German Savings Bank of Morrisania (New York, NY)

Episode Information

Episode UID
7411629190922
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
741162919 hash
Start Date
October 9, 1876
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
130014a944952ab9

Response Measures

None

Description

Articles show an initial rumor-driven run (Oct 1876), followed by suspension (Feb/Mar 1877) and appointment of a receiver; later suits reveal mismanagement by trustees.

Events (5)
1. October 9, 1876 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors and malicious reports (including alleged statements by a trustee of another institution and publicity around a lodge's deposits) sparked deposit withdrawals in October 1876.
Measures
Directors issued circulars reassuring depositors and signed personal liability pledges to pay deposits left in the bank.
Newspaper Excerpt
A run on the German Savings Bank of Morrisania... owing to rumors adverse to the solvency of the institution
Source
newspapers
2. February 26, 1877 Suspension
Cause
Government Action
Cause Details
Superintendent of the Banking Department and Attorney-General obtained an injunction (Feb 26) leading to closure and application for a receiver.
Newspaper Excerpt
An injunction... restraining the institution from any further exercise of its corporate functions... the bank closed its doors
Source
newspapers
3. March 1, 1877 Receivership
Newspaper Excerpt
Application made for a receiver... the receiver has already been made... the bank was closed and application to Albany for a receiver was decided upon by trustees and counsel served on the cashier on Wednesday evening post-injunction (March 1 articles).
Source
newspapers
4. March 12, 1877 Other
Newspaper Excerpt
Depositors representing $200,000 signed agreement to leave deposits one year for 75 cents on the dollar to prevent appointment of a receiver; Attorney-General to receive recommendations for receiver (May notices).
Source
newspapers
5. July 19, 1877 Other
Newspaper Excerpt
Receiver's investigation revealed mismanagement and withdrawals by trustees prior to collapse; suits later filed to recover funds.
Source
newspapers

Newspaper Articles (20)
1. October 9, 1876 The Sun New York, NY
Article from The Sun, October 9, 1876

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A RUN ON ANOTHER BANK The Action of the Directors of a Threatened Morrisania Institution. On Saturday a run was commenced on the German Savings Bank of Morrisanta. The demands were met promptly. but. owing to rumors adverse to the solvency of the institution, there is a likelihood that the run will be resumed to-morrow. A meeting of the directors was held, and it was conceded that a further withdrawal of deposits to a considerable amount would necessitate the calling in of a very large number of small mortg ges beld by the bank on property owned by residents of Morrisania of small means, which course would ruin many. It was asserted, however, that the capital of the bank was sufficient to pay every depositor in full. The following agreement was signed by all the directors: The undersigned hereby agree and undertake that If the depositors will assist them in averting the above. named calamity by allowing their deposits yet remaining 10 the bank to remain there as before. they will hold themselves personally responsible, each to the extent of his whole individual property. !or the payment in full of each and every deposit so left in the bank. In case this proposition is not accepted, wever, and the bank 18 forced to sacrifice its securities in the present depressed state of the market in order to raise tinmediate funds, the undersigned consider themselves re leased, and any loss ensuing in consequence thereof will be attributable to tae unwise and hasty action of the depositors themselves. The signers are: Jacob Held, President : M. Kuntz, First Vice-Prestdent: Nic Thiel, Second Vice-President; Charies Fritz, Treasurer Henry Schmudt, J. Chr. Freedmann, Loreuz Zueguer, Casper Hake, Valentin Frees, J. B. Denicke, A. Freutel, Phil. Ebling, Ad. Huepfel.

2. October 10, 1876 New-York Tribune New York, NY
Article from New-York Tribune, October 10, 1876

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LOCAL MISCELLANY. ALARMED DEPOSITORS REASSURED. SMALL RUNS ON THE NORTH RIVER SAVINGS BANK AND THE GERMAN OF MORRISANIA ENDED. A number of depositors in the North River Savings Bank, at Eighth-ave. and Thirty-fourth-st., became uneasy on Saturday and drew out about $7,000. The bank was opened yesterday at 9:45 a. 1a., and the trustees decided to keep open all day to accommodate any who might wish their money, instead of closing as usual from 3 to 6 p. m. Several of the trustees were present, explaining the state of affairs to those who desired information, and not more than a quarter of those who called remained to draw out their deposits. About 3:30 p. m. the last of the line was paid, not more than $25,000 or $30,000 having been paid out during the entire run on the bank. George Moore, President of the West Side Bauk, and Robert Schell, President of the Bank of the Republic, offered yesterday to the North River Bank any amount of money necessary, but their offers declined, as the funds of the bank were amply sufficient to pay any demands. Mr. Moore said he was certain that the North River Bank was perfectly safe, and that he had entire confidence in its official statement of July 1, 1876, which gives the assets as $809,617 38, and liabilities as $737,662 11, leaving a surplus of $71,955 27. William B. Stafford, Secretary of the North River Bank, said yesterday: "The bank can pay every cent it owes and have $80,000 left. It has no liabilities except to depositors, and the more they draw out the larger will the surplus be, on account of their forfeiture of interest. The bank has been run on the most economical principle. the total expenses having been only about $4,800 for the six months ending July 1, 1876." Mr. Stafford and some of the trustees opposed to John Hooper, the President, said that the only trouble was with Mr. Hooper. They accused him of inefficiency and want of attention to the business of the bank. They asserted that, although he was required by the by-laws to be at the bank daily, he sometimes did not come for weeks. Mr. Hooper last revening sent the following letter of resignation to the trustees: GENTLEMEN: 1 was invited to the presidency of this bank by the unanimous vote of the trustees upon its orgauization in 1866. Each successive year I have beeareelected, with almost the same unauimity, up to January. 1876, when, greatly to my surprise, without any outspoken objections to my management, or any complaint of the want of attention to the duties of the office, a formidable opposition presented itself, but not sufficient to defeat my election. Since that time this opposition eas become more aggressive, producing a great want of harmony among the trustees, and making especially disagreeable to me. I therefore respectfully resign my posi ion both as president and trustee, with the consciousness that I have, at all times and in every way, done my duty, with considerable sacrifice, and without expecting r receiving any compensation whatsoever. Your obedient servant, JOHN HOOPER. New-York, Oct. 9, 1876. A rumor was current last week that the German Savings Bank of Morrisania was in a very weak condition. On Friday a few of the depositors withdrew their ac counts, and on Saturday, the report having gained greater circulation, the bank was througed. All the demands were promptly met. About $8,000 was paid out, which was $5,000 in excess of the amount ordinarily paid out on Saturdays. The deposits on the same day amounted to $8,000. The trustees issued a circular stating that the withdrawal of deposits to a considerable amount would make n cessary the calling in of a large number of small mortgages on property owned by residents of Morrisania, which would ruin many, and cause a general depreciation of real estate in the vicinity. The circular asserted that the capital was amply sufficient to pay all demands iu full. The trustees agreed. if the depo-its were allowed to remain, to hold themselves responsible, to the extent of their individual property, for the payment in full of each depositor; otherwise they would consider themselves released from responsibility. It was found yesterday that the circuiar produced the desired effect; only $700 was drawn out. The officers declare that the bank is in a good condition, and at the end of the month they will make a tall report. Since the report made on Jan. 1 there have been no unsuccessful transactions, and the surplus now is greater than it was then, when the assets were $523,116 97, and consisted principally of mortgages and stocks and bonds in this State and New-Jersey, and Oswego Midland Railroad bonds. The liabilities were $511,229 35, and the surplus $11,887 62.

3. October 10, 1876 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, October 10, 1876

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NEW YORK. The Savings Banks. NEW YORK, Oct. 9.-The run on the Northwest Savings Bank continues, aud a run was begun to-day on the German savings bank of Morrisania. Both banks are believed wholly safe. Proceedingsagainst Tweed and Sweeney. The struck juries for the trial of the million dollar suit against Tweed, and the seven million suit against Sweeney, appeared at the adjourned term of the Supreme Court before Judge Westbrook this morning. The judge stated that he had been assigned to Ulster circuit, and no other judge being available the cases were adjourned to Nov. 13th. There was a slight run on the North river savings bank to-day. All the demands were metand aid from sister banks was declined. Scull Race. The junior scull race at Greenwood Lake today, two miles, was won by Orr of the Seo wanhakos in 14.15; Mann of the Argonautas second; Mills of the Atalantas third; Conlen of the Friendships fourth. Imprisonment for Life. David Henry Peterson, a young negro, was convicted to-day of murder"in the second degree in killing his colored mistress and sentenced to imprisonment for life. Pools on Ohio and Indiana. Pools were sold to-night on the Indiana and Ohio elections. The betting on Indiana ranged from $100 to $80 down to even on Williams, and the same betting prevailed regarding Harrison. The betting as to Ohio on Barnes ranged trom 100 to 35 and 100 to 25, with many takers in the field. Pools on the result in the state of New York were sold, and 800 to 100 was offered that Tilden would not carry the state, and 500 to 100 that he would not carry it by 40,000 majority. Both bets were taken.

4. October 10, 1876 The New York Herald New York, NY
Article from The New York Herald, October 10, 1876

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$71,955 27 Surplus SECURITIES. Bonds and mortgages on improved city property, worth more than double the amount loaned $383,559 279,880 00 New York and Brooklyn city bonds 15,600 00 Utica city bonds 51,500 00 Town of Kingston bonds 3,500 00 Ca loans on United States bonds Cash on hand and in banks and trust com50,285 0 panies 25,293 3 Interest accrued $809,617 3 Total cash and 1. vestments The cause of the useless excitement in this instance is due to a difficulty between the president and other officers of the bank. As the statements of President Hooper and the directors are so much at variance it is hard to tell who is in fault. The latter claim that in January last the failure of Mr. Hooper This was carried by the same vote of 13 yeas to 2 nays. A letter was received from Mr. Hooper and road. It was moved that his resignation as trustee ot the bank should be accepted. but as far as the presidency was concerned from that he was already removed. This motion was unanimously carried, and the meeting adjourned. The vice president will be the acting president ol the institution for some weeks to come. GERMAN SAVINGS BANK OF MORRISANIA. The run which commenced upon this bank on Satur. day, appears to have just motive or foundation. Mr. Held questioned several but they refused to explain their motive for withdrawing. It finally appears, according to the statement of Mr. Held, that the trouble originated from a trustee of another rival institution: who had given forth information to the effect that the affairs of the German Bank were not in proper condition. This person also declared that the Wieland Lodge of Free Masons, in Morrisania, had withdrawn their entire deposits from the bank. amounting to $4,000. "Now the fact 18, " said Mr. Held, "that the whole amount to the credit of the lodge 18 $200, which still remains in the bank. The whole thing was done with malicious intent to injure the welfare of the institution. On Saturday evening the directors held a meeting to determine upon the best means of checking the unnecessary excitement, when they agreed upon making the following statement:The undersigned hereby agree and undertake that If the depositors will assist them in averting the above named calamity by allowing their deposits yet remaining in the bauk to remain there us before they will hold themselves personally responsible. each to the extent of his whole individual property. for the payment in full of each and every deposit so left in the bank. In case this proposition is not accepted, however, and the bank is forced to sacrifice its securities in the present depressed state of the market in order to raise immediate funds, the undersigned consider themselves released, and any loss ensuing in consequence thereof will be attributable to the unwise and hasty action of the depositors themselves. to properly discharge his duties as President became so troublesome to the trustees that many ot them determined not to vote for his re-election. He was re-elected, however, by but two votes. He was next requested to resign, but declined to do so. The trustees declare that Mr. Hooper, knowing that his election again was impossible, began to undermine the conti ence in the management of the bank. Frequent mysterious withdrawals of deposits were observable, and on the 1st of July Mr. Hooper himself withdrew his own accounts from the institution in so public a manner as to create distrust among the depositors. The trustees laid the matter before the Superintendent of the Banking Department, in June last for the purpose of obtaining his advice. He recommended application to the courts, but they were unwilling to precipitate matters publicly and run the risk of creating a false alarm among the depositors. From the foregoing the trustees say the cause of the present run may be easily seen. Last evening a meeting of directors took place in the bank, when the following business was trans. acted:-A resolution, which was trained at the last meeting in September, upon the report of a special committee of inquiry, which recites the derelictiont of duty on the part of Mr. Hooper and recommends his removal was passed by a vote of 13 yeas to nays. The following resolution was also proposed:Resolved. That the conduct of Mr John Houper. in giving publicity through H newspaper, on Saturday last, to the dealings of the trustees of this bank with him in conso quence of his misconguct while president of this bank whereby some depositors have been induced to withdraw their deposits to their injury, deserves the severe censure of the trustees and depositors of this same bank. The signers were:-Jacob Held, President; M. Kuntz. First Vice President; Nie. Thiel, Second Vice President: Charles Fritz, Treasurer; Henry Schmidt, J. Chr. Freedmann, Lorenz Zuegner, Casper Hake, Valentin Frees, J. B. Deniedo. A. Freutel, Phil. Eb ling. Ad. Huepfel. This was printed in circular form and roady for distribution to the depositors, upon the opening of the bank's doors yesterday morning Ere this the deposttors seemed somehow to have regained their confl. dence, for but few people came to withdraw their funds. OI these, many altered their determination after read. ing the circular and conversing with the President. Mr. Hoeland offers the following statement of the condition of affairs of the bank on September 31:ASSETS. $3,178 64 Cash on hand 1,098 92 Cash in Germania Bank 60 00 Call loan ou United States bond 86,831 55 Bonds and stocks. 50.802 29 Real estate 282,950 00 Bonds and mortgages Total $424,921 36 Liabilities $405,921 31

5. March 1, 1877 The Sun New York, NY
Article from The Sun, March 1, 1877

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e Bank of Morrisaning Ings after a Long and Hard Struggle. cumbs two thousand persons who, a Sav- few Of about had deposits in the German have months ago, of Morrisania, A large portion would if ngs Bank th ir money. and the rest which for withdrawn All last week the bank. condition, hey could. has been in a precarious emptymonths subjected past to a run that was rapidly morning the was and on Monday closed. and ng its treasury; throng found the doors No payassembled eation conspieuously posted. notice." hignotiff by this bank until further given. nor ments made notice" has not yet been busiThe "further prospect of the bank resuming a receiver. there any trustees have applied for a few 1088. The probably be appointed within of the dewho will it is hoped that the claims A long lays, and be paid nearly in full. this can be hositors may elapse, however, before most of the assets are which, if foreclosed would in bring but done, real ime estate. must for of values, mortgages the present on a condition The nominal depressed of their forme value. and the liabilities ithe $350,329. depositor's on $338,237. January in 1 studing were an apparent $299,237 surplus of enjoyed of $12,092. the money. confidence The bank Allowing of has, the for residents the unfortunate most of part. Morrisaning but honest. who was regard began the business trustees in as 1868. years and ago for it met a ti with Gus- its first very It prosperous. misfortune, lending its Two a then large President amount When Mr. of money the live on Midland New Phefer, was Jersey thrown Midland quieted into the bonds. the fears was hands of to the of be a trus- sold. rereiver. Mr. Pflefer that the line recovered. tees by telling them $96,000 would evid be all nt that unand the money. passed it became the calamity. But 88 something time was done to going avert to seriously the bank. the lefteren this less injudicious loan and was the trustees finally, y. Todo gave Tripple notes this many or mon of them y to cover public confidence Hourishing. mortgage was Mr. restored. their property and busin superseded but again as was President made by by Mr. the Priefer, Held, was and threats are the now former PresiJacob office rs and truster amount of lent suing by him bonds without of any the The next estate dent authority for the from the trustees. embarrassment on the of the transac- bank Midtand. due to an injudicious renting real a small build- lot in was ing tion. for The $1,200 trustees 8 year. local were and politician owned a large persuaded building Morrisanim. A large and expensive they could rent them to put up a promising that $2,000 a year to the on their ground. portion of it for ediffee. which is the upper Court. But when the Morrisaning at Third one Police of the handsomest street, in was erected, the Police that The Court avenue was and established 158th at small Fordham. a sum as $700 It was the loss cause of so of the bank's failure. had that was the direct Benevolent Association division occurred in Women's on deposit. when Two a associations of were the amount ranks of the society. claimed the $700. One to bodies bank from formed, the and each sued out an injunction paying the reassociation conflicting strain the to trusteen the other. of the the and, money under was the the paid injunction. advice to the of the amount bank's counsel that section had obtained of the society for the sued defence the bank neglecting Then for the $700. other to and attend. by the default. judgement counsel Extravagant was the rendered amount rufor the plaintiffe bank inability to pay reports more of the as well ILM itself, began of the magnitude judgement. of the being of the of the float about Morrisania, of both sections the reto sulated by the women nt association. published and cards was a notices assuring to satisfyall sult Women's posted Beneve run. The funds trustees the depositors be demands unable that on thebank and it if it had was ample not pushed. ted run. but would This served only and protriy depositors. trustees finally were thirty and time. the to to sustain intensity a the fears the of the compelled for a sixty to and day put notice into operation rule. The panic usual subsided for from months. an unbut at the cause. the of the smaller explained business went beginning on as of anxiety Many last week. of proposed the depositors to de- fall was again aroused. paid. and it was of withdrawal by back positors upon having that wer the larger the rule institution of amounts. notice it was best But past to it was close saving. soon evident those thought the funds. value the and the and trustees divide the residue to recover of the full yesterday. doors If we are given time said an officer. depositor a bun to foreclosedred we cents on the shrug of the shoulders. of our shall mortgages. be able dollar: to pay every but if we are obliged

6. March 1, 1877 The New York Herald New York, NY
Article from The New York Herald, March 1, 1877

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ANOTHER BANK BROKEN. Suspension of the German Savings Bank, of Morrisania. HOW THE DEPOSITORS FEEL. Application Made for a Receiver. four months' struggle with adverse Morrisania circum- has After a the German Savings Bank of morning stances, succumbed to late, and on Tuesday held on at length its doors. At a meeting of the trustees, at once make closed the same day, it was decided the to appointment of Albany for institution. application to at wind up the affairs of the and the ofiireceiver has already been made, In October This indicated application is expected to arrive credit to-day. of the bank cial affecting the ward, which last some throughout rumors the Twenty-fourth depositors. This, spread the bank by the was of resulted although in of decided a only run two on character or three days' as to duration. the induce clause the such a avail themselves of sixty days directors their bylaws, to requiring thirty to and the amounts in respectively according restored, notice at the counter. Confidence was soon their entire however. asked for many of those who had on drawn the same day and redepositing them. deposits coming back Notwithstanding to the bank the efforts that and made at that time to re-assure the public, at Morriswere the industrial class of Germans especially regard to the stability from of ania, the Bank, in it never recovered it by the staggering blow dealt the confidence the of October. Since then the wane, and, of temporary depositors panic in its solvency has has been been is on constant drain on as its a resources. natural result, Among there the causes within assigned the past for two the direcsuspension a is costly the erection bank building report by issued the by years tors. of Iu Superintendent the last annual of Savings Banks, on the which struc- it the sure State indicated. together with the assets ground of the bank at stands, are while valued it is in said the by parties familiar it it were with placed the an $46,495 11. the locality that would not value of property auctioneer's in haminer to-day it bring under issued January, $20,000. annual report on savings banks, assets amounting to 1876, The shows In a annotating deficiency this of latter three the bank years exam- ago iner says on $77,214 68. the same page:-"Nearly made a loan of $105,000 various to the Montclair the former Railroad president Company examination of New Jersey your in examiner collaterals. At the this last loan as not authorized by the charter, called attention and directed to that paid, it should reducing be it called to $90,500, in. A part of the loan was failed. then It has been discovered bonds that when the company the company 10 change others the ot much which the Presidentallo the bank originally trustees held claim for without their year less value The President resigned elected, knowledge). (the get o! officers were bank last from the and a new determined to extricate the from loss. The difficulty who appear and to save the depositors probably be sold for about collaterals leaving now held a could deficiency of $52,000. the above Another $25,000, note immediately has since following been made of good." Mor. says, the "This same volume deficiency the German $11,877 Savings 62, on Bank, January 1, In risania, shows William a surplus Hoeland, of cashier of the representa- suspended 1876. Mr. being interrogated by a HERALD following stateLive bank, yesterday on afternoon, made the ment "I do not know whether It the all suspension depends on will whatever prove temporary or depositors permanent may take. They January, have when been drawing action the heavily since commenced the third week taking in out their total a number of This them state ot things continued until the taking end deposits. of January, and then the availed Board themselves of Trustees, of the action requiring in the matter, thirty and sixty days. ou the In bank, October this clause there was a slight run after a short last, when put in operation; but the clause and was when also we saw that the apprehensions paying ot out time, were allayed. we recommenced time the until about February 1. At thirty and sixty days or moneys on depositors demand but the cancellation rule was that again finally be- reeumed, heavy that the bank was trustees came so to close its doors. Since then applied the for a compelled and, through their counsel, precipitate have mei, The trouble IS all owing to the action of the in not depositors drawing their money the bank receiver. discretion all right. themselves. Had they the would used Gerhave gene on the indignation is great among depositors, Although formed a large majority of the demonmans, who been as yet nothing like a disorderly no there has attempted, the disappointed ones than that Biration outward evidence of their chagrin and further giving staring and of in little knots during the day building gathering at the imposing bank been some mournfully fastened entrance. There has for the its securely on the part of the depositors course talk of a of meeting deciding what 18 their most judicious last eveupurpose the present circumstances, but up to held. It is under had been no such meeting of the ing that most of the on in the form of bonds and emerbank are the Twenty- third ward, and should understood there in mortgages assets would the prove propcity in a ioreclosure of these it gency to many of the small from Albany, received at Savdisastrous despatch result property holders. German Morrisania A sets forth that "the had been closed by an order ings at obtained on reyesterday Bank afternoon, Schenectady, of application the Supreme the of Court, General Paige, at of the Superintendent of the The complaint was based bank upon Department Deputy quest Attorney the Bank was of the up'Serintendent that the that so rapidly toward a loss of that retrieve its fortunes." It appears beliet could verging not business accounts it evened in The during the the last bank year to there 642 were closed. only and 231 $836,617.55 new fol. de-

7. March 2, 1877 The New York Herald New York, NY
Article from The New York Herald, March 2, 1877

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THE GERMAN SAVINGS BANK. MEETING OF THE DISAPPOINTED DEPOSITORS AT MORRISANIA LAST EVENING. The suspension of the German Savings Bank of Morrisania tormed the chief topic of conversation throughout the Twenty-fourth ward yesterday. Among the depositors whose hard earnings are now locked up in the broken bank there appeared to be a feeling of mel. ancholy resignation not unmixed with hope that all may yet be well with them. There seems to be a gen. eral desire among the class indicated to encourage and to a certain extent aid the trustees of the institution in any effort they may make to retrieve the disaster which has fallen alike upon them all. Many of the depositors themselves now condemn the lack of confidence which produced the ruinous run upon the bank's resources, and express a willingness to leave their several accounts ou deposit for a year or two, it necessary without, interest, it by that course the directors might be assisted out of their present financial difficulty. It should be stated, however, that this proposition does not emahate from any of those who were fortunate in drawing out their entire deposits before the bank became hopelessly insolvent. At a late hour on Wednesday evening an order issued by the Supreme Court at Schenectady, on application of Superintendent Ellis, of the Banking Department, restraining the institution mentioned from any further exercise of 18 corporate functions pending further judicial action, was served on the cashier. Last evening, in response to a call; a number of the depositors, embracing about 126 men and half a dozen women, met in the ball room of Hupfel's brewery, for the purpose of taking some preliminary steps in regard to the bank suspension. The meeting, which was one of the most orderly character, was organized by the election of Joseph Kuntz, president, and John A. Henry, secretary. On motion a committee Was appointed to conter with the trustees of the bank as to the most judicious course to be pursued in the premises and re port thereon as speedily as practicable.

8. March 2, 1877 New-York Tribune New York, NY
Article from New-York Tribune, March 2, 1877

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ANOTHER BANK SUSPENSION. PREPARATIONS FOR THE CLOSING OF THE GERMAN SAVINGS BANK OF MORRISANIA. The German Savings Bank of Morrisania, at One-hundred-and-fifty-eighth-st. and Third-ave., has become involved, and steps have been taken toward the appointment of a receiver. The bank was incorporated by the Legislature in 1868, and for five years grew steadily in prosperity. Since 1874, however, it has been gradually losing. In that year one of the directors, stated the President, Gustav Pfeiffer, exchanged bonds held by the bank for New-Jersey Midland bonds to the amount of $90,000. It was known to the directors that an exchange of bonds was to be made; indeed, it had the Superintendent that the Midland bonds an one been supposed suggested by held. of would This Banks, step for but was in- no at stant be preferred to those already once acknowledged to be a mistake, and the public confidence, which was impaired at once by the transaction, has since steadily declined, though the directors were not held blameworthy. At this time the bank occupied part of a small building on the upper corner of Onehundred-and-seventy-eighth-st., for which a rental of $600 a year was paid for the first three years and about for the last three years. It was a of the directors to up for it was then ent $700 visable banking a year by majority building, supposed put thought that the pres- the adcourts afterward established in Fordham would sit there, and it was believed that the transaction would result very prodtably to the bank. The building cost about $16,000, but the Police Court was established in Fordham, and the enterprise proved a disastrous one. The bank incurred still another misfortune through the Women's Benevolent Association, which had about $700 on deposit there. This society, splitting into two factions, the one sued out an injunction to prevent the bank from paying this money to the other. Thereupon the other section sued for the amount, and the counsel for the defense neglecting to attend, judgement was rendered by default for the plaintiffs. This gave rise to the rumor, which rapidly spread. that the bank was unable to meet its liabilities, and it is said that at this time the lack of confidence was developed which has chiefly caused the present embarrassment. A short time ago Superintendent Ellis recommended that the institution be closed. stating that he regarded this course for the best interest of the depositors. Accordingly the Attorney-General obtained on Feb. 26 an injunction from Judge Yates of Schenectady, restraining the officers of the bank from the exercise of corporate rights and franchises, and notice was served upon them. On March 8 it will be moved before Judge Landon, at Schenectady, that the injunction be made perpetual and a receiver appointed. A director stated yesterday that since ean. 1 deposits had been withdrawn to an amount exceeding $50,000; he thought they would aggregate nearly $100,000. The panic among depositors was at one time very great, but afterward, as it subsided somewhat, the bank was able to continue payments longer than had been thought possible. The directors are men well known and respected in the community. and it was stated yesterday that their honesty had not been from the first suspected. Indeed they contributed more than $10,000 from their own pockets about a year ago to relieve the bank from its embarrassments. One or two of the depositors stated that there was no hard feeling against the directors, and it was possible that th depositors would consent to let the instit tion continue business. The directors and officers of the bank assert confidence in their ability to pay the liabilities in full if they are not obliged to foreclose. The January report shows an excess of assets over liabilities amonating to $12.091 12: but the banking building is valued at its cost. $46,495 11. which is believed to be a derably larger 8:141 than it could now be sold for. The institution holds $64,855 55 in town bonds, of which nearly 850,000, bonds of the town of Southfield, L. I., have been under litigation, but the cashier yesterday received a letter stating that the case had been decided in favor of the bank. According to the January report the bank has resources amounting to $350,329 the number of open accounts Jan. 1. 1877. was 2,337: the number opened during 1876, 231 ; number closed during 1876, 642: amount deposited during the year, $836,617 55 : amount withdrawn, $1,038,602 70. The largest amount due any depositor on Jan. 1. exclusive of interest, was $4,927 64: the average amount of each account. $128 04. The ra of interest paid depositors during 1876 was 6 per cent.

9. March 8, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, March 8, 1877

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Possible Bull Movement in Stocks-Black Hills Gold. The Produce Markets Moderately Active and Irregular---Provisions Again Weak. Wheat and Barley Stronger-Corn Love Other Breadstuffs Steady. FINANCIAL The new business that comes to the banks to not heavy, The supply of Board of Trade paper is much less than last month, although some is brought forward every day. The morcaulite ap. plications for loans are not numerous, bnt are more frequent than in February The banks. as rule, report their discount lines tolerably well filled, with, however, sufficient funds at their dis posal to handle whatever first-class paper is of fered. Rates of discount are 8@10 per cent at the banks to regular customers. On the street, rates were 7 per cent and upward. New York exchange was quoted at par between banks. The clearings were $3,100,000. BLACK HILLS GOLD. The Union National Bank has on exhibition two bottons of gold received from Stebbine, Post & Co., bankers In Cheycone and Deadwood. The "bottons weigh together 230 ounces Mtroy, and are valued at 500. They are the result of twenty- five days' run by an arastra on ores taken from the Father Deamer mine In the Black Hills, owned by Nichols, Haven & Coleman. FRENCH SPECIE MOVEMENT. Something Ilke-nn approximate Idea of the movement in and ont of the precious metals with regard No France In 1870 may be had from some recent >statistics published by the Government of that country. The total Importa of gold In bull. 100 and coin are pat at 509, 582. 000 francs. and of silver 1212.203.320 france; the exports of the former were 04,700,000 france, and of the latter, 60,720,080. These figures are said by the Paris correspondent of the London Economial to be in. exact. The preparation of the tables from which have obtained these Ogures is said to be so slovenly that serious errora of additions have been let ellp. The statistics. after all allowance for their Inaccuracles, above that the specio hoards of France are still growing, and explain the late action of the Bank of Frauco to discourago further RCcumulations. OPPRESSIVE SUSPENSE IN THE LONDON STOCK MARKET. The foreign stock market is absolutely stagnant. Home investing business a standstill, and the inter- Bourse arbitrage dealing in almost entirely stopped. There was drop in prices just before the close. in sympathy with fall In Paris, but there was next to bothing done. Egyptian stocks close very flat, and we have heard some is distinct statements professing to account for the fall, but could not authenticate any of them. The fall is said to have began here in their case, only that its doing so may simply mean that the French dealers tried to sell here the morning while their own market was undisturbed. There is still some foreign demand for Russian bonds, but the Felling here, email though It may be, seems always to mas! ter and they close weak. There was something done in Hungarian bonds In the morning on favorable news about the bank dimculty. Peravian bonds were also firmer, Influenced by the news of the Antwerpdecielonagainat Messra. Dreyfur Nearly all these gave way again before the close, however, and Turkish 1871 bonds were particularly flat. The same brokers are selling them now by whose purchases they were run up some months ago, and there is positively no mar. ket to well upon- even a speculative one-At the moment. A dull and appressive suspense bange over every one, and compels all to panee. The Bourves at Vienna and Berlin appear, however, to have been exceptionally firm. but. As they have few dealings here just now, their drinness WITH not felt appreciably as a support.-London Times, Feb. 20. THE PENNSYLVANIA A ANTISSTOCK UAMOLING' BILL The railroad Inflnence of Pennsyl is credit with the origination of the bill pending In the Pennsylvania Legislature for the suppression of onlew of stocks for futuro delivery. In this way the companies hurt by the recent break-down of their stocks wish to revengo them olves on the stock brokers, The latter announce that If the bill becomes law they will contest Its constitutionality, and. failing In that, will take their operations in " futures across the river to Camdon, N.J. RAVINGS-DANK NOTES. The report of the Committee appointed to exam. Inc the condition of the lately suspended German Savings Bank of Morrisania, N. Y., discloses deOciency of $48,115.50 that may possibly become $98,357.82. The Chairman stated that the bank, If allowed to continue. could pay 75 per cent of its deposits at the end of a year, but, If shut up, not more than 53 per cent. The Committee courteous. ly expressed the opinion that the failure was due to the mismanagement of former. not the present, officers, An agreement was signed by the deposStore to allow the bank, provided the Attorney General consented, to continue in business, with their deposits, for one year without interest, the end of which time they were to receive 75 cents on the dollar of their deposits. Au order has been isened for the continuance. until further notice by the Supreme Court. of the injunction preventing the City Savings Bank, of Providence. oue of the Spragne Institutions, from paying out or receiving deposits, The Receiver of the Cranston Savings Bank has paid back 07 per cent to depositors, The Indebtedness of the bank remaining is 3732. 021. and the bank holds property of the face value of 8880, 546, of which 8778,900 consists of Sprague notes, worth 25 per cent, and $92.000 land, MUNICIPAL FINANCES OF NEW TORK. The report of the Finance Department of Now York City for the month of February to not an encouraging document. The total debt of the city, deducting the sinking fund, has Increased sinco the 1st of January from $110,811,310 to 8121, 647,731. The City reasory had on hand In cash on Feb. 2H. $204, 402, but the wide departure of its finances from cash basis is shown by the Net of stocks and bonds issued in the first wa months of the year. The total was $2,808,008, of which no less than $2,174,700 La for current expenace." With such a tido running against them In the very midst of an uproar of reform, the citizens of New York may well begin to look on the future with gloom. III boding apprehensions are expressed that the city may be on the eve of bankruptcy. STUEKE TO un A BULL MOVEMENT IN STOCKAY The New York World, In its financial collion of Monday, puts Itas probable that: demonstration in favor of higher prices has been arranged by the speculators who have recently depressed prices. It says that the changes In management in the Rock Island and Northwestern Hallroads appear loit to be part of programme for bull movement, though Union Pacific alone has made any marked advance within the week. The speculators who have talked Rock Island down and sold It short, on the trustworthy Information supplied yould a must by this time be ascortaining the uses to which they have put themselves: and the crowd of deal. ers who go to leading speculators for points' have fresh Illustration to show for whose beueft these points" are given. GOLD AND GREENBACKS. Gold was 1004 In greenbacks. Greenbacks were 31603 cents on the dollar In gold. FOREIGN EXCHANGE Sixtydays. Sight. Sterling.

10. March 12, 1877 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1877

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Old-fashioned organdies are renewed for Summer dresses. Vegetable ivory or smoked pearl buttons are now used on wool, silk, and cotton dresses. The corner of Barclay and Greenwich-sts. is known to marketmen as "Cabbage corner." California apricots and green peas from Florida appeared in Washington Market on Saturday. The arrests during the past week numbered 1,539 deaths, 526; births, 511, and marriages, 119. small shawl to match the dress, when the latter is of plain cashmere, will be one of the favorite wraps for Spring. A Broadway window displays Japanese sleeve buttons an inch square, of ivory ornamented with birds and beasts in mother-of pearl. The fourth reception of the Rev. O. B. Frothingham's Society will take place in the Theater of the Union League Club to-morrow evening. The old Dyekman homestead on the Kingsbridge road has been designated by the Common Council as a dog pound during the Summer months. The new building of the New-York Hospital in West Fifteenth-st. will be opened on Friday next. The cost the building, including the ground, will be nearly $1,000,000. William Eagan, who was arrested for beating and generally abusing his stepson, Michael Nevins, was sentenced to six months in the Penitentiary on saturday in the Court of Special Sessions. The boy is in charge of the Society for Prevention of Cruelty to Children. The blind Proteus from Austria, Axolotl from Mexico, Salamanders from Germany, and some curious fish from China are among the latest additions to the tanks of the Aquarium. The choir of Madrigal boys will give afternoon and evening concerts in connection with the band. During an intermission at the Eagle Theater on Saturday night careless person in the balcony dropped programme into gas jet where it caught fire and blazed brightly. An incipient panic took place, but was instantly quelled by the vigorous hissing of the cooler portion of the audience. The war of the races has invaded the courts. In the calendar of the Superior Court. General Term, there is the case of Black against White, and the plaintiff's attorney is also Black. The suit has had a checkered course for more than year, but one of the principais 18 sure to be checkmated in the end. James Carr of No. 618 East Thirteenth-st., who considers himself abused because he is not allowed to gain livelihood by begging in the street with his pretty little boy, was found guilty on Saturday at the Court of Special Sessions, remanded for sentence that he may have time to prove his good character if he can. The steam wrecking-boat known as the Baby Pump, belonging to J. C. Baxter, while on her way from Ho boken to Twenty-third-st., East River, yesterday afternoon, as discovered to be filling with water, and was run up to the Government stone dock at the Battery, where she now lies partly submerged. The report of the New-York Post-Office Mutual Aid Association shows that 108 were admitted during the past year, making the present membership 555. To the heirs of deceased members $11,148 was paid during the year. and total amount expended in this way for the nine years of the existence of the association has been $79,016. A letter was received by Pilot Commissioner George W. Blant on Saturday from W. Bodisco, Consul Gen. erale Russia, in which he cheerfully complies with the request that foreign war vessels in order to secure a safe and commodious anchorage shall anchor below Bedloe's Island, or above Twelfth-st., North River. The pilots were instructed not to anchor war vessels above Tompkinsville, hereafter. An insane young gymnast, who was arrested for smashing windows in Fulton-st.. now occupies the padded cell of the lower tier of the City Prison. His identity is an unsolved problem. He calls himself James O'Neill, but has let ra ddressed to Gustav Schterman, cigar store, Fifty-fifth-st. and Third-ave. He practices gymnastics in his cell, and makes frequent demands for his ladder. Workmen were engaged on Saturday in shov up the remaining walls of Henry Welsh's grocery at Washington and Franklin-sts. The accident on Thursday evening was doubtless due to the weakening of the great floor beams by action of steam, thus causing dry rot. The loss of the Skilmore estate, to which the building belongs, as well as that of Mr. Weish, from damaged stock and interruption o business, will reach $50,000. The Board of Aldermen having requested the Excise Commissioners not to cause the arrest of liquor dealers during the hours the police courts are closed for violations of the Excise law, Commissioner Morton expresses the opinion that a man violates the law he should be arrested as soon thereafter practicable. He says that persons violating the Excise la like those committing other crimes, should detained in prisons and station houses until they obtain a trial in court. The five babes at the Central Park Menagerie are objects of much interest to visitors. The young dromedary reached the superlative degree in ugliness and vicious in the mature animal, but considering his age he is doing well. The twin cubs of the Astatic lioness Nellie" are now about the size of Spitz dogs, with big blue eyes, long sharp teeth and playful kittenish ways. The little panthers a delicate gray color, with spots of darker tint; they exhibit many feline characteristics. The question of the disposition of garbage and ashes in this city has long been regarded as most important. Four or five months ago a plan was proposed by Prof. Chandler, President of the Board of Health, by which the refuse the city was to be charred in furnaces and afterward used for filling. A full account of this process was published in THE TRIBUNE : at that time. Now the question of filling Little Hell Gate has been raised, and it is asserted that the refuse of this city can be used for this purpose, thus effecting reduc. tion expenses and readily disposing of a vexed problem. The Police Commissioners will give the subject consideration. The funeral of James L. Stewart, one of the oldest residents of the Thirteench Ward, took place from his residence, in Grand-s near Norfolk, yesterday afternoon. As Mr.Stewart had been Secretary of the Dry Dock Savings Bank for over 20 years, and for time President of the Eleventh Ward Savings Bank and director of the Stay vesant and North River Fire Insurance companies, a number of the officers of these institutions were present. The obsequies were under the auspices of the Polar Star Lodge of Freemasons which Mr.Stewart was a member. The remains were conveyed to the family vault at the Marble Cemetery in Second-st. At a meeting of the depositors of the German Savings Bank of Morrisania on Saturday evening, the committee previously appointed announced that the time for answer ing the order to show cause why a receiver should not be ap. pointed had been extended to March 15, and that thes uperintendent of the Banking Department will aid the depositors in their attempt to reopen the bank. The plan to leave deposita without interest for a year, and at the end of that time to have 75 per cent paid by the bank requires the signatures of depositors representing $200.000. The report was adopted, and those present signed the 75 per cent agreement. Depositors will have an opportunity to sign the agreement at the bank to day and to morrow. Suicide seems to be losing favor in this city, as the deaths from this cause last year were 30 less than in 1874, and only 28 were natives of the United States. The difficulty of obtaining trustworthy facts about persons who have committed suicide renders any generalization about the causes very hazardous. With regard to sex last year's records show the usual preponderance of men, there being 114 to 36 women. Of the modes of suicide shooting was the favorite last year, the deaths from this cause numbering 36. Paris green was as popular ever, 24 having resorted t while their quietus took with knives or daggers, and 31 hanged themselves. Adjutant-General Franklin Townsend has issued a circular letter to the Adjutant-Generals of the several States calling their attention to the bronze trophy, Soldier of Marathon," given by the State of New-York to be annually contested in an nter State Rifte Match, at each Fall meet ing of the National Rifle Association at Creedmoor. He invites a team of 12 men from each State to contest for the trophy in

11. April 12, 1877 New-York Tribune New York, NY
Article from New-York Tribune, April 12, 1877

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gradual improvement in general trade would naturally bring higher wages to laborers. No definite action was taken. There were 41 new vaccinations made by the Health Board last week, and 145 revaccinations. The deaths reported were $225, births, 193, and marriages, 59. At the forty-eighth anniversary of the Brooklyn Sunday-School Union on May 23, it is expected that between 45,000 and 50,000 persons, for the most part children, will join in the procession. The Union is composed of 133 schools, which will be grouped in seven divisions. Otto Felix, a painter, 18 years of age, of No. 14 Graham-ave, yesterday fell from the scaffold in frout of a house he was painting at No. 38 Jefferson-st. His left arm was broken, and he received serious internal injuries. He at St. Catherine's Hospital. The Bricklayers' Union held a meeting at their headquarters on Court-st. last evening. It was decided to demand $2 a day of the bosses" next Monday. If this is refused they are to strike. The prices which they have been receiving vary from $1.50 to 225. The fair of the Woman's Union Missionary Society was opened in the Sunday school room of Plytomouth Church on Tuesday afternoon, and will continue this afternoon and even ing. The rooms are filled with an attractive array of articles, and the attendance has been very large. The managers are the Misses Halliday, Haven, and Bigelow. By order of United States Marshal Harlow yesterday, Thomas Spencer was arrested at his residence, No. 81 Oxford-st., charged with being interested in the illicit distil lery on his premises at No. 36 Raymond-st., which was seized several weeks ago. Commissioner Winslow held Spencer in $5,000 ball to appear for examination on Monday. Officers of the First Precinct yesterday arrested John Sullivan and John McCarty of Nos. 36 and 34 Oliver-st. New.York, who were picking pockets In Fulton-st. From these prisoners the detectives artfully obtained a description of a third pickpocket, whom they arrested. He gave his name as Charles Burton of Boston. Justice Walsh discharged him, but held the other two for trial. Supervisors Strong, Curran, Clark, Fleeman, and Van Cott, the first three of whom are Republicans, have been appointed a special committee to inquire into the alleged voting by the inmates of the Flatbush institutions. During a week of the paupers were discharged from the Almshouse, landson of those left behind said that these were the men who had voted. They were sent away, it was said, to avoid the resuit of investigation. The annual election of trustees of the Church of the Pilgrims, the Rev. Dr. Storrs, took place last Monday evening. Dr. C. L. Mitchell and George P. Stockwell were elected without opposition, but over the choice of the third trustee there was a live'y contest. The older members wanted George Nichols: the young people desired a representative in the board, and urged the choice of J. P. Robinson. After a debate lesting over an hour, on a final vote Mr. Robinson was chosen by a ballot of 59 to 22. Judge Pratt has granted a temporary injunction against the New York and Sea Beach Railroad Company, restraining them from running through the property of Samuel Striker, at Gravesend, near Coney Islaud. An order was also granted to show cause next Saturday why the company should not be permanently enjoined from using the land. The purpose of the action is to obtain payment for the property not yet tendered by the company. This railroad is the one whi is to connect New-York with Coney Island in 25 minutes. The Amerique which was brought to the foot of Elizabeth-st. soon after she was set afloat, remained yesterday north of the Erie Basin. On Friday she will be taken to e dry dock in the basin. A package of cut wine glasses, which was brought up from the Amerique and placed on Robinson's dock, was stolen on Tuesday. It was subsequently recovered at the foot of Conover-st., where it had been leit by the thieves Michael O'B ice, John Matthews, Oscar Howard, Edward Irwin, and William Strikes were committed for trial by Justice Ferry on the charge of stealing this property. LECTURES AND MEETINGS. The Rev. Dr. Mendes will lecture this evening on The Fall of Jernsalem be fore the Young Men's Association of the Congregation Ahawath Chesed, at Lexington-ave.and Fifty fiftiest, The Rev. Robert Bruce Hull will be installed this evenine as pastor of the Tabernaele Baptist Church, Secondave., between Tenth and Eleventh-sts The Rev. Dr. J.R Kendrick preside, and the recognition services will be conducted by some of the ablest clergymen in the Baptist denomination. At a meeting of the directors of the Lying-in Hospital yesterday, at No. 20 Union-square, the following governors of the institution were elected: Robert Ray, Apollo Wetmore, Benjan in R. Winthrop. Stewart Brown, Benjamia D. Silliman, Andrew Warner. James Lenox, Robert B. MinL. tain. Robert L. Kennedy, Joseph W. Pattersor, Egerton Winthrop, George A. Moore, and Albert M. Patterson. A final mass meeting of depositors of the crippled German Savings Bank o Morrisania will be held to-night at will be submitted A report Mon risana. in Haffel's Brewery, stating that depositors representing $200,000 have signed at agreement that they will allow their money to remain one the year without interest, and will then ace w 75 cents dollar. A petition will also be presented for signatures urging the Bank Superintendent and Attorney General to suspend al proceedings looking to the appointment a receiver Ernest counsel for the depositors, said yesterday there was a strong Hail, probability of the bank resuming business, and of the depositors getting 100 cents on a dollar. The committee will recommend that the present trustees allowed to wind up the affairs of the bank. The whole amount due depositors is $225,000. The Acclimatization Society met last evening at the Aquarium, Vice-President Alfred Edwards in the chair and Dr.John W. Green secretary. The Blooming Grove Park Association offered the use of its grounds, and stated that the association would take care of any plants. birds, fishes, etc. that the Acclinatization Society might send. John Schuyler read an account of a green parrot. about the size a dove that had lived for six months in Madison square during the coldest weather of the year, thereby showin that all parrots to do not require a warm climate. This bird only succumbed the blow of all fee-laden bough Dr. Green read a paper on piscieulture in China. The chu riman read anotice of the proposed resolution in the Massachusetts Legislature for with drawing is protection from the English sparrow, and expressed his regret in the strongest terms. the annual meeting of the Ladies' Art Association yesterday the president's report showed a great variety of work accomplished during the year. The treasurer reported a balance of 142 35 in the treasury. An amendment the constitution was adopted enabling ladies or gentlemen interested in art or art industries to become Fellows on pay ment of $5 annually. The following officers were elected for the ensuing President, Mrs. Henry Peters Gray Vice President. Mrs. Richmond L Phillips: Treasurer, Miss Field; Recording Secretary, Miss Cornella S. Post: Miss Corre- Alice sponding Secretary, Mrs.J. B. Collin: Custodian. Doulevy. Miss Mary Cook and Mrs. Mary le Dallas, with e above officers, constitute the Executive Committee, The On following additions were made to the present committees Examinations, Mrs. M. W. Harrison on Classes, Mrs. S. M. Wheeler: on Life Study, Miss Florence Granger.

12. April 13, 1877 The New York Herald New York, NY
Article from The New York Herald, April 13, 1877

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# DEPOSITORS IN COUNCIL. Another meeting of the depositors of the suspended German Savings Bank of Morrisania, was held at Hupfel's brewery, Melrose, last evening. The report of the committee appointed to procure signatures to the agreement whereby the depositors pledge themselves to leave their deposits in the bank, without interest, for one year, at the expiration of that time to accept seventy-five cents on the dollar, as a means of preventing the appointment of a receiver, was presented showing that about $193,000 had been signed for. As the amount due depositors is $225,000, there still remains over $30,000, the greater portion of which must be pledged in a similar way before the directors can feel safe in assuming that the Attorney General will permit them to resume business. One of the objects of the meeting was to present this state of affairs to those depositors who are reluctant to sign the agreement, in the belief that if the institution should open its doors next week, they would receive the full amount of their deposits. Addresses were delivered, urging the importance of unanimity on the part of the depositors in signing the agreement before next Monday, as the extention of the time for doing so granted by the Supreme Court at Schenectady expires on that day.

13. May 16, 1877 New-York Tribune New York, NY
Article from New-York Tribune, May 16, 1877

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OTICE.-To the depositors of the GERMAN SAVINGS BANK OF MORRISANIA-The ATTOR. the NEY-GENERAL will ATTEND at the banking house of above bank on THURSDAY, FRIDAY, and SATURDAY, 17th, 18th, and 19th of May, 1877, between the hours of 11 a.m. and 4 p. III. of each of those days, to receive recommendations Re. of the depositors as to the person who shall be appointed de. ceiver. No recommendations will be received from any positor who does not produce his pass-book. Such recom- for mendations will be presented to the court on the motion the appointment of a Receiver.- - Dated 11th of May, 1877. CHARLES S. FAIRCHILD, Attorney-General

14. July 19, 1877 The New York Herald New York, NY
Article from The New York Herald, July 19, 1877

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MORRISANIA' BROKEN BANK. HOW THE GERMAN SAVINGS BANK WAS MISMANAGED-TRUSTER SECURING THEMSELVES BEFORE THE COLLAPSE-FACTS AND FIGURES FURNISHED BY THE RECEIVER. The official investigation of the books and accounts of the collapsed German Savings Bank of Morrisania by the receiver, Mr. William J. Best, and his assistants, has thus far revealed nothing that can afford consolation to its victimized depositors. On the contrary it has shown that the affairs of the institu. tion during its fitful and precarious existence were conducted in a decidedly loose and reprehensible manner. Among other things, it IS asserted that up to the afternoon of February 26, of this year (the day on which the bank, as such, closed its doors for ever), deposits were received without hesitation, while, as an offset to this, it is now pretty well established that some of those immediately connected with the bank, including one or more of the trustees, not only took time by the 1orelock by drawing out every dollar of their deposits just before the crash came, but also saw to it that their friends did likewise. PUBLIC INDIGNATION. As a suspicion of this state of affairs has been gradually growing in the minds of the Germans at Mor risiana the feeling of indignation against nearly all of the bank officers has intensified to such degree that one may hear them openly denounced on all sides by the exasperated depositors, The delusive prospects held out to the poor, struggling class of Germans, who were the principal patrons of the bank, while 16 was suffering from a mortal blow inflicted through a temporary run on its resources during the autumn of 1875, have produced in many instances distressing results. The mention ot one of these will suffice. A poor, old woman employed as jan:tress had deposited in the bank her little all, the savings of a life of toll. amounting to over $2,000. As no one had whispered to her in regard to the 1m pending crash she DOL only shared the same late as the of the deluded depositors, but also lost several months' rest wages which the bank was in arrears to her when u suspended. 16 is now intimated that this poor woman is unable to pay the taxes lailing due 'OD her humble abode. THE BANK'S CONDITION. When the bank closed the amount appearing due ou bond and mortgage was $129,450 On one mortgage, representing $1,500, no interest bad been paid since Junuary, 1876. On mortgages representing $56,550 no interest had been paid since July 1. 1876. These as will be seen, aggregated $58,050, or very sums, nearly one-bal of the entire investments of the bank in this line. From this cause there 18 likely to arise great loss. as 11 the parties owning the a had consider it worth the amount of the the mortgage property and interest they would not have run risk or possible foreclosure or those mortgages $30,000 and upward were made or assigned to the bank by trustees to make good a deficiency which existed record nearly LWO years ago and were not put on February of this year. One of the trustees who until and shortly before the suspension assigned is nortgage as his share of the deficiency last $2,500 year notified the officers of the bank that another be nad sold that same mortgage and reassigned 16 to liable person, he not considering himself in any way to trustee for the losses that occurred previous the as coming u into the bank. The town bends held by of and which the receiver considers good, are will bank, the par value of $24,250, and the market value beamount to $500 more. They have probably of the bonds of the town of Southfield, side Richmon-1 41,000 county. N. Y., wutch have no present value. They have been to litigation for a long market time past, the town authorius having refused 10 pay the principal or interest The case 15 now in Court either of Appeals, where it was carried on institution appeal by IN town authorities, another banking the the having suad and recovered judgment ou Jorthis city bauk also holds of New bonds. Midland The Railroad "consolidated bonds" $32,000, sey York and Oswego Midland Railroad requipof New bousts, $115,500-- all $147,500, which are market not ment in the market and have uo knowa would not quoted The whole lot 10-day, Mr. Best says, these value. The bank became possessed of realize $6,000. it is said, in 1873. when a lotu of $90,000 of it securities, made upon them as collateral, but no portion was been paid. Ai the time of 115 suspen. has ever bank owed for borrowed money $54,000, all gion the by the pledge of bonds and mortgages and has secured convertible securities. or this sum $30,000 of the been paid by collections. The bank assets building of already ou which It stands figured 10 the contiand last ground annual statement at $46,000, while 11 sale is now the asserted that If disposed of at a public at the utmost. dently the property would not bring more than $15,000 WHAT MR. BEST SAYS. In conversation with a HERALD representative would yes alternoon Mr. Best intimated that it not terday be for bim at this time so predict the amount He safe ultimately be paid to the depositors. and says, the will that should the Southfield bonds will however, turn oui reasonably well the depositors mortgages receive at least filty cents ou the dollar, probably Should it be Hound that the trustees adding, men of responsibility) are liable upon the (who are investments which have led to the failure worthless bank, of course then the dividends to amount deposiof the be increased in proportion to the tors would receiver might recover from the trustees. and which the is an exhibit of the real assets LIABILITIES. The liabilities following of the bank, as ascertained by the receiver:$230,000 due depositors about due 19,000 Amount Amount Germania Moran Bank. 5,000 Amount due D. A. - Wantal

15. July 27, 1877 The New York Herald New York, NY
Article from The New York Herald, July 27, 1877

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THE BROKEN MORRISANIA BANK. The receiver, Mr. William J. Best, in charge of the broken German savings bank of Morrisania, expects to present bis statement to the depositors in the course of a few days. It having come to his knowledge that certain interested parties were endeavoring to purchase the claims of the poorer depositors, by representing that the defunct bank would pay only seventeen cents on the dollar, Mr. Best has given orders to his assistants not to enter any sale or transfer of an account on the books until he shall have investigated the matter himself. The receiver states that he can guarantee flitv cents at least on the dollar to depositors and advises them not to surrender their claims.

16. July 30, 1877 New-York Tribune New York, NY
Article from New-York Tribune, July 30, 1877

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# CHARGE AGAINST A CASHIER. William Hocland, formerly Secretary and Cashier of the German Savings Bank of Morrisania, was brought before Judge Wandell, at Jefferson Market Police Court on Saturday, on a charge of forgery, made by William J. Best, the receiver of the bank. The charge is that one William Holloway had a deposit of $3.27 in the bank, when a false entry was made, showing an apparent deposit of $1,681.43; after that in forged drafts Hoeland drew out $1,684.70. The prisoner pleaded not guilty, waived an examination, and was admitted to bail in $5,000.

17. September 20, 1878 New-York Tribune New York, NY
Article from New-York Tribune, September 20, 1878

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REAL ESTATE. NEW-YORK, Thursday, Sept. 19, 1878. The following sales were held at the Ex-change Salesroom to-day: By John T. Boyd 1 cottage with a plot of lana, s s East 73th-at, 348 ft e of Ave-A. plot of land 434x108.9x447.6x--; J P 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18. September 24, 1878 Evening Star Washington, DC
Article from Evening Star, September 24, 1878

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The receiver of the German Savings bank of Morrisania, N. Y., has begun suits against the trustees of the bank for the recovery of $230,000. Dr. Babcock, inventor of the fire extinguisher bearing his name, is a drunken outcast in Oakland, Cal. He was once moderately wealthy. Four democratic clerks in New Orleans, La., have been committed for trial before the U. S. court for refusing registration to a colored man. Thomas Wardlaw's body has been found in the woods near Musquash, N. B., with his skull crushed in. His wife and her paramour, Thomas Dowd, were arrested. Gilmore's 22d regiment band is expected to arrive in New York by the steamship Mosel, which is due next Thursday or Friday.

19. September 24, 1878 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 24, 1878

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Bank Suit. NEW YORK, September 23.-W. J. Best, receiver of the German Savings Bank of Morrisana, has begun suit in the Supreme Court against the trustees for the recovery of $220,069, with interest. Best alleges that dividends were declared and paid when the trustees knew the bank was insolvent.

20. September 24, 1878 The Sun New York, NY
Article from The Sun, September 24, 1878

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# BANK TRUSTEES SUED. Receiver Best Proposing to Recover Nearly Fifty thousand Dollars. Mr. William J. Best, the receiver of the German Savings Bank of Morrisania, has instituted three suits against the trustees of that institution. The first is against Francis F. Brugmann. Philip Ebling. August Frentel, Henry Schmidt, Christian Friedman, Valentine Fries, A. G. Hupfel, Michael Kuntz, J. G. Denike, Franz Siegel, and Charles Fritz. The amount demanded is $47,422.99, that being the amount of dividends alleged to have been declared and paid at times when the bank was insolvent. These dividends were in amount and time of payment as follows: