The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-11
room COMFORT roR DkposIToRs.
The German Savings Bank Of MorrIsnuia 20
Pay only Firty Cents the Dollar.

A thousand dcpositors In the broken Ger
man Savings Bank OF Morrisania assembled in
irnit oi the prctentous bank building last night
long before the hour appointed by
Receiver William ]. Best for the meet
Ing. when the door was opened
men and women together rushed pcll nell into
the largest room and packed it. Mr. Best ar
rived anerward and agreed that the depositors
should be asked 10 go to Hupfels Hall. two
blocks distant. where thcre would be more
room. Mr.. Hupfcl was one % the trustees Of
the broken bank and is. with the Others. equal
Is unpopular. They arc charged by the depos-
itors with bcing the main cause Of the trouble.
Many of the dcpositors objected especially the
women, u holding the meeting at Hupiels. BE-.
cause tho gas might be- shut of. they said
few of the dcpostors went home. The deposit.
ors are nearly al extremely poor. and in losing
control oi their deposits IN the broken bank
and had little 70 say. Their confidence in Mr..
Best has from the llrst been implicit.
After Mr. Franklin B. Rich. n mechanic. had
been made chairman. Mr.. Best said that ho met
e bank obG ID prsp5 Of ne
done with the assets. In July last. when heiook
Possession Of the bank, he found only t3ol 95
inter sum were $4,000 secured by pledge
hhi h bonds MORTGAGES. and town bonds.
the i5i 900. SO 900 has been pald and i6e re! ~!
naming $4,000 he expects to pny this month.
The sum OF i23o.000 is du" deposiiors. The
following securities. after paying the remainder
oi "a" secured loan. 5000. is left for the de-
pOsitOrs.
Ka'i Chester town bonds ei, ~,
Mofri-ania town bonds ....................' Sn,i
New Rochelle town hond- ....,.'...... 6a,i
Morti-auia SicImhua. Company bonds LON
Bonds ani mortgages, lace value s7t'r, csu.
BanEius house alleged cost so, ,,c5 II, appraised
Three dwsllin.s purh,,cd "a, foreclosure sales,
ca.i sS." aud Il ia;1s., S'1g1'@ at s53 90:
Total estimated value Of s.setsis sii775o
In addition to tho above is ~, 900 In Smithfeld
= l.. town bonds which. with past due Interest
amounts to $4,000. This IL "A total loss as thu
were illegally ISSUED Mr.. Best also has .iI7..
300 In railway bonds with u market value Of
~ - 592 ,R The loss by this investment is til5oO0
Ties IL sl67OOO which he expects to recover
from the trustees.
suits are to be instituted against them very
t. M,s's admitted deficiency Of upward Of $4,000 |
To MI tho gap they turned in bonds. mortgages, |
they lent this money To- the bank. and ara op- |
posing the suits to forcclosc the mortgages aud |
plead want Of consideration" Ii IN especially |
ne pen Of the late counsel for the bank, Mr. Il. |
iiaii. WHO himself mad one OF the mortgages |
ana had charge Of and the assigning OF the |
Will pay about 1fty cents on a dollar nnd Il
the suits against the trustees terminate SUE
W. r1Iluliy M ,nSn ,hiTy or forty per cent, more
rrs, and can afford to pay for their mistakes"
Replying to u question. the recciyer. who had
lnountcd q table TO make himself seen and
honrd, said that in month he expected to have
$4,000 or $4,000 Of the depositors' money
Ih4t would DE about ten cents on "a dollar 10
each OF the deposors. However. hc would not
idvise paying lass than twenty per cent AT a
imo. owing to expense In distributing it,
On me motion being put, the depositors unani-
monsly decided 10 let the bank building. which
Mr.. Best raHel useless pioce of extravaganza
real estntc and mortgages lie ut least until
'prng before selling them publicly as therrbv
great loss will be avoided. The greatest noise
arose when the question was up whether
no blank watchmHn should receive $3.50
r. ~ might for his services for seven weeks
lhc 81 30 side won, Evidences of criminal rms
nliy, the receiver sald was discovered and on
lls complaint an official has been arraignod 10
n1wrr charges of forgery and cmbe22lcmrut
lie Is the former cashier. William IIoeiuud lie
lAs been indicted. and IL under bail
A. soon rs the mceling closed an aged Ger.
nan woman put her trrmblin. hand on Mr.
sts arm, and snid; 90 am u widow with
even children, Every cent had was in tie
rustecs with what they deserve"