The New York herald., 1877-12-16
BANK MlOFOR7UNES.
Some Of the National Trust Company's Collat-
erals absolutely Worthless"
BROADwELL IN THE TOMBS.
The Orientals and the Newark Savings Banks
Miseries Run on Bank in Elizabeth.

No less than four hundred depositors called yes
tsrday the Oriental Savings Bank ascertain what
chance there for them get tnesr money. Tho
officers having announced that nobody would lose
anything. there great oamor the part OF some
people 10 got their dsposis q slight discount
An injunction had, however. been served upon the
officers BY the Attorney General preventing them
from transactlng any business until the appointment
OF receiver Nevertheless nearly all the officers OF
the institution hand to pacfy the enraged DO
postors and 70 others sha all would De well IN
the end Tho bank building was kept open
throughout the day and evening also, and
with the exception Of fsw turbulent spirits, there
were angry atercaions between tho depostors and
officers OF the bank. Among the dspositors were
number OF children who went bank book ~ hand
to draw their savings, but all TO purpose. II ap-
pears that this bank located as II Is among the indus
trous German and Irish workiugmsu, made spe-
cIaliy oil saving the ponnies OF the little ones, i've
cent deposits BENG wilingy accepted Ofcourse, no
interest," ever pald on any sans smaller than So
There 1000 small accounts, The average 0aiance
OF each depositor being about $25. When The HERALD
called at the bank last evening all mat
ters pertaining 10 the institution were frankly ex-
planed Dy Mr. Il. r. Kennedy, the secretary, IN the
presence o Mr. Manning Neral, the bank president
Mr Kennedy said Our troubles really date from
the time W nen u became known through Inc nowspa-
psrs ina. NJ .neD S ~as bo. ,hs was
nns" bank, Dut the act IS that pe neaiiy was out
Of 1t beors We took possession oi TINS banking mouse
We opened for siness here March ~, 1871, aud
whom wo saw the bad effect on the popular mnd oi
Tweeds name We quietly dropped the young mau
10 the seat ol nn who did not put
~ au Appearance at certain number u meetings
Business aong smoothly aferwArd but tho tall
ure Of the Bowilns Green and Guardian baugs hurt
Thon the panic OF 1919 camo upon US We are mere ~
the MUS, great & pa =
anu the iron Daslucss AS you are aware, mas suffered
greatly since that crisis, and hence there was con.
siderable decline deposits though az times We had
as much as $3.50 900 on deposit Nevertheless ever
siace panic we mad 30 pay ~ extra sums Of
money, while the business MAS steadily aliing on.
On October tho bank examiner called here and IL
took him several days 10 examine into our ahairs
He assessed our iuruture At very low amount aud
real estate stlll lower. Though our board had not
declared a dividend he put IN his statement "dvi-
dend due deposors" 10 he was under the Impression
tha, tue bauk vas TO 90 be result was that his
statement showed = deficit Of $3,4O0 Anticipating
that he would require US 70 make up tnat amount
wrote 10 the Bank superintendent expressed the
nope tuat we would informed what he would do
before he took any public action In reply TO this
MI m STATE or sxw YORK, BANK DEPARTMENT
,8as Il n 6TF1f sAHt s1 b. Dot. II. 1877.
SIR in reply TO your letter the llh entirely
6dsnt that the trustees little Dank are acting with
sSSa sn % and
respecting .-z ss'ss Asss
IL s. 1F CLOSE Or At ONCE Atp9
Five days aitsr, on Octobsr IL, he wrote M requtr
70 make ny Inc ueAC cuCy Nv ouc9 "a Aucetiu6
OF trustees was held, the amount paid IN ana AN af
davit 10 that effect sent 10 tbs state Department
the fact then confronted that u the bank
on We would have 10 make constant contribulIons TO
lis unds and nobody could assure Us that the tide
OF business would soon We made up our minds 10
get OuI OF Hence letter sgued ny our presiuent
printed IN yesterdays HERALD sese.a5 .,-
tue report OF The bank up to Jolly last, published
Yesterday. being about Six months old, tue wrttor
asked the secretary IL ne could furnish tue public
with q statemr Of affairs up TO date. He willingly
Piled with the request CLERKS were at once set 10
work 10 make Il up aud u furnisned as follows
Win the nal ura tnat IL was rather nurredIy
made up Nevertheless, as II VIII Interest Al least
seven Sd depositors IL Is hereby gwen subject
10 sliant modihcatlons that may be made IN u upon
more careful accounting Atst. .ps4 tlt ,.o 31sf