Yorkville Bank - New York, NY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: December 29, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: a5393916

Response Measures

None

Description

Article (Dec 29, 1875) reports large withdrawals from Yorkville Bank after the failure of the Third Avenue Savings Bank (deposits reduced from about $50,000 to $15,000). No suspension or reopening/closure of Yorkville Bank is described; trustees preparing to secure the depositors from loss. Classified as a run only, likely triggered by failures of local banks.

Events (1)

1. December 29, 1875 Run

Cause: Local Banks
Cause Details: Withdrawals followed the failure of the Third Avenue Savings Bank, causing depositors to pull funds from Yorkville Bank.
Measures: Trustees are preparing to secure the depositors from loss (taking steps to protect depositors).
Newspaper Excerpt: Since the failure of the Third Avenue Savings Bank the deposits in the Yorkville Bank have been reduced by withdrawal from about $50,000 to $15,000.
Source: newspapers

Newspaper Articles (1)

1. December 29, 1875 The Sun New York, NY

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Article Text

SAVINGS BANKS' ACCOUNTS. Swelling of Assets in the Statements Exhibited to the Bank Superintendent. An accountant's researches in the People's Savings Bank have resulted in interesting disclosures. The bank was never solvent during the eight vears of its existence. Among its incorporators were Daniel Drew, William C. Conner, and William Seligman. and Daniel Drew was for a long time Vice-President. Although the charter expressly provides that "no president, vice-president, trustee, officer, or servant of said corporation shall borrow directly or indirectly the funds of said corporation or its deposits," nevertheless Cyrus H. Loutrel. VicePresident when the bank suspended, seems to have been repeatedly accommodated with call loans. When the bank was examined in December. 1871, it showed a deficiency of $54,769.62. although fixtures and postage stamps were counted In the assets. Mr. Howell, the bank Superintendent. allowed the trustees to deposit their personal bond for $55,000, as security for the deficiency. This bond. which did not bear interest, was thereafter included among the rescources. In 1878 the bank statement. in which the trustees' bond figured, likewise an imagin $10,000 as the value of the lease ot the bank office. showed a nominal surplus of $29.13. Superintendent Ellis afterward required that interest be paid on the bond of *the trustees. It appears that the $20,000 mortgaire by Mr. C. Γ. Rogers, the President. was given to make ID for the increasing deficiency. and in order that there might bea better show of resources in the next January statement. The mortgage will not fall due until November, 1876. and there is a question as to whether the courts will sustain its foreclosure. It can hardly be counted 38 an available BESCL. There is an entry of $12,000 paid out, for which no consideration is found to have been received by the bank. The lease also, which in the receiver's statement of assets figured at $10,000, is declared by competent judges to be not only worth nothing. but on incumbrance which it would be worth something to get rid of. It now seems likely that the depositors will hardly realize twenty-five cents on the dollar. unless the trustees step forward and pay their bond. So far none of them have paid, though all have been warned. Mr. Uhi. the receiver of the German Uptown. is ready to pay a first dividend of twenty-five cents on the dollar. Several depositors of the Mutual Benefit Sav. ings B nk are taking steps to sue ex-trustees of the bank. Since the failure of the Third Avenue Savings Bank. the deposits in the Yorkville Bank have been reduced by withdrawal from about $50,000 to $15,000. The trustees are preparing to secure the depositors from loss. Sever ex stockholders of the Manufacturers' and Builders Bank are moving to revive the institution. but they do not receive encouragement from the depositors Mr. Ashbel P. Fitch, who rer resents the District Attorney In the prosecution of ex-officials of the Third Avenue Savings Bank, said yesterday: "I have no intention of retiring from this prosecution unless so instructed by the District Attorney. whatever mav be the decision of Justice Duffy on the point raised by Mr. Clinton. The affidavits on which the warrants were asked for were prepared by the Hon. Samuel G. Courtney. and after the District Attorney had been consulted as to the validity of criminal proceedings."