16477. Peoples Savings Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: November 26, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: e2a4ad04

Response Measures

Partial suspension

Other: Receiver later appointed; trustees sued and bond pursued.

Description

Multiple contemporaneous newspaper dispatches (Nov 26–27, 1875) report a run on the People's (Peoples/People's) Savings Bank on Nov 26, 1875; officers invoked the 60-days withdrawal clause and closed doors. The institution was later treated as suspended/defunct and placed in receivership (receiver J.V. French). Cause appears to be contagion from failures/runs at other nearby banks (Third Avenue/Manufacturers & Builders, Central Park, Security). I corrected minor name punctuation (People's vs Peoples) but used provided bank name. Dates use newspaper dates.

Events (3)

1. November 26, 1875 Run

Cause: Local Banks
Cause Details: Run was linked to runs/suspensions of nearby Third Avenue institutions (Third Avenue Savings Bank, Manufacturers & Builders' Bank, Central Park, Security Savings), contagion among local banks.
Measures: Officers invoked the 60-days withdrawal clause (sixty days' notice) and closed the doors to stop immediate payments.
Newspaper Excerpt: There was a run on the People's Savings Bank this morning, but the officers took advantage of the sixty days' clause, and shut the doors.
Source: newspapers

2. November 27, 1875 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Articles report the bank as closed/wound up and later shown insolvent with material deficiencies; winding up and receiver actions followed (assets insufficient to meet liabilities).
Newspaper Excerpt: The People's, Security and Central Park Savings Banks Suspended.
Source: newspapers

3. December 14, 1875 Receivership

Newspaper Excerpt: Mr. French, the receiver, was appointed ... the liabilities of the bank were $180,000 and the assets $113,000 ... defunct People's Savings Bank; an adjourned meeting of the depositors of the defunct People's Savings Bank was held last evening at Germania Hall ... Mr. French, the receiver, had informed them ... .
Source: newspapers

Newspaper Articles (24)

1. November 26, 1875 The Cincinnati Daily Star Cincinnati, OH

Article from The Cincinnati Daily Star, November 26, 1875

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Terse Telegrams. CHILLICOTHE, Nov. 26.-The venerable Joseph Sill, sr., died here yesterday. FLINT, MICH., Nov. 26.-Captain A. T. Chessman, an old resident, died yesterday. VIRGINIA CITY, NEV., Nov. 26.-Work was commenced in the new Ophir works yesterday. NILES, MICH., Nov. 26.-The Alder fruit preserving establishment burned yesterday. Loss $5,000. COLUMBUS, O., Nov. 26.-Daniel Hallerman, a Short-line switchman, was killed by the cars this morning. LONDON, Nov. 26.-The purchase of the Suez Canal by Great Britain meets with general approval, both on the part of the people and the foreign authorities. SAN FRANCISCO, Nov. 26.-An anonymous correspondent of the Portland Oreganian, says: Capt. Howell, of the lost Pacific, was 80 intoxicated when the boat left that he had to be led on board. NEW YORK, Nov. 26.-There was a run on the People's Savings Bank this morning, but the officers took advantage of the sixty days' clause, and shut the doors. The Central Park Savings Bank is to be closed up.

2. November 26, 1875 Public Ledger Memphis, TN

Article from Public Ledger, November 26, 1875

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NEW YORK ITEMS. NEW YORK, November 26.-A dispatch from Paris says a rumor is prevalent to the effect that there is a movement on foot among the people of Savoy, having for its object a separation from France and re-annexation to Italy. The Central Park Savinds Bank, a comparatively small institution, is to be wound up, by the State Superintendent at the request of its president. The New England Society met in special session to-day, and adopted resolutions of regret at the death of VicePresident Wilson. The Manufacturers' and Builders Bank, at Third avenue and Fifty-seventh street, suspended this morning. The excitement in the vicinity among depositors is intense. There was a run on the People's Savings Bank, Third avenue, this morning, and the officers closed the doors, taking advantage of sixty days notice, as this bank was affected with others by the run on the Third avenue Savings Bank a short time ago. There was also a slight run to-day on the Security Savings Bank.

3. November 27, 1875 Wilmington Daily Commercial Wilmington, DE

Article from Wilmington Daily Commercial, November 27, 1875

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Shaky New York Banks. The Manufacturers' and Builders' Bank, in New York, suspended yesterday. Its liabilities, not including its capital, which is $180,000 are reported at $200,000. There was a run on the People's Saving4 Bank, but its officers took advantage of the 60 days' notice, and closed their doors. There was also a slight run on the Security Savings Bank.

4. November 27, 1875 The Silver State Unionville, Winnemucca, NV

Article from The Silver State, November 27, 1875

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SUMMARY OF THIS MORNING'S DISPATCHES. Legal tenders quiet at 87½ buying, and 87% selling. The Poorman Mining Company of Idahe has levied a fifty cent assessment, delinquent on the 29th of December. A disastrous incendiary fire occurred at Albany, New York, yesterday morning, destroying the livery stable of Anson Marshall, containing horses, buggies, etc., all of which were destroyed. Loss, about $80,000. A dispatch received from survivors of the Magdalene Islands fleet says six vessels were lost, and only seventeen then saved out of sixty-two. The Indian troubles in New Mexico are reported as being of a serious character. Harry H. Silsbie, of Cincinnati, committed suicide in that city yesterday morning. It is understood that the Missouri River Indians-about seventy per cent. of those originally going into the treaty are disposed to sell their interest in the Black Hills to the United States, The Manufacturers and Builders' Bank in New York susponded yesterday. Much excitement. There was a run en the Peoples' Savings Bank in New York yesterday, but the doors were soon closed, the sixty days'notice having been taken advantage of. Leading creditors of Lee & Shepard, Boston, have unanimously agreed to accept the proposition of the firm to pay twenty-five cents on the dollar in eight installments at intervals of three months. A dispatch from San Diego says, Chavez, the robber and late lieutenant of Vasquez, was recently killed while resisting an attempt to arrest him. Ex-Alderman Clement, of Toronto, Canada, was arrested yesterday, charged with complicity in the murder of Miss Gilman, for causing whose death Dr. Dane's wife has been sentenced to be hanged. The funeral of the late Vice President arrived at Union depot, Baltimore, at 3 P. M. yesterday, The procession formed and proceeded to the City Hall, where were assembled 5,000 people awaiting the arrival of the procession. On the arrival, a little after 4 o'clock, the casket was borne from the hearse and placed on a bier in the rotunda, which was tastefully draped in mourning. The body laid in state about an hour and a half: vast crowds passed and looked the last look at features so long familiar to the public. About half past 5 the casket was closed, and the line of march again formed, the body removed to the hearse, and the procession marched to Calvert Street depot, where the remains were placed on the train which left for Philadelphia at 6:25. During the ceremonies in the city the bells tolled and there was every demonstration of respeet to the deceased.

5. November 27, 1875 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, November 27, 1875

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NEWS OF THE DAY. "To show the very age and body of the Times." The report of the failure of the Manilla house of Russell, Sturgis & Co., is confirmed by yes. terday's London advices. Small pox is prevailing at several points along the has of the Delaware and Hudson canal, in New York and Pennsylvania. Cardinal McCloskey arrived at New York yesterday, and was escorted to bis residence by a delegation of elergymen and laymen. The announcemet that ex-Mayor Hall would appear at the Park Theatre, in New York, in a new drama collaborated by him, has excited much interest. A dispatch received at Quebec from one of the survivors of the Magdalen Island fluet says SIX vessels were lost and only seventeen III D were saved out of sixty-two. Great snow storios are reported in the prov ince of New Brunswick. In some places the snow eighteen inches deep. Several school ers are ice-bound at Port Duchene. Ao elderly gentleman caused some excitement in a street car in Baltimore, yesterday, by an attempt to administer personal chastisement to a young geutleman. The public prosecutor at Berlin has apphed to the Senate of the State Tribunal to indict Count Von Arnim for treason, on account of his alleged authorship of the pamphlet which recently appeared. The sum of $105,000 has been subscribed by the citizens of Cincionati, which, with the $145,000 given by Mr. Reuben Springer, completes the sum necessary for the erection of the new Music Hall. A Madrid special says that Mr. Layard, the British Ministert Spain, when passing through Bilbao recently, refused to receive a visit from General Burriel, of Santiago notoricty, who is Governor of the Province, and has been remonstrated with by the Minister of State. Lyon (the signal officer on Mount Washington, N. H.,) supposed to have been lost ou the mountain during the severe storm of Wednesday, reached the summit next morning in an exhausted condition, having passed the night in a deserted hut. While pleading a case in the court-room at Westminster, Md., yesterday, Elijah F. Crout. esq., a leading member of the bar of Carroll county, fell to the fl or and expired with startling suddenness. The deceased was aged fiftyfive years, and was greatly esteemed. The Manufacturers' and Builders' Bank of New York suspended yesterday. There wasa run on the People's Savings Bank, but the officers took advantage of the rule requiring sixty days' notice for the withdrawal of depositsand closed their doors. The bank will pay seventy-five cents on the dollar. There was also a slight run'on the Security Savings Bank. At the execution of a colored manand woman yesterday at Monroe, La., for the murder of the latter's husband, a horrible scene was enacted. The woman died with but a slight struggle, but the man by some means succeeded in freeing his arms of the cords by which they were pinioned and grasped therope above his head and one of the supports of the gallows, when the Sheriff and jailor seized his arms and held them down until death put an end to his struggles.

6. November 27, 1875 Pioche Daily Record Pioche, NV

Article from Pioche Daily Record, November 27, 1875

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Ingalls, Judge Advocate Gen. Holt and Asst. Judges; Advocate Genl. Dun, Generals Pelouse, Van Vliet, Meir, Barnes, Humphrey and other army officers. Ex-Attorney Gen. Williams, Commissioner Pratt, Fredk. Douglass and others of prominence. The chair of the Vice-President was vacant and heavily draped in mourning. T. W. Ferry was President pro tem. Poore, of the Senate occupied the seat at the Clerk's desk; the officers of the Senate and the Committee of Arrangements wore white silk sashes gathered on the left shoulder in black and white rosettes. In spite of very inclement weather the largest part of those present were ladies. Among those in diplomatic gallery were Mrs. Grant, Mrs. Fish, Mrs. Belknap and Mrs. Bristow. All being in readiness Mr. Ferry announced the services would now begin. The Rev. Dr. Sunderland standing at the Clerk's desk then read a brief selection of scripture, ,after which Rev. Dr. J. E. Rankin delivered an eloquent discourse. When the address was finished Rev. Dr. Sunderland offered prayer and pronounced a benediction. The coffin was then closed and the funeral cortege formed in the order prescribed and proceeded to the depot of the Baltimore & Potomac Railway Co. The streets along the route were thronged with spectators. who stood in the cold, drizzling rain, guns were fired and bells throughout the city were tolled. At the depot the remains were given by Senator Thurman on behalf of the Committee of Arrangements to the charge of the Massachusetts Committee and placed on a special train which started for Baltimore at 1:30 p. m. BALTIMORE, Nov. 26.-The rotunda of the new city hall has been draped in mourning to receive the remains of VicePresident Wilson. Two regiments of militia and an organization of soldiers and sailors who served in the late war will escort the body from the railway to the city hall. A chilling drizzling rain prevails. NEW YORK, Nov. 26.-The New England Society met in special session to-day and adopted resolutions of regret at the death of Vice-President Wilson. The Cotton Exchange adopted similar resolutions and will close at half past twelve to-morrow, the day on which the remains will be borne through this city. The Stock Exchange adjourned at one p. m. The Manufacturers' and Builders' Bank at Third avenue and 57th street suspended this morning. The excitement in the vicinity among the depositors is intense. There wasa run on People's Savings Bank on Third aven ue this morning and the officers closed the doors, taking advantge of the 60 days notice, as this Bank was affected by the run on Third Avenue Savings Bank a short time ago. There was also a slight run on the Security Savings Bank. COLUMBUS, O.. Nov. 26.-Daniel Halleren, a switchman at this point, by the Short Line Railway, was run over and killed this morning by a passing train. ST. LOUIS, Nov. 25.-Judge Stanley Matthews, of the Railroad Convention, has appointed the following gentlemen as a Committee to prepare the address to Congress provided for by a resolution adopted by the Convention: Hon. R. W. Thompson, Hon. J. H. Kennard, Morton McMichael, Peter Cooper, Hon. James O. Broadhead, Colonel F. W. Johnson, General James R. Anderson, D. Felsenheid, A. G. Clafton, H. G. Smith, Gen. J. E. Johnston, of Georgia, and C. K. Marshall. Judge Matthews is also a member of the Committee in accordance with a provision of the resolution. It is stated on good authority thata ring a of speculators have been systematically defrauding the Pottowatamie Indians, c who, until recently, occupied a reservation near Topeka, Kansas. The princiE 19 pal charges that certain members of the tribe living in the Indian Territory were E represented as being dead and their estates were administered upon and the proceeds pocketed by the ring. The amount realized by this scheme is estimated at $20,000. F

7. November 27, 1875 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, November 27, 1875

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Bank 10rm. New YORK, November 26-The Central Park Bank, a small savings institution up town, is to be wound up. The Manufacturers and Builders Bank has suspended. There was a run on the People's Savings Bank to-day, but the officers took advantage of the sixty days' notice and closed their doors. There was also.a slight run on the Security Bank.

8. November 27, 1875 New-York Tribune New York, NY

Article from New-York Tribune, November 27, 1875

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WITH SUPPLEMENT. THE NEWS THIS MORNING. FOREIGN.-The British Minister, Mr. Layard, reThe fused at Bilbao a visit from Gen. Burriel. Public Prosecutor at Berlin charged Count von The sale of the KhéArnim with treason. dive's shares in the Suez Canal to the British Government was confirmed. DOMESTIC.-The funeral of Vice-President Wilson at Washington took place in a rain, but was very large; Dr. J. E. Rankin delivered a eulogy; the funeral train was impressively received in Baltimore, and, after remaining in that city some hours, left for The full $250,000 Philadelphia at 6:25 p. m. for the new Cincinnati Musical Hall has been raised. The schooner Sunshine was overturned off At the Columbia River, and 40 people lost. the Avery trial in St. Louis, it was said that Secretary Bristow is interested in the whisky firm of Newcomb, Buchanan & Co. of Louisville, and a A. B. Stoughthreat was made to indict him. Chief-Justice ton, a Washington lawyer, died. Waite refused to allow his name to be used for the Presidency. CITY AND SUBURBAN.-Plymouth Church decided upon calling a mutual council. The People's and the Central Park Savings Banks closed their doors, and a receiver of the Manufacturers' and Builders' Bank, a State institution, was appointed. Argument was had on the motion to release William M. Tweed from arrest or reduce his bail in the $100,000 The testimony was closed in the Scansuit. noll trial. Preparations were completed for the reception and escort of the remains of ViceCardinal McCloskey rePresident Wilson. The Legislative Comturned from Europe. mittee on Crime visited the House of Refuge. Three children were suffocated by the falling of an Gold 1143g, 11412, embankment in Brooklyn. 11412. Gold value of the legal-tender dollar at the close, 87 310 cents. THE WEATHER.- The Government report predicts cold and clearing weather. In this city, yesterday, the day was mild and very rainy; thermometer, 41°, 49°, 48°.

9. November 27, 1875 The New York Herald New York, NY

Article from The New York Herald, November 27, 1875

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Failure of Four Institutions Yesterday. CONSTERNATION ON THIRD AVENUE The People's, Security and Central Park Savings Banks Suspended. Winding Up the Manufacturers and Builders' Bank. THE PROSPECTS FOR DEPOSITORS. That Third avenue is an unfortunate location for financial institutions was fully demonstrated yesterday by the closing up of four banks-viz., the People's Savings Bank, the Security Savings Bank, the Central Park Savings Bank and the Manufacturers and Builders' Bank of Deposit. The sudden collapse of these banks, following 60 quickly upon that of the notorious Third Avenue Bank, caused no little consternation among all classes of citizens, and it was no infrequent thing to hear loud and angry language uttered against all banking institutions generally, and particularly against the officers of the three savings banks already named, for having, as it was claimed, continued to receive people's money when they must have been aware of their insolvency. Owing, perhaps to the heavy rain storm, there were but few of the unfortunate depositors who visited the premises where their money is locked up. In fact, bnt for the closed doors and the presence of a policeman on guard one would have passed by without knowing that anything so serious as a stoppage had occurred. Even the few unfortunates who did visit the broken banks were assured in the most dulcet tones by the different officials that their money was perfectly safe and they would only have to wait a short time to get it in full, dollar for dollar. However, it appears from all the inquiries that were made that, with the exception of the Manufacturers and Builders' Bank, there is considerable doubt about the capability of any of the others to meet their liabilities, except, perhaps, at a very heavy discount. The statements of the several banks and the information obtained from the officials 18 given herewith. THE CENTRAL PARK BANK. The announcement made by the HERALD that a receiver had been appointed to wind up the affairs of the Central Park Savings Bank doubtless prepared the depositors for the closing of the doors yesterday morning, for there was nothing like any of the usual entitement around the premises that is usually attendant on a bank failure. In fact there was no one present in the offices through the day either to give information or answer inquiries. The President and Vice President could not be found and no statement could therefore be obtained from them as to the assets and liabilities. The following, however, correctly sets forth the condition of the bank last January, as sworn to by the officers and reported to the State Superintendent:-

10. November 27, 1875 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 27, 1875

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FINANCIAL. NEW YORK. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, at Third avenue and Fifty-seventh street, suspended this morning. The excitement in the vicinity among the depositors is intense. There was a run on the People's Savings Bank, at Third avenue, this morning, and the officers closed the doors, taking advantage of the sixty days' notice, as this bank was affected with others by the run on the Third Avenue Savings Bank, a short time ago. There was also & slight run to-day on the Security Savings Bank. The Central Park Savings Bank, a comparatively small institution, is to be wound up by the State Bank Superintendent, at the request of its President.

11. November 28, 1875 The New Orleans Bulletin New Orleans, LA

Article from The New Orleans Bulletin, November 28, 1875

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NEW YORK ITEMS. NEW YORK, Nov. 27.-The People's Savings Bank closed to-day. Deposits amounted to $200,000. The funeral of Wm. B. Astor, from Trinity Chapel, was largely attended. Vice President Wilson's remains arrived here at 3 o'clock. Col. Robert De Anges, ex-Deputy Collector of Customs, convicted of smuggling goods through the Appraiser's office, at under valuation, was sentenced to two years imprisonment, $10,000 fine, and to remain imprisoned until the fine was paid. Goodkind Brothers, wholesale liquor dealers, suspended. NEW YORK. Nov. 27.-Maj. Gen. Hancock, United States Army, and staff; Admiral Rowan, United States Navy, and staff, and Gov. Tilden's full staff, received the Vice President's remains at Jersey City. The display throughout was grand. Many houses in the line of march were draped. NEW YORK, Nov. 27.-The second trial of John Scannel for the murder of Thomas Donohoe terminated this evening in a verdict of "Not Guilty" -the jury believing him insane. Judge Barrett was indignant, and plainly intimated his disgust at the verdict. He remanded the prisoner until Wednesday to ascertain whetner his insanity still continues.

12. November 28, 1875 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, November 28, 1875

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LAY UP YOUR TREASURE. Even Though It Be Small, Save It and It Will Surely Increase. Where to Keep Savings, and How to Inrest Money. The perennial trouble in New York over the savings banks of that city has again arisen. This time it is the People's Savings Bank which a stupid run has pushed into prominence, its managers having been forced to put the sixtyday clause' into operation, and to shut down paying depositors their money for the period in question. Other savings banks there seem to be in the usual disturbed condition somewhat common in that city, although of course New York has many substantial savings institutions. Still, the contrast of the situation there and in Chicago is peculiarly gratifying. Here the savings banks are prudently conducted, upon an ample capital, and only the smaller ones are ever driven to the wall. The savings intrusted to their care are wisely handled the interest aocrnes steadily to the depositors' accounts. and the banks themselves hold a place with the soundest and most admirable of Chicago's institations. ONE OF THE VERY BEST of our city's savings banks. and one, too, which holds a foremost tank with the leading banks of its kind anywhere in America, is the Merchants', Farmers', and Mechanics', No. 75 Clark street. Established for several years, conservative in all its dealings, and its affairs superintended by Mr. Syduev Myers, one of the most sagacions and practical students of finance in the West, it IS not a matter of surprise that this savings bank has grown in popular favor and prosperity continually. A peculiarly favorable and profitable feature of this bank to its patrons are the INVESTMENT CERTIFICATES which it issues in sums of $100 and upwards. These certificates are the result of years of study, Mr. Myers having given the benefit of his long and patiently acquired knowledge of true financial principles toward perfecting them. They are secured on improved real estate. They pay 7 3-10 per cent interest quarterly. They unite the two grand desideratums of investments, perfect security with liberal interest. We cannot call to mind any form of current financial investment which combines more desirable features than these certificates. Their security, IMPROVED CHICAGO REAL ESTATE, is in the hands of & trustee of eminence and the highest business character. The interest is always forthcoming when due. There are usually funds enough in the hands of the trustee, collected from the notes and securities pledged, to redeem the certificates at sight. When this is not the case, the owner of the certificate has but to file his request for the required currency and he will receive it as soon as the funds accrue in regular order,-always & very brief time. He need not, however, wait at all for ready money. for the certificates have A HIGH MARKET VALUE. Like Government bonds, or any other first-class security, they command cash, and can be sold or pledged for their face value anywhere. Thus it is they are of such direct practical service to the bolder. They afford him an excellent and infallible rate of interest, and at the same time practically allow him to obtain his original investment whenever he may 80 desire. These certificates are favorites not only at home but abroad. They hold a high place in the esteem of Eastern financiers. They are creditable alike to Mr. Myers, their progenitor, to the excelient savings bank which issues them, and to Chicago.

13. December 14, 1875 The New York Herald New York, NY

Article from The New York Herald, December 14, 1875

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PEOPLE'S SAVINGS BANK. An adjourned meeting of the depositors of the defunct People's Savings Bank was held last evening at Germania Hall, No. 200 Third avenne. Dr. Morehead was elected Permanent Chairman and Mr. Shay Secretary. After the reading of the minutes Dr. Richards was appointed, with the approval of the meeting, Treasurcr, and Mr. Plumb Assistant Secretary. The latter stated for the information of those present that ten depositors had agreed to sue the trustees of the bank for $47,000, the amount of their bonds, in the event of their refusal to pay said amount. He also stated that the securities in which the depositors' money WRS involved were, he had ascertained, in the hands of a trust company, and consequently safe enough for the present. It is expected that the total deficiency, when the affairs of the bank are completely wound up, will be between $60,000 and $70,000. It was also stated that Mr. French, the receiver, was appointed to his responsible position, not by the trustees of the bank, nor at the desire of any number of depositors, but by the bank authorities at Albany, and that it has been ascertained that a large piece of property on which the oficials had loaned large sums of money was not held in fee by the parties who gave the mortgage, but was leased ground. A committee of five was then appointed to wait on the receiver and obtain all possible information as to the affairs of the bank, to find out where the bonds of the trustees are filed and to ascertain the exact liability of these officials. This committee was instructed to report to a meeting of the depositors, to be held at the same place, next Wednesday evening.

14. December 14, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 14, 1875

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BUSINESS TROUBLES. CREDITORS OF WILLIAM MOLLER & SONS-OTHER embarrassed FIRMS. In the bankruptcy proceedings against William Moller, George H. Moller, and William F. Moller, composing the firm of William Moller & Sons, bankrupts, the depositions for proof of claims were filed yesterday. Following are the names of the principal creditors: Grinnell, Minturn & Co., $130.000; Peter Moller, $125,000; J. V. Onativia & Co., $85,152 25; Jova, Terry & Co., $66,643 45; Moses Taylor & Co., $47,342 87; Burdick, Frisbie & Co., $31,788 74; Renauld, Francois & Co., $18,838 62: Spence, Montague & Co., $16,570 76; Jules Sazerae & Co., $15,477 76; Russell Sage, $11,453 44; Johan Moller, $6,000; Henry Preston & Sons, $4,614 49; Receiver of Taxes, $3,801; Delaware and Hudson Canal Company, $6,961 20; Eppelsheimer & Huitner, $3,302 70; John F. Doyle, $1,375; W. A. Stevens, $600; Robert Taggart, $600; and Thorne, Phipard & Co., $478 91. The individual creditors of William Moller are: Receiver of Taxes, $10,000; Home Insurance Company, $25,000: William Oothout, $16,000; Peter Moller. $146,000; John Sloane, executor. $21,578 91; Catharine A. Cooper, $12,000; Martin Gerdes, $12,000; Jane Waters, $13,000; William B. Astor, $25,000; Theodore P. Nichols, $42,000; and S. V. Hoffman, $1,125. The Union Theological Seminary is a creditor of George H. Moller to the amount of $14,000. William F. Moller is a debtor to Catharine A. Ravmond in the sum of $3,813 62. The total indebtedness of the firm and its individual members is about $1,000,000. A majority in number and amount of the creditors who have proven their debts chose William A. Booth assignee. The choice was approved yesterday by Isaae Dayton, Register in Bankruptev, and subsequently confirmed by Judge Blatchford. The failure of John Hopkins, leather dealer of Ferryst., was announced yesterday in commercial circles. The house was regarded as in very good standing, but doing only a moderate business. At present it is impossible to ascertain the amount of the liabilities and assets. The house was established in 1862, under the title of Everett & Hopkins; but in 1865 the firm was changed to Everett & Chapman-John Hopkins starting alone, with the exception of having a special partner. who supplied the capital. In 1872 Mr. Hopkins gave up business on account of III health, but resumed again in 1874. His losses are said to have been caused principally by bad debts. Among the other embarrassments announced yesterday were the following: August May, hat materials, No. 444 Broome-st., failed, and made an assignment: Richard R. Ferry, hats, No. 35 Greene-st., failed; Rosenbaum & May, jewelry, No. 21 John-st., failed, and sheriff in possession. SUSPENDED SAVINGS BANKS. Less than fifty depositors of the suspended People's Savings Bank, among whom was one young lady, met last evening at No. 200 Third-ave. The causes which led to the suspension of the bank were talked over, and there was a long discussion as to the validity of the individual bonds of the trustees for $47,000, given some years ago to cover deficiencies caused by unfortuuate investments. It was stated that one of the former trustees, whose bond was a portion of the assets, had met with reverses and had become the proprietor of a peanut stand on Third-ave., In the vicinity of the bank. A committee was appointed to confer with the receiver consisting of Edward Richards, Toomas Murray, Thomas McDowell, Albert R. Smith, and Felix Schmidt. The examination in the Yorkville Police Court of the charge against Thompson W. Decker. formerly President of the Third Avenue Savings Bank, was adjourned by consent yesterday to Saturday next.

15. December 16, 1875 The New York Herald New York, NY

Article from The New York Herald, December 16, 1875

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THE PEOPLE'S SAVINGS BANK. An adjourned meeting of the depositors of the People's Bank was held last evening at Germania Hall, No. 200 Bowery. Dr. Morehead presided. The special business of the meeting was to receive the report of a committee of five gentlemen appointed at the last meeting to obtain information as to the condition of the affairs of the bank. The committee reported that Mr. French, the receiver, had informed them that the liabilities of the bank were $180,000 and that the assets were $58,000 loaned on bond and mortgage, $10,000 of North Carolina State bonds, and $47,000, being the bond of the trustees of the bank. making a total of $113,000 assets against $180,000 liabilities. After the above report was received the following resolution was offered and discussed, but was not acted upon:We, the undersigned depositors, do hereby sign our names and obligate ourselves to pay a pro rata tax upon our ac. counts in the People's Savings Bank, for the purpose of bringing suit before a Justice of the Supreme Court, for the purpose of having J. V. French removed as receiver, and having Charles E. L. Holmes appointed in his stead: and we hereby recommend that ex Judge John H. White be retained by us to prosecute the said action. It was then proposed that the depositors elect who should be their counsel, and quite a stormy discussion followed. A ballot was taken, which resulted in the choice of ex-Judge John H. White, he having received a majority over all. On motion, a committee, consisting of Thomas McDowell, Felix Schmidt, A J. Plumb, J. H. Patrick and Jonas Holstrom, was appointed to confer with Judge White and take such action us might be deemed best for the interests of the depositors, and to report to the meeting on next Monday evening at the same place.

16. December 20, 1875 The New York Herald New York, NY

Article from The New York Herald, December 20, 1875

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THE PEOPLE'S SAVINGS BANK. A meeting of the depositors of the People's Savings Bank was held yesterday afternoon at No. 200 Third avenue. The committee appointed at the previous meeting reported that no statement had been procured from Mr. French, the receiver, and recommended that legal action should be at once taken to procure his removal. This the depositors agreed to do. and counsel was to be instructed at once to prepare the necessary papers with that object. It was also determined to commence legal proceedings against the trustees of the bank individually, so that they may be compelled to demake good the amount of their bond. One of the positors hereupon informed the committee that one of the trustees had failed and at the present time he was keeping a peanut stand. It was decided that this "gentleman" should not be prosecuted, as he was now attempting to earn an honest living. Mr. Warren, the accountant, is expected to make a financial statement this afternoon to the depositors' committee.

17. December 20, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 20, 1875

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THE SUSPENDED SAVINGS BANKS. At a meeting of the depositors of the Peoples' Savings Bank on Saturday evening at No. 200 Third-ave. it was decided to employ counsel to procure the removal of the present receiver and Ito bring suits against the trustees in dividually in order that the deficiency might be made good. Another meeting will be held this afternoon to receive a preliminary report of the condition of the bank. The examination in the charge of perjury against T. W. Decker, late President of the Third Avenue Savings Bank, was continued on Saturday at the Yorkville Police Court, before Justice Duffy. The accountant employed by the depositors testified that he had found many irregularities in the yearly reports and some tietitious items. The hearing will be resumed on Dee. 27. The rumor that Christian Schwartz, late President of the German Uptown Savings Bank, was in the city and had intended to sail for Europe on Saturday, proves on investigation to be false. Papers for his arrest were prepared for presentation to court on Saturday by A. B. Fitch. It is believed that the report was intended to mislead those interested.

18. December 29, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 29, 1875

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THE SUSPENDED SAVINGS BANKS. A meeting of the depositors of the German Up-town Savings Bank was held last evening at No. 869 Becond-ave. It was reported that at a meeting of the depositors' committee and the trustees of the bank on Monday it was determined to make the following recommendations: That the German Up-town Savings Bank resume business: that all depositors consent in writing to reduce the value of their deposits 20 per ocut; that they allow as much of their deposits to remain as they can conveniently with their wants; that it 18 to their mutoal interest that this should be immediately accomplished; that unless the depositors unanimously consent to allow this reduction and the bank to resume, all inperest from July 1, 1875, on their remaining deposits will ve lost; that, if a forced dissolution be made. only 70 per cent or less will be realized, while, if a continuation be effeeted with their consent, they will receive 100 cents for every dollar now due them by the bank. After some discussion the report of the committee was adopted. It wes then ordered that at least 50 per cent of the deposits remain in the bank for one year. About 50 depositors of the suspended People's Savings Bank assembled last evening at No. 200 Third-ave. Dr.

19. April 6, 1876 The New York Herald New York, NY

Article from The New York Herald, April 6, 1876

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# THE PEOPLE'S SAVINGS BANK. Permission has been given by Judge Donohue to Isaac V. French, receiver of the People's Savings Bank, to sue James Ingram, John W. Salter and Francis M. Smith. These three gentlemen were former trustees of the institution. They gave bonds in 1871 and 1872 to make up any deficiency in the bank assets. The Court also gives permission to commence suits for losses incurred by the bank through their payment of unearned dividends and for negligence in allowing Charles T. Rogers, the president of the bank, to mis appropriate some $15,000. Receiver French was further authorized to proceed against Messrs. Ingram and Salter for damages arising out of investments in North Carolina bonds in the year 1868. An attempt will also be made to hold Mr. Smith responsible for not prevent-ing the dividend made in July, 1874. An order to this effect was yesterday filed in the County Clerk's office.

20. August 4, 1877 The Sun New York, NY

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PRICE TWO CENTS. THE BANK SUPERINTENDENT. THE MORRISANIA GERMAN AND SECURITY SAVINGS BANKS. Judge Larned Declining to Grant an Injune tion, Although a Deficiency of $12,000 was Shown-False Entries Made by n Clerk. SARATOGA, Aug. 3.-In the Ellis trial, at the morning session of the Senate, Mr. Reid. the examiner. testifled that the report regard. ing the German Savings Bank of Morrisania of April, 1875, was correct. Deputy Superintend ent Lamb produced the report of the examina. tion of the State Loan and Trust Company of February. 1875, returned with a memorandum of the bank's closing. The depositors were paid. The bank reported June 3. 1875. an ex. cess of assets, but the stockholders were not paid in full when the affairs of the bank were all wound up. The receiver was not appointed until Jan. 28, 1876. Henry J. Hubbard, employed by the Loan and Trust Company. testi< fled that Henry F. Spaulding. receiver, was appointed Jan. 28, 1876, and settled up the concern at a loss to the stockholders of from ten to fifteen per cent. They are mostly brokers and merchants. John H. Robertson, Recording Clerk of the county of New York, identified the summons and complaint against the People's Savings Bank. heretofore referred to, filed Nov. 11,1875. Mr. Swayne. Managing Clerk of the AttorneyGeneral's office. testifled regarding the above complaint. On cross-examination he said Judge Larned refused to grant an injunction. although a deficiency was shown of $42,000, Isane Smith. a clerk in the department, pro. duced the report of Jan. 1. 1875. of the Security Savings Bank, showing an excess of assets of $11,030.51 above the sums deposited. The ex. amination by Mr. Reid, Nov. 27, 1875, shows a deficiency of $890.23. The excess of income was $940.74 Jan. 1. 1876, the bank reported a deficiency of $27,175. The report was received Jan. 31. 1876, when the bank was in the hands of's receiver. He waseross-examined, and said he had not furnished information to John Mack. the complainant, to the Governor. nor to any reporter, nor to counsel. William R. Bangs, Secretary of the Security Savings Bank. testified that he was appointed receiver in February 1876: thought it would pay 60 per cent. On his es-examination the witness said the clerk made false entries, and there were discrepancies between the general ledger and the depositors' ledger amount. ing to $68,000: he found some losses on mortgages: did not take deposits after Reid's report of November, 1875; it was understood in the bank that Ellis had been seen by some of the bank officers after Reid's report. Isaac Smith, clerk in the Banking Department. testified as to the examination of the Mutual Benefit Savings Bank as follows: It was examined by Reid on Dec. 1. 1873, when the as sets were found deficient to the amount of $11, 400, and the income deficient to the amount of $809.10. The bank reported. Jan. 1. 1874. that the trustees' obligations were $5,000. and July 1. 1874. the trustees' obligations were $7,000 To balance the deficiencies, Jan. 1. 1875, the trustees' obligations were increased to $9,152.21 Reid examined the bank in October, 1875, and reported a den. ciency in the assets of $22,700, and the income short $6,391 The trustees did not pay the interest on the call oan for several years. Reid's examination made the as lets the same HS the bank, only valued them differently. Wm P. Aldrick, receiver of the Mutual Benefit Savings Bank was sappointed in December.1 and hascollected $9,000 on trustees' notes He paidtwo divide nds together of fifty cents on the dollar. and hopes to pay twenty-five cents more Prssexamined-The bank held $27,000 in real estate in No Jersey The loss on bonds and mortgages is near. lv $50,000) There were no sales of real estate for cash. Call loans were not paid. the parties having failed.

21. November 17, 1877 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, November 17, 1877

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Another Bank Failure. NEW York, Nov. 17,-The people's savings bank. started in 1871, suspended. About $50,000 is due depositors. The assets, if realized, are enough to pay in full.

22. January 3, 1878 Belmont Chronicle Saint Clairsville, OH

Article from Belmont Chronicle, January 3, 1878

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NEWS ITEMS. A receiver has been appointed to wind up the affaire of the People's Savings Bank of New York. All harbors on the Nova Scotia coast are still open, and vessels are arriving and departing. An official statemment of 179 savings banks in Massachusetts for 1877 shows deposits aggregating $244,596 against $243,340,642.75 for the previous year. A fire at Sweet Water, Tenn., on Christmas night destroyed five stores, two warehouses, and several other buildings. Loss $30,000 George A. Bailey, late publisher of the Congressional Globe, died at Deer ing, Maine, on Wednesday, of last week. The Dominion Cabinet has passed an order in council asking the home Government to remove all restriction on cattle landed in the United King dom. Colonel E. W. C. Green, late publisher of the Philadelphia Sunday Transcript. died Thursd y. He was Pension Agent during President John son's Administration. A heavy snow storm was prevailing Thursday at Cheyenne, and was HPparently coming east ward. The weather throug hout the northwest WH cooler and threatening. The Supreme Court of Dakota Terri tory has decided that officials elected in counties in the Black Hills last November were lawfully elected and are entitled to the offices. It is now understood that the ab sconded Excise Con missioner Murphy of New York hastaken refuge in Can ada, and it said he proposes to offer a compromise and, if accepted, he will return. Figures from the Bureau of Statistics show that our cheese export is becom ing very valuable. In 1860 we export ed 15,515,799 pounds; in 1865, 53,089,468 pounds: in 1870, 57,296,327 pounds; in 1877, 107.364,666 pounds. A convention of colleges organized under authority of land grants from Congress was held at Columbus, Ohio, Thursday. Representatives were present from Illinois, Massachusetts, Iowa Missouri, New Jersey, Virginia, Penn sylvania and Ohio. About one hundred unemployed la borers waited on the Mayor of Toronto Thursday, and stated that they must have work or they and their families would starve. A majority of them were set to work breaking stones. While fifty convicts were being trans ferred from Auburo to Clinton prison, New York, Thursday, Richard Kavan agh jumped from a car window while the train was under full headway, near Fort Ann and escaped. The Bureau of Statistics publishes a statement of the leaf tobacco trade from the year 1790 to 1877, inclusive. The first year *hows the exports to have been 118,460 pounds, the present year 282,386,426 pounds; a heavy ratio of increase being exhibited in the pro gress of the entire time. Chas. H. Merriman has been appointed Receiver of the Economical Life Insurance Company of Providence, R I., the Commissioner representing its insolvency, and the Company was therefore enjoined from proceeding further in transacting business. James O'Neill, and engineer on the Chicago and Alton Railroad, was shot and instantly killed at Bloomington, Illinois, in the street, while returning to his home, having just arrived on his train: The moti ve for the deed is not known, nor is there any clue to the suthor of the murder. The New York, New Haven and Hartlord Railroad Comdany's report shows that the net earnings for the past year have been a little less and the gross income $350.000 less than the year before. All expenses have been met and regular divi lends paid. The r ad is in excellent condition, and its

23. January 22, 1878 New-York Tribune New York, NY

Article from New-York Tribune, January 22, 1878

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INVESTING IN STATE BONDS. J. V. French, receiver of the People's Savfugs Bank, has sued James Ingram, one of the former trustees of the bank, for the loss occasioned by the purchase of $70,000 of the North Carolina bonds, since repudiated-of which, however, $60,000 were sold before they ceased to have any market price,-and on a bond for $5.00 one of several bonds given by the trustees to make good a deficiency in the bank. The defendant's liability on the first claim turns on the punctuation of the Savings Bank Act, the change of a semicolon either giving or taking away the right of trustees to invest funds in State bonds other than New-York State bonds. On the other claim the defence is want of consideration. The facts were agreed to yesterday before Judge Van Brunt, and argument on the law was adjourned to Friday.

24. December 19, 1878 The New York Herald New York, NY

Article from The New York Herald, December 19, 1878

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SUMMARY OF LAW CASES. In the Court of General Sessions yesterday John Sullivan was sent, by Judge Gildersleeve, to State Prison for two years for attempting to shoot Officer Steele. Lester Beach was sent to the same institution for three years and six months for passing a forged check. Vincent McGee pleaded guilty yesterday in the Court of General Sessions to defrauding stage companies by depositing in the money boxes pennies covered with tinfoil. Judge Gildersleeve sent him to the Penitentiary for three months. The trial of Henry Baer and Marx Metzgar, charged with false pretences, was begun yesterday, in the Court of Oyer and Terminer, before Judge Daniels. Messrs. Howe & Hummel appeared in their behalf and Assistant District Attorney Russell for the prosecution. It is alleged that the accused obtained from Charles T. Seymour & Co. a large quantity of tobacco through fraudulent representation. A large number of tobacco dealers were present. The second hearing in the case of Alfred and Felix Salomon, sons of Fanny Salomon, against whom the Commissioners of Charities and Correction are endeavoring, through the Court of General Sessions, to obtain an order to compel them to contribute to their aged mother's support, came up yesterday at Judge's Chambers before the referee, William Moser, Jr. Major Noah and Counsellor Jaroslawski appeared for the Commissioners of Charities and Counsellor Higgins for the sons. There was commenced yesterday before Judge Barrett, holding Supreme Court, Special Term, the trial of the suit brought by Isaac V. French, receiver of the People's Savings Bank. vs. Henry R. Van Dyke and Cyrus Lutrell, former trustees of the bank. Some years ago the bank bought $70,000 worth of North Carolina bonds. which were sold at a great loss. Several of the trustees have paid their share of the deficiency and the present suit is for the balance. Louis Blumgart and Max Hesselberger brought a suit against J. David to recover five pieces of brown and blue union cloth, valued at $483 65, which, as plaintiffs allege, the defendant wrongfully obtained possession of and detains. The trial of the case was commenced yesterday before Judge Larremore, in the Court of Common Pleas. The defence is a general denial. Richard S. Newcombe appears for the plaintiffs and Runkle & Englehardt for the defendant. In the Court of Oyer and Terminer yesterday certiticates were read from Drs. Charles A. Bacon and Alfred R. HMIs. appointed at the instance of the District Attorney, that Charles W. Pontez, accused of complicity in the $64,000 check forgery on the Union Trust Company, is unable to appear at present for retrial. The case was accordingly adjourned for the term.