Harlem River Bank (New York, NY)

Episode Information

Episode UID
6465048891132
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
646504889 hash
Start Date
April 26, 1894
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
38bf7775ff9a85aa

Response Measures

None

Description

The bank was closed by the State Banking Department following the withdrawal of its clearing house agent and discovery of impaired capital and defalcation.

Events (3)
1. April 26, 1894 Suspension
Cause
Government Action
Cause Details
Closed by State Banking Superintendent after the Garfield National Bank refused to act as its Clearing House agent and an examination revealed impaired capital.
Newspaper Excerpt
The troubles of the Harlem River Bank were first brought .0 notice last week Thursday... the institution was closed by Supt. Preston and Examiner Judson placed in possession.
Source
newspapers
2. May 2, 1894 Receivership
Newspaper Excerpt
At 12.45 o'clock Judge Bookstaver signed an order appointing David B. Sickles temporary receiver of the bank.
Source
newspapers
3. May 31, 1894 Other
Newspaper Excerpt
it will develop that Kean, the defaulting book-keeper, had accomplices. The total defalcation, will foot up fully $30,000.
Source
newspapers

Newspaper Articles (21)
1. April 28, 1894 The Evening World New York, NY
Article from The Evening World, April 28, 1894

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EXAMINERS STILL AT WORK. No Statement of the Harlem Bank's Condition Yet Ready. A Receiver May Be Applied for After the Investigation. Everything is quiet at the Harlem River Bank this morning. Examiner Barker is busy going over the bank's books, and stated that he would not finish his examination before noon. All the bank's cash, amounting to about $8,000, principally in specie, was carted away in a grocer's wagon and deposited in % downtown bank to the credit of Supt. Preston. Cashier Hinckley denied emphatically this morning the intimation that there was any scandal connected with the bank's difficulties. Bank Examiner Judson will not say yet whether application will be made for a receiver. The wife of a wealthy Harlem business man went into the bank this morning to get some money to pay her butcher's bill. Her husband, who has a large balance at the bank, is out of town, and she was without any money at all. She was greatly disappointed when she found that the bank could give her no assistance.

2. April 28, 1894 The Evening World New York, NY
Article from The Evening World, April 28, 1894

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EXAMINERS STILL AT WORK. No Statement of the Harlem Bank's Condition Yet Ready. A Receiver May Be Applied for After the Investigation. Everything is quiet at the Harlem River Bank this morning. Examiner Barber is busy going over the bank's books, and stated that he would not finish his examination before noon. All the bank's cash, amounting to about $8,000, principally in specie, was carted away in a grocer's wagon and deposited in a downtown bank to the credit of Supt. Preston. Cashier Hinkley denied emphatically this morning the intimation that there was any scandal connected with the bank's difficulties. Bank Examiner Judson will not say yet whether application will be made for a receiver. The wife of a wealthy Harlem business man came into the bank this morning to get some money to pay her butcher's bill. Her husband, who has a large balance at the bank, is out of town, and she was without any money at all. She was greatly disappointed when she found that the bank could give her no assistance.

3. April 28, 1894 New-York Tribune New York, NY
Article from New-York Tribune, April 28, 1894

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DEPOSITORS ARE ANXIOUS. INQUIRIES AT THE HARLEM RIVER BANK THE CASHIER DECLARES THEY WILL BE PAID IN FULL - -LIQUIDATION PROBABLE, SAYS BANK EXAMINER JUDSON A number of depositors gathered in front of the closed Harlem River Bank, at No. 2,007 Third-ave., yesterday morning, and made anxious Inquiries as to the time when they could withdraw their money from the bank. Some of them said that they could 111 afford to do without their money while the examination of the bank's affairs were being made, although they thought they would lose nothing in the end. Some of the tradesmen in the neighborhood. who were depositors, and had drawn checks against their accounts in the bank on Thursday, posted notices on the front of the bank saying that they would personally cash the checks at their places of business. Mr. Hinckley, the cashier of the bank, was at his post early and answered many questions. He said there was not the slightest doubt that the depositors would be paid in full some time, but he thought it would be a week, and perhaps longer, before any money could be drawn by the depositors. "We will have to wait until the examination is completed before we can do anything," he said, "and the action of the directors will depend on the result of the examination. Possibly an application may be made to the courts for a receiver to wind up the affairs of the bank. That will be the only course if the capital of the bank is found to be impaired. There was no reason for placing the bank in this unfortunate position, however. Had it not been for the published statement that we had been informally notified by the Garfield National Bank people that they desired us to secure another Clearing House agent, things would have gone just as smoothly as ever. There is not the slightest doubt that the Garfield Bank would have continued to act as our agent. When Mr. Judson walked into the bank yesterday afternoon, he told us to close our doors, and then announced that he was in charge. I never was more shocked and surprised in my life." There was no meeting of the directors of the bank yesterday, and it was said that no meeting probably would be held until the examination of the bank's affairs was completed. Mr. Judson, the examiner, was at the bank nearly all day. He expressed the belief that the bank would be compelled to go into liquidation, because it would be impossible for it to get a Clearing House agent. The bank had not been in good standing, he said although its capital might be found not to be impaired. Regarding the increase in the loans to directors recently, Mr. Judson said that the directors had not been borrowers to a great extent, but they had been made to appear as borrowers by their action in securing loans to other persons. A. H. Leszynsky, the former president of the bank. yesterday contradicted a report that he owed $10,000 to the bank. Robinson Gill, the present president of the bank. was a director of the Commercial Bank, of Brooklyn, which failed some time ago, and was one of the directors who gave their notes for $10,000 each to make good an impairment of the capital of the Commercial Bank

4. May 1, 1894 New-York Tribune New York, NY
Article from New-York Tribune, May 1, 1894

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NEW-YORK CITY. The quintet of colored male singers from the Collegiate and Industrial Institute of Lynchburg, Va., sang plantation melodies yesterday morning before the Methodist preachers' weekly meeting In the Book Concern Building. The leader was Glibert G. Trigg. The singers are working in this city to pay on the debt on their institution. It was eminently proper that the bicyclists should welcome the Commonwealers. The Tribune has received $9 for The Tribune Fresh-Air Fund from "The Saturday Afternoon Club" of Cooperstown, Miss Edith Welch, president. The Mayor has approved the ordinance calling the triangle of land bounded by Thirty-second and Thirty-fourth sts., Broadway and Sixth-ave., "Greeley Square." He has also signed the resolution of the Common Council calling upon Governor Flower to approve the Sulzer bill, providing for an increase in the pay of the drivers and hostlers of the StreetCleaning Department. Mayor Gilroy has signed the resolution passed by the Board of Aldermen at its last meeting, "requiring" the Sixth Avenue Railroad Company to extend Its railroad from One-hundred-and-tenth-st, and Lenox-ave., up Lenox-ave. to the Harlem River. The Sixth Avenue Company will connect with Lenox-ave. through its Ninth-ave. line, which It will try to run through One-hundred-and-tenth-st. The Chamber of Commerce will hold its 126th annual meeting on Thursday of this week at 12:30. Officers and standing committees will be elected to serve for the year ending May 2, 1895. A luncheon will be served after the meeting. Station D of the Postoffice is removing from the old Plimpton Building, Stuyvesant-st., east of Thirdave., to Third-ave. near Eighth-st. The new quarters are larger and more comfortable than those vacated. Mr. Judson, examiner of the State Banking Department, was in charge of the closed Harlem River Bank again yesterday, but late in the afternoon he said he would not be able to give any information about the result of his examination of the bank's affairs before to-day at the earliest. The directors of the bank will probably not meet until the Banking Department is through with the examination. The United States Express Company yesterday gave a gold watch as a reward to Edward Mills, who, as guard on the train leaving Washington January 28 last, shot a man who was attempting to rob the train. Phillips's Business Directory of New-York City for 1894, which marks the twenty-fourth year of the Issue of the book, has just appeared. Independently of advertising leaflets, it contains 1,110 pages, with a complete index to business headings. The price of the volume is $3, and it is issued from No. 81 Nassau-st. The Metropolitan Museum of Art is closed to the public at present, and will not be reopened until May 8. The new cable railroad in Columbus-ave. has been completed between Fifty-ninth and Ninety-third sts., and for the convenience of shoppers and theatregoers, pending the final completion of the road, the company is now running horse-cars from Ninetythird-st. to Fifty-ninth-st. and over the Fifty-ninthst. line to Broadway, connecting with the Broadway cable railroad, for a single fare; the free transfer is at Fifty-ninth-st. and Seventh-ave. The well-known steamer Richard Peck, "the flyer," has resumed her place on the route between New-York and New-Haven, leaving Pler No. 25, East River, at 3 p. m., arriving about 7:15 p. m. The steamer C. H. Northam takes the night run, leaving here at 11:30 D. m. The examination of Michael Donnelly, who shot at Patrick J. McArdle, formerly his business partner, in the Court of Common Pleas on Tuesday, April 24, was begun in the Tombs Police Court yesterday. It will be continued to-day.

5. May 1, 1894 The Evening World New York, NY
Article from The Evening World, May 1, 1894

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PRESTON TO VISIT THE BANK. Decision May Be Reached and Made Known This Evening. Bank Examiner Judson, who is in charge of the suspended Harlem River Bank, said this morning that Bank Superintendent Preston is in town, and will visit the bank this evening. when a decision will probably be reached and promulgated. Many depositors and stockholders were at the bank this morning. but there was no excitement, all seeming to be destrous for a favorable decision and an early resumption of business by the bank.

6. May 1, 1894 The Evening World New York, NY
Article from The Evening World, May 1, 1894

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PRESTON TO VISIT THE BANK. Decision May Be Reached and Made Known This Evening. Bank Examiner Judson, who is in charge of the suspended Harlem River Bank, said this morning that Bank Superintendent Preston is in town, and will visit the bank this evening. when a decision will probably be reached and promulgated. Many depositors and stockholders were at the bank this morning. but there was no excitement. all seeming to be desirous for a favorable decision and an early resumption of business by the bank.

7. May 2, 1894 The Evening World New York, NY
Article from The Evening World, May 2, 1894

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D.B. SICKELS NAMED. Appointed Temporary Receiver of the Harlem River Bank. American Surety's Vice-President Must Give a $250,000 Bond. Funds That He Receives to Be Deposited with the Union Trust Co. Application was made to Judge Bookstaver, of the Court of Common Pleas, to-day by Deputy Attorney-General Hogan for the appointment of a temporary receiver for the Harlem River Bank and the usual injunction order restraining creditors from proceeding against the bank while in charge of the receiver. Deputy Attorney-General Hogan, accompanied by Bank Superintendent Preston, entered the court-room a few moments before 11 o'clock. As soon as Judge Bookstaver had disposed of a motion then before him, Mr. Hogan made the formal motion and then said: "1 will say to Your Honor that the bank is now in the hands of Bank Supt. Preston, and so far as his examination has gone he thinks the capital impaired to the extent of about $17,000. The assets of the bank will probably be between $200,000 and $300,000. "I wish to suggest the names of two gentlemen, either of whom will be acceptable as receiver. They are Charles K. Beekman, an attorney of 111 Broadway, and David B. Sickles, Vice-President of the American Surety Company.' Counsel for the stockholders of the bank, after stating that the depositors would be paid in full, urged the appointment of Mr. Beekman. He was seconded in this by counsel for the bank itself. Bank Superintendent Preston then stated that the Banking Department preferred Mr. Sickles. "They are both good men," said Judge Bookstaver. "I will consider the matter and give a decision in an hour. At 12.45 o'clock Judge Bookstaver signed an order appointing David B. Sickles temporary receiver of the bank. The receiver's bond is fied at $250,000, and he is directed to deposit the funds coming into his hands as receiver with the Union Trust Company. The troubles of the Harlem River Bank were first brought -0 notice last week Thursday, when it was announced that the Garfield National Bank had refused to act longer as its Clearing-House agent. The Harlem River Bank officials protested that the action was uncalled for, and that the bank was perfectly sound, but hardly had the words been spoken when the institution was closed by Supt. Preston and Examiner Judson placed in possession. The same day Mr. Judson announced that the bank would not resume business. It is said that the State Department had been watching the Harlem Bank's condition for some time and had required new security on some of its loans. Among the bank's heaviest borrowers were said to be its own directors.

8. May 2, 1894 The Evening World New York, NY
Article from The Evening World, May 2, 1894

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D.B. SICKELS NAMED. Appointed Temporary Receiver of the Harlem River Bank. American Surety's Vice-President Must Give a $250,000 Bond. Funds That He Receives to Be Deposited with the Union Trust Co. Application was made to Judge Bookstaver, of the Court of Common Pleas, to-day by Deputy Attorney-General Hogan for the appointment of a temporary receiver for the Harlem River Bank and the usual injunction order restraining creditors from proceeding against the bank while in charge of the receiver. Deputy Attorney-General Hogan, accompanied by Bank Superintendent Preston, entered the court-room a few moments before 11 o'clock. As soon as Judge Bookstaver had disposed of a motion then before him, Mr. Hogan made the formal motion and then said: "I will say to Your Honor that the bank is now in the hands of Bank Supt. Preston, and so far as his examination has gone he thinks the capital impaired to the extent of about $17,000. The assets of the bank will probably be between $200,000 and $300,000. "I wish to suggest the names of two gentlemen, either of whom will be acceptable as receiver. They are Charles K. Beekman, an attorney of 111 Broadway, and David B. Sickles, Vice-Prestdent of the American Surety Company." Counsel for the stockholders of the bank, after stating that the depositors would be paid in full, urged the appointment of Mr. Beekman. He was seconded in this by counsel for the bank itself. Bank Superintendent Preston then stated that the Banking Department preferred Mr. Sickles. "They are both good men." said Judge Bookstaver. "I will consider the matter and give a decision in an hour." At 12.45 o'clock Judge Bookstaver signed an order appointing David B. Sickles temporary receiver of the bank. The receiver's bond is fied at $250,000. and he is directed to deposit the funds coming into his hands as receiver with the Union Trust Company. The troubles of the Harlem River Bank were first brought .0 notice last week Thursday, when it was announced that the Garfield National Bank had refused to act longer as its Clearing-House agent. The Harlem River Bank officials protested that the action was uncalled for, and that the bank was perfectly sound, but hardly had the words been spoken when the institution was closed by Supt. Preston and Examiner Judson placed in possession. The same day Mr. Judson announced that the bank would not resume business. It is said that ne State Department had been watching the Harlem Bank's condition for some time and had required new security on some of its loans. Among the bank's heaviest borrowers were said to be its own directors.

9. May 2, 1894 The Evening World New York, NY
Article from The Evening World, May 2, 1894

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D.B. SICKELS NAMED. Appointed Temporary Receiver of the Harlem River Bank. American Surety's Vice-President Must Give a $250,000 Bond. Funds That He Receives to Be Deposited with the Union Trust Co. Application was made to Judge Bookstaver, of the Court of Common Pleas, to-day by Deputy Attorney-General Hogan for the appointment of a temporary receiver for the Harlem River Bank and the usual injunction order restraining creditors from proceeding against the bank while in charge of the receiver. Deputy Attorney-General Hogan, accompanied by Bank Superintendent Preston, entered the court-room a few moments before 11 o'clock. As soon as Judge Bookstaver had disposed of a motion then before him, Mr. Hogan made the formal motion and then said: "I will say to Your Honor that the bank is now in the hands of Bank Supt. Preston, and so far as his examination has gone he thinks the capital impaired to the extent of about $17,000. The assets of the bank will probably be between $200,000 and $300,000. "1 wish to suggest the names of two gentlemen, either of whom will be acceptable as receiver. They are Charles K. Beekman, an attorney of 111 Broadway, and David B. Sickels, Vice-President 01 the American Surety Company." Counsel for the stockholders of the bank, after stating that the depositors would be paid in full, urged the appointment of Mr. Beekman. He was seconded in this by counsel for the bank itself. Bank Superintendent Preston then stated that the Banking Department preferred Mr. Sickels. "They are both good men," said Judge Bookstaver. "I will consider the matter and give a decision in an hour." At 12.45 o'clock Judge Bookstaver signed an order appointing David B. Sickels temporary receiver of the bank. The receiver's bond is fixed ot $250,000. and he is directed to deposit the funds coming into his hands as receiver with the Union Trust Company. The troubles of the Harlem River Bank were first brought .0 notice last week Thursday, when it was announced that the Garfield National Bank had refused to act longer as its Clearing-House agent. The Harlem River Bank officials protested that the action was uncalled for, and that the bank was perfectly sound, but hardly had the words been spoken when the institution was closed by Supt. Preston and Examiner Judson placed in possession. The same day Mr. Judson announced that the bank would not resume business. It is said that ne State Department had been watching the Harlem Bank's condition for some time and had required new security on some of its loans. Among the bank's heaviest borrowers were said to be its own directors.

10. May 2, 1894 The Evening World New York, NY
Article from The Evening World, May 2, 1894

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Appointed Temporary Receiver of the Harlem River Bank. American Surety's Vice-President Must Give a $250,000 Bond. Funds That He Receives to Be Deposited with the Union Trust Co. Application was made to Judge Bookstaver, of the Court of Common Pleas, to-day by Deputy Attorney-General Hogan for the appointment of a temporary receiver for the Harlem River Bank and the usual injunction order restraining creditors from proceeding against the bank while in charge of the receiver. Deputy Attorney-General Hogan, accompanied by Bank Superintendent Preston, entered the court-room a few moments before 11 o'clock. As soon as Judge Bookstaver had disposed of a motion then before him, Mr. Hogan made the formal motion and then said: "I will say to Your Honor that the bank is now in the hands of Bank Supt. Preston, and so far as his examination has gone he thinks the capital impaired to the extent of about $17,000. The assets of the bank will probably be between $200,000 and $300,000. "I wish to suggest the names of two gentlemen, either of whom will be acceptable as receiver. They are Charles K. Beekman, an attorney of 111 Broadway, and David B. Sickels. Vice-President of the American Surety Company." Counsel for the stockholders of the bank, after stating that the depositors would be paid in full, urged the appointment of Mr. Beekman. He was seconded in this by counsel for the bank itself. Bank Superintendent Preston then stated that the Banking Department preferred Mr. Sickels. "They are both good men," said Judge Bookstaver. "I will consider the matter and give a decision in an hour." At 12.45 o'clock Judge Bookstaver signed an order appointing David B. Sickels temporary receiver of the bank. The receiver's bond is fixed ot $250,000, and he is directed to deposit the funds coming into his hands as receiver with the Union Trust Company. The troubles of the Harlem River Bank were first brought 0 notice last week Thursday, when it was announced that the Garfield National Bank had refused to act longer as its Clearing-House agent. The Harlem River Bank officials protested that the action was uncalled for, and that the bank was perfectly sound, but hardly had the words been spoken when the institution was closed by Supt. Preston and Examiner Judson placed in possession. The same day Mr. Judson announced that the bank would not resume business. It is said that ne State Department had been watching the Harlem Bank's condition for some time and had required new security on some of its loans. Among the bank's heaviest borrowers were said to be its own directors.

11. May 7, 1894 The Evening World New York, NY
Article from The Evening World, May 7, 1894

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BANK STOCKHOLDERS MEET. They Discuss Affairs of the Harlem River Institution. The stockholuers of the suspended Harlem River Bank held a meeting today at the offices of Albert A. Stein, 205 East One Hundred and Tenth street. The meeting lasted two hours. Mr. Gill, President of the Harlem River Bank, presided. It was decided to appoint a committee of two to confer with the bank's counsel, In order to make a proper presentation of its affairs and the wishes of the stockholders when the bank's case was heard. The stockholders are said to be willing to have the bank resume business if it can do so on a fair basis.

12. May 9, 1894 New-York Tribune New York, NY
Article from New-York Tribune, May 9, 1894

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HARLEM RIVER BANK AFFAIRS. Immediately after David B. Sickels was appointed temporary receiver of the Harlem River Bank, at No. 2,007 Third-ave., he made a call for loans, amounting to $39,800, which had been made to directors of the bank. An unofficial statement of the loans gave the amounts due from each director as follows: Robinson Gill, president, $15,000; James J. Blackman, $2,500; W. H. Burke, $1,000; Henry Budelman. $5,000; George Herold, $5,000; A. A. Stein, $6,300. and C. F. Schane, $5,000. In explanation of the loans it was said that the directors had taken up other loans on real estate to which objection had been made by Mr. Judson, the examiner, in February, The real estate, It was sald, could be placed at the disposal of the receiver if the directors were unable to respond to the call. Objection may be made to some of the paper held by the bank as security for other loans. A claim for damages against the Third Avenue Railroad Company was given as security for a loan of $1,400, and a loan for a larger sum WAS given on two checks upon which payment had been stopped. Those loans were considered. and the alleged collateral was thrown out In the recent examination which resulted in the statement of Bank Superintendent Preston that the capital of the bank had been impaired to the extent of $17,000.

13. May 22, 1894 The Evening World New York, NY
Article from The Evening World, May 22, 1894

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# RECEIVER SICKLES TO SUE. Chief Justice Daly Grants Him Permission to Do So. Chief Justice Daly, in the Court of Common Pleas, granted permission today to Receiver Sickles, of the Harlem River Bank, to bring suit against A. Gerlach, Louis G. Todd, Charles Gerlach and Mrs. A. Gerlach, to recover $13,699.18 on promissory notes. J.J. Keen, the ex-bookkeeper of the bank, it was reported to-day, stopped at an uptown hotel for a month after his marriage, where his apartments cost double his entire salary. Then he leased a flat for a year. It was held that Keen was a mere tool in the hands of others, and that if he returned and told the truth it would be decidedly unpleasant for several people.

14. May 31, 1894 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, May 31, 1894

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where he is serving a sentence for bigamy. Two previous ceremonies had been performed. Business men of the northwest met at Minneapolis and formed an association whose object is to built up a home market for home-manufactured goods. The No. 6 Wamsutta mill at New Bedford, where the weavers have been on strike 14 weeks, has shut down indefinitely. Attempts have been made to keep the mill running with "knobsticks" without success, as the "knobsticks" were induced to leave soon after they began work. David B. Sickles, receiver of the Harlem River bank at New York, says that as soon as the experts now examining the bank's books get further along in their work it will develop that Kean, the defaulting book-keeper, had accomplices. The total defalcation, will foot up fully $30,000. Armsted Rice was hanged at Eutaw, Ala., for the murder of Burrell Kimbro last December. On the scaffold Rice confessed the crime also to having murdered a man in Mississippi years ago, and afterward another in Birmingnam, and to shooting a woman in Greene county last fall.

15. July 26, 1894 New-York Tribune New York, NY
Article from New-York Tribune, July 26, 1894

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# SETTLING HARLEM RIVER BANK AFFAIRS. Judge Bookstaver, of the Court of Common Pleas, yesterday confirmed the report of William J. Lardner, who was appointed referee to determine as to the compensation due to Messrs. Trenholm, Teele and Dennis, the accountants who made the investigation of the books of the Hariem River Bank. The accountants will receive $2,000 for their work. The stenographer's bill for $58.75 and the referee's bill for $200 was also passed upon, and Receiver David B. Sickels was ordered to pay them. President Putsch presided at last night's meeting of the depositors of the bank. Chairman Reilly, on the part of the Executive Committee, submitted a report recommending a permanent organization of a depositors' association, and recommending the retaining of Mr. Epstein as its attorney. His figure was $250 as a retainer and $500 at the completion of the work. It was finally decided to authorize the Executive Committee to confer with Mr. Gayton, who offered to do all the work for 2 per cent of the money secured from Receiver Sickels. Ernest Fuchs, a liquor dealer, of No. 1,759 Lexington-ave., made the startling statement that a Mr. Sharkey, who lived in his house, claimed that he had, through a friend, secured every cent of his deposit from Receiver Sickels. Another meeting will be held on next Wednesday evening.

16. August 2, 1894 The Evening World New York, NY
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THEY MEAN TO PROSECUTE. Harlem River Bank Depositors Hot After the Wreckers. The depositors of the defunct Harlem River Bank at a meeting held last evening engaged Lawyer Peter R. Gatens to represent them in all matters connected with the receivership of the bank, and voted a fee of $1,000 and directed him to endeavor to secure the conviction of any officer or employee of the late bank who may be found to have been criminally connected with the failure. Steps will be taken to find the former bookkeeper of the bank, who is said to be in Canada, and who, it is thought, can furnish valuable information to those interested in the late bank.

17. October 3, 1894 New-York Tribune New York, NY
Article from New-York Tribune, October 3, 1894

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CONDITION OF THE HARLEM RIVER BANK. David B. Sickels, the receiver of the Harlem River Bank, has filed in the Court of Common Pleas his report of the condition of the bank's affairs up to the present time. He finds, according to the books of the bank, that the total assets amounted to $423,728 87, and the total amount of the liabilities to $403,514 33. The receiver has collected in cash to date the sum of $98,237.01 and has disbursed $76,281 64. There is now in his control in the State Trust Company $21,933 37.

18. February 3, 1895 New-York Tribune New York, NY
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THE EAST SIDE BANK CLOSED. Continued from First Page. was not paying expenses and was running behind in its business, and at length we stepped in and took possession in order to prevent loss to depositors." "Will the depositors lose anything?" "I feel confident that there will be no loss to the depositors, and it is possible that the stockholders will not lose much, but a receivership is expensive and it is hard to say what will happen after the bank is in the hands of a receiver." "The affairs of the bank will, then, be closed?" "Yes, It will be impossible for the bank to go on again." "You do not feel that the State Banking Department was remiss in allowing the affairs of the bank to get in such a condition?" "No. We have kept watch of the bank and have taken possession in time to prevent loss to the depositors. I do not think the public can accuse the department of failure to guard the interests of the public in the banks. It is not yet certain that the depositors will lose anything in the case of the Madison Square Bank or of the St. Nicholas Bank. The depositors can recover from the stockholders, under the law that makes a stockholder responsible for twice the amount of his stock." "In the case of the closed Harlem River Bank, where there was a defalcation, will the depositors lose anything?" "That will depend upon the question as to the responsibility of the stockholders."

19. December 10, 1895 New-York Tribune New York, NY
Article from New-York Tribune, December 10, 1895

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HARLEM RIVER BANK PAYMENTS SLOW. COLONEL DAVID B. SICKELS, THE RECEIVER, GIVES AN EXPLANATION-MANY LAW SUITS TO BE SETTLED. A letter signed "Depositor," which appeared in The Tribune last Sunday, called attention to the financial troubles in which the defunct Harlem River Bank is involved. The writer said that the receiver of the bank had assumed the deposition that they would be paid in full, but that "the full measure of relief afforded the depositors was only 30 per cent." "We received 10 per cent in February, 1895," said the writer, "and 20 per cent in July, 1894. What reason." was asked, "can the Superintendent of Banks assign for the present deficiency of 70 per cent, and the loss of the whole capital of $100,000. together with surplus and undivided profits, as sworn to March 1, 1894, of $15,054?" When Colonel David B. Sickels, receiver of the bank, was seen at his office in the American Surety Building, No. 106 Broadway, by a Tribune reporter yesterday afternoon. he said: "When I was appointed receiver I said, in view of the knowledge I then had of the bank's assets, that the depositors would probably be paid in full. At the time, however, I did not know fully the financial condition of the bank. My opinion was formed after a brief examination. The reason why the depositors have received up to date only 30 per cent of their deposits is owing to the many suits brought against persons owing the bank money. Suit for $50,000 against the directors is pending before the General Term of the Supreme Court. The suit was begun before Judge Pryor, who rendered a decision in our favor. I firmly believe the General Term will sustain his decision. and that an appeal will be taken to the Court of Appeals. Another payment of 10 per cent will probably soon be declared, and should we win the suit against the directors, a further dividend of 25 per cent will be declared. I believe the depositors will receive 75 per cent of their deposits, and there is a possibility that they will be paid in full."

20. April 26, 1896 New-York Tribune New York, NY
Article from New-York Tribune, April 26, 1896

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HARLEM RIVER BANK AFFAIRS. Inquiry having been made as to the settlement of the Harlem River Bank's affairs, 8 Tribune reporter yesterday called at the office of David B. Sickels, the receiver for the bank. It was announced that Mr. Sickels had salled for Europe, to remain about three months. No official statement could be had that would afford information to the depositors regarding the causes which have operated to prevent the payment of claims in full up to the present. Depositors have been assured that full settlement would be made. In the last two years the distribution to creditors has reached 30 per cent. The last dividend paid was 10 per cent, in February, 1895. From a source whose information is authoritative It was learned yesterday that the receiver has had difficulty in collecting judgments obtained against several persons, and as soon as these amounts are paid the receiver expects to settle with the depositors.

21. January 4, 1902 New-York Tribune New York, NY
Article from New-York Tribune, January 4, 1902

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BANK STOCKHOLDERS HIT HARD. COURT OF APPEALS DECIDES THAT THEY ARE LIABLE FOR DEBTS OF FAILED INSTITUTIONS. Six hundred thousand dollars and six thousand stockholders in three banks of this city are affected by the recent decision of the Court of Appeals in the suit of Timothy Mahoney against the stockholders of the Murray Hill Bank for $100,000. This suit, which has been in the courts for over two years, and has employed more than forty lawyers, was decided in favor of the plaintiff by Justice Scott in the Supreme Court several years ago. The decision of the Court of Appeals sustains Justice Scott. Particular interest is attached to this decision, as it is the first time in forty-five years a judgment of this kind has been secured, and the stockholders of the Canal Street, Harlem River and Lockport banks, all of which have failed within the last few years, and against which suits have been brought, are affected by the decision. The Murray Hill Bank failed in 1896. Governor Odell and Edward H. Hobbs were appointed receivers, and 40 per cent was paid on the $1,200,000 of liability to depositors. In the same year Henry D. Hotchkiss, counsel for Timothy Mahoney, a large depositor in the Murray Hill Bank, brought suit against the stockholders for $100,000, the capital stock of the bank, Mahoney contending that the stockholders were liable for that amount. In the Supreme Court Justice Scott handed down a decision in favor of the plaintiff, and appointed William L. Turner, former Assistant Corporation Counsel, referee, to ascertain who were depositors in the bank and what the amount of their deposits was. When it came to proving the depositors' claims it was found to be practically impossible, because the law of evidence prevented the depositors from proving their claim by the books of the bank. Then Mr. Hotchkiss secured an amendment to the banking law in the legislature last year. by which the books of the bank were made evidence against the stockholders. The stockholders then appealed to the Court of Appeals, declaring that there was no law prior to the banking law of 1892, which made stockholders of banks not issuing paper money liable for the debts of the bank. As the Murray Hill Bank was Incorporated in 1870, and as most of the stockholders had bought their stock prior to 1892, they contended that the law of 1892 was unconstitutional, so far as it attempted to make them liable. The Court of Appeals decided against them. Henry D. Hotchkiss, counsel for the plaintiff, was seen by a Tribune reporter at his house, No. 315 West Seventy-fifth-st., last night. Mr. Hotchkiss said that this decision definitely settled the question of liability of bank stockholders. He also said that this decision affected the Canal Street, Harlem River and Lockport banks, suits against the stockholders of which to the amount of $600,000 had already been already brought.