The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-11
VOL. KILL 1873.
A WEST-SIDE BANK CLOSED
TEE END OFTHE ABINGDON sothhh
TSsTITUTION FOR SAYINGS


,.,.,. rnxc.,mept. in Real Estate. for
~h,oh vuder Forced raics, there were NO
Bidders-Abortive Efforts TO e"vo '"o
Concern-w what 10 Said by the trustees
ALBANY, Aug. 10.-The Abingdon Square
s.sinss Bank. 20 Abingdon square, New York
-. closed to. day by an order Of Justice Ian.
don Of schenectady, given on application OF
nsnuty Attorney q enersl Paige on the 9th inst,
on ,,ousition Of Deputy Superintendent Henry
I. Lamb, Mr.. Ellis being absent at the seaside.
The bank, in Its July report, made statement
.bovins its liabilities to be t1ls,565.2o, and Its
.ufplus 81, ,iQl 81. In the January statement II
rave the liabilities or amount due depositors
At tll3703,et, and surplus at t7,20.5S An ex-
animation by Mr.. Reid, the Bank Examiner
however, made since the lst OF July, showed
that this statement was In great part forced
and that the true condition Of the bank was one
OF absolute insolvency, the deficiency amount
ing to tT,i25 II even appeared thar, Tor 'he
purpose OF making show OF assets ana sur
plus the clerk OF the bank bad deposited MS IN
diyiduai check for $3.50 with tne bank before
the date Of the statement, had It entered upon
the books as an asset, and had Withdrawn 1t i'm
nediately after the statement was completed.
This mode OF increasing the Item OF " cash on
hand" had been resorted to on several occa-
sions before. The Secretary, In 1874, had been
detected by tho Bank Ex miner using bis cheek
for $4,000 for similar purpose, and upon being
demonstrated with had promised not to do so
again but at different times since, Mr.. Brown,
the attorney Of the bank, and his brother, and
the clerk Of the bank had each deposited their
checks for the same purpose.
Mr.. Reid's examination showed that the bank
had inves cd greatly in real estate some Of 1t so
injudiciously that they were compelled to bid
nd ain haV
had gotten rid OF all their United States bonds
amounting to $4,000, by investing them in
equally injudicious purchases. Am ong their
assets the item Of furniture and fixtures 10
quoted at $4,000. 1t would at q forced sale hard
Iy bring 5000.
Upon the receipt Of this record OF examina-
ton Mr Lamb put the case at once in the hands
OF the Acknowledgement. Pending the service
Of the Injunction. however, Dir. Horato L. Aver
Ill., a lawyer OF New York, appeared at the de-
pattment and atteu pied to secure compro-
mise by which the bank might be enabled to
continue on the deposit of cash fund by the
directors, merely as u loan. Mr.. L. imb would
consent only To Delay ON condition that the Vh-
GERS OF trustees made clear pift to tho bank of
the total amount of the deficiency, ti,E,o To be
as iuyiOlai lie as the Orcinsry assets. r. Averill
thought he could persuade the bank men To do
this, and action was tnereupon postponed until
Mondav last, the certificate OF the bank exam
liner being further required as 10 the actual au-
dillon OF TINS sum 10 tue assets. On MONDAY
the President Of the bink asked another day, ON
some pie q. and II was granted, but nothing being
heard from them on tuesday tue process was
put IN motion and the bank was closed TO- day.
WHAT THE OFFICERS OF TuK BANK SAY.
The Abingdon Square Savings Bank was es-
tablished In lc5s. tie President Is MI I. A. Schu-
macber. Inc trustees are Waiter W. Price, B.
= Burnham. G. II. Scnbner. Edgar y. Brown,
II. Bacharacn. n. lngersoh, &. kleioschmidt.
siIer J. Price, E. G. W. woerz, George W.
Brown, Z. A. Schumacher, John Briant. Adam
hOOblOCk, i. L.. GOOuriCn, GeDrge " llrOn, II. u.
Mohlman. Claus Haaren, John j. sproul, aud
George NJ. Pyatt. They held meeting last
night. aud said that for fortnight past they
bad been talking OF going into liquidation,
sOd coPGG!.Syasda coPGG!.Sya dalso Sc''I said that they had
ssc,ded to sec I'll the depositors paid be-
lore in anv degree rriubursing tnemseNes'
lhey claimed to nave nearly seo'Vp iun ,i .ou a.
,in.ively in nrst MORTGAGES uppn rual estate w
ibis oity and brooklyn, aud <Iuo surplus ~ vas W.
There h adj been run upon tue lnsutu.loIi
Tue reason given for Wishing 10 go in.o INV nar,
r,rc-ls OF real estate Tor year past, auu az Wv
fherin's sales were compelled TO D,u tuen A. a., ~ a.
nnt "A soiitaty DuNe appeJred. Where Duhulne
sr',s ~, the properties, the bank was general
rcnuired 10 rent them tor sale, ana having htt
IL dy cssb. the trustees were eohs'Sn'n La ss, n
on tn furnish the necessary money No saies W oe
ing practicable at cost any utAts oS uepaslttE sst
hId also to Oe met oy tue tIustees' anu nheln u
tne institution without pront anu Sohstau
A. in a windiag up WAS resolved on. lhs trus
tee, represent the amount Que uepusltors " ~, ~
about tBJ0JO, and 10 themselves Aouu. t-,'vy ~
MIR HurpnAm. tue acting secretary says tuat ~
ssset, Of the bAuk are ample TO cover all llapii
H.. md the action Of the Bank Dephtment
A,nnuy must nave been owing to misappfehe
s''m ,r Keil, the Bank Examiner, ne sal
visited tie institution about the lst OF ) NY an M
looking at the report ne haa orawn ~, 20 q
tn.I tnere Was an error 10 II, as one SCI Oh ny
I,1 hsen added up twice. lie at once corlec''
tne mistake, and sent copy, newly oIswn
Alb ny, vi len ne ssSs, wa, an,v,tnstandin9. Sc
avn a week ago for reinspecton, ana no VI
bounced both books and report saI'si-e'of''