New-York tribune., 1881-12-04
REvIvING A SUSPENDED BANK.

lon is nearly TzO'OOO.
REVIvING A SUSPENDED BANK.
The directors OF the suspended Mechanics ~
tiona Bank of Newark on Friday morning i nv
secret meeting and decided 10 submit PT9pVV,itat
10 the creditors with "A view TO the reestaOlsu"chv
of the bank Yesterday the announcement VIZ
male that such agreement had been Teacle,l "i f
that a fund would be raised for the adiustIne "I
ere itoTS. John W. TAYLOR, counsel Ior t., t.o "
rcCtOTs, was authorized 90 take the ncc' SSIii
to bring about the revival of the bank anu Iuo I,
u,mrn, oi its debts Yesterday th9 u,GcrT u,cr'T' III in
rotccut III regard the matter and reIcrI'u "'I H. m
quircrs to their counsel i was learned ilIat d
A. iIalScV. q director. had gone 70 NaHH' 'IE'" -,
It was presumed that his mission was 20 ". Lro
troiler Knox, alth1ugh director statou ul'' '
was no need for such visit just nov. ,,.,s rho
h" prupus ton of the directors conIeU' s.,0o
paytnent IN full OF all the small depHsl t
aud less amoUnts-and payment oi - ~, tbat
all other drpoSItors The calculation mas oc'n ~ ~
between 30 ana 90 per cent Wou' "g : nd tho
the dppo3tors by the RECEIVERS proceclill!s, ~ Lat
proposition in leu OF tins. ne cIlulL"ii, - ali
fhc depoStor4 nd other creditors dl#oh' ll,iu i 49,
legal proceedings, thar all must agree 70 ' PI H.
ton. and that il shall receive the aPproNh =" ~;
con 10 ler The Stockholders will he ItIeNeu sun
nlv al the assessment upon their stock, but VIII oS
It's value. paper drawn up by TIE coulla-I cou VI
the directors enb0lyIng the terms OF ne ploPoStt
ton. and this has been agreed to by an tHo
ors. 1--WE Of whom have Already signed H. Py ' 'hlo
agreement. also the dIec ors pledge th'llNci
subscribe certain stipulated amountS lsilIu ~ ~
$75O,0OO ini aIn to meet the II req1',T,. Tnn'
PAYMENTS. OF this sum, stephen H.. 'oh-
diet and Joseph A. Halsev have put theII hall,H H
down or $3.50 900 each The next u GhrS! il''t, anu -,
signed Tor j. T7O 600. CIvc"la lars VIII he lSsu'1 ~
stockholders and dcpoSit0rs, HylnG them SIN ua'
time to make trir responses. II the pIoP0,l,'oH
accrn ell, II will be then submitted 10 lu' d.
trOllrr. The idea entertained III TTNiNIl @ va,
bank is to cxtnguish the present stock ana olleIl
subscriptions for stock As the matter SUM-, .o
at present the dcpOStOrs are assured OF gcIIhV ~
per cent il the Nugent property can he sccuI'l ~
the receiver; aud they are not cSInpp'u nun Wv"
suits to recover the remainder OF their deposits
DIVIDED ON THE QUESTION OF PANMENl'
The township of Kcarny, n j., is horcles5X
divided over the question Of paving about #l1uOuo
in bo IDS which issued by the township ~ l0"o
to ad in the construction OF the Mnn'caIr hal'" way
The village of Arugt n was lald our aJ W 'l'',
nv a couplny of sprrulators, and 1t w@S through
their influence that the township, in which the VI
lac lies, WAS persuaded to issue the bonds. Inc
TOTAL is,ur was 500 900 aud the bonds were paw
allie i'm yearly staimcris OF - 600, the last mstai-
ment TO fail due ~ 1880. Ine piICipHI auu
interest nov amount t. S14OO0O, nut aS ul'
holders we're Obliged To sue Tor ih'lI pilHi,yda1,
the expenses Of litigation amount TO about TIuVu"
more The sui: developed th" iact tiAi IN" h1hI7
were issued without due authority, bul IL was H'Iu
tit AS they had passed into The hands ol ltn"cent
persons they must be paid. The Te'llen ol ne
lower part of the township aud their r'pr sentative
an The cpuncl oppose the payment Tor the reason
that the railroad has been oi no bcucht !" lnc"'
On Ia 0t her hand. the residents of tue upper part
are wI ing, but not able 10 pay, and they favor
cunprOmisc; but their opponents VIII consent !"
nothing short of repudIatiOa. he hol1eIs OF lhe
uouds tine Bond Street Savings Bank aud NctuI-
IouLn Watts II n CO.. of New-I0rk, threaten 10
apply 20 he courts for a mIndamis To cuhpr ~
council to levy a SPECIAL tax On the township J."
nav the Judgments. They offered Ia accept new
bonds AT q per cent interest, bat the council re-
iected the oncT.
Men the resignation of Lewis {. Grover as pre-
| ideyt of the Mutual Benefit Life lnsura. ce Com
| pany Oi Newark, announced, some ume after
! ia failure OF the Mechanics Bank, OF when be was
! a director "a good deal of surprise was occasIoncd.
IL was ted AT the tIme that Mr. Grover Ir.ignd-
| uon was entirely voluntary, and had been caused
| hy Nh health. IL Is now stated upon good authority
that Mr. Growers resignation was not entirely VOL
| nutarv The day following the suspension 0i the
| Mechanics HInk reporter o! IHE iiIBUHE h"I an
| interview with MT. Grover, VINO expressed very
freely his opinion Of BALDWIN. The latter read MT.
| Growers TX NpicSslOns in HE tribune, and, bccom-
up ictised, IL i stated sent threatening quest
TO MIR Grover 10 resign the presidency OF the hu-
tunI Beuelt The request II is aycrrcd was backed
| up by Blldwln's knowledge OF loans to the Me-
cGaucJ Bank OF which dr. Grover knew.