The sun., 1893-10-31
THE PRESIDENT STEPS DOWN
AND BECOMES THE ORANGE NATIONAL
BANKS DISCOUNT CLERK.

Unfortuna ate Investments. .whiehInvoived FITS
Holdings OF the Banks stock, the Cause
OF Mr. srith's Reduction 10 the. Ranks.
When a resident OF the Oranges starts out
to show the sights about his home to his city
friends he is sure to lead them around to the
Orange National Bank sooner or later. Such
beautiful building is not often seen In so small
n city as Orange But that is not the only in
teresting feature OF the bank. As the Orange
man will inform his friends. the bank has been
the pride Of Essex county for sixty years. Tho
site OF its present home was purchased when
deeds read from the corner Of Blank lane In
a - direction to the intersection OF the cross
roads at" and 80 forth. The bank went through
all the panics which have occurred since
the day It was founded without once causing
Its stockholders or depositors q tremor. And
oil the time 1t has been one OF the leading
money institutions OF Essex county. it's de-
posits reaching S1.000.0OO. and its surplus
being for some years 100000. It's directors
and chief officers have always been leading
citizens. What Is more some OF them have
been associated with 1t during considerable
portion OF its history. With the exception Of
a few minor officers nearly all are advanced
In years.
Naturally. such an institution has been the
home OF conservatism. and the residents Of
Orange would as soon have expected to see
the mountains adjacent to their city turn
topsy-turvy rs to find any sudden change in
the management OF their bank. When It was
learned. therefore. that. at n meeting OF the
directors held on last Wednesday afternoon.
President Thomas J. Smith had resigned his
place ut tho head Of the bank. also his men,
bership In the Board OF Directors. those who
heard 1t could hardly believe their ears. as
any man or woman in Orange would have told
the stranger Mr.. smith had been in the bank
for thirty years He had gone there a mere
ilnaiiy been placed at the head. TO many Of
the old d mdepositors It seemed impossible that
5 ~ be the e S0 and he
some private office which had been designed
The other information that leaked out after
the the sss ecct Eas IT. ssH Ges
enterprises: that he. had been compelled to
part with his arge'holdinGs in the stock Of the
bank and that he had turned over
any losses which might result from his opera;
tions There could be no doubt that he had
had been content to take the minor place OF
discount clerk an office he had filled years be-
The action Of the directors WAS not made
public until Saturday. when they furnished the
following notice to the local papers:
meeting OF the Board of Directors of the Orange
%as sfaf IN Ss se D
caused by the death OF the late James Peck; George
Sh
NO snS
Snns Ss
his resignation caused BY his outside operations
Of n. an s Ss The % osf
is now constituted as Follows ,haes Decker Pres.
spottswood. sa charles wlam. Xoan 'Fo F. Tou j.
Warren Smith. Cashier
nao rho %ha
grocery business in Essex county. has been a
director Of the bank for many years. He told
think the bank would lose anything through
his predecessors operations; Speaking OF a
tn. e o
Directors did not approve President Decker
icannot answer your question as to that
report directly. l do not think there is a bank
in New York that has not some paper which
bank has not been injured. Any management
be f0a s
through outside Investments M sand and had I to give
up his stock here"
President Desker declined ELI to sag how much
bank. He thought. it would prove sufficient to
cover any possible loss.
came into the Residents ofiice to see the re-
porter. He appears to be less than fifty years
a; beard: I He lives lives with his family at Caldwell.
President C!eyeland's birthpiace
uOn' { care TO say now l loSC nv money.
he said. except that 1t was in outside invest
ments. 1t is n private matter "a matter be-
tween me and another man. II had minded
my own business and had stuck to the bank.
l would still have been President and Mr..
Decker would not have had to come up here to
take my place. Yes. lost c0nslderable-not q
vast amount. for never was very rich man.
1t was nll between me and another man. The
public is not interested In that 1t is not fair
to say made loans or discounts to persons
not entitled to them. That should never have
been said. | suppose I'm down now. though.
and have got to take II. I'm still here. you see"
Mr. Smith smiled sadly and went back to his
desk. while President Decker pretended to be
looking very hard for something among his
papers.
All day, yesterday people were inauiring at
the bank about the causes for Mr.. Smiths
resignation. Everybody appeared to be sorry
for him. 1t was said that much OF the banks
success was due to his management He Is a
director in the Orange Distilled Water Ice
Company. and is interested in the Plainfeld
Electric Hallway and in other schemes. 1t is
denied that Mr.. Smith borrowed at all from
the banks funds. lie was at one time Sunday
school superlntendent OF the First Presby-
terian Church.
While ex President Smith was cashier Of the
bank he was sandbagged and robbed Of con-
siderable amount OF money when returning
with 1t to Orange from this city.