14197. Newark Savings Institution (Newark, NJ)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: December 12, 1877
Location: Newark, New Jersey (40.736, -74.172)

Metadata

Model: gpt-5-mini
Short Digest: 4f05b089

Response Measures

Partial suspension, Books examined

Other: Court-ordered restriction of payments (Chancellor's control and commissioners' examination).

Description

Newark Savings Institution experienced heavy withdrawals (a run) after news of court restraint limiting payments to 18% (Dec 12, 1877). Chancellor Runyon took the bank into court custody (suspension/restraint). Commissioners later reported substantial assets and the court-authorized staged payments (20%, then additional instalments); managers sought permission to pay a further 20% on June 1, 1878. Classified as run -> suspension by court -> eventual partial resumption/reopening under court supervision.

Events (4)

1. December 12, 1877 Run

Cause: Bank Specific Adverse Info
Cause Details: Depreciated securities and alleged unprofitable investments (railroad bonds) and exhausted surplus led to loss of confidence and heavy withdrawals; reports and distrust accelerated the run.
Measures: Managers applied to the Chancery Court; payments were limited by court order to 18% (plus 2% dividend later) and cash paid out under supervision to prevent unfair advantage to early claimants.
Newspaper Excerpt: The depositors imagined that the bank had failed, and they began to withdraw their deposite as rapidly as possible... by 3 o'clock several hundred men and women were assembled in front of the bank
Source: newspapers

2. December 12, 1877 Suspension

Cause: Government Action
Cause Details: Chancellor Runyon took the institution into court custody and restrained payments (ordered payment of only 18% pending investigation) to ensure equal distribution and prevent a possible or ongoing run.
Newspaper Excerpt: has just been taken in charge of by the Chancellor, on the petition of its managers, to insure the equal distribution of the assets, and prevent unfairness from a possible run.
Source: newspapers

3. January 5, 1878 Other

Newspaper Excerpt: The Commissioners ... report sufficient available assets to pay every depositor nearly seventy-two per cent. of his claim. This includes the twenty per cent. already paid under order of the Chancellor.
Source: newspapers

4. June 1, 1878 Reopening

Newspaper Excerpt: It has been resolved by the managers of the Newark Savings Institution to apply to Chancellor Runyon for permission to pay a second instalment of twenty per cent to depositors on and after June 1.
Source: newspapers

Newspaper Articles (20)

1. December 12, 1877 The Cincinnati Daily Star Cincinnati, OH

Article from The Cincinnati Daily Star, December 12, 1877

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Newark Savings Institution. National Associated Pressto the Star. NEWARK, N. J., Dec. 12.-The Newark Savings Institution, the largest and oldest in the city, chartered thirtythree years ago, has just been taken in charge of by the Chanoellor. on the petition of its managers, to insure the equal distribution of the assets, and prevent untainness from a The bank has about possible run. twelve million assets, including depreciated securities, and two millions Government bonds. The deposite are eleven millions. The Chancellor orders the payment of eighteen per cent. of the principal to depositors, with two per cent interest Jan. 2.

2. December 12, 1877 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, December 12, 1877

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Newark Savings Bank in Troubia. NEWARK Dec. 12.- - The Newark Savings institution, the largest and oldest in the city, chartered thirty years ago, has just been taken charge of by the chancellor on petition. Its managers, to ensure equal distribution of assets, and prevent unfairness from a possible run, The bank has about $12,000,000 assets, including depreciated securities and $2,000.000. Depositig are $11.000,000. Chancellor orders payment of 18 per cent. of principal to depositors with two per cent. interest January 2d. Meanwhile he will make a full investigation. Moneys hereafter deposited are to be kept tseparate and invested,

3. December 13, 1877 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, December 13, 1877

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News and Other Items. Blondin has traveled nearly 2500 miles on the tight rope. Lydia Thompson's burlesque troupe has broken up and Lydia is going to Europe. The gas company of Richmond, Va., has cut off the gas from the custom house there on account of the non-payment of the gas bill. The Newark Savings Institution has been taken charge of by the Chancellor. Assets, $12,000,000; deposits $11,000,000. Geo. N. Jennott, aged 21, was killed Tuesday by an engine, while walking on the track at Nashua, N. H. A Catholic priest named Bloomer is in jail at Elmira, N. Y., for refasing to answer a query of the court. He stands OD professional privilege, and not on church discipline. Peter B. Sweeney sailed from New York for Europa yesterday, having settled with the city to the amount of $450,000 for his ring thieving. He expects to return soon on a lecturing tour. The canal system of the Khedive of Egypt has reclaimed 500,000 acres of desert land within 15 years and 300,000 acres more are being op' erated upon. A cancan troupe traveling,West has got into limbo at South Bend, Ind., the proprietors having been arrested under a law prohibiting immoral exhibitions. About two-thirds of the Southern cotton crop has been gathered, and the yield falls about 10 per cent. bebind that of last year. Nearly half of it has already been sold. Qneen Isabella of Spain is expected to visit Rome this winter with the intention and hope, it is thought, of effecting a reconciliation between the Pope and the King of Italy. Toronto Savings Bank has suspended payments. It is represented as solvent and has $125.000 of real estate. There is said to be no doubt but that the depositors will be paid in full. Among the delegates elected to the Republican general committee of New York, Tuesday night, are Naval Officer Cornell, U. S. Marshal Mike Cregan. U. S. Bankrupt Register Dayton and customs officer o' Brion. The City Hotel, two stores and four small buildings in Beringher City, Pa., have been burned. Loss about $10,000. A. B. McCartney of Mercer, Pa., was burned to death in the hotel. William and Mary College at Williamsburg, Va., wants Congress to pay her for the destruction of some of the college buildings by federal soldiers in 1862. This claim has been presented before and the House voted to pay it, but the Senate failed to concur. By recent decisions of the New York courts, a man is held responsible for his wife's funeral expenses, the same as for her living, no matter how much she may leave. But he may charge her estate with extra expenses on account of religious forms, it she was not of his denomination. Mr. Eliha Barritt of New Britain, Conn., "the learned blacksmith," had a severe hemorrhage of the lungs last Friday, and is considered by his physicians to be in a very critical condition. He has been in feeble health for some months, and as he is sixty-seven years old, it is not probable that he will again be restored to health. There lives in Tolland county, Conn., an old man named Bernard Covert, whom some of the elderly men of our day will recollect as a famous singer at political meetings in aid of the Whig and Republican cause. He took part in successive Presidential canvasses from the famous "log cabin and hard cider" canvass of 1840 up to that of 1868. Horace Greeley used often to agree to take the stump only on condition that Mr. Covert accompanied him. The death of Bishop Marvin of the Methodist Episcopal church South, will require the election of three bishops by the General Conference which meets at Atlanta, Ga., next May. It is probable that the Rev. Dr. Lynus Parker, editor of the New Orleans Christian Advocate, will be urged for one of the places. Had the Rev. Dr. Dancan, who died a few months ago lived, he would undoubtedly been elected to a bishopric. Mrs. Chisholm, whose husband was murderf ed in Kemper county, Miss., says that the persons who attacked him in jail were all old resi1 dents, and, what seemed most strange, all religions were represented. "There were," she says, "Catholics, Presbyterian elders, and, most of all, I noticed two Methodist class-leaders that were very active all through the matter. One of these men was a great exhorter, and had often labored with us for the good of our souls. At the last camp-meeting I attended this man got so "happy" he shouted at a great rateand ca ne up to Mr. Chisholm and took him around the neck and begged him to go forward, and said, It is all you lack, Judge, to be a first rate man-all you lack is religion.' And that man helped kill my husband."

4. December 13, 1877 The Sun New York, NY

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At 3% o'clock the throng in front of the bank were intensely excited by the statement that the Dime Savings Bank. of which Mr. John MeGregor is President, had decided that it would not pay any more deposits without a three months notice. This news, coupled with the tast that th ree or four banks had failed or suspended in Newark last summer, created great distrust among the people. and fears were entertained that a panic would be created and a general run be made upon the other banks today. But when the Newark Savings Institution closed its doors. at o'clock. confidence seemed to be restored. and a number of depositors had handed back their deposits. The general opinion among bankers was that the bank would pay from seventy-five to ninety cents on the dollar. perhaps more if not crowd. ed too hard by the depositors. The securities are good if they can be held for an advance. In their notice to depositors the managers say that they have a very large amount of securities which can be turned into cash at once, but a much larger amount in bonds and mortgages and other securities which cannot be converted into money without much delay. They hope that under wise restrictions and careful management the assets will prove ample to pay all depositors in full. But they are satisfied that the prevailing distrust may cause such H withdrawal of funds as will exhaust their cash assets for the benefit of those who shall first apply. and leave the other securities for those who are reluctant or unable to demand payment. They feel it to be their duty to prevent this injustice, and to do all in their power to secure perfect equality. and to promote confidence in the ultimate safety of the funds in their charge.

5. December 13, 1877 The Sun New York, NY

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LARMED DEPOSITORS THRONGING TO WITHDRAW THEIR MONEY. The Newark Savings Institution Restrained from Paying Over Eighteen Per Cent. on Deposite-Fears of Loss to the Depositors. The Newark Savings Institution, the largest and oldest in Newark. issued A notice at noon yesterday that it had been restrained by the Court of Chancery from paying more than 18 per cent. to any depositor. besides a January dividend of 2 per cent. on the total amount of deposits then in the bank. The depositors imagined that the bank had failed, and they began to withdraw their deposite as rapidly as possible. The news spread like wildfire through the city, and by 3 o'clock several hundred men and women were assembled in front of the bank, waiting their turn to get inside. The clerks were kept busy in computing the amounts due to each depositor under the Chancellor's order, and in paying the same to depositors. The managers of the institution held a conference in the private rooms, and gave instructions to the clerks when necessary. The throng outside increased 80 rapidly that Chief of Police Mills and several officers had difficulty in keeping them in line. The majority of the depositors are mechanics and email shop keepers, and they were very anxious about their little savings. Mon and women with ballid faces eagerly questioned each other 88 to the probability of ever recovering more than eighteen per cent. of their money. No one could give a satisfactory answer. and so the run upon the bank continued all through the afternoon. Some women were 80 fearful of losing even the eighteen per cent. that they ran in the middle of the streets on their way to the bank. A reporter for the THE SUN found Mr. Daniel Dodd, President of the bank. in the directors' room, with a number of Newark financiers. Mr. Dodd said that in 1873 the deposits in the bank exceeded $13,000,000. and the depositors numbered 25,000. The depreciation of the value of all forms of security during and after the panic broughtdisorder upon the bank. and some persons had lately circulated reports about its condition. which created A great run. and from $30,000 to $50,000 a day had been paid out for some time past. The deposits had thus been reduced to about $10,800,000. while the assets are about $12,000,000. The managers feared that the large depositors might draw out all of the cash assets, and they resolved to APply to the Chancellor for the purpose of preventing injustice, and securing an equal distribution of the assets among all of the depositors. Mr. Dodd said that he could say that there was nothing wrong in the management: no wild-cat or ill-advised paculations: no defalcation or misappropriation of funds. He could not say how much would be ultimately paid to depositors; but the bank could have pulled through. if not molested. until the securities advanced in value. The investments had nlways been made after consultation with the best and most careful financiers in Newark and New York. He could not give the statement in full of the present condition of the securities held by the bank. The Chancellor, he said. would do that after he had made an investigation. The Chancellor had not appointed a recoiver. Mr. Dodd said, but had left the conduct of the bank with the present managers until further notice, as he had full confidence their ability and character Quite a number of people who had drawn their 18 per cent. in the morning had. Mr. Dodd said, returned their money in the afternoon, and had expressed confidence in the management of the bank. The Newark Savings Institution was organized in 1847. and it prospered for twenty-flve years. It was considered one of the soundest banks in Newark. and the mechanics and shopkeepers had great confidence in the managers. The officers of the bank are Daniel Dodd, President: Win. Pierson, fice-President: Wm. D. Carter, Treasurer: Managers. Isaac Van Wagenen, Daniel Price, Peter S. Duryee, John C. Beardsley, Wm. Pierson. John Kennedy, Henry G. Darcy Zenas 8. Crane. A. S. Hubbell, Francis Mackin, E.I. H. Wright, Wm, T. Mercer. and Daniel Dodd. The name of Joseph P. Bradley appears on the list of managers pub lished in the Newark Business Directory, but Mr. Dodd says that since Mr. Bradley became Associate Justice he has not acted as a manager of the bank. In the report of State Comptroller Runyon to the Legislature made on March 1. 1877. the annual statement of the Newark Savings Institution. dated Newark, Jan. 1. 1877. is as follows: t

6. December 13, 1877 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, December 13, 1877

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Another Savings Bank Added to the Long List. NEWARK, N. J. December 12.-The Newark Savings Bank, the largest and oldest in the city, chartered 30 years ago, has just been taken charge of by the the Chancellor on the petition of its managers to insure an equal distribution of the assests and prevent unfairness from a possible run. The bank has about eleven millions assets, including depreciated recurities, and two millions of government bonds. The deposits are eleven millions. The Chancellor orders the payment of 18 per cent of the principal to depositors with two per-cent interest January 2d, meanwhile he will make a full investigation. The moneya hereafter deposited are to be kept separate and invested. TAUNTON, MASS., December 12.-The Taunton Savings Bank suspended payment to-day. It is reported solvent and it is thought the depositors will be paid in full.

7. December 13, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 13, 1877

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THE NEWARK SAVINGS BANK FAILURE. The suspension of the oldest savings bank in Newark, a concern whose deposits have ranged as high as $13,000,000, is certainly a startling occurrence. The large surplus which the older and heavier savings banks have accumulated, is generally supposed to be a sufficient bulwark against the present depreciation of securities. In this State doubtless it is sufficient; in NewJersey, this failure shows that even a large surplus may be absorbed by bad management. How far the deficiency will cause loss to depositors, is not yet ascertained, but the bank officers admit that the surplus is quite exhausted. Finding that the bank was in danger of a run, and being in no condition to meet that, the officers have wisely concluded to put the whole concern into the hands of the Chancellor, and hereafter make payments to depositors only as the court permits. Until the affairs of the bank have been thoroughly examined, it cannot be known whether this decision has not been delayed too long; but it is decidedly better if late than never. Just as soon as a savings bank begins to approach insolvency, and its deposits run down, a prompt suspension is the best possible thing for its depositors. No alarm as to our own savings banks should be occasioned by this New-Jersey failure. It will doubtless be shown to have resulted chiefly from the investment of funds in railroad bonds which have since depreciated. Such securities are not at all suited for the investment of poor people's money. Perhaps this collapse will cause greater restrictions to be thrown around the investments of savings banks in New-Jersey. No better model could be taken in this respect than our own State law of May, 1875. This confines the investments of savings bank funds to United States and New-York State bonds, bonds of States that have not defaulted in paying interest for ten years previous ; town, city and county bonds in this State, and finally bonds and mortgages on property in this State of twice the value. Even under these restrictions careful management is requis ite to prevent loss. What the consequences would have been here if railroad bonds had been added to the list of investments, may now be easily seen.

8. December 14, 1877 The Cheyenne Daily Leader Cheyenne, WY

Article from The Cheyenne Daily Leader, December 14, 1877

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NEW JERSEY. The Bank Panic. Newark, Dec. 13.-The excitement at all the banks to-day subsided toward evening. The Newark Savings Bank paid all applicants 18 per cent; $25,000 was thus drawn out. The managers are confident that depositors will lose nothing. Other banks are requiring three months notice.

9. December 14, 1877 The Daily Gazette Wilmington, DE

Article from The Daily Gazette, December 14, 1877

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A RUN ON NEWARK BANKS. NEWARK, N. J.. December - -The exeitement to day extended to all the sav. ings banks, but subsided before night. The Newark savings institution paid all applicants 18 per cent. The amount drawn was $25,000, $24,000 was newly deposited. The managers express confidence that depositors will ultimately lose nothing. The Howard institution paid depositors in full as fast as they appeared, and the managers have determined to continue payments as fast as their clerical force will allow. The Dime Bank checked their run by requiring three months' notice, and hope to resume payments soon, if not suddenly compelled to convert securities.

10. December 14, 1877 New-York Tribune New York, NY

Article from New-York Tribune, December 14, 1877

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PHASES OF THE EXCITEMENT. The excitement in Newark in regard to the Newark Savings Institution, which began on Wednesday, did not decrease yesterday." It is alleged that much of the distrust entertained by the depositors arises from the action of friends of the Institution in attempting to disguise the fact that about $3,000,000 had been invested unprofitably. All day the bank was surrounded by a large crowd, but general good order was maintained. In the morning an excited woman rushed into the private office of President Dodd, and said that after she had been swindled out of $100,000 by the lawyers, she had deposited the few hundred dollars left in the Newark Savings Institution, upon his advice. She vehemently denounced the president, and It was with some difficulty that she was induced to depart. It is feared that if the bank is forced to call in its loans on real estate in Newark and vicinity. which Amount to about $4,000,000, great distress will result. Governor Bedle, Secretary of State Kelsey, and Attorney-General Stockton, who, with the State Controller, compose the State Board, under the law of 1875, governing savings banks, visited Newark yesterday morning and had a consultation with Chancellor Runyon and the officers of the bank. The board decided to allow the matter to remain as at present arranged, believing the action of the Chancellor to be the best that could be taken under the circumstances. The Governor and Attorney-General left the city in the afternoon. A real estate firm distributed circulars among the crowds about the savings bank, setting forth that bank-books would be taken at their full value in exchange for building lots, free and clear of all incumbrances. At noon the run on the Newark Savings Institution had slightly decreased. confidence being somewhat restored by the assurance that the 18 per cent. with the 2 per cent dividend on January 1, would be fortheoming at any time. A RUN ON THE HOWARD BANK. A8 early as 9 o'clock, yesterday morning, a crowd began to assemble in front of the Howard Savings Institution, and when the doors were opened, the excited depositors presented their books and demanded the full amount of their deposits. The banking-room was soon literally packed, and it became necessary to call in the assistance of the police to preserve order. The Board of Managers held a meeting in the forenoon and decided to continue the payment of depositors in full. The president, Beach Vanderpool, was importuned to follow the course taken by President McGregor, of the Dime Sav10gs Institution. and claim the privilege of three months' notice. but he resolutely refused to do so, and declared that the bank was able and willing to pay every deposifor. President Vandernool stated to a reporter that the bank was in a condition to meet all drafts as fast as the clerks could pay them off. He said the present deposits amounted to about $3,000,000, and the depositors numbered nearly 6,000. The bank has nearly $1,500,000 in Government bonds and about $1,600,000 in State and city bonds and bonds and mortgages on city property He said the bank. during the past few years. had refused large deposits, considering the managers BA trustees, and had received not more than $1.000 at one time, and DD aggregate of not more than $3,000 from individual depositors. He had no doubt that many of the depositors were drawn to the bank beeause It was dividend day. The bank continued to pay dollar for dollar. with the dividend added. and President Vanderpool reiterated the ability of the bank to do so fill the last depositor was paid in full. The bank has no Western securities. President Vanderpool said that ex-Governor Ward had urged the enforcement of the rule demanding three months' notice. but on examining the bank's statement, because entirely satisfied of the soundness of the institution. With the exception of a slight run in 1873, the soundness of the Howard Savings Institution had never been questioned. The Institution was incorporated March 16, 1857. Mr. Vanderpool being its first and only President. The following is the annual statement of the bank on December 1. 1876: desde

11. December 17, 1877 The Sun New York, NY

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A Week's Bad Record. The past week was a bad week for the unsound savings banks and insurance companies. It-opened ominously. On Monday we got news of the appointment of a receiver for the German Savings Bank of Chicago; of the discovery that an Indiana cashier was a defaulter in the sum of $50,000; and of a suit brought against the stockholders of a broken Iowa bank by indignant depositors, who averred that only $5,000 of available assets could be found to meet liabilities aggregating $1,000,000. In the middle of the week came the astounding news that the Newark Savings Institution, with $12,000,000 of assets and $10,800,000 of deposits, was in trouble, had appealed to the courts, and was paying depositors for the present only 18 per cent. of their money. The week ended as it had begun. On Saturday Receiver BEST made public the fact that the affairs of the National Trust Company of this city had been mismanaged. that there had been irregularities and violations of the charter, and that the company's assets had been impaired to the extent of $700,000. On the same day, the New York public learned that the Oriental Savings Bank had put it. self in the hands of the Attorney-General to be closed up; that a receiver had been appointed for the Brewers' and Maltsters' Fire Insurance Company at its own request; that between one and two hundred depositors of the Long Island Savings Bank had consented to take eighty cents on the dollar, and had actually received forty cents; and that good Deacon BROADWELL of Clairmont Savings Bank fame had been arrested on a beneh warrant for perjury. He is now in the City Prison, where he has ex-President CASE of the Security Life Insurance Company for a neighbor. These incidents, added to the developments of the LAMBERT trial, the arrest of the ex-cashier of the Reading Savings Bank on a charge of embezziement, and other recent occurrences of a like nature, have made a deep impression on the public mind. It is not a pleasant impression. In its first, immediate effects it is a very painful impression. These discoveries of institutional rottenness are discouraging; they are disquieting. They beget suspicion and distrust, shaking confidence, and alarming timidity. Yet, we repeat, the revelations, astonishing and discreditable as some of them may be, are to be welcomed. It is better for the community that the facts should come out-the worst of them. The disease discovered is not so dangerous as the disease unsuspected, eating its way in secret. Both the public morals and the publie pocket will gain by the disclosure of the past week. Take the case of the National Trust Company. It seemed to be, and was esteemed, a sound, safe institution. When street rumor, a fortnight or SO since, began to whisper doubts as to its real condition, its President promptly rushed into print with a card in which he affirmed that the company was as solid as granite-or words to that effectand denounced the street reports as wicked and malicious lies. He was able to refer to a report made by an examining committee of the trustees as late as Dec. 7, in which the company was described as solvent, with a clear surplus of $30,000 over all liabilities. Yet it does not take Special Examiner (now Receiver) BEST very many hours to discover a $700,000 hole in the company's assets. Mr BEST expresses the belief that many of the trustees didn't know; they were surprised and indignant when he told them. We dare say respectable trustees usually are in these cases. As the trustees are personally responsible, there is more ground than there otherwise would be for his professed confidence that depositors will ultimately lose nothing. That is one of the advantages of being a well-to-do man and depositing some of your spare money with a trust company instead such think your very a earnings little it pretentious of will being reflection be in clear a sham, a poor savings to that every insolvency man the bank. reader and exposure passing putting But upon we of a itself off as soundness, is not a thing to be mourned over but to be rejoiced in The fact is wholly deplorable, but the exposure is

12. December 19, 1877 The New York Herald New York, NY

Article from The New York Herald, December 19, 1877

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THE SAVINGS NEWARK INSTITUTION. 0 Yesterday Chancellor Runyon announced his ap. pointment of a board of three commissioners to make a strict examination of the affairs of the Newark Savings Institution. The commissioners are George F. Tuttle, judge of one of the Newark district courts George Wilkenson, an experienced business man and accountant, and James F. Bond, one of the most reliable real estate brokers in the city. The appoint. ments, representing as they do the law, practical business knowledge and familiarity with the value of real estate, are generally approved, In the order sppointing them the Chancelior refers to them as "uninserested persons," and says:They are hereby appointed and commissioned to make is strict, careful and thorough examination of and into the past management of the institution. and into the character and value of its assets. and the amount due to depo-itors and others. and to report the result of their examination to this Court. And they are to state the various kinds of assets and of what they consist, with the present value of ea kind thereof, in order that the exact condition of the institution. as to the value or its investments and other property, may be made manifest by the report. And it is further ordered that the managers and officers of the institution furnish to and provide for them all necessary facidics and clerical aid in said examination, and give them free access to all the books, papers and documents of the institution pertaining to its management and property. with free access to all the assets and property. The com. missioners are to enter at once on the examination, and are to make It with all the despatch when the nature of the business and the thoroughness hereby required of them therein will allow. and the are to report the result of their investigation to this Court without unnecessary THEODORE RUNYON, Chancellor. delny. Such an examination as the Chancellor requires will, at the most expeditions rate, take considerable timeweeks, it not months-as may be realized when 16 18 Stated that there are mortgages held by the bank to the number of about one thousand five hundred, each of which will have to be examined and the property inspected. Besides, there are the other securities, in all to the value of $11,000,000. The officers of the bank emphatically deny that they gave any information to favored depositors, who drew their funds belore the suspension, and express themselves perfectly willing to resign their places it the depositors will unite in some efficient method of releasing them. There is some talk of depositors calling a meeting to take counsel as to whether there 18 any necessity for taking any steps toward investigation other than those alroady taken.

13. December 21, 1877 The Emporia News Emporia, KS

Article from The Emporia News, December 21, 1877

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A run on other banks followed the suspension of the Newark, N. J. Savings, bank on the 12th, and Dime Savings bank, and the German Savings bank required three months notice, an equivalent now-a-days to suspension. The Howard Institution met all demands.

14. December 28, 1877 The New York Herald New York, NY

Article from The New York Herald, December 28, 1877

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SAVINGS INSTITUTIONS. MEETING OF DEPOSITORS IN NEWARK-ANOTHER CHANCERY ORDER. About tive hundred persons, chiefly Germans, gath. ered at Turn Hall, Plane street, Newark. last evening and considered the situation as regards the suspended Newark Savings Institution, in which nearly all of those present were depositors. Mr. Joseph Christle was unanimously chosen 10. preside, and Mr. A. F. Spacth was elected secretary. Rev. Mr. Krait spoke. As one of the directors of the Tenth Ward Life Insuranco Association, which had called the meeting, he gave it as his opinion that it could do something toward securing a portion. at least of the deposits. He finally made two motions. First, one condemning the management of the bank as unworthy of further confidence; and second, calling for the appointment of a committee to wait upon the commissioner. appointed by the Chancellor and obtain from thein sucu information as could be furnished regarding the condition of the bank, its bad and worthless securities and its real assets. Both motions were carried. Messra. A. F. Spaeth, Samuel Lagowetz. Theodore Merz, Adain Wagner and Joseph Christle were Lappointed by the audience as the committee to wait upon the examining commissioners. ADDITIONAL ORDER FROM THE CHANCELLOR. Yesterday Chancellor Runyon issued a supplementary order, which modifies or alters the first order so that each depositor who has not drawn the eighteen per cent will be entitled to receive twenty per cent of his deposit, and those who have drawn the eighteen per cent will be entitled to draw two per cent more on the amount of their deposit, as it was on the 12th of December insi., the date of the order."

15. January 4, 1878 The New York Herald New York, NY

Article from The New York Herald, January 4, 1878

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NEWARK SAVINGS INSTITUTION There was the same large crowd of pushing, crushing, anxious depositors in the building of the Newark Savings Institution yesterday as on the previous day, and altogether there has been paid out about $200,000 on the Chancellor's twenty per cent order. So great was the crowd yesterday that one poor woman fainted while waiting in the press for her turn to draw her money, a few dollars. Others had to leave the building lest they should also be overcome. Some male depositors got into an excited wrangle over the management of the bank, one denouncing and the other defending the officers. They were ejected by a policeman, and after that periect order prevailed. The clerks paid depositors at the rate of about two every minute. The commission appointed by Chancellor Runyon to carefully examine the affairs ot the bank have agreed upon a preliminary report to the Chancellor, but retuse to make it public until it is presented to the Chancellor to-day. They decline also to give any information regarding it. It is generally believed that the report will prove oi a very sedative chara ster, more encouraging than depositors generally anticepate. The reason given for withholding the report until to-day is that 11 was desired to prepare it in a form so plain that no one could fail to understand 12. Some five hundred depositors, principally Germans, held an adjourned meeting in the evening at the Academy 01 Music, and several heated addresses were made, demanding a change in the officers of the concern and the swift punisament of any who may prove to have been derehct. Rev. Oscar Krait, George R. Gray, A. F. Spaetb, S. Y. Smith and Joseph Federa were unanimously chosen a committee to apply to the proper authorities for the removal of the present Board of Managers and the substitution of a board having the confidence of the community. The committee was also empowered to employ counse! to take steps to secure the presence ID town of the present

16. January 5, 1878 New-York Tribune New York, NY

Article from New-York Tribune, January 5, 1878

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New-York Daily Cribune. FOUNDED BY HORACE GREELEY, SATURDAY, JANUARY 5. 1878. THE NEWS THIS MORNING. FOREIGN.-The City of Sophia is defenceless, and will offer no resistance to the Russian forces. Russia counsels England not to let the Turks suppose that she will oppose the occupation of ConstanGreece has demanded of the Powers tinople admission to any Congress held prior to the conclusion of peace. DOMESTIC.-Orders have been issued to Collector Tutton to sell the abandoned exhibits left at Professors Watson "Andrew D. Philadelphia. White, and a few other names have been agreed on Mr. for Assistant-Commissioners at Paris. Schleicher has prepared a very exhaustive report on Mexican relations, in which smuggliag, trade, recognition of Diaz, and other topics are discussed. === The House Military Committee will bring in a bill to reduce the staff of the army. The list of wrecks on the coast increases; the United States steamer Kearsarge is on the rocks S. H. White, near Portsmouth, N. H., harbor. former Vice-President of the Charter Oak Life Insurance Company appeared in court and Snow storms prevailed generally gave bonds. throughout the country. Two failures are reported from Chicago and three from Cincinnati; J. N. Thomas. banker at Des Moines, Iowa, suspended. CITY AND SUBURBAN.-Thomas Lord and his wife have not yet returned to the city. The preparation of evidence in the legal proceedings is in proThe Aldermen voted yesterday for gress. Judge BraTweed's release by 13 to 7. dy rebuked W. W. Macfarland for unbecoming language in the Erie litigation. A new plan for Lehigh and Wilkesbarre reorganization was Many securities adopted by the bondholders. repledged by Bonner were sold. A meeting of leading banks is to be held to-day to agree to a gold basis for loans. The contract for weighing merchandise at this port has been awarded. No bodies were disThe covered yesterday in the Barclay-st. ruins. depositors in the Newark Savings Institution are promised 70 per cent, and possibly 90 per cent. Gold 10234 102% 10234. Gold value of the legal-tender dollar at the close, 97810 cents. Stocks dull and declining with a fall in coal shares. THE WEATHER.-TRIBUNE local observations indicate clear and cold, followed by somewhat warmer and partly cloudy weather. Thermometer yesterday, 32°, 42°, 33°.

17. January 5, 1878 The Sun New York, NY

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THE NEWARK SAVINGS BANK. A Preliminary Report by the Commissioners Showing Its Condition. The Commissioners appointed by Chancellor Bunyon of New Jersey to examine the affairs of the Newark Savings Institution transmitted a preliminary report to the Chancellor yesterday. This report is made in order to satisfy the demand of the depositors to be informed of the present condition of the bank. so far as it could be ascertained. The Commissioners have allowed ten per cent. for shrinkage in value on certain bonds and mortgages, yet they report sufficient available assets to pay every depositor nearly seventy-two per cent. of his claim. This includes the twenty per cent. already paid under order of the Chancellor. The report shows that the bank owes its depositors $10,146,419.94. and that this is its total Habilities, except a small amount for current expenses. Of the assets the Commissioners pronounce $7,287,723.30 to be good, and such that they will fully produce that amount. They add that they will probably produce more than that under judicious and careful management, but that if they were hastily disposed of or forced to be sold under pressure they might bring much less than the amount given. The Commissioners find assets amounting to $3.960.238.64. the value of which they have as yet been unable to determine. This includes $2,300,000 in Chesaper and Ohio Railroad bonds. The interest received by the bank since July 1 is found to be $299,652.76. Theexact percentage that the Commissioners' examination thus far showsthe bank to be able to pay its depositors is 71 71-100. The amount of the liabilities left to be covered by the assets yet unvalued is $2,858,696.64. The amount of Western city, county, and railroad bonds held by the bank is larger than the depositors supposed. The report will, it is expected. tend to allay the alarm of depositors. most of whom foared that they would not get sixty per cent. of their money. There was much dissatisfaction expressed with the report yesterday afternoon. by bankers, merchants, mechanics, and others. because it does not tell what has become of the municipal, county, or State bonds of New JerBey. which the depositors supposed were held by the bank, as required by the original charter of the institution. But, owing to the brief space of time given the commission to report, they could not examine fully into the past management of the bank. Mr. George Wilkinson. one of the Commissioners. said to a reporter for THE SUN last evening that the reason why Newark bonds or county and State bonds of New Jersey did not appear in the report was because the bank did not hold any. What had been done with any of these bonds that had been held by the bank it was the duty of the Chancellor to ascertain.

18. January 12, 1878 The Carbon Advocate Lehighton, PA

Article from The Carbon Advocate, January 12, 1878

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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.

19. May 15, 1878 The New York Herald New York, NY

Article from The New York Herald, May 15, 1878

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NEWARK SAVINGS INSTITUTION. It has been resolved by the managers of the Newark Savings Institution to apply to Chancellor Runyon for permission to pay a second instalment of twenty per cent to depositors on and after June 1. The managers have also re-elected President Dold and the old Finance Committee, Messrs. A. S. Reeve, A. B. Baldwin and Henry G. Darcy. The Examining Commissioners will be ready to report the actual condition of the bank in a tow weeks.

20. August 27, 1884 New-York Tribune New York, NY

Article from New-York Tribune, August 27, 1884

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children, gayly assembled at Washington Hall in the morning, and were taken to Riverside Park in street cars. At the park they gave exhibitions in gymnastics, and played and romped heartily. The older people chased greased pigs and indulged in singing, daneing and other amusements. Wiltiam Walter Phelps, member of Congress from the District, sent the following letter acknowledging an invitation to be present: BAR HARBOR, ME, Aug. 22, 1884. O. HANDWERK. Esq., President. MY DEAR SIR:-Thank you for the invitation. It reached me here, far from the banks of our Passaic. But it is not the distance that keeps me. I would come much further to have my share in a volksfest whose programme promises so much honest and hearty enjoy ment. Duty detains me; I at least tancy it a duty, which calls me to and in preserving for you those institutions and policies which in a quarter of a century have made Paterson as you see it and enabled Riverside Park to welcome a pageant representative of all that a wise people prize. It is well that the pageant should start next Monday with the triumphal car which brings Columbia, Germania and Helvetia to the feast. For the best blood in Germany and Switzerland and America is among those who have contributed to the growth of your busy city. It is the best blood, for it loves law and order and warms itself in useful industries. Welcome then Agriculture as she marches behind Wooley's band in the sturdy group of farmers from Haledon and Centreville and Small Lots. Welcome Trade and Manufactures in the long line of wagons that creak behind, nor is there danger that the old will forget due homage to the arts which adorn our lives and give them perfume. Professors Davis and Weiler shall awake the echoes with the swelling voices of their chorus. The Brothers Saal shall wed in harmonions marriage Die Wacht am Rhein and the Star Spangled Banner; Handwerk and Klee shall show that oratory is not a lost art. The impatient young shall hasten the decline of Monday's sun that under the starlit skies youth and beauty may meet to chase the glowing hours with flying feet-and the art of dancing shall end only with the night. Nor shall this great festival end and Riverside Park relapse into its ordinary peace and quiet without the great lesson being taught us anew that our lines have fallen in pleasant places, and God has given us a goodly heritage. which we will always cherish and protect, that our children's children may rise up and call our memory blessed. who by purity, honesty and industry strengthened the foundations of the Republic to which we came or in which we were born. With heartv wishes for the happiness of all my countrymen and women who joi in this great celebration, I am. with great respect, your WILLIAM WALTER PHELPS. fellow citizen, MANAGERS WHO WERE FULL OF TRUST. The proceedings for contempt against the managers of the Newark Savings Institution were resumed in the Vice Chancellor's Court at Newark yesterday. Several managers testified regarding their connection with the bank. Henry G. Darcy, the present Democratic City Treasurer of Newark, who was elected a manager in 1849 and was a member of the Finance Committee, testified that he had no knowledge of the loan to Fisk & Hatch, and Harriman & Co., and was never consulted as to any of these loans. He had no recollection of any mention of the Fisk & Hatch loan in the Finance Committee meetings. He knew that Fisk & Hatch were transacting business for the bank in the capacity of brokers. and that they had government bonds belonging to the bank in their possession. He could not recollect anything of the sale of $2,000 000of government bonds by the bank. David M. Rankin, who is now the treasurer of the Board of Foreign Missions of the Presbyterian Church, was elected a manager in 1878, and was a member of the Financet ommittee during two years. Mr. Rankin, in reply to the counsel's questioning, said that he had never heard of the loans to Fisk & Hatch and marriman & Co., and never heard the name of Harrman until after the proceedings for contempt had begun. He supposed that he must have read the Chancellor's order when the bank resumed in 1878 but he had only a general knowledge. He could not recollect that the Fisk & Haten or Harriman loans had ever been brought to the attention of the committee. He had had confidence in Abner Reeve, the chairman of the committee, and trusted him to look after matters. He had felt satistied that President Dodd was transacting the business properly. He explained that he spent nearly all his time in New-York and that was the reason that he had not attended the Finance Committee meetings often. ANXIOUS TO DISPOSE OF HIS OWN body. An aged man walked into the office of The Home News in New-Brunswick, N.J., yesterday, and made cold shivers run down the back of the advertising clerk by handing him the f llowing gdvertisement: A medical stud nt desirous of a subject in the near future can be accomm da ed by addressing B, Post Office. Conditions: Boby must be either cremated or buried. On being questioned the man said that the body he wanted to dispose of was his own. He wanted no money for it, but he was determined not to be buried in the Potter's field. He said that he was the last of a long line of German barons, and a descendant of men who had fought in the United States. He continued as follows: Recently I joined the Salvation Army. The other night they had a meeting, and when it came to a vote about employing a jumping jack for a captain, I was told by a Johnny Bull of an English-