Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1849-11-19
SWindIfHg ShODs.

we CouuehSe from the new otk E2eE-
AIDS Money article, the following:
For the pas, fifteen years, we have
warned the public against every one oi
these swindling shops, months and months
before they exploded. The most promi.
nent case of late years, is the Piainfeld
Bank, Of New Jersey. The Lehigh Bank.
of Pennsylvania, is another instance. g.
The Canal Bank, Of Albany, succeeded, by I
false swearing, its previous hgh credit,
&C., in keeping its actual condi,nn a
secret, until collapse took place; and the
public was not, therefore, on its guard, and
was most extensively swindled.
The most recent case Of this system Of
swindling is Tint Of the Susquehanna Coun.
ty Bank, Of Montrose, Penn. This even
goes ahead Of the PlainGeid, or the Canal
Bank OF Albany. 1t will prove swindle
Of the deepest dye, and the holders of its
bills, 10 the amount Of about Two hundred
thousand dollars, will not ever realize the
first red cent on them.
The Susquehanna County Bank is prob
| ably one of the most extensive swindles
known since 1886 and 1887. Its cireula-
lion is large, and its assets nothing. Its
bills are literally no. worth the paper they
are printed on. The State Bank of'Mor-
ris County, N. j., is another Of the same
kidney. Its circulation is, not So large,
but it is in the same condition as the Sus-
quehanna, as regards assets. The fact
that the two concerns have been partially
managed by the same individuals, who
have played into each others hand, is alone
sufficient 10 satisfy every one TINT these
fnnnciers have reaped 4 rich harvest.
New Jersey appears to be q favorte
place for the location Of swindIing banks
and insurance companies. From the old
Morris Canal Bank down TO the State Bank
of Morris; there has no, been time, with
inthe past twenty years, when there was
not in existence, in that S,nts, some onar.
nous incorporated swindling concern, that
was shaving the community in some shape.
Sometime since we gave an EXPOSE Of
the Camden Insurance Company. showing
the ro,tenness Of that concern; and now we
have another of similar character. The
Protection Insurance Company, of Somer
vile, N. j., figures very largely in the
operations Of the Susquehanna County
Bank and the State Bank OF Morris. The
parties owning and managing the Morris
County Bank were managers, and prob
able owners, Of the Protection Insurance
Company.
1t is impossible TO trace out oil the rami.
ications Of these swindling institutions;
but as their managers have generally n
dozen irons in the FIRE nj the same time, it
would be we'll 10 keep sharp lookout, and
touch nothing in the shape OF bank bill,
but such as are properly and thoroughly
secured. The head-devil in the manage.
ment of tho Susquehanna County Bank
does not confine bis great financial genius
TO one institution-ho has his finger in
other pies. The Eagle Bank Of Cincin-
natl is badly tainted. The Salisbury Bank
of Mary land is in poor credit, and strug-
Cling along with tho greatest difficulty.
The managers Of the State Bank of Morris
are also managers of curious concern
called the ''New England Live Stock In
surance Company" located ut New Haven,
with nominal capital of $4,000 with
privilege 10 increase to 100000.
This company have branch Office nj
No. 70 Wall street, the headquarters of
the agent of the State Bank Of Morris, and
Of the Protection Insurance Company Of
Somerville, N. J. The connection be-
tween these concerns can by this be easily
traced, and the character Of the whole
clearly seen. There are any quantity of
such companies in existence, and it is only
occasionally that we can get hold of the
key TO unlock the mysteries of batch of
them.