German Savings Bank of Morrisania (New York, NY)

Article Text

LOCAL MISCELLANY

ALARMED DEPOSITORS REASSURED. SMALL RUNS ON THE NORTH RIVER SAVINGS BANK AND THE GERMAN OF MORRISANIA ENDED. A number of depositors in the North River Savings Bank, at Eighth-ave. and Thirty-fourth-st., became uneasy on Saturday and drew out about $7,000. The bank was opened yesterday at 9:45 a. 1a., and the trustees decided to keep open all day to accommodate any who might wish their money, instead of closing as usual from 3 to 6 p. m. Several of the trustees were present, explaining the state of affairs to those who desired information, and not more than a quarter of those who called remained to draw out their deposits. About 3:30 p. m. the last of the line was paid, not more than $25,000 or $30,000 having been paid out during the entire run on the bank. George Moore, President of the West Side Bauk, and Robert Schell, President of the Bank of the Republic, offered yesterday to the North River Bank any amount of money necessary, but their offers declined, as the funds of the bank were amply sufficient to pay any demands. Mr. Moore said he was certain that the North River Bank was perfectly safe, and that he had entire confidence in its official statement of July 1, 1876, which gives the assets as $809,617 38, and liabilities as $737,662 11, leaving a surplus of $71,955 27. William B. Stafford, Secretary of the North River Bank, said yesterday: "The bank can pay every cent it owes and have $80,000 left. It has no liabilities except to depositors, and the more they draw out the larger will the surplus be, on account of their forfeiture of interest. The bank has been run on the most economical principle. the total expenses having been only about $4,800 for the six months ending July 1, 1876." Mr. Stafford and some of the trustees opposed to John Hooper, the President, said that the only trouble was with Mr. Hooper. They accused him of inefficiency and want of attention to the business of the bank. They asserted that, although he was required by the by-laws to be at the bank daily, he sometimes did not come for weeks. Mr. Hooper last revening sent the following letter of resignation to the trustees: GENTLEMEN: 1 was invited to the presidency of this bank by the unanimous vote of the trustees upon its orgauization in 1866. Each successive year I have beeareelected, with almost the same unauimity, up to January. 1876, when, greatly to my surprise, without any outspoken objections to my management, or any complaint of the want of attention to the duties of the office, a formidable opposition presented itself, but not sufficient to defeat my election. Since that time this opposition eas become more aggressive, producing a great want of harmony among the trustees, and making especially disagreeable to me. I therefore respectfully resign my posi ion both as president and trustee, with the consciousness that I have, at all times and in every way, done my duty, with considerable sacrifice, and without expecting r receiving any compensation whatsoever. Your obedient servant, JOHN HOOPER. New-York, Oct. 9, 1876. A rumor was current last week that the German Savings Bank of Morrisania was in a very weak condition. On Friday a few of the depositors withdrew their ac counts, and on Saturday, the report having gained greater circulation, the bank was througed. All the demands were promptly met. About $8,000 was paid out, which was $5,000 in excess of the amount ordinarily paid out on Saturdays. The deposits on the same day amounted to $8,000. The trustees issued a circular stating that the withdrawal of deposits to a considerable amount would make n cessary the calling in of a large number of small mortgages on property owned by residents of Morrisania, which would ruin many, and cause a general depreciation of real estate in the vicinity. The circular asserted that the capital was amply sufficient to pay all demands iu full. The trustees agreed. if the depo-its were allowed to remain, to hold themselves responsible, to the extent of their individual property, for the payment in full of each depositor; otherwise they would consider themselves released from responsibility. It was found yesterday that the circuiar produced the desired effect; only $700 was drawn out. The officers declare that the bank is in a good condition, and at the end of the month they will make a tall report. Since the report made on Jan. 1 there have been no unsuccessful transactions, and the surplus now is greater than it was then, when the assets were $523,116 97, and consisted principally of mortgages and stocks and bonds in this State and New-Jersey, and Oswego Midland Railroad bonds. The liabilities were $511,229 35, and the surplus $11,887 62.