German Uptown Savings Bank (New York, NY)

Episode Information

Episode UID
1532191590910
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
153219159 hash
Start Date
October 8, 1875
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
a72ab63ed6af88a8

Response Measures

None

Description

Depositors attempted a resumption plan but a receiver was appointed; reported deficiency about $40,000.

Events (3)
1. October 8, 1875 Run
Cause
Local Banks
Cause Details
Run began after failure/suspension of the Third Avenue Savings Bank, which spooked depositors.
Measures
Invoked by-laws to require sixty days' notice for withdrawals; paid urgent needs selectively.
Newspaper Excerpt
our depositors became frightened and drew out $28,000... on Friday we adopted the rule of requiring depositors to give sixty days' notice before drawing on us.
Source
newspapers
2. December 7, 1875 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Deficiency (~$40,000) from depreciated Southern/state bonds and alleged misappropriation/poor loans; insolvency led to suspension.
Newspaper Excerpt
The German uptown savings bank failed yesterday. A receiver is to be asked for. There is a deficit in the account of $40,000.
Source
newspapers
3. December 9, 1875 Receivership
Newspaper Excerpt
Judge Davis yesterday, in Supreme Court, Chambers, appointed Herman Uhl, receiver of the German Uptown Savings Bank.
Source
newspapers

Newspaper Articles (22)
1. October 9, 1875 The New York Herald New York, NY
Article from The New York Herald, October 9, 1875

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ANOTHER BANK SCARE. Considerable excitement was caused in business circles yesterday by a report that the German Uptown Savings Bank, at the corner of Fifty-fifth street and Third avenue, had suspended payments, and that other banks in that vicinity were also in great difficulty, caused by "runs" made by heir-depositors, A tour made by a HERALD reporter among the institutions referred to, proved that the reports were almost enbank reported to have suspended, said:-"The failure of tirely without foundation. Mr. Schwartz, President of the the Third Avenue Bank affected us, as it did all other savings institutions in this part of the city. On Friday, the very day after its doors were closed, our depositors became frightened and drew out $28,000. On Saturday we paid out $55,000; on Monday, $54,000; on Tuesday, $11,000; Wednesday, $10,000 and to-day but $2,794. On Monday we adopted the rule of requiring depositors to give sixty days' notice before drawing on us. That evening we received notices of the intended withdrawal of $6,000; on Tuesday, $32,000; Wednesday, of $37,000 and today, of $15,000. So that we may consider our annoyance past. We never were in any real danger." The officials of several other savings banks up town declared that the distrust existing among a few of their depositors had absolutely been a godsend to them, as it had caused the withdrawal from their hands of a surplus which, in the present state of the money market, they could not invest to good advantage. The President of a large savings bank, in conversation with the writer, said that the banks are paying too high a rate of interest to their depositors. He thought also that the law should forbid any bank to receive more than $2,000 from any one depositor. The savings banks, he said, are now patronized by capitalists who deposit large sums with them, because, under ordinary circumstances, they can draw it out at any time without notice. By this plan they draw six per cent upon their money, whereas, if it were deposited in an ordinary bank it would draw but two or three at most

2. October 9, 1875 New-York Tribune New York, NY
Article from New-York Tribune, October 9, 1875

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LOCAL MISCELLANY. DEPOSITORS ALARMED WITHOUT CAUSE. RUN ON THE GERMAN UP-TOWN SAVINGS BANK CIECKED-STATEMENT OF THE PRESIDENT-THE BANK'S RESOURCES UNIMPAIRED. A rumor was in circulation yesterday afternoon, that the German Up-Town Savings Bank at Fiftyfifth-st. and Third Avenue was financially embarrassed. A reporter of THE TRIBUNE last evening saw Christian Schwartz, the President, and Charles Schaffner, the Secretary. Mr. Schwartz said that the bank was not in any trouble. A number of the depositors having become frightened by the suspension of the Third Avenue Savings Bank, bad demanded. their deposits. At first the bank paid all who applied, but on Tuesday morning the usual 60 days' notice of withdrawal was required. Applications had been made for about $100,000, but the amount had dwindled down to $15,000 asked for yesterday, and the excitement was over. The bank officers were paying depositors in special need of money to pay interest, or to meet household expenses; but those who wished to withdraw their money merely from fright or anxiety would be kept waiting until the full time prescribed by the law. The bank, Mr. Schwartz said, was perfectly sound. Its stocks, bonds, mortgages, and other securities were first class. The bonds were all paying 7 per cent interest, and were selling from par to 105. The July statement showed a surplus of over $24,000, and the Georgia bonds held at that time at a market value of $20,000 were sold lately for $19,700, exclusive of interest, a very profitable sale. The banking-house cost over $200,000, and was put on the statement at a market value of $180,000. The bank was receiving an annual rental from this property of nearly 6 per cent on this amount. Exclusive of the banking-room the trustees felt that this real estate was yielding the bank an annual interest of 7 per cent. The resources of the bank. added Mr. Schwartz, had never been impaired. The trustees were working barmoniously together to build up the bank and protect depositors. The officers had nothing to conceal. Their books, accounts, and securities were open to the exainination of their depositors at all times. No improper purchases or loans had been made. There was no occasion for alarm on the part of the depositors, and several of them had. already withdrawn their notice for payments. Following is the statement of the bank made

3. October 9, 1875 The Sun New York, NY
Article from The Sun, October 9, 1875

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WALL STREET'S USUAL RUMORS. The Reports of Runs upon Various Savings Banks Pronounced Untrue. Just before the close of business in Wall street. yesterday, it was ascertained that the German Up-town savings bank, at Fifty-fifth street and Third avenue was the victim of a run. Mr. Christian Schwartz. President of the bank, said that there bad been a slight run. but that it had its inception in the general distrust created by the failure of the Third Avenue Savings Bank. "Our bank, he said. is perfectly sound, and our depositors are the victims of a scare." Some months ago this bank successfully withstood a run of nine days, paying all depositors as they applied. Yesterday the bank availed itself of a clause in its by-laws which authorizes it, in cases of emergency, to demand that its depositors give it SIXTV days notice of their intention to withdraw their deposits. President Sebwartz and his officera therefore refused the applications of several panic stricken depositors, but where they had taxes, or interest on mortgages. or rent to pay, or where urgent necessity for the use of money was apparent, it was paid without demur. But unless good cause was shown depositors were refused sums of over $20. The rumor that the Merchants' and Traders' Savings Bank has been dabbling in stocks IS pronounced false: but it is undoubtedly true that many of the less conservative savings banks have been lending money on stock collateral, in plain violation of the law.

4. November 29, 1875 New-York Tribune New York, NY
Article from New-York Tribune, November 29, 1875

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LOCAL MISCELLANY. THE BANK SUSPENSIONS. DONOTTION OF THE MUTUAL BENEFIT SAVINGS BANK -A DEFICIENCY CONFESSED-BUSINESS SUSPENDED-REPORT ON THE SECURITY BANKOTHER INSTITUTIONS. The suspensions among some of the smaller savings banks of this city do not apparently affect the larger and older institutions. No general "run" has taken place, although in one or two banks a number of depositors have closed their accounts. The feeling appears to be one of anxiety rather than of actual alarm. It is said on all sides that the heavier bauks are very unlikely to show any weakness, and that a panic is improbable. On Saturday the Mutual Benefit Savings Bank in Tryonrow virtually suspended. A meeting of the bank officers was held, at which it was resolved to enforce the rule requiring 60 days' notice of withdrawals by depositors, and to decline to receive any more deposits for the present. Charles K. Graham, the president, stated yesterday that the cause of the suspension was the stringency of the times, which made it impossible for the bank to make money. The recent failures had produced an uneasy feeling among depositors, and in anticipation of a run it was thought best to adopt the 60 days' rule in order to save the securities. There was & deficiency of assets, as compared with the liabilities. How much the deficiency was, Mr. Graham declined to state. It is said to be-according to the recent examination by Mr. Reed-about $22,000, besides some $12,000 of assets estimated over cost. Mr. Graham said that the bank was sound, nevertheless, and would be able to pay its depositors in full. The suspension was merely a precautionary measure. A tendency to & run had been shown last Friday, and numerous depositors had given the 60 days' notice of withdrawal. The number of depositors was about 2,800, and many of them had large accounts. The trustees in 1873 gave bonds to make up a deficiency of about $9,000. Mr. Graham did not know whether they would do the same now. He thought that to-day the banks generally would adopt the 60 days' notice rule. According to the report of the Mutual Benefit Bank, on Jan. 1, 1875, its assets and liabilities balanced at the round amount of $436,000 each. The amount of depositsnow is about $430,000. The German Up-town Savings Bank adopted the 60 days' notice rule on Friday. This bank is said by its officers to be in a perfectly sound condition. The assets are claimed to exceed the liabilities by $25,000. The bank has 5,000 depositors, of whom persons representing about $5,000 have given notice of withdrawal. D. D. T. Marshall, President of the Security Savings Bank, stated last evening(that G. W. Reed, the Examiner, had completed his examination of that bank, and made the following report:

5. December 7, 1875 Gold Hill Daily News Gold Hill, NV
Article from Gold Hill Daily News, December 7, 1875

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Tweed. NEW YORK, December 7.-Hagar, one of the officers with Tweed on the afternoon of his escape, was before the Grand Jury yesterday. Warden Dunham has been suspended by Sheriff Conner from his functions as Warden of the Ludlow-street Jail. Success or the Cuban Inourgents, Senor De Aldama, Cuban agent in this city, received a letter yesterday from Comayagua concerning the operations of the First and Second Divisions of the Cuban Army. Since January last the insurgents have been especially successful in the Eastern Department, and all the enemy has been able to do is to protect the plantations at Guantanamo and Sautiago de Cuba. Heavy Libel Suit, Senor w. Park has begun a libel suit against the Tribune to recover $100,000 for damages done his character in the recent comments on the Emma mine business. Jail Delivery-Murder. CINCINCINNATI, December 7.-Four prisoners in the Cynthiana (Ky.) Jail, knocked the jailor down and made their escape. They are still at large. John Barelay was found on a door step on Central avenue, with a gunshot wound in the breast. Savings Bank Suspension. NEW YORK, December 7.-The German uptown savings bank failed yesterday. A receiver is to be asked for. There is a deficit in the account of $40.000. It will pay eighty cents on the dollar. Forecasts of the President's Mensage. New YORK, Dec. 7.-A Washington special says it is understood the President will have something to say on the school question in his message. The matter concerning Cuba will be a long review of the wrongs of Spain towards the United States and Cuba, but he will say that negotiations are in progress and the reply of Spain is still awaited. There will be strong language concerning Mexico. He will recommend that the Indians receive their supplies through an Army Commission and their Pay Department. Not Yet Indicted. NEW YORK, December 7.-A St. Louis special demies that Babcock has been indicted, and says the Grand Jury are to vote on the evidence to-day. Reported Railroad Accident. It is reported here that a serious accident occurred on the Pennsylvania Railroad to-day. It is reported that the fast mail left the track at Point of Rocks, just east of Jersey City. No particulars have been received here as yet.

6. December 8, 1875 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, December 8, 1875

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NEW YORK, December 7.-A German up-town savings bank has suspended. There are about 4,800 depositors. Liabilities about $830,000. The officers expect to pay at least 80 cents on the dollar. NEW YORK, December -Judge Lawrence has denied the motion to vacate the orders for the arrest against the the members of the firm of Duncan, Sherman & Co., in the suit of Rothing Bro.'s. WILKESBARRE, December 7.-J. W. Freeman, editor of the Pittston Comet, convicted of libel upon Jules Henri, was to-day sentenced by Judge Harding to pay a fine of $50, and seven months imprisonment in the county jail.

7. December 8, 1875 The Morning Herald Wilmington, DE
Article from The Morning Herald, December 8, 1875

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Failure of a German Savings Bank. NEW YORK, Dec. 7.-A German up-town savings bank failed yesterday. A receiver is to be asked for. There is a deficiency of $40,000, and 85 cents to the dollar will probably be paid to the depositors.

8. December 9, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 9, 1875

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LOCAL MISCELLANY. THE SAVINGS BANKS. NO MORK BANKS TO BE CLOSED-THE TROUBLES BELIEVED TO BE OVER-RECEIVERS FOR THE GERMAN UP-TOWN AND MUTUAL BENEFIT INSTITUTIONS. Since the failure of the German Up-town Savings Bank on Monday there has been little excitement among savings bank depositors, and no runs on any of the stronger banks have taken place. It has been remarked that the excitement from the first has been almost contined to the banks on Third-ave. Nearly all of the recent failures have been in some way ascribed to that of the Third Avenue Savings Bank. Bank Superintendent Eills said yesterday to a TRIBUNE reporter that he thought the trouble was now over* There were no other banks in difficulty, but one or two small banks might have to make their standing good by giving trustees' bonds. Mr. Ellis thought that no other bank would be closed unless some unexpected disclosures should be made. He had sent Bank Examiner Reed to the German Up-town Bank, and Mr. Read had reported that he found, according to the accounts he had examined, a surplus, instead of a deficiency, of several thousand dollars. Based on this report Mr. Ellis's opinion was that the bank might be able to pay dollar for dollar. The President, Mr. Clausen, had however told him that he did not think the bank wouldbe able to pay more than 90 cents on a dollar. Mr. Clausen believed until recently that the bank had a surplus of $25,000. He had taken the report of the Finance Committee as correct, but on making an examination himself he discovered a deficiency of $40,000. Mr. Ellis said that some of the mortgages held by this bank might be of doubtful value, and might cause the deficiency. The Mutual Benefit Bank, he said, never would have resumed, notwithstanding the reports to that effect. He thought it might pay 90 cents on a dollar to its depositors. The Security Bank would go on and be a strong, sound bank again. Judge Davis yesterday, in Supreme Court, Chambers, appointed Herman Uhi, receiver of the German Uptown Savings Bank. The order is made in the suit of John Martin Maut-a depositor to the extent of $2,300against the bank. and the plaintiff's complaint sets out that while the deposits are $838,000, the assets, as stated to him by the bank officers, will not exceed $800,000. and this statement is probably subject to a considerable depreciation below the value of the assets as fixed by the bank officers. He, therefore, charges that the bank is insolvent, and asks an injunction and receiver, in the ordinary form. The answer of the bank is a simple ad mission of the truth of the complaint. Judge Davis, in his order appointing Mr. UM receiver, fixes his bonds at $150,000. and gives him the ordinary powers of receivers, but adds several special restrictions, the chief being that the receiver shall at once make an inventory, and file it with the County Clerk, and thereafter file monthly reports of the funds in his hands; that he shall turn over all the funds in his bands in excess at any time of $25,000, to the New-York Life Insurance and Trust Company, and that every 40 days he shall make a dividend out of the funds in his hands, or show cause to the Court for his failure to do so. Edward M. Shepard appeared for the plaintiff; Man & Parsons for the defendant. Mr. Uhl 18 a member of Gov. Tilden's staff. An order made by Judge Donohue in Supreme Court, Special Term, wasentered yesterday, reducing the bonds of the receiver of the Mutual Benefit Savings Bank from $200,000 to $75,000. W. F. Aidrich, a lawyer, of No. 84 Broadway, has been appointed receiver of this bank. 8. H. Hurd, the new receiver of the Third Avenue Bavings Bank, was at that Institution yesterday, but did not begin his examination of its accounts. A slight run has taken place on the Harlem Savings Bank without, it is said, producing any serious effect. A large number of anxious depositora called at the German Up-town Bank yesterday, but no money was paid out to them. The Security Bank paid out a few hundred dollars in sums of $5 and $10 to each applicant. To-day the officers expect to pay 121g per cent on all deposits withdrawn. There was no excitement, and the larger depositors express entire confidence in the bank, and refuse to touch their money.

9. December 10, 1875 The Sun New York, NY
Article from The Sun, December 10, 1875

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THE SAVINGS BANKS. The Third Avenue, the Manufacturers' and Builders'. and the German Up Town. Mr. John B. Manning, broker, of 78 Broad way, testified yesterday in the case of the ex-officials of the Third Avenue Savings Bank. He exbibited the entries of his sales of Louislana levee bonds and of Alabama. Virginia. and Geo. gia bonds in 1873 and 1874. Levee bonds to the amount of one million dollars were issued in 1866, bearing eight per cent. interest, and due in 1886. These were the only levee bonds disposed of in the United States, the other issues having been sold abroad. The State of Louisiana defaulted in the payment of Interest on the levee bonds in 1873, and no interest had been paid since. An injunction was also issued to prevent the funding of the bonds. The result was that the bonds were almost unsalable, and the few transactions that were effected were at about 20 centa on the dollar. The bonds had not im: roved. Mt. Mannine also quoted his sales of Alabama bonds, bearing 8 per cent. interest. which averaged 45 cents on the dollar. Virginia old bonds had been sold at 35. and the consols At 45 to 53. Georgias changed bands at almost 90. All the above bonds figured at par in the Third Avenue Bank statements. The bearing was adjourned until Monday. A person holding $1.000 worth of stock in the broken Manufacturers' and Builders' Bank hss be. gun legal proceedings for the removal of the receiver. Mr. William A. Duncan. The bank of. ficisle. who support Mr. Duncan, have procured the signatures of a majority of the depositors to a paper in favor of retaining him as receiver. The officers say that the bank will pay every depositor in full. Mr. Carman yesterday delivered up the keys of the Third Avenue safe to Mr. Hurd. and accountants will be busy to-day examining the books and securities. There is excitement among the depositors of the G rmaa Un-town Savings Bank A large meeting was held last evening in a saloon near the bank. The trustees were loudly nathernite tized. On motion of Mr. Ashbel P. Fitch. it was resolved to hold a general meeting of the depositors at Terrace Garden, 149 East Fortyeighth street, this evening, and there to call upon the trustees to explain their position. Mr. Christian Schwartz. the former President, and Mr. Schaffner. the late Secretary. have not been Been at the bank since the suspension. There 18 a movement among the depositors of the Mutual Benefit Savings Bank to hold a publie meeting with & view of compelling the trustoos to DAY the difference between the deposits and the assets.

10. December 11, 1875 The New York Herald New York, NY
Article from The New York Herald, December 11, 1875

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GERMAN UPTOWN SAVINGS BANK. Three hundred or more depositors of the suspended German Uptown Savings Bank met at Terrace Garden, East Fifty-eighth street, last evening, to consult together with the view of protecting their interests, and, If practicable, obtaining their money in full. There was but little concert of action, and difficulty was experienced from the first in properly bringing any matter before the body. Alter much discussion, which amounted to nothing, 11 was proposed to appoint a committee of nine depositors to investigate the affairs of the institution and report at the next meeting. This was forcibly opposed by Mr. A. P. Fitch, who felt that the suggestion was premature. If such a matter was determined upon the committee should be men that all were acquainted with. Men of known honor and integrity should alone be selected to fill the position, and if other than those were charged with the delicate and responsible duty he feared for the result. Mr. King advised that he had recently seen and talked with Receiver Uhl, who said that a full report of the condition of the bank would be published by Monday next, and consequently he considered it better to defer all action until after that time. At last this was agreed to, but a committee, composed of two attorneys and one other, was appointed to inquire if by the appointment of the receiver the charter of the bank had been dissolved. This committee will report at the next meeting. None of the old directors were present, although invited. Mr. Rice presided, and Mr. A. N. Douglass acted as secretary.

11. December 16, 1875 The New York Herald New York, NY
Article from The New York Herald, December 16, 1875

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SUMMARY OF LAW CASES. Argument in the Barrmore contested will case was concluded yesterday afternoon before Surrogate Hutchings. Decision was reserved. Paul V. Gross, who was arrested on a charge of obtaining money under false pretences, has been honorably discbarged by the Grand Jury, there not being sufficient grounds for his indictment. Leave was granted yesterday by Judge Davis to William E. Butler, receiver of the Manufacturers and Builders' Bank, to sell, at $56 each, thirty-eight bonds or the Utica, Ithaca and Elmira Railroad Company pledged to the Chatham Bank to be paid on 120 days' drafts on England On application yesterday on behalf of the German Eptown Savings Bank, Mr. John E. Parsons was substituted, by order of Judge Davis, as counsel, in place of Adolph Levinger, under arrest upon a charge of embezzling the funds of the bank. An alternative mandamus was yesterday granted by Judge Davis against the Board of Health, directing it to enter on the burial records the name of Mary C. Goodwin, instead of Mary C. Goodman, or show cause why the alteration should not be made. The writ is made returnable morrow, A judgment was entered in the County Clerk's office yesterday in favor of the Trenton Banking Company against Duncan, Sherman & Co. for $136,000. The suit upon which this judgement was obtained was brought to recover money on deposit at the banking house at the time of its suspension. Application was made by Henrietta Hurt to the Su. preme Court some time ago for a writ of habeas corpus to compel her husband, who is separated from her, to Testore to her the custody of their child. The husband answered that the child died in Bellevue Hospital. To 5nd out whether this was the case the Court rejerred the matter to Nathaniel Jarvis, Jr. He reported yesterday in favor of the wife and against the husband's story that the child was dead. Catherine Davis, an administratrix, brought suit in the Superior Court, before Judge Freedman, against a William Hickman, to recover $5,000 damages for the death of her husband, caused, as 18 alleged, through the negligence of the defendant. The deceased was employed by the defendant in tearing down an old build. ing, and, as the widow claims, without proper facilities to do the work, and while so employed was killed. Judge Freedman yesterday dismissed the complaint, on the ground that no negligence had been shown. The case of Charles L. Lawrence, indicted in the United States Circuit Court, for the alleged forgery of the name of F.L. Blanding upon owner's oaths and Importer's entries, and also with presenting the same at the Custom House, with intent to defraud the United States, was continued yesterday until this morning. Application has been made by the counset for the defence to examine certain papers in the hands of the United States District Attorney, and he requested this delay for consideration of the request. Mr. Wade brought suit nineteen years ago against Anthony De Leyer for an accounting on a part-

12. December 20, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 20, 1875

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THE SUSPENDED SAVINGS BANKS. At a meeting of the depositors of the Peoples' Savings Bank on Saturday evening at No. 200 Third-ave. it was decided to employ counsel to procure the removal of the present receiver and Ito bring suits against the trustees in dividually in order that the deficiency might be made good. Another meeting will be held this afternoon to receive a preliminary report of the condition of the bank. The examination in the charge of perjury against T. W. Decker, late President of the Third Avenue Savings Bank, was continued on Saturday at the Yorkville Police Court, before Justice Duffy. The accountant employed by the depositors testified that he had found many irregularities in the yearly reports and some tietitious items. The hearing will be resumed on Dee. 27. The rumor that Christian Schwartz, late President of the German Uptown Savings Bank, was in the city and had intended to sail for Europe on Saturday, proves on investigation to be false. Papers for his arrest were prepared for presentation to court on Saturday by A. B. Fitch. It is believed that the report was intended to mislead those interested.

13. December 20, 1875 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, December 20, 1875

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THE NEW YORK SAVINGS BANKS. The deeper the examination of the affairs of the broken New York savings banks is carried, the more Indignant and hopeless the depositors become, and the larger the deficiencies. The former President of the German Up-Town Havings Bank is shown to have been In the habit of making loans to bis personal friends on worthless securities, The counsel of the Lank approp risted to his own UHO $33,735 which Le had collected for the Lank. Large amounts of Seathern and county bonds which were rated in his assets at par, are worthless, The Mutual Benefit Ravings Bank is in the hands of A Receiver, who refusos to give the depositors any information about its condition, and these unfortunate creditors have appointed an expert to ascertain what their prospects are for dividends. The Receiver, W. F. Aldrich, in stated by the Now York Sun to have been, when connected with the State Banking Department, one of the Examiners who reported the Third Avenue Savings Bank sound, when it was insolvent. The People's Savings Bank has assets of about $57,000, to meet $180,000. The Receiver of this bank bluffed the representative of the depositors with the remark that when he wanted him he would send for him, and the Receiver's lawy er gave him the desolating informati >n that a bank which could pay 50 per cent to these titnes was doing remarkably well! The books of the Third Avenue Savings Bank thow that a deficiency of $235,000 was known to the Trustees in 1872. Their bond for $176,000, cannot be enforced till 183.1 SCARCITY OF GOLD IN BALTIMORE. There is BO little cash gold in Baltimore that Importera there have difficulty in obtaining enough to pay duties with. The American says: It is hardly credible, but it is n fact, that one Inporter who wanted $50 visited four brokers' offices be fore he could secure that small amount. Those who winh larger amounts have to wait until they can, through their correspondents, buy gold notes in New York. The Committee of Baltimore sugar-importers who recently visited Washington in reference to drawbacks on sugars called the attention of Treasurer New to the trouble that existed here on account of the BubTreasurer having discontinued the sale of gold memorandum checks. They urged upon Mr. New the necescity: that existed for affording them relief, and he promised that be would 800 what could be done. GROWTH OF TAXATION. The New York Daily Bulletin is compiling comparative statistics of the growth of taxation and population, national, State, and local, The list is as follows: 44 Ordinaty expeditures of the United States Government " in 1874 and 1860, exclusive of interest on debt. 1674. 1900.

14. December 23, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 23, 1875

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01 Totals These figures indicate a dividend of 35 cents on the dollar to depositors. If the trustees' bonds are contested the dividend will be materially reduced. It is hoped by the depositors' committee that by skillful management on the part of the receiver the assets may be made to yield their full market value, and that by granting reasonable time for payment some of the bad debts may be compromised and settled to the advantage of the de. positors. The outlook at present is not hopeful. THE GERMAN UP-TOWN BANK. Henry Clausen, jr., recently President of the German Up-town Savings Bank, has addressed a long letter to the depositors in regard to the suspension and its causes. He says that after the failure of the Third Avenue Savings Bank there was a heavy run on the German Up-town Savings Bank, and that the directors arrived at the conclusion that the run had resulted chiefly from the financial emba arrassments of the President, C. Schwarz. Mr. Clausen's letter explains how he and other directors began to realize that Alabama State bonds, bonds of the town of Springport, Cayuga County and North and South Carolina bonds were comparatively worthless. In conclusion Mr. Clausen says: "I, in conjunction with some of the directors, used my best efforts to secure the appointment of a receiver who would conscientiously administer the affairs of the bank for the best interests of the depositers. J. D. Crimmins and I then called upon Gen. Uhl, who, after considerable hesitancy, consented to accept the receivership if appointed by the courts." Mr. Clausen advises depositors not to dispose of their bankbooks, as the receiver will wind up the affairs of the bank as rapidly as possible for the best interests of the depositors. The depositors of large sums in the German Up-town Lank met last evening at No. 1,037 Third-ave. Forty were present, representing about $100,000. A paper, drawn up by Mr. Crimmins and others, made the fellow. las sucgestions: According to the receiver's inventory

15. December 24, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 24, 1875

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THE SUSPENDED SAVINGS BANKS. A PLAN FOR RESUMPTION OF BUSINESS BY THE GERMAN UPTOWN BANK. A large number of the depositors of the German Uptown Savings Bank met last evening at Ter race Garden, L. Reis presiding. A committee was appointed to obtain information from the officers of the bank respecting its affairs, and to suggest the best means to secure the depositors, whether by a resumption of business by the bank or otherwise. Mr. Clausen, the President of the bank. said that when the Third Avenue Savings Bank failed there was a run on the German Uptown Savings Bank, and after paying out a large amount, Mr. Schwartz, the former President, was obliged to avail himself of the sixty days' notice. The question than arose as to the cause of the run, and it was supposed to be due to the financial condition of the President's affairs. A change of officers was decided upon. Mr. Clausen was appointed President. On assuming the office he at once put a stop to the extravagances in the management. When the 60 days' notice had expired, Mr. Clausen thought it unjust to pay the full amounts to those depositors who had given notice, thus leaving a smaller percentage to be divided among the others who, out of confidence in the bank or other reasons, had not applied, and accordingly he applied for a receiver. Mr. Clausen, after explaining the depreciation of Southern securities, the repudiation of the Springport town bonds by the citizens, and the alleged detalcation of Levinger, presented the following statement of the assets and liabilities of the bank. The Springport bonds and the amount said to be in Levinger's hands are not included: $72,100.00 City bonds 143,548 00 Westchester County and town bonds Selma Railroad bonds, guaranteed by State of Ala. 7,520 00 bama 244,624 90 Bonds and mortgages 135,000 00 Real estate and office fixtures 55,982 29 Call loans Cash, deducting depreciat on in Southern securi141,506 85 ties 5,295 47 Interest unpaid $805,577 51 Total assets 1,358 11 Due depositors and sunday accounts $.49,780 60 Present deficiency 17,497 02 Add for deficiency not discovered $167,277 62 Liabilities

16. December 31, 1875 The Sun New York, NY
Article from The Sun, December 31, 1875

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DEPOSITORS IN A RAGE. A Turbulent Meeting of the German Up-Town Savings Bank's Victims. A small number of the depositors of the German Up-Town Savings Bank assembled in Terrace Garden last evening. Louis Reis presided. The meeting was a scene of turbulence. One of the speakers was interrupted by a point of order. Turning around he slapped the face of the man who had interrupted him. and looking around among his fellow depositors, asked: Is there any other that wants a smack in the face?" A motion was made to depose the Chairman for having held a conference with Christian Schwartz. the former President of the bank. It was received with loud applause. One woman cried out: "I have $3.000 in the bank. and I'll buy a rope to hang Schwartz." Others loudly demanded the immediate arrest of the exofficial. Reis was not deposed. A plan for resumption WAS offered and partially approved. The meeting adjourned in confusion. An order of the Supreme Court was filed with the County Clerk yesterday directing W. A. Butler, receiver of the Manufacturers' and Builders' Bank. to pay to Col. Herman Uhl. receiver of the German Up-Town Savings Bank, $10,000, that being one half of the sum on deposit in the Manufacturers' and Builders' Bank to the credit of the savings bank when It was closed.

17. December 31, 1875 New-York Tribune New York, NY
Article from New-York Tribune, December 31, 1875

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THE SUSPENDED SAVINGS BANKS. PLAN FOR RESUMPTION BY THE GERMAN UP-TOWN BANK. Between 200 and 300 depositors of the suspended German Up-town Savings Bank met last evening at Terrace Garden, on Fifty-eighth-st., near Third-ave. Louis Ries, the chairman, opened the meeting by reading a list of the doubtful assets of the bank. The Depositors' Committee submitted a report in favor of a resumption of business by the bank, which created considerable discussion, followed by great disorder. Speeches were made by Ashbel P. Fitch, Gerald Tyrrell, James Young. J. Frank, and others. Mr. Fitch charged the chairman with having held a secret consultation with Christian Schwartz, the former President of the bank. The chairman endeavored to explain. but the uproar was deafening. Several persons addressed the chairman at the same time, and their voices were drowned by the cries of the excited crowd. The confusion finally subsided, and the explanation of the chairman was accepted. The depositors then approved the plan recommended by the Committee, by which it was agreed that 20 per cent of the deposits should be released, 50 per cent of the remainder should remain in the bank for one year, and the Southern securities should be set aside as a sinking fund to reimburse depositors the amount released as soon as the profits could be made available for that purpose. Mr. Frank was added to the Committee. The

18. January 21, 1876 New-York Tribune New York, NY
Article from New-York Tribune, January 21, 1876

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THE GERMAN UP-TOWN SAVINGS BANK. The depositors of the German Up-town Savings Bank held a meeting last evening at Turtle Bay Hall, on Second-ave., between Forty-sixth and Fortyseventh-sts. The Committee reported that they had asked the receiver to let them examine the accounts of the bank, but the books were in such a confused condition that they had been unable to make out any clear statement. They had had an interview with Mr. Schultz, the former President of the bank. and he had made several suggestions which it was not prudent to reveal at present, but of which the Committee hoped to avail themselves. The persons who had already signed the petition for the resumption of business by the bank represented $350,000, but It was necessary that $450,000 should be represented. Mr. Rosenblatt, Secretary of the Committee, stated to a TRIBUNE reporter that in case this method for resumption failed, the depositors would try another somewhat similar. This was for two-thirds of the depositors to reorganize the bank under a new name after all the dividends had been paid, and that these depositors shall, whenever there may be a surplus of money in the bank, be repaid the losses they suffer by winding up the affairs of the present institution.

19. January 31, 1876 The New York Herald New York, NY
Article from The New York Herald, January 31, 1876

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GERMAN UPTOWN SAVINGS BANK. The German Uptown Savings Bank depositors held another meeting yesterday afternoon at Turtle Bay Hall, in Second avenue. Mr. Lewis Reiss presided, and stated that depositors were then given their last chance to sign the petition to have the bank resume its business. Mr. Kaltenborn suggested the appointment of a committee to go to the bank and examine the books themselves and learn in what condition the affairs of the bank were. Mr. Tyrell, the chairman of the Depositors' Committee, reported that the committee had visited Mr. Uhl, the receiver, and had been unable to gain access to the books of the institution; that the petition had already been signed by depositors representing $450,000, and that they required signatures representing $700,000. Mr. Reiss stated that the committee would at a future meeting bring before them the names of the parties whom they should select to act as a new Board of Trustees. In response to a question as to whether or not the receiver was going to pay a second dividend Mr. Tyrell said that he had waited on that gentleman and had asked him to defer the payment of a second dividend in order to allow the depositors time to sign the petition, but he had informed him that the dividend would be paid. Mr. S. B. Heimberger thought that the receiver was anxious to wind up the affairs of the bank as soon as possible. A resolution was adopted indorsing the action of Assemblyman Killian in calling for the appointment of a committee of the Legislature to investigate the action of Bank Superintendent Eilis in examining the accounts of the numerous banks which have recently failed. It was also resolved that the depositors meet every evening next week in order to obtain the necessary signatures to the petition.

20. January 31, 1876 New-York Tribune New York, NY
Article from New-York Tribune, January 31, 1876

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THE GERMAN UP-TOWN SAVINGS BANK. Herman Uhl, receiver of the German Up-Town Savings Bank, has filed his report for the past month. He has paid a dividend of 25 per cent on balances due 2,051 depositors, amounting to $183,184 53, and has a balance of cash on hand of $110,164 84. Judge Donohue has granted an order permitting Wm. A. Butler, receiver of the Manufacturers' and Builders' Bank, to pay over the balance of the $20,000 on deposit with that bank belonging to the German Up-Town Bank, with interest. At the meeting of the depositors of the German Up-Town Savings Bank, at Turtle Bay Hall yesterday, it was reported the signatures representing $450,000 of the $700,000 necessary for resumption of business by the bank had been obtained. Other signatures were obtained during the meeting. The action of Assemblyman Killian in proposing a bill for th investigation of the official conduct of Inspector Ellis was approved.

21. March 22, 1876 New-York Tribune New York, NY
Article from New-York Tribune, March 22, 1876

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CIVIL NOTES. Judge Donohue has given an order directing Herman Uhl, the receiver of the German Up-town Savings Institution, to pay Charles Mayne and Albert Klamroth their claim for $416.20, as advertising agents for the bank before its failure, in full. The report of the referee on the accounts of Jeremiah Quiplan, as receiver of the Guardian Savings Institution, the substance of which has been already given in THE TRIBUNE, was yesterday before Judge Donohue in Supreme Court, Chambers, on a motion on one side to confirm the report, and on the other to vacate it. A preliminary objection to the consideration of the motions was taken, on which Judge Donohue reserved his decision. In the suit of George A. Fellows against Nicholas F. Cook, Judge Van Brant, in Common Pleas, Special Term, decides that interlocutory costs in an action cannot be taxed by the clerk of the court without a special authorization from the Court, and that a precept issued on a taxation by the clerk without such authorization is void. He holds, further, that interlocutory costs should be always set off against a judgment in the action where the costs and the judgment are recovered by different persons. The only exception to this right of set-off is where the losing person has bought a judgment against the successful person for the purpose of setting it off, and there the attorney's lien on the costs has been protected. Sendder & Carter appeared for plaintiff; Mr. Whitlegge for defendant.

22. June 22, 1876 The Sun New York, NY
Article from The Sun, June 22, 1876

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# The Distrust of Savings Banks. The run on the Dry Dook Savings Bank, which commenced on Monday, continued yesterday. We presume that the bank is perfectly sound, and that the depositors who are drawing out their money are needlessly alarmed; but, like the rest of the public, we know nothing of the actual facts of the case. The officers of the bank, of course, say that its assets are abundantly sufficient to meet its liabilities; but so likewise said the officers of the Third Avenue Savings Bank, the German Up-Town Savings Bank, the Security Savings Bank, aud all the other banks that have broken within the past two or three years. As to the Bank Superintendent, nobody expects anything from his interposition. It has long been the regular practice of his department to whitewash every rotten concern it has examined into, on the plea that to tell the truth would shake public confidence and bring on a panic. What wonder that poor people, who hear that their earnings are in peril, rush to secure them on the first suspiolon of danger? It is a shame and a reproach to our civilization that so little protection is afforded to savings bank depositors, not only against loss, but against such alarms as that which now prevails in respect to the Dry Dock Bank. If sufficiently detailed reports were exacted of these institutions, so that ordinary business men could judge of their condition, and if the Banking Department would only exercise due vigilance to prevent an improper use of their funds, all trouble could be avoided. As things now are, we blunder along in a happy-go-lucky fashion, which affords knaves ample opportunity for fraud, and gives honest men no assurance of safety.