The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-05

An Old Jersey Bank Troubled Over
e"oo'OoO-Most Accommodating CASH
ier-one Customer Allowed to Over
arsw Enormously-What the Bank Of
hc,rs Say.
In 1879 the State Bank OF New Brunswick. N. j.,
was established under charter OF the Legislature.
Ever since the conduct Of its officers has been such
that its paper throughout the State has
long been quoted as being ~ good a.
gold. There is not . bank In New Jersey
which holds higher rank for fair dealing and sta
biliry than "the old State" OF New Brunswick.
Hence 1t can easily be understood how great an
agitation was occasoned in financial circles across
the Hudson yesterday when the rumor spread
that the Old institution had been
LET IN FOR TWO HUNDRED THOUSAND DOLLARS.
and that too, by its honored and trusted cashier,
Mr. Greenleaf w. Appleton. The rumor reached
Newark early in the day. but while occasioning
great deal OF talk in fnancial circles, caused no
excitement. as 1t was well known that the
bank had surplus fund fully large enough
to meet even SO huge = discrepancy as
the one reported. All sorts OF stories noated
around as to the character Of the defalcaton. One
had it that Appleton had lately been keeping
stud OF horses and costly house on q salary OF
$4,000 or $4,000. Another was to the effect that the
directors let him the bank to suit himself and
he did, and his personal friends, too. In order to
get at the true state OF Affairs HERALD represent
tatve visited New Brunswick last evening about
SIX O'CLOCK, and struck out at once for
THE FOUNTAIN OF TRUTH,
the old bank itself, which is located at the cor
ner OF Albany and Peace streets. Just as the
HERALD man arrived some OF the directors who
had been holding consultation, were preparing
to go away. The former made himself known to
the acting cashier and expert, MIR. J. u Undernill,
to accept hearsay. Mr.. Underhill looked
very mysterious at first, but finally, with:
private conference with director Janeway as to
whether he should open up or keep num- Pre-
At first he seemed to be afraid to say more than
WORD or n I've put subsequently put aside his
that there had been going on
AN INVESTIGATION
OF the banks books even since last Saturday,
when Cashier Appleton was suspended, and it was
not possible to say exactly how matters stood.
The only charge against Appleton was that he
customer, Mr. Woodwork, President OF the New
Brunswick Carpet Company, to
ovERDRAw HIS ACCOUNT 5000, 900.
SO far there was no evidence to show that Apple
ton himself had wrongfuly appropriated dollar.
He and WoodwOrth lived near each other, and so
were very Intimate. Appleton kept one horse, and
that was the extent of the "stud'' rumor
gave him: The amount Overdrawn,
curties OF Woodwork, so that it was not possible
that the bank could lose dollar by the operation.
Besides its directors represented many millions OF
bank to-day arrangements had been made to pro-
vide for it. The capital stock Is $3.50 900 and the
as bookkeeper five years ago. and two years ago
last April was made cashier, and gave such thorough
satisfaction that soon he ran the bank entirely to
suit himself. without let hindrance OF the other
officers. 1t appears that while he lived well
and comfortably, that he was not extravagant nor
Ostentatous He declares that beyond the over
draw everything Will be found correct, and that
that also will be satisfactorily explained.
he he is thirty years OF age, or 50, and and
many warm friends in the town. The story that
the investigation was started while he was OF on q
vacation is pure fancy, as he has been away no
where yet this year. The officers OF the bank are
John r. Ford, President; Henry Richmond. Vice
President; Directors, Henry J. Jane way, Abraham
and Ira Z. Voorhees,, John v. Bergen, Gustavus
Anten, John Clark, Garrett ConOver, clifford Nor
ragh, Christopher Myer, James Bishop ana J. II.
Hutchings. President Ford and Messrs Myers and
Bishop are now in Europe.