New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-02
TIE NEWBR BNSWICK STATE BANK
SOLVENT
THE DEFrcrT MADE UP BY A SUBSCRIPTION OF
NEARLY S7OO,OOO.

THE DEFICIT MADE UP BY A SUBSCRIPTION OF
NEARLY S7OO,OOO.
The citizens of New-Brunswick were jubi-
lant evening the redemption OF the State bank
by the subscription Of nearly $4,000 by the President,
directors and friends of the institution with the guar
antee Of $4,000 more to-day. or enough TO absoye
the banks entire indebtedness and restore
the original capital few days since
the bank was almost given up as ruined. and proceed
Jugs which had been begun before Chancellor Runyon
for the appointment Of the receivers only deferred
TO await the result OF yesterdays meeting Of the stock
holders 1t found TO be impossible to save the bank
on the proposition OF John r. Ford and
Christopher Meyert0 give 100000 each, provided the
directors make up 100000 more, and after adding
this amount TO the banks total assets and
meeting all liabilities. assess tho stockholders
100 per cent - as tho stock was in many
cases inherited and in others the property of widows
and orphans who would lose everything If the bank
failed By to-day il nothing was done the receivers
would have possession and the Importance OF Immediate
action was recognized
About seyentyhye OF the stockholders. including the
President and directors met in the bank at 1890 yester
day morning, when statement, dated Sept 2b'
was presented as the result OF Mr. UnderhilPs
ube EXPERT examination of the banks accounts
Mr. Underhir explained the items in detail, and said
about 800 worth OF Government bonds IN specia do-
posit had been Incorporated by tho cashier whch
in acme instances had teen credited to depOslt0rs, IN
others not. The cashier had negotiated special
deposits with Henry Clews Of New-fOrK
for loans and his method had been TO
et hills discounted In NewYork. and the money thus
obtained credited TO his account cashier, ne giving
certified checks for the amounts Some OF the paper thus
discounted he added had been discounted by tho panK
and held for payment, sent to tho DanK TOT
collection and some manufactured by the cashier
The operations were concealed by false entries on the
books either by Appleton personally or by the book
kcepers at his request. Mr.. Underhll stated,
in conclusion, that he discovered sunccnt cyl
depces OF fraud TO warrant Appetons arrest inc day
he began the Investigation. Some OF the Other eni-
Moves OF the bank who had been implicated IN altering
figures had been useful in detecting false en- tros iho
matter OF Appletons escape was explained by Messrs
Mover & Auten 1t appears that Mr. A v Schenok the
hanks attorney had been requested to secure warrants
for both Appleton and woodworths arrest and n re-
ouisiton for the arrest Of Woodwork then In New
York was applied for, and the local police were
insfructed not to allow Appleton 10 leave
the city, II was feared that Woodwork would escape IL
Appeton was arrested first 1t also Thought 'hat IL
would be best for the banks future prospects 10 secure
some OF the stolen property before making any arrests
Mr. John T. Ford, In explanation OF MS Possona 10
President, position which he had Deeh presseu W
assnme by the Directors said that no went aDtOau 20
save the health Of his family, ana Cehleu seuint
dispatch to sustain the bank az all hazarus put
his son 10 do what was right toward Sa'"b '' "
The question or subscribing $4,000 toward paying inc
indebtedness Of the bank and restoring lno VI q.
capital Of 5000 was then proposed the nd
take the banks debts ana naDlutes' ,nu u
tier the stock was made good par value the oahGe
In be divided among the subscribers pro rata Az ha-
past Ave yesterday afternoon s69S6O was pieuseu DO