12622. State Bank (New Brunswick, NJ)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 1, 1877
Location
New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model
gpt-5-mini
Short Digest
e2ac4e4fbe9a04be

Response Measures

None

Description

Multiple contemporary articles (Apr 1–3, 1877) report depositors withdrawing amid rumors and the bank closed its doors April 1. The State of New Jersey applied for appointment of a receiver and injunctions were obtained; receivership proceedings followed. Underlying causes cited include prior losses/embezzlement (cashier Appleton) and bad investments, but immediate trigger was depositor withdrawals after rumors. OCR minor name spellings corrected (Voorhees, Meyers etc.).

Events (3)
1. April 1, 1877 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors withdrew following rumors of unsoundness compounded by prior losses/defalcation, bad investments and the bank's weakened condition since the 1873 panic and 1875 Woodworth/Appleton scandal.
Measures
Officials claimed the bank had funds on deposit in New York and said it might resume business; no effective emergency liquidity measures reported.
Newspaper Excerpt
There had been rumors of its unsoundness for some time, and depositors had been withdrawing their money freely for the past few days.
Source
newspapers
2. April 1, 1877 Suspension
Cause
Government Action
Cause Details
Bank closed its doors amid withdrawals and depositors' agitation; subsequently the State (and county) sought injunctions and applied to the Chancellor for appointment of a receiver.
Newspaper Excerpt
The State Bank of New Brunswick, N. J., closed its doors at 10 o'clock to-day.
Source
newspapers
3. April 2, 1877 Receivership
Newspaper Excerpt
Application was made by the State of New Jersey ... for the appointment of a receiver in the affairs of the State Bank, which closed its doors on that day. The writ was issued this morning and made returnable to-morrow at 11 o'clock a. m.
Source
newspapers

Newspaper Articles (18)
1. April 1, 1877 The Sun New York, NY
Article from The Sun, April 1, 1877

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CLOSING ITS DOORS. The State Bank of New Brunswick, N.J., Censing to do Business. NEW BRUNSWICK, March 31. -The State Bank of New Brunswick, N. J., closed its doors at 10 o'clock to-day. There had been rumors of its unsoundness for some time, and depositors had been withdrawing their money freely for the past few days. Nevertheless, the news of its suspension was a surprise to those not intimately connected with its position, and created somo consternation and much gossip. The bank suffered from the panic of 1873, and in 1875 instituted a suit against the Woodworth Carpet Company. for nearly $1,000,000. Col. Fellowsand Mr. Brooke were the counsel for the carpet manufacturers, and the bank was defeated. A temporary suspension was the result, but the bank again resumed business. and has struggled along till the present difficulty. The President, Mr. Abraham Voorhees, refuses to be seen. and the other officials are either invisible or hopelessly reticent. Mr. Hart Moore, the County Collector. attempted in the morning to draw out the county funds on deposit in the bank. but was unsuccessful. He declin to give the exact amount in possession of the institution. but acknowledges that it exceeds $5,000. One of the officialsdepreentes the publication of anything concerning what he wisties to be considered as a temporary trouble. He says that the bank has money on deposit in New York to an amount sufficient to enable it to resume business on Monday, but he seems to be alone in that opinion. It is understood that, owing to the dulness of the times, notes have been renewed instend of being paid in full. and the business men of the city appear to have little faith in the bank's future prosperity.

2. April 1, 1877 The New York Herald New York, NY
Article from The New York Herald, April 1, 1877

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THE STATE BANK OF NEW BRUNSWICK. New BRUNSWICK, N. J., March 31, 1877. The State Bank of New Brunswick, N. J., closed its doors at ten o'clock P. M. to-day. There had been rumors of its unsoundness for some time. and depositors had beon withdrawing their money freely for the past few days. Nevertheless the news of its suspension was a surprise to those not intimately acquainted with its position, and created some consternation and a great deal of gossip. The bank suffered from the panic of 1873, and in 1875 instituted a suit against the Woodworth Carpet Compiny for nearly $1,000,000, in which the bank was defeated. A temporary suspension was the result, but the bank again resumed business and has struggled along till the present difficulty. OFFICERS RETICENT. The president, Mr. Abraham Voorheess refuses to be seen, and other officiais are either invisible or hopelessly reticent. Mr. Hart Moore, the County Collector, attempted in the morning to draw out the portion of the county funds on deposit in the bank, but was unsuccessful. He declines to state the exact amount in possession of the institution, but acknowleges that it exceeds $5,000. One of the officials deprecates the publication of anything concerning what he wishes to be considered as a temporary trouble. He states that the bank has money on deposit in New York to an amount sufficient to enable it to resume business on Monday, but he seems to be alone in that opinion. It is understood that, owing to the dulness of the times. notes have been renewed instead of being paid at maturity, and the business men of the city appear to have little faith in the bank's future prosperity. The following is the quarterly statem nt of the bank rendered to the Secretary of State on the 2d day of January, 1877:-

3. April 2, 1877 New-York Tribune New York, NY
Article from New-York Tribune, April 2, 1877

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BANK TROUBLES. SUSPENSION OF THE STATE BANK OF NEW-BRUNS= WICK, N.J. New-BRUNSWICK, N. J., April 1.-The State Bank of New-Brunswick, N. J., closed its doors at 10 p. in. yesterday. There had been rumors of its unsoundness for some time, and depositors had been withdrawing their money freely for the past few days. Nevertheless the news of its suspension was a surprise to those not intimately connected with its position, and created some consternation and a great deal of gossip. The bank suffered from the panic of 1873, and in 1875 instituted a suit against the Woodworth Carpet Company for nearly $1,000,000. Col. Fellows and Mr. Brooke were the counsel for the carpet manufacturers, and the bank was defeated. A temporary suspension was the result, but the bank again resumed business, and has struggled along till the present difficulty. The President, Mr. Abraham Voorhees, refuses to be seen, and the other officials are either invisible or hopelessly reticent. Mr. Hartmoore, the County Collector, ,attempted in the morning to draw out the portion of the county funds on deposit in the bank, but was unsnecessful. He declines to state the exact amount in possession of the institution, but acknowledges that it exceeds $5,000, One of the officials deprecates the publication of anything concerning what he wishes to be considered as a temporary trouble. He states that the bank has money OH deposit in New-York to an amount sufficient to enable it to resume business on Monday, but he seems to be alone in that opinion. It is understood that owing to the dullness of the times notes have been renewed instead of being paid in full, and the business men of the city appear to have little faith in the bank's in ure prosperity. The following is the quarterly statement of the bank rendered to the Secretary of State on the 2d day of January, 1877:

4. April 3, 1877 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, April 3, 1877

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A Loss for New Jersey. NEW BRUNSWICK, N.J., April 2.- The State had sixty thousand dollars deposited in the suspended State bank.

5. April 3, 1877 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, April 3, 1877

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NEW JERSEY. The Bursted Bank. New Brunswick, April 2.--Application was made of the state of New Jersey on Saturday for the appointment of a receiver in the affairs of the State Bank, which closed its doors on that day. The writ was issued this morning and made returnable to-morrow at 11 o'clock a. m. The state had $55,000 on deposit in the bank, and the county of Middlesex had $16,000.

6. April 3, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 3, 1877

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Receiver Appointed. NEW BNUNSWICK April 2.-Application was made by the State of New Jersey, on Saturday, for the appointment of a receiver in the affairs of the State bank, which closed its doors on that day. A writ was issued this morning, made reThe turnable to morrow at 11 o'clock. State had $55,000 on deposit in the bank, and the county of Middlesex $16,000.

7. April 3, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, April 3, 1877

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General News. The West Boston Savings Bank, which suspended in January, 1876, on account of the impairment of its capital. resumed business yesterday. The State of New Jersey has $50,000 and the county of Middlesex $16,000 on deposit in the State Bank of New Brunswick, which closed on Saturday: Application has been made to the Chancellor for the appointment of a receiver. Out of four hundred engineers in the employment of the Reading Railroad Company only about a dozen have so far decided to quit work on account of the rule of the company requiring them to cut loose from the Brotherhood of Locomotive Engineers. The President, speaking of many invitations to spend the summer at Long Branch, says he shall remain in Washington most of the summer, but if the heat becomes insufferable he and his wife will go to their old home in Fremont, Ohio, with the children. New York enjoyed two musical marvels last night. The telophone was successfully tested at Steinway Hall, when music played at Philadelphia was distinctly heard, and Die Walkure the first of the Wagnerian trilogy, was brought out at the Academy of Music. In the County Court at Pottsville, Pa., yesterday, Neil Doughert and John Campbell, for complicity in the Langdon murder, at Audenreid, in 1862, were sentenced to solitary confinement in the penitentary for five and nine years respectively, James Laughlin, James Lehman and Micheal Colgan, for particip a tion in the Boskill murder, at Locustdale, were each sentenced to six years' solitary confinement. All the prisoners except Colgan were members of the Molly Maguire organization. A party of hunters in western Kansas was surprised by a band of Sioux some mornings ago, before, daylight, and fifteen of the hunters were killed. The hunting party had camped for the night without posting sentinels. and when the attack was made they rushed from their tents and most of the fifteen fell in the first volley from the Indians. The hunt ers rallied and made a desperate charge, e scattering the India ns and forced them to retire. Several Indians were killed, but were carried off.

8. April 3, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 3, 1877

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NEW JERSEY. Suspension. NEW BRUNSWICK, April 2. Application was made by the State of New Jersey, Saturday, for the appointment of a receiver in the affairs of the State bank, which closed it doors on that day. The State had $50,000 on deposit. Not yet Released. NEW YORK, April 2. The papers taken to Newark by the son of Noyes, prove to be all the assets of the New Jersey Mutual Life Insurance Co., and an application was made yesterday for a habeas corpus to release him from jail, but New Jersey laws forbid such proceedings.

9. April 3, 1877 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, April 3, 1877

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The Qno Warranto Proceedings. PAPERS PREPARED TO TEST MR. HAYES'S THE TITLE TO THE PRESIDENCY-A CARRIAGE AND PAIR. NEW YORK, 2.-The Express says of While Judge Cartter, of the District have Columbia, has said no proceedings title instituted in his court to test the of been Mr. Hayes to the presidency, upon the of a gentleman who has geen it be stated that they are authority papers may R. F. all Mer- preand in possession of Hon. a of Washington, repreTílden before the sented rick, pared Mr. lawyer Electoral who commenced Commission. It is said a suit will be soon as troopsare withdrawn from South the as Carolina. It is claimed that though Commission had not power electoral laws to under Electoral the ascertain certificates the the facts not presented in the lawful have election of electors, the court would of power to sift the question by a full inquiry into the law and the facts." President Hayes has purchased in the city a pair of fine brown horses and a carriage. THE ALLEGED NEW FREIGHT-RATES EAST AND WEST. BALTIMORE, April 2.-In regard to the meeting of the presidents of the Trunk in lines said to have taken place York on Saturday in railroad New the reference following to East and West, is in this city for to correct the effects freight-rates In furnished order mischievous publication of the false statements that have been made to the combination of the Erie, New as York Central, and Pennsylvania railroad companies in opposition to the Baltimore and Ohio Company. the following dispatch from President Scott is published: Philadelphia, April 2, 1877.-To John Garrett. President, Baltimore: I notice the in W. some of the papers a statement to effect that the two New York lines and the road had entered a comon offensive bination Pennsylvania Saturday, into and which defensive, against your road, all of you have the best of reasons for knowing is of course without any foundation whatever. [Signed] THOMAS A. SCOTT, President. President Garrett states that all the allegations of bad faith against the Baltimore are equally without and that this can and foundation, Ohio Company company action has demonstrate that its under the agreement throughout, clearly The of Balti- December, been just and proper. Ohio Company has be not only willing tinues more and to been but remunerative earnestly and conadvance rates to a and to arrange and to perfectly just standard, all desirous tariff's to upon and equitable maintain doubt principles-such as will without meet with general approval. It is understood that Mr. Garrett left for New York this evening. BROTHERHOOD OF LOCOMOTIVE ENGINEERS. PHILADELPHIA, April 2.-From the condito-day it is evident there has been trouble between the tion of affairs Reading officer Railroad of and their engineers. An the stated this morning asked during last week Company man company was that whether each adremain with the company or the Brotherhood, and in the of hundred here he would to engineers employment out of four there were only a decided to quit. This the who company about morning which dozen all hands were on their engines as usual. fact, to officers of the company, is an assurance that the men will keep faith. Papers reference to the of mentioned in the having project beneficial circular life-insur- being ance General Manager Wooten are now drawn up, to which the signature of the engineers intending to adhere to the company will be annexed. EFFECT OF THE LATE STORM. CHICAGO, April 2.-The storm of the last had the effect of flooding the southof the city to an seven miles square. to few western about days part extent The not water equal carry which the sewers and drains could off has risen in some cases to the first stories, and driven from houses people who were obliged to make their way about. Boats were improvised from floating timber. The damage is very great. ALABAMA RACES. spring meeting of the Club took MOBILE, Mobile April Jockey place Hinton to-day. won, In the burdle-race, mile heats, Chalmette second. Bronogan was distanced. In the seven-mile-heat running-race, Donaugh won, Miss Felton second. Time, 1:52 and 1:57. In the mile-heat trotting-race, Jane Murphy won, Sam Levy second, Lady Bates third. Time, 2:57 and 2:58 THE SUSPENDER STATE BANK OF NEW JERSEY. NEW BRUNSWICK, N. J., April 2.-The State has $60,000 deposited in the suspended State Bank. LATEST FOREIGN NEWS

10. April 3, 1877 The Sun New York, NY
Article from The Sun, April 3, 1877

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NEW BRUNSWICK'S BROKEN BANK. Angry Depositors Following the President to a Funeral-An Injunction. "The depositors of the bank followed me to n funeral on Saturday," said Abram Voorhess, President of the crippled State Bank of New Brunswick, yesterday. "Yes," he added, nervously, "they dogged my steps there and to my house, and what could I say or do?" Frightened depositors began early to appear at the bank. They handed their books to the cashier. Can't do anything for you to-day," said that official: "the bank has suspended payment." The State Bank up to Saturday noon was thought by many to be one of the most substantial Institutions in the city, despite the misfortunes that befell it four years ago. It numbered among its depositors many of the substantial tradesmen of the city, and contained $16,000 of the funds of the Middlesex County Board of Chosen Freeholders. and $50,000 of the State of New Jersey's money. Mr. Hart Moore, the City Collector. on Saturday presented a check for $10,000 of the county's money. and the refusal of the cashier to honor the check, on the ground that the bank had no funds to meet it, pricked the bubble. Mr. Moore after having his check dishonored, informed Mr. James Bessett. Director of the Freeholders, and the latter instituted proceedings to obtain an injunction agencies the bank. which was granted late on Saturday night by Chancellor Runyon, together with an order made on President Voorhess to show cause at Trenton, to-day. why a receiver of the bank should not be appointed. They were served by the Sheriff vesterday. "Is it true," the reporter naked of Mr. Voorhesa "that you withdrew $23,000 from the bank on Wednesday and that Mr. Meyer drew $30.000 the day following." As for myself," said Mr. Voorhess, 1 answer that it is not true: I deposited $4,000 in the bank during the past week and have $25,000 on deposit now. I can't answer for Mr. Mever. The bank was robbed by Woodworth and Appleton. which. together with the panie. has all ted it. The new Masonie Hall also had something to do with the trouble. That is all I can say. I have been summoned to Trenton, and I suppose the bank's ffairs will 800 11 be wound up. The bank received deposits half an hour before suspending.

11. April 3, 1877 The New York Herald New York, NY
Article from The New York Herald, April 3, 1877

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NEW BRUNSWICK'S ROTTEN BANK. CHANCELLOR RUNYON INTERFERES IN BEHALF OF THE DEPOSITORS-PRESIDENT VOORREES TO SHOW CAUSE TO-DAY WHY THE BANK SHALL NOT BE PLACED IN THE HANDS OF A RECEIVER. The sudden collapse of the State Bank of New Brunswick. N. J., on Saturday afternoon. was u complete surprise to the majority of the depositors, and created a decided sensation in that city. During Thursday and Friday "knowing ones" silently gave a few friends hints to withdraw their deposits If they wished to be on the safe side, and probably a dozen or more acted on this warning and got their money. On Saturday the dismal truth that the bank had gone under was made known. AN INJUNCTION GRANTED. Among the first to take time by the forelock in this instance was Mr. Moore, who, as soon as he discovered the true situation, acquainted Mr. James Bissett, the Director of the Board of Chosen Freeholders. This gentleman made haste to appear before Mr. Adrain, the Board Solicitor. who drew up a complaint, and late on Saturday night it was presented to Chancellor Runyon, who issued an injunction restraining the bank officials from paying out moneys, receiving funds. &c. This document, together with an order directing President Voorhees to show cause at Trenton, to-day, why a receiver of the bank should not be appointed, was served upon that official bv the Sheriff of Middlesex county at nine o'clock yesterday morning, just as he was on the point of starting for the bank. When he reached the counting room he was apparently so agitated that he could not find utterance. Throughout the morning an important conference was held in the President's room, and was participated in by an officer of a New York bank. the directors of the bank and one or more stockholders. WHAT PRESIDENT VOORHEES SAYS. At noon President Voorhees came out and appeared to be suffering severely from mental depression. "Is it true," queried the reporter, "that you drew $25,000 from the bank on Wednesday, and IS it true that another officer of the bank withdrew $30,000? This is the report on the street." Mr. Voorhees was staggered for a moment, but quickly recovering himself replied:-' is not true as regards me-not a word of it. On the contrary, 1 deposited $4,000 last week, and have altogether $25,000 on deposit in the bank at the present time; haven't James?" (referring to a clerk who had left his desk to listen to the conversation). James nodded assent. Continuing he said :- don't know about the other report, but I don't think it is true. The bank owes its misfortunes partly to the late panic." The nervous President evaded the question of liabilities and assets by saying that the bank had also became slightly involved owing to "bold 10g liens on the new Masonic hall," or in other words, having an interest in this large building which has not proved such a sale investment as 118 projectors anticipated. He also mentioned the fact that when the bank had been crippled by Woodworn four years ago he promptly put $26,000 in the treasury to help it along, and asserted that Woodworth's robbery was in a measure the cause of the present troubles. None of the directors or stockholders would give the slightest information as to the direct cause of the bauk's suspension. tis generally conceded, however, that the dulness of the times, the depreciation in the value of real estate and bad investments were the sources of the bank's difficulty. It was incorporated in 1812, and is among the oldest institutions in the State. Since the defalcation of its ex-cashier, Appleton. four years ago, it has been steadily going down, but still retained the confidence of many ot the tradesmen and mechanics of New Brunswick and the county, who were its largest depositors. ITS UNFORTUNATE DEPOSITORS. Those who suffer from the suspension in New Brunswick are loud in their denunciations of the conduct of the bank officers from President down. It IS stated on good authority that the bank's condition was known to a "ring" of five or six, and that all of them saved themselves and were the means of saving their friends by timely notification when the bank would close its doors. It IS said that Mr. Christian Meyers, a heavy stockholder. was one of this number, and that ho drew $30,000 from the bank on Wednesday last in anticipation of the coming crash. It IS also said that Mr. Charles Fisher, a son of one of the directors, took advantage of previous warning and withdrew his de. posits either on Friday or Saturday, and it is hinted that, despite President Voorhees' dental, it will be found that he withdrew $25,000 the day previous the dénouement. From information obtained from one of the heaviest depositors it appears that the bank re ceived deposits up to within halt an honr of its suspension. Should the concern be put into the hands of a receiver, of which event there seems to be no doubt, the depositors may realize 25 cents on the dollar-pernaps a larger sum. The affairs of the bank will undoubtedly be wound up, and in all likelihood business will be resumed with new men at the helm.

12. April 3, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, April 3, 1877

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FINANCIAL. NEW BRUNSWICK, N. J., April 2.-Application was made by the State of Now Jorsey on Saturday for the appointment of a Receiver in the affairs of the State Bank, which closed its doors on that day. The writ was issued this morning, and made returnable to-morrow at 11 o'clock n. m. The State had $55,000 on deposit In the bank, and the County of Middlesex $10,000. BOSTON, April 2.-The West Boston Savings Bank, which suspended business in January 1570, on account of impaired capital, resumed business to-day.

13. April 4, 1877 The Lambertville Record Lambertville, NJ
Article from The Lambertville Record, April 4, 1877

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The State of New Jersey has $50,000 on deposit in the State Bank of New Brunswick which suspended on Saturday, and the county of Middlesex has sixteen thousand dollars on deposit. Application was made to the Chancellor in Trenton on Saturday for the appointment of a receiver, and the writ was served Monday morning. It was returnable yesterday at eleven o'clock.

14. April 4, 1877 The Lambertville Record Lambertville, NJ
Article from The Lambertville Record, April 4, 1877

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THE STATE BANK OF NEW BRUNSWICK IN DIFFICULTIES-The State Bank of New Brunswick, N. J., closed its doors at 10 o'clock A. M. on Saturday. There had been rumors of its unsoundness for some time, and depositors have been withdrawing their money freely for the past few days. The bank suffered from the panie of 1873, and in 1875 instituted a suit against the Woodworth Carpet Company for nearly $1,000,000, and was defeated, Mr. Hart Moore, the County Collector, attempted in the morning to draw out the portion of the county funds on deposit in the bank, but was unsuccessful. The quarterly statement of the bank made January 2, 1877, represents the resources at $675,050.57. There was due depositors, $389,714.63 due to banks and companies, $28,712.11 and the capital stock was set down at $250,000.

15. April 4, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, April 4, 1877

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i Angry Depositors. THEY FOLLOW THE PRESIDENT OF THE NEW BRUNSWICK BANK TO A FUNERAL. "The depositors of the bank followed me to a funeral on Saturday," said Abram Voorhess, President of the crippled State Bank of New Brunswick, yesterday. "Yes," he added, nervously, "they drogged my steps there and to mv house, and what could I say or do?" Frightened depositors began early to appear at the bank. They handed their books to the cashier. 'Can't do anything for you to-day," said that official; "the bank has suspended payment." The State Bank up to Saturday noon was thought by many to be one of the most substantial institutions in the city, despite the misfortunes that befel it four years ago. It numbered among its depositors many of the substantial tradesmen of the city, and contained $16,000 of the funds of the Middlesex County Board of Chosen Freeholders, and $50,000 of the State of New Jersey's money. Mr. Hart Moore, the on a City check Collector, for the $10,000 refusal Saturday of of the the presented county's cashier money, and to honor the check, on the ground that the bank had no funds to meet it, pricked the bubble. Mr. Moore, after having his check dishonored, informed Mr. James Bessett, Director of the Freeholders, and the latter instituted proceedings to obtain an injunction against the bank, which was granted late on Saturday night by Chancellor Runyon. together with an order made on President Voorhess to show cause at Trenten, to-day, why a receiver of the bank should not be appointed. They were served by the Sheriff yes. terday. "Is it true," the reporter asked of Mr. Voohess, "that you withdrew $23,000 from the bank on Wednesday, and that Mr. Meyer drew $38,000 the day following." "As for myself," said Mr. Voorhess, "I answer that it is not true; I deposited $4,000 in the bank during the past week, and have $25,000 on deposit now. I can't answer for Mr. Meyer. The bank was robbed by W ood worth and Appleton, which together with the panic, has affected it. The new Masonic Hall also had something to do with the trouble. That is all I can say. I have been summoned to Trenton, and I suppose the bank's affairs will soon be wound up.

16. October 2, 1878 The Lambertville Record Lambertville, NJ
Article from The Lambertville Record, October 2, 1878

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AN OLD STORY RECALLED.-The carpet mills in New Brunswick, which were closed in consequence of the failure of the company three or four years ago, have been reopened, and Charles N. Woodworth, the former President of the Company, is President of the new company. Four years ago the mills employed 250 hands and manufactured a million yards of carpet annually. The story of its failure is connected with the failure of the State Bank of New Brunswick, and Woodworth was tried on a charge of having conspired with Greenleaf W. Appleton, cashier of the State Bank, to defraud the bank. Appleton fled to Europe and has not since returned. The bank's assets of over $1,000,000 had disappeared some way or other. On the trial of Woodworth it was shown that the bank's books had been falsified by the Cashier's directions, and that no credit had been given to the New Brunswick Carpet Company for deposits made by President Woodworth. Mr. Woodworth, after a most exciting trial, which lasted three weeks, was acquitted. The bank meanwbile began proceedings against the carpet company to recover $667,000 claimed to be due, and E. E. N. Miller was appointed assignee. Mr. Miller's report, which has just been filed, says that instead of a balance of $667,000 being due by the carpet company to the bank there is a balance of $100,000 due by the bank to the carpet company. The bank suspended in 1873, but some of the director's started it again with a new capital of $250,000. Two years ago it failed again and is now in the hands of a receiver. Mr. Woodworth had invested all his money in the carpet company, and its failure ruined him.

17. November 25, 1878 The Sun New York, NY
Article from The Sun, November 25, 1878

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BANK OFFICERS ARRESTED. ACCUSATIONS OF CONSPIRACY TO DEFRAUD THE DEPOSITORS. Directors of the State Bank Ball-The of New Five Compelled to Give Averments Brunswick of those who are Complainants. BRUNSWICK, N. J., Nov. 24. The Jr., arNEW Abraham Voorhees. Joseph Fisher, Jarrard. rest of Staats. Sr., and ex-Senator at New Frederick of the defunct State Bank to dedirectors upon a charge of conspiracy Five Brunswick. the depositors. is the topic to-day. considered fraud the bank. which had been the oldest years ngo the soundest. as it was one of announced one of State. closed its doors. It was with in the entire Assets had been made away Applethat its conspiracy between Greenleaf W. Robert N. by a cashier of the bank. and Brunston. Woodworth. the President of the Appleton New reCarpet Company. wick in New Brunswick for without some mained the suspension of the bank. to time attempt after being made by the directors length any him. He and Woodworth were at he has arrest and he fied to England, where and indicted, since. He is of a literary turn. London. remained recently published a novel in New has voluntarily returned his from trial in Woodworth New Brunswick to stand W. Brooke York to He was defended by Charles 1874. New York, and was acquitted. Prosecutor after a pro- was assisted by eminent tracted of trial. in which counsel. the State whose New Brunswick Carpet Company. The above par before these proceedings. applicastock thrown was into bankruptcy upon the that it was the bank directors. who charged N. Miller tion of indebted to the bank. T. of both was heavily who was appointed receiver recently to of Newark. and carpet company. reported combank Chancellor that. instead of the carpet inthe owing the bank. the bank was The heavily carpet pany to the carpet company. by Mr. debted been reorganized recently successful opthe under company Woodworth has and is once name more of the in United States Carpet eration Company. Bank remained closed a short of time its The State announced that some enough only. It directors was had advanced money on a sound wealthy it to resume business under seemingly to basis. enable and it was reopened Conover. who had favorable auspices. before Appleton. George but had habits. been disbeen cashier account of his dissipated until about replaced his on place. The bank ran it on once more sumed and then New Brunsa year ago. and Col. Newell, of announced suspended. wick was appointed receiver. would It was be paid in at first that the depositors and the depositors were full. but time passed. At length they began Woodworth, to move. disappointed. Brooke. who defended engaged Counsellor and Mercer Beasley of Trenton. October were last an order to represent them. from Chancellor In Runyon. cause direct- why was ing the obtained receiver of the turn the bank to assets show of the bank heshould into money not to at satisfy once force the claims the receiver of its creditors. to disThe purpose WAS the to absence of any appreciable be brought the close assets. at in once order directors that for suits the might deficiencies thus ascertained. against of Middlesex. having the a deposit Board in of the The county defunct bank. the Robert counsel Adrain. of and County Freeholders, Charles Mr. Cowenhoven. also proceeding. appear Prosecutor. in the present warrant of arfor the complaint prosecution upon which the the President. rest The is founded Voorhees alleges (a septuagenarian that maiden of whose New marriage Abraham to was a beautiful recently descr young Ibed in the THE SUN). directBrunswick the cashier. and deceive Joseph named Fisher. conspired Jr., to defraud their and usual quarthe ors depositors by publishing in January. 1877. a to copy the terly bank verified statement under oath. is represented attached to of complaint. which. in which amount they are of about $250,000. have assets fact, to the the concern was April. then Alderman bankrupt, when. suspending in in the following the committee of John 8. Clark, makes representing the complaint among Other the aver- asdepositors, ments in the complaint notes are drawn that by George his sets. so called. cashier are (who since resumed of the direcdrinking Conover. the habits and died), although in favor he was not at is tors, the time for a worth large amount. a dollar. Another on the day averment before the it one of the bank. and when to withwas bankrupt. which he accordingly are that suspension of the recommended directors. a friend they knew did. condraw his deposits. Fisher. and Staats was 8 Messrs. wealthy. Voorhees Ex-Senator financially Jarrard in his rebut sidered has probably suffered He is the Republican the cent political the contests. county. and a member were of bailed manager Republican of State Committee. They in $5.000 Woodworth each. was tried for conspiracy said that to When the bank. common rumor had connived defraud of the directors of the bank and knew more at some Appleton's escape to the Europe. bank's assets than was of about the absence The of extraordinary thearrnighment feature made to appear. prosecution will be Wood the present men who pushed against now brought of the very 1874 the charge that is to defraud the worth in themselves of conspiracy State against Bank at New Brunswick.

18. January 21, 1880 New-York Tribune New York, NY
Article from New-York Tribune, January 21, 1880

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NEW-YORK DAILY TRIBUNE, WEDNESDAY, JANUARY 21, 1880. Secretary of State and Supreme Court Clerk as the totals of their receipts are not less than the true figures, and whether these officials have not found a loophole for escaping the provisions of the law which was intended to make them "show their hands." A second resolution for the same inquiry into the reports of county officers was adopted. The Judiciary Committee (consisting of Senators Hobart, Rabe and Francis) was appointed to make the investigation. Senator Frencis introduced a resolution for an inquiry into the condition of the sinking fund, which has been largely invested in mortgages on farm lands by the Democrats who have controlled it for years. The Commissioners have an immense amount of real estate on their hands, and a great deal of interest is overdue. Mr. Allan McDermott, of Hudson County, a Democrat, introduced to-day a measure providing that the State shall pay for the postage on all letters and documents sent by members during the session. The Republicans voted down the resolution twice, the Democrats generally voting in its favor. Among the bills introduced are the following: By Senator Hobart, requiring court fees to be paid to the clerk and by him to the judge; also reducing the number of Common Pleas judges to three in each county; by Assemblyman Morehead, providing for county Boards of Inspectors of State Lunatic Asylums; by Senator Hobart, extending the time for insurance proxies from one year to three years. Senator Rabe (Dem., Hudson) introduced a resolution this afternoon inquiring as to the facts concerning the deposit of about $35,000 of State funds made in the State Bank of New-Brunswick, which suspended some time ago. It is charged that the private depositors have received a large proportion of their money, while the State Treasury has recovered nothing. HOME NEWS. PROMINENT ARRIVALS Windsor Hotel-Ex-Congressman F. Jones of New-Hampshire; J. N. McCullough, of Pittsburg, and General John N. Knapp, of Auburn, N. Y...... Fifth Avenue Hotel-Judge Joseph Potter, of the New-York Supreme Court...... Grand Central Hotel-Judge Hoyt H. Wheeler, of Vermont. Clarendon Hotel-John Newell, of Chicago, and Edward J. Phelps, of Vermont.... Hotel Brunswick-General A. C. McClarg, of Chicago...... Gilsey House-Alexander Graham Bell, of Washington, and Samuel M. Shoemaker, of Baltimore. ......New-York Hotel-Sidney Lanier, of Baltimore...... St. James Hotel-George B. Spriggs, of the Great Western Railway of Canada...... Hoffman House-William McMichael, of Philadelphia. NEW-YORK CITY. At a meeting of shoemakers, held at No. 100 Chatham-st., reports were received of an increase of wages in the different shoe factories. The fifth anniversary of the New-York Society for the Prevention of Cruelty to Children will be held at Chickering Hall next Monday evening at 8 o'clock. Robert Simpson and C. F. Priest, by whose shooting at a rat C. H. Murtagh was accidentally wounded on Monday, are still held as prisoners, to allow the police to investigate the case further. The scores at the chess tournament yesterday were as follows: Grundy, number of games won, 10; Judd, 9; Mohle, 8½; Mackenzie, 8; Sellman, 7½; Delmar, 7½; Ryan, 5; Ware, 3; Congdon, 2½. An unknown sailor, about thirty three years old trial on a sin Carroll had A magical Ann's Episc evening at Edgar S. Al late Robert hundred per entertainme formances b with card m hat, from w neous stock spectators. At the reg empt Firem ing, the foll sning year: ken, first vice-preside retary; Fram James Y. W report show were $2,05 $1,885 85. urer a balan Theodore he-st., has b Bernard F ern District. illness. He