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BANKER AND CONGRESSMAN. MR. VOORHIS' MANAGEMENT OF A NEW JERSEY FINANCIAL INSTITUTION-COUNTING THE LOSSES. An adjourned meeting of the stockholders of the Hackensack Bank, of which Congressman Charles H. Voorhis was president, was held in the bank building yesterday. At the last meeting Mr. S. E. De Groote and Mr. John Swinburne, cashier of the First National Bank of Paterson, were appointed as a com. mittee to examine into the affairs of the bank, and it was principally to hear their report that yesterday's meeting was called. Mr. Voorhis' liabilities are now set down at about $250,000, with but few available assets. The committee reported that out of $131,00 loans and discounts made under Voorhis' presidency $81,000 are totally worthless, $30,000 doubtful and the balance available. On the list of liabilities and pad debts are to be found the following:-Charles H. Voorhis, executor of Tallman estate, $11,000, the estate never being considered worth more than $6,000; $10,000 in promissory notes signed by Mr. Voorhis' wife, total loss; Mr. Voorhis' own notes for $9,000, indorsed by himself and secured by stock of the defunet Union Bank, also a total loss; notes of the Hackensack Water Company, which is owned and controlled by Voorhis, amounting to nearly $20,000, and judgment against I. S. Christie, amounting to $9,400. utterly worthless. These and other small debts make up the sum of $80,000. There were also discovered over drafts, made upon the bank by Voor. his' friends amounting to $9,000, which are hopelessly bad; Voorhis' personal overdrafts sum up $6,000; Hackensack Water Company overdrafts, $1,800, and C. H. Voorhis, executor, $500. It is also reported that the Third National Bank of New York holds a note of $10,000 drawn by the Hackensack Water Company, indorsed by C. H. Voorhis as President, and for which the Hackensack Bank is liable. The committee presented three schedules to the stockholders for their consideration. The first exhibited the impairment which would have to be made good if the old capital of $100,000 was retained-viz,, seventy-three per cent or $73,000, Schedule No. 2 represented the amount to be paid in by stockholders in the event of a reduction of capital to $50,000-viz., forty-three per cent. Schedule No. 3. showed the amount to be expected by the stockholders, should the bank go into liquidation-viz,, twenty-five per cent. Of the 534 shares of the bank stock owned originally by Mr. Voorhis all of it has been hypothecated with New York and Jersey City banks, the holders of which refuse to become owners, as by doing so they, under the National Banking law, would be responslble fo: the liabilities of the bank. NO BOND. It was also discovered by the committee that, notwithstanding one of the laws of the Hackensack Bank explicitly states that the president should give a bond in the sum of $10,000, no such document was ever executed. This also reduces the securities from which the stockholders might possibly realize something. Several bank presidents, among others Mr. Jordan, of New York, and Mr. Young, of Jersey City, upon examining the schedules, refused to have anything further to do with the matter and expressed their entire willingness to let the bank go into liquidation. A communication was read at the meeting from the Comptroller of the Currency to the effect that if the affairs of the bank were not speedily wound up he would place it in the hands of a receiver. The Hackensack Savings Bank, which is simply an offshoot of the bank proper will, it it is thought probable, also go into liquidation. The meeting was adjourned until Saturday morning, when it is expected that some conclusive action will be taken by the stockholders. Mr. Voorhis still remains in Hackensack, but is seldom seen outside of his residence and refuses to converse upon the subject of his bankruptcy.
