Newark Savings Institution (Newark, NJ)

Episode Information

Episode UID
7569250391013
Episode Type
Suspension β†’ Closure
Bank Type
savings
Bank ID
756925039 hash
Start Date
May 16, 1884
Location
Newark, New Jersey (40.736, -74.172)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4036b8d47db6a9a0

Response Measures

None

Description

Suspension followed the suspension/failure of correspondent firm Fisk & Hatch; receiver appointed and bank wound up.

Events (2)
1. May 16, 1884 Suspension
Cause
Correspondent
Cause Details
The suspension/closure followed the suspension of Fisk & Hatch, which owed the bank large sums and had custody/use of its government bonds.
Newspaper Excerpt
The Newark Savings Institute closed its doors to-day.
Source
newspapers
2. May 17, 1884 Receivership
Newspaper Excerpt
Receiver George Wilkinson came to New York ... Wilkinson qualified as receiver yesterday ... amount due depositors is $6,156,534.28 ... total assets ... deficiency of $1,161,197.51. The bank has securities and cash on hand to warrant the payment of 30 per cent. to depositors immediately.
Source
newspapers

Newspaper Articles (23)
1. May 16, 1884 Evening Star Washington, DC
Article from Evening Star, May 16, 1884

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

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

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

3. May 17, 1884 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, May 17, 1884

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NEW York, May 16th.-Business began at the Stock Exchange without the appearance of flurry. Stocks opened weak and feverish, except the Western Union and Union Pacific. St. Paul was 11 lower, Northwest 1, Lackawanna Z, Lake Shore 2, Reading and Omaha 24. This was succeeded by a better feeling and a general advance of 1/2 to 2. Foreign bankers are buying extensively. Rumors of failures continue, but no announcement of any is yet made. Speculation is in no sense panicky. An officer of the Exchange states that he was informed by Russell Sage that he would meet every "put" sent in, but must proceed slowly. The Clearing-house Committee have loan certificates ready for instant delivery, and express a determination to use them liberally, with a view of relieving without delay any stringency in the money market. There is wild talk about closing the Stock Exchange. Governments are depressed ; 41s and 4s, which closed at 110@112 and 120@122 on the street last night, are now 1081@108} and 116@119. The weakness is caused by the fear that Fisk & Hatch's holdings will be marketed. PRESENT OUTLOOK. A visit to the various banks on Wall street found matters progressing in the usual routine. At the Metropolitan Bank business was going on as before the temporary suspension. Bank Examiner Scriba reported to the Comptroller of Currency that the institution is doing nicely. The rest of the banks are running as usual. Affairs seem again settling down to a normal condition. A meeting of the Clearing House Committee to-day resulted in a decision to loan to the members of the Association all the money they require at par. This will, it is thought, help materially to ease the prevailing stringency in the money market. CAUGHT IN THE CRASH. NEWARK (N.J.), May 16th.-The Newark Savings Institute closed its doors to-day. The bank officers say that Fisk & Hatch owe the institution $1,000,000.

4. May 17, 1884 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, May 17, 1884

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THE WORST IS OVER. BRIGHTER DAY IN WALL STREET. Backbone of the Money Stringency BrokenThe Clearing-House Decide to Loan Money to Members-The Government Comes to the Rescue. [By telegraph to the Dispatch.] NEW YORK, May 16.-The meeting of the Clearinghouse Loan Committee this morning resulted in a decision to loan to members of the Association all the money they may require at par, on the pledge of Gevernment securities. This will, is is thought, help materially to ease the prevailing stringency 11. money. THE NEW YORK BANKS. NEW YORK, May 16.-The run on the Emigrant Industrial Savings Bank had abated to-day, and business was being done the same as usual. About $160,000 was paid out yesterday. but depositors were returning their money to-day. There was no run on the Manhattan Savings Institution. The Greenwich Savings Bank run ended to-day. There was a steady run on the German Savings Bank to-day. A large crowd, composed mostly of workmen, stood around it. The teller was paying nothing but gold to them. The Second National Bank presented a quiet appearance to-day. There were many parties making deposits, but few drawing out. At the Union Dime Savings Bank only a few persons drew out their deposits. A crowd surrounded the Bleeker-Street Bank this morning. They were nearly all Italians, and the run is confined altogether to them. A number of persons drew out their deposits at the Bowery Savings Bank to-day. There was no excitement there. There was no run on the Butcher's and Drover's National Bank. the Citizens Savings Bank, Metropolitan Savings Bank, Manhattan Savings Institution, nor the East River Savings Bank. There was a run to-day on the Seamen's Savings Bank, but all depositors were paid on demand. The Petroleum Exchange resolved to close at 3 o'clock to-day without taking the usual recess. It was also resolved to maintain a position of masterly inactivity and do as little as possible, allowing things to settle of their ownaccord it they would. DONNELL, LAWSON & SIMPSON. NEW YORK, May 16.-Donnell, Lawson & Simpson have assigned to their confidential clerk, R. H. Weems. The assignee says the firm has been unable to make out a statement of its condition, and does not expect to have one ready for some time. The assignment was made with a view to protecting everybody, both large and small, and was only determined on when parties at the West began attaching property of the concern. THE MARKET CLOSES WITH A WHIRL OF BRILLIANCY. The New York stock market opened irregular. and in the main weak, on account of the failure of Fisk & Hatch, announced late Thursday. The first sales were generally at a concession of 1@14. St. Paul opened * lower, Northwest 1, Lackawanna 1, Lake Shore 21, Missouri Pacific 1. New York Central 1. Northern Pacific preferred 1. Pacific Mail 21, Omaha 11. On the other hand, Western Union and Wabash preferred, Union Pacific and Texas Pacific were higher. Before the first call there was a sharp upward turn, and Lake Shore rose 2, Pacific Mail 2, Western Union 21. New York Central 18, Eried. Northwest 14, St. Paul 21, Quincy 1, Central Pacific 24, Lackawanna 1, Louisville and Nashville 14, Missouri Pacific 1. Speculation was favorably affected by the weakness of the sterling exchange market. The failure of the Newark Savings Institution was announced, and a drive was made against Lake Shore and New York Central. The former broke 8 and the latter 3t. Among the other active shares Canadian Pacific fell off 24, Central Pacific 12, Canada Southern 3. Northwest 41, St. Paul3] Rock Island 11. Lackawanna 44. Delaware and Hudson 2, Louisville and Nashville 34, Missouri Pacific 5, Kansas and Texas 14, Northern Pacific preferred 3, Pacific Mail 3. Reading 14, Union Pacific 24, Western Union 24. Subsequently, while there were frequent reactions, and at times a feverish feeling under fear of further failures, themarket showed a hardening tendency, and as 3 o'clock approached and there were not only no further failures, but the favorable conditions continued to multiply, there was a great improvement in prices, the day closeing with a whirl of buoyancy. The change from depression to buoyancy late in the day was very marked, and at the close there was a great feeling of relief. and the opinion gained ground that the worst was over. During the day considerable money was received from nearly all points, and investors also brought heavy amounts to buy. At the close it looked as if the backbone of money stringency had been broken. In the late advance Canada Southern rose 3, Canada Pacific 31, Central Pacifie 41, Quincy 44, Northwest 34, preferred 4. St. Paul 41, Louisville and Nashville 54. Lake Shore

5. May 17, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, May 17, 1884

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The Third Day's Flurry in the New York Stock and Money Market. Lights and Shades of Financial Affairs at the Center of the Nation's Material Wealth. Failures and Resumptions-Sober Second Thought-American Securities in England. The Opening Hour. NEW YORK, May 16.-Some as busy scenes as have characterized the streets in the vicinity of the Stock Exchange for the past few days, presented themselves this morning. The feeling of anxiety in regard to the opening was greatly intensified by the announcement yesterday afternoon of the suspension of Fiske & Hatch and predictions of more to follow. This morning the brokers were on hand early, and when the chairman rapped the signal for opening business, the board room and Stock Exchange were densely packed. Brokers ran hurriedly from one crowd to another at which the various stocks were being sold and anxiously watched the opening transactions. On the first few sales prices showed a fractional decline as compared with yesterday's closing. All offerings were rapidly bought in, however, and fifteen minutes after the opening hour prices began to go up. A comparison of quotations current at 10:30 a. m. with those at the close last night showed an improvement of 1-4 to 2 1-4 per cent. In the majority of cases Central Pacific, Western Union, St. Paul, Northwestern and Chicago & Alton led in the improvement. This improvement was hardly recorded when came the news of the suspension of the Newark Savings Bank, and almost immediately following this the announcement of the failure of the broker firm of Henry C. Hardy & Sons. These announcements caused a rush to sell, and some of the bear operators took advantage of the prevailing excitement to raid the list. Lake Shore was singled out and sold down at a rapid rate, and the whole list by noon showed a decline to 8 1-2 per cent. LATER. In the stocks mentioned from noon to one o'clock there was very little business done, but the tone was firmer and prices at the time of writing show an advance of one-half to three per cent. 11 A. M.-Dealings in the Stock Exchange thus far have been on a limited scale. Operators are exercising great caution. The feeling is very feverish and uncertain, and prices are irregular.

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

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FRIDAY, May 16-P. M. To-day's developments detract nothing from the importance that was attached to the failure of Messrs. Fisk & Hatch. On the contrary, their operations in connection with the Newark Savings Bank point to complications that yesterday were not suspected. But the opportunity for a night's reflection served to stay a panic at the Stock Exchange. The sun neither rises nor sets in the office of any one banking firm, nor in that of any single speculator, no matter what may be the amount of reported capital of either. The market opened firm instead of weak; but the announcement of the suspension of the Stock Exchange firm of Messrs. H. C. Hardy & Co., and the immediately following report that the Newark Savings Bank had closed its doors, were wet blankets upon the general feeling that "the worst was over," and that stocks were a purchase for a considerable rally. Those events. however. exerted only a momentary effect upon the market. What did seriously affect the general temper was a later sudden break in Lake Shore stock from 89 to 81. The stock had opened down 1 per cent at 88, but had recovered to 89Β½, when the pressure to sell it became urgent. and it quickly fell 812 per cent. The sales did not have the character of a raid, and there is probability in the story that they were for the account of a forced loan at bank yesterday to secure an over-certification which was to be made good before Clearing House hours to-day. Of course such a drop in Lake Shore was not without ffect upon the general market. But there was a wonderful exhibition of recuperative energy that quickly displaced depression by something akin to buoyancy. Lake Shore afterward rallied to 88, sold back to 84, up to 89, and ended at 88. The transactions in it amounted to 45,658 shares-the largast business 10 any one stock; its fluctuations are

7. May 18, 1884 The Sun New York, NY
Article from The Sun, May 18, 1884

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

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

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

9. May 19, 1884 The Wheeling Daily Intelligencer Wheeling, WV
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Their Assets Short. NEWARK, N. J., May 17.-The receiver of the Newark Savings Institution has submitted a statement to the Chancellor showing the amount due depositors to be $6,150, 534. The total assets, according to the receiver's estimate, exclusive of $845,000 due from Fisk & Hatch, is $4,995,336-a deficiency - of $1,161,197. The bank has securities and cash on hand to warrant the payment of thirty percent to depositors immediately. In CASO Fisk & Hatchare able to resume, the bank would lose nothing. And the receiver says he will make the most liberal arrangements possible to enable the firm to continue business.

10. May 19, 1884 Lancaster Daily Intelligencer Lancaster, PA
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FINANCIAL NEWS. Demanding the Punishment ot President Dodd, or the Newark Savings Bank. NEWARK, N. J., May 19.-Application was made to Vice Chancellor Van Fleet this morning, in the absence of the chancellor, by counsel for German depositors of the Newark savings institution for an order to require President Dodd to show cause why he should not be punished for disobedience of the order of the court of chancery in removing the bank's assets out of the state. At the suggestion of the vice chancelor, the matter was laid aside temporarily pending further develop ments. Receiver Wilkinson again went to New York to-day and rumors that the bank will receive the full amount of its claim against Fish & Hatch are circulated. The run on other saving banks ceased to day, and a better feeling prevails. All Quiet on Wall Street. NEW YORK, May 19.-Everything is quiet on Wall street to day. There is much confidence manifested. Michael Morton, dealer in china, made an assignment today. giving preferences amounting to $24,0000. It is reported that the Eric County Sav. ings bank, of Erie, Pa., has suspended. 2 p. m.-W. B. Scott & Co., have just annouced their suspension at the stock exchange. Failure of an Indiana Bank. LAPORTE, May 19.-The City Exchange bank made an assignment on Saturday owing to the failure of Donnell, Lawson & Simpson, in New York. Liabilities, $36,000 ; assets; $20,000. : A Temporary Suspension. PETERSBURG, Va, May 19,-Owing to the heavy run on the Planters' and Mechanics' bank, it temporarily suspended to-day.

11. May 20, 1884 New-York Tribune New York, NY
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THE NEWARK SAVINGS BANK TROUBLE. LEGAL ACTION AGAINST THE PRESIDENT-NEGOTI ATING WITH FISH & HATCH. The run on the Howard and Dime Savings Institutious in Newark came to an end yesterday, and when the banks closed at 4 p. m. there was not a depositor remaining before the counters. During the day the deposits increased. The restored confidence was due to the exhibition by the banks of abundant available funds and to the earnest counsel of the local papers. The feeling in regard to the failure of the Newark Savings Institution was not lessened, particularly among German depositors, it being directed against President Dodd. At 10 a. in. yesterday Charles A. Feick, Paul W. Roder and Edward S. Block, lawyers representing a number of German depositors, went before Vice-Chancellor Van Fleet and asked for a rule to show cause why Mr. Dodd should not be attached for contempt of court in disobeying the orders of the Chancellor in removing the assets of the bank from the jurisdiction of the court and permitting their use for private purposes by Fisk & Hatch. The applicants presented a petitionsetting forthcertain facts in support of the application. The counsel had a long conference with the Vice-Chancellor, who received the application and with the consent of the counsel held it in abeyance pending the examination by the receiver. It was stated afterward by one of the counsel that he had been engaged ever since Saturday in working up the case and that he had received some important testimony in support of the application. It was announced that a mass meeting of the bank's depositors would be held on Wednesday evening at the Academy of Music to give public expression to the sentiment of depositors regarding the bank's failure and to urge the prosecution of the responsible officers by the Chancellor. Mr. Dodd, when informed of the action taken in the Vice-Chancellor's court, said hat he would "face the music." He did not think there would beany trouble and he was iu hopes of an early resumption.

12. May 20, 1884 The Daily Dispatch Richmond, VA
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German depositors of the Newark Savings Institutions, for an order to require President Dodd to show cause why he should not be punished for disobedience of the order of Court of Chancery in removing the bank's assets out of the State. At the suggestion of the vice-chancellor the matter was laid aside temporarily pending further developments. Receiver Wilkinson again went to New York, and rumors that the bank will receive the full amount of its claim against Fisk & Hatch are circulated. The run on the other savings banks ceased to-day and better feeling prevails.

13. May 22, 1884 New-York Tribune New York, NY
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THE SUSPENDED NEWARK BANK. EXCITED MEETING OF DEPOSITORS-PRESIDENT DODD AND THE DIOCESE. The German depositors in the Newark Savings Institution held an excited meeting at the Academy of Music, in Newark, last night. The meeting was called to take action on the affairs of the bank. About one thousand persons were present. Philip Roth was chosen chairman for the German and Henry Lyon for the English speaking depositors. Among the names announced for vice-presidents was that of President Daniel Dodd. when a voice shouted "Better bring him here and string him up," whereat the audience laughed and applauded. Charles A. Borcheling, a lawyer. moved that a committee be appointed to ascertain the true condition of the bank. Ao advised that no action be taken bastily, and that the meeting should not indulge in denunciation, but promptly adjourn for a week. He read a private letter which stated that the negotiations with Fisk & Hatch were nearly completed. Mr. Borcheling asked if criesof "Hang him" would bring the depositors their money. A number of voices shouted Yes." At this point much excitement prevailed and the speaker was greeted with strong expressions of disapproval. Hugo Fraenzel, a manager of the bank, who has publicly stated that he opposed the policy of President Dodd, attempted to speak, but a storm was raised, and Fraenzel was denounced on all sides, and was allowed to say only a few words. A resolution was adopted for the appoinment of a committee to ascertain the exact condition of affairs in the bank. At the convention of the Protestant Episcopal Diocese of Northern New-Jersey, in Newark, yesterday, when a motion was made to proceed to the election of a Standing Committee, Bishop Starkey read the following letter from Daniel Dodd, president of the savings institution: RIGHT REVEREND AND DEAR Sin: You are aware of the existence of a public feeling prejudicial to myself connected with the unfortunate condition of the savings bank of which I have for long years been the president. This feeling does me great injustice. I have committed no wrong of which I am aware except that of misplaced confidence. But to re-elect me to the responsible church office which I have, through the kindness of my fellow churchmen, so long held, might subject the diocese, if not the Church at large, to uncharitable remark. For this reason, and assuring my friends t) at investigation will not convict me of any moral wrong-of an thing of which an honest man, and one who tries to be a Christian, need be ashamed-I respecfully decline to be candidate for re-election as a member of the $ anding ComDANIEL DODD. mittee. With great respect, It was moved by the Rev. H. I. Mahop that the letter be entered in full on the records of the diocese, and that a vote of thanks be extended to Mr. Dodd for his long and faithful services. The resolution was adopted. James G. Osborne, of South Orange, was elΓ©cted in Mr. Dodd's place.

14. May 26, 1884 The Indianapolis Journal Indianapolis, IN
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THE NEW YORK FAILURES. Brief Items Connected with the Recent Panic-Run on a Savings Bank. NEW YORK, May 24.-S. J. Drake declines the nomination of president of the Stock Exchange. The clearing-house has issued the following: The issue of loan certificates by the Clearing-house Association has SO changed the relation of banks to each other that the publication of the statement in detail would give an incorrect impression as to the actual condition of the banks. F. D. TAPPAN, Chairman. The chancellor has directed the receiver of the Newark Savings Institution to pay a dividend of 50 per cent. to the depositors on July 1. There was a small run on the West-side Savings Bank this afternoon, growing out of the $96,000 defalcation of Hinckley, the paying teller. A crowd of depositors flocked in and drew their money. Many only drew a portion. The officers of the bank refused to say anything of the defalcation, but promised a statement later. Hinckley has not been heard of as yet. The bank does not anticipate much of a run. It has a surplus of many thousands. It is reported that the Union Bank, of Uhrichsville, O., has suspended. None of the suspended Wall-street firms have yet completed statements of their condition. The creditors of H. C Hardy & Sons have appointed a committee to suggest plans for a settlement. No failures are reported at the Stock Exchange. The affairs of the late Elias J. Beach, of Glen Cove. L. I., have been settled by the surrogate. The claimants will receive about 4 cents on the dollar. The Supreme Court has granted an attachment against the property of Charles Gordon Hutton in an action begun by August Belmont to recover $14,000 on promissory notes. The attachment was granted on account of the non-residence of Hutton. In a suit begun in the Supreme Court by the Fourth National Bank, of this city, against the Pennsylvania Bank, to recover $1,000, an attachment was granted against the property of the Pennsylvania Bank in this city. Thomas J. Crombie. lumber, Ninety-second street and East River, has made an assignment. Preferred claims, $16,000.

15. July 10, 1884 River Falls Journal River Falls, WI
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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 ere-packed into & 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.

16. July 15, 1884 Evening Star Washington, DC
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INVESTIGATING THE NEWARK BANK FAILURE- A private examination of the members of the firm of Fisk & Hatch, bankers, was held In New York yesterday. in regard to the recent failure of the Newark savings institution. It is said that the failure of the bank was due to the suspension of Fisk & Hatch during the pante in May, Daniel Dodd, the president of the bank, having deposited about $2,000,000 United States bonds with the firm, which belonged to the bank, and no security being given. The testimony taken yesterday was in regard to the nature of the transactions between President Dodd and the firm of Fisk & Hatch. It was not made public.

17. July 18, 1884 The Kimball Graphic Kimball, SD
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A Bank President Kneels and Weeps. A New York paper says that President Daniel Dodd of the Newark Savings Institution has been so nervous and worried since the bank failed that dark circles have appeared under his deep set eyes and additional lines of care are seen on his sallow face. He is restless by day and night, and his friends say that the preparation of his answer to the allegations of contempt of the New Jersey court of chancery is a great strain on his mind. The manager of the bank cast all the blame for the failure on Dodd. A story is told in Newark that on the day Fisk & Hatch suspended they notified President Dodd that they had used the bank's money and eash. 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 bugh securities to save hum from eternal ruin and disgrace. A large batch of securities of different kinds were packed into a stont satchel, which was handcuffed to the arm of President Dodd's son, who is end outed in Fisk & tch's office, and erto canc.he firm ensered the carriage sident Dodd and his son. The party drove rapidly to Newark, the se. curities 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.

18. August 15, 1884 The Warner Weekly Sun Warner, SD
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A Bank President Kneels and Weeps. A New York paper says that President Daniel Dodd of the Newark Savings Institution has been so nervous and worried since the bank failed that dark circles have appeared under his deep set eyes and additional lines of care are seen on his sallow face. He is restless by day and night, and his friends say that the preparation of his answer to the allegations of contempt of the New Jersey court of chancery is a great strain on his mind. The manager of the bank cast all the blame for the failure on Dodd. A story is told in Newark that on the day Fisk & Hatch suspended they notified President Dodd that they had used the bank's money and cash. Mr. Dodd's face blanched and he came to this city. In the office of Fisk & Hatch, according to the story, Dodd fell upon his knees and with tears streaming down his cheeks implored Mr. Fisk and Mr. Hatch to give him en ough securities to save him from eternal ruin and disgrace. A large batch of securities of different kinds were packed into a stout satchel, which was handcuffed to the arm of President Dodd's son, who is employed in Fisk & Hatch's office, and a clerk of the firm entered the carriage with President Dodd and his son. The party drove rapidly to Newark, the securities were locked in the vaults of the bank and then Chancellor Runyon was notified that the bank was in trouble. Then came the crash and the discovery.

19. August 27, 1884 Evening Star Washington, DC
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# Newark's Suspended Bank. THREE MANAGERS WHO DID NOT KNOW OF THE LOANS TO FISK & HATCH. From the New York Sun, to-day. Yesterday afternoon Vice Chancellor Van Fleet, in Newark, took up again the charges against the managers of the Newark Savings institution of making illegal loans. Three of the managers testified in their own defense. Henry G. Darcy, who is the city treasurer, was first called to the stand. He said he knew nothing about the loans to Harriman & Co. and Fisk & Hatch, and was not consulted about them, although he was a member of the finance committee. William Rankin, a manager, who is now treasurer of the Presbyterian board of foreign missions, was next examined. He said he was a member of the finance committee during the last two years. He did not attend many meetings, and never heard of the loan to E. H. Harriman & Co. until after the suspension of the bank. Neither did he know of any loan to Fisk & Hatch. He supposed he must have read the chancellor's order concerning the management of the bank, but he had only the general knowledge that it imposed some restriction on investments. Charles S. Haines, a manager, testified that he is president of the Newark Fire Insurance company. He knew nothing of the loans to Fisk & Hatch and Harriman & Co. until after the bank suspended, except that last October, when he was in New York with President Dodd, the latter referred to Mr. Harriman and said, "He has some of our money." The witness answered, "I hope it is a good loan," and he was assured by Mr. Dodd that it was "first class, none better." Mr. Haines said that he also trusted the officers of the bank to look after its business. He always supposed the bank's funds were kept in its own vaults.

20. December 31, 1884 Morning Journal and Courier New Haven, CT
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The Defunct Newark Savings Bank. NEWARK, N. J., Dec. 30. Vice Chancellor Van Peet in an opinion delivered in Trenton in the case of the defunct Newark Savings bank adjudged Daniel Dodd, the president of the institution, guilty of contempt of court in his management of the affairs of the bauk. The bank's failure was caused by the suspension of Fiske & Hatch of New York, with whom they had a large amount deposited. The bank's officials assert that the money was in Fiske & H h's hands simply for safe keeping, while the firm allege that it was held for collateral. Judge Depew in presenting the case to the grand jury recently for investigation gave them a very strong charge, instructing them should they find that the officers were guilty of negligence or mismanagement to indict them accordingly. They report next week.

21. March 22, 1885 New-York Tribune New York, NY
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and settled in Pittsburg. About a year ago nis wife died and he decided to return to Holland, but when he reached Jersey City he found himself without money. NEWARK. The Southside Gun Club held a novel shooting match yesterday at its grounds. Threee hundred crows were sprung from a ground trap at twentyfive yard's rise. A strong wind helped the birds to get and good scores were not made. The managers of the Newark Savings Bank yesterdav filed their answers in demurrer to the bill in chancery of the receiver of the bank claiming civil damages for the losses sustained by the depositors through the alleged neglect of duty on the part of the managers. The managers disclaim civil liability by reason of their participation in the management of the bank. SUNDRY NEW-JERSEY TOWNS. HoBokeN.-Sister Francesca, of the Sisters of Charity at St. Mary's Hospital, died yesterday from consumption. NEW-BRUNSWICK.-The tug Winnie while atterapting to break through the ice and open the Delaware and Raritan Canal, yesterday, was sunk. A number of policemen while off duty in the morning got drunk and engaged in a tight in which several of them were severely beaten. BELNILLE.-Frederik Alien, who served nine years at Trenton for a burglary in Elizabeth, and who has been out of prison only one month, was arrested yesterday on a charge of robbing the house of John Bird of $200 about two weeks ago. ELIZAB TH.-The public school building on Morris-ave. was burned on Friday night and two adjoining houses were damaged. Yesterday a barn caught fire from the cinders and was also destroyed. LONG ISLAND. SETAUKET.-William Wilmet while driving a ferocious hog on Friday was bitten and narrowly escaped with his life. It is feared that he may die from lockjaw. RIVERHEAD.-Miss G. Anna Terry, while skating at the rink yesterday, fell and broke her leg and wrist. WESTCHESTER COUNTY. The all-absorbing topici in the County is the Town elections, which will take place on Tuesday of next week. At these elections a new Board of Supervisors will be elected. besides all the minor town officials. YONKERS.-Shortly after noon yesteΔ±day the grocery store of Gardiner Brothers, in Ravine-ave., was discovered to be on fire. The volunteer fire department out out the flames after they had caused $800 damages. PORT CHESTER.-The fine maasion at Hawthorne recently erected for C. H. Mallory, one of the ownersof the Galveston line of steamships, had a narrow escape from destruction on Friday. Carpenters at work made a fire on the hearth and it iguited some of the timbers beneath. New-Rochelle.-A few evenings ago a young man visited his sweetheart at a late hour. After being admitted, and while trying to brush some snow from the heels of his boots, he made so much noise that the old gentleman awoke from his stumber with the susp'cion that burglars had entered his dweiling; he therefore hurried down stairs, revolver in hand, with a full determination to shoot the robbers at sight. The visitor barely escaped from the front door bofore a couple of shots were fired at him, and papa is happy in the thought that he gave the burglar a bad scare. SHRUB OAK PLAINS.-Henry W. Hart, who has been on trial for several days before the Rev. Mr. Wheatley and a church jury, was acquitted yesterday. He had been charged by his pastor with fourteen different offences. VARIOUS CONNECTICUT TOWNS. BRIDGEPORT.-The great-great-grandfather of Moses Wheeler, who died in his chair in White Hills District last week, was expelled irom two of the New-England Colonies because he kissed his wife on Sunday on his return from England Silas Barnum, who lost his life at the fire offa boarding-house in East Bridgeport on Friday morning, had boarded at that house more than thirty years. The cause of the fire is now attributed While LO the explosion of a kerosene-oil barrel. workmen were roofing an old buildi g in Wall-st. yesterday they brought to light a bill for 400 nounds of corned beef. dated 1805, and made out

22. January 17, 1886 New-York Tribune New York, NY
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LOOKING FOR AN IMPORTANT DECISION. The Court of Errors and Appeals of NewJersey has not rendered a decision since last June and many cases are pending. One of these is the appeal of Daniel Dodd, the president of the suspended Newark Savings Institution. from the decision of Vice-Chancellor Van Fleet holding Dodd guilty of contempt of court in disobeying the orders of the Chancellor In the investment of the bank's funds. It is stated that the decision of the Court of Errors and Appeals will reverse that of the Vice-Chancellor. This would be followed by the discharge of Mr. Dodd. The alleged ground of the decisien of the Appellate Court is that the Chancery Court had no jurisdiction and that its order was null and void.

23. June 5, 1887 The Sun New York, NY
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# Newark Bank Managers Offering to Settle. The Board of Managers of the defunct Newark Savings Institution, which was wrecked by the action of President Daniel Dodd in placing Government bonds in the hands of Fisk, Hatch & Co., without the knowledge of the directors, have been sued individually and collectively for the amount of the deficiency, which is estimated at $300,000 or $400,000. They have been beaten on every hand and have now made an offer to settle for $100,000. Receiver Wilkinson has taken the proposition under consideration and will probably submit it to the Chancellor, as the bank was under the control of the Chancellor when the second failure occurred. The general feeling among those interested is that the offer should be accepted, as the remaining assets (Chesapeake and Ohio bonds) will probably yield a further dividend of from five to seven per cent., and 88 per cent. of the liabilities have already been paid. If the offer is accepted the receiver will keep the assets and have the $100,000 in addition. The managers offered $50,000 last week and it was refused.