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Another Savings Bank Closed. The Central Savings Bank. at Bergen and Fairmount avenues, Jersey City, has closed its doors, and called upon its depositors to close their accounts The reason given for this action is that the bank has not busis ness enough to pay for running it any longer Its liabili. ties are about $10,000. They are to be paid in full.
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BANK TROUBLES. CLOSING UP THE CENTRAL SAVINGS BANK OF JERSEY CITY HEIGHTS--REORGANIZING THE MECHANICS AND LABOREES' BANK OF JERSEY CITY. The directors of the Central Savings Bank, corner of Bergen and Fairmount avenues, Jersey City Heights yesterday notified their depositors that they had decided to discontinue business, and that all claims presented in due form would be paid. The institution was opened in 1871, and during its seven years' continuance it was conducted on a very economical basis. The business of the bank was never very heavy. and the trustees and officers alternated in doing the clerical work, keeping the bank open every evening except Sundays. There were no salaried officers or employés and the only expenses, over the $120 per annum for rent, were for fuel. stationery and gas. After the enactment of the Six Per Cent law business ceased to be profitable and the liabilities were gradually reduced. The liabilities are at present $10,000 and the institution will be closed without loss to any one. The officers are:-Henry Dusenbury, president; Orrin Ward, vice president; Henry Fitch, secretary and treasurer. BANK REORGANIZATION. The directors of the Mechanics and Laborers' Savings Bank, corner of Grove and Second streets, Jersey City, held their regular semi-annual session on Monday night and took such action as they believed would end the troubles and dangers of suspension which for the past few weeks have beset the institution, One of the directors explained yesterday the cause of the bank's troubles by stating that about two years ago the secretary of the bank, Mr. Donelan, called the attention of the directors to the fact that the assets were rapidly disappearing. The Executive Committee took no action in the matter until a year ago, when the committee was changed. It was then learned, 80 the director stated, that John Halliard, the president of the institution, had borrowed about $60,000 of the assets and given as security a number of promissory notes which were not indorsed. Mr. Halliard's indebtedness was withheld from the directors by the Executive Committee, the latter gentlemen having implicit confidence in his ability to find security for the amount. He gave security for $35,000 of the amount, but the security offered for the residue was not thought sufficient. and at last it was determined to bring the matter to the attention of the directors. The result of this was that at the meeting on Monday night a plan of reorganization was presented and adopted. Dr. T. C. O'Callaghan was elected president, without opposition, and James J. Reid, secretary of the State Fire Insurance Company, was elected chairman of the Executive Committee. Resolutions were adopted, directing the inembers of the Executive Committee to visit Chancellor Runyon and, in order to prevent the institution from going into the hands of a receiver, to propose that each of the directors deposit $1,000 in bank for one year without interest in order to resume business. The committee will visit the Chancellor to-day, and should the proposition be accepted it was decided to pay the depositors the amount of their claim with the exception of about teu per cent, and the remainder to be paid when a sufficient surplus shall have accumulated.
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ALL AROUND THE GLOBE, The First National bank of Tamaqua, which suspended the 14th of October, will resume business Saturday. The Central savings bank, Jersey City Heights. is being closed, owing to a lack of profitable business. All obligations will be met in full. The paint shop, saw mill, drying room and shoemaking shop of the central prison at Toronto burned yesterday morning. Loss $100,000; heavily insured. The female power loom weavers in the carpet mills of the Nineteenth ward, Philadelphia, have struck on account of a notification of a reduction of wages of one cent per yard. The strikers are willing to accept one-half cent reduction. A Virginia City dispatch says the superintendent of the bonanza mines stated to a reporter this morning that the real cause of the discharge of men was the intense heat. The miners will resume work here as soon as connection is made with the Ophir. This will be in ten days.