14160. Dime Savings Institution (Newark, NJ)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1877*
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini
Short Digest
4c8f8f58

Response Measures

None

Description

Articles state the Dime Savings Institution suspended in 1877 and remained under the control of the Chancellor (equity/receivership) afterward, paying dividends to depositors while wound up. No contemporaneous run is described; the suspension appears to have led to permanent closure/administration rather than a reopening.

Events (3)

1. January 1, 1877* Receivership
Newspaper Excerpt
are now under control of the Chancellor, are reported to be in a greatly improved condition... the managers of the Dime Saving Institution, upon the application of the officers... Chance. for Runyon will take steps at once to order the payment of another 10 per cent dividend to the depositors.
Source
newspapers
2. January 1, 1877* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended in 1877 due to insolvency/financial trouble; assets previously undervalued and schedule excluded large holdings; placed under chancery control.
Newspaper Excerpt
The Newark Savings Institution and the Dime Savings Bank, which suspended in 1877, and are now under control of the Chancellor
Source
newspapers
3. November 30, 1880 Other
Newspaper Excerpt
The Dime has already paid 40 per cent... The managers of the Dime Bank expect to pay another dividend of 10 per cent before January 1.
Source
newspapers

Newspaper Articles (3)

Article from New-York Tribune, January 26, 1880

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Article Text

# DEATH OF A MISER IN NEWARK. Abraham Thomas, who had the reputation of being a miser, died at a cheap boarding-house in William-st. in Newark, last Thursday, leaving $30,000 to be inherited by a brother and sister in Germany. His property consisted of bonds of Newark and New-York and the Government, which he always carried on his person. His occupation was that of a pedler of goods purchased at auction. His confidence in banks was lost a few years ago when he had deposits in the Newark and Dime Savings Institutions which suspended. Before his death he was induced to make small bequests to Hebrew charitable institutions. He was well educated, spoke five languages, and in his early life travelled over Europe and the East very extensively.


Article from New-York Tribune, November 30, 1880

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Article Text

GOOD NEWS FOR DEPOSITORS. The Newark Savings Institution and the Dime Savings Bank, which suspended in 1877, and are now under control of the Caancellor, are reported to be in a greatly improved condition, owing to the appreciation of their assets, and it is believed that both banks will be able to pay depositors in full. The Newark has already paid 60 per cent, and the Dime 40 per cent. The appreciation in value of the Chesapeake and Ohio bonds, over two millions of which are held by the Newark Savings Institution, already amounts to $1,000,000. The Dime Savings Bank held $200,000 of these bonds, which, when the bank suspended and commissioners made an estimate of the value of the assets held by it, were not considerea to be worth anything, and were not included in the schedule of assets ubmitted to the Chancellor. Their value now is $170,000. The managers of the Dime Bank expect to pay another dividend of 10 per cent before January 1. Both banks hold a large number of good mortgages on property in Essex County, which they would be reluctant to foreclose for the reason that such a course would cause widespread distress and because there is at present no demand for real estate. Since the suspension the Newark Savings Institution has disposed of $1,500,000 of mortgages with triffing loss, and paid depositors over $5,000,000. Upon the application of the officers of the Dime Saving Institution, made last night, Chance. for Runyon will take steps at once to order the payment of another 10 per cent dividend to the depositors.


Article from New-York Tribune, May 13, 1881

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Article Text

May 10. The complainant alleges that his son-inlaw is a worthless, idle fellow, who would not support his wife, and that the complainant took the prisoner's wife to his house and would not allow her to hold any communication with her husband. Meeting the prisoner in the Fifth Avenue Hotel, they began talking of the matter. The alleged assault followed. The prisoner would not give his place of residence and did not deny the charge. Justice Bixby put him under $1,000 bonds to keep the peace for one year. BROOKLYN. The police force has been relieved from the necessity of wearing belts when on patrol. The Oxford Club will haveits summer quarters on Coney Island at the Manhattan Beach Hotel. Deputy United States Marshal Bizzert yesterday arrested Linz Oliviera, a Portuguese, of No. 383 West Twelfth-st. New-York, on the charge of forging naturalization papers. Robert White has been appointed to succeed W. E. Dorwin as superintendent of the Brooklyn, Flatbush and Coney Island Railroad. He formerly held a similar position on the South Side Railroad. F. Callahan, age thirty, of No. 208 Kent-ave., while digging a cellar yesterday in Nassau-ave, near Newtown Creek, was smothered to death by the fall of a bank of earth, which buried him. William Mayo Little, Deputy Commissioner of City Works yesterday offered his resignation of this office to Commissioner French. Mr. Little has made arrangements to go into business in New-York. Jndge Pratt yesterday granted a stay of proceedings in the case of James Walsh, who was to be hanged May 20. His case will now come on appeal before the General Term of the Supreme Court in September. Agent Wilkin, of the Society for the Prevention of Cruelty to Children, obtained a warrant yesterday for the arrest of the managers of a variety theatre in Adams-st. for employing in public exhibitions a girl, age nine, who is called Little Rosebud." John Kenny. a bill-poster, was arrested late Wednesday evening for shooting H. Paulding, of NewYork, in the head, in a rum shop in Johnson-st. Kenny claimed that the shooting was accidental, and Paulding supported the claim. Kenny was arraigned yesterday and committed to await examination. The body of Charles Q. Franks, age forty, of No. 42 Meserole-ave. was found at the bottom of the fishpond of David Aeker, near the tollhouse in Johnsonave., by some workmen yesterday. There was a pistol shot wound in the right temple, and the revolver from which the shot was fired was found in the pond. Franks was the defendant in a bastardy suit in the Fifth District Court, and has not been seen since May 6. when he told his wife that she would never see him again. William D. Snyder, of Franklin-ave. and Fulton-st. was arraigned before United States Commissioner Benedict yesterday, upon the charge preferred by his son of opening a letter addressed to the latter. The son. Oscar F. Snyder, eged that father opened the letter to obstruct his business and pry into his secreta. Mr. Synder, senior, denied the charge, and claimed that he opened the envelope by mistake, and finding it was not his own sealed and forwarded it. Mr. Snyder recently parted from his wife, and the children sided with their mother. The accused man was released on $500 bail to appear for examination next Thursday. JERSEY CITY. The fineral of the late Stephen D. Harrison was held yesterday afternoon at his s late home, Harrison and Benfley-aves, A new case of smallpox was discovered on the steamship Assyrian Monarch last evening. The patient.one of the sailors, was taken to the pesthouse at Snake Hill. The Board of Finance and Taxation at its meeting Wednesday adopted a resolution not to avail itself of the law passed recently by the Legislature which gives the Board authority to compromise taxes and assessments due to the city, NEWARK. The New-Jersey Congregational Association, at its meeting yesterday, discussed the question of Christian Morals in Business." The Rev. Messrs S. Bourne, of Paterson, Bradford, of Montelair, and L. O. Smith, of Philade!phia, were among the speakers. John McGregor, who was indicted by the United States Grand Jury at Trentonas one of the directors of the First National Bank has been succeeded as president of the Dime Savings Institution by James D. Orton, the treasurer of that institution. The Dime suspended payment a few years ago, and its affairs were put under the direction .t"the Chancellor. Since then it has paid 50 per cent tot. ositors and its assets have appreciated considerably. STATEN ISLAND. CLIPTON.-The timber for the keel of a new Staten Island ferryboat was received yesterday at Clifton, The keel is to be over 200feet in length. RICHMOND.- the Rich mond County Court of Over and Terminer yesterday Dr. Vetta M. Do Maine was convicted of attempting to levy blackmail, and was sentenced to one year's imprisonment, He several threatening letters to Mrs. Sarah A. Bennett, of Westfield, declaring that exposures detrimental to her character would be made unless certain sums of money were forthcoming. He claimed to be a practising physician. TOMPRINSNILLE. A mad dog caused some excitement yesterday in Tompkinsville. The people of Hannah-st.. to escape the heat indoors, were seated on their stoops, when the doz came along snapping at everything in its path. The people filed in different directions for safety. The dog on arriving at Schroder's groggery attempted to enter by jumping through the window. but failed. A few minutes later the customers in Charles Rendt's groggery, at Hannah and Bay-sts., were stonished to see the dog come through the window with a crash. There was a general stampede over the tables and chairs, but the dog ran through without stopping into a back room, and disappeared through a window. A number of armed men gave chase, and the dog was shot all an adjoining lot.