14199. Newark Savings Institution (Newark, NJ)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: May 16, 1884
Location: Newark, New Jersey (40.736, -74.172)

Metadata

Model: gpt-5-mini
Short Digest: bc262535

Response Measures

None

Description

The Newark Savings Institution (Newark, NJ) closed/suspended in mid-May 1884 after large amounts of its bonds/cash were held or misused by the New York firm Fisk & Hatch, which suspended. A receiver was appointed and the chancellor resolved to wind up the bank; dividends were later paid by the receiver. There is reporting of depositor agitation elsewhere, but no clear, discrete depositor run on this specific bank prior to suspension in the articles — the primary sequence is suspension followed by receivership and winding up.

Events (3)

1. May 16, 1884 Suspension

Cause: Correspondent
Cause Details: The bank had deposited large amounts of government bonds and cash with the New York firm Fisk & Hatch for safekeeping/reinvestment; Fisk & Hatch suspended/failed and owed the bank about $845,000–$1,000,000, precipitating the suspension.
Newspaper Excerpt: The Newark Savings Institution, which failed six years ago, closed its doors to-day. Fisk & Hatch, its officers say, owe the bank $1,000,000.
Source: newspapers

2. May 17, 1884 Receivership

Newspaper Excerpt: Receiver Wilkinson came to this city yesterday and collected $150,000 ... Mr. Wilkinson qualified as receiver yesterday ... the amount due depositors is $6,156,534.28 ... the receiver submitted to the Chancellor a preliminary report . . . .
Source: newspapers

3. July 1, 1884 Other

Newspaper Excerpt: The receiver of the Newark Savings Bank this morning began the payment of the 60 per cent. dividend to an eager crowd of depositors.
Source: newspapers

Newspaper Articles (24)

1. May 16, 1884 Evening Star Washington, DC

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THE WASHINGTON BANKS. No Trouble Apprehended in This City. VIEWS OF LEADING FINANCIERS-WHAT IS SAID AS TO THE CAUSE OF THE TROUBLES IN NEW YORK. Inquiries among the Washington banks to-day developed the fact that there is still no uneasiness felt here on account of the financial troubles in New York. Said one prominent banker: "The panic, If It can be called such, is merely a local arfair. The financial condition of the country is not such as to warrant a panic of any extent. Some outside concerns who had money with the firms that failed are, of course, more or less affected As for Washington, there is not the slightest necessity for any apprehension. We are cut off from the outside world, and most of our transactions are confined to local securities." An officer of the Bank of Washington said there is not the least sign of uneasiness here, and there need be no apprehension. MR. NORMENT'S VIEW OF THE PRESENT TROUBLES. Mr. S. Norment, president of the Central National bank, said to-day " that so far from there being any signs of uneasiness, there were signs of condence here; for, on yesterday, the receipts of his bank were largely in excess of the payments." Continuing, Mr. Norment said:-"This entire trouble has been caused by gambling speculations in various kinds of stocks, especially in railroad stocks of a fictitious value. It has been a good lesson, not easily forgotten. It is confined to those banks that have had connection with Wall street brokers. Any national bank president who is so foolish as to use the funds of the bank to help these operators ought to be put out. This unexpected storm will serve more to purity the financial atmosphere and place confidence on a higher plane than anything that has ever happened to this country. I have not the least idea that any national bank president in this city has ever done such a thing. I speak for banks of Washington alone, being personally interested in three of them; and for my part I would be glad to see the bill offered by Mr. Cullom yesterday pass both Houses of Congress and become a law." DR. D. B. CLARKE, of the National Bank of the Republic, says that there is no need of any apprehension of trouble here, for the banks are safer and sounder than anywhere else. It Is only the speculating banks that have been hurt, and fortunately all the banks here are of a conservative character, and have not been tempted to speculate. There have been no signs of uneasiness here of any kind. "We are carrying on our business as usual," said Dr. Clarke, "loaning our money whenever the security is good, and I believe same." all the other national banks are doing the MR. H. C. SWAIN, cashier of the Second National bank, says that there is no sign of uneasiness here; that his bank is conducting business in the quiet, safe way which has always characterized it, and It is to-day as safe as it is possible for a bank to be. IN THE BROKERS' OFFICES. The chairs in the brokers' offices were well patronized again to-day, and every bulletin posted was read with interest by anxious speculatora There were also many inquiries from persons who seemed inclined to take advantage of the low prices of stocks to buy in. The failure of the Newark savings bank, whose liabilies were reported at $5,000,000, was the chief item of news bandled about. The action of the New York bankers, agreeing to loan par on government bonds, was regarded favorably. The decline in government bonds was partly attributed to the failure of Fisk & Hatch, who had large holdings of these bonds. A report from New York, that only $109,000 in bonds had been offered for redemption under Secretary Folger's recent order, puzzled some of the financiers, who calculated that the bonds would be offered for redemption in large amounts.

2. May 17, 1884 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, May 17, 1884

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AUGUSTA, MAINE, SATURDAY MORNING, MAY 17, 1884. depositors. He had appointed Geo. WilkinFO FORTY-EIGHTH CONGRESS. THE FINANCIAL STORM. son of this city receiver. Wilkinson took PH. possession this afternoon. STEA NEW YORK, May 16. First Mession. The Newark Savings bank makes the folA Complete statement of its present trouble landThe Clouds Slowly Dispers"The purchase of government bonds was HOUSE. Hours. entrusted to Fisk & Hatch, who agreed to pay ing. the interest, pending the investment of what WASHINGTON, May 16. money was in their hands. The wealth and The river and harbor appropriation bill The British was reported and referred to a committee of reputation of the firm naturally led to over pool for Boston the whole. confidence and carelessness about obtaining lighthouse on t A. M. The House at 1.30 went into a committee the necessary investments. and so things have The steamer is Affairs More Hopeful-The Worst gone on until now it seems the firm owes the of the whole on the consulor and diplomatic board were sav le States, Over. bank nearly $1,000,000. Besides the box of appropriation bill, the pending amendment Later reports ly winds: being one offered by Mr. Cannon of Illinois, securities of the bank kept by the firm which ing heavily aga I in temappropriating $110,000 for the contingent ought to hold government bonds, only has in room is full of expenses of U. S. consuls ; lost. tinues fine it is their stead personal property not of equal value nor so readily saleable. A number of unimportant amendments portion of the were offered and voted down and the bill was NEW YORK, May 16. The Illvrian Anxious Creditors at Hawley's. WALL STREET-The market shows a rally laid aside with favorable recommendation, fog and struck of 1/2 to 21 per cent. for some shares, but a S. and the committee proceeded to the considBOSTON, May 16. ing a hole in h few stocks are heave New York Central is eration of the army appropriation bill. The The office of F. A. Hawley & Co., whose The fore apart selling at 108 against 110 this morning, while amount appropriated by the bill is $24,244.failure was announced yesterday, was During the nig Lake Shore is back to 83. 450, $437,800 less than the appropriation for thronged this forenoon with anxious creditors the morning th N. The first two hours of business, which are the current year, and $2,645,653 less than and customers, many of them ladies. The and sunk. Ca the estimates. usually the most dangerous in the season of she struck and assignee was in charge, curtains all down. a flurry, have passed with only one small No amendments of any importance were and clerks busily engaged in going through Franklin ship was aband failure which has had no great significance. offered and the bill was laid aside favorably. accounts and getting matters in shape. No Sub Treasurer Acton says there was a brisk The District of Columbia bill was taken exact statement of conditions could be made PARLIA demand for legal tenders at his office yesterup. The bill appropriates $1,862,600. up. day, causing a withdrawal of $3,500,000. Up Mr. White of Kentucky offered an amendMay 16. J. F. Hawley has been in the stock board How it is Pr to this bour today, one million legal tenders ment prohibiting the manufacture or sale of all the morning. arranging as best he could ung man P have been paid out and nearly another million various stock transactions under which the intoxicating liquors within the district; ruled f Madrid. out of order. firm is liable. The fact that the transfer of silver certificates. the latter being for payrid to visit ment to savings banks. At 5.10 the committee rose and reported books of the Atchison, Topeka & Santa Fe The Standar three bills to the House, but no action was red to her road are reopened today. makes his task an The Produce Exchange Gloomy. taken, opposition hav onerous one, as the firm has of late been at of the Business matters at the produce exchange franchise bill r The House then took a recess until eight dealing very heavily in Atchison securities, stairs and have rather a gloomy look, although no failmotion will be o'clock, the evening session to be for the and therefore have many transfers to make. ures or rumors of failures are current. Trade would go consideration of pension bills. ing which, if c It will be several days before the exact status is not disposed to operate to any material its rejection. of the firm's affairs can be learned, but its The House at the evening session passed out and extent. Shippers' operations are materially will show that 32 pension bills. resumption of business is known to be imposand have checked by the extreme difficulty in selling. the extension o Adjourned. sible. isappeared Sterling exchange prices are all lower and peacemeal part Trouble Among the Rokers. tending downward. Leading members are ved to be ment in its dea GRANT & WARD. qaite hopeful that there will be no panic in NEW YORK, May 16. tion. It is hop the produce exchange, but some members thus afforded a Russell Sage stated to Jay Gould he has are discouraged at the outlook of financial Ferdinand Ward Again on the StandHouse of Com settled more than three-fourths of his "puts" affairs in Wall street. election before and that he will continue settling them up as His Memory as Defective as Ever. fast as the clerical force can figure his accounts May 16. At the Petroleum Exchange. up. At one o'clock the glass door of Sage's hat a comNEW YORK, May 16. At the petroleum exchange prices broke 84 office was broken by one of the "privilege" The hearing in the suit of J. H. Norris vs. f steamers or from 734 at the close of yesterday down to holders. He was threatened with arrest, and Grand & Ward was continued today before The scheme 65. There was some excitement, but prices heme is to he said that was what he wanted. referee Hamilton Cole. Ferdinand Ward afterward recovered about four cents. standOcean to the M P. M.-It seems to be the impression in nd stop at was again placed upon the stand. He aping at 12.15 P. M. at 69. No failures are the Iberian per Wall street circles that all danger of continrs chance peared extremely nervous and evaded as revived. A co reported. uance of disturbances of the past few days much as possible the questions put to him. the founders of e or stop Savings Banks Run Nearly Closed. is over. Many of the financial minds of the His memory in regard to the transactions tors for the Su will take day have come to the conclusion that the The run on the Emigrant Industrial Savwas even more defective than at the previous the largest ves moving causes of the panic were in no way el. ings Bank has abated today, and business hearing. Among those interested in the have asked the similar to those which culminated in Black was being done as usual. About $160,000 transactions, he said, were E. Spicer, Col. guarantee of 4 Friday and the flury of 1873. Fred B. Grant, U. S. Grant, Jr., E. H. was paid out yesterday, but it was said that from 1886, wh . Messrs. Donnell, Lawson & Simpson today depositors were returning their money today. Tobey, E G. Tobey, W. E. Grace, J. Nel. completed. issued an address to their creditors announcIt was thought that there would not be anothMay 16. son Tappan, W. W. Smith, Jesse R. Grant ing their suspension, and requesting all poser rush here unless the Wall street pauic and James R. Smith. When he drew money schooner Revision sible consideration. The notice states that broke out afresh. There was no run today from the firom of Grant & Ward he simply the firm and individual members have asdecamped on the Manhattan savings institution. The told the cashier to give it to him and charge signed all their property to their confidential A bill for the N. S., on Greenwich Savings Bank run ended today. it to his individual account. The system upon elerk R. H. Weems, and hopes to pay all will be the firs which he worked was based on the imaginary There was a steady run on the German Savavy draft liabilities unless they are forced to sacrifice chamber of dep ings Bank today. A large crowd composed profits of the operations being carried on. and has the assets. the enlargement Ward admitted that the first person who was mostly of women stood around it. The teller He beNEW YORK, May 16. ency by the al associated with him in this business was was passing nothing but gold to them. The assignment of Donnell, Lawson & The proposed President Fish of the Marine bank. He inWashington advices state that the subchamber of dep duced Fish to embark with him in these Simpson gives preferences to the assignee treasurer at New York reports only $100,000 with regard to for 86083 and to the State Savings Bank of of bonds were offered for redemption there, schemes by representing that he had a great monies and tha St. Joseph. Mo., the full amount which may deal of influence with the government. The under Secretary Folger's call. Mav 16. of the session be found due, which as near as can be estiothers, he added, finally got in some way or The clearing house banks have agreed to mated. is about $300,000 for moneys and seother, I don't remember exactly how. advance $20,000,000 on government bonds if ship badge A curities loaned by the bank to the firm. The Mr. Bangs asked Ward: When you denecessary, to protect the market. Up to this age of the assignment also directs the payment of debts hour it is said that $25,000,000 have been sired money how did you go to work to get e Androsof the individual members of the copartit? loaned in this collateral. Money is loaning The Longfell as won by Ward-I drew a check on the Marine bank nership. at 1/2 and 1 per cent. premium per diem. ) send a copy of 9. whe securities were deposited to the credit of No quotation for money, prime mercantile Gould Interviewed. Westminster A the firm. paper nominal; exchange heavy and deIn an interview today Jay Gould said "I Bangs-Then the real nature of your busipressed at 82 a 84 long and 84 a 85 short: Minister have had no connection whatever with any ness consisted in discounting the fanciful governments weak and lower, state bonds of the broken firms, and the reports that I May 16. prospect of imaginary profits to be derived merely nominal; railroad bonds very regular. lost any money by the crash is absolutely from ficticious contracts founded on the Tozeblatt to Stocks have been better since 11.30 A. M. 1 of Bosuntrue." Richards Muck manufacture of loans and artificial contribuLake Shore is up to 84, St. Paul to 684. wharf this If you haven't lost anything through the will succeed Sa Missouri Pacific to 664, Union Pacific to 423 tions of imaginary money? crisis have you added to your modest savceny of a ister to Berlin. and Western Union to 521. At the subWard appeared to be staggered for a moings?" asked the reporter. James M. ment, as a laugh went round, after asking treasury $3,500,000 in legal tenders have Gould smiled one of his well known sigto have the question repeated, reluctantly he will be been paid out this morning. This will FROM nificant smiles and said "I don't known as admitted that it might be true although he strengthen the bank reserves. yet.' preferred not to answer. Brokers report more willingness on the His confidential man Monisine was presConference in Bangs-Did you conduct this sort of buspart of bankers to make loans and a large ent and also smiled. iness alone? amount of money has come from Canada and heave transfore have been from the other Cittlom in Readford Pa WardVes had no confederates

3. May 17, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 17, 1884

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A CRASH AT NEWARK. Confidence in Fisk & Hatch the Cause of the Trouble. NEWARK, N.J., May 16.-The Newark Savings Institution, which failed six years ago, closed its doors to-day. Fisk & Hatch, its officers say, owe the bank $1,000,000. STORY OF THE TROUBLE. NEWARK, N. J., May 16, 5 P. M.-The Newark Savings Institution failed four years ago, but was taken in guardianship of chancery, which, instead of appointing a receiver, left the board of managers in control to settle up the old debts and receive new deposits, which were to be invested only in government bonds and similar securities, and which investments were to be specially for the benefit for new depositors. The old depositors have realized 95 per cent., and there is enough money to pay the other 5 per cent. The new depositors have been paid an income of 31/2 per cent. yearly. The bank makes the following statement of its present troubles: "The purchase of government bonds was entrusted to Fisk & Hatch, who agreed to pay the interest pending the investment of what money was in their hands. The wealth and reputation of this firm naturally led to over confidence and carelessness about obtaining the necessary investments, and so the thing has gone on till now. It seems that the firm owes the bank nearly $1,000,000. Besides this a box of securities of the bank kept by the firm which cught to hold government bonds only has in their stead personal property not of equal value nor so readily salable." BITTER FEELING AGAINST DODD. NEWARK, N.J., May 16, 11 P. M.-Daniel Dodd, President of the Newark Savings Institution, was Treasurer of the Newark city sinking fund, and an examination of the funds was made to-day. It was found intact. There were nearly 14,000 depositors in the savings bank. The feeling against Mr. Dodd has been bitter. Mr. Dodd cannot be found to-night. His son was employed with Fisk & Hatch.

4. May 17, 1884 Seattle Daily Post-Intelligencer Seattle, WA

Article from Seattle Daily Post-Intelligencer, May 17, 1884

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Shore 8 to 89, Michigan Central to 30%, 5 to Lake 70, Missouri Pacific 5% to 70%, Kansas & Texas 2% to 15½, New York Central 3½ to 110%, Northern Pacific preferred 5 to 49, Oregon & Transconcinental 2% to 14½, Pacific Mail 6% to 37, Omaha preferred 3½ to 89, Texas Pacific 2 to 13, Union Pacific 41/2 to 45, and Western Union 3% to 55½. Compared with last night, Central Pacific at the close is 5 per cent higher. Quincy 3 Pacific Mail and Western Union 2½, Wabash 2%, Kansas and Texas 2%, Omaba preferred and Northern Pacific preferred 1½, Erie and Northern Pacific common 1½, St. Pant 1½, and Northwestern preferred, Denver and New York Centrall: while Michigan Central is 3, Canada Southern and Jersey lower. Central 1½, and Lake Shore 1 per cent AT CHICAGO. CHICAGO. May 16, 10 a. m.-The opening of the Exchange this morning was not accompanied by any excessive excitement. Prices were generally stronger. July wheat rose to 90%, declined to 89%, and is now steady at 90. Corn sold up to 58%. and receded again to 57%. The feeling is apparently one of greater confidence than on either of the two preceding davs, notwithstanding the last failure in New York. 11 a. m.-The markets are depressed and partially demoralized on reports of additional failures in New York and R decline in stocks. Wheat declined 1½ @13/c. IN SAN FRANCISCO. SAN FRANCISCO, May 16.-A considerable amount of money was sent East today. Ordinary exchange on New York is selling at 30; telegraph has risen to 1½. Some banks have stopped selling. Several this morning called on their customers to put up further collatoral on overdrafts. The market is unaffected otherwise. On early call today Government 4's were quoted at 119; at the close of the hoard they dropped to 116. CONFIDENCE AT KANSAS CITY. KANSAS CITY. Mav 16.-All traces of yesterday's flurry in banking circles have disappeared. The banks are pay ing in full today, and business is moving as usual. FAILURE OF THE NEWARK SAVINGS INSTITUTE. NEWARK. N. J., May 16-The Newark Savings Institute closed its doors today. The bank officers BHy that Fisk & Hatch owe the institution a million dollars. RUN ON BEADFORD BANKS. BRADFORD. May 15.-The suspension of the Tuna Valley bank today, caused a run on the First National and Bradford National banks. All comers are paid. The officials of the Tuna Valley bank say that there are no preferences. and that the depositors will be paid in full. The Tuna Valley was the Brad ford correspondent of the Metropolitan bank of New York. $60 000 of Bradford's special fund for the erection of new water works, was deposited in the collapsed bank. IN LONDON. LONDON. May 16. Stocks opened somewhat lower than last night, on reports from New York. Shortly after. wards a general firmness set in, which prevailed up to 2:30. Since half-past four a strong downward tendenov in American stocks, especially Lake Shore, has prevailed, and the street is crowded. Prices of American securities were fluotuating, but closing prices are better. There have been large remittances of government coupons to pay for stocks sold here. A large shipment of gold to New York is being arranged. Arbitrators are unwilling to supply stocks because of adverse exchange. CURIOSITY BATHER THAN ALARM. The News says: "The city regards the American panic with curiosity rather than alarm."

5. May 17, 1884 New-York Tribune New York, NY

Article from New-York Tribune, May 17, 1884

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prices naturally advance. There were no more large failures yesterday, and no trouble was experienced by any of the banks. The Newark Savings Institution failed, but the effect even in that city was comparatively small, as the Institution once before closed its doors. The savings banks in this city were all prepared to meet any senseless run that might be made upon them, but fortunately the depositors, with few exceptions, realized the folly of such a course. The outlook in business and financial circles is steadily improving, and all cause for further alarm seems to have passed. The Legislature which closed its work at Albany yesterday proved to be more of a deliberative body than any of its predecessors for many years. It passed 399 bills, while the Democratic Legislature of 1883 passed 658. Many important reforms have been carried out this year; but with the exception of the Civil Service bill, there is scarcely anything creditable to show for the session of 1883; and the Civil Service bill, in order to be made effective, had to be amended this year. If the Governor acts wisely on the measures now before him nearly all of the city employes, including election inspectors and poll clerks, hereafter appointed, will have to undergo Civil Service examinations. It is unfortunate that the Adirondack bill and the one to abolish imprisonment for debt met with such unfair treatment. Mr. Kelly's Brooklyn Reform bills were defeated owing to the persistent opposition of such spoils-seeking Democrats as Mr. Earl. He also vainly endeavored yesterday practically to defeat the provisions of the excellent bill passed to stop the publication of obscene newspapers. When such Democrats as Earl, Coffey, Oliver, Van Cott and the others who work with them are no longer sent to Albany to misrepresent the people, honest legislation will be made easier. Fortunately, their work has been unprofitable this year, owing to the care with which it has been watched by the Speaker and other Republican members.

6. May 17, 1884 New-York Tribune New York, NY

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THE EXCITEMENT IN TITUSVILLE. |BY TELEGRAPH TO THE TRIBUNE.1 TITUSVILLE, Penn., May 16.-The excitement in the oil trade to-day far exceeded that of Wednesday or Thursday, though it was of shorter duration. Business closed last night in an unsatisfactory condition, and a keener feeling of insecurity prevailed in the oil region. The rumors that several brokers were unable to pass their sheets through the Clearing House brought the panic more directly home to individuals. In addition, oil was reported as selling at 70 cents in New-York. The market opened with first sales at 763, and for a time things were quiet, the bidding declining slowly. Shortly after 11, news was received of the failure of the Newark Savings Bank, and there was a general rush to sell. The excitement for an hour was intense. The price declined a cent at a time, instead of by points. In a few minutes sales were made as low as 65 cents. Then the reaction began, carrying prices to 79. A break followed, succeeded in turn by another advance. Business for the day closed firm at 777g. The usual hour between the morning and afternoon sessions was dispensed with, it havingbeen arranged to close at 3 o'clock instead of 4. The oil market is still under the control of Wall Street but if no fresh troubles occur there, a good advance is looked for in petroleum to-morrow. President Foster, of the Oil City Exchange, announced that the Clearing House had been unable to dispose of an immense amount of business and consequently that itis difficult to give full particulars concerning failures. Hilton & Waugh are difficulty and did no trading to-day. Henderson & Lake have suspended. One or two other failures are reported, no doubt correctly. Particulars will be fortheoming with the Clearing House report. The losses of individuals cannot be estimated by failures. The panic has been disastrous to the oil trade, and has already had the effect of stopping the drill in many places as oil cannot be produeed at anything like the prices now ruling. A dispatch from Warren says: "The Gartland well in the new Chambers district is doing 600 barrels a day, the Anchor and Weible wells will be opened in the same district in a few days."

7. May 17, 1884 New-York Tribune New York, NY

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FRIDAY, May 16-P. M. To-day's developments detract nothing from the importance that was attached to the failure of Messrs. Fisk & Hatch. On the contrary, their operations in connection with the Newark Savings Bank point to complications that yesterday were not suspected. But the opportunity for a night's reflection served to stay a panic at the Stock Exchange. The sun neither rises nor sets in the office of any one banking firm, nor in that of any single speculator, no matter what may be the amount of reported capital of either. The market opened firm instead of weak; but the announcement of the suspension of the Stock Exchange firm of Messrs. H. C. Hardy & Co., and the immediately following report that the Newark Savings Bank had closed its doors, were wet blankets upon the general feeling that "the worst was over," and that stocks were a purchase for a considerable rally. Those events. however. exerted only a momentary effect upon the market. What did seriously affect the general temper was a later sudden break in Lake Shore stock from 89 to 81. The stock had opened down 1 per cent at 88, but had recovered to 89½, when the pressure to sell it became urgent. and it quickly fell 812 per cent. The sales did not have the character of a raid, and there is probability in the story that they were for the account of a forced loan at bank yesterday to secure an over-certification which was to be made good before Clearing House hours to-day. Of course such a drop in Lake Shore was not without ffect upon the general market. But there was a wonderful exhibition of recuperative energy that quickly displaced depression by something akin to buoyancy. Lake Shore afterward rallied to 88, sold back to 84, up to 89, and ended at 88. The transactions in it amounted to 45,658 shares-the largast business 10 any one stock; its fluctuations are

8. May 18, 1884 New-York Tribune New York, NY

Article from New-York Tribune, May 18, 1884

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THE BROKEN NEWARK BANK. THE RECEIVER FINDS A DEFICIT OF OVER A MIL LION DOLLARS. Receiver Wilkinson, of the Newark Savings Institution, came to this city yesterday and collected $150,000 which was due to the institution upon the call loans handed over to the president by Fisk & Hatch. President Dodd appeared at the bank and was engaged during the day in assisting the receiver and receiving visitors. He was pale and careworn. Heexplained that the $840,000 on deposit with Fisk& Hatch had been received by the firm from the Government for called bonds and had been allowed to remain with the firm for reinvestment. The bank received interest on the cash deposits with the firm, but nothing was paid on the bonds. Mr. Dodd said that if Fisk & Hatch should resume the bank would be all right, but it would not affect the action of the Chancellor, or change his purpose of winding up the bank. In Mr. Dodd's opinion there could be no very considerable loss to depositors in any case. The bond of Receiver Wilkinson for $100,000 was approved yesterday, the bondsmen being John P. Wakeman, J. D. Harrison, Oscar Mockridge and S.S. Battin. At 3 p. m. the receiver submitted to the Chanceller a preliminary report. He stated that the books were in good order and that there was no trouble except in respectàto Fisk & Hatch The report is as follows: At interest with Fisk & Hatch:

9. May 18, 1884 Fort Worth Daily Gazette Fort Worth, TX

Article from Fort Worth Daily Gazette, May 18, 1884

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AN INSOLVENT BANK. NEWARK, N. J., May 17.-The receiver of the Newark Savings institution has submitted a statement to the chancellor, showing the amount due depositors to be $6,156,534; total assets according to receiver's estimate exclusive of $845,000 due from Fisk & Hatch, $4,995,336, difference $1,161,193. The bank has securities and cash on hand to warrant the payment of 30 per cent to depositors immediately. In case Fisk & Hatch are able to resume, the bank would lose nothing, and the receiver says he will make the most liberal arrangements possible to enable the firm to continue business.

10. May 18, 1884 The Sun New York, NY

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NEWARK'S SUSPENDED BANK CHANCELLOR RUNYON RESOLVED TO WIND UP ITS AFFAIRS. He Says Twice so Enough-The Receiver Ready to Pay so Per Cont.-President Dodd Stamed for Tellies the Chanceller. The officers of the Newark Savings Institution included yesterday that Fisk & Hatch had no authority to exchange the bank's Government bonds in their possession for other securities. s reporter of THE SUN saw President Daniel Dodd at the bank. and asked him when the practice began of leaving the bank's bonds with the firm. .. About a year ago." ho replied. "although I can't speak accurately. The Government was calling bonds, and, as it wasn't safe or convenient to be running to and from New York with the bonds, they were left with Fisk & Hatch. The firm simply had authority to change the bonds whenever they were called. I hear that they say they had authority to substitute other securities for the bonds. but as far as I know this is not true. Certainly they had no right to use the bonds for their own purposes." Did your Finance Committee know that the bonds were in New York They certainly did. No wrong has been committed, and no one triedto make a cent except for the bank. The fault has been that too much confidence was placed in men who stood as high as anybody. Things are beginning to look more favorable, and men are even blaming me now for informing the Chancellor of our trouble, claiming that the suspension was unnecessary. But I felt he should know how we were situated, and therefore I told him even before Informed the managers. The discovery that our bonds were not all in the vaults of Fisk & Hatch was like a thunderolap to me." Treasurer Carter said that he did not authorise Fisk & Hatch to use the bank's bonds for their own relief, or to replace them with securities other than Government bonds. Moreover. Mr. r. Dodd and Vion- President Baidwin had told him they never did. The counsel for Fisk & Hatch had been reported. he continued. as saying that there was a contract or agreement between the bank and the firm. which authorized the latter to use the bonds for their own purposes, and to substitute miscellaneous securities for them. He never knew of any. even a verbal contract. and would be much surprised if the firm could show a written one. Mr. Carter said it was no secret in the bank that the bonds were kept in New York, and it was strange if all the managers did not know it. He was greatly surprised, he said, when the bank closed. He had just arranged to spend a week at Atlantic City with his wife. and was on his way to the railroad station when he heard of the suspension, Receiver George Wilkinson came to New York resterday to collect a loan which the bank had made. The loan was not made through Fisk & Hatch. and had nothing to do with the firm's affairs. It was rumored that the $845,000 which the firm owes the bank was deposited in a New York bank to the credit of the Savings Institution. and that Mr. Wilkinson came here to recover it. The fact in. that in the recovery of this sum the Newark bank will have to take its chances with the firm's other creditors. The $845,000 is the proceeds of bonds which Fisk & Hatch sold about a month ago for the bank. It held the money for relavestment when the firm suspended on Thursday. Mr. Wilkinson qualified as receiver yesterday. giving $100,000 bonds, and late in the afternoon be made a preliminary report to Chancellor Runyon, showing that the amount due depositors is $6,156,534.28. The total assets. according to the receiver's estimate. exclusive of $845,000 due from Fisk & Hatch. are $4,995,336.77 leaving a deficiency of $1,161,197.51. The bank has securities and cash on hand to warrant the payment of 30 per cent. to depositors immediately. In case Fisk & Hatch are able to resume, the bank would lose nothing, and the receiver says be willmake the most liberal evrangements pessible to enable the firm to costinue business. Chancellor Runyon said that in a few days a dividend would be declared. It might be fifty per cent. He declined to say whether the arrest of any of the bank officers would be ordered. but said again that the bank would be wound up. no matter how good a showing it might make. Twice is enough. ho said. Several of the managers of the bank still maintain that they never knew that the bank's bonds were kept in New York. The run on the

11. May 18, 1884 New-York Tribune New York, NY

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Fifth-ave. But unfortunately there is little hope of intelligent action in the City Hall. THE SAVINGS BANKS. All the city savings banks have come well out of the recent excitement, and it is not too much to say that this fortunate result is largely due to the stringency of the law which governs their operations. The absolute prohibition of speculation to all bank officers indeed has been shown by the events of the past week to be most desirable, since it is clear that men cannot be trusted in such positions upon no better guarantee than that of their private judgment. In the case of the Newark Savings Institution disaster appears to have been incurred through the disobedience of the bank officers to the order of the Chancellor. It is no sufficient excuse in such a case to say that the brokers with whom they deposited the Government bonds had a standing which justified implicit trust in their integrity, nor is it a justification to represent that the profit which was the immediate incentive to the deposit was for the benefit of the bank. The Chancellor had issued orders which it was the plain duty of the bank officers to follow, and had they done 80 the institution would have been on its feet to-day. This failure again shows the danger of trusting to private judgment, and the necessity of hard-andfast rules which shall simply render it impossible, without incurring criminal responsibility, to jeopardize the funds of savings institutions. It is to be regretted that the unintelligent panic of a great number of poor and ignorant depositors in the city savings banks, mostly foreigners, should have led to the sacrifice by them of the half-yearly interest on their deposits. Some of the bank officers appear to have thought this exhibition of blind distrust rather amusing, but considering that the interest on their deposits, however small, is of serious consequence to thousands of the patrons of the savings banks, the loss is really vexatious, and the more so since it was wholly unnecessary. The depositor could be protected against himself in cases of this kind by adopting the rule of notice of withdrawal. This has the advantage of giving time for inquiry, and for the passing of ephemeral excitement. In the present instance it would have prevented the loss of interest to a great many poor people, and would have saved even the appearance of a strain upon the banks. The encouragement of saving is so important, viewed solely as a public policy, that the law cannot be too careful in guarding both the property and the interest of depositors; and when, as in this city, a large class of depositors consists of foreigners of nervous and excitable temperament, ignorant of American methods, prone to suspicion and apt to run together like sheep, and follow the first promptings of their apprehensions, they should not be allowed to suffer because of their want of knowledge, but should be protected even against themselves.

12. May 19, 1884 Lancaster Daily Intelligencer Lancaster, PA

Article from Lancaster Daily Intelligencer, May 19, 1884

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FINANCIAL NEWS. Demanding the Punishment ot President Dodd, or the Newark Savings Bank. NEWARK, N. J., May 19.-Application was made to Vice Chancellor Van Fleet this morning, in the absence of the chancellor, by counsel for German depositors of the Newark savings institution for an order to require President Dodd to show cause why he should not be punished for disobedience of the order of the court of chancery in removing the bank's assets out of the state. At the suggestion of the vice chancelor, the matter was laid aside temporarily pending further develop ments. Receiver Wilkinson again went to New York to-day and rumors that the bank will receive the full amount of its claim against Fish & Hatch are circulated. The run on other saving banks ceased to day, and a better feeling prevails. All Quiet on Wall Street. NEW YORK, May 19.-Everything is quiet on Wall street to day. There is much confidence manifested. Michael Morton, dealer in china, made an assignment today. giving preferences amounting to $24,0000. It is reported that the Eric County Sav. ings bank, of Erie, Pa., has suspended. 2 p. m.-W. B. Scott & Co., have just annouced their suspension at the stock exchange. Failure of an Indiana Bank. LAPORTE, May 19.-The City Exchange bank made an assignment on Saturday owing to the failure of Donnell, Lawson & Simpson, in New York. Liabilities, $36,000 ; assets; $20,000. : A Temporary Suspension. PETERSBURG, Va, May 19,-Owing to the heavy run on the Planters' and Mechanics' bank, it temporarily suspended to-day.

13. May 19, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, May 19, 1884

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1884 Corresp'g weeks. Past Previ's 1881. 1882. 1888. week. week. States. 28 29 31 25 39 Middle 22 21 28 35 82 New England 13 21 34 20 82 Southern 19 81 55 40 58 Western. Pacific and Ter6 14 18 12 26 ritories 88 116 166 132 187 Totals 15 14 21 20 35 Canada About 75 per cent. were those of small traders whose capital was less than $5,000. The following were the important suspensions of banks, bankers and brokers during the past week: New York city-Fisk & Hatch, Hatch & Foote, Donnell, Lawson & Simpson, O.M. Bogert & Co., Hotchkiss, Burnham & Co., A. W. Dimock & Co., Nelson Robinson & Co., H. C. Hardy & Sons, Goffe & Randle. Brooklyn-Atlantic State Bank. Newark, N. J.-The Newark Savings Institution. BostonF. A. Hawley & Co. Bradford, Pa.Whitney & Wheeler. Quincy, Ill.Union Bank. St. Joseph, Mo.-State Savings Bank. Tucson, Arizona-Hudson & Co. Atlanta, Ga.-John H. James. Among the other suspensions were the Northwestern Manufacturing and Car Co. of Stillwater, Minn.: Charles E. Young & Brother, produce, Philadelphia, Pa.; and Henry C. Mayo, canned goods, Boston, Mass. In the principal trades they were as follows: Bankers and brokers 13, banks 5, stock brokers 5, grocers 26, general stores 24, produce and provisions 11, clothing and cloth 10, liquors 9, drugs 8, hotels and restaurants 8, manufacturers 7. shoes 6, dry goods 6, hardware 6, butchers 5, bakers and confectioners 5, furniture 4, lumber 4, jewelry 4, millinery 3, fancy goods 2, grain and flowr 2, tobacco and cigars 2, men's furnishing goods 2, books, stationery, etc., 2. ALABAMA. Eufaula-Thomas L. Allday, saloon, failed; Ebenezer Priest, saloon, reported failed. FLORIDA. Tallahassee-B. A. McGinnis, general store. assigned. GEORGIA. Atlanta-M. B. Byron, grocer, failed; John H. James, banker, suspended and assigned to W. J. Garrett and A: D. Adair. His real estate is valued at $250,000, and he thinks this will be enough to pay all his liabilities: Paine, Rowland & Co., produce exchange, receiver appointed. Rome-J. G. Yeisse, drugs, applied for homestead. Sucainsboro-Manning R. Rountree, general store, assigned. SOUTH CAROLINA. Charleston-C. D. Derate, fruits, sold out on a chattel mortzage. Georgetown-Julius Levy (agent), saloon. failed and succeeded by his father. Itis said he paid nothing Marion-Julins Brown, generalstore, closed by Sheriff.

14. May 20, 1884 The Daily Dispatch Richmond, VA

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German depositors of the Newark Savings Institutions, for an order to require President Dodd to show cause why he should not be punished for disobedience of the order of Court of Chancery in removing the bank's assets out of the State. At the suggestion of the vice-chancellor the matter was laid aside temporarily pending further developments. Receiver Wilkinson again went to New York, and rumors that the bank will receive the full amount of its claim against Fisk & Hatch are circulated. The run on the other savings banks ceased to-day and better feeling prevails.

15. May 22, 1884 New-York Tribune New York, NY

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THE SUSPENDED NEWARK BANK. EXCITED MEETING OF DEPOSITORS-PRESIDENT DODD AND THE DIOCESE. The German depositors in the Newark Savings Institution held an excited meeting at the Academy of Music, in Newark, last night. The meeting was called to take action on the affairs of the bank. About one thousand persons were present. Philip Roth was chosen chairman for the German and Henry Lyon for the English speaking depositors. Among the names announced for vice-presidents was that of President Daniel Dodd. when a voice shouted "Better bring him here and string him up," whereat the audience laughed and applauded. Charles A. Borcheling, a lawyer. moved that a committee be appointed to ascertain the true condition of the bank. Ao advised that no action be taken bastily, and that the meeting should not indulge in denunciation, but promptly adjourn for a week. He read a private letter which stated that the negotiations with Fisk & Hatch were nearly completed. Mr. Borcheling asked if criesof "Hang him" would bring the depositors their money. A number of voices shouted Yes." At this point much excitement prevailed and the speaker was greeted with strong expressions of disapproval. Hugo Fraenzel, a manager of the bank, who has publicly stated that he opposed the policy of President Dodd, attempted to speak, but a storm was raised, and Fraenzel was denounced on all sides, and was allowed to say only a few words. A resolution was adopted for the appoinment of a committee to ascertain the exact condition of affairs in the bank. At the convention of the Protestant Episcopal Diocese of Northern New-Jersey, in Newark, yesterday, when a motion was made to proceed to the election of a Standing Committee, Bishop Starkey read the following letter from Daniel Dodd, president of the savings institution: RIGHT REVEREND AND DEAR Sin: You are aware of the existence of a public feeling prejudicial to myself connected with the unfortunate condition of the savings bank of which I have for long years been the president. This feeling does me great injustice. I have committed no wrong of which I am aware except that of misplaced confidence. But to re-elect me to the responsible church office which I have, through the kindness of my fellow churchmen, so long held, might subject the diocese, if not the Church at large, to uncharitable remark. For this reason, and assuring my friends t) at investigation will not convict me of any moral wrong-of an thing of which an honest man, and one who tries to be a Christian, need be ashamed-I respecfully decline to be candidate for re-election as a member of the $ anding ComDANIEL DODD. mittee. With great respect, It was moved by the Rev. H. I. Mahop that the letter be entered in full on the records of the diocese, and that a vote of thanks be extended to Mr. Dodd for his long and faithful services. The resolution was adopted. James G. Osborne, of South Orange, was elécted in Mr. Dodd's place.

16. May 26, 1884 The Rock Island Argus Rock Island, IL

Article from The Rock Island Argus, May 26, 1884

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Financial Matters. NEW YORK, May 26. -The clearing-house has issued the following: "The issue of loan certificates by the clearing-house association has so changed the relations of the banks to each other that the publication of the statement in detail, would give an incorrect impression as to the actual condition of the banks. There was a small run on the West Side Savings bank in the afternoon, growing out the $96,000 defalcation of Hinckley, the paying teller. A crowd of depositors flocked in and drew their money. Many only drew a portion. The officers of the bank refused to say anything of the defalcation, but promised a statement soon. Hinckley has not been heard yet. The bank did not anticipate much of a run. It has 8 surplus of many thousands. NEWARK, N. J., May 26 -Tne chancellor has directed the receiver of the Newark Savings institution to pay a dividend of 50 per cent. to depositors July 1.

17. July 2, 1884 Savannah Morning News Savannah, GA

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IN THE WORLD OF BUSINESS. The Newark Bank's Receiver Begins Paying $3,700,000 in Dividends. NEWARK, N. J., July 1.-The receiver of the Newark Savings Bank this morning began the payment of the 60 per cent. dividend to an eager crowd of depositors. The total amount to be paid out is $3,700,000. It will take several days to pay all. SHIPPING MERCHANTS FAIL. HALIFAX, July 1.-Bremner & Hart, shipping and West Indies merchants, one of the leading merchant firms of this city, have suspended, and are about to make an assignment. Their liabilities and assets are unknown.

18. July 15, 1884 Evening Star Washington, DC

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INVESTIGATING THE NEWARK BANK FAILURE- A private examination of the members of the firm of Fisk & Hatch, bankers, was held In New York yesterday. in regard to the recent failure of the Newark savings institution. It is said that the failure of the bank was due to the suspension of Fisk & Hatch during the pante in May, Daniel Dodd, the president of the bank, having deposited about $2,000,000 United States bonds with the firm, which belonged to the bank, and no security being given. The testimony taken yesterday was in regard to the nature of the transactions between President Dodd and the firm of Fisk & Hatch. It was not made public.

19. August 15, 1884 The Warner Weekly Sun Warner, SD

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A Bank President Kneels and Weeps. A New York paper says that President Daniel Dodd of the Newark Savings Institution has been so nervous and worried since the bank failed that dark circles have appeared under his deep set eyes and additional lines of care are seen on his sallow face. He is restless by day and night, and his friends say that the preparation of his answer to the allegations of contempt of the New Jersey court of chancery is a great strain on his mind. The manager of the bank cast all the blame for the failure on Dodd. A story is told in Newark that on the day Fisk & Hatch suspended they notified President Dodd that they had used the bank's money and cash. Mr. Dodd's face blanched and he came to this city. In the office of Fisk & Hatch, according to the story, Dodd fell upon his knees and with tears streaming down his cheeks implored Mr. Fisk and Mr. Hatch to give him en ough securities to save him from eternal ruin and disgrace. A large batch of securities of different kinds were packed into a stout satchel, which was handcuffed to the arm of President Dodd's son, who is employed in Fisk & Hatch's office, and a clerk of the firm entered the carriage with President Dodd and his son. The party drove rapidly to Newark, the securities were locked in the vaults of the bank and then Chancellor Runyon was notified that the bank was in trouble. Then came the crash and the discovery.

20. August 27, 1884 Evening Star Washington, DC

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# Newark's Suspended Bank. THREE MANAGERS WHO DID NOT KNOW OF THE LOANS TO FISK & HATCH. From the New York Sun, to-day. Yesterday afternoon Vice Chancellor Van Fleet, in Newark, took up again the charges against the managers of the Newark Savings institution of making illegal loans. Three of the managers testified in their own defense. Henry G. Darcy, who is the city treasurer, was first called to the stand. He said he knew nothing about the loans to Harriman & Co. and Fisk & Hatch, and was not consulted about them, although he was a member of the finance committee. William Rankin, a manager, who is now treasurer of the Presbyterian board of foreign missions, was next examined. He said he was a member of the finance committee during the last two years. He did not attend many meetings, and never heard of the loan to E. H. Harriman & Co. until after the suspension of the bank. Neither did he know of any loan to Fisk & Hatch. He supposed he must have read the chancellor's order concerning the management of the bank, but he had only the general knowledge that it imposed some restriction on investments. Charles S. Haines, a manager, testified that he is president of the Newark Fire Insurance company. He knew nothing of the loans to Fisk & Hatch and Harriman & Co. until after the bank suspended, except that last October, when he was in New York with President Dodd, the latter referred to Mr. Harriman and said, "He has some of our money." The witness answered, "I hope it is a good loan," and he was assured by Mr. Dodd that it was "first class, none better." Mr. Haines said that he also trusted the officers of the bank to look after its business. He always supposed the bank's funds were kept in its own vaults.

21. December 31, 1884 Morning Journal and Courier New Haven, CT

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The Defunct Newark Savings Bank. NEWARK, N. J., Dec. 30. Vice Chancellor Van Peet in an opinion delivered in Trenton in the case of the defunct Newark Savings bank adjudged Daniel Dodd, the president of the institution, guilty of contempt of court in his management of the affairs of the bauk. The bank's failure was caused by the suspension of Fiske & Hatch of New York, with whom they had a large amount deposited. The bank's officials assert that the money was in Fiske & H h's hands simply for safe keeping, while the firm allege that it was held for collateral. Judge Depew in presenting the case to the grand jury recently for investigation gave them a very strong charge, instructing them should they find that the officers were guilty of negligence or mismanagement to indict them accordingly. They report next week.

22. January 17, 1886 New-York Tribune New York, NY

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LOOKING FOR AN IMPORTANT DECISION. The Court of Errors and Appeals of NewJersey has not rendered a decision since last June and many cases are pending. One of these is the appeal of Daniel Dodd, the president of the suspended Newark Savings Institution. from the decision of Vice-Chancellor Van Fleet holding Dodd guilty of contempt of court in disobeying the orders of the Chancellor In the investment of the bank's funds. It is stated that the decision of the Court of Errors and Appeals will reverse that of the Vice-Chancellor. This would be followed by the discharge of Mr. Dodd. The alleged ground of the decisien of the Appellate Court is that the Chancery Court had no jurisdiction and that its order was null and void.

23. June 5, 1887 The Sun New York, NY

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# Newark Bank Managers Offering to Settle. The Board of Managers of the defunct Newark Savings Institution, which was wrecked by the action of President Daniel Dodd in placing Government bonds in the hands of Fisk, Hatch & Co., without the knowledge of the directors, have been sued individually and collectively for the amount of the deficiency, which is estimated at $300,000 or $400,000. They have been beaten on every hand and have now made an offer to settle for $100,000. Receiver Wilkinson has taken the proposition under consideration and will probably submit it to the Chancellor, as the bank was under the control of the Chancellor when the second failure occurred. The general feeling among those interested is that the offer should be accepted, as the remaining assets (Chesapeake and Ohio bonds) will probably yield a further dividend of from five to seven per cent., and 88 per cent. of the liabilities have already been paid. If the offer is accepted the receiver will keep the assets and have the $100,000 in addition. The managers offered $50,000 last week and it was refused.

24. June 11, 1887 New-York Tribune New York, NY

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NEW RK. By an order granted yesterday by Vice-Chancellor Van Fleet, the receiver of the Newark Savings Institution was directed to accept $100,000 from the managers of the bank in compromise of the suits against them to recover the losses to depositors by the failure of the bank This releases the managers from all further liability and terminates the pend. ing sults against them. The assets may pay three per cent.