The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-12-29
SAYINGS B1NKs, ACCOUNTS.
Swelling OF Assets in the Statements ENhibit-
ed TO the Bank Superintendent.

ed TO the Hank SUPERINTENDENT
An accountants researches in the Peo-
ple's Savings Rank have resulted in interesting
disclosures. The bank wos never solvent dur
ing the eight wears Of rs existence. Among its
incorporators weto Daniel Drew, William c.
Conner, and william sellgman. and Daniel Drew
was for long time Vice-Prcsident Although
the charter expressly provides that mo presi-
dent, vice president, trustee, officer, or servant
OF said corporation shall borrow directly or In
directly the funds Of said corporation or its de-
posits." nevertheless Cyrus II. Loutrel. Vice
President when the bank suspended, seems to
have been repeatedly accomm odated with call
loans. When tho bank examined IN De-
ceniber ISL 1t showed a deficiency OF f5i,769 g.,
although fixtures and postage stamps were
counted In the assets. Mr.. Howell, the bank
Superintendent. allowed the trustees to deposit
their personal bond for $4,000, as security for
the deficiency. This bond. which did not bear
Inter 81. was thereafter included among the re-
scources. In 1873 the bank statement. In which
the trustees BOND figured, lkewisc an imaginir
$4,000 a. the value OF the lease ot the bank
Office. showed n nominal surplus OF SO H.
Supedntcndcnt Ellis aiterwurd required that
interest he paid ON the bond ufsthc trus.
tees. II appears thu the SaO0O MORTGAGE by
make IN Tor the increasing deficiency. and I'm
order thut there might be % bettcr show of re-
sources In tho next January statement. The
1870. aud there ia question "a 60 whether tho
courts will sustain its furcci l-ure II can hardly
be counted 's an available a--ct mere is an
entry ~ $1,000 paid out, for which no consider
alton L. found to have been received by the
bank. The lease also. whicn In the rec, iyer's
statement Of assetF blurred at $1,000. ia de
cl red by competent Judges t. be not only
worth nothing. but ~ turUmhrancc which u
would Doe worth sumoti. Ing TO get rid ~.
II nuW seems likely that the depo~itor8 Will
hardly rcsliKc twenty-five cents ON tho don ~.
unless ttc trustees stcp forward and pay their
bou1. to far none Of them have paid, though
all have been warmed.
Mr. I'M the receiver Of tho German Uptown.
IA ready 10 nay first Dividend Of twenty-five
cents ON the doll r.
Several depo.itors u tho Mutual Bcncnt Saw.
ines IS uk are taking etCis to sue ex-trustees Of
the hank.
Since tho failure Of the Third Avenue Savings
liauk, the deposits In the NorSviie Bank have
been rHduced by Withdrawal from about S5ON1
t. Sl5fW. The trustees are preparing to secure
the dep s'tors from loss.
sever cx stockholders Of tho Marufacturcrs'
anu Iiuldtr- Bank are moving to revive the in
sttution. but they DO not receive encourage
nicut from the depo-itors
SIR. AsnuCl T. Fitch. who rci r,sents tho Dis
trict Attorney In the prosecution Of eX-oiici il-
! u the htd Avenue savings Bank, eaid yestor-
! day: " have no intention of retiring from this
Prosecution unless so instructed by the Distfirt
| Attorney. whatever may tie the ,oci-ion OF
| Justice DuNy ON the point rai.ed by Mr. elm
tom. The fidaVts on which the warrants We're
asked for werc prepared bs the hon. Samuel e..
Couitney ami after The District Attorney mad
! been cO Iltyd ts T. tie validity Of criminal
! IrDCtc4iuE4.'