The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-12
THE SAVINGS OF THE POOR.
ACTION or THE ABTNG DOW SQUARE
BANK DEPOSfTORS
MIR. Inase Organizing the independent A.
ISOLATION Of Deeositors The Claim Of the
Hanover Ilnuk- Uurdshin.


MIR. Hnase OrQanizina the independent A.
ISOLATION of Desositors The Claim Of the
Hanover Bnnk-Individunl Hardshipp.
Mr.. A. C.. Haase of IL Eighth avenue, one
OF the depositors in the suspended Abingdon
Square Savings Bank, and temporary chairman
OF the recent meeting OF sufferers by that insti.
tuition, In conversation with Sun reporter yes
terday, made some serious charges against the
trustees OF the bank. He said i" The FIRST meet
Ing OF indignant depositors was all right. 1t
was managed by the depositors themselves; but
the adjourned meeting was controlled by the
trustees of the bankrupt concern. A perma-
nent chairman, who, mistrust, has not dollar
In tho bank. was elected In my place, and he
and three or four other men, sent to the meet
ing by tho trustees, completely whitewashed
the management Of the bank The permanent
chairman appointed committee in accord with
his way Of thinking. and don't believe the
committee will take any measures whatever to
redress the wrongs Of the depositors. The sec
ond meeting was a packed affair. There were
not more than two hundred OF the nearly
ono thousand depositors present and those
who were present overawed by the
learned talk OF two or three lawyers
who represented themselves as depositors.
Well. sir, ] have more than six hundred Of the
depositOrs with me. aud don't like the way they
have been treated. We are going to hold a
meeting and organize an independent de-
positors' association, and We don't intend to be
humougged any more n we can help It, have
Invited all who actually have any monev In the
bank To call at my place Of business, bring their
pass-books with them, and have their names
registered. Many have have already reported.
Hundreds OF the depositors. are minors-boys
aud girls who have saved few dollars. Many
OF them are GRAND boys, ap frentices, and clerks.
Others are poor working men aud womcn, who
cannot Afford to lose their money. Tney want
tile cash In these hard times to buy bread and
pay rent with. don't care much for myself.
am business man. and have money enough;
but. sir, am German. and feel sorry for the
poor German people who have lost their all, all
out Of employment. and don't know what way
TO turn. | am going to have fair play in TINS
matter, The Independent depositors' assncia-
ton VIII probably he organized next week"
Poodle who called at the Abingdon SQUARE
II NIX yesterday Tor Information found the heavy
iron door closed. Receiver Thompson vacat-
ed the bank building. aud removed to his down
town office. Some indignant deposition has been
foolish enough to throw a stone at the large
glass aud running the window. Otherh have
thrown tobacco guilds against the clos iron
door.
Receiver Thompson hopes soon to pny twenty
I'VE per cent. from the available assets Of tho
suit agai1ct him, which he fears will he brought
by the Han yer Bank TO recover $1,000 winch
was loaned by the Hanover Bank to the savings
bank 10 help the Latter out OF its difficulties
some time ago. IL the suit Il brought, Receiver
Thompson VIII contest 1t on the ground that the
Hanover Bank should come In with the de-
pOsitors for a free percentage instead Of being
PAD before adividcnd Is declared. IL Is claimed.
on behalf of the hanover Bank, that II was not
depusltor, but regular creditor by virtue Of
loaned money, aud that the deposi:Ors In -
savings bank are really the same as stock
holders. The Hanover Bank holds mortease
as security for the loan. The re i estate owned
by the savings bank IA located III the back
part OF Br~oslyn. and the rent received for
some OF II does not much more than pay the
taxes. The depositors CLAIM that the real estate
Investments. to say the least, were very njli-
dtctOus; that much larger sums were paid Tor
the houses and lots than the properly was
actually worth. and that money was lent ON IN
sunicient security. Mr. Haase thinks some one
Ia tho MANAGEMENT OF the savings bank ought
to be punished for permitting loans to be ms de
on second mortgage, a proceeding expressly
lroidden In the state laws. The independent
depositors' association, L. Is thought by Mr.
Haase, Will employ counsel and have their case
stated to the Grand Jury with the intention Of
uxing Whatever blame there NAV be where IL
belongs, and II any trustee or other officer IL
guilty. have him punished. In the last meeting
Of depositOrs one gentleman said Somebod
ought to 60 to Sing Sing" One poor woman
who was present. and who had lost her all. as
turbcd those around her by sobbing and crying.
She said to the reporter: IL am poor, and have
no work, and lost NV money In the bank"