New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-15
TIE ORIENTAL TO RE CLOSED.

PROCEEDINGS TO BE BEGUN At TIE REQUEST OF
TRE TRUSrFFs-TnF INSTITUTION INJURED ny
TnR REPUTATION OF s0ME OF IT'S NCoRPo-
RAroRS-wIrHDRAwAL or DEPOSITS AND DEPRE-
CIATION OF REAL ESTATE ITS RUIN.
ALBANY, Dec. 14.-Superintendent Lamb to-
day pat the Oriental Savings Bank. No. $50 Grandst
into the hands OF the Attorney General with request
that proceedings he instituted NJ once for closing 1t mp
The bank has been losing deposits rapidly that It's
President and Board OF Trustees themselves consent 10
ITS dissolution They wrote the following letter to MIR
Lamb yesterday
ORIENTAL SAVINGS BANK,
No. $50 GRANDsT., " l., Dee. 10, l7'H>
The Hon H. L. LAMB: ,,..,.,,o
DEAR In adopting the resolution 10 dscontuc
which herewith forward TO you: we beg leave 10 SCI
forth briefly ne conditions whioh have induced US 10
take this stop The Oriental sAyinS' anT vas -, in
lied ia the year ISL Among the trustees deaIgh't III
the charter OF Incorporation were one OF more "hose
names bal wide no'oroty rs neng luehtheu, VIII
to- however, had any connection with IN" banb or vas
member of the Board OF Trustees ana INC Doau tS
thoroughly reconstructed prior To we olShns ~,
hank Bur the original names coNu ho' pe eAp !
the lGsinGatiun t'ti the pam was % orjiusv
ring This suspicion, though unionndcd' seriously
b,yarer incressrd with moderate growth until
the panic Of 1873 Since then the nec17iuc51
have occaloned 2 steady drain upon me a9srts,
until the amount ~ deposits has been reduced ron
nearly 74a coo 10 80 GOO Many debtors OF tue Dahh
have been compelled 10 safer foreclosure OF nOitsates
held D., the bank and in most Instance ne pans id9
low il TO he knocked down at lnerc nominal Piff ,,r
tbis way il has become perfOrce the owner oi I5o
amount of real estate. which, however, was an inhpe
security tor the amounts loaned upon NJ ilc lnc ' t
loans were made and which tno trustee - DtlcVt 10 ne
now worth its cost price. Htal es"it'' nov"
ever il UncOnYeruoiG ASST CAVop' &c t,o
cr.lt sacrifice. This is The sole cause OF othe
action now taken ny the trustees No trustee OF oioi
bo. received any compensation except Tue secretary
who has devoted his time TO tho bank aut al expenses
cre conducted on an economical scale. M losses Lave
cnsued from Illegal Investments and the assets ar ~ o.
tle character lScr bed by law These assets ~ thci
market a.uc. imatiuC the real tFt" 't cos itit 'H
always have been, more thIU sufficient 20 pay ai i'nli
tics ia. in Jbc present OUTLOOK and III we" or
the possibility ot further drprc c3ilou ~ a'a',&he
values they nave thou t 81 their duty 10 ne delo'rS
10 pursue the course they have adopted For the Beard
Of Trustees NJ NEHiiL'' !'s',.Vii
Tnc action Of this morning WIS accordingly taken, and
the Attorney cueral has the papers As cary Is October
A. Mr. Lamb caused aspccal examination OF he Oriental
Savings Bank to bo made, and then deficiency o assets
10 the amount OF S3i79 A. discovered, which Mr.
Lamb required the trustees to make good 81 once This
they did by paying IN 5000.
The following is the report OF She bank Is furnished
TO the department on the LIST d1I OF july. 1877: