New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-01-11
TWo BANK FAILURES.
,,,onv or , DISHONEST PRESIDENT

v,o,v or A DISHONEST PRESIDENT |
S.,r cry BANK AND THE FIFTH WARD SNNiN''
,.,r or Jersey CITY CLOSE LHEiR DocH>'
IT, announcement yesterday morning 'hae 'no
r:,v Rank of Jersey City had eioSea It's uoo,s
ted great excitement. which was meio"s.u - Iissh
..narently Northumberland rumor tha' 'ho ~,
W. say,ues Bank in the same CITY, was seriously
"a nerhops fatally embarrassed by the tahure Oh
tba civ Rank The two banks were cioseiy lue"-
t,aea. although independent Of each oiheI'U' . ~
beinp president of the City Bank ana ueaSu'sl -
the Savings Bank. When during the al'ei"'O
lbecame evident that Boce and some OF '"0
officers of the City Bank were defauiers ,no 60
nent became intense and rumors flew 'hi'A "''S
that all the available assets oil po'u in
carrios OF Il was difficult to obtain anthenuc in-
fonnalion. rs the people who knew sucn i"'''
had been ascertained were very re.icon'' ,o
DIR hopks ara in the same building al faVon'a-
nd Frie-st TRIBUNE reporter calieu 'uoio
YESTERDAY morning and found the doors vi 'no o'9
- Iocled and barred The tenantless counting
roow could be seen through the glass In the upper
mart Of the doors but the only sign Oh iio was
c,ock hanging against the wall. lnere was NJ
notice Oh the doors nor anything 10 i"ui0"' - -,
hnsness had been suspended. On the door Oh .ho
o push p.nl onposite was posted the following
notice. c,. po,b this
hank viii be closed until meeting OF the board oi MAR
nh t.n ~ 1894 H. NJ TRAPHAGEs, PRESIDENT
President Traphagen, Assistant Casnier DaiDoi,
and II. NJ T. Beekman, counsel ior the oanh' a"u
ex-Mayor Traphagen were holding consultation
in the directors room, and no one else was aio"o"
10 epter Earlier in the day Mr. Barber hau 'e',
cent to Mr. Brice's house to bring him to the oahh
and had returned with the Information '," 10.
MIR Boce was seriously i'll and unable to leave HIS
- tI,a an of Mr.. BOIce, who nau the EeFS
and The combination of the SAFE it was some lime
before the safe could be opened. When access 10
II was obtained securities to the amount OF T24ooo
were discovered TO be missing together WIN some
'casb the amount of which could not DC
determined without an examinations OF Ine DooAs'
When this discovery was made President lrapnageh
and Henry Woods. member OF the finance Coi'-
mittee of the bank. went before Ponce 'uS'oo
Stilsipe and made an affidavit charging Boce win
having embezzled 49,, 900 in bonds and S16.Ooo IN
each The cash was on deposit in the City BANK.
Jrstice Stilsng issued warrant, which was served
upon Boice at his home by Chief OF Police MURPHY
He was too i'll TO be removed, and an ofhcer was
left in the house to take charge OF him. AS soon rs
he is able TO be removed he Will be arraigned in the
First District Police Count for examination Boiee
told Chief Murphy that be took the Donds Hoiu 'no
Sayings Rank 10 bridg e over the City BlnF
The collapse of the City Bank was preepltaited oy
Which its cearances were made. to further homer rs
checks This refusal was due 10 the fact that r. +.
q. Young president of the FIRST National bahA,
had ascertaned that BOice and other oncerS Oh the
Civ hank. nndors God to be L. L. Shaw. the
cashier aud son-in- law of Boiee and mr. Beach
s soan'' as II Mr.. ~ Young learned this fact fact
then overdrawn its account in the First Na'iona,
and secured ample collateral for the
amount of the over RATS. The action or the FIRST
National Bank compelled the city Bank TO refuse
pavment of checks drawn upon 1t by It's OVID ue-
positors and impelled BOice on Tuesday AFTERNOON
10 seek President Traphagen of the SaVlnSs Bank
and some Of the directors OF the Cliy BahR
and make confession TO them: lie declared
TO them that he was ruined and talked very lhco,,
berenty, 1t was impossible N ms excited anu
nervous condition to get any definite information
from him. and IL was determined to postpone the
examination OF the banks affairs until yesterday
morning. As already stated, Boice was 700 i'll yes,
ts nhys morning sou to e W sG h saheed from
Boice's disjointed statements on TUESDAY
afternoon that the paid-uD capital. amounting 10
$50 1000 and all the available assets OF The oank'
had been appropriated to t1er own use oy ID ,id 81;
Shaw and Beach Boice said he had spent his
money IN high living, and denied havln, use any
of il in speculation. He is prominent member OF
church in Gresnville. and has been Suprflntend-
ent of the Sunday-school for many years. lie was
a quiet unostentatiou man. and bore an excellent
reputation for honesty ,
Among the depositors in the bank was jeremiah
f. OSullivan treasurer of the jersey Clty board OF
Education, who had some 900 on deposit with
which to paw the salaries OF the teachers ann on
employees This money has disappeared with me
rest but IL. NJ Tlaphagen and Joseph warren, n a
OfSulyau's bOndsnen will he held responsible LOT
it, In the meantime the teachers VIII DC OOhgeu W
wait an indefinite period for their money:
The last statement Of the condition OF The BANK
was made on January 8, and was as follows;
pPsorpCFs