16605. Teutonia Savings Bank (New York, NY)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: April 25, 1878
Location: New York, New York (40.714, -74.006)

Metadata

Model: gpt-5-mini
Short Digest: 15949aab

Response Measures

None

Description

The Teutonia was ordered to stop business by state bank examiners in late April 1878 because of losses on repudiated town bonds and shrunken real-estate values. A receiver (James D. Fish) was appointed and the bank was liquidated under receivership with dividends paid later; it did not resume normal operations. Although depositors gathered and there was alarm, the suspension was effected by examiners/court order for insolvency rather than a discrete misinformation-triggered run.

Events (4)

1. April 25, 1878 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Ordered closed by bank examiners/court injunction due to insolvency from losses on repudiated town bonds and shrinkage in real-estate values; examiners excluded contested town bonds from assets.
Newspaper Excerpt: The doors of the Teutonia Savings Bank ... were closed last evening. ... the order had been received to stop business.
Source: newspapers

2. April 26, 1878 Other

Newspaper Excerpt: A notice in German was displayed on the large iron door of the Teutonia Savings Bank ... announcing that it was closed by orders from Albany. Bank Examiner St. John took charge of the bank yesterday. Notice was sent ... to meet ... the trustees ... they instructed William H. Newschafer ... to offer no opposition to the injunction, but ask for the appointment of a trustee as receiver ... to have no remuneration for his services.
Source: newspapers

3. April 30, 1878 Receivership

Newspaper Excerpt: Judge Westbrook has appointed James D. Fish, of the Marine Bank, receiver ... James D. Fish, the president of the Marine Bank, selected ... receiver of the Teutonia Savings Bank.
Source: newspapers

4. October 10, 1878 Other

Newspaper Excerpt: About $50,000 was paid to depositors in the Teutonia Savings Bank yesterday by Receiver Fish. Payment will be continued till the fifty per cent dividend is exhausted.
Source: newspapers

Newspaper Articles (24)

1. April 25, 1878 New-York Tribune New York, NY

Article from New-York Tribune, April 25, 1878

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CLOSING THE DOORS. ANXIETY OF THE DEPOSITORS-THE OFFICERS RETICENT-DEPOSITS RECEIVED YESTERDAY. The doors of the Teutonia Savings Bank, which 18 at No. 25 Avenue-A. were closed last evening. On Wednesdays they are usually open from 6 to 8 P. m. It was not until 6 p. m. yesterday that it became generally known in the neighborhood that the order trad been received to stop business. The news that the doors were closed quickly spread from mouth to mouth, and, before 7 o'clock in the evening, two or three hundred of the depositors in the bank had gathered around the building at Avenue-A and Secondst. No one was admitted. however. and no information could be obtained by the excited throng outside, and the people finally dispersed, still without understanding the closing of a savings bank looked upon in that part of the city as above suspicion. From such information as could be gained from others than the officials of the bank, it appears that the order to suspend business must have been received early in the day, but was not acted upon till the close of the usual banking hours. Deposits were received as usual, and the first suspicion of trouble arose on account of a refusal to allow a withdrawal in the afternoon. The Tentonia Savings Bank has been very popular on the East Side, and has among its depositors a great number of the German residents of the Seventeenth Ward, in which it is situated. The fact that its doors were closed, and the earnings of a lifetime locked up-perhaps lost in part-created a great deal of excitement in the vicinity, though there were many who believed in the stability of the bank. The officers of the bank were reticent last evening in regard to its condition. At the residence of John Scheuermann, the president. in East Seventeenth-st., it was stated that he had been very 111 for the last week, and could not see any one. It was stated that his condition was such that in no event could he be disturbed. The reporter who made the inquiry was told afterward, however, that Mr. Scheuermann had been seen frequently in the vicinity of the building during the week. It was stated by some persons] among the gathering of depositors that Mr. Scheuermann had resigned his position as president of the bank some time ago, and this had caused suspicion among many that something was wrong, but as the resignation had not been accepted, the temporary anxiety of depositors had been generally removed and confidence in the bank had been restored. No information could be obtained at Mr. Scheuermann's house even as to the other directors of the bank, there seeming to be a disposition to avoid every inquiry into the matter. The directors who were seen afterward were uncommunicative regarding the affairs of the (bank, though evidently surprised at the order toclose it. John Theiss, one of the trustees, said that he had every reason to suppose, according to the last statement of the bank, that there was a surplus of $80,000. The bank held, he said, about $110,000 of the town bonds of Southfield and Middletown, Staten Island, which were in litigation. The bank had brought suit to recover this amount, and the matter was now before the Court of Appeals for final decision. These bonds had been thrown out by the examiners from among the assets, leaving a deficiency, upon which they had been ordered to close their doors. Charles Merz, saloon-keeper, in Fourth-st.. one of the

2. April 26, 1878 New-York Tribune New York, NY

Article from New-York Tribune, April 26, 1878

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SAVINGS BANK TROUBLES. THE SUSPENSION OF THE TEUTONIA. DISTRESS AMONG THE DEPOSITORS-ACTION OF THE TRUSTEES. A notice in German was displayed on the large irou door of the Teutonia Savings Bank, in AvenueA, yesterday, announcing that it was closed by orders from Albany. A crowd of sad-faced men, women and children, elad in garments that indicated hard work, gazed anxiously at the curtained windows of the bank. When they talked, it was to bewail their ill-fortune, to regret that by some means they had not been forewarned of the danger, and to indulge in congecture as to the probable percentage of their deposits which they would receive. A woman who had improvised a head covering from her shawl, quickly became the centre of a little group, as she told how hard she had worked for the little sum she had on deposit. Conversations were all carried on in German. The case of Mrs. Koeher, whose husband was one of the victimstat the fire infGreenfield's factory in Barelay-st., created much sympathy. A small amount of money was given her by the Greenfields to assist in paying her rent. She deposited the money 111 the bank the day before it was closed, and is now said to be absolutely penniless. Bank Examiner St. John took charge of the bank yesterday. Notice was sent in the morning to the trustees to meet at the house of Michael Hahn, secretary, at No. 1,052 Second-ave. The Board of Trustees is composed as follows: John Scheuermann, president; John Theisz and Jacob Berman, vice-presidents; Michael Halm, seeretary; Louis George, John Otto, Charles Merz, Nicholna Rheinart, Henry Wenke, J. Hoenberg, Michael Seagrist, John Wigger and Frederick Sigrist. All were present at the meeting except three, who were out of the city or sick. They discussed the whole situation, and claimed that the department had been rather basty in restraining the bank from carrying on business. The only ground for such action, they said, was simply the question about the payment of the town bonds. The trustees believed that these would certainly realize their full value in time. But since the bank had been ordered to be closed there was nothing left to be done. Although it might be possible to prove to the Court the validity of these claims, and have the injunction set aside, all contidence in the bank was lost, and they could never continue business. To secure the greatest percentage to the depositors was the only object for which they could work. It was then unanimously agreed that any one of their number would willingly take charge of the bank, wind up its affairs and pay the largest possible dividend without any compensation. Accordingly they instructedWilliam H. Newschafer, counsel for the bank, to appear before Judge Westbrook, to-day and offer no opposition to the injunction, but ask for the appointment of a trustee as receiver to have no renumeration for nis services. It was proposed also to call a meeting of the depositors but this idea was abandoned.

3. April 26, 1878 The Sun New York, NY

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The Tentonia Savings Bank has been forced to give up its protracted struggle for existence. The Bank Examiners, upon whose report the injunction compelling the bank to stop business was based, do not allege mismanagement on the part of the officers, but ascribe the bank's insolvency to losses upon repudiated town bonds and the shrinkage in the value of real estate. Situated in a district densely populated by poor people, the Teutonia has been used by thousands of toilers as a strong box for their hard-earned savings, and its suspension has borne grief and panic into many a humble home. Those who may lose cannot say that they were unwarned by THE SUN. On Dec. 2, 1875, THE SUN published a statement of the condition of thesavings institutions of this city, as nearly as could be judged from ascertainable facts and figures. In that statement the Teutonia was mentioned as .. doubtful." Its assets then were over two millions, but a steady drain has diminished them to about half that amount.

4. April 26, 1878 The Sun New York, NY

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DEPOSITORS ALARMED. What Followed the Suspension of the Tentonia Savings Bank. An effort was made yesterday to start a run on the Dry Dank Savings Bank. Many eager depositors, alarmed At the suspension of the Teutonia Savings Bank, filled the spacious area of the banking room, soon after the opening hour, and withdrew their deposits until about 1 o'clock. at which hour President Mills announced that only sums of $100 or less would be paid to those who needed it for living expenses. To all others notice was given that the bank would take the benefit of the sixty-day rule. Then a few depositors drew $100 and a few gave notice, but the majority were satisfied that the run was to be stopped. The Dry Dock Savings Bank has been in existence since 1848, and has never enforced the sixty-day rule, except during a few days of Black Friday times. One year it paid a dividend of 10 per cent., and two years 7 per cent. Wm. V. Webster, the secretary. said last evening that he has no fears of an extended run. But. if all the depositors should withdraw their accounts. the bank would have the building left and $300,000 in addition. The total surplus is $911,893. of which only $586,571 is the valuation of the bank's handsome editice, The investments are mainly in city, State, and national bonds. A novel fenture of the incipient run is the directors order that any depositor who gives notice of withdrawal shall be compelled to take the money at the appointed time. A multitude of depostors,drenched with rain, stood in front of the Tentonia Savings Bank. in Avenue A. vestorday. and tried in vain togain information in regard to the failure of the institution. The officers of the bank did not meet the disappointed and indignant depositors, The iron door was locked. and on it was pasted a very small slip of paper. on which was written an indistinet and almost illegible notice that the bank WHIS closed. The officers have engaged a lawyer to go to Hudson this morning and try to stave off the permanent closing of the bank. It is to be argued on behalf of the bank that the institution is not actually insolvent. and. if permitted. can continue business and ultimately pay the depositors dollar for dollar. The bonds of the town of Southfield. Staten Island. amounting to over $100.000, which the State officials have put down as doubtful securities, are, it is said, good. The town. they say, is liable for the bonds. The Teutonia Savings Bank Was organized in 1868. through the efforts of several German shopkeepers on the east side. A building. costing nearly $70,000. was erected. The Examiners have valued this building at only $30.000. A woman who stood among the depositors yesterday said that her husband died three weeks ago, leaving six children. He had $578 in the bank. She could not pay the undertaker who buried her husband, and her children were crying for something to eat. A collection for her was taken up by the depositors standing near her. A German, who has kept a grocery in Avenue B ten years. hade$3.525 in the bank. He said that he must now give up his business. because he could not get his money to take upa mortinge. Several German clubs and mutual benefit societies had their money in the bank, one club having over $2.000.

5. April 26, 1878 The New York Herald New York, NY

Article from The New York Herald, April 26, 1878

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The lady was lound, and said, "A friend of our family came to me yesterday and said I had better take out of the Toutonia what money I had in 11. I went at once and drew out $103 50, which is the full amount 1 nad in the bank." Various rumors were circulated to stir up the popular indignation. It was said that the Church of the Redeemer, at Third street and avenue A, as also the Church of St. Nicholas, were notified to draw out the moneys of their respective societies deposited there. These rumors are denied by the Secretary, Mr. Michael Hahn. A meeting of the trustees was held at No. 1,031 Second avenue, and it was resolved to do nothing 10 interfere with the decisions of the Court. Their attorney, Mr. William H. Newschufer, wasinstructed to proceed to Hudson and appear at the Court House to-day and state that the trustees were ready to surrender all the property of the bank into the hands of any receiver that, the Court would be pleased 10 appoint. Mr. Hahn thought that it would be useless to attempt any other course. He leared that by forced sales and the necessary expenses of a receivership the amount returnable to the depositors would be considerably lessened. They would make no effort to have any particular person appointed as receiver. Mr. Hahn said that he would be willing to close up the bank's affairs without a седь of compensation, but that the courts would not permit this. He thought that he could get the highest price for all the securities. A meeting of the depositors would probably be called, at which the trustees would lay before them all the affairs of the bank, With proper management about ninety per cent could be returned. Mr. A. Sheurman, president of the bank, has been seriously ill for some months, and could not be seen yesterday. Mr. Newschater, their attorney, left for Hudson last night.

6. April 27, 1878 The New York Herald New York, NY

Article from The New York Herald, April 27, 1878

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The reutonia Bank, at the corner of avenue A and Second street, was closed and apparently deserted. There was no gathering of depositors as on the previous days; the notice of closing bad been torn off the door. Examiner St. John passed the evening in the building, in charge 01 all the property, pending the appointment of a receiver. Mr. Haup, the secretary, said that nothing would be done to interiere with the appointment of a receiver, us, even should the bank be allowed to resume business, the depositors were so excited that a run would be immediately A commenced and movitably cause has closing. meeting of the depositors will probably be called at an early date. THE GERMAN SAVINGS BANK. At the German Savings Bank, at the corner of Fourth avenue and Fourteeath street, a large crowd of depositors waited upon the tellers and demanded their money. They were deliberately paid and no excliement was visible. There were also a considerable number of deposits lelt at the bank yesterday. The officers said LIME they would not enforce the sixty day rule, but were ready to pay all demands and giad to do so. Those who drew out their money would lose their interest. The stock holders ol the German Bank are for the most part woulthy German capitalists and manufacturers. THE SIXPENNY SAVINGS BANK. A meeting of the depositors of the Sixpenny Savings Bank was held last night in the Germania Assemuly Rooms for the purpose of forming a permanont committee to conier with the receiver and officials of the bank, and to report at frequent intervals to the depositors the progress that was making toward liquidation. The attendance last night was not large, owing, it was believed, to the meeting not being sulficiently advertised, and on the motion of Mr. McNamara, a member of the State Legislature, a committee 01 three was appointed to drait resolutions embodying questions to be asked Mr. Russell, the receiver Oi the bank. and the committee to report those resolutions to a meeting of depositors to be held in the Germania Assembly Rooms on Wednesday evening next. The following resolutions were also passed unanimously, which recommend the adoption of postal sav10gs banks. Whereas between November, 1871. and the present date. a period of six and one-halt years. no less than twenty-one savings banks in New York city have been declared insolvent and nearly 76,834 innocent depositors have suffered a loss of over $7,120,262 out of a total deposit of $11,919,728; and whereas this groat loss to people who could illy afford it has been mainly occasioned by gross negligence and unpardonable ignorance in the management of trust funds, and in some cases by positive dishonesty on the part of those charged with responsibility as officers and directors of said savings banks; so that public confidence has been utterly shaken as to the security of money deposited in such institutions: and whereas the statute law affords no adequate redress to those who have suffered by the failures of suen broks, and has not tous fist provided for the prompt and adequate punishment of those whose negligence. ignorance and dishonesty have caused such public calamities; therefore, Resolved. That we, CITIZ us of New York city. on behalf of depositors, hereby express our absolute want 01 confidence in the savings bank system as at present administered and the inefficiency the laws under which they are organized and operated, believing that they do not afford protection to those whose thrilt, industry and trugality enable them to lay maide a portion of their earnings, Resolved, further, That a committee he appointed to drait # memorial to Congress, and to secure signatures to the same, to urge upon the bod, the passage of a law by which postal savings banks, under the immediate direction

7. April 30, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, April 30, 1878

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The New York Banks. NEW YORK, April 29. - The run on the Dry Dock Bank has entirely ceased. A number of deposits were made to-day. The German Bank is still paying in full all depositors who demand their money. About two hundred persons drew out their deposits to-day. A special meeting of depositors of the defunct Teutonia Savings Bank was held to-day. Seven hundred persons were present. The remarks passed were very bitter, and showed that the depositors are very generally of the opinion that the affairs of the bank have not been honestly managed.

8. April 30, 1878 New-York Tribune New York, NY

Article from New-York Tribune, April 30, 1878

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DEBTS OF BANKS AND FIRMS. ARRANGING FOR SETTLEMENTS. A RECEIVER FOR THE TEUTONIA SAVINGS BANKTHE "RUN" ON THE GARMAN BANK CRASINGCONDITION OF THE NEWARK DIME INSTITUTION --BANKRUPTCY OF BENJAMIN WOOD, DAVID T. KENNEDY, THE M'NAB & HARLIN MANUFACTURING COMPANY, MICHAEL NORION, AND OTHERS. Judge Westbrook has appointed James D. Fish, of the Marine Bank, receiver Bank. The on president tonia Savings "run" the of the German White- TeuSavings Bauk has nearly ended. Examiner head has reported on the condition of the Newark Dime Institution for Savings, spowing a probable loss of 14 per cent to the depositors. Several large failures or suspensions were reported in this city, including those of Benjamin Wood, for $233,95609; David T. Kennedy. the builder, for $540,000; the McNab & Harlin Manufacturing Company, and Michael Norton. THE TEUTONIA'S RECEIVER APPOINTED. JAMES D. FISH, PRESIDENT OF THE MARINE BANK, SELECTED-A DEPOSITORS COMMITTEE GONE ON A VAIN MISSION. An Associated Press dispatch from Rondout yesterday stated that Judge Westbrook, after hearing arguments on an order to show cause why a receiver of Bank in this city named James D. Fish, the pointed, Teutonia Savings president should Mr. of the Fish not National is be well apMarine Bank of New-York, r ceiver. known in financial circies. The Marine Bank is at No.-78 Wall-st., but Mr. Fish's residence is in Brookiyn. About 500 depositors of the Teutonia Savings Bank met at No. 28 Avenue-A, yesterday. Arrangements for the meeting had been made by a few of the wealthiest depositors, who met in Fourth-st., on Saturday evening, and sent a dispatch to Judge Westbrook. asking him to defer the appointment of 8 receiver until a meeting of the depositors could be held. Many of the depositors present yesterday were women, some of whom came with babies in their arms. All were Germans, and the majority seemed to be of the working class. The proceedings were condueted in the German language. Francis Euring was elected chairman. Charles Boss moved that a committee of seven should go to Judge Westbrook and ask him to appoint a receiver who could speak the German languaze, as most of the depositors were Germans. His motion was seconded, but was nearly an hour before the chairman was able to got a vote on it. Several of the more excitable Germans present insisted on speaking from their places in the audience and as they could be heard only by it few, their remarks caused much confusion. At one time three or four men were standing up in cacic chairs, shouting and gesticulating wildly. amid a storm of hisses and calls to order. One infurrated depositor advised that they should tiud of the bank and hang them to were greeted by the His trustees remarks both nieses iamp-posts. and and a applause. Order was restored at length, committee, consisting of the chairman of the meeting, Charles Boss, J. Dausche, Felix Horn, Joseph Pruell, Edward J. H. Tafusen, F. Seib, and Charles Jang, was appointed to lay before Judge Westbrook the wishes of the depositors regarding the ap pointment of a receiver. A proposition that each perBOU in the room should pay 25 cents toward delraying the travelling expenses of the committee caused much excitement and anger among the women present. The committee appointed Measts. Boss, Dauselle, and Horn, to go to Albany, consult with the banking superintendtot and afterward see Judge Westbrook. The sub committee was instructed to urge the appointment of Herman Unl, receiver of the German Uptown Savings Bank, or of Christian Schwarzwarkder. president of the Germana Bank. The sub-committee left this city for Albany last evening. The run on the German Savings Bank was resumed yesterday, but the drafts were not 80 heavy as OD Saturday, when over $200,000 was taken away by anxious depositors. The bank officers est mated that less than $100,000 would DO drawn out during the day. They felt confident that the run would not continue twenty-four hours longer. There was no excitement at the Dry Dock Savings Bank, the run having ceased.

9. April 30, 1878 New-York Tribune New York, NY

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THE NEWS THIS MORNING. FOREIGN -Gathorne Hardy, the Secretary for India, has made a rather warlike speech at Bradford. Paris is beginning to present a festive aspect in advance of the opening of the Exhibition. Trepoff. the St. Petersburg Prefect, has been dismissed. Rumors are again current that Austria is about to send troops into Bosnia and Herze Prince Gortschakoff is better, but regovina. frains from public business. DOMESTIC.-T Democrats do not know whether an investigation of the Florida election will do them harm or good. Fernando Wood still thinks his bill has a chance of passing. Mr. Springer's committee has resolved to ask that Minister Seward be called home to testify in his own defence. One important phase of the danger to the Treasury on account of Southern war claims is described in THE TRIBUNE'S Washington dispatches to-day. John Kelly's New-York Funding Bill was vetoed by Governor Robinson; the bill was warmly defended by Mr. Brooks in the AsJohn Morrissey is suffering from an sembly. attack of paralysis. CONGRESS.--In the Senate, yesterday, the credentials of Senator Williams, of Kentucky, the successor of Mr. McCreery, were presented; Mr. Conkling presented a report on the uses to which the Post Office building in New-York City can be put; a large number of bills were passed, including one for the support of the public schools of the District of Columbia ; it was announced that the bill to repeal the Resumption Act would be called up on WednesIn the House a large number of bills were day. introduced ; a bill to appropriate $75,000 for the schools of the District was passed a bill forbidding any further cancellation of legal-tenders was passed by 177 to 35. CITY AND SUBURBAN.-State Senator Hogan and ex-Senator John Fox had a bar-room fight. yesterday, and were arrested. Judge Van Brunt declared the Board of Apportionment constitutional and dismissed the Townsend suits. = James D. Fish was appointed receiver of the Teutonia Savings Bank. The Benrun on the German Bank nearly ceased. jamin Wood has been declared a bankrupt, with David T. Kenliabilities of over $230,000. nedy has suspended, with liabilities of $540,000. An examination was begun in the case of the Canada Southern Railroad stolen papers. = The steamship Rotterdam reported five deaths from some mysterious disease. === The condition of the Newark Dime Institution for Savings was reported. === Three persons were bitten by a mad cat in Gold, 1003g, 1003g, 1003g. Gold Jersey City. value of the legal-tender dollar at the close, 99610 cents. Stocks dull but firmer, closing steady. THE WEATHER.-TRIBUNE local observations indicate partial cloudiness, with little change of temperature. Thermometer yesterday, 54°, 69°, 55°.

10. May 8, 1878 The Sun New York, NY

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Indignant Depositors Hissing. Nearly one thousand depositors of the suspended Teutonia Savings Bank, two hundred of them women. met in Concordia Hall lastevening. Mr. Dauscher, of the Depositors' Committee. reported that Judge Westbrook paid no attention to the request of the committee that the selection of a receiver be delayed until the depositors could suguest some names for the position. Hisses and exclamations of indignation at Judge West brook's action were heard from all parts of the hall. A new committee was appointed to attend to the inter. ests of the depositors. It was intended to examine the books of the bank and ascertain whether there was any traud in the investment of the bank's money in almost worthless Staten Island bonds.

11. June 27, 1878 New-York Tribune New York, NY

Article from New-York Tribune, June 27, 1878

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THE CHARTER OAK CONSPIRACY. HARTFORD, Conn., June 26.-In the Superior Court this morning the State-Attorney quashed the indictment brought at the March term against Furber, Wiggin et al., ex-officers of the Charter Oak Life Insurance Company, and filed a new information, more extensive in particulars, as to the charge of conspiracy. Rearrests were made, and bonds of $5.000 each continued; and the case was put over to the August term. . THE TEUTONIA SAVINGS BANK. ALBANY, June 26.-Justice Westbrook has granted an order permitting James D. Fish, receiver of the Teutonia Savings Bank of New-York, to withdraw from the Central Trust Company's bonds of the cities of New-York and Brooklyn, and certain town bonds, and sell the same at auction, and with the proceeds redeem certain bonds pledged with Daniel A. Moran, the German Bank, Oriental Bank, and the Mutual Insurance Company.

12. July 10, 1878 The New York Herald New York, NY

Article from The New York Herald, July 10, 1878

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THE TEUTONIA DEPOSITORS. A meeting of the depositors of the suspended Teutonia Savings Bank was held last evening iu Concordia Hall, avenue A. Mr. Danshan reported that after a full examination of the affairs of the bank no came to the conclusion that the aff.irs of the institu. tion bad been very carelessly managed; that the officials were incompetent, and that during the two mouths previous to the closing 01 the doors over $300,000 was drawn out by cer KID deposilors. Cnaries T. Wende, chief clerk 01 Receiver Forter, stated that no entries had been made in the ledger for lour months previous 10 the close 01 tise institution that the books show the mortgages held amounted to $583,800; bonds, $471,908, cash, $22,849. Total, exclusive ot real estate, $1,078,557. He thought there would be a surinkage ou these securities of about $200,000. The books fixed the value 01 the real as follows:Bank building, $60 441; house in Pill street, $23,581; house in Clinton street. $14,672. Total, $95,694. He believed that not more than $25,000 could be realized un the bank building. On the securlites procably $878,557 could be realized, which, added to the value of the real estate, would probably make the assets, when the atfairs are wound up, sufficient to pav 100 depositors seventy-five per cent. The receiver was requested by is vote of the meeting to take legal proceedings against the trusices 11 ne deemed 16 necessary to protect the interests of depositors. A vote 01 Censure upon the examiners of the Bank Department for their alleged reaccurate reports was passed.

13. July 15, 1878 New-York Tribune New York, NY

Article from New-York Tribune, July 15, 1878

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THE NEWS THIS MORNING. FOREIGN.-The text of the Treaty of Berlin, with the exception of some articles, is published; the document was signed at Berlin on Saturday. The European Congress has been dissolved; Prince Bismarck congratulated the members The on the result of their deliberations. Turks are about to send troops to Volo. Kreli is now the only South African chief defying British authority. Domestic.-The town of Pendleton, Oregon, is in danger from the hostile Indians. Captain Mileshas met the savages near that place and fought them for two hours, but with what result is not known. Governor Chadwick has called for volunteers. The special commission sent out to induce Red Cloud and Spotted Tail to settle on the Misat is held It souri has failed in its effort. Washington that complete evidence has been obtained for forfeiting the steamers England and Denmark, of the National Line, to the Government. Work will be resumed at the coal mines in the The attack upon Pottsville region to-day. Minister Deichman has produced no result. There has been intensely hot weather at St. Louis. CITY AND SUBURBAN.-Orders of -arrest were issued Saturday for the Trustees of the suspended Teutonia Savings Bank in a suit for money alleged to have been illegally received from the bank funds. General Merritt has nearly completed his bond as Collector. Secretary Thompson arrived here yesterday on Mr. Beecher preached is cruise of inspection. ais last sermon before taking his vacation. Professor Draper's eclipse party started for the Mrs. Vosburgh West on Saturday. contradicted some of her previous stateGold 10112, 1011₂, 1011₂. Gold ments. value of the legal-tender dollar at the close, 99610 cents. Stocks generally dull, but showing some recovery in prices and closing steady. THE WEATHER-TRiBUNE local observations indicate clear or partly cloudy weather. Thermometer yesterday, 71°, 87°, 76°.

14. July 16, 1878 The Sun New York, NY

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THE TEUTONIA'S TRUSTEES. Irregularities and Mismanagement Greater Than Had Been Suspected. Jacob Berman, Michael Reinhardt, Nicholas Seagrist, Frederick Seagrist, and Joseph Wigger, trustees of the Teutonia Savings Bank, gave $10,000 bail each yes. terday to answer the suits instituted by the receiver, in which they are charged with having misapplied $20,344 of the bank's money. President Scheurmann is still confined to his bed. Further examination of the tooks closesirregularities and mismanagement even greater than was at first suspected. The receiver's report will not be ready for a few days. but he expressed the opinion yesterday that the depositors will receive a dividend of filty per cent by the 1st of September The receiver has announced a sale of the securities of the bank on the 24th inst. representing on their face more than $300,000. Among them are New York city and county bonds for $85,800; Brooklyn bonds for $63,000; Hamilton Monroe county, bonds, $68,000; Kendall. Or. leans county bonds, for $36,500; West Farms bonds, $26,500; Westchester bonds $11,000; East Chester Londs, $10,000; Morrisania bonds, $17,800 All, it is considered, are good. and some are above par. Capt. John Otto, the trustee of the Teutonia Savings Bank, who shot himself in the eye, is in slightly improved health. and he may recover The physicians think of performing all operation to remove the bullets from his head The Deputy Sheriff has not yet served the warrant of arrest.

15. July 18, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, July 18, 1878

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# A SHAMEFUL STORY Wm. Michael Hahn, ex-secretary and financial manager of the Teutonia Savings Bank of New York, which was placed in the hands of a receiver several months ago, tells a shameful story in regard to the conduct of that institution. Briefly, Mr. Hahn declares under oath that, being urged to do so by the trustees, he bought bonds for the bank at various times, charged them in the bank books at higher figures than he paid for them, and divided the difference equally among the trustees from time to time, taking the money out of the bank funds. He gives dates and amounts, and asserts that the trustees knew perfectly well where the money came from and how it came. He also asserts that up to 1876 a percentage of the salaries paid to the president, treasurer and himself was actually divided among the trustees. The receiver has instituted suit against the fourteen trustees of the bank to recover $29,344, which it is alleged they converted to their own use. Judge Donohue has granted an order of arrest for all the officers and the directors, and fixed their bail at $10,000 each.

16. July 20, 1878 New-York Tribune New York, NY

Article from New-York Tribune, July 20, 1878

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0d1 AS STOCKS. G All New York and Brooklyn Gas Stocks. and also all kinds of Brooklyn investment securities dealt in by G.SO. H. PRENTISS, 30 Broad N.Y ENRY CLEWS & CO., Bankers, 18 NewH st., New- York : Stocks. Bonds and Gold bought and sold exclusively on commission and carried on 8 moderata margin; interest allowed on deposit accounts: members of the New- York Stock, Gold and Government Bond Exchanges OFFICE OF THE CENTRAL RAILROAD Co. OF NEW JERSEY. 119 Liberty-st. New- York, June 19, 1878. OTICE is hereby given that the transfer books of the Central Railroad Company of News ersey N will be closed from the 1st to the 20th proximo, both days inclusive, and not as heretofore advertised. F. 8. LATHROP, Receiver. NEW-YORK, July 13, 1878. NOTICE. - The stockholders of the HYKO SILVER MINING COMPANYFOF NEVADA are hereby notified that a meeting of stockholders will be held on the FIRST WEDNESDAY of August next, at the office of the company, No. 23 Williams-st., Room No. 12, at 12 m., to take steps to redeem the property of th ecompany, sold under judgment. By order of the Board of Trustees, H. MARKOE, Sad'y and Treas. BERNARD SMYTH, Auctioneer, No. 5 Pine-st. W ILL SELL AT PUBLIC AUCTION ON WEDN ESDAY, July 24, 1878, at 12:30 o'clock p. m., at the Exchange Salesroom, No. 111 Broadway, by order of James D. Fish, esq.. receiver of the Teutonia Savings Bank $68,000 Town of Hamhn, Mouree County, 7 per cent Bonds, interest April and October: 50 bonds of 1,000 each and 26 of $600 each. $6,000 Town of Kendall, Orleans County, 7 per cent Bonds, interest April ADA October. $1,000 each. $50,000 Brooklyn City 7 per cent Sewerage Bonds, interest January and July, $1,000 each. $18,300 Ne . York Assessment Fund 7 per cent Bonds, inter, est May and November. $3,000 New-York Tax Relief 7 per cent Bond, due July 1, 1879. $1,000 New-Yor Street Opening and Improvement 7 per cent Bond. dne November 1, 1882. $27,800 New-York Accumulated Debt 7 per cent Bonds. in. terest May and November: 1 bond of $15,000, 1 bond of $10.000, 1 bond of $2,800. $20,000 New-York City 7 per cent Improvement Stock, due November 1. 1889. $2,000 2 shares New. York City 7 per cent Improvement Stock, due November 1. 1889. $12,000 County Court House 6 per cent stock. Interest May and November. $5.000 due November 1, 1885 $6,000 due November, 1888; $2,000 due Novem. ber Y, 1889. $13,000 Brooklyn City Third Street 7 per cent Improvement Loan. interest January and July, due July 1, 180k $28,500 Town of West Farms per cent Improvement Bonds, interest semi-annually, $500 each. $11,000 Town of Westchester 7 per cent bonds, interest May and November, $1,000 each. $10,000 Town of Eastchester? per cent Bonds. Interest semiannually, $500 each. $2,000 Town of Itve 7 per cent Bonds, interest May and No vember, $000 each. $17,000 Town of Morrisania 7 per cent Bonds, interest March and September, $300 each. $30,500 Town of Kendail. Orleans County, 7 per cent Bonds, interest April and October: 15 bonds of $1,000 each. ant 31 bouds of $300 each. Interest on the Bouds of the Towns of Ketidall and Hamlin less has always been promptly paid. TERMS OF SALE. 10 per cent at the time of the sale, the remainder at the office of the Central Trust Company, corpor of Nasaan and Pino-ala, before 2 12. m. on the 25th of July, when and where the securities will be delivered to the purchasers,

17. July 22, 1878 The Sun New York, NY

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JOTTINGS ABOUT TOWN. James O'Brien, Aged 7. of 535 Greenwich street, was drowned while bathing last eve ning at Spring street The attention of the Board of Health 18 called to the condition of the buildings 111 the rear of the tenements at 287, 289, and 291 Front street. Gilbert Lyon, a lad of 18 Cherry street, saved a boy named Driscoll, of 72 Oliver street, from drow ning as Pier 28, East river, yesterday. Lyon scores four lives saved sinced he learned to swlin Capt. John Otto of 1,031 Second avenue, one of the trus. lees of the suspended Teutonia Savings Bank. who shot himself in the head on the 11th inst. will, it is expected. recover The bull entered just below the right eye. the sight of which is destroyed and took a downward course, lodging, it is supposed. and the cheek bone.

18. August 26, 1878 The Sun New York, NY

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DISCREPANCIES IN ACCOUNTS. An Amount that the Tentonia Bank Officers Could Not Account For. Some of the trustees of the Teutonia Savings Bank who were arrested on Saturday say that the public is laboring under a great misapprehension in reference to their culpability. Many of them. they say, had no hand in the management of the bank. They had their business to attend to, and it was enough for them to know. Trustee Charles Merz of 234 Fourth street. said yesterday that the interest that they were taking in the bank was paying them a handsome return. The money was given them in sealed envelopes, and they say that they were not aware that its neemptance constituted a criminal act. As an instance that the trustees themselves were preyed upon, as well as the depositors. Mr. Merz said that when the bank was closed he called for a statement of his account. In the statement appeared a debt of $2,365. The $365 had been drawn by him, but he bad never drawn $2,000. A close inspection of the bank's ledger showed that the figure 2 affixed to flzures 365 had been written with a different kind of ink than 365, and had evidently been placed there subsequent to the first entry. I demanded to see the check on which the alleged $2.000 had been drawn," Mr. Merz said, or any other evidence in the bank's possession that I had drawn it. It was not fortheoming. The discrepancy was discovered before the HErest of Hahn, and the receiver told me not to mention the fact, because he was collecting evidenee on which he expected to eonviet him. I believe that before the investigation of the bank's accounts is Buished many other evidences of false entries will be found."

19. August 29, 1878 The New York Herald New York, NY

Article from The New York Herald, August 29, 1878

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THE TEUTONIA'S DEPOSITORS. A MEETING AT CONCORDIA ASSEMBLY ROOMSDIVIDENDS TO BE PAID AT AN EARLY DATE. Over four hundred depositors of the defunct Teutonia Savings Bank assembled last night at the Concordia Assembly Rooms, No. 28 avenue n, to consider what their future action should be in regard to the criminal suits against the bank authorities. The depositors bave formed themselves into a society with Mr. August Kleinan as president and Mr. G. Seip as secretary. These gentlemen, together with Messrs. Henry Gottlieb, G. Danscher and GeorgeSteinbrecher, form an executive committee, who are to institute all proceedings in the name of the depositors. Mr. Kleinan took the chair, and in a short speech stated the object ot the meeting. Mr. Danscher related the steps already taken to bring the bank officers to justice. The president, secretary and trustees had already been Indicted crimina yoand were under bail. Mr. Kieinan said that $300 were needed to conduct the prosecution, $175 nad been already collected and $125 more were needed. A free subscription list was started and $45 were collected and about $10 more promised. A committee of twenty was appointed, on motion of Mr. Frederick Bionm, to collect the remainder. A letter was read from Mr. Charles E. Wenat, Receiver Fish's assistant, stating that the payment of dividends will begin on the 9th or 10th of September by checks on the Oriental and Germania Savings Banks. The amount actually due depositors 18 $886,377 94, but only $867,463 30 appeared on the general ledger, a difference of $18,914 64, which the trnatees, it is said, attempted to conceal. It is expected that fifty per cent will be paid at first and that sev nty or seventy-five per cent will be recovered eventually from the bank's securities, exclusive of the trustees' property, which bas been attached and from which the full amount is expected to be recovered. All the c:vil suits are prosecuted by the State in the name of Receiver Fish. The following IS a list of the trustees read at the meeting last night, witha statement of their accounts with the bank at the time of its failure:-

20. October 1, 1878 The Sun New York, NY

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HELD FOR EMBEZZLEMENT. The Tentonia Bank Trustees Obliged to Give Ball to Appear on Trial. In the examination of the trustees of the Teutonia Savings Bank for embezzlement of the bank's money. Charles Wendt. the receiver's clerk. testifled yesterday that he discovered discrepancies in the accounts of the bank which he mentioned to the trustees. They admitted having received money from Hahn, and having had various transactions with Hahn. Mr. Wendt found that the checks did not agree with the amounts paid to various persons for bonds. This led to the discovery that in every case the price of the bonds was raised on the cash book. Money was taken from the bank after April. 1874. The trustees did not speak of taking money in 1874, and no one of them made any explanation with regard to the money they had received. Justice Otterbourg-D you mean to say that when you charged these men with taking the money of the bank. and charged them with fraud. they gave no explanation of their conduet? "They gave no explanation on the subject," responded Mr. Wendt. The ease for the people being closed. Mr. Fellows moved for the discharge of the accused persons, saying it had not been shown that the money embezzled belonged to any one. and that reasonable proof of guilt was also wanting. owing to the untrustworthy testimony of Hahn, the chief witness for the prosecution. and who was himself a confessed a complice in the crimes charged. Justice Otterbourg refused to dismiss the complaint. The defence said that they would call no witness. but morely set up a general denial. Justice Otterbourg announced that, owing to the uncontradicted testimony of the proseention. there was cause for suspecting the guilt of the trustees, and he would be obliged to hold them for trial. He required bail in $1,000.

21. October 1, 1878 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, October 1, 1878

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NEW YORK. Mr. Tilden's Missing Books. NEW YORK, Sept. 30.-Mr. Hartland, the lawyer for Samuel J. Tildeo, has returned and states that the books at Marquette were taken in a legal manter, and tbat the United States authorities are aware that the regular books of the mine are in New York, those at Marquette being copies of them. The Gold Gamblers' Occupation Going. The gold and stock telegraph company re moved their instruments this morning from, the "bucket shop" of A. H. Curtis & Co., J. W. Koapp & Co., Allison & Co., and Friedman & Co, compelling them to suspend business. There are several others of these bankers who have an injanceion against the removal, and these cases will be settled by the courts. A Murdered Woman Identified. It is now suspected that the body of the unknown woman found in a barrel in Staten Island, was that of Mrs. Alice Draper of this city, and that sh+ was murdered about the same time that George Howard alias Lester, the thief and burglar belonging in Toledo was killed in Westchester county, in May last, by his professional brethren. The Teutonia Savings Bank The examination in the case of the trustees of the defunct Tentonia Savings Bank, who were arrested a fortnight ago, charged with embezz ing the funds of the bank, was conclud. ed today aud the police justice held them for action of the grand jury in $1000 bail. Kansas Pacific R alroad. At a meeting of the boudholders of the Kansas Pacific Railroad today, Horace White, chairman, L H. Meyer, August Rutter and Frank Morrison were appointed a committee on re-organization to make a report at & sub-equent meeting October 18th. Resolutions were adopted endorsing Villard's admisistration as receiver. The gloss earnings of the road including the term of receivership from November 21. 1876, to September 15th, 1878, were $5,806,007; operating expenses. $3,826,854; approximate net earnings, $2,069,153: less goveroment and company transportion not paid, $455,000; available earnings, $4,614,152, being at the rate of about $895,000 per annum applicable to interest on first mortgage bonds.

22. October 10, 1878 The New York Herald New York, NY

Article from The New York Herald, October 10, 1878

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CITY NEWS ITEMS. Duties amounting to $4,000 were collected from passengers' baggage on the steamship Russia. Michael Ernst, a barber, residing at No. 325 Hudson street, com milled suicide yesterday morning by cut ung his taroal Heidrich Nagle, who is accused of having murdered his wile, was yesterday committed to the Tombs by Coroner Eilinger. His son Louis was sent to the House of Detention. During the month of September there has been a gain to the government on actual over schedule tare of 508,572 pounds, or 8 % per cent greater gain than during the month of August. "At noon to-morrow Measrs. John H. Draper & Co. will dispose of the effects of the late Harry Montague, the actur. They CODRISE of a T cari, harness, stage and personal wardrobe. The auction sale will take place at No. 110 Pearl street. Five hundred and sixty-eight emigrants arrived yesterday at Castle Garden. The State of Indiana, from Glasgow, brought 55; the Frisis, from Bam. burg, 199; the W. A. Scholten, from Rotterdam, 66, and the Labrador, Irons Havre, 248. About $50,000 was paid to depositors in the Teutonia Savings BADK yesterday by Receiver Fish. Payment will be continued till the filly per cent dividend is exhausted. It is believed by the receiver that there will not be another dividend for several months. All goods remaining in the public store for a year without being claimed were sold yesterday by Burdell & Dennis. the new Custom House auctioneers, at the salesroom No. 29 Burling slip. The goods were divided into 194 lots and the sale realized about $5,000. William B. Fraczelle, twenty-two years of age, of No. 51 Broadw Williamsburg, and employed as a collector by R. C. Browning, of No. 32 Cortlandt street, was yesterday held in $500 bail at the Tombs Court, by Judge Duffy, on each of taree charges of emoezziement.

23. October 26, 1878 New-York Tribune New York, NY

Article from New-York Tribune, October 26, 1878

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Aronson, Harris and wife to Louis Cohen, n 8 16th st, e of 8th-ave, 3 months Baird, Mathew and wife to Lydia A Hartshorne, 8 8 116th-st. W of 2d-ave, 3 years Baldwin, Joseph C to William H Macy and another. trustees, etc. 8 8 23d-st (lot No 204). 5 years Bliss, Evelina M and husband to Edward Winslow, 88 30th-81. e of 4th-ave, 3 years Dippel. William and wife to the Bowery Savings Bank ea Forsyth-st. 8 of Hester-st. 1 year French, Phonix W and wife to Albert L Devonville, 11 e cor Chatham and Frankfort-sts (French's Ho. tel), 2 years Grosz Frederick H and wife to Peter Goelet, No 156 Laurens-st. I year Home for the Aged of the Little Sisters of the Poor to the Emigrant Industrial Savings Bank, 11 8 Totalst, e of 3d-ave. 1 year Kesaler, Marie A to Joseph Beeker. No 12 Albionplace, 1 year Purroy, Henry D to Samnel M Pardy, guardian. etc, Thomas-ave, near Kingsbridge Road, 3 years Ruland. Maniy A and another to Margaret L Pope, S Clinton place. W of Greene-st, 2 years Schmeckenbecker. Martin and wife to Peter Doelger, 8 54th-st, is of 2dave, 5 years Smith Ruth E to Francis O'Hara and another. exec. utors, etc, 8 8 20th-st, e of 9th-ave, 3 years RECORDED ASSIGNMENTS OF MORTGAGES Cleary, William to George C Flint and another Fish, James D. receiver etc, of the Teutonia Savings Bank, to John C Berges Hewlert, Divine, executor, etc, to Divine Hewiett Law, Robert I to John W French

24. December 10, 1878 The Sun New York, NY

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NOT WILLING TO TESTIFY. Two Hitches in the Examination of the Teutonia Savings Bank Case. Superintendent Lamb of the Banking Department not being ready to testify in the Teutonia Savings Bank case, it was delayed until yesterday, when Henry A. Werner, a clerk in the Banking Department, appeared in the Fifty-seventh street Police Court in answer to a subpæna served upon Mr. Lamb. President John Scheuerman and Secretary Michael are accused by the depositors of having sworn to a false report of the bank made on Jan. 1, 1876, to the department. The specific allegation is that the actual cost of certain Oswego city bonds was charged in the report as $49,000, whereas the bonds cost $47,500. The complaint alleges that the checks paid to George Opdyke & Co. show that fact, and that Michael Hahn confessed that the fact is true in the suit instituted in July last by Receiver Fish against the trustees and the officers. Mr. Werner, as the representative of Superintendent Lamb, was asked to produce the bank report on which the complaint was made. He refused to do so. Justice Flammer remarked that he might be arrested for contempt of court, and that an attachment might also issue against Superintendent Lamb for not appearing personally. Neither of those steps were, however, taken. George W. Fowler of Opdyke & Co. testified that the price paid for the Oswego bonds was "ninety-five per cent., flat," or $47,500, and Charles E. Wendt, the receiver's bookkeeper, showed the check stubs and one check for $24.000, and another for $23,500, drawn on the Germania Bank on June 12, 1873, and made payable to Opdyke & Co. Michael Hahn, the accused Secretary, objected to saying anything that might criminate himself. The $24,000 and the $23,500 checks were shown to him and he identified the signatures. Mr. Lawrence of the prosecution created some surprise by serving in court a subpoena on Mr. Werner, commanding him to produce in court the required report. Col. Fellows objected to the service as being irregular, but Justice Flammer overruled him. "Have you, Mr. Werner, in your possession the report of the Teutonia Savings Bank for January, 1876?" was asked. Mr. Werner took a folded paper from his pocket and said: "I have here a paper purporting to be such a report." "I call upon you to produce it." "I refuse to do so unless the papers be allowed to remain in my custody during the adjournment." Mr. Werner was asked if he would produce the paper at the next day of the examination. He said that he did not know, because he acted entirely under the orders of Mr. Lamb. "I am confident," Mr. Lawrence said, "that there must exist within this State some means to compel the production of these papers." "You will have to use them, then." That caused a standstill and an adjournment.