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And Yet Another Savings Bank Gone Up. NEWARK, N. J., Nov. 17.-The People's Savings Bank, which started in 1871, has suspended, with about $50,000 due depositors. The assets, if realized, are enough to pay in full.
14211. Peoples Savings Institution (Newark, NJ)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- savings bank
- Start Date
- November 17, 1877
- Location
- Newark, New Jersey (40.736, -74.172)
Metadata
- Model
- gpt-5-mini
- Short Digest
cfb08d84
Response Measures
Partial suspension
Other: Managers invoked the 90-day notice rule; receiver later appointed and bank found insolvent; officers indicted.
Description
Contemporary reports state a prolonged run (about $150,000 withdrawn) precipitated managers adopting a 90-day rule on Nov 17, 1877. The bank then went into the hands of a receiver (application Jan 25, 1878; receiver appointed thereafter) and did not resume payments. Causes tie to bank-specific adverse information (failure of the Citizens' Insurance Company, common management, and alleged mismanagement/possible fraud).
Events (4)
1.
November 17, 1877
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Constant withdrawals (~$150,000) triggered by failure of the Citizens' Insurance Company and the fact management overlapped with the savings institution; depositors lost confidence in solvency.
- Measures
- Managers adopted a resolution to require ninety days' notice from depositors wishing to withdraw their money (90-day rule)
- Newspaper Excerpt
- Since that time about $150,000 has been drawn out, a constant run having been kept up on account of the failure of the Citizens' Insurance Company, the management of both being largely the same.
- Source
- newspapers
2.
November 17, 1877
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspension (90-day rule) imposed because a run and realization concerns following depreciation of securities and ties to Citizens' Insurance failure; assets insufficient to meet immediate withdrawals.
- Newspaper Excerpt
- The People's Savings Institution, of Newark, has suspended business. The managers ... adopted a resolution to require ninety days' notice from depositors ...
- Source
- newspapers
3.
January 25, 1878
Receivership
- Newspaper Excerpt
- The managers of the People's Savings Bank, which recently suspended, have applied to the chancellor for the appointment of a receiver. The liabilities are $52,000, and the assets are nominally the same amount but will probably not realize 70 cents on the dollar.
- Source
- newspapers
4.
March 3, 1878
Other
- Newspaper Excerpt
- Colonel A. Bishop Baldwin, receiver of the defunct People's Savings Institution, of Newark, N. J., yesterday made his official report ... assets ... $38,075.36 and the liabilities at $64,104.55. Great excitement prevailed ... and threats of lynching the officers were openly made.
- Source
- newspapers
Newspaper Articles (22)
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I Another Savings Bank. NEWARK. N.J., Nov. 17t-The People's Savings Bank, which was startedvin 1871. suspended to1 day with about $50,000 due depositors. The assets realized are enough to pay in full. F
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A NEWARK SAVINGS BANK CLOSED. THE PEOPLE'S SAVINGS INSTITUTION REQUIRING NINETY DAYS' NOTICE. The People's Savings Institution, of Newark, has suspended business. The managers, on Saturday, adopted a resolution to require ninety days' notice from depositors wishing to withdraw their money, in order to give the managers time to realize on their investments, and to determine whether or not the institution shall be permanently closed. The statement of the bank's condition on October 31, 1876, showed the assets to consist of cash, $6,22857; United States bonds, $71,981 25; bonds and mortgages, $82,538 ; musicipal bonds, $2,866 04 : bills receivable with collaterals, $14,358: total, $177,971 86. There was then due depositors, $170,275 97. Since that time about $150,000 has been drawn out, a constant run having been kept up on account of the failure of the Citizens' Insurance Company, the management of both being largely the same. There is now due about $50,000 to some 500 depositors. The managers claim that their securities are ample to meet all liabilities, while others assert that the shrinkage of values has depreciated the securities fully 60 per cent. The bank was started in 1871, and has never done' a profitable business. The management was very economical. The following are the officers and managers of the institution: President, H. M. Ruodes; Vice-President, Peter D. Doremus; Treasurer, Wm. N. Randall; Secretary. Geo. B. D. Reeve: Managers, Hiram M. Rhodes, Peter T. Doremus, W. N. Randall, Jos. M. Smith, Alexander Grant. Wm. Allen, Lewis J. Lyons, Daniel T. Campbell, Joseph Feder, Stlas S. Williams, Farrand Kitchell, Robert Matches, War. Busb, Ellas S. Dean, Aaron O. Mains, Wm. M. Iliff, Jas. R. Bryan, John A. Miller, John D. Michell, Jas. W. Good, Smith C. Ward, John Toler, John Morrison, Jacob G. Doremus, John Boyd, jr., Edward F. Buldwin, Edward A. Campbell, Wm. Titus, Benjamin F. Crane.
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New Jersey. BANK SUSPENSION. NEWARK, N. J., November 17.-The Peoples Savings Bank, which started in 1871, has suspended, with $50,000 due. The assets, if realized, are enough to pay in full.
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Nem-Dork Daily Cribune FOUNDED BY HORACE GREELEY, MONDAY. NOVEMBER 19, 1877. THE NEWS THIS MORNING. FOREIGN.-The Russians have captured Kars, The Bulafter a conflict lasting twelve hours. garians in Vratza have massacred the Mussulman inhabitants. A new French Ministry, to hold office temporarily, is being organized. DOMESTIC.-The Republicans of the Senate held a caucus at Washington Saturday night; the appointment of Democrats and the divulging of the doings of the previous caucus were talked of : harmony within the party looks more probable than The Jay Commission have made ever. two more reports, and suggest new legislation. The Pacifie Railroads have proposed a plan by which their debt to the Government may be paid by The letters used to prove the charges 1905. against Mr. Sanford, nominated as Minister to Belgium, are said to prove nothing whatever. The Borden Mill, at Fall River, Mass., was burned, The Dispatch with its contents; loss $450,000. building at Pittsburg was burned yesterday mornA fire at Pekin, III., destroyed property Ing. Serious raids of Mexican valued at $75,000. General EscoIndiansinto Texas are reported. bedo has been acquitted. The Hon. George S. John F. Bangs died at Washington Saturday. Wiley, the Maryland State Printer, is dead. CONGRESS.-The Senate was not in session. In the House the Army Appropriation Bill was reported as received from the Senate. All the Senate amendments were concurred in except that striking out the appropriation of $50,000 for rifling 10Inch smooth-bores. The bill was then passed. Mr. Stephens introduced a bill for the financial relief of the country. The bill appropriating $150,000 for representation at the Paris Exhibition was called up and debated without action. CITY AND SUBUrBAN.-Conrad Poppenhusen has failed. with liabilities of three and a half millions. Receiver Lawrence has exposed in detail the American Popular Life Insurance Company frauds. Appropriations for Methodist Episcopal domestic missions were made Saturday. A reception was given to Henry Watterson by the Lotos Club. The treatment of strangers in city churches 18 attracting attention. The People's Savings Bank, of Newark, has suspended. Gold 1025, 1025, 1023. Gold value of the legal-tender dollar at the close, 97³₁₀ cents. Stocks dull and irregular, generally lower and closing feverish. THE WEATHER.-TRIBU local observations indicate fair, cold, windy weather. Thermometer gesterday, 49°, 45°, 38°; at midnight, 34°.
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A Chance for Jersey Justice. The suspension of the People's Savings Bank at Newark is a repetition of the old story. The last annual statement showed an apparent surplus of between seven and eight thousand dollars. The collapse comes and the discovery is made that eighty-two thousand dollars invested in bonds and mortgages may dwindle down one-half; that fourteen thousand dollars, bills receivable, can be reckoned in the same proportion, and that since the last report the receipts have been thirty thousand dollars and the outgoings one hundred and fifty thousand dollars. The president is found to be living in handsome style, and is said to have been engaged largely in speculations, and dividends have been paid with regularity. Among the assets is some insurance stock which cost par, and is now said to be worth forty cents on the dollar. Of course such a security has no business in a savings bank's assets. New Jersey boasts about enforcing the penalties of the law against offenders with extraordinary vigor, and everybody knows that an execution on the slightest excuse is the State's delight. Let us now see whether our neighbors know how to punish those who, through maladministration or dishonesty, rob the poor of their savings.
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CONDENSED TELEGRAMS The People's Savings Bank, of Newark, N. J., has suspended. & Co, bankers, of PortsW. Kinney mouth, O,, have failed. Liabilities unknown. Affairs at the Keets mines, Dakota, remain unchanged. Soldiers are en route to preserve the peace. The steamship Scythia sailed from London Saturday for the United States with £130,000 ID bullion. Hon. George S. Bangs, formerly United States sub-treasurer at Chicago, died at Washington, Saturday. Officers of thethree National banks of Reading, Pa., say the reports concerning "runs" are without foundation. Harry Russell, son of Charles C. Russell, banker, committed suicide in Zanesville, Saturday. Cause unknown. Five thousand dollars reward is of fered for the apprehension and conviction of the Batavia. Ohio, treasury rob. bers. The residence of Hon. B. S. Prettyman, at Pekin, Ill., was destroyed by fire Saturday, Loss $75,000; insurance $30,000. By & fire in a house near Norfolk, Saturday, occupied by Hester Ann Williams, colored, three children were burned to death. The directors of the Chicago Exposition building Saturday declared a 6 per cent. dividend on the stock, the first ever made by them. At St. Louis, Saturday, the wall of a burned building fell, crushing the rear part of Stone's museum from roof to cellar. Nobody hurt. Henry Watson, accused of killing Henry Boerner, in Chicago, has been found guilty, and sentenced to eight years in the Joliet penitentiary. The National Council of the Union League of America will hold its ahnual session in the Merchants' Exchange, Philadelphia, December 12th, at 2 P. M The Border City Mill, No. 1, at Fall River, Mass., burned Saturday morning. Itcontained 36,000 spindles, employed 450 hands, and was running on full time. Loss $450,000. Rev. Jonathan Edwards Woodbridge, aged 75. died at Hartford, yesterday. He was & well known theologian of the old school, and was formerly editor of the Boston Recorder. The Supreme Court of Vermont overruled the exceptions in the case of Asa Magoon, the wife-murderer, and was sentenced to be hanged the fourth Friday in November, 1877. At Warne, Iowa, Saturday, Mrs. Lis gifelt threw herself and iniant child into & deep well. When recovered, two hours afterward, both were dead She is supposed to have been temporarily insane. Conrad P ppenhusen, late owner of the Long Island railroad, has failed. Lia bilities, $8,500,000; assets, $7,250,000, mostly in stock of the Long Island railroad. What the assets will realize IS uncertain. Warrants were issued Saturday for the arrest of the proprietors of the Fifth avenue, St. Nicholas, Astor House, Hotfman Hause, Brunswick, Delmonico, St. James, Gilsey and Winchester Hotels, charged with violating the Exclse Law by selling liquor on Sunday. In the whisky cases of Roelie, Junker & Co., and Ford, Oliver & Co, of Chicago, Judge Blodgett overruled the demurrer to the amended answer of the defendants, which necessitates the Government's making 8. reply to the plea on
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The peoples' Savings Bank at Newban ark, N. J. has suspended.
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THE EAST. Robert L. Case, President of the Security Life and Annuity Insurance Company has been convicted of perjury in swearing to the annual statement for 1875, in New York, and sentenced to five years in the State Prison. In the Vanderbilt contested will ease in New York on the 14th, Dr. Linsey, the Com modore's physician, testified as to his soundness of mind, and said he thought if he had made the will a hundred times he would have made it no different. On the 15th a terrific explosion of fire damp occurred in a Scranton minefrom which three or four deaths resulted. The following is the official vote of Pennsylvania, received at the State Department, excepting Washington County, the returns of which are compiled from county papers: Supreme Judge-Sterrett, Republican, 244,480; Trunkey, Democrat, 251,000; Bartley, Greenback, 51,582; Winton, Prohibition, 2,899; Trunkey's plurality, 6,520. State Treasurer-Hart,Republican, 241,816; Noyes, Democrat, 251,717; Wright, Greenback, 52,854; Cornett, Prohibition, 28,271; Noyes' plurality, 9,901. Auditor General-Parsmore, Republican, 242,288; Schell, Democrat, 251,256; Emerson, Greenback, 52,988; Barker, Prohibition, 2,997; Schell's plurality, 8,968. On the 16th at Reading, Pa., two saving banks, one having a million of deposits, and a private banking house, suspended. The People's Savings Bank of Newark, N.J., has failed. Conrad Poppenheusen, the railroad king of Long Island, N. Y., asks to be adjudicated a bankrupt. His liabilities are $3,521,856, and assets $7,350,000-mostly in Long Island Railroad stock. On the 17th the Borden City Mill No. 1, at Fall River, Mass., was burned. Loss $500,000. The fire throws 450 hands out of employment. The annual session of the National Council of the Union League of America will be held at Philadelphia, Dec. 12. The New York cigarmakers' strike continues. Eleven thousand operators are out of employment. On the 18th the building occupied by the Pittsburgh Dispatch was damaged $20,000 by fire. The newspaper loss is not given, but is covered by insurance. Fort Edward Institute, Fort Edward, N. Y., was burned on the evening of the 19th. Nearly 200 students were in attendance, and most of them lost their clothing and money. Nothing was saved. Loss $125,000; insurance $90,000. The extensive rubber factory of L. Candee & e Co., at New Haven, Conn., was burned on the a 19th. A number of the workmen were badly a injured and it is feared some perished in the
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EPITOME OF THE WEEK. Condensed Telegraphic News. CURRENT PARAGRAPHS. The Newark (N.J.) People's Savings Bank failed on the 17th. The Marquis Antinori, the leader of the Italian African exploring expedition, is dead. Several hundred armed men have crossed the Pyrenees into Spain to precipitate a rising. B. F. Peixotto was, on the 16th, nominated as Consul-General at St. Petersburg, Russia. The Boston School Board had decided against the co-education of the sexes in the schools of that city. A man and two children were burned to death in New York City, a few days ago, by the explosion of a kerosene can. Conrad Poppenhausen, a New York millionaire, went into voluntary bankruptcy on the 17th. Liabilities, $3,521,856. Col. George S. Bangs, late General Superintendent of the Railway Mail Service, died in Washington on the 17th. A Pole was arrested in Berlin, on the 18th. on suspicion of being concerned in a conspiracy to assassinate Bismarek and the Em peror. A New York telegram of the 19th says counterfeit bills on the Tamaqua National Bank of Pennsylvania are in circulation to the amount of over $100,000. The Borden City Mill, No. 1, of Fall River, Mass., was burned on the morning of the 17th. Loss, $450,000. The mill contained 36,000 spindles and employed 450 hands. The cotton returns, made to the Agricultural Department during the first week in November, indicate a decrease of 4 per cent 11 production as compared with last year. Pongo, the only specimen of the gorilla in Europe, and which was recently on exhibition in London, died, a few days ago, at Berlin, without any preceding indications of illness. A recent Chattanooga (Tenn.) dispatch states that the Confederate monument, completed and ready to erect at that place, had been irreparably defaced by some unknown persons. Robert L. Case, President of the Security Life and Annuity Insurance Company, has been recently convicted, in New York City, of perjury in swearing to the annual statement for 1875. Judge Moore. of the Superior Court of Cook County, III., has decided that, stockholders of insolvent savings banks being liable, the money must be paid to the Receivers for the benefit of the banks' creditors as a whole. Mrs. LeBau, a married daughter of the late Commodore Vanderbilt, has instituted new proceedings to contest the will of her 1 ther. The case was opened on the 12th in the Surrogate's Court of New York. The trial promises to be highly sensational. On the 17th. the United States Treasury Department held $344,724,900 in bonds to secure the National Bank circulation, and $14,495,500 to secure public deposits. The National Bank cireulation outstanding was:
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four years in state prison, and one day's solitary confinement, onthe 21st inst. JULIUS KIRCHER, owner of a paint factory in New York city, tremated the body of his infant son in the furnace of his factory on the 11th. He took means of settling a quarrel with his wife over the disposition of the remains. THE reported outbreak of leprosy in the Chinese quarters of Baxter street, N. Y., is officially contradictedby the board of health THE People's Savings Bank, of Newark N.J., has suspended. About $50,000 due depositors will be paiùin if the full amount of the assets is realized. CONRAD Pappenhusen, late owner of the Long Island railroad, has failed. Liabilities $3,500,000: assets $7,250,000. GENERAL. IN reply to the request of the United States Commissioner, the St. Paul Chamber of Commerce has made report showing that during the year, $50,000,000 were carried away by mail, $20,000,000 by express, and $1,500,000 in moiey-orders; that over 2,000 miles of railroads and 800 miles of staging centre at St. Paul) that forty steamboats were employed on the Missouri river, between Bismarek and the Valley of the Yellowstone; that 9,000 tons of freight have been carried to Winnepeg, and that in consequence of the 40,000,000 bushels of wheat raised this year in Minnesota, the emmigration in this state exceeds anything seen since 1856. Hence he necessity for faster mails and more service. A LARGE proporton of the property seized by the United States Special agent Carter, at Pascagoula and released by Judge Hill, is now seized by Mississippi and Alabama under writs from the state courts of Mississippi and held by the sheriff. Secretary Sherman, by orders,'has laid a practical embargo to the whole coast of Mississippi by refusing a clearance toall lumber vessels, foreign and domestic. COL. THOMAS LINDSEY, a prominent Louisville lawyer, is dead. THE total liabilities of Mulholland & Baker, the hardware merchants, are $760,000. The Consolidated bank, the largest creditor, has a claim of $250,000, of which $155,000 is secured The assets are not yet definitely known. The liabilities of John Frazer, dry goods dealer amounts to $89,000. HARRISON P. THOMSON, of Clark county, Ky., a cattle dealer, his filed a petition in bankruptcy. Liabilities $278,591 assets not stated. The creditorsare mostly Kentucky banks. THE National Woman Suffrage Associa tion will meet at Washington, D. C., on the 8th of January next. THE grand jury at Pittsburg made their special presentment on the July riots on the 19th. Indictments against one hundred persons were returned. The jury characterized the military operations as a blunder from first to last. HON. GEO. S. BANGS, at one time U. S. sub-treasurer at Chicago, and who acquired fame through his connection with the fast mail service, died at Washington on the 17th. Bright's disease of the kidneys was the cause
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The Daily Reports of Failures. EAST BUFFALO, N. Y., Jan. 2i.-Geo. Parr, manufacturer of edge tools, has suspended. Liabilities $56,244 assets@11,853. NEWARK. N.J., Jan. 25.-The managers of the People's Savings Bank, which recently suspended, have applied to the chancellor for the appointment of a receiver. The liabilities are $52,000, and the assets are nominally the same amount but will probably not realize 70 cents on the dollar.
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Another Savings Bank Receiver. In November the People's Savings Bank of Newark closed its doors under the ninety days rule. The managers have since found that the bank will be unable to resume payments and they have since made applica. tion to Chancellor Ranyen for a receiver The infebted. tiess is $52,000. and the nominal asso is amount to about the satue sum. The managers would have to sacrifice the securities in order to raise funds to pay the demand. and they could not, 111 any event. pay in mil The re. ceiver will make such disposition of the assets as the Court may direct The bath will not pay over 75 cut on the dollar. and probably less.
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The managers of the People's Savings Bank, at Newark, which recently suspended have applied to the Chancellor for the appointment of a Receiver. The liabilities are $52,000 ; the assets are nominally the same amount, but will probably not realize 70 cents on the dollar. mill knwllow bronht)
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NEWARK'S BROKEN BANKS. The receiver of the People's Savings Institution at Newark is making u careful examination of the alfairs of the concern. Thus far his task has been a most disagreeable one. Many of the securities-which were classed as assets 111 the last statement made by the bank-are found to be almost valueless, and a quantity of the stock of the Citizens' Insurance Company, which the bank held as colla.eral for loans, has DO market value that can be determined. Tue mortgages are mostly upon property which would noi sell for the amount loaned ou il, 11 sold under foreclosure, and the belief is entertained by those who are most familiar with the character of the assets of the institution that the depositors will do weil 11 they realize ten per cent. When the bank closed it had but $2 65 on hand in Cash. The Dime Savings Institution continues to pay out the twenty por cent ordered by the Chancellor, but though the Clerks are kept busy there 1s nothing like a real active "ron." The average payments daily in gross are about $7,000.
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PEOPLE'S SAVINGS INSTITUTION. Colonel A. Bishop Baldwin, receiver of the defunct People's Savings Institution, of Newark, N. J., yesterday made his official report as to the condition of the bank. He places the assets ot the concern at $38,075 36 and the liabilities at $64,104 55. The assets will noi, it is said, bring filty cents on the dolJur, while some of the items comprising them are utterly worthless and even fraudulent. Great excitement prevailed yesterday among the quondam depositors of the institution, and threats of lynching the officers were openly made. Steps are to be taken to have them indicted.
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NEWARK'S BROKEN BANKS. The officers of the People's Savings Institution, of Newark, have announced their intention of publishing a statement to-day in order to quiet'the public excitement created by the report published by Receiver Baldwin. Last evening Mr. H. M. Rhodes, late president of the concern, declared to a HERALD reporter that neither be nor any of the officers had in any way whatever loaned to them a dollar ot the bank's money. The examiners appointed by Chancellor Runyon to investigate the Newark Savings Institution will be ready to report in 1 week or ten days. They will probably show that their first report was correct. In other words, the bank will be represented as able to pay over seventy cents on the dollar.
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PRICE TWO CENTS. BANK DEPOSITORS ALARMED. WAS AN EFFORT MADE TO BRIBE A DE= POSITORS' COMMITTEE * What Caused Suspleton in the Newark Case of the People's Story-What Savings Bank Col. of Allen says. Hogan's has broken out again between the Trouble of the defunct People's officers and depositors of Newark. The bank took Savings Institution 90-day rule, on the 17th of Noadvantage of the depositore having rapidly that with- the vember. the It WAS announced nearly drawn $150,000. duethe depositors would be paid realize on balance bank was given time to who was in full, if the Mr. A. Bishop Baldwin. reported to its securities. appointed receiver. he found subsequently Runyon. on March 2. that $3.65 in cash Chancellor only $38,075. including The liabilithe in the assets North Ward National $10,000 Bank. of the assets ties were $64.104. Nearly loans. the balance being were in covered worthless by obligations of the President. little was Vice-President. almost and Treasurer. depositors. Very The $52,533.73 due liabilities at last left to annual pay the statement gave the $177.971 surplus. $7,695. M. Rhodes. had borrowed Wm. The President. H. and the Treasurer. $15,000 from had the given bank. his notes for $8,500. Citizens' and N. Randall, were secured by stock of the and Ranthe notes Messrs. Rhodes and the Insurance Company. went into bankruptcy. suspended OR dall subsequently Insurance Company the bank Citizens' officers and managers Board of of DirecFeb. 5. The represented in the Company. and were largely the Citizens' Insurance bank. was the tors of President of the He was at one time Mr. Treasurer Rhodes, of the company North Ward National by nearly Bank. President three of the institutions The act were incorporating run him the or and the same the Savings set of men. Institution from borrowing prohibited money. also any People's officer of indirectly. the bank from issuing the bank. notes or It bilis. directly prohibited loaning or the money bank on from bond real and estate mortgage. of twice the bank ex- the or cept on unencumberwested also. that loans of any value of the invest sum in the whatever. stock or Any violaincorporated shall the not act company subjected the officers of the bank exto tion indictment. of alarmed by the Tavlor. receiver's Patrick The depositors and appointed A, Lawrence Brady. comHogan. hibit. met Frederick of the Peace Brandt E. W. Barnard of the a bank. and Justice investigate the affairs to make complaint mittee if the to result justified Jury against it the officers and last and before the Grand meeting of the depositors that some of managers. A. At a G. Sayre insinuated to resign if the and bank he the would pay them of the officers officers week committee Mr. had offered defence their deposits. room. Rhodes and Mr. said a few words in hiesed from President the managers Hogan He then was said asking that a private inter- that had Patrick sent nim depositors a letter have since the thought committee view. The A game on foot to until bribe the Grand Judge Jury, there not which to was is make called now in any attention session. trouble last should to the week. savings adjourn and bank said bank that for In his Depue charge to the jury money from a if an officer benefit, it wasan Mr. James that 8 personal for THE SUN said yesterday h To a reporter borrower street. indictable committee offence. Garri- he after gan. grocer the depositors of Broad tell appointed Mr. Hogan the would that if be he given rethe induced by once his money. as he it to the bank he found wa signed authorizue from to had committee been inter he after he had the Sec- Col. Mr. retary to return it. Two President days Rhodes and authorwithdrawn Hogan closeted refused with to tell Col, Allen money who and he ized Allen. him He to promise his hands Hogan agreed of the his matter. to resign Ho and money. know, not however. then washed officers that Hogan of the bank found if negot at his his saloon. for push the Patrick Hogan Spring was street. He and was Essex Eighth Mr. avenue employed and at the Rhodes Morris was in Jim the of twenty Railroad years depot. where then. Mr. He of said: the 26th commission sent business for me if on dropped the night the to depositor's me. We and told me would be paid days no meeting on a back room came Garrigan March. agritation had taken my money into that night. Mr. Garrigan authorized Two by Mr. Rhodes. later him in Col. I was Allen was refused present. to tell who and Allen said: and he money, and Garrimy That's and he would see that and to later. ganwentout. promise right. me Rhodestalked said my don't tell. Allen committee to me of I got ourold He friendship. if I and resigned from from the the Grand my Jury. house tried money to me keep if I the had case a private and talk room without in come being next asked where I said he could yes. come and he next promised day that to mind he had that to seen. day. But of town. he wrote [ then me made drew my up money my iknewthe out of go out sharp game. July, because socretary. it was bank a on the 18th of Mr. Reeves. the He said the the bank was me shaky to put but it back in again. any case I would get bank induced my money. was good,and Jury that will, it is understood. begin The Grand ruting the bank at once.
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BEELZEBUB'S BOYS. An Illinois Demon Kills His Inamorata and Tries to Murder Her Whole Family-The Gigantic Counterfeiting Scheme by Which Europe is Flooded with Bogus United States Currency--Other Matters. AN ILLINOIS HORROR. MENDOTA, Ill., May 27.-News reaches here of an atrocious murder committed at Arlington, a small town nine miles west of this place, on Sunday. Sam Carney, a young man who had been refused permission to visit Miss Cullenbine, a young lady of his acquaintance, went to her room last evening, cut her throat with a razor, shot her with a revolver, and being met by Mr. and Mrs. Cullenbine in his way down stairs, shot the father in the hip, cut Mrs. Cullenbine severely with a butcher knife, and rushing out in the yard, drew a razor across his own throat several times, and expired almost instantly. The paients are severely but not fatally hurt. The daughter lived but a few minutes. THE GREAT SECRET. NEW YORK, May 27.-The News believes the secret which Williamson, the escaped convict from Sing Sing, recently convicted of forgery in London, offered to impart for the sum of $75,000, was the flooding of European ports with $50 counterfeit United States national bank currency, a large amount of which is finding its way to this country tbrough emigrants. Another counterfeit was detected today by Samnel Carpenter, general eastern agent of the Pennsylvanaia railroad, and a $50 treasury note was offered to Mr. Hyer, general ticket agent, who, not liking the appearance of the bill, showed it to Mr. Carpenter, who pronounced it a counterfeit. It was sent to a bank, and there also pronounced a dangerous counterfeit. BANK OFFICERS INDICTED. NEWARK, N. J., May 27.-Hiram W. Rhodes, late president, Peter T. Doremus, vice president, Win. W. Randall, treasurer, and Joseph M. Smith, Wm. L. Allén and Silas L. Williams, managers of the People's Savings' institution, now in the hands of a receiver, have been indicted by the grand jury for conspiracy to defraud the depositors. by loaning money on inadequate securities. All but Allen were arraigned to-day, plead not guilty, and were held in $3,000 bail for trial Sept. 1. Allen will also plead not guilty. A PIOUS THIEF. NORTHAMPTON, Mass., May 27.-Frederick Clark, bookkeeper of Vernon Bros. & Co., paper manufacturers, with warehouse in New York, has been suspended, after confessing he had been stealing money from the company eight or nine years, by falsifying the pay roll. Clark is prominent in religious circles. HE MUST DIE. HARRISBURG, Pa., May 27.-The supreme court has affirmed the decision of the lower court in the case of Ex-President Blasius Pastorius, under sentence of death for murder. A VERSATILE CRIMINAL. DENVER, Col., May 27.-Chas W. Foulk, indicted at Carlisle, Pa., for larceny, arson, per jury, and subordination of perjury, was arrested to-day by officers of the Rocky Mountain detective association.
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WASHINGTON, May 28. - SENATE Senator McPherson, of New Jersey, submitted a resolution declaring that it is unwise and inexpedient for Congress at its present session to charge the existing rate of tax on manufactured tobacco. He asked for present consideration ot the resolution, but objection was made by Senator With*Jөдо ladd SUM " рив Jo 'sie Senator Hamlin, of Maine, from the Committee on Foreign Relations, reported a bill providing for the payment of the award made by the fishery commission at Halifax, under the treaty of Washington. Placed on the calendar. HOUSE-The House bill, as amended by the Senate, allowing articles for art and scientific societies to come in free of duty, was passed and goes to the The President. House, in voting on the army bill, voted down all amendments previding for 25,000 men, and a provision orders SBM 200 00 JOJ There can be no doubt that Judge Marks and Governor Hahn accompanied Anderson to see Secretary Sher man at Anderson's solicitation. It is equally certain that Sherman had a pre- his monition of the visit, and had short-hand writer and lawyer on hand. Governor Hahn and Judge Marks stood apart while Sherman and Anderson were talking, and no authentic report of the conversation has transpired. There are now six ex Governors of Louisiana-Habn, Flanders, Warmoth, Kellogg, Penn and Wells. PHILADELPHIA, May 8.-Two more Russian officers have arrived and visited and inspected the California and the Columbus. The California is said each чить sung X!S Carry 01 interded be 01 eleven-inch calibre, weighing fifteen tons, and the Columbus five guns. NEWARK, N. J., May 28.-The president, vice president, treasurer and three of the managers of the People's Saving Institution, which is now in the hands of the receiver, are indicted for conspiracy to defraud the deposi000'08$ B uo belu are pus 's.107 LONDON, May is reported, but traced to a reliable source, that 18 part SBM milliam Recdert Prince you The Vienna correspondent of the Times states that Austria has not yet received an invitation to the congress. Baron Dehaymerle, Austrian ambassador at Rome, is mentioned as second plenipotentiary to accompany still Count Andrassy. Doubtless there are points requiring settlement. What has already been attained is merely a basis for the detailed discussion. The Post, in its leading editorial, A distinct understanding being says: about made with Russia, Lord Salisbury will be doubtle-s the Eogl and Count Schouvaloff probably the Russian plenipotentiary in the congress. A Times Vienna dispatch reports that Austria has notified the powers if Adahaleh ceases to be Turkish it can only become Austrian. A Constantinople telegram received Paris says the Porte has received an толу disputed Reliters 8 the UI Constantinople doubts the truth of this report. BUCHAREST, May 28.-The Austrians have occupied the northern entrance of Pudial pass, in the Carpathian PESTH, mountains. May 28.-A disturbance oc. curred to-day in Belgrade. A crowd pelted Prince Milan's palace and cheered for Karageotovitch. WASHINGTON, May 28. - HOUSEThe army appropriation bill was passed Jo the sexy 41 the 10 require menthe 000'08 18 Smit the 4q cavalry regiments at eight and infantry at eighteen; provides for the reduction №1ˢ the JO pus departments, and for the retiring and ns are оцм offices jo ano pernumerary or unfit for service; re.gjo J0 emoliments pus Aud the seees provides for the management of cers; Indians by the War Department, and prohibits the employment of troops for civil purposes, unless specially authorized by act of Congress. The Senate amendments to the bill for the repeal of the bankrupt law were concurred in. Mr. Waddell, from the Postoffice Committee, reported favorably on the bill for a postal savings depository. Referred to the committee of the whole. Also favorably on the bill providing for an ocean mail steamship line between the United States and Brazil. Referred to committee of the whole. SENATE-The amendments by the House to the District bill were not "III concurred The ference committee has ordered that the Senate pass without amend ment House bill for the retirement of legal tenders. The following is the text of the bill: "To forbid the furthretirement of United States legal er tender notes: Be it enacted, that from = 108 siq1 jo excessed eq: after pus shall not be lawful for the Secretary of officers other Aue 10 Treasury the aroun Aus retire 10 cancel 01 mig of the United States legal tender notes, -as eq Asm seriou pies jo Aue nequ pus The ey: into received eq To demember from any source whatever and shall 11"4" they giving United the 01 belong Any not be retired, but they sgain and shall be kept in reisENTREE n
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OFFICERS ON TRIAL. CASE OF THE PEOPLE'S SAVINGS INSTITUTION OF NEWARK. onspleuous Citizens Accesed of Conspirto Befraud-Notes by OF to Managers their Relatives Bought by the Bank. the Court of Oyer and Terminer, Newefore Judges Depue and Tichenor. the Hiram M. Rhodes. William Allen. WilRandall, Peter T. Dore mus, Joseph M. and Silas R. Williams. the indicted offiof the defunct People's Savings Institution wark. was begun yesterday. The indictis for conspiracy, the charge being the and reckless selling of the securities of with intent to defraud the bank and epositors. The indicted persons comthe Finance Committee of the bank. and also connected with the Citizen's InCompany and the North Ward National all three institutions being run at one by nearly the same men. The Citizens' Company failed in August, 1877. and eople's Savings Bank on Nov. 17. followThe North Ward Bank is still in existOn March 2. 1878, Mr. A. Bishop BaldSouth Orange, who had been appointed of the People's Savings Bank. filed a showing the assets to be $38,075.36 and abilities $64,104.55. The depositors num400, and their claims ranged from 25 to $6,000. This report aroused the indigof the depositors, who held several meetand appointed a committee to confer with managers of the bank. The Grand Jury an indictment against the Finance Comin April last, and the accused pleaded and gave bail for trial. indicted men have held high social and positions. Mr. Rhodes was the Presiof the bank. and he was one of the largest estate dealers in Newark. He was conwith several financial institutions, and considered a man of strict integrity. Bethe joint indictment to which he IS now rering. he is indicted alone for embezzling, charge being that he appropriated to his certain bonds and mortgages intrusted as bailee by the heirs of the Miller estate. indictment was found under what is as the Bailee act." Mr. Rhodes's diffiare attributed to the great depreciation real estate during the panic, Col. WilAllen. the Vice-President. is Colonel of the Regiment, N.J.S.N. G., and is conspicumilitary. political. and social circles. Mr. tall. the Treasurer, was a wealthy furnidealer. He failed in 1877. Mr. Doremus President of the Newark Brown Stone and Mr. Smith was the President of itizens Insurance Company. Mr. illiams outed to be a careful financier.
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NEWARK BANK OFFICERS ON TRIAL. PRESENTING THE CASE FOR THE PEOPLE-TESTIMONY FROM THE SECRETARY. The trial of Hiram M. Rhodes, Colonel William Allen, William N. Randall, Joseph M. Smith, Peter T. Doremus and Silas 8. Williams, the indicted directors of the broken People's Savings Bank of Newark, was begun yesterday morning before Judges Depue and Tichenor at Newark. The State is represented by the County Prosecutor. Colonel Abeel, and the defendants by Messrs. Thomas N. McCarter, William B. Guild. jr., and Joseph Coult. At the outset Mr. Coult moved to quash the conspiracy indietment, on the ground that it contained two counts and that each count did not set forth an offence. Judge Depue denied the motion to quash, saying that, as he understood it, there was but one count. The County Prosecutor recited the offence with which the defendants are charged. He said that the institution was chartered in 1871, and that the chatter provides that no manager shall, directly or indirectly, borrow any money from the Institution. He should insist that these managers not only bortowed money from the bank and permitted other managers to do likewise, but wasted the money of the bank in such a way that the institution became bankrupt. He claimed that on the trial of this indietment ne could include offences that had been committed any time within two years preceding May 1, 1878. It would be necessary to show that prior to 1876 reckless loaus had been made to manager, on property of insuflicient value; that p for of the institution certain preferred credit who were relatives to tors the of closing the bank, of these managers had withdrawn their deposits in time to save themselves. showing such a conspiracy as would make these defendants liable. He would show that $20,000 of the securities were sold to pay off these depositors; that $11,000 of the funds of the bank had been loaned on property in the Eighth Ward of inconsiderable value and $15,000 on property tu Orange, also of inconsiderable value. A. Bishop Baldwin, the receiver of the bank, testified that the present judebtedness of the bank is $63,284; the deposits are $52,553 1 73. He had collected about $14.000; remaining assets are bonds and mortgages and $13,000 stock of the Citizens' Insurance Company. a mortgage of Dávid N. Ropes, of Orange, on which 18 due $14,250. a mortgage of Rhodes & Doremus for $11,000, and equity in a mortgage of Carrie R. Pierson for $10,000. His impression 18 that the Citizens' Insurance stock has no value. He undertook to sell Roues's mortgage, and got $750 on 16. He was offered $3,000 for the Raodes & Doremus mortgage. George B. D. Reeve, the secretary of the bank, testified that in May, 1876, the Finance Committee was Messrs. Peter T. Doremus, Joseph M. Smith, William N. Randall, William Alien and Hiram M. Rhodes, preside I of the bank ex-officio. This Finance Committee was reappointed in 1877. There has been the same Finance Committee since 1874. The highest amount of deposits at any one time WHIS $200,083 12, in May, 1875. November 1, 1877, the deposits were $72,812.14; when the bank closed they had run down to about $20,000. There were indications previous to the failure of use bank that 11 was ruined. In May, 1877, Rhodes got from the witness $10.000 in United States bonds belonging to the bank, telling him that the vaults of the North Ward ional Bank would be a saler place for the pouds. In Amoust. 1877, as the bonds were not fortucoming, the witness spoke to Joseph M. Smith. his brother-in-law, about the matter. and Smith afterwards told min Rhodes had admitted to him that he had hypochecated the bonds; the bank got the money for the bonds in October, 1877. Ten thousand dollars in registered bonds were hypothecated for a loan of $5,000 to the bank. In August. 1876, a loan of $2,000 was made to Charies M. Bolen, one of the managers. on notes of F. K. Day, indorsed by from. The check must have been signed by Rhodes, the president, and Randall. the treasurer. Tue secretary did not remember ever having given a check for a transaction of this kind that was not signed by the president and treasurer. The case will probably occupy the remainder of the week.