Mutual Benefit Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: December 3, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e0278717

Response Measures

None

Description

Article reports that a receiver was appointed December 3, 1875 and the bank's affairs were being wound up; final dividend paid in 1880. No run is described. Cause is bank-specific insolvency (liabilities exceeded assets).

Events (3)

1. December 3, 1875 Receivership

Newspaper Excerpt: a receiver was appointed December 3. 1875. W. J. Aldrich was the first receiver appointed. He died ... and Mr. Bradley was chosen as his successor November 21, 1878. Mr. Bradley's work has now been practically completed, and a final dividend is being paid to the depositors.
Source: newspapers

2. December 3, 1875 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Liabilities amounted to $440,000, about $23,000 in excess of estimated assets; insolvency prompted appointment of a receiver.
Newspaper Excerpt: a receiver was appointed December 3. 1875.
Source: newspapers

3. December 21, 1880 Other

Newspaper Excerpt: I am now paying a final dividend of 6% per cent. ... There is between $3,000 and $4,000 yet in my hands belonging to depositors which has not been called for.
Source: newspapers

Newspaper Articles (1)

1. December 21, 1880 New-York Tribune New York, NY

Article from New-York Tribune, December 21, 1880

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Article Text

THE LAST OF A SAVINGS BANK. In the office of David O. Bradley, at No. 71 Broadway, bangs a small unframed portrait of Admiral Farragut. Near this portrait are stored a few old bank ledgers. This picture and these books are all that remain of the assets of the Mutual Benefit Savings Bank, formerly in The Staats Zeitung building, for which a ceiver was appointed December 3. 1875. This bank then had liabilities amounting to $440,000, which was about $23,000 in excess of its estimated assets. W. J. Aldrich was the first receiver appointed. He died, however, before the aftairs of the bank were settled, and Mr. Bradley was chosen as his successor November 21, 1878. Mr. Bradley's work has now been practically completed, and a final dividend is being paid to the depositors. Mr. Bradley said yesterday to a TRIBUNE reporter: I think that the affairs of the bank have been settled as satisfactorily as could have been expected. The assets of the bank were greatly overestimated. In Mr. Aldrich's receivership three dividends were paid, two of 25 and one of 8 per cent. I am now paying a final dividend of 6% per cent." " Has there been much litigation in settling up I" " No. Neither Mr. Aldrich nor I has indulged in this any more than was absolutely necessary. I think $25,000 would cover the expense of settling up. Mr. Aldrien's fees were, I think, between $16,000 and $17,000; my fees will certainly not be more than $2,000. There is between $3,000 and $4,000 yet in my hands belonging to depositors which has not been called for. One of the depositors, in particular, an old Catholic priest, I have taken great pains in trying to find. He has about $200 to his credit, but I have never been able to get any trace of him."