The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-03
NEW BRUYSWlCK'S ROTTEN BANK.


CHANCELLOR RUSYoN INTERPRETERS IN BEHALT
or THE OBSERVATION-DISCLOSURES VOORHEES,
TO SHOW CAUSE TO-DAY WHY THE BANK
| SHALL NOT BE PLACED IN THE HANDS OF A
RECEIVER.
The sudden collapse or the State Bank New Bruins
wick N j., on Saturday afternoon. was u complete
surprise to the majority OF tho depostors and created
q decided sensation that city During Thursday and
Friday "knowing ones" silently gavo tow friends
hints 10 withdraw their deposits II they wished 10 DO
on the safe sidc and probably dozen or more acted
on this warning and got their money. On Saturday
the dismal truth that the bank had gone under was
made known.
AN INJUNCTION GRANTED.
Among the nrs TO take time by the forelock In this
instance was Mr. Moore who, as he discovered
the true situation, acquainted Mr. James Bissct the
Director OF the Board OF Chosen Freeholdcrs. This
gentleman made haste appear before Mr. Adrain, tho
Board Solicitor. who drew up a complaint, and late
Saturday night presented TO Chancellor Runyon,
who issued an injunction restraining the bank officials
from paying out moneys, receiving funds &c. This
document together with order directing President
voorhees, TO show at Trenton, to-day, why
receiver OF tho bank should not be appointed, was
upon that Official BY the Sheriff OF Middlcsex
county at nne O'Clock yesterday morning, just as no
was the point OF starting for the bank.
When no reached tho counting room no
not aud utteranco. Throughout tho morning
important conference was held in the Presidents
room, and participated IN by an of1cor OF u New
York bank the directors OF the bank and one or more
stockholders.
WHAT PRESIDENT VOORHEES, RAYS
Al noon President Voorhees, and appeared
to be suffering severely from mental depression.
is IL true queried the reporter, shat you drew
$4,000 from the bank on Wednesday. and IS u trnc
that another officer OF the bank withdrew $780, 600?
This is the report on the street,
Mr.. voorhees, was staggered FOR q moment, but
quickly recovering himself repied:-"lt Is true
regards me-not word OF It. On tho contrary, de.
on deposit 10 tho bank at the present time haven't
Jamess" referring 10 clerk who had left his desk to
con,,nnnc no sa,a ii don't know about The other
report but don't think It Is true Tho bank owes It's
misortunes partly 70 tho late panic "
Liabilities and assets by saying that the bank
had also became slightly involved owing to "hold
words, having an interest IN this large building
which has not proved such safe Investment as us
that when the bank had been crippled by Woodwork
tour years ago he promptly Put 500 600 In tho treas
ury TO help along, ana asserted that WOODWORKING
robbery in measure the OF the present
troubles.
slightest Information 10 tho direct cause OF tho
banks suspension. II is generally conceded however,
that tho duness Of the times, the depreciation in the
value Of real estate and bad investments wcrc tho
sources OF the banks difficulty. 1t Incorporated
in 1872 and Is among the oldest institutions Ia tho
State. Since the deiacaon Of its cx-cashier App.c-
ton four years ago it has been steadily going down,
but still retained tho confidence OF many OF the trades
mon and mechanics or New Brunswick and the
county, who were It's largest dcpositors.
IT'S UNFORTUNATE DEPosIToRs.
Those who suffer from the suspension in New Bruins
wick loud their denuncatIons Of tho conduct vi
the bank officers from President down. II stated
good authority That tho banks condition known
TO 'srlur OF five six, and that all Of them saved
themselves ana were tho means OF saving their friends
BY timely notification when tho bank would close It's
DOORS II Is said that Mr. Christian Meyers, heavy
stockholder was one OF this number, and that ho
$50, 900 from the bank on Wednesday last IN
tcipation OF the coming crash 1t also said that
Mr. Charles Fisher Of one OF the directors, took
advantage Of previous warning and Withdrew his do.
posts either Friday Saturday, and IL Is limited
that. despite President Voorhees, denial, it will DO
found that he withdrew $685. 900 the day previous
the denoucmont. From information obtained from one
o the heaviest dep0sitors IL appears that the bank
ceivcd deposits up to within halt un honr OF It's
pension. Should tho concern be put into the hands
oil o receiver of which event there DC
doubt, tho depositors may realize 20 cents the
doar-pcrnaps larger sum. The affairs OF the bank
VIII undoubtedly be wound up, and III all Likelihood
business will DC resumed with new mon at the helm.