Dime Savings Bank (New Brunswick, NJ)

Episode Information

Episode UID
758027591035
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
75802759 hash
Start Date
March 11, 1886
Location
New Brunswick, New Jersey (40.486, -74.452)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
886df33bead803d6

Response Measures

None

Description

Suspension followed discovery of large embezzlement by treasurer A. G. Ogilby; institution later wound up and final dividends paid.

Events (1)
1. March 11, 1886 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large defalcation/embezzlement by Secretary/Treasurer A. G. Ogilby (short about $75,000–$100,000) leading directors to suspend payments and seek court action.
Newspaper Excerpt
The Dime Savings Bank of this city is in trouble. The doors were closed this morning by orders of the Secretary of State.
Source
newspapers

Newspaper Articles (19)
1. March 12, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1886

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A TALK WITH THE SECRETARY OF STATE. THE MANAGERS THINK THE MONEY HAS BEEN STOLEN SINCE LAST AUGUST. TRENTON, March 11 (Special).-Mr. Kelsey, Secretary of State, returned to-night from New Brunawick. He says in relation to the Dime Savings Bank there: "Its statement a year ago last January showed deposits of $168,000 with only $2,000 surplus. I thought it weak and watched it closely. Its annual statement for the year ending December 31, 1885. did not come to hand in a reasonable time as required by law. and I wrote for it. I received no answer and wrote several times more with no better result. On Monday I found that the report had not yet been received and sent a peremptory telegram requiring it to be forwarded at once. The previous letters. it seems, had been received and destroyed by Ogilby. The telegram, he being sick, fell into the hand of the managers and set them to investigating. They found the safe robbed of every negotiable security and $79,000 of the bank's assets gone. They telegraphed me and I went over on the first train this morning and being told the condition of the bank ordered it closed. The managers wave me a personal pledge that Ogiloy should not be allowed to escape. With their counsel I went before the chancellor and got an injunction suspending the bank. which will be followed, I think. by an order appointing a receiver to wind up the institution. The Board of Managers are good men, but like everybody else they supposed Ovilbv was incorruptible. They believe now that he stole the money to settle up old debts with and that he has not been speculating. They used to keep all their securities in the First National Bank. When Cashier Hill cleaned that institution out he shared the Savings Bank funds. The managers then bought a safe of their own with a time lock and all the other protective appurtenances and kept their securities in it. They say that they think all the stealing has been done since August. The bank was all right on January 1 1885, and it must all have been taken since then."

2. March 12, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 12, 1886

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A. G. OGILBY A DEFAULTER. INSANE AT HIS HOME IN NEW-BRUNSWICK. HIS ACCOUNTS WITH THE DIME SAVINGS BANK OF THAT CITY SHORT ABOUT $75,000. The Pennsylvania Railroad train which arrives in New-Brunswick from this city about 5 o'clock in the afternoon had scarcely reached that station yesterday when a respectable-looking business man jumped from it and rushing up to a bystander excitedly inquired: " It is stated in New-York that the Dine Savings Bank has suspended, and that the treasurer of it. Arthur G. Ogilby, is a defaulter to the extent of $80,000. Is this true 1" It is the first I've heard of it," was the answer, but let me go and investigate It" They did 80 and found that the report was correct. This incident illustrates one of the most pecullar features of the disaster-the slowness with which the news of the suspension travelled. The bank practically suspended two days ago. Early on Wednesday morning John Wyckoff, the assistant secretary, informed the patrons of the institution as they appeared that Mr. Ogilby was absent and that in his absence he could neither receive nor pay out money. such WH8 the confidence of almost every. body in Mr. Ogilby that only one depositor ventured to ask what the matter was. The only satisfaction that he received was au admonition to keep quiet. He did so and went on his way, if not rejoicing yet certainly without auy suspicions in regard to the solvency of the bank. It was not until yesterday morning that the fact of the failure because known to any extent and even then it failed to produce any marked sensation or outward demonstration. A good many bank books were presented and a settlement asked, which, of course, was denied. The holders were told that if everything went well they would probably get what was due their in thirty or sixty days, and this seemed to satisfy all. The nearest approach to a run occurred about noon, when a dozen stalwart workmen entered the room and quietly demanded their money. The same answer was given them and they at once returned to their work. The first real suspicion that something was wrong with the bank was entertained on Monday. A report that Mrs. Arthur G. Ogilby. wife of the treasurer, was dangerously ill came to the ears of Williard P. Voorbis, who 18 the attorney of the bank. and he called at her husband's office to inquire about it. He was informed by Mr. Wyckoff that it was not Mrs. Ogilby but Mr. Ogilby who was almost out of his mind. Is anything wrong here at once asked the law yer. "That I don't know," answered the assistant. The officers a 8 the bank are, besides Mr. Ogilby and Mr. Wyckoff, at follows: President, James P. Langdou: board of managers, Adrian Vermenle, Dr. Henry R. Baldwin, Runyan R. Outcalt, Henry McMurtry and Philip Kuhlthan. Ou Thursday Mr. Voorhie, Mr. Langdon and Dr. Baldwin opened and examined the contents of the safe. A hurried investigation aboved that there was a deficiency in the treasurer's accounts of at least $75,000. They 1mmediately decided to receive no more deposits and to enforce the rule requiring notice to be given by all who wished to draw out money. According to this, sums under $100 would not be paid for a month, and amounts above $100 would not be payable until July Under this arrangement the bank was kept open on Wednesday and yesterday, as the officials believed they had a right to do. The petition of the managers asking for the privilege of suspending business until further orders of the court was presented to Chancellor Runyon yesterday and granted by him. A receiver will doubtless be appointed in a few days or as soon as the Chancellor is satisfied that the institution is really in insolvent. The Dime Savings Bank was incorporated in 1871 by Levi D. Jarrard, Lyle Van Nius, Jaines P. Langdon and others. Jarrard afterward became County Treasurer and absconded with some of the public funds. He was captured, however, and 18 now in State Prison serving out his sentence of ten years at hard labor. The bank did not prosper at first and in about two years became badly involved. It was then that Mr. Ogilby was induced to take charge of it. He was at that time one of the most efficient business men of the place and was looked upon as the embodiment of integrity. Under his management the bank grew and proapered until Its de positors numbered over 1,200. mostly mechanics and shop girls. As secretary and treasurer he had entire control of the bank, employing only oue assistant, Mr. Wyckoff. He did not receive any salary for his services, but supported his family from the large insurance business which he carried on. Everything went ongsmoothly until about three weeks ago, when some inquiry began to be made by the managers as to why Mr. Ogilby had not published his annual statement, which should appear on February 1. It was not until two days after this date that Mr. Ogilby published the following:

3. March 12, 1886 Wheeling Register Wheeling, WV
Article from Wheeling Register, March 12, 1886

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A BANK IN TROUBLE. The Dime Savings Bank of New Bruns. wick, N. J., Suspends. NEW BRUNSWICK N. J. March 11.-The Dime Savings Bank of this city is in trouble. The doors were closed this moreing by orders of the Secretary of State. The directors of the bank are now in ses sion. They positively refuse to give any information as to what the trouble 18. Ar thur G. Ogleby, Secretary and Treasurer, it is rumored, is short in his accounts. The amount of the shortage is stated to be $80,000. Mr. Ogilvie is prostrated at his home and cannot be seen. No man in the city has born a higher reputation for financial integrity than he. William P. Voorhees, one of the directors and counsel for the board, returned this afternoon from Newark with an order from Chancellor Runyon restraining the board from receiving deposits or paying out money, and commanding them to report immediately the condition of the bank to him. The order was granted upon a petition of the directors who assert the bank's inability to pay interest on its deposits. The institution was never considered especially strong, but 118 credit was never questioned until at the time of the failure of the national bank in this city in August, 1884, when rumors prevailed concerning its solvency.

4. March 12, 1886 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, March 12, 1886

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Swallowed Up by Wall Street. NEW BRUNSWICK, N. J., March 11.The Dime Savings bank of this city has suspended owing to a heavy defalcation by its treasurer. Investigation reveals the fact that the directors cannot be held responsible for whatever deficit may be found. While Treasurer Ogilby was only under bonds for $50,000 it is acknowledged by counsel for the bank that the deficit is $90,000 and may reach $100,000. Mr. Ogilby's residence is under the surveilance of the police. It is thought that he will not survive the night. At the charter election last spring Lewis R. Dunham, who had been city treasurer, was deposed and Arthur G. Ogilby was chosen. In February, 1886, he resigned and only with great reluctance was his resignation accepted. It is remembered now that Mr. Ogilby's statements as treasurer of the bank were not sworn to and audited by the directors. The 1,250 depositors in the bank are mostly the operatives in the mills and factories of the city. Wall street is supposed to have swallowed the money, which has all been taken within a year. President Langdon asserts that on Feb. 20 he handed his resignation as president and director of the bank to Mr. Ogilby, not being satisfied with his management. Mr. Ogilby never made known the fact of this resignation to the other directors. Mr. Langdon disclaims any responsibility in connection with the failure.

5. March 12, 1886 The Washington Critic Washington, DC
Article from The Washington Critic, March 12, 1886

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Bank Suspension in New Jersey. The Dime Savings Bank of New Brunswick, N. J., whose board of directors includes the leading citizens of New Brunswick, suspended payment yesterday morning. The shortage is reported to be between $80,000 and $100,000. The directors are fully capable of making good the loss, whatever it may be, and the probabilities are that depositors will ultimately receive dollar for dollar. The 1,250 depositors are mostly operatives in the mills of the city, and should they not be paid much suffering will ensue.

6. March 12, 1886 Evening Star Washington, DC
Article from Evening Star, March 12, 1886

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New Brunswick's Broken Bank. NO NEW DEVELOPMENTS TO-DAY. NEW BRUNSWICK, N. J., March 12.-There are no new developments in the Ogilby case. The board of directors of the Dime Savings bank met last night and continued in session until midnight. They prepared as far as possible a statement for Chancellor Runyon of the bank's condition. Willard P. Voorhees, counsel for the bank, says that the amount taken by Ogilby is about $80,000. Ogilby is still in a precarious condition. according to the statements of friends and physicians.

7. March 17, 1886 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 17, 1886

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More Villainy Unearthed. NEW BRUNSWICK, N. J., March 16.-It is learned to-day that Miss Elizabeth Minturn, of this city, recently deposited with Arthur Ogleby, Treasurer of the suspended Dime Savings Bank, $150,000 in bonds, ber share of the estate of the late Edward Mintorn, of New York city. The bonds are now missing. The depositors of the bank are seeking to prevent the appointment of n receiver.

8. March 17, 1886 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, March 17, 1886

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A Broken Bank. NEW BRUNSWICK, N. J., March 16.It is learned to-day that Miss Elizabeth Minturn, of this city, recently deposited with Arthur Ogilby, treasurer of the suspended dime savings bank, $15,000 in bonds, her share of the estate of the late Edward Minturn, of New York city. The bonds are now missing. The depositors of the bank are seeking to prevent the appointment of a receiver.

9. March 17, 1886 Wheeling Register Wheeling, WV
Article from Wheeling Register, March 17, 1886

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8 $150,000 Missing. NEW BRUNSWICK, N. J., March 16 - -It is learned to-day that Misa Elizabeth Minturn, of this city, recently deposited with Arthur Ogleby, treasurer of the suspended dime savings bank, $150,000 in bonds, her share of the estate of the late Edward Minturn, of New York City. The bonds are now missing. The depositors of the bank are seeking to prevent the appointment of & receiver.

10. March 17, 1886 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, March 17, 1886

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Mrs. Minturn's Bonds. NEW BRUNSWICK, N. J., March 16.--It is learned to-day that Miss Elizabeth Minturn of this city recently deposited with Arthur Ogilby, treasurer of the suspended dime savings bank, $150,000 in bonds, her share of the estate of the late Edward Minturn of New York city. The bonds are now missing. Depositors of the bank are seeking to prevent the appointment of a receiver.

11. March 18, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 18, 1886

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MISS MINTURN'S MONEY NOT LOST. NEW-BRUNSWICK, N. J., March 17.-Miss Elizabeth Minturn denies the published statement that she had placed bonds to the value of $100,000 with Arthur G. Ogilby, treasurer of the suspended Dime Savings Bank. Miss Minturn says: "On the contrary, by following his counsel the amount of my property has been materially increased."

12. March 19, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 19, 1886

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THE BANK SUSPENSION IN NEW-JERSEY. RESTITUTION MONEY-CONDITION OF ARTHUR G. OGILBY. NEW-BRUNSWICK, March 18 (Special). - W. P. Voorhees, counsel for the Dine Savings Bank, this evening says that the question of raising the restitution money through Mrs. Ogilby's friends now depends largely upon the ability of Mrs. Ogilby to overcome the entail upon her property and put it into the fund. If she can do nothing several who have subscribed on condition that the whole amount should be raised will withdraw, while a number of others will pay up for the benefit of the depositors. Whatever amount may be raised, President Langdon says, the managers should, in behalf of the stockholders and for the good name of the city, thatthedeficit is made good without regard to what the friends of Ogilby may or may not do. Dr. Baldwin says a number of the stockholders have called upon him and expressed the hope that the business may be settled up by the managers without the appointment of a receiver to use up whatever funds Ogilby may have left. Constable Soper, after having seen his prisoner for the first time. said to day "Yes, I certainly saw Arthur G. Ogilby. He 18 so thin and pale and oks so bad that he is hardly recognizable as the same man ho was active upon our streets only a few days As to his sanity, I can only say I don't want to see any better evidence of any man's insanity than he shows. His eyes are bright and restless and he seems to be broken down entirely." Dr. Baldwin says that he was called to see Ogilby last night, because he was so excited by the visit of the constables that his attendants became alarmed. He believed the officers were after him and became violent, having to be soothed by the doctor's persuasion and powerful hypnotics.

13. March 22, 1886 The Pacific Commercial Advertiser Honolulu, HI
Article from The Pacific Commercial Advertiser, March 22, 1886

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The Dime Savings Bank of New Brunswick, N. J., has suspended, the Secretary and Treasurer, A. G. Oglible, being a defaulter to the amount of $80,000. - Eighty inmates of the Lebanon, Pa., Almshouse have been poisoned by coffee in which Prris green had been placed.

14. March 25, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 25, 1886

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OGILBY TAKEN TO AN ASYLUM. HE IS DECLARED TO BE INSANE-N NEW CAUSE OF FEAR FOR DEPOSITORS. NEW-BRUNSWICK. N.J., March 24 (Special).Ogilby was arrested last night by Constable Soper ou a warrant charging him with the embezzlement of funds of the Dime Savings Bank. The warrant was taken out before Justice Daly by Willard P. Voorhees. Prosecutor Rice telegraphed to Judge Scudder, who came up this morning to hear the evidence produced by Ogilby's friends with regard to his insanity. The presence of Ogilby in court was not required, but he was represented by ex-Governor George C. Ludlow, his counsel, who said that Mr. Ogilby had been arrested upon a charge of embezzlement and he wished to produce evidence that he was of unsound mind and incapable of answering the charge. The testimony of Drs. T. L. Janeway, N. Willlamson, H. R. Baldwin and J. W. Rice was then taken. They all declared they had made a careful examination of his case: believed him to be insane. Charles Ogilby also produced a certificate of his brother's insanity from Dr. Morris J. Ash, of New-York, and testi mony to strange eccentricities on the part of Ogilby wasgiven by Mrs. Morgan, Mrs. Neilson, N. G. Rutgers and other witnesses. Judge Sender ordered that Ogilby be at once placed in charge of Sheriff Convery to be conveyed without delay to the insane asylum at Trenton. This was done this afternoon at 2:30 o'clock. A close carriage was taken through an alley from Livingston-ave. to the rear of Ogilby's stable. Parting with his family was full of sorrow, but he walked with a firm step down through his back yard to the carriage. The chances of the stolen money being replaced do not now look hopeful. Mr. Voorhees says that within $12,000 of the deficit was at one time subscribed, but under the changed condition of things some of the subscribers will doubtless drop out and Mrs. Ogilby may change her mind about giving up her property. McRee Swift says that he never was on any bond for Ogilby and he does not believe there ever was any bond, as none was demanded by law. Ogilby got no pay from the bank except for room and clerk hire. About 600 of the depositors met at Masonic Hall tonight, with Charles E. Spencer as chairman and John Kelly as secretary. Dr. M. E. Gates, president of Rutgers; Professor Austin Scott, the Rev. H. W. McKnight, Postmaster Robert Carson, John McLaughlin and others spoke. They all recommended moderation and careful counsel. The bank could now pay fifty per cent and whatever is obtained above that will have to come by voluntary subscriptions of those willing to help the de positors. A resolution was unanimously adopted that the Chancelior be petitioned not to appoint a receiver. A committee of five was also appointed to consult with the manager and the subscribers to the deficiency fund to see what amount can be secured and to mature some plan for a final settlement and to report to the depositors on Wednesday evening. The committee is Professor Austin Scott, Adam E. Green, John McLaughlin, S. W. Scott and Robert Carson.

15. March 26, 1886 New-York Tribune New York, NY
Article from New-York Tribune, March 26, 1886

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TO SETTLE THE AFFAIRS OF OGILBY'S BANK. NEW-BRUNSWICK, March 25 (Special).-The committee of depositors of the Dime Savings Bank appointed last night called on Chancellor Runyon to-day. He said that he would not appoint a receiver, but order that the managers in connection with the committee shall settle up the affairs of the bank without cost to the depesitors.

16. June 27, 1886 New-York Tribune New York, NY
Article from New-York Tribune, June 27, 1886

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A. G. OGILBY REPORTED SANE. New-Brunswick, N. J., June 26 (Special).Considerable excitement was caused to-day by the rumor that Arthur G. Ogilby, the Dime Savings Bank defaulter, was to be brought here to-day. On Thursday Dr. Ward, of the Trenton asylum, told the bank managers and Judge Seudder that Ogilby was sane enough to answer to the law, and it was believed that be would be brought before the Judge, who must declare him sane before he can plead to the indictment or be batled. Both depots were watched and many people stood about the court house for hours until it became known that Judge Sendder. on account of illness, would not be here. Prosecutor Rice says that Ogiloy will be brought here as soon as the Judge can attend to the case. The managers of the bank say there are assets to pay another dividend of about 5 per cent an 1 that some subscriptions will be realized. Mrs. Ogilby, however, declines to give anything to the help of the depositors. or the 50 per cent dividend 1,061 depositors have received $76,374 71, and there IS yet $7,080 43 to be divided among the remaining 369 depositors.

17. December 8, 1887 New-York Tribune New York, NY
Article from New-York Tribune, December 8, 1887

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NEWS FROM THE SUBURBS. NEW-JERSEY. The announcement of a final dividend, probably of twenty per cent, for depositors of the defunct Dime Savings Bank, of New-Brunswick, was made yesterday. The Essex County Toboggan Club, of West Orange, Is making preparations for a brilliant season, contingent upon the supply of snow. A new club-house_ has been erected on the Valley road and will be completely equipped. The club has a membership of over 200 with James R. Pitcher, of Short Hills, president; Elscha A. Morris, of East Orange, secretary; and Dr. Valentine Mott, of New-York, treasurer. State Senator John W. Griggs, of Paterson, N. J., has been appointed receiver of the Passale Bleachery, at Passaic City, generally known as the Watson Bleachery, one of the oldest there. Rumor puts liabilities at about eighty thousand and assets about a hundred thousand dollars. The general impression Is that putting the concern into receivership is to a great extent a formal proceeding and that there will be no change of management.

18. December 7, 1888 The Iola Register Iola, KS
Article from The Iola Register, December 7, 1888

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WHAT WOMEN ARE DOING. NUMEROUS petitions for municipal woman suffrage, with several thousand signers, have been sent to the Vermont Legislature. SOUTH AUSTRALIA has before its House of Representatives a bill extending suffrage to all women. married or single. who are twenty-five years of age. MRS. ELLEN MITCHELL. the only lady on the Chicago board of education, has been appointed to serve on the committees on school management, special funds and physical culture. Two ELDERLY ladies named Chubb, who have supported themselves by the needle, are, in their late years, studying astronomy, and writing intelligent letters to scientific persons on debatable points. THREE women in England hold posts as medical superintendents of the female post-office clerks; one in the general post-office, London. one in Liverpool, and one in Manchester. These were the first medical posts in the civil service granted to women. MRS. KATE TYRON, who belongs to the working newspaper fraternity of Maine, is preparing to take the lecture platform, and her elocutionary and intellectual attainments are spoken of in high terms by the Maine press. She created a sensation in the recent Methodist conference in Portland by getting up in meeting and making a spirited defense of the reporters. MRS. JOHN WELLS, of New Brunswick, N. J., when the Dime Savings Bank of that city collapsed two years ago, offered $2,000 toward alleviating the losses of the poor depositors. She has now added $1,000 more, and will buy in the accounts of the same class of depositors at par. Mrs. Wells has begun the erection of a free hospital in New Brunswick, to be named in honor of her husband, IN the Northern and Western cities thousands of women hold the position of cashiers and other places of trust, but not one of them has ever been known to pocket a lot of money and skip to Canada. Year after year men steal and run across the border, and the explanation is made that they could not live on their salaries, or that they had been unfortunate in speculation. But the women who receive hardly any salaries at all manage to exist, and behave themselves, and take care of their employers' interests-Atlanta Constitution.

19. December 15, 1888 The Osceola Times Osceola, AR
Article from The Osceola Times, December 15, 1888

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WHAT WOMEN ARE DOING. NUMEROUS petitions for municipal woman suffrage, with several thousand signers, have been sent to the Vermont Legislature. SOUTH AUSTRALIA has before its House of Representatives a bill extending suffrage to all women, married or single, who are twenty-five years of age. MRS. ELLEN MITCHELL. the only lady on the Chicago board of education, has been appointed to serve on the committees on school management, special funds and physical culture. Two ELDERLY ladies named Chubb, who have supported themselves by the needle, are, in their late years, studying astronomy, and writing intelligent letters to scientific persons on debatable points. THREE women in England hold posts as medical superintendents of the female post-office clerks; one in the general post-office, London, one in Liverpool, and one in Manchester. These were the first medical posts in the civil service granted to women. MRS. KATE TYRON, who belongs to the working newspaper fraternity of Maine, is preparing to take the lecture platform, and her elocutionary and intellectual attainments are spoken of in high terms by the Maine press. She created a sensation in the recent Methodist conference in Portland by getting up in meeting and making a spirited defense of the reporters. MRS. JOHN WELLS, of New Brunswick, N. J., when the Dime Savings Bank of that city collapsed two years ago, offered $2,000 toward alleviating the losses of the poor depositors. She has now added $1,000 more, and will buy in the accounts of the same class of depositors at par. Mrs. Wells has begun the erection of a free hospital in New Brunswick, to be named in honor of her husband, IN the Northern and Western cities thousands of women hold the position of cashiers and other places of trust. but not one of them has ever been known to pocket a lot of money and skip to Canada. Year after year men steal and run across the border, and the explanation is made that they could not live on their salaries, or that they had been unfortunate in speculation. But the women who receive hardly any salaries at. all manage to exist, and behave themselves, and take care of their employers interests.-Atlanta Constitus tion.