Third Avenue Savings Institution

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: April 1, 1881*
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 1bca009b

Response Measures

None

Description

Articles from Apr–Aug 1881 show the Third Avenue Savings Institution had a court-appointed receiver (S. H. Hurd) handling liquidation and distributions; no contemporaneous run is described. The bank is in receivership and being wound up (final dividend discussed), so classified as suspension leading to closure/receivership. Also articles report a forgery by the receiver's bookkeeper while handling the failed bank's funds.

Events (4)

1. April 1, 1881* Suspension

Cause: Government Action
Cause Details: Bank placed in receivership and its affairs being wound up by court-appointed receiver S. H. Hurd; legal proceedings and bankruptcy matters ongoing.
Newspaper Excerpt: Mr. Hurd, receiver of the Third Avenue Savings Bank ...
Source: newspapers

2. April 16, 1881 Receivership

Newspaper Excerpt: Can you enlighten a poor depositor as to what Mr. Hurd, receiver of the Third Avenue Savings Bank, is doing toward settling its affairs? ... Mr. Hurd expects to pay a final dividend of about 10 per cent to the depositors, which, with the former dividend of 15 per cent, makes the 25 per cent ... (New-York Tribune, Apr 22, 1881).
Source: newspapers

3. May 20, 1881 Other

Newspaper Excerpt: a forged check for $6,000 had been deposited ... purported to be signed by S. H. Hurd, the receiver of the suspended Third Avenue Savings Bank ... bookkeeper Abraham Sellems ... confessed he had taken from the funds of the broken bank.
Source: newspapers

4. August 23, 1881 Other

Newspaper Excerpt: In the matter of The People against The Third Avenue Savings Bank, Judge Westbrook has entered an order referring the report of S. H. Hurd, receiver, etc., to the referee, Samuel B. Hamburger.
Source: newspapers

Newspaper Articles (5)

1. April 22, 1881 New-York Tribune New York, NY

Article from New-York Tribune, April 22, 1881

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Article Text

# A BANK DEPOSITOR'S GRIEVANCE. To The Editor of The Tribune. SIR: Can you enlighten a poor depositor as to what Mr. Hurd, receiver of the Third Avenue Savings Bank, is doing toward settling its affairs? Toms River, N. J., April 16, 1881. EDWARD DAY. (We understand that Mr. Hurd has done all in his power for the interests of the depositors, but has been delayed in settling the bank's accounts by the slowness of legal proceedings. The judgment of over $30,000, obtained by the receiver against the City of Elizabeth, N. J., has since been contested by the Farmers' Loan and Trust Company. The case was tried several months ago in the Supreme Court, but the Judge has not yet rendered his decision. The receiver is now opposing before the Registers in Bankruptcy the applications of several of the bank's trustees for a discharge in bankruptcy, in which he hopes to be successful. Mr. Hurd expects to pay a final dividend of about 10 per cent to the depositors, which, with the former dividend of 15 per cent, makes the 25 per cent, which on taking charge of the bank's affairs he estimated would be paid. The time of final settlement, of course, depends on the celerity of the courts.—Ed.]

2. May 20, 1881 New-York Tribune New York, NY

Article from New-York Tribune, May 20, 1881

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Article Text

LOSSES IN STOCKS LEAD TO FORGERY. Francis Harris, president of the Nassan Bank, reported to Superintendent Walling yesterday that a forged check for $6,000 had been deposited at his bank. It purported to be signed by S. H. Hurd, the receiver of the suspended Third Avenue Savings Bank, and was draw 11 on the Nassau Bank. The circunstances of the transaction led to the belief that the forger was Mr. Hurd's bookkeeper, Abraham Sellems, who handled funds of the Third Avenue Bank, and deposited them,according to directions, in the Nassau Bank. The forged check was deposited March 10, and was intended to cover various sums to the amount of $6,000 which the forger had withheld out of the funds intrusted to him to deposit. Detectives Maloney and Hickey arrested Sellems late in the afternoon at his desk in the receiver's office, at Twenty-third-st. and Third-ave.. under the Fifth National Bank. He was taken to Police Headquarters and locked up. He wave his age as fortyfive years, and his place of residence as No. 296 Third-ave. To Inspector Byrnes Sellems made a confession of his guilt. He stated that he had lost money in stock speculations and had taken it from the funds of the broken bank. He claimed that the check covered all his operations.

3. May 20, 1881 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, May 20, 1881

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Article Text

# A FORGED CHECK. IT IS DEPOSITED BY A RECEIVER'S BOOKKEEPER NEW YORK, May 10.-Francis Harris, President of the Nassau Bank, reported to the police to-day that a forged check for $4,000 had been deposited at his bank. It purported to be signed by S. H. Hurd. Receiver of the defunct Third Avenue Savings Bank, and was drawn to the order of the Nassau Savings Bank. From the circumstances of the transac-tion it was plain that the forger was Hurd's bookkeeper, Abraham Selloms, who handled the funds of the Third Avenue Bank, and deposited them, according to directions, in the Nassau Bank. The forged check was deposited March 10, and purported to be the Receiver's personal check, and was intended to cover various sums to the amount of $0,-10

4. May 21, 1881 New-York Tribune New York, NY

Article from New-York Tribune, May 21, 1881

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Article Text

# COMMITTED FOR FORGERY. Abraham Sellers was taken before Justice Flammer at the Tombs Police Court yesterday, on complaint of Francis M. Harris, president of the Nassau Bank, for having forged, March 10, a check for $6,000 on the Nassau Bank, while acting as confidential clerk to Samuel H. Hurd, of No. 334 Lexington-ave. receiver of the Third Avenue Savings Bank. Sellers was committed for trial.

5. August 24, 1881 New-York Tribune New York, NY

Article from New-York Tribune, August 24, 1881

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Article Text

ORDERS ENTERED IN THE THIRD DISTRICT. ALBANY, Aug. 23.-In the matter of the Attorney-General against the Continental Life Insurance Company, Judge Westbrook has filed an order for the payment of disbursements of Wingate & Cullen; also a notice and petition of Wingate & Cullen for payment of the disbursements. In the matter of The People against The Third Avenue Savings Bank, Judge Westbrook has entered an order referring the report of S. H. Hurd, receiver, etc., to the referee, Samuel B. Hamburger. In the matter of The People against The Globe Mutual Life Insurance Company, Judge Westbrook has entered an order directing the receiver to pay off and discharge taxes, water rates and assessments on Gowanus Canal property in Brookly n. The notice and petition for leave to pay off and discharge water rates and assessments on the Gowanus Canal property have also been filed.