Teutonia Savings Bank (New York, NY)

Episode Information

Episode UID
3523678190940
Episode Type
Suspension β†’ Closure
Bank Type
savings
Bank ID
352367819 hash
Start Date
April 25, 1878
Location
New York, New York (40.714, -74.006)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7510ead2b9664223

Response Measures

None

Description

Closed by the State Banking Superintendent for insolvency tied to town-bond losses; receiver later appointed and trustees prosecuted.

Events (3)
1. April 25, 1878 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large losses and deficiency (~$148,000) from investments in repudiated/ worthless town bonds and shrinkage in real estate values; examiners reported insolvency.
Newspaper Excerpt
The Teutonia Savings Bank in this city has been closed at the application of the Banking Superintendent.
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. A crowd of sad-faced men, women and children ... gazed anxiously at the curtained windows of the bank.
Source
newspapers
3. April 30, 1878 Receivership
Newspaper Excerpt
Judge Westbrook has appointed James D. Fish, of the Marine Bank, receiver ... for the Teutonia Savings Bank.
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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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.

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
Article from The Sun, April 26, 1878

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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 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 сСдь 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.

5. 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

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

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RUNS OM THE GERMAN AND DRY DOCK Depositors of the Sixpenny Who Favor Postal Savings. THE RAHWAY SAVINGS BANK Condition of the Mechanics' Bank, of Providence, R. 1. The excitement concerning the Teutonia Savings Bank bas almost died out, but its closing was the signal for a heavy run on the Dry Dock Savings Bank, which commenced Thursday morning. The German inhabitants of the east side who have deposited most of their hard earned savings in these institutions became alarmed, and the consequence was that a heavy swarm of excited depositors attempted to draw out their money from the Dry Dock Bank, and a more than usual number gathered at the German Savings Bank. The former institution paid out $160,000 on Thursday and over $60,000 yesterday. AT THE DRY DOCK BANK. The president of this institution, Mr. Andrew Mills, had been informed that a run on his bank was in contemplation, but not anticipating such a great rush, took no measures to prevent it, and gave orders that all ho came for their money should be promptly paid. At the opening hour three tellers began paying out to all who demanded their deposits. There were in all about five hundred accounts closed out, the great majority of the depositors drawing all they had, and the heaviest depositors seeming Lo be the most alarmed. The president, fearing that a general panic would ensue, then gave orders that the rule requiring sixty days' notice for withdrawal of deposits should be enforced on all who called for sums larger than $100. This was about two o'clock in the afternoon, and payments were considerably decreased by this order. To obtain greenbacks to meet the payments au order was procured from another bank. which was indebted to them, on the Sub-Treasury, and $100,000 in small bills were louged in the bank vaults Monday evening. The cash on hand at present amounts to over $250,000. There were some few persons who had confidence enough to come to the bank and deposit money in the face of the exciting rumors. Policemen were stationed in the building to keep order and to force each depositor to retain his place in the long lines which were slowly Gling past the teller's desk. One hundred persons who had deposits of over $100 gave the required sixty days' notice. Some, who found that the bank was paying freely, and who reflected that the run was due to momentary excitement, and that they would lose their interest if they withdrew their money, came and looked at the crowd a few moments and went away without drawing anything out. One woman, who needed a little money, finding there was such a rush at the bank concluded to leave her savings there and draw what she needed from another bank in which she also and an account. WHAT THE OFFICERS SAY. The officials of the institution laughed at the idea of the bank bring in serious trouble from the run. It bad 8100d Luree runs before, one of which, ou Black Friday, was very heavy. On none of the former occasions had they enforced the sixty day rule, but it was deemed advisable to enforce 16 at present ID order to protect the depositors from injuring themselves. Mr. Andrew Mills said to HERALD reporter that in case all the depositors should withdraw tueir accounts there would be a surplus of $300,000 over and above the bank building and all their real estate. Tue total surplus is about $900,000 of which $686,571 IS the value of the bank building. the bank has in its possession $6,000,000 worth of government and New York State and eny bonds, all of them worth par, many of them above 11. which could DO made available at a day's notice. The president wished, however, to enforce the sixty day rule, 10 order to negotiate their bonds and mortgages, valued at $2,000,000, tirst. All WHO drew out their money would lose the interest on it, and all who gave the sixty days' notice would also lose the interest, provided they drew the money at the end of that time. They Were not, however, obliged to draw 11 unless tuey chose. It the run should continue so as to render 14 necessary to dispose of the bank's securities the bonds and mortgages would be nrst made available. Many 01 these morigages are on property in the immediate vicinity, tenanted by many of the depositors. It these should be for eclosed and the Indiords not have ready cash 10 take up the mortgages the property would have 10 be sold and the tenants dispossessed, and thas their OWD foolish haste would be the cause of much trouble 10 them. Mr. Mills, however, and not think that 16 would be necessary to proceed to collect the bonds and mortgages, as ne believed the run would die out in a lew days, as several other runs bird done before. The following table snows the available funds of the bank to be about $6,000,000, which would stand a run of forty uays at tue rate of $150,000 a day ASSETS.

7. April 29, 1878 The New York Herald New York, NY
Article from The New York Herald, April 29, 1878

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TEUTONIA SAVINGS BANK. REPORT OF ACTING SUPERINTENDENT LAMB TO THE ATTORNEY GENERAL-THE CLOSING UP OF THE AFFAIRS OF THE INSTITUTION RECOMMENDED. ALBANY, April 28, 1878. In relation to the closing of the Toutonia Savings Bank, Attorney General Schoonmaker says that there is not the slightest evidence of negligence or corrupt management on the part of the officers of the institution, and that the case is one of financial misfortune, not of official delinquency. He says no fact has come to his knowledge to lead to the belief that there was anything unwarrantable in the action of the trustees in buying the town bonds, which have been the principal occasion of the deficit, although there is ground for suspicion that the Staten Island bonds were improperly issued and put upon the market. The great declino in the. amount of deposits shows the extent of the decrease of public confidence. The officers of the bank seem to have endeavored to economize funds by reducing expenses, a circumstance largely in their favor. Judge Westbrook, the Attorney General says, has not yet, to his knowledge, given any indication as to his choice of receiver. THE SUBJECT OF RECEIVERS. On the general subject of the winding up of banks and insurance companies, the Attorney General says there is need of-immediate legislation of a nature to limit the duration of receiverships and the extent of outlays for receivers' fees and counsel lees. Receivers, he says, like executors, should be compelled to wind up the affairs of their trusts within a reasonable and stated time, and in some way the amount of funds in their hands at any one time should be limited so as to dispense with the necessity of large bonds and the excuse for large compensation. Nor should large and expensive premises be kept open for years for the purpose of winding up companies for which use sinali and inexpensive offices would be sufficient. Following is the letter addressed to the Attorney General by Superintendent Lamb:Hon. AUGUSTUS SCHOONMAKER. Jr., Attorney General:Sin-From the report of an examination of the Teutonis Savings Bank of the city of New York " appears that n noficit in its assets to the amount of $148,404 63 exists This deficiency arises from the investment of funds in the bonds of certain towns in this State. The institution owns $50,000 of the bunds of the town of springport, Cayuga county, upon which interest is in delault since September, 1872 Tuere is a prospect that the bonds may be judicially declared valid. and the payment of them be enforced. But the institution also owns $109,900 of the bonds of the towns of Southfield and Middletown, Staten Island. upon which no interest has been paid for several years. 1 have taken some pains to ascertain, by inquiry in well-informed quarters, the present and prospective value of these bonus. I am forced to accept the conclusion that they are worthless as AR asset. The apparent deficit is at least $98,000, if the Springport bonds are ultimately held to be good. The trustees have been struggling with the burden which this default of interest in a large sum of the stock investments has imposed. The decline In deposits has been rapid. The decrease since January 1, 1878, has been $300,000, and the total decline in two years is nearly one half of the then sum of deposits. The trustees have reduced the expenses and have paid the interest upon the Springport bonds. At present there is an excess of income. But the close prospect is that there must be eventual 1088 DV depositors. I do not find that it is expedient or safe. as respects new depositors, to permit this savings bank to transact business as a solvent Institution and as a people's depository of trust funus. Therefore 1 present the facts to you, 11a compliance with section 44, chapter 371, Laws of 1875. for such measures as the case may require. Respectfully yours. HKNRY L. LAMB. Acting Superistendent.

8. 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.

9. 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.

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

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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 Daily Globe Saint Paul, MN
Article from Daily Globe, July 15, 1878

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FRAUDULENT CONVERSION OF FUNDS. NEW YORK, July 13.-On complaint of the receiver of Teutonia Savings bank orders of arrest have been issued against the trustees in civil proceedings to recover $29,300, money of the bank fraudulently converted by them to their use. The names of the trustees mentioned in the order of arrest are Louis George, Nicholas Seagrist, Fred K. Seagrist, Henry Winkel, John Theissis, John Otto, Jacob Birmon, Chas. Meerse, John Hainburg, Joseph Wigger, John N. Schnugg, Nicholas Reinhart, John Schweman and Michael Hohn. Late this afternoon Louis George, John Theissis, Charles Mertz and John Schnugg, four of the trustees, gave bail in $100,000 each. It is understood the others will appear Monday and give bail. Michael Hohn, secretary of the bank from 1871 to the time of the appointment of a receiver, has made confession in which he says: "When I first assumed the office as secretary, the trustees urged me to take and distribute among them such money as I should be able to make either by commissions or otherwise, by investment of the funds of the bank. All the trustees were aware the securities had been bought by me and charged on the books of the bank at a higher rate than the actual purchase price. After I had in this way accumulated several thousand dollars in differences between the purchase price and price charged on the books, I divided the amount equally among the trustees. The salaries of the president, treasurer and myself, were divided into two parts, one part was retained by those officers and myself and the other was divided among the trustees.

14. 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, 1011β‚‚, 1011β‚‚. 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, 71Β°, 87Β°, 76Β°.

15. July 16, 1878 The New York Herald New York, NY
Article from The New York Herald, July 16, 1878

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TEUTONIA SAVINGS BANK. Four more trustees of the Tentonia Savings Bank appeared at the Sherid's office yesterday and gave bail for their appearance in the sum of $10,000 eacu. The names are Frederick Siegrist, Nicholas Siegrist, Michael Rheinhart and Joseph Weigham. It is understood that the receiver, Mr. Fish, will sell the securities threugh Bernard Smyth, auctioneer, at No. 111 Broadway, on July 24. Under the terms of sale ten per cent of the purchase money must be paid at the time of sale; the balance is to be handed over on or before two o'clock the succeeding day, at the office of the Central Trust Company. Receiver Fish stated yesterday that the depositors would receive about any per cent on the 1st of September. He could not 1011 when his report would be ready.

16. 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.

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

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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
Article from The Sun, August 26, 1878

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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
Article from The Sun, October 1, 1878

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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 1, 1878 New-York Tribune New York, NY
Article from New-York Tribune, October 1, 1878

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BANK TRUSTEES HELD FOR TRIAL. THE TEUTONIA TRUSTEES IN THE JKFFERSON MARKET POLICE COURT-JUDGE OTTERBOURG'S DE CISION. The examination of the trustees of the broken Teutonia Savings Bank, on a charge of embezzlement, was resumed yesterday before Justice Otter" bourg. at the Jefferson Market Police Court. Charles E. Weadt, clerk to the receiver, testified that he found that the cash entries did not correspond with the amounts for certain checks given to George Opdyke & Co. and other houses in payment of bonds purchased. "Nicholas Seagrist came on a certain day," continued. the witness, "with Mr. Merz and Mr. Reinhart, and gave me a check for $571 50, for certain money due the bank. That check was to replace his share of a check for $8,000 missing from the Germania Bank account. About one-half of the trustees have made good their shares of this amount I gave him the coupons in return for the check. I submitted to the directors the statement showing that certam funds had been abstracted, and they admitted the irregularities. Mr. Hahn said that he had divided the amounts. and these gentlement acknowledged receiving the money." Colouel Fellows made a motion that the complaint be dismissed and the defendants discharged, on the ground that the money claimed to have been embezzled was not shown to be Line property of any one but the trustees themselves. Mr. Lawrence, in opposing the motion, said that of one thing there was no doubt, the depositors nad been robbed. 1 he question was whether the defendants were guilty of complicity. Justice Otterbourg regretted that the counsel for the defence had concluded to waive a further examination, and thereby compel a decision on the uncontradicted evidence of the prosecution. He found that an offence had becu committed, and that there was probable cause that the persons accused were guilty. The defendants were each held in $2,000 bail to answer.

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
Article from The Sun, December 10, 1878

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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.