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WEAK BANKS CLOSING UP. RECEIVERS TAKING POSSESSION OF WHAT LITTLE IS LEFT. The People's Savings Bank and ITS Trustees The Security to be Examined A Bank without It Dollar in Cash in its Vaules. There was trouble all along the line of up-town Third av nue banks vesterday The depositors who gathered around the People's S livings Bank were greeted by the following statement posted on the door: THE bank will be losed II further notice Within. n ne W 8 be seen but the janitor The President, Mr. Ca ries T. R dgers. visited the instituti in in the afternoon. He was at first Inclined not to say anything to members of the press. He admitted that the bank was insolvent, nd added that much would depend on the readiness with which the trustees, who had given a bond for the deficiency in assets, would pay up. The bank 14 liable for about $170,000 of deposits, and the deficiency. not counting the bond of the trustees as an asset, is about $50,000. It holds $10.000 of North Carolina securities, bought over four years ago, before North Caro. lina securities depreciated to their present flure. They are lued by Mr. Reed. the bank exit Iner. at $400. It was intended to hold a meeting of the directors last evening. but none presented themselves. The troubles of the bank began during the admini tion of Mr. Charles Peck. formerly President of the Me nies' and Traders', and were owing to the investment of the bank's funds in Southern bonds. Since then. as set f rth in vesterday's St SUN. there have been several disastr us runs until the concern is now in a h. Ipless and irredeemable condition. Superintendent Ellis notided the Attorney General about two weeks ago that It was his duty to apply for a receiver for the People's Bank. and the Attorney General made out the proper papers. and 18 aw atting the action of the court there The bank officers are Charles Rodgers. Pres. ident Cyrus H. nurrel and Jotham H. Fountain. Vice Presidents. THE PROSPECT FOR DEPOSITORS. The is that the depositors of the People Bank will realiz sixty cents on the dollar and If the bond of the trustees for $47.500 can be enfore they may realize eighty cents. Mr. Ehis said to the SUN reporter that the bond would " qu sti ly be reed and the men name whose of sons or The Security Savings B nk posted the following notices This bank will decitine to receive deposits or pay aft draits und has shall been made by the State SuperinNEW YORK Nov. 26 1875 Mr. Ellis. the Bank Super intendent prese at the Dank this in rning He stated hat conn tence the olvene th bank and any statements purporti have by seen : the anding reiver without sight foundation He will examine the bank on Mon lay a In conversatio last evening Superintendent Ellis call the tten the re to the second notice. purporting that he Mr. lis. had pressed the nad in nk. He aut no such n tice. Y ur port of my rem which appeared in THE SI Thursday mor ing w coret. then declined to ress my views In avenes of the S curity Savings Bank do decline now the ex ml or had reached there tw three days d he did not. W her an ex mination been mad and the result of will me. HDOD pass b The Dr n tice, declining Ive depos ITS ar forth present was au the me and consider pr per. Mr. D D Marshall Pr sident the Se. TILS rei erated bis asserti ns that the bank was Ivent 1111 rel money and that he had the entire contr dence the rize deposit He red to let their orter imine the not being at the reporter was unable to inder stan them The mination by Mr George W R will no dount se tio the question the inlvency of the institution Mr. Reid The f Howing figures are fur M Mr. mished irshale 1st of 1875 $628,000 The bank was 14 List examine in D cember. 187 George W Herd and " Hhan Aldrich, uniners then ribed the investments as good. Tue banki 12 house. which about me fourt! of the assets, cost $75,529.52, subject to a m itgage of $14,900. A STORY At the corner of Third avenue and Forty. eighth street stands handsome and fty hunding Thrick ir 1) the nt letters the W ral Park vings B veral tices were anzing utside vester iav m me One was. Bank closed by the State Superir end int. Oth r8 is re. Flats Basem nt to let." Fh we. doors were pad! icked but through th ite-g) 85 wind ws Le sciendid IIX ures and chandellers. N Not an ual was VISIT 10 inside, and there 18 reason belt ve nat ther 18 not dollar in the safe SA wor oring in the room ve the DK ut They woul tell no thing about the bank officers. The bank was Xamined in 1873. George W Reid and W idians F. Alorien, who repor ted as follows : ASSETS 000 Bonds and mortgages estate Sife inrnitur 410.00 - Bank Interest accrue Total $ LIABILITIES Due 1,031 depositors $05,974.40 ereat accru 1,300.00 Deficiency of assets $6,990 70 The b nk was Incorporate in 1867. and I the time of the above J E. Red. man w resident and Tho nas Geat tv. re: tary Appended to the report of the indition this nk de the Legislature in March las 14 the f. Howing note: In Dece 10er 1873, the then Secretary th bank, Iff to make showing. perso ded the sits trust amount 00 by ELYING check for amount This to raise the parentiv to $139,000 These entries " re soon after the same urre ken TO rdio the report reflect upon this act bu they are was xactly right will not repeat As the ** as much. the Trustees reFort and by them. wheres TOT and our uings have Deed purch sed About a year nd half age the bank trus 008 determined to put building y had no surplus, and only about $50,000 of de posits. Mr. homas Gearty now the President of the bank. look the ract to build the structure and Mr John C rev. another trus. tee employed tod the painting Ine liatement of last January was as follows: RESOURCES. Bonds and mor gage $9,000 on in rust e moanies 89 1,041 Lash not deposited III bank paid refest 403.16 urniture and natures 2,500.00 Total 102,778.85 85 LIABILITIES. 48,991.90 Amount depositors III $3,500.00 0. assute liabilities 281 95 The result of the real estate enterprise is that the inding 15 yet, Ev ry dollar in the 8 en wed the here re mortgages amounting to over $40,000 ructure Gearts holds one in ortgage for $30.000. on hich fors $5.000 paid Mr. re used, some weeks ago, to allow the bank con inue *iness unless some were done indemn fythe depositors Other trustees intributed small unts mo ey ke the concern runni but the f litte of the hird Avenue Savings Bank caused slight run. suffici to settle the fate of Park Bank A week ag Mr. Ellis telegraphed Mr. Gearty stop usiness, nd receiver take in an fistures.
