Bond Street Savings Bank (New York, NY)

Episode Information

Episode UID
6382391390909
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
638239139 hash
Start Date
September 1, 1875*
Location
New York, New York (40.714, -74.006)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
172d8110e3c1cd88

Response Measures

None

Description

The bank experienced a steady run (one-third of deposits withdrawn) over the year following the failure of the Third Avenue Savings Bank, leading to its closure.

Events (3)
1. September 1, 1875* Run
Cause
Local Banks
Cause Details
Withdrawals triggered by the failure of the Third Avenue Savings Bank and a general lack of confidence in savings institutions.
Measures
The bank initially paid on demand but eventually sought a receiver due to the illiquidity of its real estate assets.
Newspaper Excerpt
during the past year and since the failure of the Third Avenue Bank one-third of the deposits have been withdrawn, and that this withdrawui is steadily going on
Source
newspapers
2. September 20, 1876 Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank suffered from a deficiency of income due to litigation over town bonds and steady withdrawals that made it impossible to meet demands.
Newspaper Excerpt
The closing of the Bond Street Savings Bank in New-York to-day was due to an order of Justice Landon of the Supreme Court
Source
newspapers
3. September 21, 1876 Receivership
Newspaper Excerpt
ordering them to show cause why a receiver should not be appointed to take steps toward closing up the affairs of the bank
Source
newspapers

Newspaper Articles (21)
1. September 21, 1876 New-York Tribune New York, NY
Article from New-York Tribune, September 21, 1876

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MISFORTUNES OF THE BANK. ITS LOSSES ON TOWN BONDS-WITHDRAWAL OF DEPOSITORS AND TRUSTEES. ALBANY, N. Y., Sept. 20.-The closing of the Bond Street Savings Bank in New-York to-day was due to an order of Justice Landon of the Supreme Court, to show cause on the 25th inst. why a receiver should not be appointed. The order was issued on the application of the Attorney-General, at the request of Superintendent Ellis of the Banking Department. in the January statement the bank had shown a deflcleney of income for 1875 amounting to $20,000, and this was greatly due to the suspension of interest on certain town bonds during litigation. Recently, however, a

2. September 21, 1876 Evening Star Washington, DC
Article from Evening Star, September 21, 1876

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Injunction on Bank Officers. NEW YORK, Sept. 21-Aniojunction issued by Justice Landon, of the Supreme Court, was served 3 esterday morning upon the officers of the Bond Street Savings Bank, at Bond street and the Bowery, restraining them, until further order of the court, from crrrying on any transactions as a corporate institution, and ordering them to show cause why a receiver should not be appointed to take steps toward closing up the affairs of the bank and liquidating all liabilities. The assets are 81,412,287, and the liabilities $1,286,688. A large part of the assets are in real estate. All injunction was issued at the instance of t the trustees, who desired to liquidate its affairs.

3. September 21, 1876 The Cincinnati Daily Star Cincinnati, OH
Article from The Cincinnati Daily Star, September 21, 1876

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unsatisfactory, and leaving the essential facts untouched. The Bond-street Savings Bank suspended yesterday. They will pay depositors in full. During the past year over one-third of the deposits have been withdrawn, owing to recent savings bank failures and general lack of confidence. Murdered by Her Husband. Mrs. Rose Chatterton, 58 North Second street, Williamsburg, was murdered by her idle drunken husband Samuel, last night in the presence of the children. He struck and kicked her until she expired. He was arrested.

4. September 21, 1876 The New York Herald New York, NY
Article from The New York Herald, September 21, 1876

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BOND STREET SAVINGS BANK. Yesterday morning the Bond Street Savings Bank closed, the trustees having detarmined 10 give over business and pay the depositors in full. Owing to the steady withdrawal of deposits they concluded that it was expedient to wind up their affairs and make a settlement while it was in their power to do so. On September 5 a meeting was called and the conditio: n of the institution was investigated. It was found that during the past year and since the failure of the Third Avenue Bank one-third of the deposits have been withdrawn, and that this withdrawui is steadily going on to such an extent as to indicate is lack of confidence on the part of depositors and the public generally. In view of these facts they deem it an act of prudence that a receiver be appointed to close up the affairs of the bank, and they have passed resolutions to that effect. Among the assets are items of real estate amounting to $355, in round numbers. To convert this property into money at fair prices will require time and thus prevent the bank from going into voluntary liquidation and paying off its depositors on demand. Resolutions explaining their reasons for closing were unammously adopted at the meeting of the trustees on September 5 and forwarded to the Superintendent of the Banking Department, who has given leave to the Attorney General to dissolve the corporation and wind up its attairs. The following IS a statement of the bank's condition at the time of closing:ASSETS.

5. September 22, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 22, 1876

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The Bond street, New York, savings bank has been closed by order of the bank commissioner and a receiver will be appointed.

6. September 28, 1876 New-York Tribune New York, NY
Article from New-York Tribune, September 28, 1876

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Boss Shepherd has testified on the witness stand to Gen. Babcock's good character. Nevertheless, the indications still are that he will be acquitted. The baggage-smasher must take a new place in history. One day last week/he handled 4,000 pieces received from Philadelphia on the Pennsylvania road alone, and nobody seems to have been hurt. The Centennial travel on this road reached its maximum last week with a quarter of a million passengers carried to and from Philadelphia without accident. No more fitting choice could have been made for the orator of the Seward statne than that of Mr. Seward's devoted friend and warm partisan. The occasion and the surroundings compelled the address of Mr. Evarts to be brought within narrower compass than the oration of Mr. Charles Francis Adams several years age, but it will excite less criticism and controversy than did that somewhat famous address. It deals with Mr. Seward rather in respect to what he was in himself than as to what he was, measured by and above other men distinguished like himself. Yesterday's coal sale showed conclusively that the low prices established by the first auction are to be maintained. The public, however,. will do well even yet to buy sparingly. Coal is more likely to be lower than higher. The coal companies must throw it on the market in large quantities, in order to meet their obligations, and they must take for it whatever they can get. Buyers have heretofore had nothing to do in fixing the price. Now they are likely to have everything, if they do not throw away their opportunity by undue haste. Another savings bank has the wisdom to close its doors of its own accord without waiting until the time when they would be shut in the faces of outraged depositors. The New Amsterdam follows the good example of the Bond Street Bank, and asks for the appointment of a receiver to adjust its affairs. The large proportion of the real estate to the total assets makes it hardly possible that the full figure claimed for them can be realized, but the depositors are better off than they would have been if there had been further delay, and the community is safely rid of a weak bank which probably had no excuse for being. Thus far every investigation that has been made tends to confirm the belief that the Hell Gate explosion crumbled the reef into small fragments. Both by the sounding apparatus which has been swept along the bottom, and

7. September 30, 1876 New-York Tribune New York, NY
Article from New-York Tribune, September 30, 1876

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THE SAVINGS BANKS. MANY DEPOSITORS WITHDRAWING THEIR ACCOUNTS -ACTIVITY OF THE DRY DOCK BANK-RESERVES OF THE BOND STREET BANK. There appears to be considerable uneasiness among the depositors of the different savings banks, and an inclination to withdraw deposits, even from some of the stronger institutions. The closing or suspension of the New Ainsterdam and Bond Street banks has apparently created this excitement. At the Dry Dock Bank, at Third-st. and the Bowery, yesterday, large numbers of men and women called for their deposits. The officers of the bank waived the 60 days' notice which they had a legal right to enforce, and the uneasy depositors were paid as fast as two clerks could settle their accounts. Mr. Webster, the secretary of the bank, stated that the securities held by the bank could be turned Into money in two or three hours, and that even if they were sold at the lowest market rate there would be a surplus left large enough to start another bank with a capital of from $60,000 to $65.000. Most of the securities were United States and city bonds, which command a premium of from 8 to 15 per cent. Six millions of these bonds are United States, New-York City, Brooklyn, and Albany bonds, all of which are salable at a moment's notice. The excitement also extended somewhat to the Bowery, Bleeeker Street, and Metropolitan Banks, and the officers of each made similar statements in regard to their readiness to meet any demands. About 250 depositors of the suspended Bond Street Savings Bank assembled last evening at No. 291 Bowery. Henry Dauscha was chosen chairman, George D. Rollwagen secretary, and Sohn Lewis treasurer. The committee appointed to confer with the officers of the bank made a favorable report. Following are the chief points of interest: Value of assets by the books, $1,412,287 58, with lialiabilities $1,286,688 02, showing an apparent surplus of $125,599 56. The committee, however, reported as immediately available:

8. September 30, 1876 The Sun New York, NY
Article from The Sun, September 30, 1876

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MEETING OF DEPOSITORS. What the Creditors of the Bond Street Savings Bank May Get. The depositors in the suspended Bond Street Savings Bank met last evening to listen to the report of their committee. The committee reported that the property immediately available is: United States bonds, $296,000 Brooklyn city bonds, $112,000; New York city bonds, $85,700 Westchester county bonds. $70,000: Richmond county bonds, $1,020: bonds and mortgages, $332,300; loans on call. $6,000; cash in vault and banks, $27,735.91; interest accrued. $14,152.82 interest overdue. $2,266.70; rents due and accrued. $2,500. Total, $899,675.43, which Is about seventy per cent. of the whole amount due the depositors. Not immentately available are: Real estate valued in official statement, $398.212.15; town bonds, $114,400. Total, $512,612 15. which is about forty per cent. of the liabilities. But the committee compute a sbrinkage. The bank value at this la follower

9. September 30, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, September 30, 1876

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NEW YORK. The Hell Gate Explosion. NEW YORK, Sept. 29.-Gen. Newton officially reports to the Pilot Commissioners the following deptbs of water over late Hallett's reef. Since the explosion, from 180 feet distan from the shore line to the line of buoys, the bottom slopes gradually from 8 feet depth at mean low water to 20 feet. Outside the line of buoys not less than 20 feet depth at mean low tide was observed. Divers have been examining the reef and report a thorough break-up. The Book Trade Fair. The fourth fair of the American Book Trade Association closed at 6 o'clock last night. The last day proved to be the most successful of the four in a business point of view, and there were as many books sold yesterday as there were during the three previous days. Full returns of sales will not be made for several days, but it is thought the aggregate amount will reach $100,000 Savings Bank Panic. The recent suspension of the New Amster dam and Bond street Savings Bank has produced quite an excitement among the smaller depositors in the different savings institutions, and this morning every savings bank in the city was crowded with depositors, demanding their money. The Express says that before the close of another week the probabilities are that others of the small banks will be compelled to close their doors. The depositors of the Bond street Savings Bank met to-night and received the report of the committee on investigation. The report showed that the amount due depositors is $1,286,688. The assets amount to $1,412,287. The assets are composed of U. S. bonds, real estate. cash on hand, call loans, bonds and mortgages. Gift to Charitable Institutions. The board of estimate and apportionment of aldermen to-day voted about $17,000 of excise money to charitable institutions. Yellow Fever Scare. A yellow fever scare was created in Jersey City to-day, where two cases and one death are said to have occurred, the latter a lady who nursed her sick husband in Savannah. The physicians, however. say her death was caused by intermittent fever. Deaths are announced of the wife of Commodore Garrison, and of Newton St. John, formerly a leaging banker of Mobile, all of this city. Child Murder. Catherine Stevens, who is endeavoring to prosecute her reputed husband, Robert Stevens, for bigamy, asserts that he in the past fourteen years has drowned her four children before they were a day old. Defranding Insurance Companies. Samuel Harlem, of the firm of Harlem & Co., manufacturers of clothing at 12 Sirpenpard street, was arrested to-day, charged by the Fire Marshal with attempting to defraud the following fire insurance companies: Williamsburgh City, Relief Insprance Co., Girard of Philadelphia, British American Assurance Co. of Toronto, Mechanics' Insurance Co of Brooklyn. His place of business was burned some time ago, and assisted by the merchant creditors of the firm, who furnished him with fraudulent invoices, he endeavored to extort $17,344 75 from these companies, while his actual loss was about $7000. The total amount for which he was insured was $22,000. Steps will be taken to punish the merchants who furnished him with fraudulent invoices. International College Race in Prospect. ITHICA, Sept. 29.-At a very large and enthusiastic meeting of the various classes of Cornell University, held to-night, it was decided to send a challenge to the winners in the Cambridge-Oxford race, which occurs in March next. The challenge will be fours or eights, with a coxswain, as the Englishmen may desire, and for a four-mile race over the regular course, from Putney to Mortlake.

10. October 2, 1876 The Sun New York, NY
Article from The Sun, October 2, 1876

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JOTTINGS ABOUT TOWN. W. S. Marshall. not W. S. Paine. was recommended for receiver of the Bond Street Savings Bank. Presbyter" says that the Rev. Geo. F. Seymour was not elected is delegate to the General Convention. Jas. B ggett. of Brooklyn, while intoxi rated. fell fr in a coach 111 Maiden lane, yesterday, and was severely injured. Patrick Lvons, who was struck on the head with 11 above by Dantel Sulilvan. on Monday last, died ye terday. Sufilvan 18 in the Tombs. 1 he Germans of New York are this evening to give a tarewell banquet to the German workingmen who were sent as dele ,ate, to the Exhibition. Mr. Win. S. Evan. Sr., one of the founders of the New Y rk Typograp teal Union, No. 6. IN lying dangerously ill at 82 Herbert street, Brookly 11. E. D. The American Temperance Union yesterday. in Steleway Hall, listened to a prayer by the Rev. Alfred Tay or, H recita tou by Mrs. Jennie E. Parks. and is lecture by Dr. T. S. LamGert Noah Condent of 152 West Forty sixth street, white 111 . Broadway car on Saturday evening had * diamond plu matched from his shirt buson. Immediately aft rward William Henry from the car. and Mr. Condent had him arrested Yesterd y in the Fifty-minth street Police Court no proof against Henry was offered, and he was discharged 11 Itliam Davey, a respectable laborer of 500 West Two nty street. was assaulted on baturd night by William Leer, J on Bretton, and other roughs. He was struck on the temple th h avy Instrument and Knock is sca-cle-a. Michael Twolly of 541 West Twenty wixth street WAR also beaten by the rough Leet and Brennan were held by Justice Bixoy.

11. November 3, 1876 The New York Herald New York, NY
Article from The New York Herald, November 3, 1876

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BOND STREET SAVINGS BANK. As a result of the notice published in the HERALD a few days ago twenty-two of the depositors who made deposits in the above named bank on and after Sep. tember 6, the day on which the directors resolved to suspend payment, presented their claims for such amounts yesterday and were paid in full. The total amount paid was $1,995, which leaves over $2,000 to be yet called for. The receiver is still anxious for all dépositors who have not done NO to hand in their passbooks, to be written up and verified.

12. January 17, 1877 New-York Tribune New York, NY
Article from New-York Tribune, January 17, 1877

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LETTERS FROM THE PEOPLE. A BANK RECEIVER'S ECONOMY. CARD OF EXPLANATION FROM THE TELLER OF THE BOND STREET SAVINGS BANK. To the Editor of The Tribune: SIR: A short communication in a recent number of your journal criticising "a bank receiver's extravagance," concludes with a proper appeal provided the premises were true. "The six able-bodied men" were composed of four men and two boys, and two of the men were dismissed last Saturday evening. Depositors were exceedingly anxious to withdraw the dividend during the first ten days of January, in order to deposit in other savings banks and obtain the benefit of the six months' interest accruing from Jan. 1. Previous to last Friday the number of depositors was 80 great each day that despite our most strennous efforts we did not conclude the payments until after 5 o'clock in the afternoon. Upon two occasions we remained in the bank till 10 o'clock in the evening. Furthermore, the " crew were not peid even the lowest sum mentioned in "Depositor's" communication. OSCAR EVERITT, Teller. New-York, Jan. 16, 1877.

13. October 22, 1878 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 22, 1878

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MINOR TELEGRAMS. Ballion gone into the bank of France today, 275,000 pounds. Snow fell at North Troy, Vt., Sunday for two hours. Subscriptions to the 4 per cent loan yesterddy were $111,500. National bank notes received at the Treasury yesterday for redemption $450,000. The Connt de Paris has contributed 1000 francs for the ycllow fever sufferers. The receipts of internal revenue vesterday were $646,174 and from customs $706,877. Brig America from Sligo is ashore on Orleans island, St. Lawrence river. Allan mail steamer Sardinian from Quebec arrived out yesterday morning. The whole story of an Afghan envoy to the Porte is untrue. The villa of Samuel George at Jamaica, L. I, was burned yesterday. Loss $10,000. The Ameer's reply to England is unconciliatory and unsatisfactory. The Sultan has authorized Baker Pasha to employ 21,000 men to complete the defensive lines of Constantinople. Seven illicit distilleries were captured in Yankton and Davie counties, North Carolina, last week. The executor of the will of Miss Danser of New York has paid $320,000 to benevolent and religious societies. John Miller, a baker of Providence, R I., was badly burned yesterday by the explosition of a kerosene lamp. Henry Arlington of New York was accidentally and probably fatally shot while gunning near Portsmouth, N. H, yesterday. Nothing has been heard of Hoxie, the defaulting Brooklyn. asssitant district attorney of The Orangemen have sued the mayor of last. Montreal for false arrest on the 12th of July The Democrats of the sixth Tennesse DisCongress. trict have nominated John T. House for The stock markets are steadier upon the contradiction of rumors afloat regarding the suspension of a large Liverpool firm. The headless skeleton of Aaron Symes, an English emigrant, was found Sunday in the woods near Yonkers. A large illicit distillery with 25,000 gallons of mash whiskey was captured in Cherry street, New York, Sunday. A brick building owned by General Brady and occupied by the Muncie Times and the postoffice, at Muncie, Indiana, has been burned. Loss $10,000. All the collieries in a working condition throughout the Schuylkill region began work Monday morning. to fill the additional quota for October and the full quota for November. In Bostou yesterday Fred Collamore fell from a hotel on the corner of Cclumbia killed. avenue and Berkely street and was instantly At Philadelphia yesterday John O'Neil was sentenced to death for the murder of Coroner Hesser in December, 1874. Peter McManus. his accomplice, was also sentenced to death. Senor Pi Y. Mangall has been arrested by the Spanish government and sent to Leville spiracy. for complicity in the recent Republican conThe London Times Bucharest correspondent telegraphs: "Dr. Smith, the American consul at Galatz, told me that he was the bearer of a letter from President Hayes recognizing the independence of Roumania. Mayor Howell of Brooklyn has vetoed a resolution of the aldermen appropriating $20,000 for street repairs on the ground that it was a shallow and hyprocritical dodge to aid politicians in the forth coming elections. The receiver of the Bond street savings bank, New York, which suspended two years ago, yesterday began the payment of five per cent to depositors, which will aggregate upwards of $6,500. Carthagena, New Granada, has an epidemic in the form of malarial fever, the character of which has not been satisfactorily determined by medical men. Some fatal cases have occurred and many are prostrated. Ship Edith Troop of St. John, from New York for Antwerp, with wheat and rice, arrived at Halifax in distress from the effects of the hurricane on the 12th. The vessel is owned by Troop & Son of St. John. A. C. Larose, the murderer of his father and mother and of Moses Schurz, who has been confined in the lunatic asylum at Harrisburg, escaped therefrom Saturday. The physicians had recently pronounced him sane, and fearing that the sentence of death would be carried into effect, he escaped.

14. October 22, 1878 The New York Herald New York, NY
Article from The New York Herald, October 22, 1878

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BOND STREET SAVINGS BANK. During the widespread financial panic of the fall of 1876, which resulted so disastrously to savings institutions all over the country, and which spread like wildfire along Third avenue in this city, the Bond Street Savings Bank was compelled 10 succumb to the pressure of popular distrust. The bank had the con. fidence of the German residents of the east side of the city, 3,800 of whom deposited their savings there, the total amount of deposits being as the time of the failure $1,286,688 02. Mr. Willis S. Paine was an.

15. March 7, 1879 New-York Tribune New York, NY
Article from New-York Tribune, March 7, 1879

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MORRIS WILKINS, Auctioneer. ECEIVER'S SALE of the BOND STREET R SAVINGS BANK PROPERTY. E. H. LUDLOW & CO. will sell at Auction on WEDNES. DAY, March 19, 1879, at 12 o'clock, at the Exchange Balesroom, No. 111 Broadway, UNDER THE DIRECTION OF WILLISS PAINE, esq., Receiver: Bowery, No. 330.-The valuable corner of Bowery and Bond-st, and known as the Bond Street Savings Bank. Maps and all particulars at the Auctioneer's office, or Messrs. BARLOW & OLNEY, Attorneys, No. 206 Broadway. [5257]

16. March 8, 1879 New-York Tribune New York, NY
Article from New-York Tribune, March 8, 1879

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Auction Sales of Real Estate. MORRIS WILKINS, Auctioneer. RECEIVER'S SALE of the BOND STREET SAVINGS BANK PROPERTY. E. H. LUDLOW & CO. will sell at Auction on WEDNES- DAY, March 19, 1879, at 12 o'clock, at the Exchange Sales- room, No. 111 Broadway, UNDER THE DIRECTION OF WILLIS S. PAINE, esq., Receiver: Bowery, No. 330.-The valuable property on the Northwest corner of Bowery and Bond-st., and known as the Bond Street Savings Bank. Maps and full particulars at the Auctioneer's office, or Messrs. BARLOW & OLNEY, Attorneys, No. 206 Broadway. [5257]

17. March 17, 1879 The Sun New York, NY
Article from The Sun, March 17, 1879

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Auction Notices. MORRIS WILKINS, Auctioneer. RECEIVER'S SALE OF THE BOND STREET SAVINGS BANK PROPERTY. E. H. LUDLOW & CO. will sell at auction on WEDNESDAY, March 19, 1879, at 12 o'clock, at the EXCHANGE SALESROOM, 111 BROADWAY, UNDER THE DIRECTION OF WILLIS S. PAINE, ESQ, RECEIVER, BOWERY, No. 330. The valuable property on the northwesterly corner of Bowery and Bond st., and known as the Bond Street Savings Bank. Maps and full particu- lars at the Auctioneer's office, or of MESSRS. BARLOW & OLNEY, Attorneys, 206 Broadway.

18. October 9, 1879 The New York Herald New York, NY
Article from The New York Herald, October 9, 1879

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THAT BANK JOLLIFICATION. THE BOND STREET BANK HOUSE WARMING DECLARED NOT TO HAVE BEEN PAID FOR OUT OF THE SURPLUS. In the statement published in yesterday's HERALD from Superintendent Lamb, of the Banking Department, concerning his investigations into the alleged mismanagement of some of the savings banks in the State, Mr. Lamb makes the following criticism upon the officers of a bank for savings in this city:A newspaper reporter has told me recently that he attended a "jollification" at the opening of the now Bond Street bank Building in 1873 or 1874, and that a whole floor was there laid with tables containing lunch and wine, and one of the officers especially requested him to say in his report that not a cent of the depositors' money was expended in the outlay-it was all sarplus. Novertheless, surplus surply is, to is certain extent, depositors' money: from is the dividends to depositors must be made. This same bank failed a few years afterward and has not paid over seventy-one per cent of its indebtedness. When this paragraph was shown to Mr. Charles D. Bailey, late treasurer of the Bond Street Bank, he shook his head and emphatically declared that he did not think that a strict interpretation of the law allowed the directors of a bank to spend its depositors' money in this way. "I regarded the giving of an entertainment at the opening of our new building as a benefit to us in the way of advertising us and making friends, and thereby increasing the business of the bank and giving us an opportunity to rent part of the building. I took a business view of the matter and believe that the affair was a benefit to the bank, and that, therefore, the spending of the money was of advantage. But I agree with Mr. Lamb. The officers have no right to spond any of the surplus of a savings bank for such purposes." HOW IT WAS PAID FOR. "Then why was it permitted?" asked the reporter. "Well," replied Mr. Bailey, hesitating as though he were about to make a very damaging admission, "between you and me, the entertainment was not paid for from the surplus. In fact, I may as well tell you that I paid for it myself." "Oh!" said the reporter. After further questioning Mr. Bailey admitted that the "jollification" cost $980, that he gave his personal check to the secretary of the bank for $1,000 to pay for it, and that that was all there was of the matter. He did not know that the other directors were all of his way of thinking on this question. Mr. Bailey desired to correct another mistake of Mr. Lamb's. The.assertion that the bank has only paid seventy-one per cent of its indebtedness 18 not true, he says. It has paid seventy-five per cont and will pay ninety per cent, in the opinion of Mr. Bailey. The bank was not mismanaged and failed only as eleven other savings institutions in this city did and from the same causes-viz., the financial panic, the great fire and the sudden depression in business. Moreover, when it suspended Mr. Bailey thought the bank was able to pay every cent of its liabilities, and this would have been the case but for the continued depression of real estate. At all events, said the gentleman, the Bond Street Bank dopositors are better off than any of the others.

19. March 29, 1880 New-York Tribune New York, NY
Article from New-York Tribune, March 29, 1880

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# SPECULATIONS IN TOWN BONDS. The Township of Belleville, New-Jersey, issued bonds to the amount of $100,000 for the construction of the Montclair Railroad at the time the road was built. Subsequently a part of the township called Woodside was annexed to the City of Newark, and a condition of the transfer was the assumption by Newark of $82,800 in bonds. They were issued for different terms, the last not falling due until 1890. The highest quotation of the bonds for several years has been from 40 to 60 cents on the dollar. Eighteen of the bonds of the par value of $1,000 each became the property of the Bond Street Savings Bank of New-York, and this institution being placed in the hands of a receiver, Mr. Paine, he began suit through Randolph & Talcott, of Jersey City, to recover the full value of the bonds, together with the seven years' interest and coupons. On March 18, Randolph & Talcott collected from the City of Newark $22,557 76 in full settlement of Newark's share of liability on the eighteen bonds held by the receiver. It has been ascertained that Mr. Paine, pending the suit against Newark, sold the bonds to an unknown person at the rate of 120, realizing therefrom $21,000. At 120 the share of Newark on the bonds would have amounted to $17,884 80; and Belleville's share $3,715 20, showing that the sum paid by Newark in settlement was $4,672 96 in excess of that paid to the receiver, leaving also the sum of $4,893 64 to be collected from Belleville by the person holding the bonds, who has made about $6,851 40 by the operation.

20. March 30, 1880 New-York Tribune New York, NY
Article from New-York Tribune, March 30, 1880

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A RECEIVER'S SALE OF TOWNSHIP BONDS. Willis S. Paine, receiver of the Bond Street Savings Bank, who recently sold $18,000 of bonds of the township of Woodside, N.J., belonging to the bank, is absent from the city. At his office it was said by Mr. Adams. who has charge of Mr. Paine's business during his absence, that the sale of the bonds was negotiated by Mr. Talcott. of Randolph & Talcott, Jersey City, who had been retained by the receiver's counsel, Barton & Olney, in the suit brought by the receiver for the payment of the bonds. The suit had been begun about SIX months ago. Mr. Talcott, it was said, had made at different times offers for the bonds, and they were finally sold to him at 120. The check in payment was given to Receiver Paine 'at the United States Trust Company, and theredeposited to his credit as receiver of the bank. Mr. Adams said that Mr. Talcott was the only person who had negotiated with the receiver, but he did not know for whom Mr. Talcott might have been acting. The sale had been considered by both Mr. Paine and himself as one very favorable to the bank. They had been informed that the suit would be contested, and it was thought, therefore, expedient to sell the bonds at what was considered a fair price rather than to run the risk of a long and expensive lawsuit.

21. April 26, 1883 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1883

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# SUPERINTENDENT HEPBURN'S SUCCESSOR. ALBANY, April 25.-It is reported that the Governor to-morrow will send in the name of Willis S. Payne for Bank Superintendent in place of A. B. Hepburn. Mr. Payne is a lawyer, and has been receiver of the Bond-st. Savings Bank.