14052. Mechanics and Laborers' Savings Bank (Jersey City, NJ)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 1, 1878*
Location: Jersey City, New Jersey (40.728, -74.078)

Metadata

Model: gpt-5-mini
Short Digest: 8a123753

Response Measures

None

Description

No explicit bank run is described in the articles. The bank suspended payment in November 1878 (invoked the 90-day rule) amid discoveries of misappropriation and unsecured loans by President John Halliard; depositors and directors attempted reorganization but the court appointed a receiver on 1879-03-06 and the bank remained broken. Significant OCR errors corrected (e.g., 'Laborees' -> 'Laborers').

Events (2)

1. November 1, 1878* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended after discovery that President John Halliard had borrowed/used large sums of bank assets (unsecured loans/embezzlement), and false reports by officers concealed insolvency.
Newspaper Excerpt: which recently was obliged to take advantage of the ninety-day rule ... when it suspended payment.
Source: newspapers

2. March 6, 1879 Receivership

Newspaper Excerpt: The Mechanics and Laborers' Savings Bank, of Jersey City, which in November last suspended payment, yesterday passed into the hands of a receiver.
Source: newspapers

Newspaper Articles (15)

1. November 13, 1878 The New York Herald New York, NY

Article from The New York Herald, November 13, 1878

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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.

2. November 16, 1878 The New York Herald New York, NY

Article from The New York Herald, November 16, 1878

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CLAMORING FOR DEPOSITS. HOW A JERSEY CITY BANK WAS MANAGED--A PRESIDENT LIKELY TO BE PROSECUTED. A meeting of the depositors of the Mechanics and Laborers' Savings Bank, which suspended payment a few weeks ago, was held last evening at the Catholic Institute, Jersey City, and was attended by about fifteen hundred persons, among them a large number of females, probably half of whom were depositors and all of whom were working people. Judge John Garrick presided, and informed the depositors that there were two courses they might pursue-the first to allow the institution to pass into the hands of a receiver and close up its affairs, or they might accept the plan of reorganization offered by the directors, and allow their money to remain in the institution until such time as the bank can pay them iu full. The secretary of the institution, Mr. James W. Donelan, then read a statement of the condition of the bank at the present date, as follows:-Assets considered good, consisting of Jersey City bonds, mortgages on Jersey City property and local real estate, $180,000. Liabilities-Due savings depositors, $210,490; special depositors, $5,786.92, and loans increasing the total amount to $252,250, showing a deficiency of $72,226. On this showing. the secretary continued, the bank will be able to pay seventy cents on the dollar. MR. HALLIARD'S LOANS. Mr. Donelan then read, as ordered by the directors, a statement of "the Mechanics and Laborers' Savings Bank VS. John Halliard," showing the causes which led to this condition of the affairs. Mr. Halliard was the former president of the institution, and the statement presented showed that Mr. Halliard without permission loaned $15,000 to John Van Vorst on a note, and to other persons maller sums without security, raising the total amount so used to $78,232 01. During the reading of the statement there were frequent indignant shouts of "Halliard ought to be hung!" "We'll hang him!" &c. Mr. Garrick then read the plan of reorganization. as suggested by the new officers and directors, in which they each pledged to deposit in bank $500 or more, to remain without interest for a year. He then read a list of the directors, some of whom contributed $2,000 and others $1,000. ACTION OF DEPOSITORS. The directors retired to allow the depositors to decide. The depositors elected Mr. Patrick Farrelly president and M. P. Moran secretary. After considerable discussion the proposition of the bank and plan of reorganization were accepted and a vote of confidence in the directors adopted. The depositors agreed to present themselves at the institution and sign the agreement offered by the directors. Dr. T. C. O'Callagban, the president of the bank, when questioned by the HERALD reporter as to what course the directors intended to pursue regarding John Hailiard, the former president, merely shrugged his shoulders and said that he couldn't tell. Mr. James W. Donelan, the secretary, said to the reporter that the directors of the bank had not yet decided upon their course, but he understood that the State authorities intended to prosecute Mr. Halliard criminally. The directors of the State Fire Insurance Company, of which Mr. Halliard is president, met yesterday, it was understood, for the purpose of removing him; but they adjourned, without doing anything. until to-day.

3. November 30, 1878 The New York Herald New York, NY

Article from The New York Herald, November 30, 1878

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CHARGED WITH CONSPIRACY. WHOLESALE ARRESTS OF BANK OFFICIALS TO BE MADE IN JERSEY CITY--THE TROUBLES OF THE MECHANICS AND LABORERS' SAVINGS BANK. Complaint was yesterday made before Judge Meehan, in Jersey City, by James J. Furey against the directors of the Mechanics and Laborers' Savings Bank, on Grove street (which recently was obliged to take advantage of the ninety-day rule), for alleged conspiracy to defraud the depositors. The bank was organized about ten years ago, and the directors being well known men of sound character, prospere:1, and was thought to rank with the safest in the State until three weeks ago, when it suspen-1 payment. Several meetings of the depositors, who were all of the poorer class, were subsequently held with a view to uniting with the new officers of the institution and restoring it to a sound basis. The first of these meetings was held on the 15th inst., at which the Secretary, Mr. James W. Donelan, by order of the directors, read a statement of the causes which led to the bank's suapension. These the directors alleged resulted from the use by the President of money without authority of the Executive Committee or directors, and also the return of false reports by the former secretary of the Bank Executive Committee. The directors had compelled the President to step down from his position anihad elected another in his place. Each of the directors had subscribed large amounts to rebuild the institution. and to avoid the appointment of u receiver they submitted a plan of reorganization which, if signed by the depositors, would be submitted to the Chancellor, with a prayer that the bank be allowed to continue. The depositors, agreeing to the plan, promised to allow their money to remain on deposit without interest for three years, at the end of which time they would be allowed to draw sixtv per cent of it. The last meeting of the depositors was held on Wednesday last, and then a majority of them accepted the proposition of the directors. Many poor people felt themselves unable to go three years without their money, and among them was James J. Furey, residing at No. 189 Morgan street. His protests against the adoption of the proposition offered by the directors was not well received, and yesterday he appeared before Judge Meehan and made complaint of alleged conspiracy against the Board of Directors. A warrant was issued by Judge Meehan, and it is thought they will be arrested to-day. THE COMPLAINT. The complaint is as follows:State of New Jersey, Hudson county. AR. James J. Furey maketh ONTH and says that he resides at No. 189 Morgan street, Jersey City, in said county: that on the 12th day of October, A. D. 1878, the deponent deposited in the Mechanics and Laborers' Bank of Jersey City, aforesaid, the same being a body corporate of New Jersey. the sum of are that on or about the 6th of November, A. D. 1878, this deponent went to said bank during the registar business hours of said bank. and demanded said money. producing his pass book for the same, which money or any part thereof said bank then and there by its agent and secretary refused to give this deponent. And this deponent further swears that III the presence/and hearing of this deponent a certain director of said bank. between said October 12. 1878, and the date hereof, informed this deponent that for two years last past said bank had been insolvent and unable to meet its obligations, wherefore this déponent charges that on said October 12, 1878. said directors, of their own knowledge. were aware that said bank could not meet its obligations, neither could it pay its depositors or this deponent. and were Acting

4. December 24, 1878 The New York Herald New York, NY

Article from The New York Herald, December 24, 1878

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# BAD FOR THE DIRECTORS. Several directors of the suspended Mechanics and Laborers' Savings Bank, of Jersey City, have received letters dated "New York, December 19," and bearing a skull and cross bones and worded as follows:- You are hereby warned to make good the money you have stolen or I will coolly drive a bullet through you; you are all worse than the thief that will meet a man in the street and take his money. I could protect myself of the high-wayman, but not of you. You are a sneak thief that will suffer sorely if you do not come down with the money. Six days will be given to you to think. Beware! It was rumored in Jersey City last night that seven of the bank officials and directors had been indicted by the present Grand Jury and that they will shortly be taken into custody.

5. December 27, 1878 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, December 27, 1878

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Bank Directors Threatened. Several of the directors of the Mechanics and Laborers' Savings Bank, of JerseyCity which recently suspendes, received anonymous leites embellished, with skulls and cross-bones and reading as follows: You are hereby warned to make good the money you have stolen or I will coolly drive a bulle through you. You are worse then the thiefthat will meet a man in the street and take his money. I could protect myself of the highwayman, but not of you. You are a sneak thief that will suffer surely if you do not come down with the money. Six days will be given you to think. Beware! Efforts will be made to find out and punish the writer of the letters.

6. January 18, 1879 New-York Tribune New York, NY

Article from New-York Tribune, January 18, 1879

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BANK OFFICERS ARRAIGNED IN JERSEY CITY. James W. Douelan, the secretary of the suspended Mechanics and Laborers' Savings Bank of Jersey City, was arrested yesterday and arraigned before Judge Garretson, charged with having conspired, with other directors, to defraud depositors. Donelan pleaded not guilty, and was placed under $2,500 bonds. Patrick Sheeran. the chairman of the Executive Committee of the bank, was also arraigned on the same charge. He pleaded not guilty, and Francis Lehane became DIS surety in $2,500.

7. January 18, 1879 The New York Herald New York, NY

Article from The New York Herald, January 18, 1879

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BANK OFFICERS INDICTED. James W. Donelan, secretary, and Patri k Sheeran, director and member, of the Finance Committee of the Mechanics and Laborers' Savings Bank, on Grove street, Jersey City, which suspended business two months ago, were yesterday brought into the Hudson County Court on a capias, an indictment having been presented against them by the Grand Jury for having, as alleged, conspired to defraud the bank's depositors. Mr. Donelan was arrested at the banking house by Court Officer Donovan, and Mr. Sheeran, who was formerly in the Assembly and a Jersey City Alderman, was found at his house by Deputy Sheriff Peel. The indictment, which alleges that they conspired to defraud the depositors by suppressing the fact of the bank's insolvency, of which they were cognizant in February, 1877, was read to them by District Attorney A. T. McGill. They pleaded not guilty. Francis Lehane became surety in the sum of $2,500 for the appearance of Mr. Donelan, and O. T. W. McDonald, another director of the bank, became bondsman for Mr. Sheeran. It is said that several others of the bank directors have been indicted.

8. January 31, 1879 The New York Herald New York, NY

Article from The New York Herald, January 31, 1879

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# BAD FOR THE DEPOSITORS. The suit of John G. Loehrs against the directors of the Mechanics and Laborers' Savings Bank, to recover $148 which he had on deposit in the institution at the time of its suspension, was tried yesterday in the First District Civil Court, Jersey City, before Judge B. F. Randolph. Messrs. Cloke and Furey appeared for the plaintiff, and Gilbert Collins, ex-Senator Abbett and G. M. Olmstead appeared for the directors. The case was a test one, upon which other suits brought by depositors were to stand or fall. The plaintiff claimed that as the charter of the bank required that there should be fifteen directors to organize, and as there were only fourteen directors, the bank was never organized, thus leaving the fourteen directors liable to civil suit. He further claimed that Mr. J. W. Donelan, the cashier, was liable because he had induced depositors to place money in the institution. Judge Randolph granted a non-suit without allowing the case to go to the jury, on the ground that the directors had properly organized and that Mr. Donelan could not refuse to take money offered, even if he knew of the bank's insolvency, until after the directors had officially reported the suspension of the institution.

9. March 6, 1879 The New York Herald New York, NY

Article from The New York Herald, March 6, 1879

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IN THE HANDS OF A RECEIVER. The Mechanics and Laborers' Savings Bank, of Jersey City, which in November last suspended pay. ment, yesterday passed into the hands of a receiver. The institution was organized in 1869, with Charles G. Sisson as president. On the death of the president, Mr. John Halliard, the vice president, was promoted to fill the vacancy, and, being then president of the State Fire Insurance Company, an old and wealthy. resident and good Christian, it was supposed that the bank was in excellent condition until an examination by the Bank Examiner revealed that the institution was rotten all the way through. Since these disclosures were made Halliard has been indicted on charges of conspiring with the secretary and several directors to defraud the depositors, and two bills of indictment were presented against him for embezzlement and perjury in connection with the State Fire Insurance Company. After several months of patient waiting, the depositors, all of whom are of the poorer class, organized for their protection and succeeded in having Mr. Washington B. Williams appointed to examine the bank. The examiner presented his report to the Chancellor on Monday and the Court fixed yesterday as the time to hear the suggestions offered by the directors and depositors. In Chambers, yesterday, the directors were represented by their counsel, Judge John Garrick, and the secretary by Mr. James W. Donelan. The depositors were represented by ex-Coroner James F. Gannon, James Chester and five others. Counsel for the directors urged the appointment of a committee of three, one of whom should be a director, and the depositors opposed this. They requested the institution to be placed in the hands of a receiver, and recommended the appointment of Mr. Williams. Their request was granted and Mr. Williams will take charge of the institution at once.

10. December 5, 1879 New-York Tribune New York, NY

Article from New-York Tribune, December 5, 1879

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THE COURTS. FINANCES OF A BROKEN BANK. TESTIMONY OF THE BANK EXAMINER IN THE CASE OF THE MECHANICS AND LABORERS' SAVINGS BANK. The trial of the indicted officers and directors of the Mechanics and Laborers' Savings Bank In Jersey City caused much excitement among the 1,100 depositors, and the court-room was crowded yesterday. Washington B. Williams, the Bank Examiner, and also the receiver of the broken bank, was the only witness examined yesterday. When Mr. Williams examined the books of the bank at the direction of Chancellor Runyon, he found that the unsecured liabilities footed up $236,582, including $210,720 due depositors In the savings bank department, and $6,876 due special depositors. The first mortgages held by the bank amounted to $78,504, the second mortgages to $29,870, and the bills receivable to $15,707. There were also $20,000 in four policies for $5,000 each on the life of John Halliard, the president of the bank, which had been assigned to the bank as security for some of the money be had taken from its vaults. Several of the indignant depositors of the bank followed the defendants in the trial from the court-house on Wednesday afternoon, and jeered at them on the street, causing a crowd to gather. As Court was about to adjourn yesterday Judge Garretson warned all present that as the defendants were under the protection of the Court, he should punish for contempt of court all persons who persisted in such unlawful acts.

11. December 5, 1879 The New York Herald New York, NY

Article from The New York Herald, December 5, 1879

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BANKERS ON TRIAL. The trial of the officers and directors of the broken Mechanics and Laborers' Savings Bank in Jersey City for conspiracy to defraud the depositors was resumed in the Hudson County (N. J.) General Sessions yesterday- before Judges Garrettson, Brinkerhoff and Fry. Washington B. Williams, the receiver of the concern, took the stand at the opening of the proceedings, and his examination occupied the entire day. His testimony was confined to a statement of the assets of the bank and their value. He found $78,504 50 on first mortgages and $29,870 on second mortgages. This was their face value. There were also Jersey City and Passaic bonds. The cash and checks amounted to $5,536 95. There were overdrafts of $1,069 07, and other assets, including worthless bonds and notes. There were also three life insurance policies of $5,000 each assigned to the bank by President Halliard to make good a deficiency. The witness gave a list of the bills receivable, which consisted of notes, many of them as yet only partly paid and the remainder worthless. Some of the defendants also traded in notes. He found a number of President Halliard's, varying from $100 to $1,000, all unpaid. Secretary Donelan also had several unpaid notes, one of which, for $375, was indorsed by Rev. Father De Concillio, who now, he claimed, repudiates it because it was not protested. A note of Patrick Sheeran, another defendant, for $125, was paid just before the bank's suspension. The trial will be resumed to-day.

12. December 12, 1879 New-York Tribune New York, NY

Article from New-York Tribune, December 12, 1879

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TELLING LIES TO DEPOSITORS. HOW POOR PERSONS WERE INDUCED TO LEAVE THEIR SAVINGS WITH THE MECHANICS AND LABORERS' SAVINGS BANK. The proceedings in the trial of the indicted directors and officers of the suspended Mechanics and Laborers' Savings Bank at Jersey City Wednesday were very interesting, the State producing a number of witnesses from among the eleven hundred depositors of the bank, to show that they were' deceived as to the soundness of the institution. James Chester testified that when the bank closed its doors he had $4,900 on deposit. He saw a notice that the bank was paying 6 per cent interest, while the banks in this city, where he then kept his money, were only paying 5 per cent. Mr. Doneian, one of the defendants and the secretary, told him that the bank was in the hands of the most respectable and responsible Catholics in the State. and that It was the best bank in New-Jersey. The witness wanted to invest his money in a bond and mortgage, but was induced to leave it in the bank, Mr. Donelan representing the corporation as perfectly solvent and trustworthy. When the bank failed. and Dr. O'Callaghan, one of the defendants. was elected as president of the bank in place of John Halliard, admitted to the witness that the bank had been robbed for years by Mr. Halliard, but as he had been put ont of the Board of Directors all depositors would be paid in full. According to the witness Dr. O'Callaghan also acknowledged that he knew of Halliard's frauds for several years. In his cross-examination Mr. Chester testified that Donelan told him that the bank had $50,000 invested in United States bonds and $200.000 in bonds and mortgages. Patrick Dunn, who had $6,120 on deposit when the bank suspended, testifled that Donelan represented the bank to be sound. Mrs. Julia McCabe, who lost $550 by the fature of the bank, cried while giving her testimony. She said that Donelan induced her to place the monev in the bank because it was in the hands of good Catholica and was in a good condition. Freeholder Gannon testified that Donelan represented the bank as one of the soundest in the State ; be had $4,349 on deposit when the bank suspended, $3,674, which he held as administrator of the estate of the late David Leach. the miser rag-picker of Jersey City. Other witnesses, also testified that Donelan represented the bank to be sound and induced them to depowit their money in it because it was controlled by good Catholics. Yesterday a large number of witnesses testified that the affairs of the bank were misrepresented by the detendants. Mrs. Catherine King testified that after the bank suspended Mr. Donelan gave some money to the Rev. Father Senez. When asked how large the amount was she answered the full of your hat." She asked Mr. Donelan why he paid the money to the priest, and he gaid the money he had paid out belonged to the church.

13. December 19, 1879 The New York Herald New York, NY

Article from The New York Herald, December 19, 1879

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JERSEY CITY'S BROKEN BANK. The trial of President John Halliard, Secretary James W. Donelan and Messrs. Jeremiah Sweeney, Adam J. Dittmar, Thomas C. O'Callaghan and Patrick Sheeran, members of the Executive Committee and officers of the Mechanics and Laborers' Savings Bank, for alleged conspiracy to defraud the depositors, closed yesterday before the Court of General Ses. sions, in Jersey City. Counsel will sum up to-day. Assemblyman-elect Patrick Sheeran continued his testimony. He said he first knew of the bank's insolvency in 1877 and caused a meeting of the direct ors to be called immediately, at which steps were taken to force President Hallfard to a settlement of his indebtedness. He did not tell all the directors of Halliard's irregularities, but did not attempt to keep the matter a secret; he did not know that the bank would be obliged to suspend until Bishop Corrigan notified them that he would not purchase Halliard's property. The bank closed twenty-four hours after this decision was communicated to the directors. Watson F. Van Camp. the State Bank Examiner. was then recalled for the defence and testified that on October 7 he made an examination, assisted by Donelan. He did not find out the amounts of the mortgages nor the value of the mortgaged property. When he had completed the work he showed his schedules to Donelan, and took the latter's word that they were correct. He told Donelan that if the Halliard indebtedness was paid up the bank might go on. John J. McPhillips, Dr. T. C. O'Callaghan and exAlderman Sweeney also testified.

14. February 10, 1880 New-York Tribune New York, NY

Article from New-York Tribune, February 10, 1880

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with him for the disgrace that had been piled *upon him." A young man named Edward Slevin, age twentythree, died suddenly on Sunday under circumstances which gave rise to the suspicion that he had been I oisoned. He had gone to New-York and on his return complained of not feeling well. When asked if he had eaten anything, be replied that he had drank two glasses of ale and eaten a piece of pie. Shortly afterward he died. A post-mortem examination was made yesterday by Coroner Simms and Drs. Stuart and Richards, and it was found that death was due to heart disease. JERSEY CITY. A woman named Desmond, a pedestrian, was arrested vesterday in Hoboken, and sent to Jail at Jersev City, on a charge of stealing some goods from Peter Drumgard, with whom she boarded. Alonzo Wilson. the young clerk who is charged with embezzling $1,000 from his former employers, the Beach Brothers, the coal dealers, was surrendered yesterday by his bondsman and was sent to the county jail to await the action of the Courts. Chancellor Runyon has filed an opinion at Trenton on the petition of Washington B. Williams, the receiver of the Mechanics and Laborers' Savings Bank, of Jersey City, for instructions in reference to the debts of the bank. The Chancellor has decided that all debts for borrowed money, brokers' commissions and incidental expenses were entitled to preferences over the claims of the depositors. This makes the claim of the State Fire Insurance Company for $19,750, for money loaned to the bank, a preferred claim.. LONG ISLAND. LONG ISLAND CrTY.-The Treasurer of Long Island City has appropriated $10.000 to pay three months' salaries to the school teachers. BLISSVILLE.-The bill recently introduced in the Legislature for the erection of an iron brige over Newtown Creek, at Blissville, is creating much indignation among the taxpayers of Queens County The Senators and Assemblymen have been instructed to oppose the bill at every stage. Hempstead.-The persons who sometime ago leased Long Beach, opposite Hog Island, from the town of Hempstead, have had a survey made for a railroad to run from Ocean Point (a station on the Rockaway Branch of the Long Island Railroad) to Long Beach, along Hicks's Beach, crossing the inlet STATEN ISLAND. TOMPKINSVILLE.-The supply-steamer Fern, of the Lighthouse Department, for the safety of which there had been considerable anxiety, has arrived safely at Tompkinsville. Captain Wright says that the delay in reaching New-York was owing to his having had to make a harbor at Charleston during the recent severe storms. HUDSON RIVER TOWNS. WHITE PLAINS.-John J. Houghton, of Yonkers, indicted for bigamy, was arraigned in the Court of Sessions at White Plains vesterday. He entered a plea of not guilty and ID default of $2,000 bail he was remanded to prison.

15. December 13, 1889 New-York Tribune New York, NY

Article from New-York Tribune, December 13, 1889

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Articles of incorporation which indicate the formation of a cigarette trust were filed in the Hudson County Clerk's office yesterday. The capital stock is $100,000 and the object of the company is to buy, own, hold. manufacture, lease, sell and license cigarette machines and similar devices and their products. Chancellor McGill filed in Trenton yesterday a decision in the suit brought by the depositors of the old Mechanics and Laborers' Savings Bank, which failed in Jersey City in 1878. The liabilities were estimated at $200,000. Receiver Williams paid the depositors 35 per cent of their claims, and the Chan. cellor decided that the directors are responsible for the remaining 65 per cent.