The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-07-19
VERY ANGRY DEPOsTTORs.
had Management Of Morrisnuis's Crippled
Bnnk-One smspIeIous IncIdcnt.


Among the German residents of Norris
ania the feeling of Indignation against the OIL
GERS and trustees Of the dcfunt German Saw
ings Bank OF that place is growing daily in in
tensity The dopostors are chiefly OF the poor
industrial classes. German mechanics. work ing
women. and laborcrs and the rigid economy
they have practiscd to make their savings is
shown in their deposit books. where entries. Of
81. and even Of 80 cents. are not uncommon. AS
these persons begin to understand the manner
in which their money was lost they become cX-
cited Stories rejecting severely on the man
agcmont OF the bank are freely circulated. It
openly charged that. knowing the day Of failure
was near at hand. the officers and trustees not
only drew out what money they had deposited
in the bank. but also informed their faNortos
that they also might save themselves before the
crash came. n warning they were not slow to
take advantage off, to the cost Of the other de-
postors. Ii is also inserted that the secretary
who had six open accounts with the bank. closed
them all. and Withdrew his last dollar the very
day before the bank closud
The eases Of individual suffering are many.
Ono poor. Woodworking. old lrishman. nam Il
MrMnhan, over 90 years Of age. after many years
of toll. managed to secure II III" home and plot
Of ground. on which the bank hold II mortgage
uf $1,000. by skimping ana doing without
many comforts, he accumulated nearly sHUO.
which he took to the bank. and asked to have II
applied to the part payment uf ms mortgage.
The bank officers induced him to deposit II that
il might draw interest. Now he fears that he
may lose i AL gmd his morigag. remain as
large ~ at first. The lHnitr'-s OF the bank. a
German woman of about 80 years OF age. had
on deposit 5000
Receiver William J. Best has Just finished
statement Of the cundti Of the bank. In \ lie
says that WHEN the bank suspcndrd, on Feb.
~: the nNalahl. cash amounted u less than
$3.50. The bank owed different parties, for
money borrowed to carry 1t along, over sji.OuO,
and AL the available. marketable securities lad
been hypothecatcd to secure thrs" debts. The
bank owes dcpostOrs about $2JO.uOO. The re-
ccivcr gives the amount in this qualified way
h"rHus' th". books nav" h,N, p'rh n.,ah''h ny
the officers for months. and he requires little
time to straightcn them out The aggregate ia
hntics. not including salaries and some other
little items amount to S2siuOO. There are
about 2 200 depo.itors. and though the amounts
are usually small they range III 4 few nStln as
rs hirh ns ~ 100 al 900 and even s. 900
Among the assets. aS against those liabilities.
are sl29 400 Of bonds and mortgages. hut on
nearly sdO.OlO of these no interest has been paid
for over a year, aud about f3OOuO Of this amount
II in III" form ol indrnhiy bonds ana mort
cages. given by the officers AMI trustees nearly
iwn yrarI ne , TO- coWr uP avn'irmty mu III
of these officials threaten to contest these bonds
because there was no CONSIDERATION given and
on various other grounds. There ar" also s26,-
$50 of town bonds. which are worth AZ least par.
s3l OOD If consolidated bonds of the New Jersey
Midland Railroad. They ar" third lien and
have no market Valu". There are s1lj 800 of
Tho New York and O-wego Midland Railroad
and are considered worthless. There are sil.-
600 10 bonds of th"town of Southfrld II hmond
county. Staten Island. These bonds have boon
| in ltgaiiun iur years. nii INC town refuses To
| pIv them. The authorities Were sued and a
| JUDGMENT obtained hut the ctSr WIS carried To
| the Court of Appeals. whore lt now rests. the
bonds have no mark Nulus. The banking
house, which h. avery rh'aply built structure.
| Is appraised AZ from sl2Oul 90 sl5OuU. The
| Scored RS fsW weeks ago admitted that il WIS
/ not worth over slj uun. vet iu ihc sworn state
mont mai' in January last il WIS valued ut
! sl6.jl0. The bank also OWNS three stnu housos
! and lots which wer' bought in under fOrccio--
ur". and IRE estimated 10 Zoe worth $1,000. They
! cost sS.Hun.
| on of these assets must first he paid the
| sJi goo due preferred creditors 90 rrdrrm the
! good securities. considerably IN excess Of that
| amount. which they hold rs security for
| amounts loaned then what Us left will BE- di-
| Nidh among the poll - holders. Mr.. B'st says
that II the Southiirl bonds are ultimately de-
cidcd valid. AMI tn MORTGAGES bring their tac'
! y dividend OF from MY t. sixty cents on th'
! dollar.
Asa liile inoilent. 20 show how thorough,
/ the suspiriou- Of the drpNs.tors hav" be. o
! aroused il BE- said That ,n- very dark am,
| stormy night. shortly before tur failure of TIE
/ bank. thr HittHry. ON who r movements
| -lurl wH' IN mad htrn Kept. was soon o. cnf I
4 IN" htnhins room hetw f.u and 10 p'ci'ck
/ when n came ont he could xiv up satisfactory
| explanation of bis untimrly VISIT Sumriliul
/ wrong WIS then -uap gfed, hut nothing r.rti,
! hut uS uN ono cuut make "a direct charge. h'
WIS di-ehnr-rd. The reason for that visit b.
/ now "a matter of much conjecture among Ia
] uuiNrtuutttt~.