The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-03-12
AN INSOLVENT CONCERN.
THE DIME SAVINGS BANK OF
NEW BRUNSWICK, N. j.,
Closed by the Secretary Of State
Heavy Shortage In Its
Finances.

NEW BRUNSWICK, II. j., March IL
The Dime Savings Bank OF this city ID
in trouble. The doors were closed
this morning by order OF the Secretary
OF State. The directors OF the bank
are now In session. They positively
refuse to give any information as 10
what the troubles. Arthur Q. OglilViet,
the secretary and treasurer, 1t Is
rumored, is short in his accounts to
the amount OF 100000.
Mr.. cGILvIR
is Frustrated at his home, and cannot
be seen. No man in the city has
borne higher reputation Tor financial
integrity than he. Willard Z. Voor--
hees, one Of the directors and counsel
for the board, returned this afternoon
from New York with an order from
Chancellor Runyon restraining the
beard from receiving deposits and
paying out money, and commanding
II to report Immediately the condition
OF the bank 10 him. The order was
granted upon q petition OF the direct
ors, who assert the banks inability 10
pay interest on its deposits.
THE LAST STATEMENT
of the bank was made January l, 1886.
Its surplus then was only $3556 a.
It's deposits amounted to $l66,750. Its
securities we're largely in bonds and
mortgages. The institution was never
considered especially strong, but its
credit was never questioned until at
the time OF the failure OF the National
Bank of this city in August, 1884,
when rumors prevailed concerning IFS
insolvency.
INVESTIGATION
reveals the fact that the directors cannot
be held responsible for whatever deficit
NAV be found. While Treasurer 0gilvie
was only under bonds for $4,000, 1t is
acknowledged by counsel for the bank
the deficit is $4,000, and may reach
100000. Mr.. 0gilvie's residence IL
under surveillance OF the police. Itif
thought that he will not survive the
night. At the charter election las
spring Lewis r. Durham, who hac
been City Treasurer, was deposed ant
A. G. Ogilvie chosen. On February 20
1886, he resigned and only with grea
reluctance was his resignation &C
cspted. II is remembered now tina
Mr.. 0gilvie's statement az treasure
was not sworn to and audited nv 81
directors. The last statement OF tn,
bank was made January l, 1886. l
showed assets, bonds and mortgages
$73,2SO; demand leans, $4,000
count bonds, $i3 1000; Newark cit.
bonds, $s2G0; New Brunswick cit
bonds, $2l,3lS; New Brunswick cit
improvement bonds, $1,000; New
Brunswick city public school bonds
S4400; real estate, $500; cash i
national banks, $l0,7l0; safes, $1,000
Accrued interest, $l299. Liabilities
deposits, $l66, 751 surplus, 1855. TIL
1850 depositors in the hank are mostl
the operatives in the mills and factorie
of the city. Wall street is suppose
to have swallowed the money, whic
, has all been taken within year.
. PRESIDENT LANGDoN
asserts that on February Goth b
handed in bis resignation as presideI
Q and director Of the bank to Mr.. Ogi
Q vie, not being satisfied with its mai
o agement. Mr.. 0gilvie never mac
2 known the fact of this resignation
the other directors. Mr.. Langdc
u dsclaims any responsibility in COZ
It nection with the failure. In an int
8 view with an Associated Press repr
y sentative tonight, he said that Il
70 first intimRtion the directors hs
+ Of the defslcation was On Su
# day night from words dropped
% Treasurer 0gilvie in his dilemma. {
% Tuesday night e committee visit,
: the bank and found bonds and secul
l. ties missing, The January stateme
y OF the bank was published entirely
q Mr.. 0gilvie's authority, and was new
"a vouched for by the directors. N
- 0gilvie some months ego closed l
'e the account OF the Citizens Buildil
n and Loan Association, and 1t is 81
10 missed that some Of the banks fun
y went toward squaring mp accouI
there