New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-16
LOCAL MISCELLANY.
rpy,Nc tn SAVE A RANK FPoM RUIN.

TRYING TO SAVE A BANK Fp0M RUIN.
TESTIMONY IN FAVOR or THE DIRECTORS OF iht
psoxrx vrcu.xics' AND LABoRERs' SAVINGS
BANK.
The trial of the Indicted officers and directors OF
The Mechanics and LaborerS Savings Benk on a
charge of conspiracy to defraud the dcpostors was
continued Yesterday at Jersey CITY Heights. IN the
Hudson Comfy General Sessions. Gilbert Collins
Resumed his openag speech on the part OF the &C.
fendants. and in his remarks C aimed thar the a.
PENDANTS did all in their power to save the
bank from suspension. and that they ac'eo
In the best interests of the depositors.
Receiver Williams was the first witness called Nv
the defence He testified that most OF the MORTGAGES
held bv the bank at the time he assumed control o'
lts a,irs were worth more than their face value. lie
produced the 900 mortgage given nv Hall'ard
when the hank effected a settlement and he agreed
20 nav the arnoun' 81 the deficiency IN the fmn1s'
SGT 600 Mr.. Williams also testified that the prop.
erty covered hy the bonds and mortgages he,'' ~
the hank isnow worth more than whch '"" "a""
;enrge r. Evan. clerk in the office Of Henry ;.
Little the Clerk Of the Court Of Chancrrv, pro
,iucei the documents filed with Mr. Little ny httor-
pey-(scneral Stockton NJ the time Recover w i'its
appointed, and they WEIR rneren ID os.ah War
rem q prominent real estate dealer ~ jersey Nv
testiRed that 20 examined the property VIC, o MT
ballard mortCaec'i ~ the bank for sS2ocVo' anu
yalnol il az S125oO0. EX-Jndge GarTck. inr-
mcrly counsel for the hank. testified that when
it fcni that Hsl'i nn vas a Gcfn"i ,ba
Executive Committee to Eject a settlement WIN
him The witness was requested To ascertain what
had bccome of the 100000 United states oon9
owed nv the hank. lie questioned Halliar'i, ana
the latter told him that il had been used 10 Obtain
n loan on the Seacaucns property owned Nv tne
hshop and as soon as the bishop sold the properly
the bond wonld be made good To tho bank. me
witness was consulted hy the Execn'ivs Committce
IN reference 10 the affairs of the b NIX ana ne az
q, EAaNa
rorse was the best for the interests nj tie ne
pnstors At the request of the committee MT Garrick
went to sec John Winner who Iormer,y oWnIn ,.T
West Side property then owned by tr. iiaiIard
md told him that the latter SAID that the mortgage
held by Mr.. Winner or the property had been re-
Gnc-d 10 $40, 0O0 Mr.. Winner would only say t,at
If Mr. iialiarh saws that. IL must be true" The
witness asked Bishop Corrigan 10 prrchas, me
property for 100000 and told HIM thai Dr tCai-
iophap Mr. Sheeran and Others had offered To adj
vance the money so he would not have to nay anV-
thing for ten years. The bishop refused IN do TINS:
and sl,d he had become involved to the extent OF
100000 in the purchase of the Seacancus property
which was bough for the church nv Mr.. lialhari,
but which proved to be unsuitable. Mr.. Garriek
testified on his cross-examinatlon IN reference 10
the settlement made with Mr.. Halliard, which has
been published.
William Hogcncamp. prcsiden; of the Second NJ
iional Bank placed on the stand to TESTIFY that
he advised the directors Of the savings bank to Keep
the bank aoal if it would be able to pay of its de,
post0rs but the counsel for the state objected ana
the Court refused To admit tho testimony
Henry Carroll testified that he was elected treas
nrer of the bank in 1877, and that he was present
when the settlement was made with Mr.. flalllard;
Dr. OCallaghan threatened to exuose Mr. lIalliart
TO Chancellor Runyon, and Mr. Halliard said he
would sec the Chancellor. and have all trouble,
STAYED oft for three years. The bank tried to sell
the West Side property to the Catholic Cemetery
Association, but Bishop COrigan refused TO buy
it, The witness pleaded with the bishop to pur-
chase the property TO keep scandal from the
Catholic Church, and 10 save MIR. ballard. who
had been q" the pope, cardinal. bishop and priests
of the diocese y; but the bishop refused. The wit
SfafaI hot 10 def
of Mr. Haard had done all they could to save the
bank from ruin.