The bank experienced a steady run in late 1875 but remained open; it was later closed by the Banking Superintendent in 1878 following the discovery of insolvency and fraud.
Events (3)
1.November 29, 1875Run
Cause
Local Banks
Cause Details
Panic and runs on several other local savings banks in New York City.
Measures
Paid depositors right along and utilized the sixty-day rule if necessary.
Newspaper Excerpt
There was a steady run at the Teutonia Bank yesterday, an amount exceeding the usual payments by about $30,000.
Source
newspapers
+2.4 years
2.April 24, 1878Suspension
Cause
Bank Specific Adverse Info
Cause Details
Deficiency in assets due to unfortunate investments in town bonds and internal fraud/embezzlement by trustees.
Newspaper Excerpt
The Teutonia Savings Bank in this city has been closed at the application of the Banking Superintendent.
Source
newspapers
+80 days
3.July 13, 1878Receivership
Newspaper Excerpt
On complaint of James D. Fish, receiver of the Teutonia Savings Bank, orders of arrest were issued against the trustees
Source
newspapers
Newspaper Articles (22)
1.November 30, 1875The SunNew York, NY
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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.April 25, 1878New-York TribuneNew York, NY
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THE TEUTONIA CLOSED. ANOTHER SAVINGS BANK IN TROUBLE. A DEFICIENCY OF $148,000 IN THE ASSETS-UNFORTUNATE INVESTMENTS IN TOWN BONDS THE CAUSE-EFFORTS OF THE MANAGEMENT TO EXTRICATE THE BANK FROM ITS DIFFICULTIES. The Teutonia Savings Bank in this city has been closed at the application of the Banking Superintendent. A deficiency in assets of $148,000 is reported by the examiners. This is due to unfortunate investments in town bonds. There are 4,800 depositors, with 'claims of $879,000. The examiners say that the present management has sought, by rigid economy and careful business methods, to relieve the bank of its troubles. The court order closing the bank restrains the trustees from doing business, and directs them to show cause, at Hudson, to-morrow, why a receiver should not be appointed.
3.April 26, 1878New-York TribuneNew York, NY
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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.
4.April 26, 1878The SunNew 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.
5.April 26, 1878The New York HeraldNew York, NY
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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, 1878New-York TribuneNew York, NY
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QUIET AT THE TEUTONIA. At the Teutonia Bank affairs were quiet yesterday. Mr. Hahm, the secretary, and Examiner St. John were at the bank, but nothing was done, as they were waiting to receive the news of the appointment of a receiver. Only it few persons gathered around the door. The depositors intend to hold a meeting in a few days. It was reported that at several other banks an unusual 'amount of money was withdrawn by deposito P8 yesterday. The officers of several banks downtown denied the reports so fat as they were concerned. SIXPENNY DEPOSITORS
7.April 30, 1878The New Orleans Daily DemocratNew Orleans, LA
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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.May 8, 1878The SunNew 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.
9.July 10, 1878The New York HeraldNew York, NY
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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.
10.July 15, 1878The Daily DispatchRichmond, VA
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Fraudulent Trustees. NEW YORK, July 13.-On complaint of James D. Fish, receiver of the Teutonia Savings Bank, orders of arrest were issued against the trustees of the bank, in civil proceeding, to recover $29,344, moneys of the bank alleged to have been fraudulently converted to their own use while acting as trustees. The former secretary confessed that he purchased various securities below par, but charged par value on the books. The difference was divided among the trustees with their knowledge and consent. Four of the trustees gave bail in the sum of $10,000.
11.July 15, 1878New-York TribuneNew York, NY
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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°.
12.July 16, 1878New-York TribuneNew York, NY
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TEUTONIA SAVINGS BANK FUNDS. FOUR MORE TRUSTEES SURRENDER THEMSELVES. The trustees of the Teutonia Savings Banks are surrendering themselves, one by one, to the sheriff under the order of arrest in the suit of the receiver, charging them with misappropriating the money of the bank. Yesterday four of them-Michael Reinhart, Nicholas Seagrist, Jacob Berman and Joseph Wiggerappeared before Deputy-Sheriff McGonigle, and each gave bail for $10,000 that they would appear at the sheriff's office when a second demand was made for them. Several of the trustees are yet to appear before the sheriff. Receiver Fish announces that on July 24 he intends to sell the following securities of the broken bank:
13.July 18, 1878The New Orleans Daily DemocratNew Orleans, LA
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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.
14.July 21, 1878The SunNew York, NY
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The poor people of the east side who trusted their earnings to the Teutonia Savings Bank will be glad to learn that Receiver FISH hopes to be able to pay them a fifty per cent. dividend in September, and ultimately to save for them three-quarters of their deposits. But. badly as they need the money. a good many of them will not view with approval any compromise with the dereliet trustees, who are now reported anxious to buy themselves out of their scrape by returning to Receiver FISH the bank's funds traced to their pockets.
15.July 22, 1878The SunNew 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.
16.August 26, 1878The SunNew 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."
17.August 26, 1878The Daily DispatchRichmond, VA
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Bank Officers Arrested. NEW YORK, August 25.-The trustees of the Teutonic Savings Bank, which suspended a short time ago, were arrested yesterday and held to bail in $1,000. Each is charged with embezzling the funds of the bank.
18.August 29, 1878The New York HeraldNew York, NY
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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:-
19.October 1, 1878The SunNew 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.
20.October 1, 1878The Portland Daily PressPortland, ME
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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.
21.October 26, 1878New-York TribuneNew York, NY
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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
22.December 10, 1878The SunNew 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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
