Article Text
An election took place last week for directors of the Salem. (N. J.) Banking Company, when, of the gentlemen elected, it was ascertained that the large number of twenty-seven shares was owned by TEN of them and that they owed the bank about ten times as much as their interest in it was worth. As soon as this fact became public, the depositers made an immediate run for their money, and the bank was closed by the old board, in justice to the distant stockholders. A meeting was to be held on the following day to devise means to meet the startling emergency.