Teutonia Savings Bank - New York, NY

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: November 30, 1875
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: c0629c8d

Response Measures

Full suspension, Books examined

Other: Receiver (Fish) appointed; criminal charges against officers for diversion of funds.

Description

Article 1 (1875-11-30) describes a steady run on the Teutonia Savings Bank with heavy withdrawals (~$30,000) during a broader wave of runs on savings banks. Article 2 (1878-08-05) describes criminal proceedings against the bank's secretary, references to a receiver (Receiver Fish) and civil suits, indicating the bank was placed in receivership/closed after the earlier troubles. Therefore the sequence is a run followed by suspension/receivership and ultimate closure. Dates: run reported Nov 30, 1875; receiver-related filings referenced Jan 31, 1876 (report filed) and legal actions reported 1878. Cause of the run appears linked to runs on other local savings banks and general loss of confidence; the eventual suspension/closure was driven by bank-specific fraud/embezzlement discovered later.

Events (3)

1. November 30, 1875 Run

Cause: Local Banks
Cause Details: Run occurred amid a wider wave of runs on New York savings banks; depositors withdrew heavily (~$30,000) though officers claimed sufficient resources.
Measures: Paid out increased withdrawals; directors/ officers claimed they could obtain emergency funds to meet demands.
Newspaper Excerpt: There a steady run at the Teutonia Bank ... an amount exceeding the usual payments ... about $30,000
Source: newspapers

2. January 31, 1876 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Fraudulent bookkeeping and diversion/abstraction of funds by officers (secretary and trustees) leading to civil suits and appointment of a receiver; bank effectively suspended/placed in receivership following discovery.
Newspaper Excerpt: the affidavits on which the proceeding is based ... report made to the Bank Superintendent on January 1, 1876 ... the fraudulent report ... filed in his office on January 31, 1876
Source: newspapers

3. August 5, 1878 Receivership

Newspaper Excerpt: Michael Hahn, the secretary of the Teutonia Savings Bank ... the expert accountant employed by the receiver ... Receiver Fish, representing the bank, was plaintiff ... criminal charge of perjury against the secretary and reference to suits by the receiver (New-York Tribune, 1878-08-05).
Source: newspapers

Newspaper Articles (2)

1. November 30, 1875 The Sun New York, NY

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Article Text

CRIPPLED SAVINGS BANKS. SOME FACTS AND FIGURES MADE INTERESTING BY THE RUN. The Third Avenue Savings Bank's Officers 10 R Police Court The Banks that Have Closed their Doors and these that Stood a your SHULAMS amos non a gathering of lawyers and Presidents and ex-secretaries of the Third Avenue il nk in the York He Police court yestenday. Vr Henry 1. Clinton sppeared for " Decker. accused of perjury. and *41 10 48499 uo poinossed quid 1. if District rnev's office. Mr. Do ker's case Taken up first. Messrs, Daniel Bates, Wm. m. PIA pus 'QOA'I 'H up T V us 0.13A reputi 10th safe .) SEM security ALL 12000 091 '100418 HEAL is 'Q181 11) spuog worth at the be hest. instead of par. AS renrein the statement of the Third Avenue usaq you pay spu 0111 110 18440101 941 for sevi rat years. After Mr. Has-ler's tesName: the ex mination W A adjourned until Reput The trustees of the Security Savings Bank met 01 U pay BMI wait on the uperintendent of Banksand ask his advice. Thes also resolved to call - meeting of those depos who represent a misjority of the deposits and get their advice. The Peopl is Sevings Bank. the Security and 0.10.M P-14.L 10 114 para *** closed vesterday. Their officers are awaiting action if the Superintendent of Banks. The Manufacturers and Builders'. Theo a Third averecorded If 10 spoug and 111 speadju 81 to 9 THE na MON 10 AND 041 up 40; save 944 the Seamen N. the nion Dime the Howery. and others millions of irplus report lorger de paujujdxa aq 1000 1441 1081 - msn U.S. 41 sup weap 11 dep 1891 code) and 941 DUE sqoiso P. goadens on 10 mo punosed 91 umoun 08041 ontil II 1 THE RUN ON THE NORTH RIVER. 04.1 cou iting room of the North Riv Savings Bank nt 478 Eighth avenue. was filled all ves terd and time the multitude of depost offed out into the street unfavorable 01 pus STAM подириоэ MID 041 10 aur uns am 01 Pel 1841 puv aujud 0101 and 10 unis th were closed were so numerous 'Sup II" spread ssnq iday 0.10 M squar 10 1001 our pue sions (US JOJ 9.10AM Kenn THE 1000'08's 001 1 SH.W as.m 10110 = 10 quammous 041 UI summer 04: uo per SHAW sycu 1120943 no appea 041 the fa that not doll of the bank money spjoy age was 10 snida e seq pus susodap 01 0068 -us sequen 041 10 uperu ey. 00000$ 10&O spuoq pue sont noas 60 solv S portual " *1 Delive . put 1001 MPN THE : 00 1R put and 18 pas " me mo BY nee some instances per cent. The that ves erday's run lessened toward the day. ind their belief that 111 umour AID 19403 sour Jog мори 400 June u VISA 11 case nl together. The directors -nung "(I 'Keth "M ear queq 0411 Teams wave повпяту LM A imports доривходу '01 TOTAL 111 -sng 104809 мэдриу P W 1V 'SSOIN qdesop mas steem ay '001 on President : : Henry D. Ran 40011 pers TO 11, sa Bennett Seer tarv. THE BUN ON OTHER BANKS. The deposit Franklin Savings Bank. -111 1891 una эряш V 10 anou our If pus U1 usado $8.11 There 000.00$ inoqa uww.p DRIVE 18 01 Japjo up pus MUS moy 1154 inqs SQ1RZ and and 100 ficers of the bank do not expect run shew so # JI 1891 AUS inq as spuemed II - paid . taking tage the sixty rule pue 'sitsodap u] 0001004111 inoquespro 4 suf about $55,000 The investments NJO MPN ULA 10# 99 una puelspuoq same радо pus red enjo 01 XIS most passes the urchase price James Cham beriain is President, and George Crouch, Treasurer A few dissatisfied depositors drew heavily Fourteent 18 qu & A MON em mor street and Eighth avenue yesterday but the nodn upens penson us JOJ goot 100 op 810 Ineir resources The bank round num 000'000$ JOAO puu personsion suchings eases 'shipling beeq every smoke UMO3 UMOP 041 II" ALIVEN production am AO paid D" 1 to 920ml ance and their payments generally in 0% cess their deposits. The East River Bank $99A S.I upon 01 piea 1001 hampers 0 14 terday from $15,000 to $20,000 more than the deposits and the flicers drew $20,000 from the Park Bank to meet a possible emergency but gloods OUT 11 Den you 0.1 1901 have no fear of any extended run. They say exp: you ITEM seq1 'euo aq should 04091 11 TRUE OJR return SARD MIXIS 941 non II" AND The Eleventh Ward Bank at 106 Avenue C paid about $5,000 more than their usual daily disPetty SUM queq am sound 18 pue $100m using pm eyes neus PM Vantage of the sixty days law. said Mr. Timmerman. the Secretary in case of a panic. but 9.48 DABQ ou There a steady run at the Teutonia Bank SEM 000'98$ inoqu puw Awp III V ueAV 98 19 ursed. an amount exceeding the usual payments DV about $30,000 But we have enty them sed neus UR., THE am pps souom right along. We can also get all the money that you Ileas Jayso TOTAL 9.M eq1 u1 1000X0 MEI email aq1 10 gr emergency There is no cause for fear. and we apprehend not the lightest 0.10 M AND em un SHURO STUTAUS aequire 941 IIV auou III inq N program NOS 19 passia anumys sun event SEAM pootion PAOGE esoqi JO our TII 11 THEIR OWN SHOWING The following banks reported their condition of su January Ablugdon Square Savings Bank. at 03 AbingV CHARGES :6991 UI paint thum cker. President. and George " Brown. as are ruvq 8191 JO au S.1 101000 2011 9 separate age pur THIS 18 period 10 990'921$ 041 Kg pa uas ades $1 18 моломоц 10989 am 15 01W180 61 BIRTHER 'sormixg pum oun many -J0141 81/098 is pun 'sduress подот OUTS 1800 2 1281 apquire 100 innome am STUDI perpony was n in performed pepasors The airmont Savings Bank. 247 Greenwich Shorman '02ST IT III 02318 Mandas u MS DIANG pus pa 11/ puu LEMISS securi Sal TO 810880 TO 8800X u 183 11 141 uo net 1099 on MU q SEQUIRE 110 981 spung 181g 004'81$ pu 'serent quemqa pm smood para uo USED SUM DIRECT MODIS arrand to zunoure am 01 seju dinoo 480.11 83080 01 puw our JO our The of 000'0% 4040 10 bank 1874 there had been deposited pue "AB 414713 112 1" NUEST no d 'suemo M M "RATE 90 811 D Hodel nujeq eq 01 pun 16% XII juinj our 1011 Jual SHAM ** 18$ put

2. August 5, 1878 New-York Tribune New York, NY

Article from New-York Tribune, August 5, 1878

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Article Text

LOCAL MISCELLANY. # A SAVINGS BANK OFFICER ARRESTED. # MICHAEL HAHN, SECRETARY OF THE TEUTONIA BANK, ACCUSED OF PERJURY. Michael Hahn, the secretary of the Teutonia Savings Bank, whose affidavit admitting the diversion of the bank funds has been already published, was brought before Justice Flammer, at the Essex Market Police Court, on a criminal charge of perjury, on Saturday. The charge is similar to that under which Case and Lambert were convicted-the making of false sworn statements of the condition of the bank. John Scheuermann, the president of the bank, is named in the complaint and warrant, but was too ill to be present. The affidavits on which the proceeding is based are made by Henry Dauscha, chairman of the depositors' committee, and by Charles E. Wendt, the expert accountant employed by the receiver, whose affidavit was used in the civil proceedings. Henry Dauscha's affidavit refers to the report made to the Bank Superintendent on January 1, 1876, and the schedule annexed, giving stock investments as $899,931 07. It asserts that in the ease of the Oswego City bonds Hahn's report sought to represent that they actually cost the bank $49,000, their par value being $50,000, the total investment in the bonds being set down as $699,931 07, all of which representations were false, and known to be so when the president and secretary made the report. The affidavit further sets forth that Dauscha had examined the books formerly kept by Hahn within the past few days, and in respect to the Oswego bonds found they were purchased from George Opdyke & Co., on June 18, 1873, at a cost, according to the books, of $47,500. The affidavit then recites that Hahn swore in an action pending in the Supreme Court in which Receiver Fish, representing the bank, was plaintiff, that the bonds really cost the institution $47,500, and asserts that the book entries, representing that they cost $49,000, are false and fraudulent, and that the $1,500 difference in the entries was wrongfully taken from the bank funds by Hahn and distributed among the trustees. The affidavit still further recites Hahn's confession that such false entries and wrongful abstraction of funds were frequently made by him, and the proceeds divided among the trustees, and states that on January 28, 1876, Scheuermann and Hahn, well knowing that the amount set down in their report as being the total cost of stock investments was false, willfully and corruptly swore before a notary public that the figures were true, and subscribed their signatures to the fraudulent report, which was duly received by the Bank Superintendent and filed in his office on January 31, 1876. Charles E. Wendt, the expert accountant employed by Receiver Fish, who assisted Dauscha in the examination of the books above referred to, also swore to an affidavit corroborating the facts set forth by Dauscha. F. E. Lawrence, representing the District Attorney, presented the affidavits, which, he said, had been selected from a number of similar ones, because the case against the prisoner was briefly and clearly presented in them. The prosecution was brought at this time because the depositors had reason to believe that Hahn contemplated leaving the country, although 'under bail to answer in the civil suits against the trustees, and he desired that the bail should be made as heavy as possible for that reason. Counsel intimated that a charge of forgery would soon follow that of perjury, but did not give any particulars as to the grounds upon which such charge would be based. Hahn, having declined to say anything in reply to the charges, was required to furnish $5,000 to appear for trial, and not being able to do so, was committed to the court prison.