Guardian Savings Institution (New York, NY)

Episode Information

Episode UID
9926978490863
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
992697849 hash
Start Date
November 18, 1871
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
ed4d81f0350711d3

Response Measures

None

Description

Receiver appointed Nov. 1871; later litigation and winding up through 1876 indicate permanent closure.

Events (2)
1. November 18, 1871 Receivership
Newspaper Excerpt
A petition was filed ... to have it declared a bankrupt ... Judge Barnard appointed a receiver. Jeremiah Quinian, Receiver (later referenced in notices).
Source
newspapers
2. November 18, 1871 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank could not meet depositor demands and was insolvent/embarrassed under management of William M. Tweed; court receiver appointed.
Newspaper Excerpt
The Guardian Savings Institution on Chatham street ... was unable to meet the demand of one of its depositors, and to-day Judge Barnard appointed a receiver.
Source
newspapers

Newspaper Articles (12)
1. November 18, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, November 18, 1871

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to fill the offices and direct the party affairs. ELECTION FRAUDS IN TWEED'S DISTRICT Affidavits have been taken by the Committee of Democratic Reformers showing glaring frauds by the inspectors of election the first ward. Startling developments are expected. THE CHOLERA SHIP. The agents of the steamer Frahklin declare the passengers are doing well, and that there are no signs of the disease spreading. The vessel is fumigating and will soon be brought to the city. Marshal Sharpe has, in consequence of the escape of the counterfeiters from the Ludlow street jail, called the attention of Attorney General Akerman to the advisability of the erection of a Government jail here. The reception of the delegates to Russia of the Evangelical Alliance will be given on Monday evening. Robert Foster has been arrested and held in $20,000 bail, charged with being concerned with Him Irving in the assault upon Deputy Marshal Dowley. There were two more deaths from the cholera at Quarantine to day. The following is the comparative cotton statement: Total receipts from September 1, 1871, are 671,054 bales; same time last year, 797,456. Total exports from September 1, 1871, are 267,963 bales; same time last year, 355,150. The stock at all the United States ports in 1871 are 326,712 bales; last year 331,008 bales. At the interior towns, in 1871, there are 53,579 bales; last year, 61,244 bales. At Liverpool in 1871, there are 539,000 bales; last year, 420,000 bales. American common afloat for Great Britain in 1871 are 94,000 bales; last year, 100,000 bales. Arthur L. Breed, the lorger, has been sentenced to three years imprisonment in the State prison and a fine of $15,000to stand committed till paid. The case of Jane Madden, for the recovery of $5,000 from the Staten Ialand Railroad Company for the death of her husband by the explosion of the Westfield, has resulted in a disagreement of the jury. In the Fisk-Stokes case, to-day, arguments were heard before Judge Brady on the motion to show cause why Judge Pratt's stay of proceedings on the order of removing the trial to New York county should be vacated. An injunction was so far vacated as to allow Mrs. Mans. field to talk to counsel. The commander of the Russian steamer Bogatric reports that he experienced the most severe storm he ever knew after parting company with the Swetland. The missing vessel must have encountered fearful weather to be so long unheard of. The 564th anniversary of the independence of Switzerland is to be celebrated at Coberger Hall by the Swiss residents. The Guardian Savings Institution on Chatham street, which was founded by its president, Wm. M. Tweed, was unable to meet the demand of one of its depositors, and to-day Judge Barnard appointed a receiver. The Judge is administrator of 8 fund of $56,000, arising from the property of persons dying without heirs. It was in the same institution that the Comptroller issued a warrant to remove it to the Union Trust Company, and to-day the warrant was returned, the funds not forthcoming. The trustees say there are abundant assets in bonds and mortgages, but they are not readily available. On Sunday next collections will be taken up in all the Catholic churches in Brooklyn to assist the Catholic Bishop of Chicago to rebuild the churches and asylums destroyed by the recent great fire. Rev. Dr. Tyng, Jr, had n collection in his church in this city, last Sunday, for the benefit of St. John's church in Chicago, and told his congregation that they must rebuild St. John's church.

2. November 19, 1871 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, November 19, 1871

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LATEST BY TELEGRAPH. -0 FOREIGN NEWS BY THE CABLE. o Miscellaneous and Washington News. J HOME NEWS. HARDWARE WORKS BURNED. Marine Disasters-Beveridge's Majority. WASHINGTON, Nov. 18.-Penfield & Son's hardware works at Middletown, Conn., were burned last night, loss $50,000. There were two deaths from cholera at the New York quarantine yesterday. The schooner Alice Mary was lost in Petite Passage. The French ship of war Bouvett was lost on Folly Reef. The crew were saved. The 78th regiment leaves Halifax for Queenstown this week. The majority for Beveridge, Congressman at Large in Illinois, is only 19,000. The disguised men who hung three nogroes for the murder of the Park family, met no serious resistance. The assailants beat down two doora of the Charleston, Indiana jail, when the Sheriff Save them the key to the third door. It is understood that the negroes made additional confessions before their execution. Three counties contributed to the men engaged in the execution. The Reporters of New York publish a letter complaining of continued abstraction of goods coming through the custom house, At Prospect Park, Kingston and mate beat Hornet Allen and mate for two thousand dollare. Time-2:19}; 2:17: 20. PPILADELPHIA, Nov, 18.-The Athletics Base Ball Club has received notice from the Champion Committee that the Athletics have been declared champion, and that the white pennant awaits their orders. The Guardian Savings Institution on Chatham street, New York, has failed. Tweed was the President. The Trustees say the assets were abundant, though not immediately available. The crew of the vessel P. C. Sperman are wrecked on Lake Erie. All are safe except the chambermaid, who died from exposure. The crew drifted twenty hours in an open boat. Several of the crew of the City Mexico, from Havana, have been arrested at New Yord for smuggling cigars. NEW YORK, Nov. 18.-Judge Gilbert has de nied the application for a writ to compel the Brooklyn Board of Canvassers to reject the returns of certain districts of Brooklyn. An extensive run on the Bowling Green Savings Bank was caused by its rumored connection with the Guardian Savings Bank. SAVANNAH, Nov. 18.-Heavy frost this morming, the fourth of the season. Weather decidedly cool. The fair of the Industrial Exposition which opens here next Tuesday, promèses the 8 complete success within all departments. The very full attendance promises to be unusually large. NORFOLK, Nov. 18.-The steamship Equator, from Galveston to New York, putin here short of coal. She sails' in the morning. She experienced stormy northeast gales the whole passage. NEWBERN, N. C., Nov. 18.-The steamer Mary Sanford, on a voyage from Wilmington for Philadelphia, sprung a leak and was beached at Cape Hatteras, with sixty feet of water in the hold. She took fire immediately after reaching beach and burned to the water's edge. The vessel is a total loss. A small portion of the cargo was saved. No lives were lost.

3. November 21, 1871 New-York Tribune New York, NY
Article from New-York Tribune, November 21, 1871

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MISCELLANY. LOCAL THE SUSPENDED SAVINGS BANKS. THE BOWLING GREEN IN THE HANDS OF A RECENTER-THE GUARDIAN IN THE BANKRUPIC COURT-THE NATIONAL RESUMES PAYMENT. Except among actual depositors, but little exeitement was manifested in the city yesterday in consequence of the suspension of the Guardian and Bowling Green Savings Banks. At the Bowling Green Bank, No. 83 Broadway. of which Henry Smith is President. A crowd of poor people, principally depositors, assembled early in the morning. but were refused admittance by the policemen who guarded the doors. Several hours later the crowd had almost entirely disappeared. The windows were closely shaded from within, and no one was admitted except those attached to the bank. None of the officers could be seen, as they refused to come to the door. Atl o'clock. the following notice was conspienously posted at the entrance: To the Depositors of the Bowling Green Sarings Bank: I have been appointe d by the Supreme Court (Brady, Justice) Receiver of this bank, to protect your interests. I will, at the earliest practicable moment, give you a state. ment of its condition. SHEPHERD F. KNAPP, Receiver. A petition was filed on Saturday afternoon against the Guardian Savings Institution. in the United States Distriot Court, to have If declared a bankrupt. The acts of bankruptcy charged are that it frandulently stopped payment of its debts, and that it caused its property to be taken under legal process by the Receiver appointed by the Supreme Court. Anyinjunction preventing the disposition of the property of the bank has also been issued. The petition is filed at the instance of Julius Ascher. a depositor in the bank, and is made returnable next Saturday. The National Savings Institution, at the corner of Broadway and Houston-st. which suspended on Satur day, reanmed payment yesterday, and the Receiver appointed was discharged by Judge Barnard. During the morning a large number of depositors withdrew their deposits, bettur paid without hesitation. THE TRIBUNE inadvertently gave place yesterday to an entirely unfounded rumor that the Manhattan Savings Bank was involved in financial embarrassmente. The Manhattan is one of the oldest and soundest institutions in the city, and its President, E. T. Brown. is a very different man from those who manage Ring banks. and with whose names his was unintentionally coupled.

4. November 29, 1871 New-York Tribune New York, NY
Article from New-York Tribune, November 29, 1871

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THE SUSPENDED BANKS BEETING OF THE STUYVESANT BANK DEPOSITORS. About 60 of the depositors of the Stuyvesant Bank held aD excited meeting at the Sinclair House yes.coday afternoon, ex-Judge Kelly in the chair. No report of the condition of the bank has been made since the failure, and it is believed that its affairs are hopelearly involved. F. T. Hays rigorously questioned the lite President, Davis Collamore, on his management, without, however, extracting any important facts, and, 11. the tumult which followed, a motion with offered that the Chairman appoint a Committee of four to investigate the accounts and to confer with the receiver, Mr. Arches, and learn why a preliminary report had not Icen made by him. After a hot discussion, it was deeided that stockholders should not be eligible to this Committee, and the following were then appointed: F.T. Hays, Win. White, J. A. Dugan, C W. C. Druyer. and the Chairman, ex-officio. The meeting then adjourned w next Tuesday evening at the game place. THE GUARDIAN SAVINGS BANK-ATTEMPTS TO COMPROMISE. Within a few days persons interested in the Guardian Savings Institution have presented to many of the depositore therein of written agreement by signing which the deporitors consent to take a considerably less than the bank owen them, a promise being made abus Wereby the cledits will receive the dissessions

5. January 23, 1872 The New York Herald New York, NY
Article from The New York Herald, January 23, 1872

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THE GUARDIAN AND BOWLING GREEN SAVINGS BANKS. Walter Roche, Vice President of these Institutions, has given a deed to Jeremiah Quinian, Joseph J. Donohue, Mathew T. Brennan, Francis Higgins, Henry Mccudden, Jr., Gratz Nathan and James H. Coleman, of property, valued at $347,000, to meet the demands of depositors in the Guardian Savings Institution, but securing in the first place the gentleman just named, by giving them the preierence. Mr. Donohue is trustee for $90,000, the fund of the Founding Asylum. It is stated that all depositors will be paid one hundred cents to the dollar in a few days, and Mr. Quinian, the receiver. will shortly begin to make payments. Mr. Reeves E. Seimes, Secretary of the Bowling Green Savings Bank, has given a deed absolutely to the bank, its receiver or legal representative, of property valued (deducting mortgage) at $200,000, to secure the depositors. Mr. Walter Roche is also the Vice President of the Bowling Green Bank. A meeting of the depositors of the Bowling Green Bank will be held at eight o'clock this evening, at 72 Greenwich street. Judge Hogan, who was appointed receiver, will attend and give his report.

6. February 10, 1872 New-York Tribune New York, NY
Article from New-York Tribune, February 10, 1872

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UARDIAN SAVINGS INSTITUTION. A GENERAL MEETING of the CREDITORS of this Institution will be held at the Banking House, No. 164 Chatham-st. on the 12th day of FEBRUARY, instant, at 10 o'clock a m., when all accounts and demands for and against this Corporation, and all its open and subsisting contracts will be agcertained and adjusted as far as may be, and the amount of money in the hands of the undersigned Receiver be declared. All persons who have not had their books balanced are requested to do 80 at once. JEREMIAH QUINLAN Receiver. PLATT, GERARD & BUCKLEY. Counsel for Receiver.

7. February 10, 1872 New-York Tribune New York, NY
Article from New-York Tribune, February 10, 1872

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BANK ITEMS. John G. Swain of Staten Island has instituted a suit against the President of the Market Savings Bank, to recover $2,100 which he deposited the day before the failure. He alleges that he asked the President if the bank was in a sound condition, and being informed that it was, left the money in his charge. A large number of residents of Staten Island have lost heavily by the failure of the bank. The election of an assignee to conduct the affairs of the Stuyvesant Bank is in progress at the office of the Register in Bankruptcy. John H. Platt and O. H. Y. Archer are the candidates. The result will be announced next Tuesday. Jeremiah Quinlan, Receiver of the Guardian Savings Institution, gives notice that he will present, at

8. January 17, 1873 The New York Herald New York, NY
Article from The New York Herald, January 17, 1873

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BOARD OF ALDERMEN. A Committee Appointed to Investigate Alleged Frauds in the Eighteenth Ward Market-Annual Report of the Public Administrator. The weekly meeting or this Board was held yesterday, President Vance in the chair. SALT WATER APPARATUS FOR FIRE. A proposal to utilize the salt water of the city for the extinguishing of fires, and a petition for the adoption of machinery for this purpose, of which Thomas Miller was the patentee, at a cost of $250,000. is referred to the Committee on Streets. GAS LAMPS FOR MANHATTAN MARKET. Alderman VAN SCHAICK moved:That the Manhattanville Market Company be and is hereby permitted to place and light as many street lamps as may be desired, on Eleventh avenue, between Thirtyfourth and Thirty-fifth streets: provided the work be done at the expense of the said company, the gas supplied from their own meter, and the work done under the direction of the Commissioner of Public Works, the permission hereby given to continue only at the pleasure of the Common Council. The resolution was unanimously adopted. THE CITY APPROPRIATIONS. Alderman OTTENDORFER moved a resolution directing the Comptroller to furnish the Board with the amount of appropriations for city purposes for 1873 and the amount of unexpended balances for 1872. The resolution was adopted. THE EIGHTEENTH WARD MARKET. The following resolution, in refereuce to the appointment of a committee to continue the investigation as to alleged fraugs in the erection of the Eighteenth ward Market, was adopted:That a joint committee, consisting of three members of the Board of Aldermen and three members of the Board of Assistant Aldermen, be appointed, with power to send for persons and papers, to investigate the alleged frauds committed in the building of said market. and that all papers and documents relative to said subject be placed in the hands of said joint committee when appointed. FIFTH AVENUE THEATRE. Permission was given to Augustin Daly to remove the ornamental lamps and sign now at West Twenty-fourth street to his new theatre in Broadway, and to be erected on and over the sidewalk of that theatre, the expense thereof to be paid by Mr. Daly. THE MAYOR'S MESSAGE. The Board ordered the printing of 10,000 copies of the Mayor's message for public distribution. The resolution was unanimously adopted, with the exception of the vote of Alderman Ottendorfer. ANNUAL STATEMENT OF THE PUBLIC ADMINISTRATOR. The annual report of the public administrator was received, with an explanatory letter, in which it was stated that the sum of $86,630 had been received and deposited in the National Park Bank, and the sum of $28,175 had been distributed to those entitled, as next of kin, creditors or otherwise of the persons whose estates had been administered upon and accounted for. On January 1, 1872, there was a balance of $58,845 in the late Guardian Savings Institution to the credit of that bureau. A dividend of $12,111 has been paid by the receiver of said institution, leaving a.balance of $46,733 now due and owing to that office. The commissions retained and placed to the credit of the commission account amount to $2,963. It was also stated that in accordance with an engagement which he had made with the National Park Bank, interest at the rate of four per cent per annum had been allowed on all deposits made by him. That interest to the present date amounts to $1,808, which had been placed to the credit of the Public Administrator. THE COMMITTEE ON THE EIGHTEENTH WARD MARKET. The President announced the following as the members of the Eighteenth Ward Market Investigating Committee:-Aldermen Ottendorfer, Billings and Falconer. DAYS OF MEETING. On motion of Alderman MORRIS, it was decided that Thursday, at three o'clock, be the day and hour appointed for future meetings of the Board. The Board adjourned about five o'clock.

9. December 31, 1874 New-York Tribune New York, NY
Article from New-York Tribune, December 31, 1874

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WALTER ROCHE'S SAVINGS BANK. CHARGES AGAINST THE RECEIVER-FULL STATEMENT OF ITS AFFAIRS. An application was made yesterday to Judge Donohue in Supreme Court, Chambers, for the removal of Jeremiah Quinlan, the receiver appointed to wind up the Guardian Savings Institution. The petitioner is James Gill, a depositor, and he charges a breach of trust in the Receiver in regard to the funds of the bank, a sacrifice of the securities of the bank in their sale at a discount. useless expenditures in carrying on the trust, hich he characterizes the employment of among two more men than were hired by the Bank when in business, and the employment of a watchman after the valuable property had been removed to a safe in the Park Bank, discriminating payments in paying some in full, the want of keeping proper accounts, and a failure to file a proper inventory. Mr. Quinlan's affidavit was read on his behalf, in which be states that he was appointed in November. 1871, and has since been active and diligent in collecting the assets and distributing them, without any complaint till Dec. 2. 1874. Then an ex parte order was served on him, fining him $10 and directing him to file an account within 20 days. He had had this modified 80 as to turn it into an order to show cause, the account to be filed within 20 days after the decision; bnt on Christmas Eve another order was served striking out the delay of filing the account. By great exertions they had completed the account and filed it. The reason it had not been done before was that there was but five per cent remaining due to depositors. Only $105 was due to James Gill. At present the receiver had $13,000 in cash. There was due depositors $16,927, Sewell & Pearce, $4.600, and to the Receiver of the estate of Davidson, $2,600. Besides this the salary of the bookkeeper was due, interest to the depositors, and his own legal fees and commissions, to determine which a reference had been made to Mr. Redfield. The original assets were not worth their nominal value, $500,000. They realized but $267,000. The amount due depositors was $561,000. The amount received from Walter Roche trustees was not, as charged, $275,000, but $240,754. As to the charge that some creditors had been preferred, the Court had directed that all depositors of less than $200 be first paid in full. They numbered about 650. He had also paid the Foundling Asylam, which had all the money for their building on deposit with the Savings institution. Mr. Quintan took that risk believing that the bank would pay all. He had also paid certain court monevs deposited by Gratz Nathan on a stipulation waiving interest, and had paid Edward Walsh in full because he took a mortgage at its face, giving back the difference $2,000 in cash. The mortgages no had sold were sold under the orders of the court, granted on good reasons shown. They amounted to $33,500. He retained $8,000 for fut claims; there was no concealment about It It appeared in his accounts. He had spent no large sum for clerks. He had had one bookkeeper. He retained the cashier of the bank seven months, employed one accountant ten and another seven days. He had employed a watchman three months to protect the books after he had reason to believe they had been tampered with. He had kept full accounts, and had paid the depositors 95 per cent. He had filed an inventory and account III February, 1872. There had been a great mass of litigations, and in some delays he had been guided by the wishes of Mr. Roche's counsel, who, in view of his large sacrifices, be thought should be spared as much as possible. The argument on the papers was deferred till today. James W. Gerard for receiver, Chas. Matthews and Mr. MeGowan for petitioner.

10. May 10, 1876 The New York Herald New York, NY
Article from The New York Herald, May 10, 1876

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THE GUARDIAN SAVINGS BANK. In the matter of the receivership of the Guardian Savings Institution, proceedings in which are pending in the Supreme Court, the interests of the city are involved to a large amount. The bank failed in December, 1872, and at that date the Public Administrator's deposits were made therein. The balance to that account was $58,845 37, upon which the receiver has made paym DIS from time to time to Judge Alker and to Isaac Dayton as Public Administrators. Algernon S. Sulhvan, the present Public Administrator, is seeking to recover the balance due, which he ascertains to be $ 4 233 60, with interest from January 1, 1875. The present proceeding is to see how much can be obtained from the assets of the bank or from the receiver's bonds. The deficiency must be made up by the city treasury. so that Mr. Sullivan can settle the estate, the funds of which were in the savings bank when it failed. The matter is expected to come up in Supreme Court, Ch mbers, within a day or two.

11. October 12, 1876 The New York Herald New York, NY
Article from The New York Herald, October 12, 1876

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BANK'S. SAVINGS THE FAVINGS GUREDIAN MR. JOSEPH 'DONOHUE. To THE THE EDITOR HERALD:of The by made report Judge Bosworth the a of affairs relating referee and the evings comments Guardian Institution, to the an call for HERALD thereon explanation IS the fact the not case that me, from of the nor the yet finally ultimate decided judgment will of my give plain Court statement of to the the from bank first affairs last. In the by held 1870 York Foundling Sub. over. yielded Asylum, sum. and the $90,000, scriptions to I used was build entire asylum. the the the and Fair held Committee it with the The decided money. my proearnest Savings Guardian Institution of in the and office test conscresigned was the The with Institumoney quence. deposited tion there aithough in of 10 1871, have manager, n Bank. Savings Emigrant the The under PresiSavings Guardian M. of was its and Tweed Roche dency Walter William in bank When Vice failed November, 11 of on had this and 1871, deposit to or 81, the more than $94, belonged one-sixth aid the not that know sylum. Foundling did nor have bank insolvent anything to do the of with appointment its The Mr. Arst receiver. on 17, November intimation to came 1871. Quinian then his surety. become whatever Quinlan these as facts to was and me of me his of was the late alarmed 11 to be and the Fund, believing Founding If to duty my become consented possible, 1 the no had him bond. surely of that doing. except motive securing it to me from occurred Asylum. Foundling in bad that some whom then person confidence of in the the was office under charge placed receiver 1 of its more could affairs thorough knowledge than the better otherwise, the Mr. Quinian employ in law, her-in such ment brother In said this that, Quiulan to right stances, me. with nything and and of Mr. Riley, connection action my he Mr. would think told him " hatever at ouce to capacity. por have agree with Quinlan long faith time mose divide under not take I cent did DOL did know Riley or was of the 1 to would do with salary of them Kiley, wa nor believe performed Mr. giving control it the his the compelenter salary person. Mr. (Riley) Quinian did care not and attention bank jui and of DUL Mr. he Kiley creditors of claims. the and personal labor been of that per the of have their Dg been Asylute paid of to money the business ninety of live than due the $200 The Foundi, entire mount 09 only. this have uil full. creditors ot the 09 remain amount unpaid. paid sufficiented recognized $ 338, to the pay drew jact only bledness $7,364 of assets the to for when amount. he ince and there Mr. Quiniau seems the one labor, half of witness them, in O.T. the and with sum that Riley recei be Quinlar draw # Thomas such I fees, cerpad nothing to his fees $6. as 500, testined to Riley. that had his A right had to or not, to me keep money ing 10 and advised he him be whether no Riley handed be has since de it case, Buckley. the quests to do. for Mr. him, on and the same. had given him, referee, in Quinlan and tainly $6,000 of only this a portion time of Quinian case, has Another nian) decided, kas en in equal told drawn me the he was of the that $13,000. Quin Surely that the of may another. and another accounts, allows him authority be 10 the law subject transaction dollar, I should. litled passing to one referce rate, is and of profited whatever by ever the any matter agree. subject decision any never nor was there As the to the 10 the says: what upon the of landing Lold that the to money, Quinia difficult righ to per- his receiver ment now, I shall the Court as can claim delauiter. and good final stands decision Judge of BOSWORTH principal Mr. can Riley be entitled large in ISSIONS equity time jees. colve on unle-s same a time to be full nim com at the Abboll, and money the conscience bad belore of Mr. had A. been balance reBosworlh Boswoman the report showed alter the charging him Judge he wrote to whom 51 only. law to charge him my that he jerred referee. Quinketting De postie mossive He had in surety, also before offered the to only pay him against including interest by injunction him was that issued ordiwith, evidence to the not by an the law, to an or myself of this way it was from so Joing may be that Quinian. Kevery dollar are able With reason June. 1875. would Whelever clear to the bank of ection the rece cred- that 10 of my and that nors bond, to to pary in mind surely connec there the is not AB loss the the them. second 1 to this have part Judge report a the made dividend the he could upon city of 1872 were all three third and and the thers rethem. He Billeen in Among which was not price due offered them was cent, The He to and realize one of They were The best to me and with told the me money. sell them the look the ceiver second buy discount them at ten such mortgages and to bad been the drew be and needed for authority was granted. McGowan him who he good, examine and busi- be Mr ness. such Court John bank, T. and the 10 the the this of the my counsel, he the person who procured the in of full, IRRALD, the He did buy titles the Mctiowan Judge man Boswors in court. did mortgages, adeed, doing wrong. suppose the per and live fund lieved, ai the was the sole my cent object time. to is of the third report. Judge part the the iacts before 1869 In Mr. be would needed. and in store street, William IC 000, three purchase but the property. n my taken my conveyed mm unian no him toward a his be paid The me had liberty loaned 10 have that the In 1873 one property that from the of the he sums. instead my security. to him to WAH include taken good faith where money name and Scient othat th s mocoy doubt not on Know it came from thought any eree essicion no not brows, only do not did believe that which my security would money far do suppreement this the BADK from but know, the to matter me retch well have paid me to case KOOKB business doing for the been very was shadow and upon was in ID 1873 and the money bank. debt under unlikely was had me vidence WHA that

12. October 13, 1876 The New York Herald New York, NY
Article from The New York Herald, October 13, 1876

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SAVINGS BANKS. THE GUARDIAN SAVINGS BANK-MR J. T M'GOWAN'S STATEMENT. NEW YORK, Oct. 12, 1876. To THE EDITOR OF THE HERALD: I ask a small portion of your valuable space for the purpose of answering the communication of Mr. Joseph J. O'Donohue, published to-day. The facts stated and found by Judge Bosworth in his report are based on the testimony of Joseph J. O'Donohue and his brother-in-law, Riley, as well as the testimony of Peter J. O'Donohue, as by reference to the report will be readily seen. Quinian, as receiver, collected from the assets of the Guardian Savings Institution $326,000 and upward, and from the sales of Roche's real estate conveyed to the trustees there was realized $322,000 and upward. The liens and encumbrances on Roche's real estate so conveyed and sold amounted to about $23,000. The amount due the depositors of the bank at the time when Roche conveyed to the trustees all his property for the purpose of paying every creditor of the Institu. tion in full was loss than $480,000, so that Quinian and Riley, as his bookkeeper, had in their possession $626,000 to pay $480,000, and there is still due the creditors $60,000 and upward, instead of $38,000, as stated by Mr. O'Donohuo. When Mr. Abbott was appointed the referee to pass Quinian's account as receiver, A. A. Redfield and Morgau A. Dayton, Jr., were also referees, appointed by Judge Westbrook for the same purpose. The order appointing Peter J. O'Donobue receiver and Mr. Aubott referee was drawn in his (Abbott's) office, and is in the handwriting 01 his clerk, Randolph. The accounts of Quinian, submitted 10 this referee, showed an indebtedness over irom Quinlan, as re. coiver, to the creditors of the Institution of $39,000 and upward. It is true that this referee finds that Quinian owes but about $13,000, but how 18 that resuit arrived at? In the mouth of October, 1872, Quin. Jau, as one of the trustees of Roche, paid to filteen creditors of the Institution $14,598 out of the moneys derived from the sale of Roche's real estate conveyed to the trustees. In 1873 and 1874, as a trus. tee, he also paid out of the same trustees' fund $32,500 to the public administrator, M creditor of the institution. The latter amount is not embraced in the account of the receiver, submitted to Mr. Abboit; but the referee, on the interference of Peter J. O'Donobuo, claiming that the receiver, Quinian, should be allowed this payment of $32,500, does actually allow that amount, against the remonstrance and objection of Quinian and his counsel, as well as the $14,598 15, as payments out of the moneys of the Guardian Savings institution, but does not charge either sum as assets, and when the reteree distinctly tinds that these two sums of money were derived from the sale of Roche't real estate. The interierence of Peter J. O'Donobue was improper and illegal, and was made for the sole purpose of reducing the liability of his brother, Quin. Ian's security. Thai report, however, has never been confirmed by the Court. My own differences with Mr. O'Donobue will be settled at the proper time and in another tribanal. Suffice It to say that all the matters 10 which he reiers are fully and amply reluted. Mr. O' Donobue believes that the people of the city of New York have short memories. The unsupported state. ment of the loreman of the Graud Jury who indicted the bankers and merchants of New York in the suminer of 1870 lor alleged usury and lor speculative purposes, and the agent and "buyer" of the prize ring in this uistrict in the years 1862, 1863, 1854 and 1865, will not receive much credit, as against the judicial determination of a gentleman whom the citizens of New York take pride in henoring. Very respect JOHN T. McGOWAN. fully,