The New York herald., 1875-12-23
THE GERMAN UPTOWN BANK.
LETTER FROM Mr.. cLAUsEN, THE LAST PREsr
DENT, TO THE DEPosIToRs

LETTER FROM Mr.. CLAUsEN, THE LAST PREsI-
DENT TO THE DEPosIToRs.
Mr. Henry Clauscn, Jr late President OF the German
Uptown Savings Bank, addresses long letter to the
depostors Of that institution in regard the suspen.
sion and its He says that after the
failure of the Third Avenue Savings Bank
there was heavy run on the German Uptown
cuson that the run" has resulted chiefly from the
financial embarrassments of the President Mr.. g.
sNn"1- o'asson 'es'S eoeS ~ " - Paau NV
he and other directors began TO realize that
Alabama State bonds, Of the town OF Sprngport,
Cayuga county, and North aud South Carolina bonds,
comparatively worthless He then refers to the
tact that Mr. .Crmmins had acknowledged
that he had collected S267aao belonging to the
bank and appropriated il. to his own use
In conclusion Mr.. Clausen says:-"I in con-
junction with some Of the directors, used my best
efforts 20 secure tho appointment of receiver who
would conscientously administer the affairs Of the
bank for the best interests OF the depostors. Mr. J.
d. Crimmins and l then called upon General
Uhl who, after considerable hestancy, consented to
accept the recevership i appointed by the courts
Mr. Causen advises deposors not TO dispose Of their
bank books, as the receiver will wind up the affairs Of
the bank rapidly possible for the best interests OF
the depositors. In connection with the failure OF
the German Uptown Savings Bank the most surprising
fact is that securities such as North and South Carolina
aud Alabama State bonds which have long been known
TO be absolutely worthless, should have been counted
in the assets of the company at the values assigned 70
them.
A meeting OF the heavy depositors OF the German
Uptown Savings Bank was held last evening al No
1857 Third avenue Mr. Louis hclSS presiding
About 500 900 was represented, the largest singla
deposit being $500 plan was submitted for
consideration recommending the depostors sepuats
TO allow least ty per cent Of the amount to their
credit the bank TO remain untouched for year.
that the institution would go into bankruptcy. Ac-
cordng 10 the inventory Of tho receiver the amount
the deposiiors is $s3s ssS The aggregate OF the
reduction would be $16731 o. The plan further sug
gested the propriey of making an application TO the
next Legislature to change the name Of the nstitu-
ton that board OF trustees be selected
from among the depositors, committee OF which
should take all tho questionable securities
and doubtful claims held by tho
bank, and whom $50 900 should be realized
from the collection OF these claims the disposal OF
any securities that may into their hands declare
a dividend pro rata 10 be added 10 the books those
who had made reduction In their original claima
Mr. Michclbacher, one OF the trustees OF the bank
made statement showing the actual deficiency TO be
$50 000 that the Institution might st 10 with
its business II the depositors would agree 10
lose Eve per cent vote subsequently
taken showed that majority Of those present were In
favor Of continuing the business of the bank and about
thirty-1ve OF them placed their names record as
favoring that proposition but the plan above mentioned
not adopted