New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-13

Chancellor that tho said institution VIII have &
te close Of this year. Tor interest on us
10 enable TO pay interest OF per cent on we o.
posts for tho said term and that ~ ' Tni,ca
States bonds sufficient to pay ON demand 10
per cent OF its deposits IL Is M hg 'CSb,pcellor
ma the said institution be authorized TO credit 'ho pay
on and after the "a day OF January next IN il'V'
SIX months such deposits as shall be then cntc "
OF n copy OF this order the Newark eaNln.s
Institution DO refrain from paving 10 any 1ep1'uur
cent ~ The amount OF the deposit standing O. the crelt
Of ch depolor az the close OF the IN day OF Decen
her 81 until the further order Of this court. That the
d 1nstitutop hereafter and until hc further odcr oi
The court refrain from making any disposition oI Lt'
assets EXCERPT the payment to depositar' above mon
tocd ar9 rs ordinary ard expenses, without the
approval and order OF the court. ,.-
That mn drpost, IN said institution made on or aiter
III 18TH day OF December lS14, and unul the iftet
order OF the Court shall be treated as sieclt
ard invested only III the bonds OF this state, tho city Of
Newark or the United states and that separate accounts
thereof be kept and the actual interest reetNtu
deductne necessary expenses and taxes he paid - y
shall not be subject 10 any Of the res'cuou' neio' ~
posed.
WHAT THE OFFICERS SAY.
One Of nc managers Of the institution stated last
evening that IN Nav last Ira NJ Harrison was elected
viccprc sdent 90 lock after the Investments when hau
been badly handled which time the earnings o. the
bank had been S267 OOO enough to enable Inc dedue
ton OF a Dividend Of 2l9 per cent on January l.
Mr. Harrison IN 10 wise Te,I'h7i"c io' '"' P''.
ant condition o. the bank and only consented to
tac ITS vice-prcsdency at the earnest solicitation OF
re- loading financial OF the city. HIS brci aNlnS
trofiou had been admirable. W nile nolnin1lY wee
rresdtt DE WIS in fact president Of the institution IN
1S-3 mo dcuosits amounted to Nl30oOGpo, ana Inc
sur,luS tu 800 coo. The deposit, now lu0unted 70
abouf 100000. aud among the assets were Tl'"oV
600 in yrtnueut securities. Until 1919 the hduh was
,,erl.cfIv sound. sc that time Government securities
Amounting % S3OOu.OO were sold, and S&UolVVo
invested i Clr,lreiike and ONO bonds, AMI iOVoOo
invest I'm Western railroad bonds The former h3d h
uncertain value, while OF the latter would itazc
very nearly 100 cents 90 the dollar Fae b'arG OF
Manager, eosHZaui OF o transaction ana gave its
assent thereto the representations mate 10 lh'l
bv the president. Daniel Dudd. subsequently C"lonr
Wright and Oscar BALDWIN withdrew from the manage
WCnt .,.,. ,,....
not the slightest suspicion of dishonesty resting hOn
lie officers or managers Of the bank. The present
state OF affairs was the result Of the bad ludsncnt
di>rlayed in making the investments IN 1913
Hp SAID there was OF attempting To
dsu the facts OF and repeated the assertion
that the bad management OF 1873 nad caused Inc pres
ent difficulty. Tie believed that large portion or the
81 600 coo invested Western railroad bonds Wouia
realize hundred cents on the dollar, nat 10 was not
prepared say what the Chesapeake and ONO h0uos
were worth H Harrison asked: al the assets very
nearly cover the posts % lie hesltgted moment and
replied d" um not prepared 20 state that nut am
hopeful Thar tAr lo-s te tie dcpVsOfs VIII FOL DE- very
great " With economical and courageous management
be believed tho present difficulty mi-bt hc brGred over
without serious loss 10 that end tie ad OF the Court
81 CbauCery had O1cu invoked