16611. Third Avenue Savings Institution (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: October 1, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 3cea69ec

Response Measures

Full suspension, Books examined

Other: Multiple legal actions, criminal charges against officers, and receivership administration followed the suspension.

Description

Contemporary accounts report a run on the Third Avenue Savings Bank in late September/early October 1875, immediate suspension/closing of the doors and appointment of a receiver (W. S. Carman). Subsequent reporting documents fraud/forgery and insolvency; receivership and prosecutions followed and the bank did not resume normal operations. Classified as run -> suspension -> closure (receivership).

Events (4)

1. October 1, 1875 Run

Cause: Bank Specific Adverse Info
Cause Details: Bank insolvency and discovery (fraud/forged entries and heavy losses) led depositors to withdraw funds; reports indicate the bank was rotten and insolvent.
Measures: Bank doors were closed to stop further withdrawals; contemporaneous accounts mention heavy crowds and attempts by depositors to gain access.
Newspaper Excerpt: A run on the Third Avenue Savings Bank New York, obliged the bank to close its doors.
Source: newspapers

2. October 1, 1875 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Court-ordered closing following insolvency and intervention by the State Bank Department / Attorney General after the run and discovery of severe deficiencies and fraudulent statements in reports.
Newspaper Excerpt: The Third Avenue savings bank closed to-day pursuant to an order of the Supreme court, granted on application of the Attorney General, at request of the Sup't of the bank department.
Source: newspapers

3. October 2, 1875 Other

Newspaper Excerpt: the receiver, Mr. Carman... Not less than forty women ... were crying and sobbing in the street at one time over the loss of their hard-earned money. The bank doors were not opened. the receiver. Mr. Carman, having changed his mind after taking legal advice . . . . It is as follows: Resources . . . (account of receivership and depositors' distress).
Source: newspapers

4. October 2, 1875 Receivership

Newspaper Excerpt: the receiver, Mr. Carman... (reports of the receiver being in charge and depositors besieging the doors).
Source: newspapers

Newspaper Articles (22)

1. October 1, 1875 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 1, 1875

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MASSACHUSETTS. Fall River Strike. Fall River, September 30. Everything to-day is quiet. There has been a decided change in atfairs since yesterday. A large number of the help went to work this morning, and others gave their mills notice that they will resume work tomorrow. All the mills have help enough, except spinners and weavers. Railroad Matters. Boston, September 20. At я meeting of the directors of the Eastern railroad, to-day, the resignation of Charles F. Hatch, general manager, was accepted. and it was agreed to abolish the passenger office on Washington street. The committee to report on the affairs of the road had not completed its work and was given until Monday next, when a full report will be made. Jefferson Borden Mutineers. Judge Clifford delivered the charge to the jury at 9a. m. to-day, in the case of the Jefferson Borden mutineers. The jury had not agreed at 5:30 p. m., the hour of adjournment. Resumed Work. Between 150 and 200 workmen, removed during the month of September, resumed work at the Charlestown navy yard to-day. The Turt. The race for $2000, between the stallions Smuggler and Jefferson, at Beacon Park. was won by the former. Jefferson went lame and was drawn at the end of the second heat. Smuggler jogged round alone. Time, 2.25 1-2, 2.28, 2.40. NEW YORK. A Demand for Frankness. New York, September 30. The Herald's Vienna special reports that all the representatives of foreign powers have demanded a cessation of the ambiguous policy of Servia. Call for a Commission. "A Ragusa special says the insurgents will not treat with the Porte, but will insist upon the appointment of a European commission, by the Powers, which shall have power not alone to make a treaty but also to confirm it and guarantee its fulfillment. The matter, they say, is now in the hands of the European powers and to them *they will look for a solution. The consuls visited twenty insurrectionary centres, out of one hundred they intended visiting. The insurgents insist on an armistice during negotiations. Failure. It appears that the Third Avenue Savings Bank is really obliged to close its doors, with liabilities of $134,000 to its 8000 depositors, and with assets whose immediate conversion would certainly fail to pay more than fifty cents on the dollar. The bank never fully recovered from the ten weeks run upon it. LATER. The Third Avenue savings bank closed to-day pursuant to an order of the Supreme court, granted on application of the Attorney General, at request of the Sup't of the bank department. Press Comments on the Massachusetts Nominations. The World says of the Massachusetts republican convention that it would have been good pol. icy to nominate Adams, but nobody outside of independent newspapers believed the republicans would nominate him. The Sun's Views. The Sun says the republicans of Massachusetts will be beaten. That is settled. Adams was their only chance, and not a first rate chance either. The Herald's Views. The Herald considers all the proceedings as a plain distrust of President Grant; considers the platform sound; the vote for Mr. Adams significart, and of Mr. Rice, says he is a gentleman and a scholar, but the laboring masses of Massachusetts think him a Boston aristocrat, and his election may be deemed doubtful against the very popular democratic ticket.

2. October 2, 1875 The Sun New York, NY

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VOL XLIII.-NO. 28. ABOUT THE BROKEN BANK. FURTHER REVELATIONS OF THE CONCERN'S ROTTENNESS. Throng of Deluded Depositors Bealeging the Doors-How False Reports of the Institution's Accounts were Prepared-The Other Savings Banks not at all Affected. The throng of depositors around the Third Avenue Savings Bank was much greater yesterday morning than on Thursday. The bank doors were not opened. the receiver. Mr. Carman. having changed his mind after taking logal advice. Not less than forty women. all of them evidently poor, were crying and sobbing In the street at one time over the loss of their hard-earned money. One of them. a colored woman, with a sick child. who had forty dollars In the bank. became so excited that the policemen threatened to lock her up. Another gained entrance to the bank through the private door, and made a rush at the receiving teller. She called him a thief, and tried to climb over the desk to reach him. The receiver summoned a policeman, who ejected her. A young German, who seemed to : c the least agitated of any in the crowd. said that his mother had $4,000 in the bank. all her wealth. accumulated by years of toil and anxious saving. He expected to realize little from the assets of the bank. and intended to work hard to try to make up for the 1983. Among the lookers-on was a police officer. in civilian's affire. who was looking after about $2,000. He complained that the bank officers bad accepted $10fr in him the week before, as though they had no intention of closing up. The depositors all expressed anxiety for an initered te settlement at any sacrifice of assets. Many of them have been saving up money through the summer to live on in the winter, and they are cut oil from that support. Only 117 of the depositors have accounts exceeding $2.00) Those 117 have in the aggregate about $120,000. the rest being comparatively smail dePOSICS. Mr. Corman the receiver. appeared very much disgusted with the situation. He is a mild-manhere. business man, evidently unaccustomed to scenes of excitement and publicity. The SUN rop rter questioned him about the latest statement sent to the Bank Superintendent. It is as follows: Resources.

3. October 4, 1875 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 4, 1875

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GENERAL NEWS. The Full River operatives are quietly resuming work. A run on the Third Avenue Savings Bank New York, obliged the bank to close its doors. A Cheroke Indian, a Japanese and a retired clergyman 50 years old, are among the students at Dartmouth College. The late hurricane was very destructive on all the windward islands of the West Indies. Many marine disasters are reported, with much loss of life. A Hussian Engineer is making a tour of Canada and the United States, inspecting American canals and railways for his government. The sales of Eastern Railroad stock at the broker's from September 1 to 27 were only 7283 shares. The price ranged from $53 on the 6th to $21 50 on the 27th. When you use postal cards remember that nothing but the name and destination can be legally written upon the face of the card. If anything else is written, for instance a date, the card is subjected to letter postage which must be paid before the card leaves the office, or double postage will be exacted at the other end of the route. The wood pavement has not only proved a la-

4. October 4, 1875 The Morning Herald Wilmington, DE

Article from The Morning Herald, October 4, 1875

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S The New York Bank Failure. A reporter of the New York Herald in picturing the scene in front of the Third Avenue Savings Bank in that city which has suspended payment, gives the following: One old lady, scarcely alle to wa k, stood facing the door of the bank leaning on the arm of her daughter. The tears. were streaming down her cheeks and her voice was broken by sobs, as she said to the reporter:-"Oh all that we have in the world is in that bank ; every dollar nearly a thousand. I came here two weeks ago to get it' and they told me to wait until next week. Then I came again, and they told me to come yesterday. I came here then, and the man said I must come this morning. Now they have closed. What shall I do? What can I do to pay mv rent in the morning ? It must be paid or the landlord will put us out. Oh! God have pity on us! What can we do?" One of the policemen on duty in front of the door said, "I had $300 there last week, but my wife coaxed me to take it out." A butcher, doing business on Second avenue, deposited $1,450 last week, fearing to keep it in his own house until to-day, when he wan ed to use it. Hundreds of poor people flocked around the doors early in the morning, for the news of the failure spread like wildfire, and all earnestly denounced the managers of the bank for their supposed mismanagement.

5. October 7, 1875 The New York Herald New York, NY

Article from The New York Herald, October 7, 1875

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# THE THIRD AVENUE BANK. MEETING OF THE DEPOSITORS LAST NIGHT. A meeting of the depositors of the Third Avenue Savings Bank was held last night at the corner of Third avenue and Twenty-sixth street. The room where the meeting was held was packed to suffocation, and was entirely inadequate to accommodate even one-half of those who sought to take part in the proceedings. The meeting was called to order shortly before eight o'clock, and Mr. H. N. Hardy was elected Chairman and G. A. Joseph, Secretary. It was found, as soon as the formality of electing the officers had been gone through with, impossible to keep anything like order, for every man in the room attempted to make his voice heard, the consequence of which was that for some time nothing could be done. Every one connected with the bank and the State Banking Department was denounced on every side. In the midst of the confusion that ensued Mr. A. P. Fitch attempted to make a speech, but for some time could not obtain a hearing. Subsequently some degree of quiet was secured and he proceeded to inveigh against the action of the Judge at Albany in appointing the late secretary as receiver, saying he thought it an insult to the people of this city that a judge so far remote should take upon himself to decide a question which solely interested the people of New York. He denounced the action of the Superintendent of the State Banking Department in allowing the bank to go on doing business for so long after he knew it to be in an insolvent condition. Mr. B. A. McDonald also spoke in the same strain and read the law on the case and the duty of the Superintendent as therein set forth, after which he severely criticised all the officials concerned, from the Bank Superintendent down to the Board of Trustees. Mr. C. Herrens read the last statement of the bank, and said that the present disaster was entirely due to the Bank Superintendent, who had evidently neglected his duty. The only cause for his not closing this bank before, which he must have known to be rotten, could be attributed to but one cause, and that was because his interest lay in keeping it open, as it is out of just such concerns as this that he makes his profit. In the case of banks like the Bleecker Street Savings Bank and other of that ilk he could expect nothing, for they would scorn to bribe him; but banks in the condition that the Third Avenue Bank was in were his game, and he had made his profit out of it, or it would have been shut up long since. He thought the present receiver, who had been secretary of the bank, was not a fit man to wind up the affairs. Here several persons attempted to speak at once and several motions to adjourn were made, but the Chairman refused to listen to any such proposition. He put a resolution to the meeting to the effect that a committee be appointed to consult together and to engage counsel, from whom advice should be obtained as to the feasibility of making application to the courts for the appointment of another receiver in place of Mr. W. S. Carman, the present appointee, and, further, to report to the next meeting of the depositors a plan of action. This resolution was adopted unanimously and the following were appointed as the committee by the Chair: G. A. Joseph, Jacob Riger, H. N. Hardy, Leo. A. Fleidner, Henry Green and Charles Russell. The meeting then adjourned, subject to the call of the Chair.

6. October 9, 1875 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 9, 1875

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NEW YORK. Moody and Sankey. Now York, October 8. It was decided last night at the conference with the Brooklyn ministers and Mr. Moody, that the latter, with Mr. Sankey, will commence their religious labors in the Brooklyn Rink, on Sunday, October 21st, as there will be no place ready in Philadelphia at that date. Nearly all the ministers of Brooklyn, except Fulton, give them a cordial welcome. Captured. A street car thief who had picked the pocket of a merchant, last evening, was chased by the latter, when the thief turned and fired at his pursucr, but was captured just as he was about firing on a policeman. Financial. There was a slight run, this morning, on a German savings bank, caused by the collapse of the Third Avenue savings bank. The worst is believed to be over, and the bank is said to be entirely sound. The Haytien Government. The Post's Washington specialsays the Haytien Government has carried out the terms of the protocal signed here a few weeks ago in regard to the liberation of the rebellious fugitives who sought safety and protection from Minister Berrett. Suit Termi aated. The old suit of John T. Green against the city to get pay on contracts for laying down big pipes at the upper end of the city, terminated to-day in a judgment for the plaintiff for $62,000, being entered by consent. Marine Disaster. The brig J. Leighton, from Port Johnson to Boston with coal, is ashore on the east end of Varner Shoals, and is water-logged. The sea is washing her deck, and high water will probably cover her. A small boat is astern ready to take the crew off. A tug boat has taken off some of the articles.

7. October 11, 1875 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, October 11, 1875

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# NEWS OF THE DAY. "To show the very age and body of the Times." A Montevideo dispatch announces that martial law has been proclaimed there. Cardinal MeCloskey, on Saturday, bade farewell to the Pope and Cardinal Antonelli. Father Matthew's birthday was celebrated by the Catholic temperance societies in New York, Saturday, by a mass meeting. It is reported that Germany will demand this year six million marks additional for the military expenses. The damage to the Memphis court house by the fire Friday night will probably reach $12,000. The fire was the work of an incendiary. The Tradesmen's Industrial Exposition was opened at Pittsburg, Pa., Saturday, and proves a success. A London dispatch says it is reported at Portsmouth that all the British vessels in Japanese waters have been ordered to China. The failure of Mong & Co., of Montgomery, Ala., is reported in Louisville, Ky., where the firm is said to be indebted in the sum of $100,000. Wm. Pemberton, an escaped convict horse thief, was mobbed while in custody of a constable at Peoria, Illinois, Friday morning, shot several times, and finally hung. It is suspected that the Carlists contemplate another attack on Bilbao. One thousand troops left Cadiz, yesterday, for Cuba, and fifteen hundred more will follow on Wednesday. The man recently captured in Fentress county, Tennessee, with $4,700, has been identified as one of the robbers of the Huntington (West Virginia) bank. John Dolan, who was arrested for the murder of Mr. Noe on Greenwich street, New York, was committed, yesterday, without bail to await his trial. G. T. Heard was convicted at Conyers, Ga., Saturday, of an attempt to outrage two little girls. He committed suicide immediately after conviction by taking morphine. Recent rains have caused disastrous floods in Leicestershire and Warwickshire, England, and great destruction of property and some loss of life is reported. The run on the two German savings banks at New York, which followed the suspension of the Third Avenue Savings Bank, has entirely ceased. Captain Bogardus, the well known pigeon shooter, has been arrested in St. Louis at the instance of the society for the prevention of cruelty to animals, for shooting at a match near that city Friday. In Baltimore during the past forty-eight hours experienced burglars got into seven stores in one neighborhood, but their plunder amounted to very little-not above a few hundred dollars in the total. At Lawrence, Mass., Saturday night, Bernard Bradley, while drunk, beat his wife over the head with a bottle, and then poured boiling water over her. She cannot recover. Bradley was arrested. Charles Ehring, a tailor, at Rahway, N. J, attempted to commit suicide by stabbing himself nineteen times in the head and five times in the breast. He then tried to hang himself with a suspender, but was prevented by the police and locked up. He was under the influence of liquor at the time. A freight train on the New York Central Railroad, going forty miles an hour, left the track at Buffalo, Saturday, and dashed into the walls of the depot, demolishing a large portion of the structure, wrecking the locomotive and part of the train, and instantly killing the engineer and the fireman, their bodies being shockingly mangled. Some wretch entered the house of George Forrest, at Bay City, Mich., and poured vitrol in the face of Mrs. Forrest while she was asleep from which she will probably lose her eyesight, besides being otherwise disfigured. The outrage is supposed to have been committed by a man whose suit had been rejected in Forrest's family. A destructive fire occurred on Friday night at the country residence of Daniel J. Foley, of Baltimore. Several buildings were destroyed with fifteen tons of hay, one thousand bushels of wheat, and fifteen head of valuable imported cattle. The fire is attributed to a tramp who was seen in the neighborhood. The property is insured. A systematic effort to swindle the Canadian banks by means of forged letters of credit has been brought to light by the arrest of a man at Quebec while attempting to pass a forged draft at one of the banks. Ou Thursday the Bank of British North America, of Halifax, was swindled out of $2,700 by means of a forged letter of credit purporting to have been issued at its New York agency. The bad feeling which has existed for a long time past among the miners of different nationalities in the Pennsylvania coal region culminated in a desperate riot at Shenandoah on Saturday night, in which several persons were wounded. The latest reports last night represented all quiet at Shenandoah, with a strong posse of Sheriff's officers and police patrolling the town. The American brig Helen G. Rich is ashore on Salt Key bank, off the coast of Cuba, and it is thought will be a total loss, though her cargo of lumber will be partly saved. The mate of the brig reports that on the island, near where the vessel stranded, he saw a signal pole standing and found there the skeletons of five persons, which had evidently been exposed to the weather for months. It is supposed from the clothing and shoes on them that the skeletons were those of English sailors. COLLINGWOOD. The Collingwood correspondent of the Virginia Farmer says:-Last Monday Mr. S. H. Snowden, having previously rented his extensive farm to Mr. Bonton, of Ohio, broke ground for a large new residence within a few rods of the Potomae, on one of the most eligible and beautiful sites of the hundreds, and I might, without exaggeration, say thousands that strew the banks of this unsurpassed river. His builders, the Messrs. Richardson, have already commenced

8. October 18, 1875 The New York Herald New York, NY

Article from The New York Herald, October 18, 1875

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THIRD AVENUE SAVINGS BANK. Several of the heaviest depositors of the Third Ave. nue Savings Bank have been in consultation with the bank officials relative to resuming business again. They propose that as soon as it is known what dividend can be paid each depositor shall be credited with the amount due on that basis; that the bank be run under a email expense and shall pay but four per cent interest and that all the profits shall be added to the depositors' individual accounts. They also propose that the present Receiver, Mr. Carman, shall manage the bank, but that a new board of officers be appointed. If this plan is followed the creditors will in the end, it is said, receive upward of ninety per cent, while if they push the Receiver their dividend will not amount to more than fifty per cent. They further suggest that the most needy depositors be paid a dividend of about ten per cent as soon as possible, which can be easily done. with the property that can be negotiated without loss If this plan is not agreed to by a majority of the depositors they are in favor of waiting and giving the Receiver an opportunity to negotiate the property without sacrificing it to wind it up immediately,

9. October 19, 1875 The New York Herald New York, NY

Article from The New York Herald, October 19, 1875

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THIRD AVENUE SAVINGS BANK. THE PLAN FOR RESUMPTION FAVORABLY RECEIVED-ITS BASIS. The proposition of several of the heaviest depositors of the Third venue Savings Bank to reorganize the bank and run it for the benefit of the depositors meets with much favor, and upward of &wenty depositors called at the bank yesterday and heartily indorsed the idea. The matter has been canvassed by the originators, and they deem the plan very feasible. The figures on which they base their calculations are as follows:RECEIPTS. $14,000 $200,000 mortgages, interest per year 5,000 Bonds market value $72,000, interest per year. 15,000 Rent of Bank property, interest per year, 3,000 Profits on $100,000, estimated deposits Total $37,000 EXPENDITURER $25,000 Interest at four per cent to depositors 8,000 For salaries, rent and other expenses, Total $33,000 From this statement they claim the institution can be made self-supporting and the receiver, Mr. Carman, can keep the real estate, amounting at a fair valuation now to about $250,000, until higher prices can be ob

10. October 21, 1875 The New York Herald New York, NY

Article from The New York Herald, October 21, 1875

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The Broken Savings Bank's Suspicious Propositions. The proposition to reorganize the Third Avenue Savings Bank, recently suspended, and to run it for the benefit of the depositors may be a good one, but it should be cautiously entertained and very thoroughly scrutinized. An array of figures is made, intended to prove that the bank can be made self-supporting upon its present resources with one hundred thousand dollars in deposits added. But to this pleasing pro gramme are added the condition that Mr. Carman, the receiver, who has got his grasp on the assets in the interest of the bank and not by the will of the depositors, shall be allowed to retain possession, and the announcement that no further statement then that embraced in the January report will be given to the public at present. As the January statement was fraudulent, designed to represent the bank as solvent, and as Mr. Carman is understood to have sanctioned that statement, some exception may be fairly taken to both these provisos. It is very evident that the depositors can have no confidence whatever in Mr. Carman or in any other officer of the institution by which they have been victimized, and that, if any such arrangement as the one proposed be feasible, it can as well be carried out by some other competent receiver as by Mr. Carman. The danger is that these tempting baits may be held out by the bank for the purpose of inducing the depositors to leave the affairs and the books and papers of the bankrupt institution in the hands of its late Secretary. The proposition only strengthens the suspicion that there are matters connected with the management which the bank people are anxious to conceal. All manner of injurious rumors are afloat; rumors not only of mismanagement but of direct dishonesty, which ought to be set at rest. The manner of Mr. Carman's appointment as receiver is full of suspicion. After the Bank Superintendent, with a knowledge of the bankrupt condition of the concern, had suffered it to continue its business and enlarge the circle of its victims, the bank was allowed to steal up to Albany without the knowledge of its creditors and to get its own receiver secretly appointed without their consent. Before the swindled depositors knew that their money was gone the bank doors and the bank's books and papers had been closed to them and they were utterly powerless in the matter. It is clearly the interest of the depositors and of the public at large that a new receiver, not mixed up with the bank, should be put in charge of its affairs. Let the whole transactions of the concern, and the whole action of the Bank Department in relation thereto, be brought to light. As we have said, an arrangement such as is proposed, if practicable, will not be retarded, but will be promoted by the appointment of a capable receiver on whom the depositors can agree and in whom they have confidence, and the first thing advisable to be done is to secure the removal of Mr. Carman and the appointment of a new receiver in his place.

11. November 10, 1875 New-York Tribune New York, NY

Article from New-York Tribune, November 10, 1875

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# THIRD AVENUE SAVINGS BANK. THE PETITION FOR MR. CARMAN'S REMOVAL-ADDI- TIONAL COUNSEL TO ENTER THE CASE-LETTER FROM MR. FITCH. The petition prepared by the committee of depositors of the Third Avenue Savings Bank, asking for the removal of Mr. Carman as receiver, was signed by several hundred depositors yesterday, at the committes room, No. 554 Third-ave. Their counsel, Ashbel P. Fitch, is in daily consultation with the depositors and is to argue the motion to remove Mr. Carman, before Judge Westbrook, at Kingston, on Saturday. The com- mittee appointed on Monday evening by depositors who were dissatisfied with Mr. Fitch met last evening at No. 293 Third-ave. Edward Mallon presided, and F. T. Maynard acted as Secretary. All the members were present, and claimed to represent $40,000 in de- posits. After a free interchange of opinion the Committee decided to employ Algernon S. Sullivan as counsel. It was

12. November 18, 1875 New-York Tribune New York, NY

Article from New-York Tribune, November 18, 1875

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# THE ACCUSED SAVINGS BANK OFFICERS. Messrs. Lyon, Decker, Bates, Morgan, and Carman, former officers of the suspended Third Avenue Savings Bank, charged with certifying incorrect reports to the Bank Department of the condition of the bank, gave bail yesterday in the sum of $5,000 each, at the Fifty-seventh Street Police Court, Justice Duffy presiding. Benjamin A. Lyon of No. 244 East Sixtieth-st., Henry Sauipagh of No. 244 East Twenty-sixth-st., John Davidson of No. 805 Lexington-ave., William Bates of No. 709 Pacific-st., Brooklyn, and Philip J. Seiter of No. 1,019 Third-ave., were accepted as sureties. The case was then adjourned until this afternoon at 3 o'clock, when the accused officers will decide whether to demand an examination or waive it.

13. November 26, 1875 The Daily Argus Rock Island, IL

Article from The Daily Argus, November 26, 1875

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Bank Failure in New York. NEW YORK, Nov. 26.-The Manufacturers' and Builders' Bank, on Third avenue and 57th street, suspended this morning, The excitement in this vicinity, among depositors is intense, NEW YORK, Nov. 26.-A run haying commenced on the People's Savings Bank, Third avenue, this worning the officers closed the doors and took advantage of the 60 days' notice rule. This bank was affected, together with others, by the run on the Third ayenue Savings Bank.

14. December 10, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 10, 1875

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THE SAVINGS BANK RECEIVERS. The receivers of the suspended savings banks have entered upon their duties and are busy examining the books and securities. Bank Superintendent Ellis stated to a reporter of THE TRIBUNE last evening that there was nothing new to say about the condition of the banks. He should return to Albany to-day, and would visit this city again, probably, next week. Herman Uhl, receiver of the German Up-town Savings Bank, filed yesterday his bond as receiver, Oswald Ottendorfer and William Steinway becoming his bondsmen. Each of the boadsmon jusiifies in $150,000. The Mutual Life Insurance Company has begun a suit against the Third Avenue Savings Bank to foreclose a mortgage for $25,000 ou property on Fifth-ave., near Eighty-fifthst., originally mortgaged to the bank, but the mortgag on which the bank was guaranteed.

15. December 16, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 16, 1875

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names have rarely anything distinctive about them, and for the most part are not more than one remove above silliness. "Greenburgh ' is a fair sample of the class. The suspension of the Uptown Savings Bank has been traced to an embezziement. A series of forgeries perpetrated on the Third Avenue Savings Bank is now found to account for some of its heavy losses. In both cases the money was abstracted in several smaller sums. It seems probable that sharp care exer cised by the bank officers might have stopped the process before the losses reached their present size. Investigations to determine whether officers and trustees did their whole duty in these banks will be in order: if the money was lost through their neglect, they should be made responsible. The House vote on subsidies is a cheering sign. Coming so shortly on the heels of Mr Kerr's election, it may fairly be construed a a renewed pledge of the majority agains railroad and steamship jobs of all sorts, the Southern Pacific's, the Pacific Mail's, Post master-General Jewell's, or any other. The Speaker will be fully warranted in accepting this as the deliberate judgment of the House and constituting his Committees in accordance with it. We have expected a good deal o mischief from this House, and have not beer too hopeful of good. But he would be a hare man to suit, no matter what his party predi lections, who should not be pleased with th two most conspicuous acts, thus far, of the session. President-making and maneuvering for posi tion in the national campaign have already begun in Congress. The Republicans tried to get the Democrats into a false position on the return to specie payments, and partly suc ceeded. Mr. Morton has submitted an elabo rate series of resolutions designed to tes the extent to which Southern rebel now in Congress have been reconstructed. H also proposes a Senatorial investigation of the election in Mississippi, and, as he would be the Chairman of the Committee, we all know what a dreadful state of affairs he would speedily discover. The Democrats in the House have forced Republicans on the record agains the third term, but they have not caugh Mr. Blaine. Altogether it is a game o maneuvering in which both sides seem at firs a little awkward. Gen. Babcock has done a sensible thing i asking for the dissolution of the Court of In quiry. It must be confessed that appearance have been from the outset much against him The indictment is in itself presumptive proof of the existence of evidence which the Grand Jurors thought important. The telegrams themselves, the declarations of Hen derson, Dyer and others, all point to : strong belief in his guilt. But, on the other hand, justice requires the public to note that, thus far, Gen. Babcoel bas done everything which an innocen man could, under the circumstances, be ex pected to do. The moment his name was im plicated he telegraphed a request to be ex

16. December 20, 1875 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 20, 1875

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THE NEW YORK SAVINGS BANKS. The deeper the examination of the affairs of the broken New York savings banks is carried, the more Indignant and hopeless the depositors become, and the larger the deficiencies. The former President of the German Up-Town Havings Bank is shown to have been In the habit of making loans to bis personal friends on worthless securities, The counsel of the Lank approp risted to his own UHO $33,735 which Le had collected for the Lank. Large amounts of Seathern and county bonds which were rated in his assets at par, are worthless, The Mutual Benefit Ravings Bank is in the hands of A Receiver, who refusos to give the depositors any information about its condition, and these unfortunate creditors have appointed an expert to ascertain what their prospects are for dividends. The Receiver, W. F. Aldrich, in stated by the Now York Sun to have been, when connected with the State Banking Department, one of the Examiners who reported the Third Avenue Savings Bank sound, when it was insolvent. The People's Savings Bank has assets of about $57,000, to meet $180,000. The Receiver of this bank bluffed the representative of the depositors with the remark that when he wanted him he would send for him, and the Receiver's lawy er gave him the desolating informati >n that a bank which could pay 50 per cent to these titnes was doing remarkably well! The books of the Third Avenue Savings Bank thow that a deficiency of $235,000 was known to the Trustees in 1872. Their bond for $176,000, cannot be enforced till 183.1 SCARCITY OF GOLD IN BALTIMORE. There is BO little cash gold in Baltimore that Importera there have difficulty in obtaining enough to pay duties with. The American says: It is hardly credible, but it is n fact, that one Inporter who wanted $50 visited four brokers' offices be fore he could secure that small amount. Those who winh larger amounts have to wait until they can, through their correspondents, buy gold notes in New York. The Committee of Baltimore sugar-importers who recently visited Washington in reference to drawbacks on sugars called the attention of Treasurer New to the trouble that existed here on account of the BubTreasurer having discontinued the sale of gold memorandum checks. They urged upon Mr. New the necescity: that existed for affording them relief, and he promised that be would 800 what could be done. GROWTH OF TAXATION. The New York Daily Bulletin is compiling comparative statistics of the growth of taxation and population, national, State, and local, The list is as follows: 44 Ordinaty expeditures of the United States Government " in 1874 and 1860, exclusive of interest on debt. 1674. 1900.

17. December 23, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 23, 1875

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01 Totals These figures indicate a dividend of 35 cents on the dollar to depositors. If the trustees' bonds are contested the dividend will be materially reduced. It is hoped by the depositors' committee that by skillful management on the part of the receiver the assets may be made to yield their full market value, and that by granting reasonable time for payment some of the bad debts may be compromised and settled to the advantage of the de. positors. The outlook at present is not hopeful. THE GERMAN UP-TOWN BANK. Henry Clausen, jr., recently President of the German Up-town Savings Bank, has addressed a long letter to the depositors in regard to the suspension and its causes. He says that after the failure of the Third Avenue Savings Bank there was a heavy run on the German Up-town Savings Bank, and that the directors arrived at the conclusion that the run had resulted chiefly from the financial emba arrassments of the President, C. Schwarz. Mr. Clausen's letter explains how he and other directors began to realize that Alabama State bonds, bonds of the town of Springport, Cayuga County and North and South Carolina bonds were comparatively worthless. In conclusion Mr. Clausen says: "I, in conjunction with some of the directors, used my best efforts to secure the appointment of a receiver who would conscientiously administer the affairs of the bank for the best interests of the depositers. J. D. Crimmins and I then called upon Gen. Uhl, who, after considerable hesitancy, consented to accept the receivership if appointed by the courts." Mr. Clausen advises depositors not to dispose of their bankbooks, as the receiver will wind up the affairs of the bank as rapidly as possible for the best interests of the depositors. The depositors of large sums in the German Up-town Lank met last evening at No. 1,037 Third-ave. Forty were present, representing about $100,000. A paper, drawn up by Mr. Crimmins and others, made the fellow. las sucgestions: According to the receiver's inventory

18. March 9, 1876 New-York Tribune New York, NY

Article from New-York Tribune, March 9, 1876

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The case of the officers of the suspended Third Avenue Savings Bank is rendered serious by the decision of Judge Duffy. They are held for making oath to a fraudulent statement of the affairs of the bank, its true condition being concealed by false entries in the books. The technical ground of the defense will not help it in popular estimation. The argument that the defendants were not liable because the deceptive report was dated a

19. April 1, 1876 New-York Tribune New York, NY

Article from New-York Tribune, April 1, 1876

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# TRUSTEES. Mr. William A. Darling has published a defense of his conduct in connection with the Third Avenue Savings Bank. He declares that he knew nothing of any improper or dishonest transactions by the officers of the bank while he was trustee; and as for the Annual Report, signed by him as Secretary pro tem. in 1871, and now alleged to have been false if not fraudulent, he says that it was prepared by the Actuary, and was signed in good faith. We presume that Mr. Darling's account of the affair is correct. We know of no reason to charge him with fraud, or with a guilty knowledge of the mismanagement by those who took a more active part in the business than he did, and we certainly shall not make haste to suspect him of wrong while it is possible to believe him innocent. From his letter, however, Mr. Darling seems to have committed a fault which is unfortunately too common. He accepted a trusteeship, and took no proper pains to execute the trust. "During a portion of the "year 1865, and most of the years "1866-7," he says, "I could not give "much attention to the affairs of the "bank, by reason of my absence in Washing-ton as a representative in the XXXIXth "Congress, and confinement to my house by "serious illness." It was during this period that the loans were made which ultimately led to the failure of the bank. Afterward, it is fair to assume, indeed Mr. Darling's letter virtually asks us to assume, that he gave but a superficial attention to the business, and so, when he signed the Report, although he believed it to be a correct exhibition of the condition of the institution, he really did not know whether it was so or not. Now the depositors placed their money in the bank in the understanding that Mr. Darling and the other trustees associated with him would supervise its management and protect their interests. When the trustees accepted office they bound themselves in honor to do that, and when they neglected their trust, to run for Congress, or to take care of their private affairs, they were guilty of a breach of trust. Mr. Darling of course only did what hundreds of others do every day, without thought that they are doing wrong. But if the standard of business morality were as high as it ought to be, gentlemen whose names are now used for bait would realize that they have no right to accept a trust unless they are prepared to discharge the obligations it involves.

20. May 31, 1877 The New York Herald New York, NY

Article from The New York Herald, May 31, 1877

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Reaching the Rope's End. There is consolation in the fact that two unfaithful bank officers have been sent to the State Prison in Connecticut. The triumph of justice in the instance of the Hartford Bank will probably encourage some of the sufferers by the frauds of the Third Avenue Savings Bank in this city and other swindling concerns to take their griefs before the Grand Jury and secure the indictment of some of their victimizers. In view of the fact that the receiver of the Third

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

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# DANIEL D. T. MARSHALL DANIEL D. T. MARSHALL went on the bond of the late Third Avenue Savings Bank for $2,500, and the consequence is that he finds himself $3,378 out of pocket—a jury having rendered a verdict against him for that amount yesterday, at the suit of the receiver. His counsel tried to get him out of the scrape by representing that he was not a director of the bank, had no personal knowledge of its affairs, was compelled to take the word of those who had, and signed the bond upon conditions which had not been kept. But Judge VAN BRUNT ruled out all evidence as to the alleged misrepresentations of the bank officers, or as to the conditional signing, and the jury found the rest of the defence no defence at all.

22. June 17, 1878 The New York Herald New York, NY

Article from The New York Herald, June 17, 1878

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# THE THIRD AVENUE SAVINGS BANK. TO THE EDITOR OF THE HERALD :- Why cannot the receiver of the Third Avenue Savings Bank declare a dividend? Is there no judge in the city who will bring the receiver to time as Judge Hackett brought the Aldermen? This would be the greatest service the courts could possibly render. SUFFERER.