The New York herald., 1878-03-28
THE SPECIAL LxAM1NRHs REPoaT-LIAB1Lr-
TIES AND ASSETS.
LDY TELEGRAPH TO THE HERALD.l

DY TELEGRAPH TO THE HERALD
ALBANY, N. Y, March n, 1878.
The report OF an examination OF the Sixpenny Saw.
ings Bank Of the city Of New York, which was filed
IN the BANKING Department on Saturday last caused
Superintendent Lamb IN view OF the reported dc nc,t
In assets and IN annual income and OF the manage
mont Of the institution to facts IN coin la
ration to the Attorney General, who preferred
the usual compliant, md last evening obtained
from Judge Westbrook, OF tue Supreme Court. un
order snjoinng tho officers Of the bauk desst from
the transaction Of Iurther business, and requiring
them to snow cause At Albany on The 29,n INST woy
the bank should not be put into liquidation. This
morning, by the hrst train irom Albany, Attorney
General schOoumaxer sent his son 10 New York, WAC
served the order the officers OF the bank at two
i. M The order closes the bank until The 29n nsl.,
wien argument may or may not bc made 10 induce
the Court 10 allow II to resume business.
THE RgroKE
Tho following Is the report oi Tue and tho
accompanying balance sheet, showing io detail tho
assets. liabilities and tho deficiency OF assets aud
incomc:-
NSw YORK CRY, March ~, 1878.
To Hon. HENRY L. LAMB ActiDg supcrinIeuaent OF the
-fursuaaI 70 your instructions the ed have
sxamose .ns sn Ire o. tue sxpenny sa'nss Bank OF tue
suen examination. maze ,,on tue yth O. aarcn
assets sSicSS.ns to tue sum Of $50 AS. ana de-
hciency in income amounting 20 SiuIti ID Ws I,uud
bonds and mortgages held by tho INK
ks1.5,t 81 Of t,ns "Inuunt ect,on
x-S7 us To in fu as dDuDttu the being
hcient. have, tneieo estimated loss of
$4,000. inciuded H. these mortgages deeaIed thus
douDtui there Is premises
l.. tlis citv leaseu by g. United states
governments appraisers stores hts urtp a1e ia ou.
upon the same properly. amountn in ,as asg o.
gate @5Ju.uUU. aud executed recorded siin
The mortgage III question: anu,
lee winch iu tue morgas six lots. ned
unuer tease VIII CA Ny iss term VIA expire Ia 1879
be suicicnt, suii we tnink tho bank acted unwissy
illegally la making the Invsstm snt
for mortgage, strictly speaAing sc rcs.y
he called there on
the premises eutIled equty with tuis, besid
- oerea property. ~ large portion The
land held w no than the HoJve meI.
ti0ued.
THE MORTGAGE PROPERTY.
January caused npprai sal to be mide
o the property Taxing tnat appraisal as la
being than Dlty per cent oi the value
of the uuimprovcd properly covered them IN
several instances Judging reliable information this
WAS .iso the aL the uats oil making tn. loan.
entering the bank ionod ou lev sostracts OF the tile
~ the otxaFsd premises In o the Ocers the
attorney na.iu. almost all oI tlem ms office.
NohbMiy sded obtaining abstracts about ualf
tDs mortga4ed premises, tnoaSn Nos without mucu delay
Many o those whicn uid obtain, IN fact most Of
them, were inconpcre aud ueieetive. not show
properly certified. and showing prior nortA"ges
uucHncel On this Ound IL aim ult ~ place
proper NsiuHtion oi the mortgages exninci by
as aud u was often impossible ~ whether prior liens
:vurt oi the bank deducted ~ 3UU
tainsu that twV mortgages amounting that sum
lvreclosed some the property bid In
shs bank, though was s carried as bonds and mort