The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-11-20
BANKER AND CONGRESSMAN.

MR.. vooRHIs' MANAGEMENT OF A NEW JERSEY
FINANCIAL NEUTRALITY-SUSPICIOUS. THE
LOSSES
An adjourned meeting of the stockholders OF the
Hackensack Bank. of which Congressman Charles H.
Voorhis was president. was held in the bank build
ing yesterday. At tho last meeting Mr.. S. L. De
Groote and Mr. John Swinburne cas- hier of the First
Nationai Bank OF Paterson. were appointed as com
mittee to examine into the affairs of the bank. and
was principally to hear their report that yesterdays
meeting called Mr.. voorhis liabilities are now
set down at about S250.000 with but few availlb.e
assets The committee reported that out of Sl3l co.
loans and discounts made under vcorhis presidency
SSl 900 totally worthless, $50, 900 doubtful and
the balance available. ON the list of liabilities and
pad debts to be found the following .-rharlea
H. Voorhis, executor of Talman estate Si1 900. the
estate never being considered worth more than
50 COOS $4,000 in promissory notes signed by Mr.
yoorhs wife. total loss; Mr.. yoorhis own notes for
OF the defunct Union Bank. also total loss; notes
of the Hackensack Water Company. which il
to nearly I $4,000, and Judgment against AGAINST
/. $. Christie. amounting to $500. utterly
worthless These s ana ooo o'ns h,e Sr dents
covered over drafts, made upon the bank by Voor
his friends amounting to $4,000. which are hope
; S. 900; Mackensack Water Company overdrafts,
81 800 and G. H. voorhis executor. $500. It is also
reported that the Third National Bank of New York
holds note of $4,000 drawn by tho Hackensack
Water Company Endorsed by c.. H. voorhis Presi-
dent and for which the Hackensack Bank Is liable.
The committee presented three schedules to the
stockholders for their consideration. Inc nrst
exhibited the impairment which would have
to be made good if the old capital OF
100000 retained-viz,. seventy three per cent
or $4,000, Schedule No. 2 represented the
amount to be paid in by stockholders in the event OF
reduction OF capital to S50.000-viz forty-three
per cent. Schedule No. showed the amount TO bp
expected by the stockholders. should the bank 20
into liquidaton-viz twenty-five per cent. " the
B34 shares Of the bank stock owned originally by
Mr.. voorhis all Of 1t has been hypothecated with
which refuse to become owners, as by doing 80
they. under the National Banking law, would be re-
sponslble for the liabilities of the bank.
1t was also discovered by the committee
that, notwithstanding one Of the laws OF
the Hackensack Bank explicitly states that
the president should give bond In the sum Of
also reduces the securities from which the stock
holders might possibly realize something. Several
bank presidents, among Others Mr.. Jordsn, Of New
York. and Mr.. Young. OF Jersey City. upon exanip-
ing the schedules refused to have hing further
to do with the matter and expressed their entire
willingness to let the bank go into liquidation. A
communication read at the meeting from the
affairs Of the bank we're not speedily wound up he
would place 1t In tho hands of receiver.
The Hackensack Savings Bank, which Is simply On
offshoot Of the bank proper will, 1t 1t Ii thought
probable. also go into liquidation. The meeting
adjourned until Saturday morning. when IL IL ex-
pected that some conclusive action will be taken by
the stockholders. Mr.. voorhis still remains in
dsnce and refuses TO converse upon the subject OF
his bankruptcy. attI3