The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-28
The Teutonia's Trustees Offer to Wind
Up Its Affairs.
PANIC IN PROVIDENCE.
Disastrous Failures in Massachusetts, Ohio,
Michigan and Louisiana.
Anxious to Head or the Repeal Of the
Bankrupt Law.

who were foolish enough TO draw their money and a
corresponding gain TO the banks. Tho centric OF
element was at tho German Savings Bank, corner
OF Fourteenth street and Fourth avenue. Tho
sixty-day rule has not been enforced thcrc,
and It is not tho intention OF tho officials
to enforce il. Although a greater number OF
dcpositors drew their money than on tho previous
day, all wsrc paid in full At the Dry Dock Bank
there were not hundred callers--more than
usual and much less than tho day before. The sixty.
day rule will DO enforced some days to come.
In tho case OF tho Tcutonia Savings Bank Judge
Westbrook reserved his decision regard TO the ap-
pointment OF receiver tho trustees having offered
10 close up the bank without this unnecessary ex-
pendturc Tho other city banks were not affected py
the recent troubles.
THE GERMAN SAVINGS BANK.
There was Increased excitement at tho German Sa-
wings Bank Before the doors were opened large
crowd OF dcpositors blocked up the sidewalk and o
portion OF the street. Tho female element largely
predominatcd. When tho doors werc unbarred tho
crowd rushed 10, almost completely filling tho space
within the building and presented their books. The
scene was very disordcry. Over three hundred per.
sons wore present at eleven o'clock They were be-
ing paid with interest January l. at the rate OF nifty
per hour II impossible 10 pay on all that came
before tho closing nour, and many will have to wait
TIL Monday. Tho reason for tho great number OF
persons Withdrawing their money, and for the con-
tnued rum lies in tho enforcement OF the sixty
day rule, which, the of tho Dry DOCK,
would keep away the larger depositora
Mr. Philip Bessngsr, tho president said that IL was
undoubtedly the failure OF the sxpenny and Toutona
banks which had shaken confidence IN and caused tho
he German Bank.
Mr. George +. Amthor, treasurer OF the institution
said that they wcro paying all depositors who called
for their money in iu, and did intend 10 enforce
the sxty-day law. Ho thought the excitement would
were, onJanuary 20 472 depositors $4,000 e61 So
with accrued interest 20 January OF s2l6,603 05,
making total Of $40, 264 IS. rho assets were
81, A9S,445 81. leaving surplus of $610 1S1 20 or
these assets about So. 100000 could immediately 10
S. ga, IA % property which is valued At over
$l3 000. 900. The banking house is put down vt
me ratio Of day. tho bank could .asss
OF thirty DAYS before calling IN their mortgages
d.posins q their real estate Il estimated sSas
over $500, 900 have been drawn from tho bank since
the run was begun. Whom asked how much had
been paid out Mr. Amthor refused TO give any par
no. coinpre bend them He acknowledged, howover'
that 900 people called tho first day. As there we're
s Sa" =, by sy sy rue
was enforced
THE DIRT DOCK SAVINGS BANK
At the Dry Dock Bank thcre were about one hup.
dred callers during tho day but twenty
q, any one time. Inc business went on usual, and
been prepared fer the expected crowd but no crowd
came ! he run hero IS regarded as virtually ended
paid out on Friday. Less than third Of that sum
was paid out yesterday President Mills grat,ncd
In receiving lettor IRON Mr.. Henry !. LamO, Bank
Superintendent at Albany, congratuiating him on the
dying out Of tho troubles, ana highly approving his
course in enforcing ths sxtyday rule. Both the GER
man Savings Bank aud tho Dry Dock wore open Tor
business from six 10 eight O'Clock last night and all
who called for their money werc paid on with prompt
ness and despatch.
All was quiet around this bank yesterday. Mr.. st.
john and an assistant remain still In charge no re.
ceiver having boon appointed. hearing was had
before Judge Wcstbrook, OF the Supreme Court In
Court House 1t Hudson City on Friday afternoon
ings Bank appeared and admitted substantial cor.
rectness Of The report OF the Bank Examiners The
A.otney uenota' sso nppearen and moved Tho
tho bonds Issued BY tho towns Of staten
Island, OF which inc bank no represented held
$l0g 300. were vauecss as tho Bank Superintcpd
claimed In his official muncation TO The Attorney
General. He also conceded tho Insolvency OF tho
ceiyen Tho Bank superin tcndent mad made personal
inquiry OF well known residents OF Staten Island re.
specl,ng inc validity ana vano OF the town bonds IS
sued by towns ON that island, portion OF which wero
held BY the reutonia Savings Bank as stock invest
mont. Tho uniform opinion that such bonds
receipt OF tho report OF tho examiners, ana fully
sustained the same I'm respect 10 Tho bonds
referred TO- Counsel ntorposod no opposition 10 the
continuance OF the Injunction, but asked mo post
ponomcnt Of tho hearing IN regard the appoi
oil reCcvcf l0F one week. lie sato there
pending in the supreme Cour. 70 obtain indsmen, on
some OF the banks town bonds Ia winch a favorable
decision was expected lie also said that tho trus-
tcos were willing TO take charge OF tho banks affairs
and close II up without costing tho bank y cent ne
did this In the interest OF depostors expenses
o. receiver would 30 very heavy. Judge wcstbrook
It's claimed BY people who say they nre familiar
pointed At least eighty per cent viii DO pad back 70
the dcpostors. On tho other hand, II tho trustees
are allowed TO close u up they expect TO pay dollar
dollar.
somo fear was expressed that the panic might cx.
lond TO the Bowcry Savings Bank but all was quot
tncre.
4 SAVINGS BANK PANIC IN PROVIDENCE
DEPosIrons ExcrrEpLY WITHDRAWING MONEY
AND LOSING THEIR ISTEnxsr-ESFoncrYo
THE SIXTY DAT RULE.
tpY TELEGRAPH TO THE HERALD
Providence, II. l., Aprn 81, 1875
The excitement which has prevailed In this city
since tho Fail River dcfalcauons, and which
game 10 hcad yesterday In tho action OF
lhc Mechanics Savings Bank In deciding to enforce
,hc sixty day rule for paying deposits mas been
lutensincd to-day by other rumors of trouble with
our city banks. These rumors naturally had tho
eject OF exciting tho public mind ana shaking tho
general conndsnco oven In tho strongest OF our
monsycd Institutions
SUSPENSION or PAscoAG RANK.
Following ,ho recent saving bank difficulties In Paw.
tucket ana In Newport camc the news that the Pas
cosg savings BANK, OF Burrevilc, had temporarily
suspended ana tho Supreme Court OF tho State this
morning granted an Injunction restraining that
Institution from paying out money or roccivng do.
posts. Governor Van zandt appointed Alexander
farnum, Albert L. Sayics and Joshua Wilbur, Board
OF Commissioners to investigate the affairs OF the
bank The result OF this state OF affairs Is that to-day
there has been general all the savings instr
In N city. illustrate tho
STATE OF excitement which prevails, somo OF tho
and ndcst banks In the city arc selected Tor the
largest Withdrawal Of deposits
SIXTY DAY
Ths jackson Institution OF Sav DEs pad Tow OF the
deposnors VINO were there when tue doors opened
tpis morning, and then the treasurer, seeing long
line OF depostors waiting to draw out their money,
nounced that tho trustees had decided TO require
tue usual notice o. sixty days gentleman, con-