The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1891-09-20
IN PRIVATE LIFE, TOO.
These Bank Histories Seem to Show
a Like State Of Morals.

The business morals Of the wicked
city are reflected in the long series of
bank crashes that have from time to
time stunned every community in the
country No other city, big or little, in
the country can equal Newarl1's record in
this respect. These institutions came
down, one after the other, with such
awful rapidity that for a season the New
ark business men were almost without a
banking place to put their money into.
You have heard of the famous Bank
ers' Row" in the States Prison.
Well, almost every man in that Row
was Newark felon.
There were Baldwin and Marchbank
and Hedden. and there ought TO have
been good many Others as this narra-
tive Will show. There would have been
good many others If the people of New
ark did not dwell in au atmosphere of
crime that makes them Indifferent to
offences when they arc committed. He
is SO stolid ia his wickeduess that the
only way to arouse the resentment of a
Newark man is TO knock him down and
clean his pockets even out of his car
fare. Even then his mad wouldn't be
up longer than it might take him to
get Rome to have his wounds dressed If
cents change in her purse to pay his way
down TO business again, he would proba-
bly, take of his hat to the highwayman
in the morning.
AN Sit, 000, 900 CRASH.
The old Newark Savings Institution
was the first OF the recent crashes. A
whole army of confiding wage earners
had trusted eleven millions in dime saw
ings to Uncle Dan Dodd's bank All of a
sudden it closed its doors, and you can
wager million to a cookey that there
was how'll Not because of the possible
wickedness that the failure involved
that phase OF the matter never occurred
to anybody in the benighted cIty-but
because Newark was "broke" and wanted
the money Tor bread. When an inyesfi-
CATION was made it was learned that OLD
Dodd had paid out piles OF the good
money of his customers for worthless
Chesapeake q Ohio Railroad bonds
The circumstances attending the trans
action were so shady" that Dodd had
about all ne could do to keep the Grand
Jury off him.
But then ne was a big toad in the put
die. He was another of the ''such-a-nice
ola-man" kind. aud out of sympathy no
attempt was made to make a case Mgainst
him.
THE wlND-Up.
Inc trustees had the gail, after all of
the exposure, to ask the Court TO allow
mem 20 Wlhd IL up; auQ the Court of
Chancery consented. 1t may be incidenf-
ally noted that the Chancellor of that
day was Newark man himself. Well
they went on and began TO wind IN tha
Old institution. Then they had the still
more astounding cheek to ask permission
10 20 into business again. Chancerv
consented TO That too. and they opened
two accounts. One was thai which was
being settled with the old line of deIud ed
deposItors, the other was with the new
line Of suckers whom they persualed to
sink their money with them. Well II
wasn't long before the new banking maj.
ness went into atoms, too. Old Dodd was
stil IN control, and he had left lot Of is
securities with Fisk 81 Hatch In New
1orK. Fisk q Hatcu went up, and
when Dodd went after his tin box. he
found 1t full of-What do you think :
Why some more OF the discredited Chesa-
peaIe q ONO bonds.
Then-would You believe it?--the trus-
tees had the ineffable assurance TO ask to
be allowed to close up the business
again. The Chancellor put his foot down
This time.
No, sir" he answered. twice is
enougnp
Confemporaneonsly the Dime Saving
Institution went up, and when its securi-
ties were examined still more Of the
Chesapeake and Ohio bonds were found
there. One OF the officers said that he
had been offered a commission to swap
his depositors good money for more OF
them, but ne had declined. Was Dodd
tempted the same way? And did he yields
by and by down came che American
Trust Company. II wasn't very extern