The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-15

NEWARK SAVINGS DANK-AN ORDER FROM THE
cHANcELLoR-No FURTHER RUN ON THE
HOWARD INSTITUTION.
The run on the Howard Savings Institution OF New
ark and the Newark Savings Institution continued
yesterday, but the excitement diminished very con
s,deraby. that by the afternoon It had almost en-
trely died out The Chancellor issued tho following
yesterday
Newark Savings insasu.isn-on petition. xs.s being
ayers Of tbs Newark saving. Institution that in
Phi. o. on the tho eth DAY s Of 6ssmSer
RI R to
payments large extent the same demanded and
@ In Of se ." :0
institution from day TO day require also
bones and morssssss when offered assign
i nony nc
s pr
being unwilling TO accept deposits from person; who wsrs
the In anticipation Of the expected Intervention Of
@ sv e or Them with the
funds Of the hu, held ana marked each idens
is thereupon, this 14th day Of December 1877
First That the Newark Savings Institution may from
time dispose Of its government securities at market
prices borrow money on the same current to an
as aad ~ Dividend q per
be paid BY the SAID order Of December ~, Inst
any Of its bonds and mortgages and such
may cancel the same or make assignments thereof
a-Tnat III deposits made on the nth and 18th day.
order or e the 10Th Of
the s xs Of the % %
fow-That in order facilitate the business of said
qairng prompt attention Amzi Dodd Of the special
saa INSTITUTION which shall presented him
ceor and order decree shall DO there
be made depostos the disposition Of the funds OF the
msa Or nA'isii suN n
MORE SUITS AGAINST THE TRUSTEES OF THE
THIRD AVENUE SAVINGS BANK ON ACCOUNT
OF THEIR JOINT BOND.
Judge Van Brunt having satisfactorily mado up his
mind on the question evinces determination to en-
force tho rigorous cxactons OF the law upon the rus
tees OF the Third Avenue Savings Bank who In De-
cember 1872 for the purpose OF bolserng up the al
ready tolt.ring concern, gave their united bond for
500 OO0 which, from that time until the bank was
compelled 10 suspend operations, was Incorporated
among the assets of the bank In the statements
made to the Bank Department at Albany. As
already stated in the HERALD, suits were brought by
Mr.. Samuel H. Hurd, receiver OF the bank, against
that again st Mr. Morgan, IN which Judge Van Brun'
directed verdict IN the full amount oil MS abiiiy on
the bond.
Several additional suits tried yesterday before
the same Judge, Mr. Frederick smyth, counsel fol
Nr. Hurd appearing as prosecutor IN each case Inc
points raised for the defence AS AZ the trial
OF organ, the main one being want oil consideration
All these objections wore overrued, AS AT the Morgan
The first suit tried Yesterday was that brought
against John H. Lyon, iormore president oil
the bank. The amount OF his bond WA
$4,000 His counsel Mr.. Robert A. Sewall Intcrpo.ed
counter clam OF 1000 tor services as president and
further claim OF 5000 for moneys deposited
by him the bank The nrsl counter claim was ruled
out on the ground that there resolution or au
thorily OF The Board OF Trustees fixing any salary
for such services. As to the second counter
Cain II shown that the money de.
posted was interest on iarrytown income
guaranty bond This claim was also ruled out
ana verdict directed against him for 81, 3S4 49, The
order tue suit brought against lillian A.
Barnes, former vice president OF the bank HIS coun-
nuously sought to have the case dismissed but
without avail The amount Tor which he became lia
bic $4,000, from win ch however, 81, 900 was de-
Quoted on account Of an allowance ordered by vote
Board OF Trustees nj the time OF the execution
OF the bond. The verdict against him was ~ Oh 90
4 second verdict OF 1888 ~ was also directed
against him Tarrytown income bond. Against
am u. Harrison, whose liaoiity on the bond
is $40 900, verdict Was directed tor Sl3 523 80 on
the bond, nni an additional verdict OF SIl7 ~ on
Yonkers bond. Against james Owen, whose liability
the bond was $4,000, but wno was included IN the
81 500 allowance verdict was directed Tor So 36l TO-
aud add tonal verdict OF 1888 40 on u Iarrytown
| income guaranty bond. In the case OF George Hen
| kan, Jr., whose bond was Tor The same amount
anu who likewise was gwen tho brncnt o.
i ordered, together with another verdict Of
/ $T7I 80 on 1arryto~n income guaranty bonds.
Among the parties against whom suits are still
pcnGIag, and winch cases will be brought to trial on
next Monday are William e. Darling, whose LIABILITY
ms bond is $l5, 600, spencer h Grecn whose Ina
bly also Slo, 600 ex-Judge kclly, whose liability
10 $40, 000 and ID. y. T. Marshal, whose liability /,
900 Thompson W. becker whose liability on
ine bond Is SIS 900, agreed to seeiL Altogether
II Is expected tnat about &loo,000 will be realized u
the ccp.stors IN these suits