New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-11
A SAVINGS BANK SUSPENDED

THE ABINGDON SQUARE BANK CLOSED
ACTION OF THE BANK NEUTRALITY-SUSPICIOUS. UT
EFFORTS TO KEEP THE BANK OPEN.
lFROM A REGULAR CORRESPONDENT or lhh ih'D'
Albany. Aug. 1O.-The Abingdon Square
Savings Bank was closed to-day on an oiuer oi 'uus
Iandon obtained in Chambers at schenectady vi VI" '
nv the Attorney General upon representations aue ps
,Io pon Denartmeut The Ju ly report OF this pahf'
,hicb yyos bnt recently published in THE TRIBUNE
obova5 a surrlus OF S7.49i 81. The Bank EA'Ihnc''
Mr. Reid however, has since made an eNiihihaio"' ~"
finds that the bank is really deficient III l's 'ceo"'
much az 1875 The bank has been III SERIOUS st'"' "
some time and the officers been addicted to des-
pcrate efforts TO conceal its real CONDITION. NJ it 1
AZ January 1874, il discovered, according 10 ''
rt ot thc Examiner th the Secretary had deposcu"
bogus check for $4,000 in the bank III ofoe' '" s"
the assets for a coming report, wl'huId"A"b 'Iio
Immediately after il had served that purpose wv"
inc demonstrated WITH he had promised no' 10 10 so III!
more ,-,.,,, o
clcr Of the bank have since then done the same 'nE q"
,br times and in order to surplus for tue recent
Iuly rcuort the clerk had deposited ms lh"'"il oi'A
for Sg.SOO-which figures were among 'hc "'N''''
although il is worth nothing NJ all, ana was "tH"""
as soon as the July report was rendered Inc eAa"'"
zion also showed that portions OF their real estate III"
been hid in" at $685. 900, showing that their invest
ncnts In bond and mortgage hadbcen injudclons ana oil
Investments in real estate. Since 1874 they have go
rid 81 all their United states bonds amounngt to over
sol coo aud invested the proceeds altogether III real
estate mortgages .
Since the examination by Mr.. Reid lIoratio T. ANerlll
a lawyer 81 New-York, appeared at the Bank Depart
mcut and urged upon Air Lamb the Deputy superh-
tepd. nj the policy of allowing the trustees TO 20 INTO
voluntary hGuidalion hut the Bank Department
,uud nIcr no prevent the trustees gong
iuo Huudatiun Il hardly necessary tat Htci an az
Ira ,u slInuld bc made Mr. Aycrl also stated tiit
Inc trustees had resolved at meeting h'd ON n"l"'N
night Est 10 pay into thc bank a. n loan Tue hun VI
- 900 i!uu hcir private purses, To he uNcd ~ C"sh
friud Ia draw upon in OF need, hui h" 10 '' &c
ryourSt,u "A sIrucusiUn ~ proceedings 10 lIl' III
Iaun ouG not consent unless iIc directors 'oha''u
10 max. 10, deficiency good IN iui!, hot pS means 81 I"
loan hut lbs actual transfer nI money. -......
,I!i urgent suggestions lOoslug 10 r"iprJ
ANrIIii CuucGt'd ai-cI WIN thlH N''I" 80
an ullluatum the officers al tnr udhh 10 HlNt ul'l'
Monday make the deficit good ana iu' '' W
Mr.. Rod, examiner, to tie suihcirh'A "I l' h,"
ass,,- brlu. also r,uurrd Upon Monday, WoiI came
from the bank that they lad lost DAY III hulil- VI
Nj Reid. and the Preside u ,Jut Nofu thdi nc ""ul" y
sgua!iy wait upon MI. L'Wo on TUESDAY l"'', y, A.,
ryu no tNuarajl0u from any OF TN" officials anu vi
Lamb requested the Acknowledgement 10 Pfo'''u WIN
Ia, junction. which W'- -rI'ei to-daN' . o., Z,
la conversation upon tie >u'j e. hr Ihinb Sa!A In'
l had hou.d ;p the deposit rs against All loss %!
having the officers make iur dvh,li good hht lat i
tr mere is no power within tac apartment !" .usith
a.. r,,. "a savings bGuk where there - 70" u'H' LUG!
With tu method p business when some ol Inc oi'tIH
al fl... hank had ptr.utt however, II vas nuch inc
.yf,r ,ur," 20 clJ-H them MP sunlnailN. LN'h nav
thry made the deficiency sOol' IL 1T u'i lI"o.u,' ,
thr processes Of butHc>s would nave soon I'hu'l,
t,u ia went GAIN AND some 90 those met" IN
ing uf worthless checks 10 force ,Go"hE IA the
T,,urt-hcug hardly dss":vi' o. any muci name 'dh
dishonesty. There rae about 100 depoS'or7'