14335. Somerset County Bank (Somerville, NJ)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 7, 1893
Location: Somerville, New Jersey (40.574, -74.610)

Metadata

Model: gpt-5-mini
Short Digest: 15d378a7

Response Measures

None

Description

Chancellor granted rule to show cause 7/7/1893 and the bank did not open; Deputy Commissioner took charge. There were limited withdrawals and local agitation but reports explicitly say 'no run.' A receiver (W. Y. Johnson) was appointed and by Aug 31 had prepared a 50% dividend—bank remained in receivership/closed. Cause attributable to large holdings of J. N. Pidcock's paper (bank-specific adverse information).

Events (3)

1. July 7, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank held large amounts (≈$85,000–$90,000) of J. N. Pidcock's paper whose value was uncertain; Commissioner sought receiver and court ordered the bank to close pending disposition.
Newspaper Excerpt: Chancellor McGill this morning granted a rule to show cause why a receiver should not be appointed for the Somerset County Bank ... the bank will have to close its doors.
Source: newspapers

2. July 8, 1893 Other

Newspaper Excerpt: A few depositors withdrew their money but no run. ... notice was posted on the door stating that no business would be transacted except to receive payments for paper due. There was a crowd of depositors clamoring for admission and excitedly inquired about their money. Several of the largest depositors drew out their money in time to save themselves.
Source: newspapers

3. August 31, 1893 Receivership

Newspaper Excerpt: W. Y. Johnson, who was appointed receiver of the Somerset County bank, has just made his report to the chancellor. In it he says that he is prepared to declare a dividend of 50 per cent. to the depositors as soon as he is ordered by the court to do so.
Source: newspapers

Newspaper Articles (14)

1. July 7, 1893 The Jersey City News Jersey City, NJ

Article from The Jersey City News, July 7, 1893

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PIDCOCK'S DISASTER Somerset Co. Bank Closed on Complaint of Commissioner Duryea. THE "OLD MAN'S" PAPER THE CAUSE Over $85,000 With the ExCongressman as Maker or Endorser. The Supreme Court Clerk Denies That Confessed Judgments of $65. 000 Have Been Filed. special to The Jersey City News. TRENTON. July 7. 1893 I ''n' Attorney General, for State Bank Commissioner George S. Duryea. asked the Supreme Court today for a rule to show cause why a receiver should not be appointed for the Somerset County Bauk, R State bank deing business at Somerville and said to be embarrassed because it has $55,000 of paper with ex-Congressman Janelson Pidcock as either maker or endorser. The bill filed states that the assets are believed to be unsafe because of the mortgages whic h Mr. Pidcock has placed \on his pro perty. The rule to show cause is returnable next Wednesday, and until the rule is disposed of. the bank will have to close its doors. The order of the court WAS served on the bank this afternoon. The Clerk of the Supreme Court denies tent confessed judgments to the amount of $63,000 have been filed in the Supreme Court, made to Alvah A. Clark by J. Nelson Pidcock.

2. July 8, 1893 The Jersey City News Jersey City, NJ

Article from The Jersey City News, July 8, 1893

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THE BANK'S DOORS CLOSED. A Few Depositors Withdrew Their Money But No Run. Special to The Jersey City News. SOMERVILLE, July 8, 1893-In compliance with Chancellor McGill's order, the Somerset County Bank dil not open its doors this morning. When it became known here yesterday that the bank would be closed pending argument on a motion to appoint a receiver, there was considerable excitement and a few depositors withdrew their money. There was nothing like a run upon the bank, as the facts did not become generally known until after banking hours. Assistant Attorney General Johnson, and Thomas Johnson, head clerk of the Commissioner of Banking, CHIME here yesterday afternoon and had an interview with the bank officials. Alvah A. Clark, counsel for the bank, said the institution would be able to pay all its depositors in full. He thought It might be able to pay some of the stockholders, but could not tell. He added that the bank had never been as prosperons as in the last six months. Only last week it declared a dividend of 3 per cent., but it is said here that in addition to Pidcock's paper it holds paper of other directors to the amount of $37,000 largely secured. A reporter saw Mr. Pidcock himself in Mr. Clark's office. He appeared to be worried somewhat over his financial troubles, but refused to say anything. and referred the reporter to his counsel, Mr. Clark. The latter said his client's Hfairs were not in as bad condition as was currently believed. Unless Mr. Pidcock was pressed too hard ne would be able to pull through.

3. July 8, 1893 The Sun New York, NY

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A JERSEY BANK IN TROUBLE. A Large Amount of J. N. Pidcock's Paper Held by the Someraet County Bank. SOMERVILLE. July 7.-Owing to the financial troubles of J. Nelson Pidcock. who is a large stockholder and director in the Somerset County Bank. that institution will close its doors to-morrow morning. The Commissioners of banking. upon receiving a statement of the bank officials to-day. applied to the Chancellor for a rule to show cause why a receiver should not be appointed. The ground upon which the rule was asked was that the bank held a good deal of Pidcock's paper. and it was of such an uncertain character that it would be best to have the bank go into the hands of a receiver. The Chancellor granted the rule. and it is returnable next Wednesday. Assistant Attorney-General William Johnson and Thomas Johnson. head clerk of the Commissioner of the Banking Department. came to Somerville this afternoon and had an interview with the bank officials. Alvah A. Clark. the counsel for the bank. said to-night that the institution would be able to Day back all its deposits. am unting to $140,000. He thought they might be able to pay something on the stock. but he could not tell how that would be. He said the bank would not open its doors to-morrow morni g. It is a State bank. and it has been Inancially weak for several years. Messrs. Clark and Pidcock and their friends ought up a large part of the stock about two years ago and ousted some of the old directors. They have been doing all in their power to make it a success. Mr. Clark said to-night that the bank had never been so prosperous as it had in the past six months. Its actual profits were $1,800 in excess of what they had ever been in the same length of time before. Its assets. too. were in better shape Onls last week the Board of Directors declared a dividend of three per cent.. though against the advice of their counsel. It is said by outside persons here. who profess to know. that the bank holds paper of Mr. Pidcock to the extent of $88,000. From the same source comes the information that the bank holds paper of the members of the Board of DIrectors alone to the extent of $137,000. but this is largely secured. This. it is said. is what caused the Banking Commissioner to act. Calvin Corte. a well-to-do farmer of Neshanio is President of the bank. and A. Dayton is the cashier. There is only one other bank in 8omerville. and that is the First National Bank. which ia a very prosperous institution.

4. July 8, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 8, 1893

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EMBARRASSMENTS OF THE PIDCOCKS. NO ASSIGNMENT BY THE EX-CONGRESSMANFAILURE OF THE SOMERSET COUNTY BANK. The failure of the concerns controlled by J. N. Pidcock, jr., is alleged to mean that his father, the ex-Congressman, is in financial difficulties. It has been understood that J. N. Pidcock, sr., was, financially and otherwise, the real head of the concerns now in trouble. Alvah Clark, Mr. Pidcock's relative, continues to assert that J. N. Pidcock, sr., has not assigned. However, a number of deeds and mortgages have been recorded, and It is asserted that Mr. Pidcock now owns nothing to assign. It is said in Jersey City that the debts of the Pidcocks there are about $50,000. Judson & Buckingham, of the Central Stock Yard, and Wilkinson & Sherman each hold about $15,000 of the Pidcock paper. Other stock yards in Jersey City are reported to hold $10,000 more. Somerville, N. J., July 7.-The Somerset County Bank, of Somerville, will close its doors to-morrow morning. Alvah A. Clark, counsel for the bank, said to-night that the bank was ruined even if it did open its doors after next Wednesday, which is the return day of the rule granted by Chancellor McGill to-day at Trenton. He also said that the deposits, amounting to $140,000 would be paid in full. Mr. Clark also spoke for Mr. Pidcock and said he would pull through unless he was too hard pressed. Pidcock has filed large mortgages to secure his credit tors. The people in the town are in a state of great excitement.

5. July 8, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 8, 1893

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CRASH OF BANK Two Northwestern Institutions Close Their Doors. WASHINGTON, July 7.-Comptroller Eckels is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont., have closed their doors to business. Bank Examiner Diamond has been ordered to take charge of the Hot Springs bank, and Bank Examiner Flynn of the Livingston bank. RED CLIFF, Col., July 7.-The Eagle County bank has suspended payment. Its capital is $12,000, and its assets, which are estimated at $40,000, are considered worth 100 per cent. Liabilities, $38.000. The withdrawal of large sums on account of tne drop in silver was the cause. TRENTON, N.J., July ChancellorMeGill this morning grantedia rule to show cause why a receiver should not be appointed for the Somerset County bank, a state bank at Somerville. The bank's embarrassment is due to that of exCongressman Paddock, whose paper the bank carridd to the extent of b at $90,000. The capital stock of the institution is $100,000, surplus $16,000, and deposits about $25,000. DEDHAM, Mass., July 7.-0. E. Littleton, stock broker doing business in this place, has filed a petition in insolvency in the Norfolk registry at Dedham Center. No schedule of liabilities or assets was filed. NEW YORK, July 7.-A judgment was entered yesterday in the supreme court in favor of the First National bank of Chicago against ex-Gov. James E. Campbell on a promissory note for $5,000.

6. July 8, 1893 New-York Tribune New York, NY

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INVOLVED IN PIDCOCK'S EMBARRASSMENT. Trenton, N. J., July 7.-Chancellor McGill this morning granted a rule to show cause why a receiver should not be appointed for the Somerset County Bank, a State bank at Sometville. The application was made by Attorney-General Stockton in behalf of Banking Commissioner Duryee, and the rule is returnable on Wednesday. Deputy Commissioner Johnston went to Somerville this afternoon and took charge of the bank's affairs. The back's embarrassment is due to that of ex-Congressman Pidcock, whose paper the bank carries to the extent of about $90,000. The capital stock of the institution is $100,000: the surplus is $15,000, and the deposits are about $250,000.

7. July 9, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 9, 1893

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CRIPPLED BANKS AND FIRMS BUSINESS TROUBLES REPORTED FROM VARIOUS PARTS OF THE COUNTRY Wennecome, WIs., July 8.-The Citizens' Bank closed Its doors at noon yesterday. Cashier Varwacter was arrested OII the charge of receiving deposits after he knew the bank to be insolvent. He says that the bank can pay in full. Le Sueur, Minn.. July -The Bank of Le Sneur made an assignment to-day. There was no run on the bank and the reason given is that the bank was closed to protect home depositors. The liabilities are $225,000 and assets about the same. Rapids, Mich. July 8.-The Northern National Big of Bank closed its doors this morning. Withdrawal funds by depositors caused the suspension. Lambertville, N. J., July 8.-At the time of exCongressman J. N. Pidcock's failure the Hunterdon County National Bank of Flemington was carrying his notes to the amount of about $30,000. The teller of the bank said this morning that the full amount was not yet known, but would undoubtedly reach the figures named above. The bank is fully able to meet this loss. Cleveland, July 8.-The firm of Corrigan, Ives & Co. was placed in the receiver's hands yesterday on petition by Judge Stevenson Burke, who charges that the active partners have contracted debts to the extent of $100,000 without the consent of all, contrary to the articles of agreement. The firm is sales agent for twenty-four mines, among them the Pewable, Eureka. Dunn, Cambria, Iron Belt, Mansfield and Buffalo. James Corrigan, the senior partner, says that no difficulty will be experienced In meeting all obligations. Boston. July 8.-Francis F. Morton, dealer in lumber. has assigned. The liabilities will not exceed $75,000 and the assets are sufficient to insure the creditors a good dividend. The cause was the stringency of the money market. Tower, Wing & Co., shoddy manufacturers, who recently assigned owing $95,000, have gone into insolvency. William S. Richardson, leather, has gone into insolvency. He owes $75,000 and offers 35 per cent, payable in thirty days. Chicago, July 8.-A receiver for the Produce Cold storage Exchange was applied for to-day. Semerville, N. J.. July 8.-Excitement can high in this town this morning over the announcement of the failure of the Somerset County Bank. Notice was posted on the door stating that no business would be transacted except to receive payments for paper due. There was a FILL on the bank. and at 10 a. m. a large crowd of depositors elamored for admission and excitedly inquired about their money. Finding that they could get no satisfaction they went away. Several of the largest depositors drew out their money in time to save themselves. The general feeling here is that the worst has not been disclosed as to the condition of the bank.

8. July 12, 1893 The Lambertville Record Lambertville, NJ

Article from The Lambertville Record, July 12, 1893

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Pidcock's Embarassment Gets the Somerset County Bank into Chancery. The Attorney General, for State Bank Commissioner George S. Duryea, asked the Cbancellor last Friday for a rule to show cause why a receiver should not be appointed for the Somerset County Bank, a State Bank doing business at Somerville and said to be embarassed because it has $85,000 of paper with ex Congressman Nelson Pidcock as either maker or endorser. The bill filed states that the assets are believed to be unsafe because of the mortgages which Mr. Pidcock has placed on his property. The rule to show cause is returnable to day (Wednesday,) and until the rule is disposed of, the bank will have to close its doors. The order of the court was served on the bank Friday afternoon. The Clerk of the Supreme Court denies that confessed judgments to the amount of $65,000 have been filed in the Supreme Court, made to Alvah A. Clark by J. Nelson Pidcock. The statements which the bank has made from timeto time of its sound condi tion have caused the Commissioner to watch the bank closely, and when it was learned that it held a large amount of "Nelse" Pidcock's notes without any valuable collateral, it was decided to apply for a receiver. The bill filed in the case is voluminous and covers many pages of closely written type. It sets forth that the directors are William Keys, William A. Murtry, George S. Van Arsdale, Calvin Corle, James P. Major, John Frelinghuysen, James N. Pidcock, Alvah A. Clark and Alexander G. Anderson. All these are makers and endorses of paper held by the bank in sums ranging from $300 to $68,000. Pidcock's paper represents the largest sum $68,000, and Alexander G. Anderson is next with about $27,000; then come Alvah Clark with $17,000, and Calvin Corle, the President of the bank, with about $16,000. Most of the pa. per endorsed by Pidcock was made by the Quitman Lumber Company, the Rockaway Railroad Company and the White House Manufacturing Company. The greater part of the paper which is chargeed Mr. Clark has Mr. Pidcock's name upon it, and is included in the amount for which Mr. Anderson is liable.

9. July 13, 1893 Barton County Democrat Great Bend, KS

Article from Barton County Democrat, July 13, 1893

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THE Cherokee commission has succeeded in effecting an agreement with the Kaw Indians for the cession of their lands to the United States and they will soon be opened to settlement. EVERY foreign corporation with a state agency must file its charter in Tennessee. THE trial of ex-Treasurer Woodruff, of Arkansas, has been continued to October. THE Lancet says that there have been seventy-five deaths from cholera in the southern part of France since May, and during the past four weeks 138 deaths from the same disease in Marseilles, thirteen in Cette and fifty-one in Toulon. THE Baltimore & Ohio is rebuilding its line from Pennsylvania to the Ohio river. was rendered in the New York court the First bank of A JUDGMENT National supreme in Chicago favor against of ex-Gov. Campbell, of Ohio, with interest. The suit was brought on a pronissory note for $5,000. THE people of Washington are petitioning the government to give them the Ford theater building for a public library. THE schooner Horace B. Parker, of Gloucester, Mass., has. been seized at Port Royal, Newfoundland, because it refused to pay an extra premium on silver certificates with which it paid for its license. IT has been decided that it will be best to leave troops at Antlers, I. T., for a while yet. MOST of the Cherokees entitled to allotments on the strip have made their selections. About two-thirds of them take farms in the eastern neck of the strip east of the Pawnee reservation. The rest will be near the Santa Fe railway. D. S. KREEDER, his wife and four children were murdered at Cando, N. D., by a hired man named Bomburgh. THE directors of the Denver & Rio Grande have passed the quarterly dividend of 1 per cent. ARAB slave traders have been twice defeated in the Congo Free State. CLEARING house returns for the week ended July 6 showed an average decrease of 8.2 compared with the corresponding week of last year. In New York the decrease was 5.7. THE riots in Paris broke out afresh on the night of the 7th, the police and the mob having a bloody encounter in the Boulevard Voltaire. R. G. DUN'S weekly review of trade says that there is a perceptible improvement in the business situation. AT Bardwell, Ky., the murderer of the two Ray girls was hanged and his body afterwards burned. C. M. PEOPLES, after jumping bail twice, was turned over to Deputy Sheriff Clerk, of Denver, by the Chicago authorities. Peoples is wanted in Denver on two charges of forgery and one of embezzlement. A CORRESPONDENT in Tegueigalpa, Honduras, telegraphs to Panama that nineteen prominent partisans of Bonilla were shot in that city, under orders from President Vasques; many others who are in prison, suspected of complicity in Bonilla's schemes, fear they will meet a similar fate. TRAIN robbers held up an immigrant train at St. Anns, twenty miles from Montreal, and attempted to rob the baggage car. The train hands overpowered the robbers and placed them under arrest. THE Christian Endeavorers will meet next at San Francisco in 1895. About 15,000 attended the Montreal convention. CHANCELLOR McGILL, at Trenton, N. a J., granted a rule to show cause why receiver should not be appointed for the Somerset County bank, a state bank at Somerville. The bank's embarrassment is due to that of ex-Congressman Pidcock, whose paper the bank carried to the extent of $90,000. The capital stock of the institution is $100,000, surplus $15,000 and deposits about $250,000. THE Camperdown was placed on dock at Valetta, Malta, to undergo repairs. As she came out of the water it was seen that her stem had been broken off just under the torpedo tube, about nine feet down, her ram was bent over toward the port side and six of her plates, three on each side, were damaged. ADDITEONAT

10. July 14, 1893 The Bolivar Bulletin Bolivar, TN

Article from The Bolivar Bulletin, July 14, 1893

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THE Cherokee commission has succeeded in effecting all agreement with the Kaw Indians for the cession of their lands to the United States and they will soon be opened to settlement. A JUDGMENT was rendered in the New York supreme court in favor of the First National bank of Chicago against ex-Gov. Campbell, of Ohio, with interest. The suit was brought on a promissory note for $5,000. THE people of Washington are petitioning the government to give them the Ford theater building for a public library. THE schooner Horace B. Parker, of Gloucester, Mass., has been seized at ort Royal, Newfoundland, because it refused to pay an extra premium on silver certificates with which it paid for its license. IT has been decided that it will be best to leave troops at Antlers, I. T., for a while yet. MOST of the Cherokees entitled to allotments on the strip have made their selections. About two-thirds of them take farms in the eastern neck of the strip east of the Pawnee reservation. The rest will be near the Santa Fe railway. D. S. KREEDER, his wife and four children were murdered at Cando, N. D., by a hired man named Bomburgh. THE directors of the Denver & Rio Grande have passed the quarterly dividend of 1 per cent. ARAB slave traders have been twice defeated in the Congo Free State, CLEARING house returns for the week ended July 0 showed an average decrease of 8.2 compared with the corresponding week of last year. In New York the decrease was 5.7. THE riots in Paris broke out afresh on the night of the 7th, the police and the mob having a bloody encounter in the Boulevard Voltaire. R. G. DUN'S weekly review of trade says that there is a perceptible improvement in the business situation. AT Bardwell, Ky., the murderer of the two Ray girls was hanged and his body afterwards burned. C. M. PEOPLES, after jumping bail twice, was turned over to Deputy Sheriff Clerk, of Denver, by the Chicago authorities. Peoples is wanted in Denver on two charges of forgery and one of embezzlement. A CORRESPONDENT in Tegueigalpa, Honduras, telegraphs to Panama that nineteen prominent partisans of Bonilla were shot in that city; under orders from President Vasiquest many others who are in prison, suspected of complicity in Bonilla's schemes, fear they will meet a similar fate. TRAIN robbers held up an immigrant train at St. Anns, twenty miles from Montreal, and attempted to rob the baggage car. The train hands overpowered the robbers and placed them under arrest. THE Christian Endeavorers will meet next at San Francisco in 1895: About 15,000 attended the Montreal convention. CHANCELLOR McGILL, at Trenton, N. J granted a rule to show cause why a receiver should not he appointed for the Somerset County bank; if state bank at Somerville. The bank's embarrassment is due to that of ex-Congressman Pidcock, whose paper the bank carried to the extent of $90,000. The capital stock of the institution is $100,000, surplus $15,000 and deposits about $250,000. THE Camperdown was placed on dock at Valetta, Malta, to undergo repairs. As she came out of the water it was seen that her stem had been broken off just under the torpedo tube, about nine feet down, her ram was bent over to ward the port side and six of her plates, three on each side, were damaged

11. July 15, 1893 Macon Beacon Macon, MS

Article from Macon Beacon, July 15, 1893

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authorities Peoples is wanted in Denver on two charges of forgery and one of embezzlement. TRAIN robbers held up an immigrant train at St. Anns, twenty miles from Montreal, and attempted to rob the baggage car. The train hands overpowered the robbers and placed them under arrest. THE Christian Endeavorers will meet next at San Francisco in 1895. About 15,000 attended the Montreal convention. CHANCELLOR McGILL, at Trenton, N. J., a cause receiver not for granted should rule to show be appointed why the Somerset County bank, a state bank at Somerville. The bank's embarrassment is due to that of ex-Congressman Pldcock, whose paper the bank carried to the extent of $90,000. The capital stock of the institution is $100,000, surplus $15,000 and deposits about $250,000. THE Camperdown was placed on dock at Valetta, Malta, to undergo repairs. As she came out of the water it was seen that her stem had been broken off just under the torpedo tube, about nine feet down, her ram was bent over tothe side and plates, ward port six of her three on each side, were damaged. THE London Official Gazette has published an order in council, dated July 4, prohibiting British ships from sealing within ten marine miles of the Russian coast on Behring sea or North Pacific ocean. THE Western Passenger association roads haveagreed upon a one-fare roundtrip world's fair excursion rate good for either "seven or eleven" days. THE returns issued by the British of trade show that the June the imports month board of during decreased and the exports increased £710,000 £910,000 compared with the exports and imports of the corresponding time last year. RUSSIA will indemnify twoof the Canseized off The adian four sealers Siberia. three other were inside the mile limit and will not be indemnified. SUNDAY attendance at the world's fair continues disappointingly small. Attendance other days is fairly good. A REPORT has been received from Manilla that the Spanish steamer Don Juan has foundered and that 145 Chinese were drowned. GEORGE S. THEBO, an attorney of Paris, Tex., has filed suit against the Choctaw nation for a large sum which he claims is due him as a fee in getting their claims allowed. HEAVY rains damaged the ditches La Junta and other parts of Colonear rado. A large amount of live stock was lost. The damage was at least $100,000. FOUR persons were drowned and many had narrow escapes by a storm at Chicago on the 9th. A SEVERE wind swept north Georgia tree the 9th. At Chickamauga a one on fell on some picknickers, killing and seriously injuring another. FOREIGN commissioners at the fair the demand that they shall be allowed their privilege of selling portions of exhibits. THE people of Iowa responded suf- liberally to the appeal for aid for the ferers from the tornado at Pomeroy. A PANHANDLE train struck a buggy three people in it at Rich's killed crosswith ing, near Richmond, Ind., and all three occupants. FIRE at Oroville, Cal., destroyed smaller eight stores and about thirty buildings, brick mostly in the Chinese quarter. Total loss, $50,000. Canadian hoodlums misbe- the FRENCH themselves at the closing of Monthaved Endeavor convention at verge Christian real, stopping, however, at the of committing assault. Wauseon, O., Frank Bayes suicide. murNEAR his wife and committed dered He supposed to have been insane. is storm which raged in the vicinity deal THE New York recently did a great loss of of and caused some Plainfield. of damage, Long Island and at six life on ruflian who murdered mem- was bers THE of a family near Cando, N. D., captured leaders in Manitoba. of a band of extensive- thieving THE who have operated have been ly trainmen. on the Mexican Central, arrested.

12. July 15, 1893 Baxter Springs News Baxter Springs, KS

Article from Baxter Springs News, July 15, 1893

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THE EAST. A JUDGMENT was rendered in the New York supreine court in favor of the First National bank of Chicago against ex-Gov. Campbell. of Ohio, with interest. The suit was brought on a promissory note for $5,000. JUSTICE SAMUEL BLATCHFORD, of the United States supreme bench, died at Newport, R. I. PRESIDENT CLEVELAND'S physicians say that the reports sent out about his illness have been greatly exaggerated. CHANCELLOR McGILL, at Trenton, N. J., granted a rule to show cause why n receiver should not be appointed for the Somerset County bank, if state bank at Somerville. The bank's embarrassment is due to that of ex-Congressman Pidcock, whose paper the bank carried to the extent of $90,000. The capital stock of the institution is $100,000, surplus $15,000 and deposits about $250,000. THE storm which raged in the vicinity of New York recently did a great deal of damage, and caused some loss of life on Long Island and at Plainfield. VANDALS have defiled the statue of P. T. Barnum. at Bridgeport, Conn., by daubing it with red paint. ARCHBISHOP CORRIGAN, through his host, Bishop McQuade at Rochester, denies absolutely the charge of Dr. Burtsell that Corrigan had defied the authority of Mgr. Satolli. PRESIDENTS of eastern trunk lines have agreed to one-fare excursion rates to the world's fair. THE brig Oderiila and the schooner Mystery have arrived off Philadelphia. The brig lost teight men by yellow fever and the Mystery four. THE reorganized Cordage trust securities have been listed on the New York Stock exchange.

13. August 31, 1893 The Wilmington Daily Republican Wilmington, DE

Article from The Wilmington Daily Republican, August 31, 1893

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Fifty Per Cent. for Depositors. SOMERVILLE, N. J., Aug. 31.-W. Y. Johnson, who was appointed receiver of the Somerset County bank, has just made his report to the chancellor. In it he says that he is prepared to declare a dividend of 50 per cent. to the depositors as soon as he is ordered by the court to do so.

14. August 31, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, August 31, 1893

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Philadelphia Traction Employes Strike. PHILADELPHIA, Aug. 31.-Two hundred workmen in the cable power houses of the Philadelphia Traction company quit work last night because of a 10 per cent. reduction in their wages. The officials say they can secure men to take the strikers' places, but the latter declare that green hands cannot do the work. Fifty Per Cent. for Depositors. SOMERVILLE, N. J., Aug. 31.-W. Y. Johnson, who was appointed receiver of the Somerset County bank, has just made his report to the chancellor. In it he says that he is prepared to declare a dividend of 50 per cent. to the depositors as soon as he is ordered by the court to do so.