16452. Oriental Savings Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: December 14, 1877
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 4e4202c1

Response Measures

Full suspension, Books examined

Other: Receivership and dividends paid over time; winding up carried out by trustees-turned-receivers.

Description

Trustees requested voluntary winding up after rapid withdrawal of deposits and depreciation of real-estate assets. Superintendent put bank into hands of Attorney-General mid-December 1877; receivers appointed and bank remained closed. Later receivers paid dividends but bank did not resume operations as a going concern.

Events (5)

1. December 14, 1877 Run

Cause: Rumor Or Misinformation
Cause Details: Loss of public confidence tied to notoriety of some incorporators (Tweed Ring association) and general hard times leading to rapid withdrawals.
Measures: Stopped receiving anything but special deposits; on Thursday directed that no sums over $100 be paid out; limited payments and attempted to pacify depositors.
Newspaper Excerpt: The Oriental Savings Bank ... has been losing deposits so rapidly that its President and Board of Trustees themselves consent to its dissolution.
Source: newspapers

2. December 14, 1877 Suspension

Cause Details: Trustees voluntarily requested winding up due to steady drain of deposits and illiquid real-estate assets; Attorney-General/Bank Department intervention to close and appoint receiver.
Newspaper Excerpt: Superintendent Lamb today put the Oriental Savings Bank ... into the hands of the Attorney-General, with a request that proceedings be instituted at once for closing it up.
Source: newspapers

3. December 26, 1877 Other

Newspaper Excerpt: Robert Hoe, Stephen D. Tucker and George G. Hallock have been appointed joint receivers of the Oriental Savings Bank by Judge Osborn.
Source: newspapers

4. April 16, 1878 Other

Newspaper Excerpt: Order authorizing receivers ... to lease the premises No. 430 Grand-st. ... and to let any or all of the real estate belonging to the bank.
Source: newspapers

5. June 10, 1878 Other

Newspaper Excerpt: Judge Westbrook ... granted an order directing the receiver of the Oriental Savings Bank ... to pay the depositors a dividend of 20 per cent.
Source: newspapers

Newspaper Articles (23)

1. December 15, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 15, 1877

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THE ORIENTAL TO BE CLOSED. PROCREDINGS TO BE BEGUN AT THE REQUEST OF THE TRUSTERS-THE INSTITUTION INJURED BY THE REPUTATION OF SOME OF ITS INCORPORATORS-WITHDRAWAL OF DEPOSITS AND DEPRECIATION OF REAL ESTATE ITS RUIN, ALBANY, Dec. 14.-Superintendent Lamb today put the Oriental Savings Bank, No. 430 Grand-st., into the hands of the Attorney-General, with a request that proceedings be instituted at once for closing it up. The bank has been losing deposits so rapidly that its President and Board of Trustees themselves consent to its dissolution. They wrote the following letter to Mr. Lamb yesterday : ORIENTAL SAVINGS BANK, an No. 430 GRAND-ST., N. Y., Dec. 13, 1877. The Hon. H. L. LAMB: DEAR SIR: In adopting the resolution to discontinue, which we herewith forward to you, we beg leave to set forth briefly the conditions which have induced US to take this step. The Oriental Savings Bank was organized in the year 1871. Among the trastees designated in the charter of incorporation were one or more whose names had a wide notoriety as being identified with the Tweed Ring. No one of the persons referred to, however, had any connection with the bank or was it member of the Board of Trustees, and the board was thoroughly reconstructed prior to the opening of the bank. But the original names could not be expunged from the charter, and their presence there gave color to the insinuation that the bank was a creature of the ring This suspicion, though unfounded, seriously retarded the progress of the bank. Deposits, however, increased with moderate growth until the panic of 1873. Since then the necessities of the depositors have continued unabated, and have occasioned a steady drain upon the assets, until the amount of deposits has been reduced from nearly $450,000 to $180,000. Many debtors of the bank have been compelled to suffer foreclosure of mortgages held by the bank. and in most instances the bank has been compelled to buy in the property foreclosed, or allow it to be knocked dowu at a merely nominal price. In this way it has become perforce the owner of a large amount of real estate, which, however, was an ample security for the amounts loaned upon it at the time the loans were made, and which the trustees believe to be now worth its cost price. Real estate, however, is an unconvertible asset, except at a great sacrifice. This is the sole cause of the action now taken by the trustees. No trustee or officer has received any compensation except the secretary, who has devoted his time to the bank, and all expenses were conducted on an economical scale. No losses have ensued from illegal investments. and the assets are all of the character prescribed by law. These assets at their market value, estimating the real estate at cost, are, and always have been, more than sufficient to pay all Habillties. But in the present outlook, and in view of the possibility of a further depreciation in available values. they have thought It their duty to the depositors to pursue the course they have adopted. For the Board M. MERRILL, President. of Trustees. The action of this morning was accordingly taken, and the Attorney-General has the papers. As early as October 4. Mr. Lamb caused aspecial examination of the Oriental Savings Bank to be made, and then a deficiency of assets to the amount of $3,479 42 was discovered, which Mr. Lamb required the trustees to make good at onco. This they did by paying in $3,500. The following is the report of the bank, as furnished to the department on the 1st day of July, 1877: Resources.

2. December 15, 1877 New-York Tribune New York, NY

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TRYING TO SAVE DEPOSITS. CLOSING A TRUST COMPANY AND A BANK. WILLIAM J. BEST MADE RECEIVER OF THE NATIONAL TRUST COMPANY-THE TRUSTEES OF THE ORIENTAL SAVINGS BANK ASK THAT IT BE WOUND UP. William J. Best was made receiver of the National Trust Company yesterday. In his report to the Bank Department he states that there have been irregularities and violations of the charter, and that investments in railway securities impaired the capital $700,000. The Oriental Savings Bank will be closed at the request of its trustees. The causes assigned are depreciation of real estate on which money had been loaned, and the withdrawal of deposits occasioned by the hard times.

3. December 15, 1877 New-York Tribune New York, NY

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Even the reputation of being connected with the Tweed Ring, though unjust to it, is cited as among the causes why the Oriental Savings Bank now passes into the hands of a receiver. For aught that yet appears, the bank was not mismanaged, but it lacked popular confidence. It goes to a receiver with an apparent surplus of assets, but they are not convertible into cash at present without a loss. The trustees claim that they have made investments in strict accordance with the law, and that there has been neither stealing nor extravagance. If the receiver manages prudently and with economy the depositors should not be heavy losers.

4. December 16, 1877 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, December 16, 1877

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Winding Up Its Business. NEW YORK, December 15.-Superintendent Lamb yesterday put the Oriental Savings bank into the hands of the attorney general, with the request that proceedings be instituted at once for closing up the bank, which has been losing depositors so rapidly that its president and board of trustees consent to its dissolution. Since 1872 there has been a steady drain upon its assets. until the amount on deposit had been reduced from nearly $450,000 to $180,000. Jacob Grau, a well known opera manager, died here yesterday. S. M. Bixby & Co., well known manufacturers of blacking, suspended yesterday. Liabilities, $145,000, assets, $94,000.

5. December 16, 1877 The Sun New York, NY

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THE ORIENTAL SAVINGS BANK. Its Condition as Reported Yesterday-What Is Sald to Depositors. There was very little excitement over the closing of the Oriental Savings Bank, at 430 Grandstreet, yesterday. The doors were open all day, and President Merrill and a clerk were behind the counters to explain the cause for the suspension. One or two German women, who were small creditors of the bank. were loud in their expressions of grief and indignation. but most of the depositors were calm, and went away after a few questions. President Merrill said: We did not think it would be fair to close our doors and keep depositors in the street. We determined to be frank with them. and meet them fairly. Our accounts are all right, and we have nothing to be ashamed of, We have not lent a dollar on railroad bonds, coal or oil stocks, on collateral or other securities in violation of the Savings Bank act. We shall pay our depositors dollar for dollar in time. A receiver will probably be chosen who will wind up the affairs of the bank without compensation. We determined to wind up after talking over affairs with Superintendent Lamb on Wednesday Inst. Before an injunction was granted. we stopped receiving anything but special deposits, which will, of course, go back to the depositors. On Thursday we directed that no sums over $100 be paid out. AL the present time we have about 7,000 depositors, to whom we owe $225,000. Our assets in real estate consist of first mortgages on New York and Brooklyn property.' Some of the trustees are making nn effort to have the affairs of the bank wound up by a board of their own number. The Oriental Savings Bank was incorporated in 1871 by several members of the old Tweed Ring. William M. Tweed. Jr., was one of the corporators. The Ring men did not organize the institution, and the charter passed into the hands of the present trustees. President Merrill thinks that the Ring origin of the institution and the growing distrust of savings banks tended to hasten its collapse. Depositors had dropped off rapidly in the past thirty days.

6. December 16, 1877 The New York Herald New York, NY

Article from The New York Herald, December 16, 1877

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BANK MISFORTUNES. Some of the National Trust Company's Collaterals "Absolutely Worthless." BROADWELL IN THE TOMBS. The Oriental's and the Newark Savings Bank's Miseries-Run on a Bank in Elizabeth. No less than four hundred depositors called yesterday at the Oriental Savings Bank 10 ascertain what chance there was for them to get their money. The officers having announced that nobody would lose anything. there was great elamor on the part of some people to get their deposits, even ac a slight discount. An injunction bad, however, been served upon the officers by the Attorney General preventing them from transacting any business until the appointment of a receiver. Nevertheless, nearly all the officers of the institution were on haud to pacify the enraged do. positors and to assure others that all would be well in the end. The bank building was kept open throughout the day and evening also, and, with the exception of a lew turbulent spirits, there were no angry altercations between the depositors and the officers of the bank. Among the depositors were a number of children who weul, bank book in band, to draw their savings, but all to no purpose. It ap. pears that this bank, located as it is among the industrious Gorman and Irish workingmen, made a spe. cialty ol saving the pennies of the little ones, five cent deposits being willingly accepted. Of course, no interest was ever paid on any sums smaller than $5. There were 7.000 small accounts, the average balance 01 each depositor being about $25. When the HERALD representative called at the bank last evening all maiters pertaining 10 the institution were rankly explathed by Mr. E. R. Kennedy, the secretary, in the presence of Mr. Manning Merrill, the bank president. Mr. Kennedy said:-Our troubles really date from the time when 11 beoame known through the newspapers that William M. 1 weed, Jr., was one of our incorporators. The people then concluded that this was a bank, but the lact IS that be really was out of it before we took possession of this banking house. We opened for business here on March 27, 1871, and whou we saw the bad effect on the popular mind of Tweed's name we quietly dropped the young man from our board. a clause in our charter permitting us to ueclure vacaul the seat of any WHO who aid not put in an appearance at a certain number of meetings Business went along smoothly afterward. but the lailure of the Bowling Green and Guardian banks hurt us. Then the panic of 1873 came upon us. We are here in the minstor is great industrial population-people who are working in loundries, mills and machine sh opsand the iron business, as you are aware, has suffered greatly since that crisis, and hence there was a cousiderable decliue in deposits, though ac times we had as much as $450,000 on deposit. Nevertueless ever since that panic we had 10 pay in extra sums of money. while the business was steadily falling off. Ou October 4 the bank examiner called here and it took him several days to examine into our affairs. He assessed our luruilure at is very low amount and real estate still lower. Though our board had not declared a dividend, he pul 1u his statement "dividend due depositors" as be was under the impression that the bauk was to go on. be result was that his statement showed a deficit of $3,400. Anticipating that be would require us to make up that amount wrote to the Bank Superiutendent and expressed the nope that we would be informed what be would do before he took any public action. In reply to this eller 01 mine he wrote:STATE OF NEW YORK, BANK DEPARTMENT. } Oct. 12. 1877. E. R. KENNEDY. Esq. - SIR-In reply to yourletter of the 11th, I am entirely confident that the trustees or your little bank are acting with good faith and devotion to the bank and the depositors. 1 trunt you and the trustees will not be neediessly anxious respecting any action 1 may take. Yours truly, HENRY L. LAMB, Acting Superintendent. CLOSE OF AT ONCE. Five days alter, on October 17, be wrote us requiring us 10 make up the efic.ency at once A meeting 01 trustees was held, the amount paid in and an affidavit to that effect sent to the State Department. The fact then contronted us that it the bank was to go on we would have to make constant contributions to 1L8 funds, and as nobody could assure us that the tide of business would turn soon we made up our minds to get uni it Hence the letter signed by our president printed in yesterday's HERALD. Tue report of the bank up to July last, published yesterday, being about SIX months old, the writer asked the secretary 11 be could furnish the public with a statement of affairs up 10 date. He willingly complied with the request, clerks were at once set to work to make 11 up and It was turnished, as follows, will the natural excuse that is was rather nurriedly made up. Nevertheless, as it will intérest at least seven thousand depositors it 18 hereby given, subject to alight modifications that may be made in 18 upon more careful accounting:LATEST STATEMENT

7. December 17, 1877 The Sun New York, NY

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A Week's Bad Record. The past week was a bad week for the unsound savings banks and insurance companies. It-opened ominously. On Monday we got news of the appointment of a receiver for the German Savings Bank of Chicago; of the discovery that an Indiana cashier was a defaulter in the sum of $50,000; and of a suit brought against the stockholders of a broken Iowa bank by indignant depositors, who averred that only $5,000 of available assets could be found to meet liabilities aggregating $1,000,000. In the middle of the week came the astounding news that the Newark Savings Institution, with $12,000,000 of assets and $10,800,000 of deposits, was in trouble, had appealed to the courts, and was paying depositors for the present only 18 per cent. of their money. The week ended as it had begun. On Saturday Receiver BEST made public the fact that the affairs of the National Trust Company of this city had been mismanaged. that there had been irregularities and violations of the charter, and that the company's assets had been impaired to the extent of $700,000. On the same day, the New York public learned that the Oriental Savings Bank had put it. self in the hands of the Attorney-General to be closed up; that a receiver had been appointed for the Brewers' and Maltsters' Fire Insurance Company at its own request; that between one and two hundred depositors of the Long Island Savings Bank had consented to take eighty cents on the dollar, and had actually received forty cents; and that good Deacon BROADWELL of Clairmont Savings Bank fame had been arrested on a beneh warrant for perjury. He is now in the City Prison, where he has ex-President CASE of the Security Life Insurance Company for a neighbor. These incidents, added to the developments of the LAMBERT trial, the arrest of the ex-cashier of the Reading Savings Bank on a charge of embezziement, and other recent occurrences of a like nature, have made a deep impression on the public mind. It is not a pleasant impression. In its first, immediate effects it is a very painful impression. These discoveries of institutional rottenness are discouraging; they are disquieting. They beget suspicion and distrust, shaking confidence, and alarming timidity. Yet, we repeat, the revelations, astonishing and discreditable as some of them may be, are to be welcomed. It is better for the community that the facts should come out-the worst of them. The disease discovered is not so dangerous as the disease unsuspected, eating its way in secret. Both the public morals and the publie pocket will gain by the disclosure of the past week. Take the case of the National Trust Company. It seemed to be, and was esteemed, a sound, safe institution. When street rumor, a fortnight or SO since, began to whisper doubts as to its real condition, its President promptly rushed into print with a card in which he affirmed that the company was as solid as granite-or words to that effectand denounced the street reports as wicked and malicious lies. He was able to refer to a report made by an examining committee of the trustees as late as Dec. 7, in which the company was described as solvent, with a clear surplus of $30,000 over all liabilities. Yet it does not take Special Examiner (now Receiver) BEST very many hours to discover a $700,000 hole in the company's assets. Mr BEST expresses the belief that many of the trustees didn't know; they were surprised and indignant when he told them. We dare say respectable trustees usually are in these cases. As the trustees are personally responsible, there is more ground than there otherwise would be for his professed confidence that depositors will ultimately lose nothing. That is one of the advantages of being a well-to-do man and depositing some of your spare money with a trust company instead such think your very a earnings little it pretentious of will being reflection be in clear a sham, a poor savings to that every insolvency man the bank. reader and exposure passing putting But upon we of a itself off as soundness, is not a thing to be mourned over but to be rejoiced in The fact is wholly deplorable, but the exposure is

8. December 18, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 18, 1877

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SAVINGS BANK METHODS. WINDING UP THE ORIENTAL-THE INDICTED BANK OFFICERS-NEWARK RUNS AT AN END. A number of the depositors of the Oriental Savings Bank called at the office of that institution, yesterday, to learn when they could draw their deposits and what progress had been made in settling the affairs of the bank. The greater part of them are poor people living in the thickly populated district about Grand-st. The deposits in this bank at one time amounted to $450,000, but now they are about $182,000. The falling off is very plainly due to the hard times. The matter of closing the bank is returnable at Albany to-morrow. The officers hope that a committee ef the trustees will be allowed to wind up the bank's affairs, without t he ex pense of a receivership. Only two of the officers have received salaries, and the rent of the offices has been only $1,000 a year. Sherman Broadwell, the President of the Clairmont Savings Bank, appeared, yesterday, in the Court of Oyer and Terminer, asking to have his bail reduced. Ex-Recorder James M. Smith and Mr. Doolittle urged that $20,000 bail was excessive, in view of the small discrepancy in the bank statement claimed by the indictment, and as ten years was the extreme limit of punishment if Mr Broadwell was convicted. District-Attorney Phelps opposed. claiming that this was the same bail fixed in the analogous cases of the insurance company presidents; as the prisoner lived in New-Jersey, his bail should not be reduced. Mr. Smith said it was in consequence of his moneyed friends living in New-Jersey that he found such difficulty in getting bail, and he could be arrested on the bail bond as easily in New-Jersey as in New-York. Judge Brady reduced the bail to $15,000, but Mr. Broadwell was unable to obtain that amount, and returned, yesterday afternoon, to the Tombs. In the suit of Samuel H. Hurd, Receiver of the Third Avenue Savings Bank, against Spencer K. Green, Judge Van Brunt directed, yesterday, a verdict for plaintiff for $19,161 08. The sult was on a $15,000 bond given by Green alone, in 1873, to make up a deficiency in the bank's assets. The same defences were set up against it as were set up by the makers of the $100,000, and it was claimed that this bond, being made a year later, the defences had more vigor. Judge Van Brunt, however, overruled them, as on the former trials, and directed a verdict as above. The run on the Newark savings banks has ceased, and the excitement has entirely subsided. A meeting of the Dime Savings Institution has been called, and it is thought the three months' notice rule will be rescinded. Chancellor Runyon, yesterday, signed the order for the investigation of the Newark Savings Institution. The run on the Dime Savings Institution, of Elizabeth, has almost entirely ceased, and the excitement 18 allayed. The bank officers insist on paying only 10 per cent until their stated pay day in January, according to rule.

9. December 18, 1877 The Morning Herald Wilmington, DE

Article from The Morning Herald, December 18, 1877

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THE HERALD. 15. 1877 Delaw 71mington. HERALD NOTES. 00 The Texas-Pacific Railroad was probably supported by the House. The Oriental Savings Bank of Grand, / treet, New York, has exploded. Servia formally declares, war and her croops are on the way to the front. The National Trust Company, of New York, has gone to ruin. Deficit, $700,000. Mr. Ryland has withdrawn from the Benatorial contest in California. Mr. Dalane's health is somewhat im proved. He purposes spending the winter Cannes. Samuel Tyler, the Senior Professor in the Law Department of Columbia University, Washington, died at Georgetown, Saturday. Dr. Ninian Pinkney, a retired medical director, United States Navy, after brief illness, died Saturday at his home in Easton, Talbot county, Md. Europe expended for telegraphic messages last year $14,400,000. The military telegraph line around the Texas frontier to E1 Paso and up to Misula, New Mexico, has been completed. The crush 10 hear Moody and Sankey was so great in Providence that a horse car was crowded off the track, and clothing was ruined. The City of Peking, on ber last voyage, brought 100 packages of silk worm egge from Japan to San Francisco, consigned to a firm in Italy. The Congregational Church, of Walcott decided that the use of wine at the communion table tends to promote intemperance. Water is hereafter to be used. Oh! By the new route from Portpatrick to p Stranraer, new passage 'twixt the England and Scotland, is but twenty-two miles, and Belfast is within nine hours of Glasgow. President Sherman Broadwell, of the decayed Claimmont Savings Bank, is in jail for perjury in concealing fraud. It 18 rumored that Thomas H. Whitman the murdered Staten Island merchant, has turned up at home, not half 80 dead 88 he was. Dom Pedro's visit has already come to th good. Tbe Brazilian government has voted B a yearly subsidy of $100,000, during ten years, for a line of steamers to the United States. 10 Davenport, Iowa, is where the last clerical at escapade took place. A nice minister raised on borrowed what cash money he could forged checks, and then vamosed the ranch SO Of forty<three varieties of apples tested 13 by M. Truelle, of the Chemical Society of American found Paris, contain the red the genette was th to largest amount of sugar. TI A Scotchman has that alcoholic everybody who drinks proposed liquore should be compelled to take out a license. This, at $5 ahead a year would raise a very pretty revenue. re citizens of Nevada ro Leading want the boundary line of California and Nevada fixed at the summit of the Sierras so that in their State can have Surprise and Honey Lake valleys. of no th A woman fifty-nine years old, with her at in La having son, arrived walked Grange, Oregon, recently, !hither from her home in he pl Indiana. She carried a pack weighing 75 pounds. CO J to The London Gardeners' Chrontile says that a bunch of grapes from Lady Charles ille's, Klogs county, Ireland, 21 feet pounds and 5 ounces in is E inte beheavies weight. long ver grown wart in " HII in I. fewer Three when Phosburgh la n sudde 14 d 1 way show e: de " water poured in " the K1 c.r 1-dr distance. of dis su blocks, ell. hat they T m severay so fast and nearly drowned pl of The Bank of Russia 14 supper of 10 bold for 40 met differ reserve of $125,000,000 to be the outhed only as a last resource; but now be in osinnations are thrown out that this grea se um Is not really there. of du Bellef In the existence of a subterranean pli ake near Newburyport, Maes. led to the par etc inking of a well. Clear water was found de de depth of fifty feet, lu such quantities Be hat there is a talk of supplying the city dr ith it. of K oth A committee of country schoolboys visit sol Edwin Booth, in Utica, for the purpose ke f him to act in their Ph was to in T heir engaging idea appear themselves exhibition. Hamlet,' with Mr. Booth in the title role

10. December 22, 1877 The Dallas Weekly Herald Dallas, TX

Article from The Dallas Weekly Herald, December 22, 1877

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Winding Up Its Business. NEW YORK, December Superintendent Lamb yesterday put the Oriental Savings bank into the hands of the attorney general, with the request that proceedings be instituted at once for closing up the bank, which has been losing depositors so rapidly that its president and board of truetees consent to its dissolution. Since 1872 there has been a steady drain upon its assets. until the amount on deposit had been reduced from nearly $450,000 to $180,000. Jacob Grau, a well known opera manager, died here yeaterday. S. M. Bisby & Co., well known manufacturers of blacking, suspended yeacorday. Liabilities, $145,000, assets, $94,000. Sore-Eyed Sam is the euphonious and tender tidle of a Piate ohiet.

11. December 22, 1877 The Donaldsonville Chief Donaldsonville, Gonzales, LA

Article from The Donaldsonville Chief, December 22, 1877

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S Domestic. f Presbyterian University, Chicago, burned. 3 Taunton Savings Bank, Taunton, Mass., suspended. Oriental Savings Bank of New York 1 has closed business. Crawley cotton mill, Philadelphia, ) burned, ousting 100 men. e Mrs. Gilman, wife of the New York forger, has recovered her reason. e Republicans carried Boston by 2200 e majority, a gain of 5000 on last year's vote. Charleston was carried by the Demt ocrats in the municipal election last week. Thomas Behan shot and killed Alonze Beatty in a saloon quarrel at Nashville. Mrs. G. M. Y. Midere tried to kill herself in a New Orleans hotel by taking landanum. S. M. Bixby & Co., the well known New York mannfactuers of shoe-blacking, have failed. Conkling's friends are wire-working for control of the Union League club of New York city. New York city has received nearly $500,000 from Sweeny and Woodward of the Tweed ring. British bark Merry England, with a cargo of mahogany, wrecked off Key West; crew saved. The President has pardoned Henry Schreiber, convicted at New Orleans of robbing the mail. The net earnings of the W. U. Telegraph Co for the present quarter will exceed $700,000. John Jones, colored, was changed at Marion, Ark., for the murder of Joseph Colwell, also colored. Mary Stewart, a little colored girl, was fatally burned at New Orleans by falling into a furnace. President Hayes and several members of his cabinet will spend Christmas in New York city. A fund is being raised for erectinga monument to Senator Morton. President Hayes subscribed $100. Ned Norman was killed at New Orleans by a blow from Alexander Shelton's fist. Both colored men. Ham, the Kausas City swindler, has been sentenced to ten years in the Texas penitentiary at Austin. Sam. Holmes, a noted desperado who murdered Sheriff Napier in 1869, has been arrested at Stanford, Ky. An old colored man unwittingly killed himself at New Orleans by burning charcoal in his sleeping room. A $65,000 fire occurred at Helena, Ark. Among other buildings destroyed were the post-office and World office. The Baroness de Bussiere, daughter of Benj. Halliday, the Califonia millionaire, died at New York of pueumonia. Boiler at Clark & Back's machine shop, Vincennes, Ind., exploded, killing two men and hurting several others. A train of cars loaded with oil burned at Paterson, N. J. Burning oil ran through the streets and several houses canght fire. Schooner Elizabeth Edwards, from New Orleans for Providence with cotton, went ashore on Long Island and is a total loss.

12. December 27, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 27, 1877

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NEW-YORK SUSPENDED SAVINGS BANKS. ALBANY, N. Y., Dec. 26.-Justice Ingalls has issued an order, on the application of the Attorney-General, dissolving the Mechanics' and Traders' Savings Institution and the Clairmont Savings Bank, both of NewYork. Judge Landon has appointed E. M. Tompkins receiver of the Rochelle Savings Bank. Robert Hoe, Stephen D. Tucker and George G. Hallock have been appointed joint receivers of the Oriental Savings Bank by Judge Osborn. The receiver of the Clinton Savings Bank, of NewYork City, has made his report to the Supreme Court, and Judge Landon has issued an order thereon, directing the receiver to pay a dividend of 25 per cent.

13. January 2, 1878 The Abbeville Press and Banner Abbeville, SC

Article from The Abbeville Press and Banner, January 2, 1878

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Eastein and Middle States. The New York baby show wound up by the distribution of prizes to the winning mothers and infants, at Steinway Hall. The mothers who did not win prizes were excluded from the hall by the manager, but they gathered before the building and loudly and vigorously protested, asserting that he had swindled them with promises which he did not keep. The manager discreetly escaped by back door. Hon. Henry L. Pierce, the citizens' candidate, was elected mayor of Boston over Mr. Prince by 150 majority. The board of aldermen elected consists of six Republicans and six Democrats. Six prisoners escaped from the Kingston (N. Y.) jail by sawing the bolts and locks off the doors. The Homestead Fire Insurance Company of Watertown, N. Y., has been ordered by the insurance superintendent of the State to close up its affairs on account of a heavy impairment of its capital stock. A fire at Bethel, Vt., burned out several business firms and private families. Damage, over $23,000; partially insured. A cat show has been opened in New York. A fire at Beringer City, Pa., destroyed the Beringer City Hotel and the bu Idings. A. B. McCartney, a guest *topping at the hotel was burned to death, while the other guests nar rowly escaped like fate. Barney Donohue, the leader of the Erie. railroad strikers last August, was sentenced at Bath. N. Y., to three months' imprisonment on the charge of conspiracy against trade and commerce. The Tannton Savings Bank, of Taunton, Mass., has suspended. A fire in the dye house of the York Manufacturing Company at Biddeford, Me, caused damage amounting to $25,000; fully insured. Two colored men, named Samuel Chambers and George Collins, were found guilty of assaulting white woman, at Middleton, Del., and were sentenced to be hanged. Miss Bertha Von Hillern walked 150 miles in fifty consecutive hours at Philadelphia A new telegraph company, with a capital of $10,000 000, has been formed in New York city. The New York State superintendent of banks has requested the attorney-general to institute proceedings towards closing up the Oriental Savings Bank, of New York city. John Kintzler and his wife, both of them over seventy years of age, were murdered in aly-populated part of Snider county, Pa., where they lived in an old log house. Their occupation was telling fortunes, and on the night of the tragedy some of the neighbors heard shots, and soon after observed the house on fire. On investigation the bodies of the two were found, burned almost to a crisp, while soveral circumstances led to the belief that they had been shot before the house was fired. An indictment was found against Sherman Broadwell, late president of the broken Clairmont Savings Bank of New York, and he was arrested. The charge against him is perjury, on swearing to the bank's condition. At Whitehaven, Pa., twenty-three persons were dangerously poisoned by eating liver pudding that had been boiled in copper kettle. A native of Ireland, named Edward McGovern, died in New York at the patriarchial 109 of years. age Three business blocks in Laconia, N. H., were destroyed by fire, causing a loss of about $10.000, on which there 18 $7,500 insurance and the Forest House, one of the principal hotels in Scranton, Pa., was the scene of an exciting fire, many of the guests having & narrow escape from suffocation. A colored baby show was opened in Gilmore's Garden, New York. Seventy-nine babies were on exhibition and competed for the various prizes. A coal oil car on the rack of the Erie railroad at Paterson, N. J., caught fire, and the burning liquid ran into the streets, communicating the flames to several buildings some of them half mile away. A number of houses, barns and stables were destroyed Eight men were convicted in Wilkesbarre, Pa., of rioting last September, during a strike, and were sentenced to various terms of imprisonment and to pay fines more or less large. The seventieth birthday of Whittier, the poet, was commemorated by a gathering of prominent literary men at a dinner in Boston. Western and Southern States. According to incomplete returns from the cotton-producing States, the cotton crop this year will not be 80 large as last year, on account of heavy rains and killing frosts. The suspension of the Simpson Bank of Lawrence, Kansas, the oldest banking house in the place, is announced. The directors of the German-American Bank of Chicago decided to suspend payment and go into liquidation A memorial hall, to cost not less than $200 000, IN to be erected in Indianapolis, to commemorate the late Senator Morton. The California Legislature has passed a resolution calling upon Congress to levy a ax of $250 on each Chinaman immigrating to the United States. John W. Garrett bas been re-elected president of the Baltimore and Ohio railroad for the twentieth time in as many consecutive years. The two children of a coal miner named Dennis, living at Benwood, W. Va., fell into a tub of boiling water, and one died instantly while the other was fatally scalded. An entire block of buildings was destroyed by fire at Helena, Ark. Loss, $46,000. The Indians near Florence, Arizona, are killing and depredating. Troops have been sent in pursuit. J. D. Easter & Co., of Chicago, manufacturers of agricultural implements, have suspended, with liabilities placed at over $500,000. Two thieves at Tackville, Ala., were pursued by citizens, caught and killed. The border of Texas was the scene of a fleroe fight between State troops helping the civil authorities and band of several hundred Mexicans. The State troops were intrenched in the town of San Elizario, which was beseiged by the Mexicans, who were present in large force. Six of the State troops were killed. Governor Hubbard, of Texas, sent the following dispatch to President Hayes am officially informed that citizens of Mexico, in connection with citizens of El Paso county, Texas, of Mexican birth, were fighting all day yesterday in Texas with detachme of State troops who were aiding our civil authorities. The Mexican force being too strong to be repelled by Texas troops and it being impossible to raise civil posse from the citizens, who are nearly all of Mexican blood and sympathy, and having no re-enforcements within several hundred miles, ask tue aid of such United States troops as may be nearest to the scene of action to repel the invasion of our territory. The origin of hostilities seems to have been dispute in regard to the ownership of certain salt pits in El Paso county. The President ordered several companies of United States regulars stationed in the neighborhood of the scene of warfare to proceed to the assists of the State troops and aid in repelling the invaders of American soil. The Democrats of the California Legislature nominated J. T. Farley for United States Senator, the nomination being equivalent an election, as they have majority in both houses. The boiler in the oat meal manufactory of Stewart & Douglass, at Cedar Rapids, Iowa, exploded, causing damage amounting to $20,000. From Washington The Senate finance committee at a meeting considered Mr. Wallace's bill authorizing the issue of one hundred million dollars' worth of four per centum sixty year bonds, in lieu of the four per centum bonds now authorized by law, the long bonds to be of the denominations of twenty -five, fifty and one hundred dollars, and to be issued for the investment of savings. The bill further provides that the coupons shall be payable either in legal tender notes or in coin, at the option of the government, and that the money received from the Sale of bonds shall be applied to the redemption of the five-twenty bonds. The committee did not take tinal vote on the bill, but the discussion developed the fact that the committee will probably report it

14. January 8, 1878 The Hillsdale Standard Hillsdale, MI

Article from The Hillsdale Standard, January 8, 1878

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Bank Suspensions. The bank suspensions during the past fortnight have not been of sufficient number or importance to cause an alarm among depositors in reputable and well established institutions. All told, they number eight, including those that went into voluntary liquidation on account of declining business, and profess to be able to pay their liabilities in full. The institutions thus closed are the Taunton (Mass.) savings bank, Springfield (III.) savings bank, Oriental savings bank. New York, National Trust company, New York, Newark (N. J.) ;savings bank, Simpson's bank, Lawrence, Kansas, George Baker's banking house, Chester, Penu., and Gardner Mercer's private banking house, Geness, N. Y. The liabilities of these institutions range all the way from $11,00,000 to $30,000, those of the Newark bank being the heaviest. The failures will do something to clear the financial atmosphere. In times of depression the weak concerns go to the wall, while the strong ones stand up more firmly against the adverse tide. The year 1877 has left the country pretty full of financial wrecks, but it is evident that the weak crafts have nearly all gone down, and we may reasonably hope for better results in 1878.

15. January 9, 1878 The Cairo Bulletin Cairo, IL

Article from The Cairo Bulletin, January 9, 1878

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the in nung United States during 1877. -There are 41,656 pupils in attendance on the public schools of Chicago. -Five steamers salled from New 1 ork : m on Saturday, carrying heavy freights. OT et -The Vine street brewery, Cincinnati, was damaged $15,000 by fire. on Satur167 day, oh -The mortuary list for Chicago for at OF 1877 foots up 8,026, being 547 less than O in 1876. -It is the Oriental savings bank, of IT New York city, not the Oriental bank, which is closing up its business. Il -Abraham Lipman, a well known nt pawnbroker at Chicago, has failed. Liaag W bilities, secured, $60,000, unsecured. $80por 000. W. et -At Memphis, Tenn., a negro teams hyi ster was found frozen to death on the sp. 1 morning of the 4th. ed aar -One of the Murphy orators refused 0 to speak at Sloux City because the All an people would not pledge themselves not rat to drink cider. or by -The suspension of Clemont, Morton an ( & Co., of Chicago, creates a had feeling in the woolen trade at New York. It Ful was a surprise. -The United States steamer Kears [ sage floated off Beacon Ledge, in Portstio mouth (N. H.) harbor, on the rise of the rear tide last Friday night. fide inf -The merchants' national bank, of ion dis Chicago, has paid out $40,000 in silver G. itv trade dollars within the past ten days, at edio a profit of $2,000 bus hos me -The Grand Trunk has purchased the and Chicago and Lake Huron road-rolling yo 0398 stock and all-and before spring, Chicas with go will have another outlet east. that 6b W my -There were 1.166 deaths by accident, 1 y disaster, suicide or violence im New York rept is city during 1877. There were 162 suiwi of e cides, 48 murders and 164 drownings. 16 -August Hemenway, class of 1875, Harvard college, has given that instituC tion sufficient money to erect a new gymnasium that will accommodate three hundred persons. IT -Louis E. Dorion, city treasurer of Quebec, has been suspended for advances fier to of public money, illegally made, to Peton eleb owd buildings. & Co., contractors on the new parliament bat of is -Four passenger conductors on the yo Galena division of the Chicago & Northvart western railroad have been caught a n't "knocking down," and discharged. It is sa reported that others are involved, and ife will be discharged. hest are for -The railroads sold under forcelosure Unit during the past year numbered fifty-tour. of F embracing 3,875 miles, and possessed capital stock of $79,045,700, their bonds 00 F and debts amounting to $198,984,400. -In Carthage, Mo., there is a row rell between two rival factions of the tempersh to ance people. One wears the red and the rgat on other the blue ribbon, and each claims the to be the only genuine reform club." th $1 pay -A verdict wasentered in Judge Blod inst gett's court at Chicago, Saturday SAI rume against Chauncey T. Bowen for $45.000 the debt, and $4,093.98 damages. This suit ben be was bought upon 455 shares of stock of heir PEC the Cook county national bank of Chi IOR eago, standing in the name of Bowen. to r aget you -At Bowling Green, Ky., on the 4th Addre Frank Briggs and Gus Sublett, two colELI ored men, were engaged in shooting paper wads at each other while on CO hunting. Briggs, forgetting to take hi suane Co ram-rod out of his gun, fired and in the at stantly killed Sublett. atiff a -The United States circuit court a MONT Count Chicago has enjoined the St. Louis bee Bland dit of eanning company from making or sellin the article known in

16. April 17, 1878 New-York Tribune New York, NY

Article from New-York Tribune, April 17, 1878

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THE ORIENTAL SAVINGS BANK. ALBANY, April 16.-Justice Ingalls to-day granted an order authorizing Messrs. Hoe, Tucker, and Hollock, receivers of the Oriental Savings Bank of NewYork, to lease the premises No. 430 Grand-st. at $750 per year. Another order authorizes them to let any or all of the real estate belonging to the bank at the date of their appointment.

17. June 11, 1878 New-York Tribune New York, NY

Article from New-York Tribune, June 11, 1878

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AN ORIENTAL SAVINGS BANK DIVIDEND. ALBANY, June 10.-On motion of Mr. Jos. W. Russell, and the Attorney-General consenting thereto, Judge Westbrook this afternoon granted an order directing the receiver of the Oriental Savings Bank of New-York to pay the depositois a dividend of 20 per cent. This is the first dividend ordered thus far. There are no other creditors beside the depositors.

18. June 11, 1878 The New York Herald New York, NY

Article from The New York Herald, June 11, 1878

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A DIVIDEND FOR DEPOSITORS. ALBANY, June 10, 1878. On motion of Mr. Jos. W. Russell, and the Attor. ney General consenting thereto, Judge Westbrook this afternoon granted an order directing the receiver of the Oriental Savings Bank of New York to pay the depositors a dividend of twenty per cent. This is the first dividend ordered thus far. There are no other creditors besides the depositors.

19. June 26, 1878 The Sun New York, NY

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JOTTINGS ABOUT TOWN. Mrs. Shields fellfrom a third-story window. at 37 Frank rt street, on Monday, and was kifted. The receivers of the Oriental Savings Bank are paying e depositors a first dividend of twenty per cent Thomas Mains shot himself last evening in his room, at 4 West Eighteenth street, and refused to explain There will be no fireworks on the Fourth of July in any the public parks in this city, as there is no appropria 11 for them. Daisy Goodwin died at 136 West Thirty second street sterday, from an overdose of laudanum, taken as E medy for sleeplessness James Parnew of 341: East Sixty-third street was sho the shoulder by James O'Donnell, at Avenue A and xly-first street, yesterday. The Commissioners of Charities and Correction have ap inted William Blake Superintendent of Out Door Poor e was for many years the assistant of the rate Superin ndent Kellock Dr Pitzgerald O'Contior who had for N few days been ing in the Bristol House. at Washington and Chambert reets WAS out dead in his room yesterday He had on exceedingly intemperate The horseshoers held A meeting last evening at Sev 11 Avenue and Twenty sixth street, to strengthen their non and bring into it the (kg) of the trade of New York ity about 300 of whom are now members. The Stonington line has reduced its rate of fare to New art R I to $1 50 for first class passage it 18 also sell 12 special tickets to New adidas, for the Yate Harvard gatta on Friday next, at $- 50 for the round trip. Between 500 and 600 Canadians celebrated the Cana. an national tests al in Hamilton Park yesterday after Gon and evening under the patronage of the Société St. an Baptiste Good humor and merriment prevailed. Lawyer Jaine# M. Fitzsimmons was arrested yester. y y on the charge of applying to his own use $100, strusted to him by a client. Michael Foley Judge Sith. land committed him to the City Prisonin default of bail Dora Ferreo, the young woman who was taken from 10 Buckingham Palace by her brother. was discharged I the Jefferson Market Police Court yesterday She TO used to NO home. saving she WAS old enough to know non nd where she wanted to live Nicholas Cassina, accused of atiducting Emma Col 118, did not appear ill Jetterson Market Police Cour esterday when the case was called Lawyer Let chwab on red two bondsmen, George 11. Be nd. a Broak treet broker and ex-Sheriff James Brien, as bonds ten for for his appearance next Wednesday nd they were accepted Philip O'Reitty, formerly a police officer, is dying in the hambers Street Hospital of a builet wound received if neodors Titdstein's barroom. in Forsyth street on Mon ay He was handling a revolver and it 18 probable tha 10 shot was accidental but the WAS too drunk to know nd the hurried scattering of his companions leads in the apposition that one of them is guilty The fourth and oldest company of the Seventh Regt ient celebrated its severly-second MINISCERITY Ins Veniug at the authory The field and of the eginic 111 were Hillong the invited Burde 116 nd John McNuits Have conto Mrs. Alilla mekt Hills, Miss Hard and Edward Amy sang, and ... company sub-equently danced to the music Of Tratulars Band The floral lecturations were profuse. Chickering Hall last evening by friends , the students the City of N W York W. Vickham Smith The eclamations Hastines Edwin by. I Shelha Walter Wood and declarati by Wil min Alc 14 mistern. Perkins Winter Remsen and Johr \ Stewart are to their ISLUIDS to day William Was ladder, paint winder of the tropoli Elevated Kailroad, on fonday Charles And WHO mloof 1) ar by, saw A truck coming and should to the driver. John to look out And heard iiii, but white against the lind. M. Leusl tell and Hometal with a roken Which Stegenum Loud Justice Mirros yesterday hit he tri d to it his 11. was like for trial The Commissioner of Public Works has completed the annual eximination of the Croton water reserveirs He sports Unit like reserveir III Boyd's mer. which has a apacity of meallous is smith and that the Mid. to Branch reservous that holds 4,000,000 (KO) gallon is hair one There is of wi

20. October 28, 1878 The Sun New York, NY

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THE ORIENTAL SAVINGS BANK. What Hopes the Depositors may Entertain Receiving Over Fifty Per Cent. Several inquiries have lately been a dressed to THE SUN as to why the three truste who are acting as receivers of the Oriental Sa ings Bank. 430 Broadway, do not pay thedepos tors. This savings bank was put in the han of the Attorney-General of the State, Dec. 1 1877, to be closed up. The defleiency reporte by State Superintendent Lamb in the precedir October was only $3,479.42 and this deficien only resulted from reducing the bank's valu tion of the fixtures and furniture that amour Otherwise the Examiner. so the trustees ave substantially adopted the flgures of the bar secretary. The trustees made the deficien good. Nevertheless. on Dec. 14. it was thought be to close up the bank. The trustees consente alleging that they did so on account of tl steady loss of depositors. Instead of having a receiver appointed. t) Court accepted the offer of three of the truste to wind up the affairs of the bank as econom cally as possible. and without charging referee fees. These three gentlemen are: Robe Hoe, manufa turer of printing presses: Steph D. Tucker, connected with Mr. Hoe in busines and George G. Hallock an East Brondway re estate dealer. Mr. Manning Merrill. Preside of the bank. said that it would pay its deposito dollar for dollar in time, and the closing of tl bank caused them comparatively little anxiet It was thought to be an honorable exception among the savings banks collapses that h: been occurring in such rapid succession. In the report made July 1, 1876, the total 11 bilities were made up of two items. $228,344 due depositors, and $100 due for unpaid taxe The surplus over the bank's resources was this time reported at $4,899.88. When the bar was closed, in December. the amount due d positors had been reduced to $180,000. With a few months a dividend of twenty per cer was declared. Of the 7,000 depositors, on about 3.000 have drawn this twenty per cer The reason alleged is that the amounts on di posit in the case of the other 4.000 deposito are so small that twenty per cent. of the would not be worth coming for. Many of the are less than $1. the positors having ju enough money in bank to enable them to ke their books. A depositor said yesterday that he didn't E where the money was all gone to. They told us," he said, that we would ha it all in six months: but six months was up la June, and all we have received is our 20 p cent. When we go to the Committee they tell that if We want our money we must wait un real estate rises. We can't get any satisfaction The only one of the committee of three W was in the city vesterday was Mr. Hallock. reference to the complaints he said: I want you to noticethat I never said the d positors would be paid in full or nearly in to I knew that the money was not in the bank property. I have never told the depositors th if they wanted their money they must wait u til real estate should rise. What 1 said w that the real estate of the bank was at prese unsalable. I hope there will be a change f the better in the spring. We are trying to S property as fast as we can. Only a short tin ago we sold some in Clinton street for $14.00 This, with other money we have in bank. W enable us to declare an additional dividend 10 per cent. This will be done as soon as M

21. December 9, 1878 The Sun New York, NY

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Good News for the Oriental's Depositors. Robert Hoe, receiver of the Oriental Savings Bank, which suspended a year ago. says that at least 30 per cent more of the deposits will be paid before spring Thirty per cent. has already been paid, and he hopes that the entire liabilities can be met soon The de. lay is caused by a determination to get the best possible prices for the depreciated real estate owned by the bank Some good sales have been effected. but sacrifices ill be avoided The property consists 111 part. of eleven houses in this city and Brooklyn One of the investments was of $30,000 00 a vacant Fifth avenue lot, thenestimated it $60.00 The owner. Griffith Rowe, is now in All insane asylum An offer of $15,000 for the lot has been de. clined. Mr. Hoe says that soine of the directors gave their own money to keep the bank going. he giving $20,000. which he does not expect to recover but he RIVES the positive assurance that the depositors will getevery cent due them

22. March 13, 1879 The New York Herald New York, NY

Article from The New York Herald, March 13, 1879

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REAL ESTATE. The event on the Real Estate Exchange yesterday was the sale by order of the receivers of the Oriental Savings Bank of a large amount of property in this city and Brooklyn. It will be seen that the latter went at very insignificant prices. The details are as follows:BY R. v. HARNETT. By order receivers of Oriental Savings Bank the following:-One lot, 25x140, on 5th av., N. Y., e. 8., 50 ft. 11. of 87th st., with right of way to a 10 ft. $16,900 alley in the rear, to Frank 11. Dodd Also one four story brick house, with let 25x100.5, No. 627 West 51st st., n.s., W. of 11th av., New 5,000 York, to James Hennessy Also four three story brick dwellings, with lots each 20x 100, No. 271 to 277 Macon st., e. S., 40 ft. 8. of 15,700 Throop av., Brooklyn, to E. H. McNaughton Also a similar house, with lot 20x100, No. 368 Hal. sey st., W. S., 400 it. 8. of Throop av., Brooklyn, to F. W. Cruthers 3,100 Also five two story brick houses, with lots each 18x 94, No. 574 to 582 Herkimer st., W. of Rochester 8,625 av.. Brooklyn, to R. O. Frost Also one four story brick house, with lot 27.3x95.3, No. 162 Hope st., near 10th st., Brooklyn, to John E. Allison 2,700

23. December 7, 1879 The New York Herald New York, NY

Article from The New York Herald, December 7, 1879

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# RECEIVERS' PROMISES. TO THE EDITOR OF THE HERALD:- Why have the expectations of the depositors of the Oriental Savings Bank not been realized? The receivers of this bank, men of great wealth and of hitherto good repute, have from time to time since the suspersion of the bank caused statements to be published in the daily press to the effect that the depositors should not suffer the loss of a single dollar. One of the gentlemen having induced many of his employés to intrust part of their wages in this bank was, perhaps, conscience stricken, or possibly from magnanimous impulses promised that he would make great personal sacrifices to insure the refunding of dollar for dollar to these depositors. All these promises have been relied upon. But now, if rumor be true, it will be a case of wilful deception on the one part and of mistaken confidence on the other. Only forty-five per cent of dividends have been paid in two years' time, and we are told that possibly we may receive one final dividend of ten, twelve or fifteen per cent. Perhaps if at the time these trustees were so anxious to be appointed receivers their promises had been less profuse we would have protested against their appointment, and would have fared better at the hands of some one else. ANXIOUS.