Peoples Savings Bank (New York, NY)

Episode Information

Episode UID
240330690911
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
24033069 hash
Start Date
November 26, 1875
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
318f7ec160f0a04e

Response Measures

None

Description

Closure followed an immediate run tied to disturbance among Third Avenue/nearby savings banks.

Events (3)
1. November 26, 1875 Run
Cause
Local Banks
Cause Details
Run was linked to contagion from runs and suspensions of nearby Third Avenue/other local savings banks
Measures
Officers closed the doors and invoked the 60 days' notice clause to suspend payments
Newspaper Excerpt
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
Source
newspapers
2. November 27, 1875 Suspension
Cause
Local Banks
Cause Details
Suspension resulted from the run and the broader stoppage/contagion among Third Avenue savings banks
Newspaper Excerpt
The People's Savings Bank closed to-day. Deposits amounted to $200,000.
Source
newspapers
3. December 14, 1875 Receivership
Newspaper Excerpt
Mr. French, the receiver, was appointed to his responsible position...it has been ascertained that a large piece of property ... was not held in fee by the parties who gave the mortgage, but was leased ground.
Source
newspapers

Newspaper Articles (23)
1. 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.

2. 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.

3. November 27, 1875 New Orleans Republican New Orleans, LA
Article from New Orleans Republican, November 27, 1875

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NEW YORK. A Savings Bank Wound Up. NEW YORK, November 26.-The Central Park Bank, a small savings institution up town, will be wound up. Suspended. The Manufacturers and Builders' Bank suspended. The liabilities, exclusive of capital, which is $180,000, are $300,000. The officers say they have sufficient to pay depositors and have a handsome surplus. Run on a Bank. There was a run on the People's Savings Bank, but the officers took advantage of sixty days' notice allowed. and closed the doors. There was a slight run on the Security Savings Bank. Arrival of the Cardinal. The Abyssinia. with Cardinal McCloskey, has arrived. He was met on the landing by a delegation of the clergy and laymen, and escorted to his dwelling. Failed. E. Waitzfelder & Co., dry goods and cotton commission merchants, failed. Oakey Hall Turned Actor. Manager Stuart's announcement that exMayor Hall would appear at the Park Theatre in a new drama is corroborated by him, and has excited much interest in dramatic, literary and legal circles. Boucicault, Harlbut and Stuart himself are said to be his collaborators. Beecher's Thanksgiving Sermon. Mr. Beecher, in his thanksgiving sermon, discussed the question of the common schools. and notably the point whether the Bible should be read in them. He declared unqualifiedly against. There is no reason, he argued, why the Jew should be compelled to listen to, or pay for the reading of the Testament, which he did not believe, why the Roman Catholic should be forced to have his children read or listen to the reading of the Protestant version of the Bible, which he did not think correct. or why, in the localities where the majority was the other way, the Protestant children should be forced in the same way to read the Douay Bible.

4. 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.

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 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.

7. 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°.

8. 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:-

9. November 27, 1875 The New Orleans Bulletin New Orleans, LA
Article from The New Orleans Bulletin, November 27, 1875

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[CONTINUED FROM FIRST PAGE.] Panama, Nov. 17.-Everything quiet. The people have resigned themselves to the provisional government. President Arosemena has gone into the interior. NEW YORK, Nov. 26.-The Central Park Bank, a small savings institution up town, will be wound up. The Manufacturers' and Builders' Bank has suspended. There was a run on the People's Savings Bank, but the officers took advantage of the sixty days' notice allowed, and closed the doors. There was a slight run on the Security Savings Bank. Cardinal McCloskey was met on landing by a delegation of the clergy and laymen and escorted to his dwelling. QUEBEC, Nov. 26.-One of the survivors of the Magdalen fleet says six vessels were lost, and only seventeen out of sixty-two persons were saved. BOSTON, Nov. 26.-The creditors of Lee & Shepard have accepted twenty-five cents on the dollar, payments to be made in eight instalments. VIRGINIA CITY, Nov. 26.-The new Ophir mines commenced hoisting from 1300 feet level. SAN FRANCISCO, Nov. 26 -Benj. F. Gentz, of Boston, and Chas. Knight and wife, of Waltham, were lost on the Pacific. The schooner Sunshine, hence for Coos Bay, is ashore. bottom up, at the mouth of the Columbia River. It is reported she had thirty passengers and a crew of ten men; all are supposed be lost. Philadelphia, Nov. 26.-In the case against the President of the Bank of the Republic for $500 penalty, for refusing to allow Supervisor Tutton to search the bank for misstamped checks, the Judge said the Supervisor was not the proper officer to make the examination, and a verdict was rendered for defendant. FLATBUSH, N. Y., Nov. 26-In an altercation one woman killed a child in the arms of another woman, with a poker. MILFORD, Pa., Nov. 26.-The barn and sheds of Wm. Garrison were burned with LA three cows, a valuable horse, and a tramp who slept in the barn. MILFORD, PA., Nov. 26-The small-pox has broken out along the Hudson and Delaware Canal. The company have quarantined all boats showing the least symptoms of the disease. TOBONTO, Nov. 26.-Ex-Alderman Clement has been arrested for complicity in the muider of Miss Gilmore, for causing her death by abortion, and for which Dr. Davis and wife are now under sentence of death. 1 ATLANTA, Nov. 26.-Ten days ago the Gov. 1 ernor required State Treasurer Jones to make in a new bond; the time expired last night, and ] Jones having failed to file the bond, the office became vacant by the operation of the law. The Governor reserves the appointment of a 1 successor until a future day. Treasury business is done through the Controller's office A until an appointment is made. NEW YORK, Nov. 26.-Manager Stuart's ani nouncement that ex-Mayor Hall would appear at the Park Theatre in a new drama is corroborated by him, and has excited much c interest in dramatic, literary and legal circles. t Boucicault, Harlbut and Stuart himself are o said to be his collaborators. LITTLE Rock, Nov. 26.-The Senate passed 8 a bill changing the name of Clayton county I to Clay.

10. 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.

11. 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.

12. 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.

13. 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.

14. 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.

15. 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.

16. 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.

17. February 13, 1876 The New York Herald New York, NY
Article from The New York Herald, February 13, 1876

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THE PEOPLE'S SAVINGS BANK. A meeting of the Executive Committee of the Do positors' Association, of the People's Savings Bank, was held yesterday, at the store of Mr. Felix Schmidt, who is one of the heaviest depositors. Three communications were read-one from Waldo Hutchins, counsel for the trustees of the bank; one from Barlon & Otney, counsel for the receiver, Isaac V. French, and one from ex-Judge John H. White, counsel for the depositors. The first contained a proposition teen trustees to pay $48,000 on or fouir lodged with the bank weir bond of $53,000 the bv department for lesses sustained - sank without Interest, the $5,000 difference being the liability of James Ingraham. The second letter-that of Mr. Barlow-was to Judge White stat. ing that if the depositors accepted the proposal he would apply to Court to have the same accepted, and that he would sue Mr. Ingraham for the balance. The third letter, Mr. White's, was to the Executive Committee, requesting them to take action in the matLer at once, The committee adopted the following resolution Resolved, That the proposition of the fourteen trustees. made through their counsel, Waldo Hatchins, to Me srs. Barlow & Olney, counsel for the receiver, be and is hereby approved of, providing the said sum be paid at once in one cash instalment, to enable the receiver to declare as speedily as possible a pro rata dividend to the depositors. Mr. A. J. Plumb, secretary, stated that Mr. Rogers, the President of the bank, had just previous to the closing of the bank made three assignments of bonds of mortgages, which made him hable to indictment. That these assignments were as follows:-One bond and mortgage to the jabitor, one to a clerk of the bank and one to a Mr. O'Brien, a friend of one of the trustees. The janitor had foreclosed upon the mortgage assigned to him, and had obtained therefor a certified check for $6,000, the payment of which had been stopped by injunction. The bond assigned to the clerk had been recovered. It was for $2,000. The bond assigned to Mr. O'Brien was given by Andrew J. Garvey, amounting to $25,000, and legal measures were being taken to recover the same. The assets of the bank are as follows:Bonds and mortgages $40,000 Trustees' bond 48,000 25,000 Garvey mortgage Certified check 6,000 Clerk's mortgage recovered 2,000 5,000 Liability of Mr. Ingraham (good) Sale of tixtures (estimated) 1,000 Total $127,000 As the total amount of deposits 18 $174,000 It is expected that, alter paying all expenses incident to wind ing up the affairs of the bank, a dividend of sixty-Ave cents on the dollar will be paid.

18. 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.

19. August 4, 1877 The Sun New York, NY
Article from The Sun, August 4, 1877

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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.

20. 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.

21. 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.

22. March 30, 1878 The New York Herald New York, NY
Article from The New York Herald, March 30, 1878

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THE PEOPLE'S SAVINGS BANK depositors will get a dividend next month. What are the receivers of the other broken institutions doing?

23. October 15, 1878 The New York Herald New York, NY
Article from The New York Herald, October 15, 1878

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fore United States Commissioner Shields yesterday charged with passing a counterfeit fifty-cent piece in a lager beer saloon on Second avenue. When they found the coin was discovered to be counterfeit they ran away, but they were overtaken by the police. The examination was set down for this morning. Thomas Donovan, an infant, brought suit against the Board of Education 10 recover $10,000 for injuries sustained by falling through an open grabing in Ward School No. 1. on the trial before Judge Sedg. wick, yesterday, in the Superior Court, the complaint was dismissed on the ground that the Board ol School Trustees and not the Board of Education were chaarged with the safe keeping of the building. There was began, yesterday, before Judge Donohue, the trial of a suit brought by A. T. Stewart & Co., against Mr. F. C. Dinenny to recover $1,570, the price of an Axminster carpet alleged to have been specially manufactured and imported for the defendant. The defence is that the carpet did not fulfil the stipulations of the order. The slander suit brought by E. H. Baxter against Howard M. Giles, the facts of which have been published, which has been on trial for several days past before Chief Justice Curlis, in the Supreme Court, ended yesterday in a verdict in lavor of the defendant. As Baxter was leaving the Court he was arrested on a bench warrant, issued out of the General Sessions, to answer to 80 indictment found against him in that Court for publishing obscene literature. Antolice Knoires appeared before Judge J. F. Daly yesterday as a WILL LESS lor Frank Sominii, who wisned la take out his CILIZEN papers. He refused, however, to be sworn or make an affirmation, and refused, in fact, to do anything but bold up two Bugers of his left hand. It WILE then ascertained that he was an atheist, and Judge Daly relused 10 accept the applicant, and both went away somewhat bewildered. George Monroe, one of the legalees under the will of the late A. T. Stewari, demurs to the complaint in the suit brought by Alexander Stewart against Mrs. Stewart and Judge Hilton. The ground of the demurrer is that it does not state facts sufficient to constitute a cause of action. The argument on the demurrer, which was 10 have been argued yesterday before Judge Van Vorsi, was posiponed till next Thursday. Thomas Cousens, charged with committing a fraud in the New York Pension Office, was sentenced yesterday by Juuge Benedict to thirteen months' imprisonment in the Albany Penitentiary. Jonn Flynn, a workman, employed in an illicit distillery in Fortyeighth street, New York, was sentenced by the same Judge 10 six months' imprisonment. The case ot Tnomas Douglass, who plexded not guilty to the charge of stealing letters, went over for the term. That of Herman Sampson, who pleaded guilty to passing counterfeit money, was set down for the 21st insi. for trial. Clarence W. Crane, in Part 1 of the Court of General Sessions, yesterday pleaded guilty 10 lorgery, and Judge Sutherland sentenced him 10 one year in the State Prison. William Hill and Timothy O'Neill were yesterday convicted ot burglary. but in consideration of their age Judge Gildersleeve imposed the miligaiva penalty of one year each to the State Prison. The Italian rag picker, Antonio Ventri, charged with felonious assault on Marie Garrona, was yesterday lound guilty of assault with intent to do bodily harm. Judge Gildersleeve, in passing sentence, expressed his determination to do all his power 10 stop the indiscriminate and reckless use of deadly weapons, and sent him to the State Prison for five years. In the suit brought by J. V. French, Receiver of the People's Savings Bank, against John W. Salter, one of the trustees, a demurrer has been made to the complaint, on the ground of alleged improper joinder of the causes of action and non-joinder of the trus. tees, Judge Van Vorst, after hearing the argument yesterday took the papers. The suit 18 like previous ones against other trustees, seeking to nold the defondant liable for losses through investment by the bank in South Carolina bonds, and on his bonds 10 make good deficiencies. Before the Supreme Court, General Term, there was argued yesterday the appeal in the suit brought by Allan McLane Hamilton against Amos F. Eno. The platnsiff, in a report to the Health Department, spoke aisparagingly of various kinds of city governments, but strongly eulogized a particular kind. This elicitod a letter by the defendant, which was published in a paper over the signature of "Citizen." The letter 10timated that the cause of such report was that parties interested in the eulogized government had put some of its stock where It would do the most good. A libel suit grew out 1t, resulting in a verdios lor Hamilton of $3,000. Mr. Euo appeals, claiming that there 18 no proof that his letter WHS malicious and that evidence of the faisity of Hamilton's report was improperly excluded. The Court look the papers.