The New York herald., 1873-10-02
A WHOLE CITY MADE GLAD.
The State Bank of New Bruns-
wick, N. j., Saved.
Pubhc-spirited Stockholders Important Meeting
Yesterday Nearly 100000 Subscribed
TO Restore the Institution-Great
Rejoicing Throughout the Town.

II is safe to say that the happiest city in New
Jersey yesterday, or, to be more correct, last
night, was New Brunswick, which, for month
past-but more especially since the beginning of
the financial trouble throughout the country-haS
been in q ieverish state over the old State Bank of
that place. Several weeks ago, as duly recorded
in the HERALD, the onlcers OF the bank were dis
covered to be in very disconsoate state, and the
statement was made that, through the mismanage-
ment of the officers, there was adefacation of over
5000 600, but as the bank had a handsome surplus
fund and the Board OF Directors aggregated over
$4,000 900 in their personal fortunes, fears
were entertained that any serious trouble would
ensue. The cashier, Greenleaf r. Appleton, was
suspended and the books given in charge of an ex-
pert named J. U. Underhi. from New York. Apple
ton, it was said, had been very intimate with
Mr.. r. N. Woodward, President OF the New
Brunswick Carpet Company, and hence the
latter was allowed to overdraw his account.
Several officers of the carpet company were
also officers OF the bank and these, 1t
was alleged, had been dovetaing matters between
the two institutions so as to iet-the carpet COM
pany have the best showing. Business went on at
the bank for several weeks, until finally IL had to
suspend. Meanwhile the most earnest individual
hands OF receiver. The State was a Creditor to
the amount OF nearly $4,000 and last Friday Gov
ernor Parker and Chancellor Runyon visited New
Brunswick to inquire into the matter. Up to yes
terday
THINGS LOOKED VERY BLUE
for the bank but before night had fairly set In the
blue cloud had lifted and the prospect was that
the morrow would see brighter and more cheerful
skies. Yesterday meeting OF directors and other
stockholders was held. IL opened proceedings
about eleven O'Clock. and IL was nearly six before
1t closed Mr. Joseph Fisher, Sr was chosen to
preside, aud Mr.. G. ID. Mccoy acted as secretary.
The first business In order was the reading oil
THE EXPERTS REPORT,
which showed that the available assets" OF the
bank were $3.50, ,947 the ''other debits,n including
'.overdrafts Irregular ts62l, ,Oo2 and leash short,
or represented by carpet company vouchers,r
81, ,403552; the audited liabilities $723, ,929;
..other credits" 403 $50, and 'tems not audted,o
s552,9s2. In his report the expert made some
explanations which reflected severely on the
directors for not looking properly into the aHars OF
the bank examining the assets OF the cashier, &c.
Others besides directors were to blame also. Alter
desultory discussion, in which Messrs. Adraln J.
X. Ford, Abram Voornees, $. q. Ballard, Provost,
Onderdonk. Anton and others participated, and in
which some pretty severe things were said respect
ing the manipulating OF the books and the luke
warmness OF directors and others to cause the
arrest oil Appleton. the meeting settled down to
the real. work, the raising OF fund 10 place
the old institution on its legs again.
A good many changed their offers as they
saw their neighbors bowels OF compassion
expand, and, at last, the correct list OF
SUBSCRIBERS TO THE FUND
wa fnpN tn ha a foil tnW