New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-07-24
THE NEWARK SAVINGS BANK
ITS RELATIONS WIN FISK HATCH.
A Summary or rRAxsAcuoss-MR TlsK's oriSioN
OF MR. DODD.

The proceediDgs against the president ana
managers Of the Newark savings Bank, for contehP'
the ChancerY Court were resumed III Ehe NeechAheHo
court at Newark. yss:erlsy allie testimony OF rls-
Hatch and employees of that III M "a ~ re~l " eau
Ka!-eh Of cpuHsel for the deTositOrs. Harvey fsA
testimony showed that the account Of the firm with TIE
Newark saving, Bank began In 1866, and from Iheh ~
l413 II a running aerount In 1873 eione Inu"''
ieg1u In that year Fi.k a Hatch and re h"saPe'A'
and Ohil Railroad were carried under by the panic Inc
road owed the nrm - OoO O)O secured mostly ny JnLor
MORTGAGE The lit had about million % otheF che''-
teah. and Onto other -tes ani total lsDlit'7
~ .xer & 400 900 aud they aeked for cxt~nsion on
tae Chesapeake and Ohio matters FOR four FEARS IL"
Newark savings Bank had upward Of T2OOOOOV d u'''o
anne scruriiie, and President Dodi MAS anxious ''o'
them I'm ia the Newark savings INSTITUTION w" i
cat deal of business via The firm and iorSA; iAFsry
Of governments and IN 1873 II bossnt more. Ia -"
care the pinch and shrnkaSe. and ~ total che'ap"Se
and Ohn -eruriues held by the hank would mol nave
i-ou.ht 800 600. The hrW suecee'-i ID reor-1Hi--
the Chesapeake ald Doio AID tde bank came III VIII -
II. bonds They wanted 20 borrow money aAA .A'l ''
largc number ~ Government bonds. J'nsnt IN lN'4 wv
price os which bad deprcriated They 's'' 'n'Se %,
i.rai~ ;rr lran, Ye for item, and the hrin mAlr ~
CHARGE for tn. Iu ~ they borrowed sbo"i sI'@oo
900 ID tbi- WV In thai yeas the aan 81 pended ana N
was stated lat Size CEes Peake an1 ONO 'oh'- A'I -
the BANK were app Aised a. SJ"O"'".
Mr. Dod aad Harvey Fisk wSrket t'cethrr 10 s'' p'
Il 80
pur-eia. in value. Ia 1850 tAiass began 10 impro'r
sn me LITTER part of The year M D,l -Iost 81 sell
/ iug...,e o. tae bonGs AJoI- $4,000 were s"id anu
t r,.red. were pu the credit % the bank. In l7l
The re- Ions of the bank and firm we're almost a. close
- tiD,. OF the hriae partner. About NAY ISL tH'
bond. advanced to SO aad Harvey Flax 'oid NJ D"i'
,,a it - about 10 begin To- sell Leforc july sno"t
$spOOOJ Of Tie bonis soid. Gr iiodd sa-Sr''e"
.lihg tLr junior Chesapeake and ohio -'cdr'tes anu
thc matter debated and an arrangement was hhAP
made that u. htnk aoud Likc t.rae a"rdrl'a iO'
$1,000 0JU anL tnlt in Nay. ISL. the hanks resn-
lar DEPOSIT nolh creditC With ~luH)OVo 'I9ceN 20
draft I'll, market began 10 give way, no Sever anu
Sir D.dd had to ba, sustain IL. Ou Juy tht arm
had -od half = u.iloa OF the bsuss -ccuriLea ana
i.i Tor it,eii -5OUU,J blss. AMI there Va leN oH
Oh the Firm OF S-i1.Dc0. Nj Fi-k vrote 20 w Dpio'
Ne VIII place To- ine-e -ecgrrte- one million - your
credit 4.d e nave d1ue 10 to-day, but q. We have on
sold 4.,5OUoo Ne hole YOU wli draw as hght' o. YOU
can Dr. Dudi Gr,w ASut,,. aai there vas balauec or
a.oc' $500 900 dowu October tlat t'ir. Nr ifTio
anon v-,t, akin 'lr security ios .he money OF ti"st
II wa. tr first time that security was ever asked '"r
q, Is. l.r tau ..tlou. ~ tAe bank WITH 'hc Nrn
amounted to Iho-t '"OO,p'". In April l---. a. Nr.
D,Ir rgou 50 b. JI'oDv OF coITon Ir cent bonds 'f
ui. bank .fe deposited otI t.e Hru to saw, ID" rN-
u.u.r,t ..iur tn.A to W.,4I-tn. ' LH '''n '"--
t,r- t.. rrt agreeing SO 'Art'a-' fo t,'r'r' bombs
a,r f.r il. a.r"eu.I ucr- ,,.t .s Hn $40 'i' "'''
tier-. ~ Hc bond 800 t.er business Oh 01'Hf 'd' '
.u- i a- Auri .f,i. ti' aiion 'i f"ri t'ltt "''7
won, .rlt g., t.c bank. Co., October hr h1'd h"i-.i
.l,..pp ,..r. coupon bond. .g, laced tucm Ni.l tE'
.. ..Jrr sumo conditions. aLl fI".r bond. rrrc pol
t..f.,f go l- ..u4 I >o'oHHcr. TIA. oa-k al Dbl" look
iu tlI .a.it. o. far unu aui no t"' t' boz Ih i"
.it.i part of 1--1 100 gru r1+ rH".. vt i'ur,'n" ar
r.t ,.. -.-r,al az q ..tc.ci prr cents ne u do
..,,... t. Iis. 900 bond Tat amount ~ other Govern
.t r,-... f,. ,,lr tu. r.u..t lrcriuf o. '1r 1rfh
...,,. b., ,..t..,. d. b.i reached over
'''
] -lNoj''-
,..r.! frI. g.. regular d.I'- I.r''i' I'd 100 .i'' '
.... .t ... ....t,., Did. ,.., moi
p''i recount "''. ,...II ..r...,
efu. o. ur.d .u f..t CONN 'c ' 40 iN' ''i''.l '' i
.. .....I t, u-..r Mr. PISS. suucr, .,ioa. Tine
ulI lti DO. ..'rr...r- i 'hrif '+'i' d" ''., ''' "
f..a.N ii ..H -+-'''' r'f 60 tI-tri'1 l"I
J....Il I'. Nt l--h iA'i iii.- .'. ...'" .- .'
IH''.-- .it it. y-r,4. nos, 81 zoo ,-0r- ....
. ,t-' D. .t ''' ti- D.. t... .,... ID 1,rt o. ser
IJ4i ''--'i 2 d. '..t ....,.I r,,....u ..iL,t tla
,'.. ,,-,,.l, t,. year t,.i. e.. u 90 sud
. t'iu I-h' H'i- '- l',- 49, r,,. ff,I yirf.lly wed
' .- a. o. ,-.l, and rc. ID. .rt wrote -u W r
. ~ r'i5 600 Ir = -.~iI~0 -l"c.i i-.lli %
III, tp.. ia year, .ic,- then. -n'ui! hc -oue ll4r p
r'e.e,. f9r, ,.i.a a..V L..u p-I cent add 81 d..
t..
on or H l VA. ,,,. f,r = ,aor. tine plt .at
t,.,.- ..-., ir.t H, absolute owner OF tne ul
rr -...f .,.f f-il-, the 100000 There 4crr ~
L''i- 'L" ID" o. r.,,, an s,i-b me H-rf %. .hD
p'.'. ,.. ,.,lit ~ t.. ~ r.-.I. .r account
l" | D., .r'.,, ID. -r,. --uI 900 OF g.. fer
Nt f"dt ,-D.. D, ', Eli .,. .l.d ,fr r. Is
. ..., .' a.. would .,irt -eIu.uar 4ud would bus
Orders arse ooad. 10 tae , sps I d i IRE ''