl. the receiver of the Germ an Up-town, is laboring b ird at the books of the bank. and will-pare noefforts to bring tojustice all who have misused the funds. The stockholders of the Manufacturers' and Builders' Bank, who, In connection with certain ex trustees of the Third Avenue Bank, tried to start a new concern in the Nineteenth Ward. have given up the project, as it received no encouragement. At a meeting of the committee of Third avenue depositors, yesterday afternoon, Mr. Asnoel P. Fitch was instructed to prosecute criminally other trustees of the Third avenue besides hose already arrested. A prominent Republican official who signed one of the bank reports within three years past will, it is Sald, be proceeded against. Mr. W. F. Aldrich. receiver of the Mutual Benefit Savings Bank, has been connected with the St te B oking Department. and was one of the examiners who reported the Third Avenue Bank to be in good condition, when Mr. Hennessy showed it to be insolvent. The depositors of the People's Bank had an exciting meeting, last evening, at 200 Chird avenue. Mr. Richards. of the committee which had been app inted to VISIT Mr. Isaac V. French, the receiver. reported that Mr. French had given him the following statement of the assets and liabilities: ASSETS. $56,000 Bonds and mortgages. about 10,000 Nurca Carolina State Dones, par Jue 47,000 Bonds of trus ees $113,000 Total assets LIABILITIES. $180,000 Due depositors, about Besides the above assets there is about $240 cash on hand. Dedue ing the trustees' bond, which is assumed to be almost worthless, and the North Carolina bonds, which are worth a few nundred dollars, and allowing that the mortgages are all sound, the bank has about $57,000 to meet $180,000. or less toan thirty cents ont e dollar. The cost of winding up the concern must also be taken out of the assets. Dr. seph Morehead, the Chairman, reported that be had visited Mr. French for information, and Mr. French told him that when he wanted his advice he would send for him. Mr. French's lawver said at the same interview that a bank which should pay fifty cents on the dollar would be doing remarkanly well in these times. It was voted to employ counsel to look after the interests of the denositors, and endeavor to

10. December 18, 1875 The New York Herald New York, NY

Article from The New York Herald, December 18, 1875

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MUTUAL BENEFIT SAVINGS BANK. A meeting of about eighty depositors of the Mutual Benefit Savings Bank was held yesterday afternoon at No. 291 Bowery. Dr. George Philips acted as Chair. man and J. E. Van Doran as Secretary. Mr. Van Doran read a report of the Executive Committee and showed the necessity of raising a fund to prosecute both civilly and criminally, if necessary, the bank trustees. For this purpose it was proposed that depositors should subscribe one per cent of the amounts of their several claims to secure counsel Sixty depositors, representing $60,000. had signed this agreement. The committee recommend Mr. Sharp as receiver in place of Mr. Aldrich. The committee had not received the permission of Mr. Aldrich to examine the securities in his hands, but presented the hat given by the Bank Examiner at his last examination. The result of that examination was the discovery of a deficiency of $22,000. About $15,000 have been withdrawn from the bank by depositors since this statement was prepared. The Exective Committee was empowered to demand from the Court an increase in the receiver's bonds to $250,000, and an order for the inspection of the bank accounts by an expert

11. December 18, 1875 The Sun New York, NY

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WINDING UP A SAVINGS BANK. Receiver's Bond to be Increased. and the Bank to be Examined. The depositors of the Mutual Benefit Savings Bank met yesterday to hear the report of their committee. The committee recommended the removal of the receiver, Mr. W. F. Aldrich, on the ground that he had been appointed in the interest of the trustees. and that he had not given sufficient bonds. They also recommended the engagement of counse!, and that, 11 further Investigation should prove it necessary, the concern to be but into bankruptcy, and an assignee appointed. A lawver named Joralemon said that the fallure of the bank had left him with only $2 in ready cash in the world. He objected to outling the institution into bankruptcy, which, be said. would result in good only to the officials of the Feder 1 courts, while the depositors would get nothing. Another depositor. who said he was an attorney-at-law, advocated the retention of the incumbent receiver, and added that Mr. Aldrich had told him that there would be a dividend of from 25 to 50 per cent. within a week or two after the first of January. Mr. A. B. McDonald said that Mr. Aldrich had reported the Third Avenue Bank to be sound when there was a large deficiency. He was. therefore, not a proper man to be trusted with the interests of the Mutual Benefit depositors A resolution was passed authorizing the committee to make application to the court that the receiver's bond be increased from $75.000 to $250.000, and that the affairs of the bank be examined by an expert.

12. December 25, 1875 The New York Herald New York, NY

Article from The New York Herald, December 25, 1875

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HOW THE MUTUAL BENEFIT SAVINGS BANK DID BUSINESS. To THR EDITOR OF THE HERALD:It is to be hoped that Governor Tildon will, as you recommended in your issue of December 10, investigate the broken savings banks. The blow falls very hard on many depositors who have, year after year, put a portion of their earnings into those banks, with the belief that should sickness come they would have the wherewith to keep out of the hospital, and that in old age they would not be a burden on their children or frier ds. People in a small way of business too often deposit their profits and then draw when they desire to replenish their scanty stock, and many such are now entirely broken up. And such breaking up means more than financial loss. It too often means a moral breaking down. Why should men and women be industrious and economical, so that they may not become at any time a burden on the community, if the banks they trust are allowed thus to defraud them? Why should they not spend their money as they go along for such things as please their senses or tastes and let each coming day care for Itself? I have no desire to be harsh, although losing my all of ready money by the recent crash. 1 do not think that the officers were designedly Grobbers of the poor," but it is beyond question that they have been careless and reckless in their management of the moneys of the poor. The cloud of financial trouble which now envelops the land began to gather two years ago, and such prudent men as bank directors ought to have foreseen the storm and takon in sail. Better have lowered the rate of interest allowed on deposits than have jeopardized the principal. And now it is but fair to demand that the entire personal property and incomes of every official connected with any shaky, crippled or fallen bank should be at once secured and held for the payment of the poor men and women who put their faith in the prudence and honesty of these bank directors and officers. Nor should the State Superintendent of Banks, Mr. Ellis, be excused from blame until he has seen that at least this justice is done. But it is to be feared that there has been even more than reckless speculation and a want of judgment in the management of those banks. Inquiry would not be amiss as to whether the everyday details of savings bank business are attended to with care and precision. My meaning will be best illustrated by an account of individual experience. I opened my account with the Mutual Benefit Savings Bank on April 1, 1870, with a deposit of $75. Since then I have made, according to my pass book, fifty deposits and fifty-four withdrawals of money. After the first six months, perhaps a little earlier, I left my pass book constantly in the care of the bank, having perfect confidence in its officers and it being more convenient; but, whenever I made a deposit or a withdrawal, I was very particular before I left the bank to see that the amount either for or against me was properly entered on it. I made all my deposits and withdrawals of money personally, with the exception of two or perhaps three checks. I made my last deposit on October 11, 1875, at which time I had my balance in the bank rockoned by the teller from the pass book. I made no withdrawal of money and gave no check to any one after that date. A few days alter the suspension of the bank, on December 2. I think, I went to the bank and asked for my pass book. The teller commenced figuring in it. I asked what was my balance; he named a sum nearly $100 less than he had told me in October. [ asked for an explanation of the difference between the two statements. Ho said that two entries had been found against me on their journal which had not been put at the proper time on my pass book, and he then and there entered thein on it, one for $50, dated January 4, 1873, and the other for $20 80, dated May 8, 1874. The smaller sum I recognized as having been paid on a check which I had given for rent. I asked if the admission of those two entries against me would make my pass book and their journal agree. I was answered that there was $50 in my favor entered on my pass book, of which their journal gave no record. Now here, in my own caso, according to that statement, were three instances of neglect in the performance of duty-namely, two omissions to make the proper entry in my pass book, which was in their custody and daily in a pigeonhole close at hand, and one failure to enter a sum to my credit on their journal. I make this statement, not with any feeling of enmity against any officers of the bank. from whom [ have always received great courtesy, but that other depositors who have left pass books at the bank may exaining their books, and I sincerely hope that none may find any reason to think that his account has not been SIX HUNDRED. accurately kept.

13. January 12, 1876 New-York Tribune New York, NY

Article from New-York Tribune, January 12, 1876

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THE MUTUAL BENEFIT SAVINGS BANK. Ashbel P. Fitch, counsel for the depositors of the Mutual Benefit Savings Bank, obtained an order yesterday from Judge Donohue of the Supreme Court, requiring William F. Aldrich, receiver, to show cause at the Special Term, on Jan. 14, why he should not be removed. The depositors complain that they are dented access to the books and accounts of the bank: that they have reason to believe that the assets have been grossly mismanaged and misapplied by the trustoes, who have thereby subjected themselves to criminal prosecution and pecuniary liability; that it is impossible to ascertain the facts in regard to the irregularities of the trustees, except through an examination of the books and records by an expert. The depositors further claim that Mr. Aldrich, while Bank Examiner, made incorrect reports of the suspended Mutual Benefit, Central Park, German Uptown, and Third Avenue Savings Banks. It is understood that Mr. Aldrich will deny all the material allegations in the petition, and claim that his reports as Bank Examiner were true and correct, according to the books of the banks at the time he examined them.

14. February 1, 1876 The New York Herald New York, NY

Article from The New York Herald, February 1, 1876

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MUTUAL BENEFIT SAVINGS BANK The Mutual Benefit Savings Bank, which suspended several months ago, will be reopened to-day, at ten o'clock. All depositors who choose to present their claims will be paid a dividend of twenty. five per cent

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

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oraon for the Family-strangers under the Tall Tower. They were on a Fulton ferry boat, father. mother. and daughter - he in shirt sleeves, white trousers. and prunella gaiters, about seventy years of age; the mother in black bombazine, no bustle, and very warm; the daughter pale, sallow, and chewing gum. What's that, pa?' "That, oh, that's what they call a yach." "What's them towers for? "Them's for the suspension bridge. It's to be made of iron. They kin hoist It up when tallmasted vessels go under. The bridge will be 1,500 feet long, about half as long as they are at Niagara." The party rode up in a Fifth avenue stage, the slowest known mode of locomotion, thereby having ample time to observe the sights. That," said the sun-burned pa and guide, as he pointed at St. Paul's Chur that is a celebrated Baptist church. where Nickfield preached. All them tombstones was raised for British soldiers. They buried 'em just where they fell, and the British Government put up the stones afterward. The architect died and the plan was lost. 80 it's doubtful if any of the stones are properly placed. And this, said be. continuing, "is Astor's fur house. You can see the dags flying on the store. What's this. pa?" She referred to the Post Office. don't know whether that's the Museum or the Hippodrome. I rather guess its the Hippodrome. Yes, I know it is. You see the Italian musician at the door. That's him with the muste crank. This is where Moody and Sankey had their meetings. and that little shed in the rear is where they baptized the converted souls. Isupposethis Central Park isn't it. papa?' They were then passing the City Hall. Yes, dear. Yes, that's the Central Park. It's right in the middle of the city. The steeple is supposed to be directly over the heart of the town. They always pull up the flags when the Mayor goes out of town or if any of the Aldermen ate. don't know why three sides of the City Hall are marbie and one side free stone. Do you know. sir Stranger I believe it was because the rear of the building was 90 trup-town. they thought noonewould ever care to goround The handsome building just above it is one of our treasures. Its the new County Court House. We call it the house that Bill built. Bill who? Bill built-that is. William erected it.' Oh. Thank you. Daughter, that dirty old house is the house that Bill built. It doesn't look as though it had come to stay. Oh, there! look. mother: there's where Stewart made his fortune. Yes, that's his store. There's where he sold his store clothes." Is his store closed No. no. BAY that's where he sold his store clothes. But it was closed when he died.' "Is he then dead?' Very dead. Then they left the stage and walked down Chambers street and up Centre. That's one of the glories of the country my dear,' said the old man he slung his coatov er his other arm. and pointed at the vacant office of the Mutual Benefit Savings Bank. Isit. pa Yes. That is it was before it closed up. I don't know how it happened. but the money went out fasterthan it went in. Sothey appointed receiver. Butit open in the basement." Yes. They sell beer there. The basements are generally open when the banks are shut up. On, pa, what a tall tower. what a very tall tower. What is it?" That's it. What's it? You said it. What is it. That's just what it 1s. That's the celebrated highest tower in New York. Go up into it any day. and see a Reid shaken by the wind. That's the great temperance organ. That's the great-hello! Why see here mother let's go into dear Horace's saloon and take a bite. They enter. Zwei lager, two brandy smashes, one stein. one plate tomato soup, three lagers. and one pony brandy, were the salutations as the rural party stepped foot over the threshold. Waiter-Take seats blease. What shall I get, three lagers? All right. Papa-Three what? No. sir. Bring three pieces of pie and a cup of tea. Stranger- day, sir. You're a stranger I see. Come down stairs and see the pictures. Let the ladies remain. They go down. Presently the old man rushes back. His evel wild. his DATE dishevelled. his umbrella firmly classed. Come out of this place. Mother, daughter. come. Where are we? Where am And out they flv. followed by the watter's cheery cry. Zwei lager and a sgooner of Rhine wine. quig!"

16. April 28, 1877 The New York Herald New York, NY

Article from The New York Herald, April 28, 1877

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BOTTOMLESS MONEY BOXES. LOST PLEIADS OF OUR SAVINGS BANK SYSTEMNEW MATTERS FOR THE ELLIS INVESTIGATING COMMITTEE-HOW TO PREVENT FRAUDS. It is claimed by many influential merchants and others who have been interviewed on the subject that the present investigation of the official course pursued by Superintendent Ellis will clearly show that his neglect of duty has caused much of the suffering resulting from recent failures of savings banks. It is also contended that, in addition to the banking institu. tions named in Governor Robinson's late message to the investigating committee, there are other corporations whose cases have not been cited. but which furnish new prima facie evidence against the Bank Superintendent. Among these may be cited the Loaners' Bank of New York. About November, 1875, the Bank Superintendent was asked for a report upon the condition of this establishment, but it appeared that, the bank never having been examined, Mr. Eltis could furnish no information about its status. At the same time a lawyer wrote to the Superintendent asking to have the Loaners' Bank examined, but no examination took place, and the institution failed in May, 1876. A gentleman acquainted with its affairs says:"Its operations were worse than those of a low class pawnshop." The community lost $500,000 by the failure, much 01 which, it is claimed, might have been saved had the Banking Department held the corporation to strict account when required to do so. ANOTHER STARTLING CASE. In relation to the New York State Loan and Trust Company responsible parties state that about March, 1875, Mr. Ell's was officially informed by Mr. George W. Reid, examiner, and Mr. William T. Aidrich and others, that the capital stock had suffered an impairment equal to at least twenty per cent. It was the Bank Superintendent's duty to have caused this deneit to be made good, or to have closed the doors of the company under instructions from the Attorney General. No steps were taken by Mr. Exis and the concern was allowed to remain in the hands of the same parties until January 29, 1876, when the impairment of the capital amounted 10 about ninety per cent, and the trustees voluntarily relinquished the remaining ten conts on the dollar to a receiver. The loss 10 the public was about nine hundred thousand dollars. The wretched condition of this company was known to all persons familiar with us general operations at the time. By the statute of 1874 the superintendence of trust companies chartered by the State was placed under the charge of Mr. Ellis, and the condition of this concern was or should have been well known to him. A FRIGHTFUL LIST OF LOSSES. In conversation with Mr. John Mack, of No. 365 Fifth avenue, that gentleman gave the following estimates of the losses suffered by depositors 10 the suspended savings banks, and says that he believes the greater part of the immense sums which are given below migot have been saved if Bank Superintendent Eths bad properly discharged his important duties:$150,000 Abingdon Square Bank 1,730,000 Bona Street Savings Bank 500,000 German Savings Bank, Morrisanta 2,000,000 Mechanics and Traders' Savings Bank 450,000 Mutual Benefit Savings Bank 750,000 New Amsterdam Savings Bank 200,000 People's Savings Bank 400,000 Security Savings Bank 1,440,000 Third Avenue Savings Bank. 120,000 Traders' Savings Bank 1,000,000 Bank of Lainsburg 1,000,000 New York State Loan and Trust Company Loaner's Rauk 500,000 500,000 Security Bank Manufacturers and Builders' Bank. 460,000 Total $11,200,000 HOW TO PREVENT FRAUDS

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

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# THREE OUNCES OF LAUDANUM. Lawrence Jerome's Friend, Disappointed by Defeat. Takes Poison. Edward K. Aldrich, a son of Receiver Aldrich of the Mutual Benefit Savings Bank. swallowed three ounces of laudanum, while his father lay at the point of death in the next room, in the boarding house at 43 West Twenty-second street, on Thursday even- ing. Physicians were summoned and every- thing done to resuscitate the dying man, but without avail. He died a few minutes before 12 o'clock. His father was unconscious at the time, and the news of the suicide has been kept from him. Mr. Aldrich occupied a fourth-story bedroom and his invalid father lay in a double room adjoining. For the past few daja Mr. Aldrich had appeared somewhat dispirited, but his friends attributed it to temporary causes and thought that it would soon pass off. He had been working hard for Lawrence Jerome in the campaign for election to Congress, and was reported to have wagered large amounts on Mr. Jerome's success. The result of the election depressed him greatly, and to drown his sorrows he took to drinking. On Thurs- day evening he went home partly intoxicated and entered his room, leaving the door ajar. His sister, Mrs. Green, happening to pass by about two hours afterward, flung a book through the door to rouse him, and called playfully," Ed, what's the matter?" Mr. Aldrich was lying on the bed, breathing heavily, but he roused himself sufficiently to make a confused answer, and his sister passed on. Shortly after 11 o'clock the lodgers in the upper stories were roused by heavy breathing, as if a person was choking, in Mr. Aldrich's room. His brother and his brother-in-law tried to open the door, but found it locked. They pounded and knocked for several minutes, but without arousing the sleeper within. Then they climbed upon the balustrade of the staircase, and through the half open ventilator saw Mr. Aldrien lying on the bed. The door waB forced open, and the brothers entered. Three long ounce bottles, bearing the imprint." Me- Munn's Elixir," on the bureau, told the story. Dr. W. A. Carradine and Dr. Ailen were sum- moned. While on his way Dr. Carradine aroused the clerk in the drug store at Twenty- second street and Sixth avenue and got a pow- erful emetie, two tumblerfuls of which he forced down the dying man's throat. He then tried to induce artificial respiration, but with- out success, the patient dying within ten min- utes after his arrival. So great was the strain upon the brother that he fainted four times. He had been watching the bedside of his father. The brothers proposed removing the body to a lower story, for fear the preparations for the funeral would be overheard by the father. Dr. Carradine advised against this, on the ground that the dead man was too heavy to carry with- out arousing those in the adjoining rooms, and it was accordingly kept there until morning. On the bureau, besides the three bottles of poi- son, were a cigar, half smoked, and the dregs of a glass of beer. Deputy Coroner Goldschmidt thought that the dead man was accustomed to taking the elixir as an anodrue to quiet pain, Dr. Carradine also thought that Mr. Aldrich must have used the elixir in large quantities, because such an enormous overdos would not have remained in his stomach. There was enough opium in the three bottles to kill half a dozen men. Mr. Aldrich had a law office at 71 Broadway. He was 32 years of age, of stout and robust pro- portions, and gifted with a genial disposition. His practice as a lawyer was not extensive, and for some time past he had been assisting his father in settling the affairs of the Mutual Benefit Savings Bank. A rumor was afloat yes- terday that his death was attributable to finan- cial troubles in connection with the bank, but inquiry failed to sustain it. The body is to be taken to Palmyra, N. Y., for interment.

18. March 3, 1879 The Cincinnati Daily Star Cincinnati, OH

Article from The Cincinnati Daily Star, March 3, 1879

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GOTHAM GLEANINGS News, Notes and Dashes in and About the Metropolis. National Associated Press to the Star. BAYARD TAYLOR'S DIRGE. NEW YORK, March 3.-Nearly five hundred Germans, members of twenty-three German singing societies. who are to sing at the funeral of Bayard Taylor, met last vening and rehearsed the parts of the Mirge. It is anticipated that the chorus will number a thousand singers at the funeral, and that every German society in the city will be represented. The singers meet again next Sunday for a final rehearsal. MR. FULTON ARRAIGNS THE BAPTISTS. Rev. Fulton yesterday arraigned the Baptist clergy for a lack of bravery in the pulpit. MBS. DYSON'S RETURN. Mrs. Dyson, on whose evidence Peace was hanged at Leeds, England, last Tuesday, came home yesterday. BANK BOOKS MISSING. The Mutual Benefit Savings Bank of this city closed its doors November 27th, 1875. At the time of its suspension it had four thousand depositors, to whom it owed about $450,000. Bad management and a shrinkage in values caused its failure. Now it is discovered that the books strangely disappeared after the death of the receiver (Aldrich). It is the opinion of the depositors that some of the officers and some of the trustees of the suspended bank are implicated in the fraud. Gen. Charles Graham was President of the bank when it passed into the hands of the receiver. KNOW HOW IT IS THEMSELVES. A considerable number of minstrel men have been joining temperance societies lately, and some of the noted ones are now announced as lecturers in the ranks. The other day Cool Burgess joined the Croton water army, and told of his experience, and yesterday James Sutherland, widely known as Senator Bob Hart, the burlesque temperance orator of minstrel shows, joined the ranks of the converted. He knew how it was himself, and said he had been won to the Temperance Union while attending a meeting three weeks ago. More to be heard from. THE INSURANCE MUDDLE. The Sun says since the management of our insurance affairs was wrested from the Comptroller's Department in 1860, to gratify the greed of unscrupulous partisans, the consequences have been disgraceful and disastrous. Policy holders have been swindled out of millions of money. The law creating the Insurance Department ought to be repealed, and its business restored to the Comptroller's office.

19. March 4, 1879 The Sun New York, NY

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POSITORS THREATENING. EIVER BRADLEY ANSWERS THEIR CHARGES OF WRONGDOING. drice In Relation to the Books of the Broken Mutual Benefit Savings Bank-A Casaap may no 009'198 Jº wee nce, in the general crash in the fall of . the Mutual Benefit Savings Bank. whose 0 of business was in the Staats Zeitung ding. closed its doors. there has been much atisfaction among the depositors, of whom e were 4.000. and to whom it owed nearly .000. The friends of the bank say that the ire of the Third Avenue, and other savings ks. bred a want of confidence that had more , with its failure than any other eause, exshrinkage of values. There have always I some depositors who have laid the blame e institution's officers. I the 28th of November last William F. A1h was appointed receiver. some depositors esting vigorously against the appointment. Aldrich entered upon the receivership. and 1 dividends amounting in all to fifty-eight si on the dollar. After two years Mr. A1h died. and concerning his successor, and sequent important discoveries. Mr. FredeHollander the proprietor of the beer cellar 10 Staats Zeitung building. yesterday spoke bllows: After Mr. Aldrich's death, and after waiting e what would by done. I applied to Judge ohite for the appointment of A receiver. n I learned for the first time that Mr. D. en Bradley had been appointed. I thought SUM mispuoq SH 1.000 1: su nard W. Jerome. who WAS also Mr. Aid's bondsman. Not long afterward I detered to look into the nf fir of n certain morte that I suspected. and taking with me Mr. ries E. Wendt. who has charge of theaffairs TO Teutonia Savings Bank, and who is an ert. I asked Mr. Bradley whether an order he Court was necessary in order that we ht examine the books, He said, Certainly and put the books at our disal. Then we found that three imporbooks were missing. the general er. the minute book of the Board of stees. and A stub check book. the latter ortant ns covering the time at which the trage Was taken. The receiver pointed to a ken glass in the door of a store room oppo. where the books were kept, and said that e one must have stolen them from there. I w from H clerk who WAS in the employ of bank that the general ledger and the other ks were there. He will make affidavit that handled them three or four months after Aidrich was appointed receiver. No. I not tell you his name. We are going to get -1180A01 uwo OM дефецм 008 puw CHAMPING - this thing. We believe that there is a fraud somewhere. We thought so before we ned that the books had been stolen. Somey had an interest in getting these books out WAUM at ecoiver D. Ogden Bradley, who represents Second District of Westchester in the Asbly. said: I have been in politics for twenty years. and JeAnu I inq pawy AURUI poor u puq o annoyed more than by this imputation cerning the missing books. Now let me . you the whole story. Mr. Aldrich died on 15th of December. after an illness of six am peovid ou III othersed by 494M sq irs of the bank in the hands of Mr. George Reid. who had been Bank Examiner under Bank Superintendent. Mr. Reid was in rize when Mr. Aldrich died. and has virly been in charge since. He carries keys and has control of all the books. ry book that was in the bank at thetime of

20. March 4, 1879 New-York Tribune New York, NY

Article from New-York Tribune, March 4, 1879

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LOCAL MISCELLANY. A BANK'S STOLEN BOOKS. THAT THE OFFICERS SAY ABOUT THE MISSING BOOKS OF THE MUTUAL BENEFIT SAVINGS BANK. Frederick Hollender, a depositor of the Matual Benefit SavingsBat said to a TRIBUNE reporter yesterday that the first intimation he had of Mr. Bradley's appointment as receiver was when he made application to have a receiver appointed in Mr. Aldrich's place. Subsequently he called on Mr. Bradley, and he ascertained that the general ledger, the minute book, the check book and the return checks of the bank had been stolen. The books, Mr. Hollender claimed, had been kept in an old store-room, and had been abstracted by some one interested in concealing the true condition of the bank. Au investigation by the depositors had resulted in finding important clews, but not the books. A clerk who had been employed in the broken bank, and afterward by Receiver Aldrich, has been found, it is said, who was willing to testify that the missing books were all turned over to Mr. Aldrich, but be was not prepared to say they were in his possession at the time of his death. Mr. Hollender claims that there has been a large fraud perpetrated. In one instance, he said, a loan of over $60,000 was made to one Crommelin on some property in Jersey. Crommelin was a clerk in the office of Bilas Hay, and that gentleman was a trustee of the bank. If the migute-book could be found he thought it would show who sanctioned the transaction. "We are going to try and find the books," he added. and when we gather sufficient evidence of fraud we mean to bring the matter before the Grand Jury." Jeroloman & Arrowsmith, lawyers, at No. 229 Broad both depositors. Mr. Arrowsmith believed who committed that way, Aldrich's were son, suicide in Jerome- conseof his losses in bets on November last, quence McCook contest heavy in if he the were living could tell all about the missing books. Leonard Jerome had been security for Aldrich, and he became one of the bondsmen for Bradley. Receiver Bradley said that the rumore about the disappearance of the books had annoyed him and he was glad of the opportunity to give the correct version. Mr. Hollender," he said. the day before the receiver was appointed, had $5,000 on deposit, of which he drew out 82,000 but was not permitted to obtain the balance. Since then be has pursued all the officials of bank and has given no end of trouble. All the books which Mr. Aldrich had are now in our charge and will be exhibited freely to any one who cares to look at them. Of the books kent by the bank only two are missing so far as I know. One is the book of minutes of the Board of Trustees. This is important and Mr. Aldrich claimed that it was never in his possession. It was probably stolen before the bank came into a receiver's hands. The other book is the stub of a check book. The only possible service it could be would be to show in the handwriting of the secretary the check which it is claimed was given for the alleged fraudulent loan. Other books show conclusively that the check was drawn by the secretary, and the fact is not disputed. The books are kept locked in my safe, and are as carefully kept as any bank keeps its books in the city. i am advised by the chairman of the Executive Committee that the bank never kept a general ledger-that is, an aggregate general ledger. The mortgage on the Crommelin property was foreclosed, and the lands are now bank. I have conveyed a at an aere cash, owned very property by the $1,300 and portion if I dispose of this of all the property in my hands at as advantageous terms, there will be a surplus above all liabilities."

21. March 5, 1879 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, March 5, 1879

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NEW YORK NOTES. No Books Missing After All-More Walking Maniacs-Another of the Barry Robbers Sent to the Penitentiry-A Good State for Womante Emigrate to. NEW YORK, March 4.-Receiver Bradly of the broken Mutual Benefit Savings Bank denies that any of the books of the bank have disappeared from his office. Articles of agreement for a six days' walk at Gilmore's have not yet been signed. Two fires at the Ocean Hotel lead the inhabitants of Long Branch to fear a repetition of the incendiary fires of a year ago. The Brooklyn Presbytery has acquitted John Stearns of the charges of immorality against him. John King, the grocer, who on the third of August last was robbed of $30,000 in bonds and money, now advertises a reward of $2,000 for the return of the bonds. The bonds and the money are the savings of a lifetime. The Sun doubled its size to-day in order to give the full report of the Potter committee. Editorially it says the report shows that Hayes occupies the office of President without any legal or constitutional title. Two men, Benjamin Fowler and George Leek, started last week at Flushing, L. I., on a six day's walking match. On the last day of the contest Leek kept about two or three miles ahead. In the last three hours Fowler began to show signs of failing. He went three times on the track, but would not quit it in spite of the advice of his trainer. Fowler continued to lose time up to the finish, and Leek came in the winner, having made 375 miles in six days. He had only a slight swelling of the left ankle. Fowler made 368 miles. Fowler was carried from the track in a eritical condition, and it is feared he will die Only yesterday another fellow walked himself mad. John Flynn, implicated with David Pendee in robbing Mrs. De Barry of a diamond earring the other day in Fifth Avenue, pleaded guilty, and has been sent up for five years. David, it will be remembered, got twenty years, and was hurried off to prison. Ellen Doyle, about thirty years old, has just been sent to the Island for drunkenness. She was lying in the street while her three young children were starving in an empty room. Her husband had a good situation, but his wife's behavior caused him to drink. He is now among the men reported missing. d A great scarcity of marriageable woman