The New York herald., 1878-11-30
CHARGED WITH CONSPIRACY.

WHOLESALE ARRESTS OF BANK OFFICIALS TO RE
MADE IN JERSEY cITY--THE TROUBLES or
THE MECHANICS AND LABoRERs SAVINGS
BANK.
Complaint was yesterday made before Judge
Mechan. in Jersey city, by James J. Furcy against
the directors of the Mechanics and Iaborcrs Savings
Bank, on Grove street (which recently was Obliged
10 take advantage OF the ninety-day rulel
for alleged conspiracy to defraud the
depositors The bank was organized about
ten years ago. and the directors being well
known of sound character, prosperei, and
thought to rank with the safest in the State until
three weeks ago, when IL susren led payment Several
meetings of the dcpositors who all cf the poorer
class. were subsequently held with view uniting
with the new officers of tho institution and restoring
It to a sound basis. The first of these meetings
held the 18th inst, at which the Secretary, Mr.
james W. Doncan. by order of the directors. real
statcnien Mt OF the which led to the banks sus
pension. THESE the directors alleged resulted
the use by the President OF money without au
rcctors and also the return OF false re-
ports by the former secretary OF the Bank
Executive Committee. The directors had compelled
the President to step down from his position had
elected another i'll his place Each OF the directors
had subscribed large amounts to rebuild the institu
tion and to avoid the appointment OF receiver they
submitted a plan Of reorganization which. II signed
by the dcpositurs, would be submitted to
the Chancellor, with a prayer that the bank
he allowed to continue. The dcpusitors. agreeing
to the plan. promised to allow their money Ia remain
deposit without interest for three years AZ the end
OF which time they would be allowed TO draw sixty
per cent of 1t.
The last meeting OF the dcpositors held
Wednesday last. and then majority of them accepted
the proposition Of the directors Many poor people
felt themselves unable to go three years with
out their money and among them James j..
Furcy, residing 1T No. 1s9 Morgan street His pro-
tests against the adoption OF the proposition offered
by the directors not we'll received aud yesterday
he appeared before Judge Meehan and made com
Directors warrant was issued by Judge Mechan,
and II Is thought they will be arrested to-day.
rHE COMPLAINT
The complaint IN IA foliows:--
~sfe nj N,,r jerstY Hudson county james Eurey
maketh oath aud says that he resides No. lS Morgan
Jersey city ~ said county that tho 2th da,
October ~ isi~ tho dcponcnt deposited In the Mechanics
Laborcrs Bank OF Jersey city aforesaid tho sam.
being body corporate of New Jersey sum ~ ky.
about the uth of November. A. ~ ISIS this
dcponcut went to said hank during the regular busness
Of said bank. and demanded said money
his pass book 'fbf the same which money any
part thereof said bank then and there Ny it-
agent and secretary refused give this ndcpcncnt
Aud this depcncnt further that the aud
hearing of this dcppnent certain director of said hank
between said October ~, 1-s and the date bescof
formed this dcpuncns that for said
bank had been insoi,en and unable
wherefore this deponrnt charges that said sober IL
1915. said directors OF their knowledge
that said bak could not meet its neither cpu
II pay It's deposors or this depcnent aud were acting