Newark Savings Institution (Newark, NJ)

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Run on a Savings Bank

NEWARK, N. J., Dec. 12.-A large run is being made on the Newark Savings Bank of this city. It really commenced yesterday quietly, but today it is greatly increased. They are paying 20 per cent.

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NEW JERSEY

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

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A RUN ON NEWARK BANKS

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

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DEPOSITORS ALARMED

RUN ON THE NEWARK SAVINGS BANKS. RETURNING CONFIDENCE IN THE SAVINGS INSTITUTION-THE HOWARD BANK PAYING ALL DEMANDS-THE DIME REQUIRING THREE MONTHS' NOTICE. The run on the Newark Savings Institution decreased somewhat yesterday, confidence being restored apparently by the Chancellor's action of the day before. The excitement, however, had extended to the depositors in the Howard and Dime Savings Institutions. A run upon the Howard followed, but all demands for money were promptly met. The run upon the Dime Bank was prevented by enforcing the rule requiring three months' notice.

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NEWARK SAVINGS BANK-AN ORDER FROM THE CHANCELLOR-NO FURTHER RUN ON THE HOWARD INSTITUTION. The run on the Howard Savings Institution of Newark and the Newark Savings Institution continued yesterday, but the excitement diminished very considerably, so that by the afternoon it had almost entirely died out. The Chancellor issued the following yesterday:-

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New-York Daily Cribune

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

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NEWARK SAVINGS INSTITUTION

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

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HAPPY DEPOSITORS.

When the Newark Savings Institution, the oldest savings bank in New Jersey, suspended its assets included over $2,000,000 worth (face value) of Chesapeake and Ohio Railroad bonds. The examiners appointed by the Chancellor valued these and other securities representing $600,000 at a total of $500,000, less than one-fifth the face value. Since then the railroad stock has risen so that the $2,000,000 is now worth $1,000,000. The bank people are happy and depositors are clamoring for another payment of ten per cent on the amount of their deposite.

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When the Newark Savings Institution, the oldest savings bank in New Jersey, suspended, its assets included over $2,000,000 worth (face-value) of Chesapeake and Ohio railroad bonds. The examiners appointed by the Chancellor valued these and other securities representing $600,000 at a total of $500,000-less than one fifth the face-value. Since then the railroad stock has risen, so that the $2,000,000 is now worth $1,000,000. The bank people are happy, and depositors are clamoring for another payment of ten per cent. on the amount of their deposits.

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NEW YORK CITY

Last week's record 1,242 arrests, 537 deaths, 563 births, and 227 marriages. The Indies' fair for the benefit of St. Joseph's Church, at One-hundrod-and-twenty-fifth-st. and Ninth-ave., will close to-day. The body of an unknown man, about forty years old, of medium height, and dressed like a longshoroman, was found in the East River at Pier No. 23 yesterday. A meeting of the striking cabinetmakers and varnishers who had been employed by Pottier & Stymus.was held Saturday,and it was reported that 135 men were now on strike. Michael Lavitzki, a Russian pedler, seventy-twovears old, hanged himself at his home, No. 28 Suffolk st., Saturday evening. He was depressed by bad health and the infirmities of old age. The forty-ninth anniversary of the Polish Revolution of 1830 was celebrated by the Polish residents of this city at Dramatic Hall, Houston-st., Saturday evening. Several speeches were made. Drainage and contracts for the laying out of streets the topics discussed at the special meeting of the West Side Association Saturday evening, and among the speakers were General Egbert L. Viele, Dwight H. Olinstead, and John D. Crimmins. A committee of the Westchester Polo Club, consisting of James Gordon Bennett, August Belmont, jr., Herman Oelrichs. F. Gray Griswold and H. L, Herbert. has selected grounds at Fifth-ave. and One-hundred-and-tenth-st, where a club-house will be erected. The total (estimated) amount of grain on the canal from Buffalo and Oswego coming toward tidewater on Saturday noon was Wheat. 179,000 bushels; corn. 273,000 bushels; barley, 94,000 bt shels; rye, 19,600 bushels; peas, 12,200 bushels. The canals will be closed officially on Saturday. The Socialistic Labor party met at the Germania Assembly Rooms Saturday evening, and several speakers spoke of the condition of the workingmen. Resolutions were adopte. protesting against the alleged attempts of the capitalists and their hirelings, the paid politicians of California, to violate the rights of the people." The Tammany committee to investigate the O'Callaghan-Haskin trouble in the XIXth Assembly District met Saturday night. A characteristic letter was received from Mr. Haskin, in which he tried toshow that Callaghan had proved treacherous to the Tammany organization, and asked tbat he be expelled. The subject will next come up before the Committee on Organization. The inmates of the Roosevelt Hospital were gladdened by the gifts which came to them on Thanksgiving Day from the Church of the Covenant, of which the Rev. Dr. Vincent is pastor. These consisted of a bouquet oreach patient, sixteen pots of flowers, a barrel of bananas, apples and oranges, a keg of Malaga grapes, three boxes of grapes, SIX baskets of choice fruits, twelve dozen lemons, a box of oranges, and a box of pears. Information has been received in this city of the arrest in Frankfort-on-the-Main of Alfred Engene Lagrave, who is famous for having swindled prominen! firms in New-York, Boston and Philadelphia in 1871. At that time he fled to Canada, and thence went to Belfast. He was subsequently arrested in London, but was discharged. Again be was arrested in France and brought to New- York, having about $80,000 in his possession, and was again discharged. He 18 now in custody on a charge of forging medical certificates and diplomas. BROOKLYN. The payment of taxes will begin to-day. During the year ending September 30, the Brooklvn, Flatoush and Coney Island Railroad carried 873,960 passengers. Itseatnings were $203,051 30 and its expenditures $155,328 07. Mrs. Barnes, age fifty, living in South Fifth-st., was seiz d with a fit of sickness while walking through Fourth-st. last evening, and died while being taken to St. Catherine's Hospital in an ambulance. Three burglars were discovered in a grocery store at Livingston and Hoyt-sts., Saturday morning, by D. Warms. He caught and held one of them until the arrival of the police. The burglar gave his name as George Watson, of No. 23 Bayard-st., NewYork. Justice Gertrum, of East New-York, has committed to the Penitentiary for thirty days the Rev. David Tibner, a colored preacher, who was charged with assaulting his wife, and whose excuse was that she had gossipped about him among the neighbors. A number of residents of the Eighteenth and Twenty-first Wards held a meeting Saturday night, at Broadway and Myrtle-ave., to protest against the use of steam motors on the Broadway Railroad. A committee of seventeen members was appointed to take proper measures. The St. Matthew's English Lutheran Church Society, which formerly worshipped in State-st., near Hoyt-st., has secured the use of the church at Chinton and Amity-sts., and dedication services were held there yesterday morning. A sermon was preached by the Rev. S. A. Ort, of New York. The Rev. M. W. Hamma IS the pastor of the church. George W. Beilby, of No. 426 Gold-st., who was arrested on Thanksgiving Day on a charge of perjury, has been admitted to bail: He sued W illiam allace and William Lombard, by whom he had been employed as a travelling agent, for breach of contract in lischarging him without paying him his salary for the balance of the year. and recovered a verdict of $560. The defendants have made a joint affidavit that Beilby swore falsely. JERSEY CITY. A hearing in the contest over the $18,000 left by David Leach, the miserly rag-picker who died a year ago, was held in Jersey City on Saturday in the Hudson County Orphan's Court. Mary J. Davis testified that she was a niece of the dead miser, and exhibited some articles which he had given her. Patrolman Thomas Flynn, of the First Police Precinct of Jersey City, died suddenly Saturday morning. He was on duty Thursday night, and returned to the station-house Friday morning with his clothing soiled with mud and his nose bleeding. It was alleged that be had been beaten. Chief of Police Murphy says the officer's death was caused by congestion of the brain. At the last meeting of the Board of Education of Jersey City the salaries of the principals were reduced 16-3 per cent, those of the other teachers 18 per cent, and those of the janitors 1734 per cent. Superintend Dickson's salary was reduced from $2,500 to $1,800, and that of the Clerk of the Board from $1,800 to $1,200. The reductions will take effect from to-day. NEWARK. August Bock, a boy employed in E. Simon & Sons trunk factory, had his skull fractured on Saturday by an iron bar, which another boy dropped upon his head through an open hatchway. He was in a ing condition yesterday. The body of a young man, well dressed. was found lying near the track at the coal dumps on the Penusylvania Railroad below Broad Street Station early yesterday morning. It was shockingly mutilated, the head being crushed and almost entirely severed from the body. The name could not be ascertained. Mr. Dodd, president of the Newark Savings Institution, which suspended over a year ago, states that within the last few months the securities held by the bank have advanced in market value over $1,000,000, and that the time IS not far distant when the managers will be able to pay dollar for dollar, and continue the business as of old. NEW-JERSEY. WEST HOBOKEN.-Francis Wenser, age fourteen years, and livingat West Hoboken, has been missing since last Thursday morning, hen he went hunting on the Seacaucus meadows. ELIZABETH.-Geore Meyer, of Menlo Park, accidentally killed his thirteen-year-old son Friday afternoon. He was cleaning a shot-gun, not knowing that it was loaded, and it went off, the charge entering the boy's hip and thigh. He bled to death before assistance could be obtained.

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ave., fell from a third story window to the ground yesterday and was almost instantly killed. William Whitlock, age forty-five, was arrested yesterday for brutally beating Miss Margaret Thompson, of No. 53 South Eighth-st. whom he met in a street after returning from an excursion. He was held for examination. John J. Gorman, of the Fourth Ward, has brought a suit to restrain Edwin Packard, president of the Kings County Republican General Committee, from ousting him from his seat in that body as a delegate on the ground of non-payment of dues. The papers in the case are similar to those in the suit of M. J. Dady, brought last week for a similar purpose. In the case of the three men, Riley, Ney and McCarty, accused of illegal voting at the Republican primary in the Sixteenth Ward recently, who were shown to be registered as Democrats as well as Republicans in the ward, Justice Walsh dismissed the case yesterday. as their counsel claimed that the complaints against them were defective. The police found no trace yesterday of Henry Freeling, the missing janitor of Duffield Terrace. The suspicion that his disappearance was connected with that of George Macrostie, who lived in one of the houses in the Terrace, was set at rest by the return home of the latter atan early hour yesterday morning. The money he had with him he had earned and he showed where he had been. The decoy postal card Freeling said he received cannot be traced. JERSEY CITY. Michael Luby and his wife, of No. 161 Morganst., became involved in a quarrel last night with Ellen Shaw and her husband, who live in the same house, Mrs. Shaw seized a carving knife and with one blow cut the lower portion of Luby's nose off. The severed member was sewed together by a physician and Mrs. Shaw was arrested. The trial of Edward M. Rielly on an indictment charging him with having while holding the position of Treasurer of Harrison misappropriated $10,000 of the town's money was set down for yesterday in the Hudson County Court of General Sessions. The case was tried in April, but after being out for forty-eight hours the jury disagreed and were discharged. When the case was called yesterday Rielly withdrew the plea of not guilty and pleaded non vult. The plea was accepted. It is said that Rielly's mother, who 18 wealthy, will pay the amount of the deficiency. NEWARK. William McLeod was tried yesterday on a charge of assauiting a widow at Milburn on Sunday evening, June 25. He was convicted and sentenced to fifteen years in State prison. Mr. St. Lawrence, a Paterson lawyer, made application to Chancellor Runyon yesterday at Newark for an injunction to restrain the authorities of Paterson from laying oblong-stone pavements in the central streets of that city. The Republican members of the Paterson Common Council wanted this kind of pavement, and the Democrats wanted macadamized drives in the suburbs, and a compromise was effected by putting $10,000 in the tax ordinance for improvements, without specifying what kind of work was to be done. The Chancellor refused the injunction, but said he would hear counsel on both sides on next Wednesday. The Newark Savings Institution yesterday began the payment of an additional 10 per cent. dividend to old depositors, making 90 per cent. in all paid to these depositors since the bank suspended in 1877. When the bank suspended the assets included about $3,000,000 of Chesapeake and Ohio first and second mortgage bonds. The first-mortgage bonds were rated at 25 cents on the dollar. Commissioners appointed to appraise the assets set down these bonds at $500,000. Their value has since greatly appreciated, so that $1,500,000 has been realized from the bonds sold, while others remain on hand. The amount required for the payment of 10 per cent. is $1,000,000. It is probable that when the 100 per cent. is paid something will be left to distribute among depositors in the way of interest. LONG ISLAND. LONG ISLAND CITY.-The men who were arrested by the police over a week ago for selling pools at Hunter's Point were taken before Justice Delehanty vesterday and remanded until Tuesday. The defendants' counsel claimed that they could not secure the attendance of witnesses before that time. The trial of Alderman August Rassiga, of Long Island City, for violation of the Sunday liquor lawson July 31, 1881, was concluded in the Queens County Court of Sessions yesterday. The jury failed to agree. Senator James W. Covert, who appeared for the defence, bitterly denounced the members of the Law and Order Society who are instituting the proceedings against the liquor dealers. STATEN ISLAND. SOUTHFIELD.-William Sullivan was yesterday appointed town clerk in place of William H. Dougherty, deceased. CLIFTON.-Dr. Smith, Health Officer of the Port, said yesterday that all vessels arriving from Havana after to-day would be detained at the Upper Quarantine grounds off Robbins Reef to be fumigated before coming up to the city.

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THE BANK'S CONDITION

The condition of the Newark Savings Institution as reported on December 12 last showed the following: $2,500.00 Real estate, uneneumbered 1,300,997 81 Bonds, mortgages and interest due 2,874,875 00 Stocks, bonds, etc 2,093,403 47 Loans secured by collaterals 201,371 27 Cash and accrued interest 6,473,058 Actual value of assets 6,316,053 4 Liabilities 157,005 01 surplus 8,871,421 65 Receipts during 1883 8,785,345 83 Disbursements during 1883 President Dodd is a member of the Sinking Fund Commission of Newark, which holds over three millions of bonds of various kinds, belonging to the city of Newark. The Commission consists of Robert T. Ballantine, Daniel Dodd, Mayor Haynes and Controller Quinn. When the suspension of the bank was announced, the Mayor went to Mr. Dodd and was informed that the funds of the city were intact. It was decided afterward by members of the Commission and of the Common Council Finance Committee to hold a meeting, and count the securities belonging to the Sinking Fund, and the meeting was held late in the afternoon at the bank. The examination showed that the securities were all right.

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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.

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The Newark Savings Bank

NEWARK, N. J., May 24.-Chancellor Runyon this morning directed the Receiver of the Newark Savings Bank to pay a dividend of at least 50 per cent. to depositors on July 1.

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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.

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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.

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

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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.

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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.

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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.

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NEWARK.

A suit in chancery involving $44,577 56 will soon be ended. The complainant is A. L. Keasbey, a lawyer, who sues to restrain Receiver Wilkinson, of the Newark Savings Institution, from prosecuting a suit against him for deficiency of mortgage. Mr. Keasbey borrowed $17,000 from the institution in 1870, giving mortgages on unimproved land in the outskirts of Newark. Another loan of $19,500 was obtained by him and Alexander T. Compton on another tract. In 1875 the interest was defaulted, and Mr. Compton became insolvent. In June, 1881, the Keasbey mortgage was purchased and the property bought in by the bank at a loss. The other property was also sold for only $15,000. Suit was begun by the receiver to recover the deficiency on both properties from Mr. Keasbey, and the latter petitioned the court, setting forth that he had performed legal services in consideration for the claim, and asking to be released. It was also alleged that the president and managers of the bank had made an agreement with him to this effect.

An inquest will be held at 1 o'clock to-day at the Court House in the case of the accident at the Market-st. station of the Pennsylvania Railroad last week which resulted in the death of Freeholders McGuinness and Mullen.

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NEWARK

Mr. Wilkinson, receiver of the defunct Newark Savings Institution; announces that he will pay all the depositors of the new account in full on or about August 1. The bank made two failures and the receiver has had to do with two sets of depositors. The bank was allowed to resume after the first failure in 1877, by an arrangement made by the Chancellor, and the second failure occurred In May, 1884, while the old accounts were unliquidated. In process of time the depositors of the old account received principal in full, and the receiver had on his hands a miscellaneous lot of securities, including about a million and a half of Chesapeake and Ohio bonds which were unmarketable. Recently these securities have greatly appreciated in value and enough income has been received to pay a remaining fifteen per cent due the new depositors. with also a fraction of one per cent as interest. With this payment the affairs of the bank will be closed up and the receivership will be ended.

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OBITUARY

DANIEL DODD. Daniel Dodd. one of the oldest and best-known citizens of Newark. died at his house, No. 27 Saybrook Place, at noon yesterday. He was seventyeight years old. He caught cold last winter and lung trouble soon developed. His physician sent him to Augusta, Ga., where he seemed to improve, but when he returned home the malady returned and soon affected his brain. For several days before his death Mr. Dodd was unconscious. Daniel Dodd was born in Orange, N. J., in 1817, and was graduated at the University of the City of New-York in 1835. He studied law in Newark and was admitted to the bar in February, 1839. Mr. Dodd practised his profession for fifteen years, and he then became Deputy-Sheriff for Essex County, serving one term. He was then appointed secretary of the New-Jersey Insurance Company, and held that office until 1866, when he was elected treasurer of the Newark Savings Institution, the largest savings bank in the State. In 1871 he became president of the bank and in the same year was elected president of the Newark Gaslight Company. For about twelve years he was a member of the Newark Aqueduct Board and was Alderman from 1856 to 1859. In the latter year he was nominated on an opposition ticket for Mayor against Moses Bigelow, Democrat, and was defeated. He was appointed a member of the Newark Sinking Fund Commission, and served with credit. Earlier in life he was a reporter for "The Newark Daily Advertiser" at the State Constitutional Convention of 1844. Mr. Dodd was more generally known in connection with the failure of the Newark Savings Institution in 1878. The concern had invested largely in stocks and bonds of the Chesapeake and Ohio Railroad Company, and the insolvency of that corporation, with other losses growing out of the panic of 1873, compelled the bank to suspend. The Chancery Court, however, with the view to rehabilitating it, adopted the suggestions of prominent lawyers and allowed It to resume business under certain limitations, under the management of Mr. Dodd. Two years afterward the failure of Fisk & Hatch, in Wall-st., caused the second suspension of the bank, which went into the hands of a receiver. For several years Mr. Dodd had been notary for several financial institutions and led a retired life. He was the author of the Controllership law, and gave valuable aid at different times to the financial officers of Newark. Mr. Dodd was treasurer and a member of the Board of Governors of the Essex Club of Newark. For more than half a century he was a member of Trinity Episcopal Church, in Newark, and was a vestryman for twenty-five years. He was for many years treasurer of the State Convention. the Episcopal Fund and other financial trusts of the Episcopal Church. He leaves three children. Daniel Dodd, jr., of Schenectady; Mrs. Stuart MacKie. of Morristown, and Miss Mary Dodd, of Newark.

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NEW JERSEY BANK CLOSED

-0NEWARK, N. J., May 21.-The Newark Savings bank was closed today and a receiver appointed pending an investigation of alleged discrepancies in the accounts of the cashier. Assets $120,000; liabilities, $200, It is stated.