The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-25
BANK CLOSED.
THE rguToSIA SAVINGS BANK ENyoINED FROM
rRANsAcrINa BUsINEss--srATlNESr or THE

THE rEuroNIA SAVINGS BANK ENJoINED FROM
rRANsAcTINa BUslNEss--srArlNESr or THE
ASSETS AND LIABILITIES.
rho Teutonia Savings Bank, at No rs avenue A.
closed its doors about three O'Clock yesterday after
noon, an injunction having been served upon the
secretary forbiddng the institution TO either receive
deposits pay out money or 10 transact any
OF lbs usual business. The injuocIion was
granted by Judge wsstbrook at Albany on
Tuesday, nj the instance OF the Attorney General,
complaint OF tho acting Bank superintendent, Mr..
Henry L. Lamb. Tho reasons for this action that
bank had Invested $685. 900 In southaeid and Md
dle.own bonds and $4,000 IN sprngport bonds. both
Of which have been repudated leaving deficiency Of
about $4,000. The Injunction IS made returnabie at
HUDSON Guy the 26th inst, when the officers OF the
bauK summoned TO appear aud show cause why
receiver should not DO appointed
THE sgcRErAKY's STATEMENT.
Mr. Michael Hahn the secretary, said that the bank
had been founded 1885, and that he had been con-
nected with Il as trustee and secretary since that
time. Mr.. Hahn deplored the appointment OF a re-
ceiver would ncccssitate forced sales and consid-
crably shrink the bank property. The deposits al
one time were ST. $50 oco but had down very
much. When the deposits were ". 600 900 the ex-
penses were $l6.O and when the deposits had de-
creased one.han the expenses were reduced 20
$4,000 The salaries O. sne officers were s csauseo
10 900 and again to ST. $780, the Prcsideuts salary
IRON $500 70 5000; the TreAsaror's salary IRON
~ accountant from 5000 70 $500. BY thus always
Keeping within their income The bank DID safe And
pbove MI expenses Hsa i. 10. oeon ior The rspada-
their bonds by The towns already mentioned,
N. meg Sa0 x"SS Would nave Sss" SUCCESS
The deposors should receive NJ least ninety per cent
provided the recevsrs expenses did not eat up 700
appointment Of receiver could be avoided altogether
much more OF The property would be saved.
THE sUPERISrKSDxNr's CHARGES
Accompanying the summons served on Mr.. Hahn
copy Of the compls,nt OF Henry l. Lamb, Act
General giving grounds Of the charges and which
is embodied IN THIS complaint. IL as iollows:--
BANK DsrAR1.EsT alba, ALsasr =. Apr, -. 1873.
IL. rs s;.S e
n: O. :ss a that
ssS ooS this &:
asfsut 1872 ilsrs !; pIo.cses Cha.
e them snio.ssa su. the ias.'.a.sn also Gyms
town staten Island which interest has not been paid
have taken some ,n pains 70 By
value OF their bonds am forced TO accept the con-
a : bonds ans %
With e. ss h
sum OF the stock Investments has imposed The de-
sas 90 and n Il. dc
. II n Il ss sa ss ana + we
paid the interest the sprnlport bonds Al present
there income The clear prospect Is that
IL IL expcdient safe, as respects depostors.
permit this savings bank to continue 10 transact
depository Of funds Therefore the to
you In comp lance with section ~ chapter 37l Laws Of
1875. Tor such measures ~ the case may require
nESRY l. LAMB. Acting superintendent.
THE EXAMINERS REPORT.
Tha foil IN bEf aneo al
investigation Of tho banks affairs lew weeks ago.:
New YORK April 10. 1873
Henry L. LAns. Acting supernsendont Bank Depart
SIR The undersigned under and BY Of your APP
pop direction Ia examine Into the affairs Of the
sas.as. Sss the 81
continued SUBSEQUENT days and that ve found bond
and MORTGAGES Tor shat tue same ard Accom-,
and that the interest on the same has been
sSs % "., csn
VI the loaned which owing 10 the shrinkAxe Ia
aas Of sss popery ncs s loan. were 9 cn q %
deposits We ind their Investments in securities
r.. ss o.s.a she tn.
same has just been appraised AZ sne sum u asp.
ssss g. " w INA 70 a.. a .sss e:
81: ssSSoo sd ,...
ths ability OF the bank redccu relieve these
s@ * S X.
good. the books kept In plain and intel,rent
%.nn:, ana now Sss1'1 IIi are s.sss
salaries "i officers xnd clerks have been largely
sns 70 g s. .
IN making drafts tor money u requires three slrnasures
Al s shove ~. 3: and
: :ss aHs:' '''.. s.
Nj