15909. German Uptown Savings Bank (New York, NY)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: October 9, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: fbb84cda

Response Measures

Accommodated withdrawals, Partial suspension, Full suspension, Books examined

Other: Extensive post-suspension meetings of depositors seeking resumption; receiver paid dividends and explored resumption but bank remained under receivership with efforts to reorganize.

Description

Contemporary articles describe a small run in October 1875 (after the Third Avenue Bank failure) that led the bank to invoke the 60-day notice rule. The institution later suspended (Dec 7, 1875) and a receiver was appointed; investigations revealed large mismanagement/embezzlement and a growing deficiency. Although depositors debated resumption and the receiver paid dividends, the bank remained in receivership and effectively wound up, consistent with a run leading to suspension and closure. Bank type set to 'state' because it is a savings bank (state-chartered).

Events (3)

1. October 9, 1875 Run

Cause: Local Banks
Cause Details: Run triggered by panic following the failure/closing of the Third Avenue Savings Bank; depositors withdrew funds.
Measures: Adopted the 60 days' notice rule (refused immediate payment to some depositors)
Newspaper Excerpt: After the failure of the Third Avenue Bank depositors became frightened and drew out $28,000... On Monday we adopted the rule of requiring sixty days' notice before drawing on us.
Source: newspapers

2. December 7, 1875 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension caused by discovered insolvency and gross mismanagement/illegal loans and worthless securities; an apparent deficiency initially reported ~$40,000 and later much larger.
Newspaper Excerpt: The German Uptown Savings Bank yesterday suspended, and that it will turn out a failure of a bad character there is, unfortunately, but little room to doubt.
Source: newspapers

3. December 8, 1875 Receivership

Newspaper Excerpt: Samuel H. Hurd has been appointed receiver of the Third Avenue Savings Bank. ... The German Up-town Savings Bank has suspended, with an alleged deficiency of $40,000. ... Col. Herman Uhl, receiver of the German Up-Town Savings Bank, ... (receivership proceedings reported thereafter).
Source: newspapers

Newspaper Articles (23)

1. October 9, 1875 The New York Herald New York, NY

Article from The New York Herald, October 9, 1875

Click image to open full size in new tab

Article Text

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 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, October 9, 1875

Click image to open full size in new tab

Article Text

There were runs yesterday on the German Savings Bank, and the German Uptown Savings Bank, New York. The former took advantage of the sixty days' notice, but the run on the latter being slight, it paid all drafts on demand. The officers of both banks are confident that the "runs" will subside, and affirm that the banks can pay all drafts on demand on brief notice.

3. October 9, 1875 Alexandria Gazette Alexandria, VA

Click image to open full size in new tab

Article Text

already been made to raise the steamer. George W. Pemberton was hanged at Boston yesterday for the murder of Mrs. Margaret E. Bingham on the 22d of March. George Spear, a negro, aged thirty years, having a wife and five children, was hung at Fayetteville, Ga., yesterday, for outrage committed on a white girl fifteen years old, on the 30th of May. He was fully identified and convicted, but died declaring his innocence and accusing the people of conspiring against him. He was a bad negro, and met his fate unmoved and defiant. The Supreme Court of New York yesterday delivered an opinion denying the motion of Tweed's counsel that the defendant be allowed time to answer, demur or take other action with reference to the order coufirming Judge Benntt's refusal to vacate the order of arrest, on the ground that a contrary course would lead to dilatory pleadings and evasive motions, and that the war of skirmishes must be terminated by trial on the merits of the case. The defence was given seven days to answer. The Convention of Georgia Colored Men adjourned yesterday after passing resolutions complimentary to Judge Johnson, and reciting that the late insurrection reports were concocted by the Democrats for political effect, that the colored men are not protected in their rights, and that the Ku-Klux are rampant in Georgia 1 The resolution condemoing President Grant's appointments in Georgia was referred to the next political Convention, and that in favor of emigration to Africa was lost. The Mexican Congress met on the 26th of September, for the first time under the restored political regime of 1857. President Lerdo opened the session with an address referring to the progress of the republic, relations with foreign powers, the accrediting of a minister to Spain, proposed reorganization of the courts, advancement of the cause of education, and progress of internal improvements and harbor works. The speech was well received. A Memphis dispatch says that the Friar's Point (Miss.) war is considered at an end. The whole affair was generally regarded as a politicigns brawl. A Helena dispatch says Sheriff still there, and says he will not return to Friar's Point, and that the negroes there-threaten to kill bim if he does. Many negroes from Coahoma county are in Helena. Chalmers is endeavoring to surround Pease and capture him if possible. In the session of the trustees of the Peabody educational fund at New York, yesterday, Mr. Was. M. Evarts presented appropriate resolutions in relation to their late associate, Mr. Wm. A. Graham, of North Carolina, and Mr. Henry R. Jackson, of Georgia, was elected a trustee to fill the vacancy. The board adjourned to meet at the White Sulphur Springs, W. Va., on the first Wednesday in August, 1876. VA large meeting of the friends of women suffrage, in Boston, last night, over which Rev. Freeman Clark presided, passed resolutions opposing Gaston, Democrat, and indorsing Rice, Republican, for Governor, and urging the friends of woman suffrage to attend the primary meetings and secure the nomination of suffragists to the Legislature, even to the breaking of party lines. There were runs yesterday on the German Savings Bank, and the German Uptown Savings Bank, New York... The former took advantage of the sixty days' notice, but the run on the latter being slight, it paid all drafts on demand. The officers of both banks are confident that the "runs" will subside, and affirm that the banks can pay all drafts on demand on brief notice. The weight of packages to be transported pthrough the mails from this country to Europe indimited to eight ounces for written and thirty-five ounces for printed matter or merchandise. Packages over these weights are sent to the Dead. Letter office. Packages of four pounds weight, however, can be sent to any part of the United States. Delany & Harrington, of Philadelphia, land agents, have sold (one hundred and sixty one acres of land, owned by W. S. Chandler, of Caroline county, to Mr. T. G. Cooke, of Philadelphia, at $14 per acre. There IS & dwelling. stable, corn house, &c.) on the place, which is one and a tralf miles from Guiney's Depot. The Westervels case came up again yesterday in Philadelphia, before Judge Elcock. on a motion in arrest of judgment, aud for a "new trial. The objections filed by Westerveit's counsel were in regard to the admission of evidence. Judge Eloock determined to give the case further consideration. 00 1 The District Grange of Northern Virginia will meet at Culpeper the 14th of this month. A large gathering is expected as it is during

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

Article from New-York Tribune, November 29, 1875

Click image to open full size in new tab

Article Text

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 The New York Herald New York, NY

Article from The New York Herald, December 7, 1875

Click image to open full size in new tab

Article Text

ANOTHER BANK FAILURE. Suspension of the German Uptown Savings Bank. A RECEIVER TO BE ASKED FOR. Gross Mismanagement of the ExPresident. The German Uptown Savings Bank yesterday suspended, and that it will turn out a failure of a bad character there is, unfortunately, but little room to doubt This bank, it will be remembered, at the time of the closing up of the Third Avenue Bank sustained a slight run, when the trustees availed themselves of the sixty days' law in order to put a stop to the temporary panic. From that time until the present the condition of the bank has always been supposed to be first class, and the posting of the notice on the doors yesterday morning, to the effect that no deposits would be received or drafts cashed until the Bank Superintendent had examined the accounts was a most complete surprise to every one. It, however, appears that the present President, Mr. Claussen, the brewer, who has but recently been elected, with the trustees, are endeavor. ing to secure the general good of the depositors, and have taken the most honorable course left to them under the circumstances in the case. The whole blame for this failure, so far yet can be ascertained, isdue to the late President, Mr. Christian Schwartz, who was requested to STEP DOWN AND OUT on the 27th of October last, in favor of Mr. Henry Clausen, Jr. The cause for the enforced retirement of Mr. Schwartz, who had been President of the bank sinceitsincorporation, at a salary of $3,600 per annum; was the dissatisfaction of the trustees at the manner in which he had invested the funds of the institution, and administered its affairs in favor of certain of his friends in the shape of call loans upon collaterals that were ao cepted by him in distinct CONTRAVENTION OF THE LAW. It was also considered, in view of the fact that Mr. Bchwartz, who is connected with the Empire Laundry Company, was in financial difficulties, that it would be better for the interest of all concerned that he should withdraw from any active participation in the direction of the affairs of the bank At the time of his withdrawal from the Presidency, and indeed at all time previously The accounts were arranged to show an apparent excess of assets over liabilities of about $21,000. The nature of the securities were misrepresented, as will be seen by the statement made by Mr. Claursen, in order to make up this false balance sheet, and It was not until late on Saturday night that the true condition of the bank was as certained. It was then discovered that, instead of a surplus there was and is an actual and already determined deficiency of $40,000. The story of the affair, however, is better told in the language of Mr. Claussen, with whom the HERALD representative conversed yesterday in the presence of Mr. John D. Crimmins and another of the justices who was elected some fourteen days ago. THE PRESIDENT'S STORY. Mr. Classen said Wordbox I was elected President I was of the opinion that the bank was not only solvent but possessed a surplus. The reason Mr. Schwartz, the late President, was asked to retire was because he was known to be in financial trouble, and it was deemed wise that no reflection should be cast at the bank on that account, and besides it was thought a change of officers would strengthen the institution. I came into office on the 27th of October last, at the earnest solicitation of the trustees, and agreed to perform the duties incidental to the position for the sole benefit of the depositors, without a cent of salary. I did this because at the time we were sustaining a run, and thought from the representations made to me that my so doing would help the bank, which I thought was too good and sound to be ruined by a panic. I stopped the fright of the depositors by taking the sixty-day law, and began shortly after this to institute an examination of all the securities held by the bank. To my utter astonishment it was discovered that it was not only insolvent, but that a'deficiency existed to nearly $40,000. I found where a certain amount had been constantly put down in the periodical statements rendered to the trustees as cash was simply represented by a lot of Southern securities and call loans which had been made on bank stock and other illegal securities. Most of the call loans I have compelled the borrowers to pay, but there is one now standing of $4,000, made by Schwartz to a friend of his named Lewis Staal, on some bank stock which I have been unable so far to call in. I found, too, that Alabama bonds of the par value of $94,000 had been put down as worth $32,900, although they are not worth more than ten cents on the dollar-for they are not State bonds, but railroad bonds guaranteed DV the State. There is also, too, I find, $50,000

6. December 8, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 8, 1875

Click image to open full size in new tab

Article Text

TRIPLE SHEET. THE NEWS THIS MORNING. FOREIGN.-The steamer Deutschland was wrecked on the Kentish Knock Sands, on the British coast; China was preparat least 50 lives were lost, One huning to send out foreign ministers. dred and thirty lives were lost by the Swaithe colSoldiers were frozen to death hery explosion. in thenorth of Spain. Domestic.-The President's message was read in Congress : the President urged the importance of compelling the States to educate their people, of placing the schools beyond the reach of sectarian induences, of going vigorously forward to resumption; Cuban recognition was not favored, but intervention by a third party suggested. - Dewey, Tweed's E.S. Tobey has been secretary, is in Boston. John Q. appointed Postmaster of Bostou. Smith of Ohio accepted the Indian CommissionerGen. Babcock started for Chicago to apship. pear before the Court of Inquiry. CITY.-Some officers searched for Tweed on the theory that he was still in this city; others believed that he escaped on the yacht Thyra. The Grand Jury is trying to determine the responsiThe German Up-town Savings Bank bility. has suspended, with an alleged deficiency of $40,000. Samuel H. Hurd has been appointed receiver of the Third Avenue Savings Bank. The Senate Committee investigated the city's legal An examination into the mental expenses. condition of Jacob Standermann, the murderer, was Gold, 1148, 11414, 114% Gold value begun. of the legal-tender dollar at the close, 87410 cents. THE WEATHER-The Government report predicts In this cool, cloudy, but clearing weather. city, yesterday, the day was mild, wet, and rainy ; thermometer. 39°, 41°, 37°.

7. December 11, 1875 The New York Herald New York, NY

Article from The New York Herald, December 11, 1875

Click image to open full size in new tab

Article Text

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.

8. December 15, 1875 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, December 15, 1875

Click image to open full size in new tab

Article Text

NEWS OF THE DAY. "To show the very age and body of the Times." Mayor Cobb, of Boston, was re-elected yesterday. West Virginia contributes $20,000 to the Centennial. The fruitless search for Tweed is being continued in Canada. At Richmond, on Sunday night, Michael Lyon, a white man confined in the Church Home, committed suicide by banging himself with a portion of a sheet. The balloting for Senators by the French Assembly yesterday resulted in the election of only one person. Many of the Legitimists and Bonapartists abstained from voting. There was a meeting of the Cabinet yesterday, at which it was decided that several of the members will accompany the President on his visit to Philadelphia on the 27th. The Legislature of Ontario, Canada, has rejected the bill recently introduced to confer the right of suffrage upon all male subjects over twenty-one years of age. The Austrian Ambassador at Constantinople has asked the Grand Vizier to suspend hostilities and open negotiations. Some of the Ministers have advised the Sultan to reject the reforms proposed by the Northern Powers. An attempt was made on Monday night to burn the Universalist Church at Provincetown, Mass., while there was an audience of about eight hundred persons present. Quite a panic ensued, but fortunately without injury to any one. Adolph Levinger, attorney for the German Uptown Savings Bank of New York, was arrested in that city yesterday on the charge of having failed to pay to the bank $38,735 which he had collected for it, and which caused its suspension. The Secretary of the Interior has asked Congress 10 relieve him from the duty of taking charge of certain funds belonging to various Indian tribes, which that gentleman thinks should be transferred to the custody of the U. S. Treasurer. The amount now on hand is about $5,000,000. The bill which yesterday passed the Senate extending the tenure of the Court of Commissioners of Alabama Claims will secure the adjudication of the claims still pending, and allow those whose claims were not filed within the prescribed time to come before the court. The jury of inquest on the victims of the Deutschland disaster have rendered a verdict in which they state that the steamer was insufficiently supplied with the necessary appliances for determining the distance traversed, and that her boat-lowering apparatus was not of the best. No blame is attached to Captain Brickenstein, but they say an experienced pilot was in charge. The captain and crew of the tug Liverpool are warmly commended for the assistance rendered to the survivors. The Weser Zeitung of yesterday repeats the story of the reported confession of the man Thomas, arrested at Bremerhaven, that he had shipped several packages of dynamite on the Mosel for the purpose of destroying the vessel, so as to secure a heavy insurance that he had effected, and implicating several others in the plot. The report, however, lacks confirmation. A search of Thomas house at Strahlen, Saxony, failed to throw any light on the matter.

9. December 15, 1875 The New York Herald New York, NY

Article from The New York Herald, December 15, 1875

Click image to open full size in new tab

Article Text

How the Officers of the German Uptown Savings Bank Invested Its Funds. ARREST OF THE COUNSEL The Third Avenue Savings Bank. Meeting of the Mutual Benefit Savings Bank Depositors. As the receiver of the German Uptown Savings Bank proceeds with his examination of the books and securities of that institution new developments, showing the utter recklessness, not to use a harsher phrase, with which the former President, Mr. Christian Schwartz, and the other officers of the bank, administered its affairs, are constantly being brought to light. The latest of these show that the existing condition of affairs is far worse than has hitherto been anticipated. In fact, the chances of the depositors receiving more than sixty cents on the dollar at the utmost are day by day lessening. The deficiency supposed to exist at the time of the suspeasion of the bank was $40,000. This sum has since been found to be greatly less than the actual deficiency. The former President of the bank, Mr. Schwartz, in addition to MAKING LOANS TO HIS PERSONAL FRIENDS on questionable securities, has also made loans to the Empire Laundry Company, which has long been in financial difficulties. The manner, too, in which these mortgages were made also bears somewhat of a suspicious appearance. In the first place, two first mortgages were made by the Empire Laundry Company for $10,000. Afterward this company desired to obtain a further loan by way of a second mortgage, but was unable to effect the loan from any outside parties. Mr. Schwartz then let them have $9,000 in addition to the $10,000, taking two second mortgages as security. That the bank will realize these amounts, if the mortgages should be foreclosed, is considered very doubtful. It is also said that a check for $5,600 was found in the drawer, charged as cash, which is utterly worthless. This check purported to be the result of a sale of North and South Carolina bonds. There are also among the securities $25,000 of bonds of the town of Springport, Cayuga county. These were charged in the balance sheets as worth par. There are now, it is ascertained no quotations for these bonds, and what they would fetch no one appears to know, for there is no market for them. THE ARREST OF THE COUNSEL to the bank, Adolph Levinger, on a charge of making collections of mortgages and other satisfactions, was somewhat of a surprise yesterday, for hitherto Mr. Levinger had been looked upon as a man of probity. It appears from the facts now brought out that Mr. Levinger was intrusted by the bank with the foreclosure of certain mortgages to the amount of $38,735. From time to time he was applied to for a settlement, but always responded that the cases were still in litigation, or by some other pretence excused himself from handing over the sums due the bank. The President, Mr. Ciaussen, and Vice President Cummins at last began to get wearied of the repeated excuses made by Levinger and to inquire among the mortgagees as to whether they had satisfied their obligations or not. It was found they had. Application was again made to Levinger for a settlement, when he admitted to the receiver and to Messrs. Claussen and Cummins that he had received moneys amounting to the sum already stated and had been obliged to use it for his own purposes. He promised, however, to at once raise $25,000 and hand over that sum to the receiver; but day after day passed and Levinger failed to pay up. No other course being left open an order for his arrest was obtained from Judge Donohue, on Monday night, in an action brought by the receiver, Mr. Uhl, based upon his affidavit and that of Mr. ClausFen. The bail was fixed at $45,000. Yesterday morning Levinger was arrested by Major Quincey, of the Order of Arrest Department of the Sheriff's office, and taken to his office, where he later gave bail ID the sum required. MR. LEVINGER REFUSED to make any statement or explanation to the HERALD reporter after his arrest, saying that he wanted to await developments before doing so, as he had already been threatened with criminal proceedings. Mr. Adolph Levinger is a member of the firm of Levinger & Co., brewers, College Point, and of the firm of Levinger & Guggenheimer, lawyers, of No. 261 Broadway and No. 906 Third avenue.

10. December 16, 1875 The Sun New York, NY

Click image to open full size in new tab

Article Text

LOOKING FOR THE ASSETS. Bad News from the German Up-town and People's Banks. Christian Schwartz, the President, and Sch: ffuer. the Secretary of the German Up-town Savings Bank. have not been seen at the bank or their usual haunts in the city since the suspension. Every day develops some new fraud or improper transaction. Mr. Schwartz, who has been bankrupt for some months past. was interested in the Empire Laundry Company, to which $19,000 was loaned on very questionable security. A worthless check for $5,600 has also been found among the assets as cash. and $25,000 of unnegoti ble town bonds. The arrest of Adolf Levinger 18 criticlsed LV some of the depositors as injurious to their prospects of obtaining the money for which he is responsible. Levinger is a partner ID H. brewary, and has rich relatives. and It is believed that if allowed to 120 on without exposure be could have settled within a few months. As it is, his business IS ruined. he will propably be thrown over the bar. and his relaLives will have no incentive to save him from the disgrace with which he is already overwhelmed. Orders of arrest are waiting for S. hwar z and Seb as soon as they make their appearance. Mr. Herman Unl. the receiver of the Germ an Up-town, is laboring b ird at the books of the bank. and will-pare noefforts to bring tojustice all who have misused the funds. The stockholders of the Manufacturers' and Builders' Bank, who, In connection with certain ex trustees of the Third Avenue Bank, tried to start a new concern in the Nineteenth Ward. have given up the project, as it received no encouragement. At a meeting of the committee of Third avenue depositors, yesterday afternoon, Mr. Asnoel P. Fitch was instructed to prosecute criminally other trustees of the Third avenue besides hose already arrested. A prominent Republican official who signed one of the bank reports within three years past will, it is Sald, be proceeded against. Mr. W. F. Aldrich. receiver of the Mutual Benefit Savings Bank, has been connected with the St te B oking Department. and was one of the examiners who reported the Third Avenue Bank to be in good condition, when Mr. Hennessy showed it to be insolvent. The depositors of the People's Bank had an exciting meeting, last evening, at 200 Chird avenue. Mr. Richards. of the committee which had been app inted to VISIT Mr. Isaac V. French, the receiver. reported that Mr. French had given him the following statement of the assets and liabilities: ASSETS. $56,000 Bonds and mortgages. about 10,000 Nurca Carolina State Dones, par Jue 47,000 Bonds of trus ees $113,000 Total assets LIABILITIES. $180,000 Due depositors, about Besides the above assets there is about $240 cash on hand. Dedue ing the trustees' bond, which is assumed to be almost worthless, and the North Carolina bonds, which are worth a few nundred dollars, and allowing that the mortgages are all sound, the bank has about $57,000 to meet $180,000. or less toan thirty cents ont e dollar. The cost of winding up the concern must also be taken out of the assets. Dr. seph Morehead, the Chairman, reported that be had visited Mr. French for information, and Mr. French told him that when he wanted his advice he would send for him. Mr. French's lawver said at the same interview that a bank which should pay fifty cents on the dollar would be doing remarkanly well in these times. It was voted to employ counsel to look after the interests of the denositors, and endeavor to

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

Article from The New York Herald, December 16, 1875

Click image to open full size in new tab

Article Text

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 18, 1875 The Sun New York, NY

Click image to open full size in new tab

Article Text

THE GERMAN UP-TOWN BANK. A Deficiency of $100,000-The President Going to Europe if not Arrested. Over a thousand depositors of the German Up-Town Savings Bank met last night. Mr. Ashbel P. Fitch reported from the committee appointed at the previous meeting that the bank corporation had not been dissolved by the decree appointing the receiver, but that the bank could reopen again if depositors would make up the deficiency by giving up a percentage of their claims. This announcement was received with applause. Mr. Fitch added that the opposition to reopening the bank came chiefly from a clique of ex-trustees of the Third Avenue and Manufacturers' and Builders, who desired to start a new bank in the Nineteenth Ward. Mr. John L. Crimmins, a wealthy contractor and ex-trustee, said that the former President cunningly hid his misconduct from some of the trustees until a few weeks ago. Other trustees shared with Mr. Schwartz in the profits. The total deficiency was about $100,000, the total deposits being about $800,000. it was said at the close of the meeting that Mr. Schwar: would sail for Europe to-day, and several of the leading depositors at once declared their intention to have him arrested.

13. December 20, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 20, 1875

Click image to open full size in new tab

Article Text

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.

14. December 20, 1875 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, December 20, 1875

Click image to open full size in new tab

Article Text

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.

15. December 23, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 23, 1875

Click image to open full size in new tab

Article Text

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

16. December 24, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 24, 1875

Click image to open full size in new tab

Article Text

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

17. December 24, 1875 The New York Herald New York, NY

Article from The New York Herald, December 24, 1875

Click image to open full size in new tab

Article Text

THE SAVINGS BANKS. THE GERMAN UPTOWN BANK DEPOSITORS MOLD ANOTHER MEETING. A meeting of the depositors of the German Uptowa Savings Bank was held last night at Terrace Garden Mr. Henry Claussen, Jr., the President of the bank, addressed the depositors present. He commenced by saying that he wished to deny the statement made in certain newspapers, in which is was represented that he had accused Mr. J. L. Crimmins, one of the trustees, of taking $26,000 of the bank's money. He wished it distinctly understood that he had made no such charge. He knew Mr. Crimmins to be an estimable and honest gentleman, and one that had done all be possibly could in the interest of the depositors. Mr. Claussen then gave a history of the transactions of the bank, and stated that the liabilities were $955,358 11 and the assets $805, 577 51, thus showing a deficiency of $149,780 60. He did not, he said, expect to find any further loss, but in order to make sure be proposed to allow $17,000 in addition, which would make a total of exactly twenty per cent deficiency to the depositors. He thought the best policy for the depositors to pursue would oe to write off twenty per cent of their deposits and allow the bank to resume business. Several other gentlemen also addressed the meeting in the same strain, but no final action was taken. The receiver. Mr. Uni, will, it is said, commence paying a first dividend to the depositors on Wednesday next, unless it shall be determined by them that the bank shall reopen. This dividend will be twenty-Ave cents on the dollar. THE THIRD AVENUE BANK. The hearing in the case of T. W. Decker, one of the late trustees or the Third Avenue Bank, against whom charges have been preferred by some of the depositors, and which have been under examination at the Yorkville Police Court, was adjourned yesterday afternoon until Monday next. The rumor that Mr. Ellis, the Bank Superintendent, was about to close the East Side Bank for Sallors, of which Commissioner Duncan IS president, appears to be without foundation. That gentleman states that hat has received no such intimation from the Superinten dent

18. December 31, 1875 The Sun New York, NY

Click image to open full size in new tab

Article Text

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.

19. December 31, 1875 New-York Tribune New York, NY

Article from New-York Tribune, December 31, 1875

Click image to open full size in new tab

Article Text

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

20. January 21, 1876 New-York Tribune New York, NY

Article from New-York Tribune, January 21, 1876

Click image to open full size in new tab

Article Text

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.

21. January 31, 1876 The New York Herald New York, NY

Article from The New York Herald, January 31, 1876

Click image to open full size in new tab

Article Text

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.

22. January 31, 1876 New-York Tribune New York, NY

Article from New-York Tribune, January 31, 1876

Click image to open full size in new tab

Article Text

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.

23. June 22, 1876 The Sun New York, NY

Click image to open full size in new tab

Article Text

# 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.