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MORE BANK "IRREGULARITIES." An Old Jersey Bank Troubled Over $200,000-Most Accommodating Cashier-One Customer Allowed to Overdraw Enormously-What the Bank Officers Say. In 1813 the State Bank of New Brunswick, N.J., was established under a charter of the Legislature. Ever since the conduct of its officers has been such that its paper throughout the State has long been quoted as being as good as gold. There is not a bank in New Jersey which holds a higher rank for fair dealing and stability than "the old State" of New Brunswick. Hence it can easily be understood how great an agitation was occasioned in financial circles across the Hudson yesterday when the rumor spread that the old institution had been LET IN FOR TWO HUNDRED THOUSAND DOLLARS. and that, too, by its honored and trusted cashier, Mr. Greenleaf W. Appleton. The rumor reached Newark early in the day, but, while occasioning a great deal of talk in financial circles, caused no excitement. as it was well known that the bank had a surplus fund fully large enough to meet even so huge a discrepancy as the one reported. All sorts of stories noated around as to the character of the defalcation. One had it that Appleton had lately been keeping a stud of horses and a costly house on a salary of $3,000 or $4,000. Another was to the effect that the directors let him run the bank to suit himself, and he did, and his personal friends, too. In order to get at the true state of affairs a HERALD representative visited New Brunswick last evening about six o'clock, and struck out at once for THE FOUNTAIN OF TRUTH, the old bank itself, which is located at the corner of Albany and Peace streets. Just as the HERALD man arrived some of the directors, who had been holding a consultation, were preparing to go away. The former made himself known to the acting cashier and expert, Mr. J. U. Underhill, and stated his desire to obtain the facts about the alleged defalcation. and not be obliged to accept hearsay. Mr. Underhill looked very mysterious at first, but finally, without giving any reply, started off to hold a private conference with director Janeway as to whether he should open up or keep mum. Presently he returned and opened up after a fashion. At first he seemed to be afraid to say more than a word or two, but subsequently put aside his reserve and spoke out freely. Mr. Underhill stated that there had been going on AN INVESTIGATION of the bank's books even since last Saturday, when Cashier Appleton was suspended, and it was not possible to say exactly how matters stood. The only charge against Appleton was that he a had in an unaccountable manner allowed customer, Mr. Woodworth, President of the New Brunswick Carpet Company, to OVERDRAW HIS ACCOUNT $200,000. So far there was no evidence to show that Appleton himself had wrongfully appropriated a dollar. He and Woodworth lived near each other, and so were very intimate. Appleton kept one horse, and that was the extent of the "stud" rumor gave him. The amount overdrawn, Mr. Underhilll said, was covered by real estate securities of Woodworth, so that it was not possible that the bank could lose a dollar by the operation. Besides, its directors represented many millions of dollars. In case a run should be made on the bank to-day arrangements had been made to provide for it. The capital stock is $250,000 and the surplus about the same. Appleton entered the bank as bookkeeper five years ago. and two years ago last April was made cashier, and gave such thorough satisfaction that soon he ran the bank entirely to suit himself. without let or hindrance of the other officers. It appears that while he lived well and comfortably, that he was not extravagant nor ostentatious. He declares that beyond the overdraw everything will be found correct, and that that also will be satisfactorily explained. He is thirty years of age, or so, and has a wife and one child. He has many warm friends in the town. The story that the investigation was started while he was off on a vacation is pure fancy, as he has been away nowhere yet this year. The officers of the bank are John R. Ford, President: Henry Richmond, Vice President; Directors, Henry J. Janeway, Abraham and Ira C. Voorhees, John V. Bergen, Gustavus Anten, John Clark, Garret Conover, Clifford Morragh, Christopher Myer, James Bishop and J. H. Hutchings. President Ford and Messrs. Myers and Bishop are now in Europe.
