New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-02
SUSPENSION or 4 JERSEY BANK.

THE HoBoKKN SAVINGS BANK YIELDS TO THE PRES
SURE UPON TITS OFFICERS CLAIM THAT THEY
WILL PAY DOLLAR FOR DOLLAR
The run on the HOboken Savings Bank, at
Newark and Hudson-sts, Hoboken, which was thought
ut FIRST to be trng affair." continued yesterday ana at
noon led closing of the bank and the suspension
of payment Throughout the day. until long after 1t
was known that the bank had ceased paying the street
was crowded by numbers of the smaller depositors anx
ous TO withdraw their deposits At noon the funds mad
run short, and the officers falling to secure money
from various became necessary TO close de
immediate OF the were the rumored resigna
ton of Carson erck Of the directors the fact that
1t was becoming generally understood that the amount
of Frank Klenninss defalcafion would reach $4,000 In
stead OF $4,000, as originally stated by the bank
authorities; the calling in Of the books OF de-
positors for examination and comparison, ana
the knowledge which had gradually oozed
out that an examination which was likely to lead to an
unsatisfactory result making into the affairs OF the
institution This examination has been going on 1t now
appears about three weeks and will DO likely 10 last
from three to four weeks longer. KeDnn's defalca-
ton It is acknowledged, will reach at least $4,000
or about the amount Of tine banks surplus.
There are between 1900 and 1900 pass-books
out, representing as nearly as can De determined
2OOoO while the assets Of the bank as stated last
evening by Hozen Kimball, tho newly elected vice
president will reach from s1lOOOOO to $l,3OooOO or
id, cannot readily converted The authorities claim
the ability TO settle with the depositors, dollar for dol
lar 1roviGed they are allowed the time required for
combating the examination Of the passbooks and con-
yertng the securities held by them. This as they claim
will not take more than month
Mr. Kmball and Mr.. Sierck both stated last evening,
that they believed the had been caused solely by
calling in the passbooks for comparison. The latter
acknowledges that he had resigned his place in the
Board of Directors not because at the time he doubted
the sovency OF the bank but because OF the pressure Of
his business which prevented him from attending prop
erly TO his duties connection with the institu-
tion. He knew, he said nothing Of its affairs
except what was told him by the officers, and
his own business becoming pressing that he
unable even 10 attend the meetings OF the Board OF
Directors. The rumored resignation OF one OF the
yealthest directors which widely circulated yes
erday morning assisted greatly to increase the number
OF anxious depostors and to cause the final suspension
The bank officers profess their utter inability tolnake
any but the most estimates, buttpromise to pub
Hsh detailed statement of the banks afairs at the
earliest possible moment. They believe that they will
be allowed to go on settle mp the business rapidly
as possible though probable that the case viii
be ime diatey brought before the Chancellor and
effort be made to have receiver appointed No definite
action will be taken, however, IN this direction untll
meeting Of the depostors be held, and none has
thus far been called.