14127. Dime Savings Bank (New Brunswick, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 11, 1886
Location
New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model
gpt-5-mini
Short Digest
7f94e664

Response Measures

None

Description

The articles describe an embezzlement by the treasurer Arthur G. Ogilby leading the managers and Secretary of State/Chancellor to close and suspend the bank in March 1886 and seek a receiver. There is mention of small withdrawals and the invocation of notice/30-60 day rule, but no large depositor run prior to suspension. The institution was suspended and receivership was expected; later reporting shows partial dividends paid, consistent with winding up rather than reopening.

Events (3)
1. March 11, 1886 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large embezzlement/defalcation by Secretary/Treasurer Arthur G. Ogilby (short about $74,000–$80,000); managers petitioned Chancellor and Secretary of State ordered the bank closed. Managers enforced notice/30–60 day rule for withdrawals.
Newspaper Excerpt
The telegram ... set them to investigating. They found the safe robbed of every negotiable security and $79,000 of the bank's assets gone. ... I went over on the first train this morning and being told the condition of the bank ordered it closed. The managers ... went before the chancellor and got an injunction suspending the bank.
Source
newspapers
2. March 12, 1886 Other
Newspaper Excerpt
They immediately decided to receive no more deposits and to enforce the rule requiring notice to be given by all who wished to draw out money. According to this, sums under $100 would not be paid for a month, and amounts above $100 would not be payable until July.
Source
newspapers
3. * Receivership
Newspaper Excerpt
The petition of the managers asking for the privilege of suspending business until further orders of the court was presented to Chancellor Runyon yesterday and granted by him. ... an order appointing a receiver to wind up the institution (is expected).
Source
newspapers

Newspaper Articles (12)
1. March 12, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1886

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A TALK WITH THE SECRETARY OF STATE. THE MANAGERS THINK THE MONEY HAS BEEN STOLEN SINCE LAST AUGUST. TRENTON, March 11 (Special).-Mr. Kelsey, Secretary of State, returned to-night from New Brunawick. He says in relation to the Dime Savings Bank there: "Its statement a year ago last January showed deposits of $168,000 with only $2,000 surplus. I thought it weak and watched it closely. Its annual statement for the year ending December 31, 1885. did not come to hand in a reasonable time as required by law. and I wrote for it. I received no answer and wrote several times more with no better result. On Monday I found that the report had not yet been received and sent a peremptory telegram requiring it to be forwarded at once. The previous letters. it seems, had been received and destroyed by Ogilby. The telegram, he being sick, fell into the hand of the managers and set them to investigating. They found the safe robbed of every negotiable security and $79,000 of the bank's assets gone. They telegraphed me and I went over on the first train this morning and being told the condition of the bank ordered it closed. The managers wave me a personal pledge that Ogiloy should not be allowed to escape. With their counsel I went before the chancellor and got an injunction suspending the bank. which will be followed, I think. by an order appointing a receiver to wind up the institution. The Board of Managers are good men, but like everybody else they supposed Ovilbv was incorruptible. They believe now that he stole the money to settle up old debts with and that he has not been speculating. They used to keep all their securities in the First National Bank. When Cashier Hill cleaned that institution out he shared the Savings Bank funds. The managers then bought a safe of their own with a time lock and all the other protective appurtenances and kept their securities in it. They say that they think all the stealing has been done since August. The bank was all right on January 1 1885, and it must all have been taken since then."

2. March 12, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1886

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A. G. OGILBY A DEFAULTER. INSANE AT HIS HOME IN NEW-BRUNSWICK. HIS ACCOUNTS WITH THE DIME SAVINGS BANK OF THAT CITY SHORT ABOUT $75,000. The Pennsylvania Railroad train which arrives in New-Brunswick from this city about 5 o'clock in the afternoon had scarcely reached that station yesterday when a respectable-looking business man jumped from it and rushing up to a bystander excitedly inquired: " It is stated in New-York that the Dine Savings Bank has suspended, and that the treasurer of it. Arthur G. Ogilby, is a defaulter to the extent of $80,000. Is this true 1" It is the first I've heard of it," was the answer, but let me go and investigate It" They did 80 and found that the report was correct. This incident illustrates one of the most pecullar features of the disaster-the slowness with which the news of the suspension travelled. The bank practically suspended two days ago. Early on Wednesday morning John Wyckoff, the assistant secretary, informed the patrons of the institution as they appeared that Mr. Ogilby was absent and that in his absence he could neither receive nor pay out money. such WH8 the confidence of almost every. body in Mr. Ogilby that only one depositor ventured to ask what the matter was. The only satisfaction that he received was au admonition to keep quiet. He did so and went on his way, if not rejoicing yet certainly without auy suspicions in regard to the solvency of the bank. It was not until yesterday morning that the fact of the failure because known to any extent and even then it failed to produce any marked sensation or outward demonstration. A good many bank books were presented and a settlement asked, which, of course, was denied. The holders were told that if everything went well they would probably get what was due their in thirty or sixty days, and this seemed to satisfy all. The nearest approach to a run occurred about noon, when a dozen stalwart workmen entered the room and quietly demanded their money. The same answer was given them and they at once returned to their work. The first real suspicion that something was wrong with the bank was entertained on Monday. A report that Mrs. Arthur G. Ogilby. wife of the treasurer, was dangerously ill came to the ears of Williard P. Voorbis, who 18 the attorney of the bank. and he called at her husband's office to inquire about it. He was informed by Mr. Wyckoff that it was not Mrs. Ogilby but Mr. Ogilby who was almost out of his mind. Is anything wrong here at once asked the law yer. "That I don't know," answered the assistant. The officers a 8 the bank are, besides Mr. Ogilby and Mr. Wyckoff, at follows: President, James P. Langdou: board of managers, Adrian Vermenle, Dr. Henry R. Baldwin, Runyan R. Outcalt, Henry McMurtry and Philip Kuhlthan. Ou Thursday Mr. Voorhie, Mr. Langdon and Dr. Baldwin opened and examined the contents of the safe. A hurried investigation aboved that there was a deficiency in the treasurer's accounts of at least $75,000. They 1mmediately decided to receive no more deposits and to enforce the rule requiring notice to be given by all who wished to draw out money. According to this, sums under $100 would not be paid for a month, and amounts above $100 would not be payable until July Under this arrangement the bank was kept open on Wednesday and yesterday, as the officials believed they had a right to do. The petition of the managers asking for the privilege of suspending business until further orders of the court was presented to Chancellor Runyon yesterday and granted by him. A receiver will doubtless be appointed in a few days or as soon as the Chancellor is satisfied that the institution is really in insolvent. The Dime Savings Bank was incorporated in 1871 by Levi D. Jarrard, Lyle Van Nius, Jaines P. Langdon and others. Jarrard afterward became County Treasurer and absconded with some of the public funds. He was captured, however, and 18 now in State Prison serving out his sentence of ten years at hard labor. The bank did not prosper at first and in about two years became badly involved. It was then that Mr. Ogilby was induced to take charge of it. He was at that time one of the most efficient business men of the place and was looked upon as the embodiment of integrity. Under his management the bank grew and proapered until Its de positors numbered over 1,200. mostly mechanics and shop girls. As secretary and treasurer he had entire control of the bank, employing only oue assistant, Mr. Wyckoff. He did not receive any salary for his services, but supported his family from the large insurance business which he carried on. Everything went ongsmoothly until about three weeks ago, when some inquiry began to be made by the managers as to why Mr. Ogilby had not published his annual statement, which should appear on February 1. It was not until two days after this date that Mr. Ogilby published the following:

3. March 12, 1886 Daily Republican Wilmington, DE
Article from Daily Republican, March 12, 1886

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NEWS SUMMARY. OUR EXPORTS DURING THE PAST EIGHTEEN MONTHS. Insolvent Banks-Students Suspendeda Resolutions of Regret at the Death of Louis Riel-Starving. 1 Twenty-four more students of Lafae yette College, at Easton, Penna., were t yesterday suspended from recitation for hazing. At a meeting of the students, 8 held yesterday, resolutions were adopte ed "denouncing hazing in a that in future and declaring every the form, stue deuts will use their influence to prevent any recurrence of the shameful conduct of some of the students in the attempted Salford hazing." , Our exports of domestic cotton during the six months which ended February Z 28th, amounted in value to $141,929,590, against $153,637,764 during the corresponding period of the previous year. Onr exports of domestic breadstuffs the eight months which ended on February 28th, 1886, were in value $72,510,978, aginat $110,320,123 during the corresponding period of the year preceding. An explcsion of sewer gas occurred on Thursday morning in the large receiving basins below the front of the Capitol at Albany. Heavy stones, three and five inches thick, were shattered into fragments and some of them struck the windows in the Executive Chamber, breaking the glass. In the Dominion House of Commons yesterday, Mr. Landry moved: "That this House feels that it is its duty to express deep regret that the sentence of death passed on Louis Riel, convicted of high treason, was allowed to be earried into execution." Debate on the motion was then begun. Smalley Martin, one of the injured by the Uniondale mine disaster at Dunbar, Penna., died last night. This makes five deaths. Three of the injured are not out of danger; the rest are expected to recover. In the New York Assembly on Thursday a bill was introduced making it a misdemeanor for any employer to exact an oath or pledge from an employe not to join any protective labor organization. The people of Labrador, from Esquimaux Point to Blanc Sablon, are reported starving. In January they killed five hundred dogs, and were subsisting on the meat. The Dime Savings Bank in New Brunswick, New Jersey, has been closed by the Secretary of State. Its Secretary and Treasurer, Arthur G. Ogilby,is said to be short in his accounts $80,000. The Acting Comptroller of the Currency yesterday appointed a receiver for the First National Bank of Sioux Falls, Dakota, which is reported to be insolvent. David Henry Sayres, 28 years of age, committed suicide in a hotelin St. Louis on Wednesday Avening. He had been drinking heavily and was disappointed in love. A fire in Montreal, on Wednesday afternoon, destroyed nine stores and the Diamond Steel Works, causing a loss of about $195,000. A despatch from Nice reports the death there, on the 6th inst., of David M. Hughes ex president of the St. Paul Railroad. There is but one case of yellow fever on the United States steamer Galena at Key West, and the patient is convalescent. John P. Hildreth, ex-Town Treasurer of Stowe, Mass., is reported missing, with a deficiency of $20,000 in his accounts. The Central Pennsylvania Methodist Episcopal Conference met on Thursday in Harrisburg. Bishop Mallalieu presided. The Local Option bill passed by the Mississippi Legislature was signed on Thursday by the Governor.

4. March 12, 1886 Evening Star Washington, DC
Article from Evening Star, March 12, 1886

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New Brunswick's Broken Bank. NO NEW DEVELOPMENTS TO-DAY. NEW BRUNSWICK, N. J., March 12.-There are no new developments in the Ogilby case. The board of directors of the Dime Savings bank met last night and continued in session until midnight. They prepared as far as possible a statement for Chancellor Runyon of the bank's condition. Willard P. Voorhees, counsel for the bank, says that the amount taken by Ogilby is about $80,000. Ogilby is still in a precarious condition. according to the statements of friends and physicians.

5. March 13, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 13, 1886

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OGILBYS DEFALCATION. AMOUNT OF HIS SHORTAGE $74,518. DEPOSITORS EXPECT TO GET 50 PER CENT-WHAT BECAME OF THE STOLEN FUNDS. [BY TELEGRAPH TO THE TRIBUNE.] NEW-BRUNSWICK, N.J., March 12.-The managers of the Dime Savings Bank held a meeting last night which lasted until 2 o'clock this morning. They were busy upon the statement required by Chancellor Runyon, and this morning they had It so far completed that it was submitted to Darby Randall, am expert accountant, for revision before being forwarded to the accountant. W. P. Voorhees, counsel for the bank and one of the managers, said that although the statement would not be given to the public previous to sending it to the Chancellor, it would show that cash and securities were missing as follows: Newark City bonds, $8,200; Middlesex County bonds, $13,000; New-Brunswick water bonds, $21,318 50; demand loans, and collaterals, $26,000; cash, $6,000. Total, $74,518.50. According to the unproved statement of Mr. Ogilby, published on February 3, the assets of the bank amounted to $170,308 59. Taking from this $74,518 50, the amount of Ogilby's shortage, leaves $95,790.09 to be divided among the 1,850 depositors, leaving them $70,961 66 short. The assets as they now appear will pay out about 50 per cent. Mr. Voorhees is now engaged in working up Mr. Ogilby's real estate, consisting of houses and blocks of building lots in various parts of the city. This property is all known to be mortgaged to a greater or less extent, but there is every reason to believe that it will realize something. The house in which Mr. Ogilby lives which is worth about $13.000 is the property of his wife, being a legacy to her from a deceased relative The absorbing question in this city to-day has been : " What did Ogilby do with the money 1" All of the managers have been talked with upon this subject during the day and have only one answer. He must have raised it to make up a shortage somewhere etse. The old story of the stock syndicate of which Charley Hill, the cashier of the New-Jersey National Bank, who killed himself during a financial explosion nearly two years ago, was the head and front,is now brought up, and It is said that Mr. Ogilby sank nearly $25,000 in that pool that this disaster has been dragging him down ever since, and that he robbed the bank to free himself from this incubus. Rumor also stated that Mr. Ogilby had been a heavy card player in a club-house in this city, but this was exploded. The general impression is that the money was lost in recent stock speculation, though Mr. Ogilby said to City Collector Warner a few days ago that he had never risked a dollar on a margin in his life. Mr. Langdon, ex-president of the bank. said this morning: The New-York papers have misrepresented me in saying that I resigned the presidency and left the management because I was dissatis fied with the way in which the bank was conducted. I was perfectly satisfied but my duties as superintendent of the New-BrunswickRubber Company are enormous, and my health is not of the best. am no longer connected with the institution. If. however, the friends of Mr. Ogilby come to me in their effort to make up his difficiency I shall consider myself bound, out of consideration for the depositors, to help them." The friends of Mr. Ogilby are sanguine that' they can raise the money to meet bis defalcation. This afternoon they claimed to have $42,000, with best hopes of securing the balance among his many friends here and in New-York 1n a few days. Tais morning Assistant Secretary Wycoff opened the bank at the usual hour, though he has dona nothing all day but answer questions. Mr. Wycoff has charge of the property under order of the Chancellor. A number of persons have valuable papers and securities deposited in the bank, among themthe estate of William G. Parsons. There has been no rush of depositors today, but several have called and demanded their money, getting the usual answer from Mr. Wycoft : I'll put your name down, and you may get your money in thirty or sixty days, under the rules, but I cannot say positively that you will get it even then." T e defalcation of Mr. Ogilby has made a slight flutter among the depositors of the New-Brunswick Savings Institution, and a number of small depositors have drawn out amounts of from $100 to $300. one man taking a little over $5,000. The whole amount taken out y sterday and to-day 18 about $20,000. This affects the Savings Institution pleasantly rather than otherwise, as they thusget rid of that much of their $125,000 eurplus, which they cannot invest without having to pay the July interest on it. Dr. A. Van Nest Baldwin said this afternoon that he had not seen Mr. Ogilby personally since last Monday, but his father has seen him yesterday morning and he was then easier. He had himself been called yesterday to see Mrs. Ogilby, who 18 reported ill, and he was told that Mr. Ogliby was resting easier. All callers who are not known as intimate friends of the family are denied admission to the house. The largest depositor has $4,000 in peril, and the others sums varying from $5 to $1,600. The Rev. Dr. T. C. Easton, who has just left the First Reformed Church for the First Reformed Church, of Newark, has $250 locked up in the bank.

6. March 17, 1886 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 17, 1886

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More Villainy Unearthed. NEW BRUNSWICK, N. J., March 16.-It is learned to-day that Miss Elizabeth Minturn, of this city, recently deposited with Arthur Ogleby, Treasurer of the suspended Dime Savings Bank, $150,000 in bonds, ber share of the estate of the late Edward Mintorn, of New York city. The bonds are now missing. The depositors of the bank are seeking to prevent the appointment of n receiver.

7. March 17, 1886 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, March 17, 1886

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Mrs. Minturn's Bonds. NEW BRUNSWICK, N. J., March 16.--It is learned to-day that Miss Elizabeth Minturn of this city recently deposited with Arthur Ogilby, treasurer of the suspended dime savings bank, $150,000 in bonds, her share of the estate of the late Edward Minturn of New York city. The bonds are now missing. Depositors of the bank are seeking to prevent the appointment of a receiver.

8. March 18, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 18, 1886

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MISS MINTURN'S MONEY NOT LOST. NEW-BRUNSWICK, N. J., March 17.-Miss Elizabeth Minturn denies the published statement that she had placed bonds to the value of $100,000 with Arthur G. Ogilby, treasurer of the suspended Dime Savings Bank. Miss Minturn says: "On the contrary, by following his counsel the amount of my property has been materially increased."

9. March 18, 1886 The Abilene Reflector Abilene, KS
Article from The Abilene Reflector, March 18, 1886

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A DIME SWINDLER. The Treasurer of a Dime Savings Bank Gets Away With One Hundred Thousand Dollars. NEW BRUNSWICK, N. J., March 12.-The Dime Savings Bank of this city is in trouble. Its doors were closed yesterday morning by orders of the Secretary of State. The directors positively refuse to give any information as to what the trouble is. Arthur G. Ogilvie, secretary and treasurer, it is rumored, is short in his accounts to the amount of $80,000. Mr. Ogilvie is prostrated at his home and can not be seen. No man in the city has borne a higher reputation for financial integrity than he. Willard P. Voorhees, one of the directors and counsel for the board, returned yesterday afternoon from New York with an order from Chancelor Runyon, restraining the board from receiving deposits or paying out money and commanding them to report immediately the condition of the bank to him. The order was granted upon a petition of the directors, who assert the bank's inability to pay interest on its deposits. The last statement was made January 1, 1886. Its surplus then was $3,556.72, while its deposits amounted to $166,750. Its securities were largely in bonds and mortgages. The institution was never considered especially strong, but its credit was never questioned until the time of the failure of the National Bank of this city in August, 1884, when rumors prevailed concerning its insolvency. Investigation reveals the fact that the directors can not be held responsible for whatever deficit may be found. While Treasurer Ogilvie as only under bonds for $5,000, it is acknowledged by counsel for the bank that the deficit is $80,000, and may reach $100,000. Mr. Ogilvie's residence is under surveillance of the police. It is thought that he will not survive the night. At the charter election last spring Lewis A. Durham, who had been city treasurer, was deposed and Arthur G. Ogilvie was chosen. On February 20, 1886, he resigned, and only with great reluctance was his resignation accepted. It is remembered now that his statement as treasurer was not sworn to and verified by the directors. The 1,250 depositors in the bank are mostly the operatives in the mills and factories of the city.

10. March 19, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 19, 1886

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THE BANK SUSPENSION IN NEW-JERSEY. RESTITUTION MONEY-CONDITION OF ARTHUR G. OGILBY. NEW-BRUNSWICK, March 18 (Special). - W. P. Voorhees, counsel for the Dine Savings Bank, this evening says that the question of raising the restitution money through Mrs. Ogilby's friends now depends largely upon the ability of Mrs. Ogilby to overcome the entail upon her property and put it into the fund. If she can do nothing several who have subscribed on condition that the whole amount should be raised will withdraw, while a number of others will pay up for the benefit of the depositors. Whatever amount may be raised, President Langdon says, the managers should, in behalf of the stockholders and for the good name of the city, thatthedeficit is made good without regard to what the friends of Ogilby may or may not do. Dr. Baldwin says a number of the stockholders have called upon him and expressed the hope that the business may be settled up by the managers without the appointment of a receiver to use up whatever funds Ogilby may have left. Constable Soper, after having seen his prisoner for the first time. said to day "Yes, I certainly saw Arthur G. Ogilby. He 18 so thin and pale and oks so bad that he is hardly recognizable as the same man ho was active upon our streets only a few days As to his sanity, I can only say I don't want to see any better evidence of any man's insanity than he shows. His eyes are bright and restless and he seems to be broken down entirely." Dr. Baldwin says that he was called to see Ogilby last night, because he was so excited by the visit of the constables that his attendants became alarmed. He believed the officers were after him and became violent, having to be soothed by the doctor's persuasion and powerful hypnotics.

11. March 25, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 25, 1886

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OGILBY TAKEN TO AN ASYLUM. HE IS DECLARED TO BE INSANE-N NEW CAUSE OF FEAR FOR DEPOSITORS. NEW-BRUNSWICK. N.J., March 24 (Special).Ogilby was arrested last night by Constable Soper ou a warrant charging him with the embezzlement of funds of the Dime Savings Bank. The warrant was taken out before Justice Daly by Willard P. Voorhees. Prosecutor Rice telegraphed to Judge Scudder, who came up this morning to hear the evidence produced by Ogilby's friends with regard to his insanity. The presence of Ogilby in court was not required, but he was represented by ex-Governor George C. Ludlow, his counsel, who said that Mr. Ogilby had been arrested upon a charge of embezzlement and he wished to produce evidence that he was of unsound mind and incapable of answering the charge. The testimony of Drs. T. L. Janeway, N. Willlamson, H. R. Baldwin and J. W. Rice was then taken. They all declared they had made a careful examination of his case: believed him to be insane. Charles Ogilby also produced a certificate of his brother's insanity from Dr. Morris J. Ash, of New-York, and testi mony to strange eccentricities on the part of Ogilby wasgiven by Mrs. Morgan, Mrs. Neilson, N. G. Rutgers and other witnesses. Judge Sender ordered that Ogilby be at once placed in charge of Sheriff Convery to be conveyed without delay to the insane asylum at Trenton. This was done this afternoon at 2:30 o'clock. A close carriage was taken through an alley from Livingston-ave. to the rear of Ogilby's stable. Parting with his family was full of sorrow, but he walked with a firm step down through his back yard to the carriage. The chances of the stolen money being replaced do not now look hopeful. Mr. Voorhees says that within $12,000 of the deficit was at one time subscribed, but under the changed condition of things some of the subscribers will doubtless drop out and Mrs. Ogilby may change her mind about giving up her property. McRee Swift says that he never was on any bond for Ogilby and he does not believe there ever was any bond, as none was demanded by law. Ogilby got no pay from the bank except for room and clerk hire. About 600 of the depositors met at Masonic Hall tonight, with Charles E. Spencer as chairman and John Kelly as secretary. Dr. M. E. Gates, president of Rutgers; Professor Austin Scott, the Rev. H. W. McKnight, Postmaster Robert Carson, John McLaughlin and others spoke. They all recommended moderation and careful counsel. The bank could now pay fifty per cent and whatever is obtained above that will have to come by voluntary subscriptions of those willing to help the de positors. A resolution was unanimously adopted that the Chancelior be petitioned not to appoint a receiver. A committee of five was also appointed to consult with the manager and the subscribers to the deficiency fund to see what amount can be secured and to mature some plan for a final settlement and to report to the depositors on Wednesday evening. The committee is Professor Austin Scott, Adam E. Green, John McLaughlin, S. W. Scott and Robert Carson.

12. June 27, 1886 New-York Tribune New York, NY
Article from New-York Tribune, June 27, 1886

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A. G. OGILBY REPORTED SANE. New-Brunswick, N. J., June 26 (Special).Considerable excitement was caused to-day by the rumor that Arthur G. Ogilby, the Dime Savings Bank defaulter, was to be brought here to-day. On Thursday Dr. Ward, of the Trenton asylum, told the bank managers and Judge Seudder that Ogilby was sane enough to answer to the law, and it was believed that be would be brought before the Judge, who must declare him sane before he can plead to the indictment or be batled. Both depots were watched and many people stood about the court house for hours until it became known that Judge Sendder. on account of illness, would not be here. Prosecutor Rice says that Ogiloy will be brought here as soon as the Judge can attend to the case. The managers of the bank say there are assets to pay another dividend of about 5 per cent an 1 that some subscriptions will be realized. Mrs. Ogilby, however, declines to give anything to the help of the depositors. or the 50 per cent dividend 1,061 depositors have received $76,374 71, and there IS yet $7,080 43 to be divided among the remaining 369 depositors.