New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-05-03
FOUR MORE JERSEY BANKS CLOSED.
THE SUSPENSION CT ALL CONNECTED WITH
THAT OF THE BANK OF AMERICA.

Inn tf NLb NN-'-''-~'A''
THAT OF THE BANK OF AMERICA
Camden. y. j.. May Q (speciaD-The Fidelity
surety. Trust and safe Deposit Company Of this city,
went down this morning, under the weight Of The
Gloucester City National Bank crash. Charles h..
Work is president OF both oompsnieS The su pension
CT the Fidelity Company caused no great surprise mere
as recent developments had gwen most Of the dc
postors warning. The Office opened at the usual
hour this morning and Cashier j. Austin Ellison ac-
commGdated all who came. assuring them that the
company was solvent and would be able 10 meet all
demands. At 40, without warning. he closed the
doors and pasted up this notice without signature
Temporary suspension Of payments AiNr VAN
effort 10 gain admttsncc at the front door, Inc
Tribune correspondent went TO the rear entrance III
Arch-st., and found smouldering heap OF aShoS II
the street. opposite the entrance DIG Pic Of
letters and other documents had apparently been
burned only few charrcd remnants could be
found to tell The nature Of the papers. but on nearly
every one Of these cments the name of the Fidelity
appeared one or two envelopes had been blown from
the pile by the wind. They were addressed to The
Fidelity Company. The papers had evidently been
set on fire after the front door was closed.
Mr. Ellison, who is secretary and treasurer. after
locking and barring all the windows and doors. left
the Office about noon. and inc pace
was without an occupant after thai
time The company was organized under The
state laws. The capital j. announced a. t-ooooo
but II is alleged that only small portion OF ms
has been paid in. The company has ben dong
business less than three months. It's SUSPENSION
caused scarcely ripple in Camden hhanclI 'i'lc''
The Fidelity Company did small business III hsur'hs
personal bonds and in the Insurance OF investment
bonds Charles L. Work. 1t Is understood. owns
nearly all the stock Of the company.
Treasurer Allison this afternoon decIned 10
maze any statement or 10 answer any questions
regarding the condition of the ooncer' President
Work said: Under raid, no company can N'dhu
We are al right II We are given chance l" reaI@e
without sacrifice on our assets. This has al c"n'o
from the report that ! had stock ID me ban" u
America sold ont my Bank of America stock over
a wear ago and since that ulnc nave h"u ~ 'o""o'
ton with il whatever
a statement for ccditorS viii at once be prepared
Cashier Stokes was at the broken Gloucester Guy
Bank early tbs morning. hut could give none OF mo
Unfortunate dcpOstors cheering Information Ian"
Examiner Drew arrived at Gloucester from Wash
iugton this afternoon, but has not compIc'ed HIS
examine ton He said. however, that All the depo'
itors would probably be paid IN full Treasurer
William Calhoun, Of the asphalt Block Company,
which has figured IN the troubles of The idilA Oh
America and Of tho American Life Insurance Com
pany said that his company wa, ali night and ui-
Charles /. Work, wno has been il, supcIin'ehdeh''
now had no closer connection with 1t than that OF
stockholdcr
Bid. cton. Y. J.. May l>pccall.-Thc Port Nor
us bank. bran. "a Of the Csmocn Fidelity security
and Trust Company closed II, door tni' noon. It,
d,lclt of deposits is -ll.OOO, Belonging chiefly -
O, stcrmcn and small merchants. upon whom tr ''-7
VIII iaIl heavily. several prominent bu,nr-s meI
had small deposits, Co encourage lir hrN uaI" d.'u
s.r their own local convenience, tl"u-h iN'N .'Ns
REGARDED the bank uncertain IT. ni u.s. riA'''-
about a year 40. The Cumberland lam al
Irldecton. sent H. checks down To- collie u"m o.
sIcoal carrier Just before noon The chc'h, S''t
promptly palG. soon aitcrWard. wlet ur neat 'he,A
va. PRESENTED. il Was answered iiht ont i ..','
remained ia the bank. The dODs W"rc iWmcdf'-' ~
clo- ed The poor people al the village were iaNl4'
vhen they learned that tIelr money hAd been l,,'+
MANY became .pDnGct and others uptou.. me
acting cashier, who had entire control Of The BRAN H
vas william " Phase, q prominent ciI"h. nc W
80 controlled bv the home bank 90 camden u~t H'"
lame i, attached 20 him Tie oy sicT season cD-'i
yesterday. and many poor men have lost iHer sea
sons savings ,-... ,,..,,
Of this city. -Wpcnded payment 40 o'1br. .m,
afternoon. Oh account Of rum caused hN pun ,l."i
report, that ~ bItuce, - Elmer Pl"aeahiV'iI" f-g
Harb1r city and Mulc1 I'M had clo.ed or account
# the suspension Of Tie Bank Of America lh fHliA
doIphia There was an excited CROWD hloni INC
lanK The dcJ0stors are principally sn.al business
men The capitol q the bank pad up, is t'ooto'
The dcpoeits are estimated a. 10000.
Plcasantvlc. =. j.. MAY The Merchants Iahh'
If TIL. place. suspended today. The bank dld hoe
opcn Il, doors at The usual hour, and the news soon
-plead tina: The Institution had failed D'p..Na'
Hockcd 10 the scene, but cOud not gain Ambulance
The officials late An the day made -iairnth' =" '',
effect that the banks failure was Din" 10 j, r', "i
credit caused by the publication Of ~ f"IH'' ,rVn
with the Bank Of America. ~ Phllafc!pHh. n
bank officers say that the dcp0sitors VIII DC p'" J"