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NEW YORK, Dec. 28.-A receiver was to-day appointed for the Jersey City savings bank. The Markets. A ..
14044. Jersey City Savings Bank (Jersey City, NJ)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- December 28, 1877
- Location
- Jersey City, New Jersey (40.728, -74.078)
Metadata
- Model
- gpt-5-mini
- Short Digest
2e12cf46
Response Measures
None
Description
Multiple articles (Dec 28–31, 1877) report the Jersey City Savings Bank was closed by injunction and a receiver appointed (Michael Sandford/Sanford). No run or depositor panic is described. Deposits were about $7,000; state authorities (Chancellor) closed the bank due to alleged illegal/ fraudulent management. OCR variants: Sandford/Sanford and Newbern/Newberne/Freeze/Freese appear in sources.
Events (1)
1.
December 28, 1877
Suspension
- Cause
- Government Action
- Cause Details
- Closed by injunction of the Chancellor and state authorities; receiver appointed to take possession due to alleged illegal/fraudulent management and inability of president/directors to account for affairs.
- Newspaper Excerpt
- A receiver was to-day appointed for the Jersey City savings bank.
- Source
- newspapers
Newspaper Articles (13)
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NIGHT DISPATCHES. THE LATEST FROM GOTHAM. JIM KEENE'S RUN ON NET TER & COMPANY. The Nevada Bank to Establish Agencies in Europe. Coal for the Shivering Millions NEW YORK, Dec. 28. It is understood here that U. S. Grant, Jr., has been appointed Special Assistant United States District Attor ney, for the prosecution of the old and delayed customs cases. A Receiver has been appointed for the Jersey City Savings Bank. The body of a man was found to day in the ruins of Barclay street fire It may be identified by a piece of a watch chain. Wall street resounds with commend ation of the shrewdness and prompti tude whereby James R. Keene res cued over $200,000 of securities from Netter & Co. before their failure. He had deposited the securities as collat eral, with a large margin for a cal loan. Getting advice on Friday morn ing of some doubtful or unbusiness like proceedings elsewhere of the Net ters, he instantly took up his loan, de manding and obtaining his collaterals It was this that precipitated their failure, which, however, was inevita ble at an early day. It is rumored here that the Bank of Nevada contemplates establishing its own agencies in New York, Londor and Paris, and that Louis MeLane comes East next month on that busi ness. Seventy-five thousand tons of Scran ton coal was sold at auction to-day, by order of the Lackawanna Company There was a large attendance and prices were from ten to forty-five cents per ton more than last month. Arrest of a Supposed Train Robber -Life Insurance Villainy. ST. LOUIS, Dec. 28. Thomas Nixon, supposed to be one of the Union Pacific Railroad express robbers, was arrested about 75 miles west of Sherman, Texas, on Wednes day morning, aud is now on his way north, in charge of officers. A fire at Carrolton, Missouri, or Christmas night, destroyed nearly a block of business houses, involving 6 loss of about $30,000. L. E. Alexander, Receiver of the Columbia Life Insurance Company has filed a petition, alleging collusion between the officers of that company and the Life Association of America, to defraud the former company out o $675,000, by means of the transfer o stocks and assets, just previous to his appointment as Receiver. He peti tions for a cancelation of the transfer What Albert Netter Says. CINCINNATI, O., Dec. 28. Albert Netter, of the recent banking firm of Netter & Co., New York, who is at the Grand Hotel in this city stated to an interviewer as to the re hyporhecating feature of their busi ness that it was simply a question o interest; that the firm in New York has to-day $12,000,000 borrowed or such securities. It got the securities
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LIGHTNING FLASHES. It is understood that U. S. Grant, Jr., has been appointed Special Assistant U. S. District Atterney for the preparation of old and delayed customs cases. A Receiver has been appointed for the Jersey City Savings Bank. The President yesterday signed a free pardon for Frank S. Hinkle, convicted in November last of forgery. The Rockland county, New York, National Bank has suspended. James D. Burke, messenger in the office of the Comptroller of the Currency in Washington, has been arrested for robbing the United States mails. A Berlin special says: Russia is sounding the various Mediterranean States as to their disposition relative to the opening of the Dardanelles. There were 75,000 tons of Scranton coal sold at auction in New York yesterday by order of the Lackawanna Company. There was a large attendance, and prices were from ten to forty-five cents per ton more than last month. A fire at Carrollton, Mo., on Christmas night, destroyed nearly a block of business houses. involving a loss of about $30,000. Insured. Of the insurance $700 is in the Firemen's Fund of California. The Pope held a consistory at the Vatican yesterday. Monseignors Moretti and Pelligrini were nominated as Cardinals, and some Bishops were appointed. Thomas Noxon, supposed to be one of the Union Pacific Railroad express robbers, was arrested about seventy-five miles west of Sherman, Texas, on Wednesday morning, and is now on his way north in charge of an officer. A Paris correspondent telegraphs that it is reported that Don Carlos was ordered to quit France partly in consequence of exQueen Isabella's overtures to him. These overtures are regarded as an expression of her displeasure at the marriage of King Alphonso. A Visalia, Cal., dispatch says that Sol. Gladden, one of the party in pursuit of the Hanford store robbers, was killed on Friday in an assault upon a Spanish house on the west side of Tulare Lake, in an attempt to take a man supposed to belong to the gang. Two horses were also shot. England's reply to the Porte's circular has not yet been received, but Layard has been instructed to sound the Porte on several points relative to conditions of peace. Simon Cameron has compromised the suit that was brought against him for alleged breach of promise by Mrs. Mary A. Oliver, widow, by the payment of $1,000. The suit has been withdrawn. It is rumored in New York that the Bank of Nevada contemplates establishing its own agencies in New York, London and Paris. and that Lewis McLane goes East next month on that business. Ten wooden buildings in the rear of Waterloo street, St. John, N. B., occupied by a number of artisans, were burned last night. Loss $40,000; insurance $15,000. J. & 8. Simpson's fancy goods store, New York, was damaged by fire this morning to the amount of $40,000. Insured. James McKuhlson, a watchman, died from the burns received. Dr. J. S. Jones, well known as a surgeon and playwright, died in Boston this merning after a long illness. The noterious Nothampton Bank robbers have each been sentenced to twenty years in the Massachusetts State Prison. George Winks & Ce., one of the oldest and largest importing houses in Montreal have failed. Liabilities, $300,000. The assets will pay 75 cents on the dollar. Owen Murphy, New York's absconding Excise Commissioner, is in Toronto. The appointment of ex-Congressman H. E. Paine of Wisconsin to be Judge of the Court of Claims, vice Peck resigned, has been determined upon. Leading society people of New York are uniting with representative actors and actresses, in organizing a grand dramatic entertainment to be given at the Academy of Music, January 17th, as a mark of love and esteem at the present Christmas time, to John Brougham, now recovering from a painful illness. Five steamers sailed for Europe from New York to-day with full cargos. The motion for a now trial has been denied in the case of I. S. Lambert, President of the American Popular Life Insurance Company of New York. Sentence is postponed until Wednesday, that the prisoner may make disposition of his affairs.
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Receiver Appointed. NEW YORK, December 28.-A receiver has been appointed for the Jersey City Savings Bank.
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JERSEY CITY SAVINGS BANK CLOSED. The Jersey City Savings Bank was opened early last Summer, at Greene and Montgomery-sts., Jersey City, with S. B. Ransom, a well-known lawyer, as president, a man named Newbern. as secretary, and J. W. Freeze, of Trenton, astreasurer. The bank did very little business, and was not regarded as being on a very solid basis. A few days ago Mr. Ransom informed the Secretary of State, that be had no control over the bank as president; that he was unable to get any statement of the affairs of the bank or of the method of doing business, from the other officials: and that be had called a meeting of the directors, but had failed to bring them together; on this account he resigned his position as president. The Secretary of State and Mr. Ransom went before the Chancellor. who, on Wednesday, granted an injunction, under which the bank was closed yesterday morning. Michael Sanford was appointed receiver and immediately took possession. The deposits only amount to about $7,000. Every effort will be made to pay the depositors in full.
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ANOTHER BANK CLOSED. PROMPT ACTION OF THE JERSEY AUTHORITIES SAVES DEPOSITORS FROM RU:N. Some time in last June the building at the southeast corner of Montgomery and Greenestreets, Jersey City, was engaged by parties almost unknown to the citizens, to be used as a public office. The first floor was neatly fitted up, and soon a sign was displayed announcing to the public that there they would find the Jersey City Savings Bank. Inquiries were made and it was found that not asingle Jersey City man had anything to do with it. The Treasurer was Jacob R. Freese, of Trenton, whose bondsman was a near relative-Isaac Freese, recently connected with the stock yards and abattoir in Jersey City, a bankrupt and a non-resident evon at the time he signed the bond. The secretary was a man giving the simple name of "Newburn," and he, too, was a non-resident There were only two directors, named Livingston, and these were brothers-in-law of Mr. Freese. the treasurer. In answer to questions as to the soundness of the institution this junta exhibited a charter, dated 1875, which appeared on its face legal and sufficient. Finding that the concern could take no root where the founders were strangers, the lattor induced S. B. Ransom, a lawyer, long resident in Jersey City, and who has been an active worker ID the State temperance organization with Freese, to become its president. Mr. Ransom, on assuming the office, called a meeting of the directors, but the Board responded not. A further investigation taught him that the concern was so managed that no quorum of airectors had ever been elected. He examined the books and found them mutilated ID several places to suit Newburn, who placed all the funds of the concern IM the Grocers' Bank, of New York, on a check in his own name; thut he drew the moneys of the bank on his own check without keeping any account of the transactions except in memory, and that all the assets of the bank, except the furniture and what was !eft of the books, were in Newburn's possession and consisted merely of cash items less than the liabilities. More than this. Newburn, it is said, has been in Patagonia or New Zealand, so lar as Mr. Ransom knows, since he became connected with the bank. Finding that he was placed in the concern as pres:dent only as a ugurenead and for the purpose of inspiring confidence in the community Mr. Ransom resigned and called the attention of Governor Bedle and Secretary of State Kelsey to the matter. After a brief investigation the statements of Mr. Ransom were fully verified. An application was made to Chancellor Runyon, who appointed Mr. Michael Sandford receiver, to take effect immediately. Secretary of State Kelsey came to Jersey City yesterday and placed the bank in Mr. Sandford's hands. The Connceller's injunction was at the same time served on those until then in possession, restraining them from disposing of the assets of the bank. The investigation and action of the State authorities was so expeditious that the parties who conducted the bank were taken by surprise. Mr. Ransom says that having been convinced it was an illegal concern, be took the sudden step against the bank to prevent the production of traudulent assets or the possibility that such as existed might be carried away. It will, accordingly, be some consolation to the depositors to know that out 01 the aggregate deposits of about $7,000, as far as can be ascertained, the deliciency will not exceed $1,200. The smallness of the amount on deposit is accounted for by the distrust which prevailed from the beginning concerning the management of the bank. The State authorities desire it to be understood that this is not a failure, but simply the taking possession by the authorities ot an unlawful bank, which will be wound up in proper legal form. The authorities declare their intention of hunting up Freese, the bondsman, whose surety is set down at $10,000. Detectives are already on bis track, but no arrest was made up to a late hour last evening. The officers of the savings banks throughout the city, who were interviewed by a HERALD representative, were highly indignant that such a concern should be established in their midst, and they expressed a hope that swift punishment would follow.
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Jersey City's Closed Bank. It is believed that Receiver Sandford will have some difficulty in getting possession of the $7,000 deposited in the closed Jersey City Savings Bank. On the bank being closed on Friday there was only $1,491.58 in the safe. There was on deposit in the Grocers' Bank of New York, subject to Secretary Newberne's check, $1,494.08: and in the hands of Treasurer Freese there was $3,000. Newberne says that he had $225 in securities for personal loans, and that the furniture and fixtures are valued at $2,355. None of the bank officials remains in Jersey City,
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JERSEY CITY'S BROKEN BANK. HOW THE NEW SYSTEM OF BANKING WAS NIPPED IN THE BUD BY AN HONEST PRESIDENT. Mr. Sandford, the newly appointed receiver of the Jersey City Savings Bank, says that he will not be able to ascertain the amount of actual assets for some days to come. Some of them, and the larger portion are in the hands of Messrs. Freese, at Trenton; a por. tion is in the Grocers' Bank, New York, in the name of Edward B. Newbern, the secretary; a small amount is on hand; a considerable sum is out on private loan, and the residue is set down to the account of furniture and gas fixtures in the office. It is considered very fortunate that the total amount of deposits was St small. The bank was organized under a special act of the Legislature of New Jersey, passed April 9, 1875, en titled "An act to incorporate the Jersey City Savings Bank of Jersey City." The following were the managers:-Jacob R. Freese, Isaac M. Freese, Theodore W. Freese, William B. Livingston, Edward B. New. bern, Richard B. Cook, Samuel D. Tempkins, Henry Wild, Richard Grant and Stephen B. Ransom. About the Drst week in last July opera. tions were commenced by Isaac M. Freese, Theo. dore W. Freese and Jacob 16 Freese, the latter being Vico President and Treasurer of the State Savings Bank of Trenton. They first cast a line baited with a seven per cent on all deposits under $600, and this was so alluring that they bad quite a haul for a lew weeks. They nooked only small fish, however, but the prospects were encouraging. A meeting of the managers was called, and Stephen B. Ransom, of Jersey City, was elected president; Jacob R. Freese, of Trenton, temporary treasurer, and Edward B. New. bern, no fixed residence, secretary. Mr. Ransom set to work earnestly and discovered first of all that the bank had been in operation for a long time previous to his election. He called on the secretary to convene a meeting of the managers, but the call was not complied with. The concern accordingly remained under the control of Isaac M. Freese, Theodore W. Freese and Edward B. Newbern, without the knowledge or approval of the directors, until September 21. Then caine a minute examination of the books by Mr. Ransom. The amount due depositors was about $7,000, and the assets only $6,000. In the Grocers' Bank, of New York, was a deposit of $1,730, payable to the order of Newbern, the secretary, who had been accustomed to deposit and draw on his own check. Mr. Ransom thereupon notified the Grocers' Bank of New York to pay no more money unless the checks were countersigned by him as president. This resulted in bickerings and dissensions on the part of the managers, WDO had the concern previously in their control, and on Mr. Ransom threatening a rupture, which would expose what seened to him little less than a iraud, the managers held a meeting on the 4th of Oc. tober and a statement was submitted showing the assets to be $6,450 and the amount due depositors $7,215, leaving a deliciency of $725. Nowbern explained this by stating that the deficit went to the credit of rent and incidentals. Messrs. Wild and Tompkins therefore resigned, and before the meeting adjournedJacob R. Frocse also resigned. Mr. Ransom moved that the vacancies be filled by men of good standing in Jersey City, but on motion of Isaac M. Freese the question was laid on the table, and was never alterward taken up. Mr. Ransom then tendered his resignation, but it was rejected and Isaac M. Freese Was elected treasurer. The noxt meeting was held on the 1st of November, at which Isnac and Theodore Freese, Livingston and Newbern were present, and taking advantage of Mr. Ransom's absence the intter's resignation was accepted, and he did not learn of it for four weeks alterward. He then went to the bank and made a thorough examination of the accounts up to the 26th of November. The amount due to depositors was $7,240 21. The assets were as follows:-Casa in savings bank, $1,491 58; on deposit in Grocers' Bank, New York, $1,219 59; amount in the hands of Jacob R. Freese, late treasurer, $3,000. Newbern stated that he had $225 in NOcurities for personal loans, and that the fixtures and furniture to the office were worth $2,355. Mr. Ransom asked to see the bond of Isaac M. Freese as treasurer. It was in the sum of $10,000, signed by Jacob R. Freese, with Isanc M. Freese as security. The latter's affairs were inquired into and it was found he was a bankrupt, his habilities to the New Jersey Stock Yard and Abattoir Company alone being $8,000. Mr. Ransom made an affidavit setting forth that the bank was operated by Leane M. Freese and Edward R Newbern
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THE CLOSED BANK IN JERSEY CITY. It is now expected that Mr. Sandford, the newly appointed receiver of the Jersey City Savings Bank, closed by the Chancellor upon the application of its president, 8. B. Ransom, will have some difficulty in realizing from the assets of the bank even the $7,000 due to the depositors. Mr. Sandford, when he took possession on Friday, found $1,491 58 in the safe, and learned that there was $1,219 08 on deposit in the Grocers' Bank, of New-York, subject to Secretary Newbern's check, and $3,000 in the hands of Treasurer Freeze in Trenton. The secretary savs he has $225 security for personal loans, and that the furniture and fixtures are valued at $2,355.
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The Derry (N. H.) Savings Bank has sustained a "shrinkage" of 25 per cent., and will pay only 4 per cent. interest on the remaining assets. A receiver has been appointed for the Jersey City (N. J.) Savings Bank. The Rockland County National Bank of Nyack, N. Y., suspended on Saturday.
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SUSPENDED.-Dec. 26th, the banking firm of Netter & Co., New York, with heavy liabilities, also the Passaic county Savings bank, Patterson, New Jersey. On the 28th West Bosten Savings bank. Also the People's Savings bank, N. Y., with deposits of $200,000. On the 28th the Real Estate savings bank of St. Louis, suspended. Liabilities $247,000 Also the Derry savings bank, Manchester, New Hampshire. Also the Jersey City savings bank, N.J. Also, December 29th, Brooks' bank, Lawville, N. H. Dec. 31st a run began on the Rochester, N. Y., savinge bank, but it stood. Bonner & Co's. banking house, New York, suspended. Also, the Bankers' and Brokers' association. Also, J. F. Jackson, broker. Bonner owes some $500,000. He lent money to parties on cash collaterals, such as bonds, and then sold the bonds, or borrowed larger amounts on them than he had lent. andin this way did an immense business, at other people's expens e. Bonner is a genuine "financeir."
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PARAGRAPHIC , . -Syracuse, N. Y., has a stone"pile which : keeps away all tramps. i -According to vital statistics for the year 1877, 26,194 persons died in the city of New s York. 29.152 died during 1876. -The Harrisburg Telegraph says that the f grave of the late Governor Geary is the most > neglected spot in the cemetery in that city. -The old county jail at Jacksonville, Fla., is being repaired, and will be used as an arsenal for the military organizations of that State. -The worst managed financial concern thus far is the Miners' Trust Company, of Pottsville, Pa. One centon the dollar is all that is left. -Miss Jennie Collins, of Boston, is getting up a fair, the proceeds of which will constitute a fund for giving dinners to working girls who are out of employment this winter. -The suspended Jersey City Savings Bank, it is now stated, will probably be able to pay its depositors in full. The receiver already has enough cash on hand to pay 60 per cent. -The commissioners appointed to: examine the condition of the Newark Savings Institution report that it can pay at least 72 per cent to depositors, and the assets may realize more. -A blind Italian beggar brought suit in San Francisco court several days ago to recover $100, and during the trial it came out that the plaintiff had $1000 to his credit in a savings bank. -A swarm of bees were recently discovered under the eaves of the Congregational Church in Boscawen, N. II., and with 69 pounds of honey taken from their hidingplace a festival was held which brought the church a large sum. -One of the largest shoe firms in Boston has just concluded an arrangement with the Perúvian Government to furnish 35,000 pairs of men's shoes. They had previously filled an order for the same Government for 10,000 pairs of shoes. -The people of Branford, Conn., are' going to petition the Legislature to prohibit the carrying away of oysters from the beds there to stock private grounds, on the plea that it deprives them of a large part of their necessary food supply. -Steamboat navigation of the Suwanee river, Fla., has been resumed after a long suspension. This is one of the bodies of water that would be ultilized in the construction of the proposed Atlantic and Gulf ship canal, and the extent of its navigable capacity is an interesting question. -In addition to the use of the telephone for military purposes in Gerinany, these instruments have been provided for telegraph operators at ten principal towns, and many more are being constructed. They are also in use between the offices of the Postmaster General and the Director of Telegraphs and of other high public officials. Experiments on a large scale between France and Germany are also being carried on. -The United States Government receives license fees from one wholesale liquor establishment, two breweries and 433 saloons in Vermont, and yet the State officials cannot find one of these places. It is proposed in the next Legislature to make the payment of a license to the General Government or the receipt therefor prima facie evidence of the manufacture or the sale of liquor. Such a law would have increased Vermont's revenue the last year $20,000. -One of the up-town police stations in New York, is, according to the Tribune, the headquarters of a band of boy policemen, consisting of a captain, two sergeants, and half a dozen patrolmen. The lads are all under fifteen years of age and report at the station promptly at 6 P. M., every day. They are furnished with a list of untenanted houses, which they visit at night: inspect with great care, to see that they are not disturbed hy burgulars. During the past year no less than three burglarshave been gaught and convicted through the efforts of these boys.
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BUSINESS TROUBLES. HEAVY FAILURE IN THE BUILDING LINIBANKBUPTCY OF THE CONSUL GENERAL OF PARAGUAY. John J. Burchell, builder, at No. 206 East Filty. sixth street, has failed, and his allorney, Mr. Ran dolgh Guggenheimer, has commenced proceediugs for reliet in bankruptcy. He was one of the most extensive builders in the city, and his failure is the result of depreciation in real estate and losses by forecios. ures of second mortgages held by him. The total habilities are about $1,500,000, of which over $1,000,000 are secured by mortgages ou real estate. The principai secured creditors are the New York Life Insurance Company, $268,500; Walter L. Cutting, executor of Gertrude Cutting, $72,700: Seamen's Bank for Savings, $69,000; Citizens' Savings Bank, $63,000; estate of Adam Smith, $28,000; George 1. strong. $28,000; estate of Richard French. $25,000; Theomore P. Mosa, $20,000; Manhat lan Saving, B uk, $10,000. and Amos R. Euo, $21,600. Among the unsecured creditors are Jessubile Bure tell, $230.237; Henry J. Burcheil, $17,134; James Officer, $4,616.90 James Bigler, $409425; Butcher & But. her, $4,033 04; J. L Schuyler, $3,250; Jack - & Henry, $1,217 08; James A. Frame, $1,300; Bowles & Brother, $509 55; Turk & Berhaus, $1,200; James R. Darrago, $1,000; Tobias New, $601; 1. a Ward, $3,457. and Cnatham National Bank, $1,500. The as. sets COUSISL of a house and lot on Filty-sixth STREEL between Second and Third avenues, valued at $20,000 and mortgaged for $13,000; a house and lot in Immy. first street, between First and Second avenues, valued al $20,000 and morigated for $5,000, and it house and lot on Niuth avenue, between Filty-third and Fifty. fourth streets, valued at $21,000 and morigaged for $10,200. Tuere IS also about $50,000 due bim from judgments against other parties. The suspension of Relael R. Barthold, Consul Gen. eral 01 Paraguay and commission merchant at No 40 Stone street, Is announced. He had excellent credit, and h 8 suspension caused much surprise. He had been 12 business for upward of twenty-tive years, but during the pass three years passed most of his ume in Europe. His basiness lately had been mainly ou orders, but was not protitable, as many of his customers failed through Cuban ir publies. H S outstanding accounts 111 Cuba amount to about $90.000, a large portion of which will not be realized. The total liabilities amount to about $50,000, 01 which $10,000 are for merchandise and the balance mainly for borrowed money due to relatives. The main CLUSE of his sus. pension was inability to make collections from his cus omers. Willi m Carr, dealer in hides at the too: of West Forty-sixth S reet, has tailed with 11 dillities amount 10K to $30,000, nearly all of which is due lor cattle. to salted mides for tanning, but the business has been unprotitable for the past year. A meeting of the creditors of A. & D. Flesh & Co., umporters of lancy goods, tormerly at No. 91 Fraukhu Sticel, was held yesterday at the office of Register Ketchum and schedules were presented showing llabillines amounting to $85.000. Three claims were proved, amounting to $1,452 50, and Josepu Loth was elected assignee. Robert Somerville, auctioneer, of No. 74 University place, made at plication recently to Register Dayton for L18 discharge from backrup.cy and the matter came up yesterday. Tuere was no opposition on the part 01 the creditors and his petition will be granted. Louis Bowman, ary goods doaler wi No. 46 Newark avenue, Jerrey City, yesterday made an assignment to Cuarlee Marks His habilities amount to $9,000. Mr. Micha-i Sinfore, receiver 01 the defunct Jersey City Savings Bank. yesterday gave notice that on and after Monuay next depositors will be p.id sixty per cent 01 their proved claims. This bank was only organized a few years ago by the Freese family 01 Trenton, who are DOW in the State Prison lor defraudida depositors, and its ta'lure Was the cominencemnen of Freese & Co.'s troubies.