23401097 2340
national
f4014f83498714e0Accommodated withdrawals, Capital injected, Books examined
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ANOTHER BANK IN TROUBLE. Run on the Philadelphia Third National This Morning. EPECIAL TO THE EVENING WORLD.1 Philadelphia, May 9. -A run was made this morning by depositors on the Third National Bank. The City Treasurer has a large deposit with this bank, and his misfortunes with the Keystone and Spring Garden banks have made people timid. The Third National hus always stood well, and its friends believe it will pull through all right.
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WALL ST. STOCK REPORTS. Prices of Shares Slump All Along the Stock Exchange Lists. Gold Exports This Week Exceed Seven Millions. The West Is Bullish, but New York Traders Are Timorous. The situation abroad excited some alarm among local Stock Exchange operators this morning. but it should be stated that European financial advices did not reflect any serious disturbances there. The shipments of gold and the depletion in the bank reserve, however, occasioned distrust as to the immediate future of prices, and all the professionals took a hand in sewing the list. The market suffered quite a slump, the decline in prices ranging from ½ to 1%. Operators played no favorites but hammered everything on the list. Chicago, it was said, was inclined to be more bullish, and houses with Western connections did pick up some stocks at the lowest point. The West is strongly bu lish on the splendid outlook for the crops. The market closed heavy on the r. port from Philadelphi that there was a run on the Third National Bank of that city. The European steamships to-day took out $4,091.000 gold, making a total for the week of $7,291,000. The Bank Statement was unfavorable. showing a loss in reserve of $2,679,350, which reduces the amount held by the DADKS in excess of legal requirements to $4,763,950, The feliowing are the comparative figures: May 2. May 9. Changes. Loans $404,465,600 $403,021.400 Dec. $1,444,200 71.845,000 Specie.. 68,159,200 Dec. 3,686,800 37.38.800 L'g.ten. 37,509,300 Inc. 1.0.00 Deposits 407,166.0 0 403,618,200 Dec. 3,547,800 Cir'tion. 3,474,400 3,480,900 Inc. 6,500 The sales at the New York Stock Exchange to-day were 176,000 shares of listed stock, 45,000 ounces of silver and 5,000 barrels of Pennsylvania 01.
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A RUN ON THE DEPOSITS. The Third National Bank of Philadelphia Put to the Test. PHILADELPHIA, May 9.-The Third National Bank of this city is standing a run from its depositors today. City Treasurer Bardsley has a large deposit with the bank and his misfortunes with the Keystone and Spring Garden banks are said to have made people uneasy. The bank has always stood well and its friends think it will pull through. The excitement among the depositors of the suspended Spring Garden National Bank subsided today and there was a noticeable absence of any crowd around the building. The doors of the bank were kept closed and it was stated that Examiner Drew was in charge and that no statement of the bank's position would be made at present.
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Another Bank in Trouble. A Philadelphia dispatch says: A run was made by depositors on the Third National bank. The city treasurer has a large deposit with the bank and his misfortune with the Keystone and Spring Garden banks has made people timid. The Third National has always stood well, and its friends believe it will pull through all right.
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Another Philadelphia Institution Suffers a Run. SPRING GARDEN AFFAIRS BAD, Some of Collateral is Notes Signed by Fictitious Persons. Collapse of the Rubber Trust Caused by Recent Failures-Burt & Company, Shoe Manufacturers, Assign-Business Troubles in the South. PHILADELPHIA, May 28.-During the expose of the business methods of the Keystone bank and City Treasurer Bardsley the Third National bank was given unpleasant connection with them, and in consequence has since lost $1,000,000 of deposits. Today President Lewis and Vice-President Myers have resigned. From a few developments that took place in the affairs of the Spring Garden bank today, it is evident that when the full story of the bank's management is told, it will rival that of the looted Keystone bank. Receiver Fisher said today that the further he examined into the affairs the blacker the outlook became for the depositors. Much of the collateral is of the most dubious character A member of the depositors' investigating committee investigating the affairs of the bank, said that among the collateral of the bank were two notes, one for $50,000 and the other for $20,000, drawn by a person who has no existence. The suspension of the Spring Garden bank has been far-reaching in its effects, and many business houses have been seriously crippled. Yesterday the American Machine Company was forced to assign by reason of the bank failure, and today the Millard Cliff Cracker Company made an assignment from the same cause. The assets are thought to exceed the liabilities. Francis W. Kennedy, president of the suspended Spring Garden National bank, was arrested this morning on a warrant charging him with making false entries in books and false returns to the comp troller of the currency, and embezzlement of the bank's funds. Herry W. Kennedy, cashier of the bank and brother of the president, was also arrested, charged with conspiracy to commit the same crimes. They were held under heavy bonds to appear for a preliminary hearing next Monday. TRENTON, N. J., May 28.-The Hamilton Rubber Company went into the hands of a receiver today. It was in a trust with the Star Rubber Company and others. The liabilities are $100,000. At a secret meeting last night the central rubber trust was dissolved by action of the companies composing it. It was charged that a few firms used it to their own advantage, while others suffered. BOSTON, May 28.-W. & F. Burt, boot and shoe manufacturers of Cochituate, are financially embarrassed, and will probably settle through insolvency. Their liabilities are estimated at $150,000, and the assets consist of machinery, a factory and real estate. OMAIIA, May 28.-William Darst & Co., wholesale liquor dealers, assigned this morning. Liabilities, $80,000; assets about the same. NEW ORLEANS, May 28.-A Times-Democrat special from Eagle Pass says the mercantile banking and commission house of J. W. Riddle, of Piedras Negras, has assigned. There is no statement, but the assets and liabilities will reach hundreds of thousands.
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was arrested this morning on a warrant charging him with making false re- turns to the comptroller of the currency and embezzlement of the bank's fonds. Henry W. Kennedy, cashier of the bank and a brother of the president, was also arrested, charged with conspiracy. They were held under heavy bonds to appear at a preliminary hearing on Wednesday. From the few developments that took place in the affairs of the Spring Garden bank it is evident that when the full story of the bank's management is told it will fairly rival that of the looted Keystone bank. Receiver Fisher said today that the further he looked into the affairs of the bank the more dubious it looked for depositors. A member of the depositor's investigating committee investigating the bank affairs, said that among the collateral of the bank were two notes, one for $50,000 and another for $60,000, drawn by a person who has no existence. The suspension of the Spring Garden bank has been far-reaching in its effects, and many business houses have been seriously crippled. Yesterday the American Machine company was forced to assign by reason of the bank failure, and today the Milward Cliff Cracker company made an assignment from the same cause. The assets are thought to exceed the liabilities. During the expose of the business methods of the Keystone bank and City Treasurer Bardsley the Third National bank was given unpleasant connection with them, and in consequence has since lost a million dollars of deposits. Today President Lewis and Vice-President Myeas resigned.
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HELD FOR EMBEZZLEMENT. The President and Cashier of the Spring Garden Bank of Philadelphia Arrested. PHILADELPHIA, May Francis W. Kennedy, president, and H.H. Kennedy, cashier, of the Spring Garden bank, recently closed by order of the comptroller of the currency, have been arrested on warrants sworn out by Bank Examiner Drew, charging Francis W. Kennedy with embezzlement and aiding and abetting the officers of the bank in making false entries in the books. H. H. Kennedy is charged with making false entries in the books and aiding and abetting others, with the intention to defraud the bank. The amount of embezzlement is placed at $100,000. United States Commissioner Bell gave the prisoners a preliminary hearing and held Francis W. Kennedy in $20,000, and H. H. Kennedy in $15,000 bail for further hearing Monday. The suspension of the Spring Garden bank has been far-reaching in its effects, and many business houses have been seriously crippled by it. Thursday the Millward-Cliff Cracker Company made an assignment. It is a stock company, and in an investigation of its affairs it was discovered that Frank Benton, the treasurer. had given accommodation notes to the extent of $50,000 to Francis W. Kennedy, president of the Spring Garden bank. When this was discovered the officers of the company decided to make an assignment to protect their creditors pending a thorough investigation. During the recent exposure of the business methods of the Keystone bank and City Treasurer Bardsley the Third national bank was given an unpleasant publicity through its business connections with the institution and with Bardsley, and in consequence lost within two weeks $1,000,000 of deposits. Thursday President Percy M. Lewis and Vice President George Myers sent in their resignations to the board of directors, stating that they thought the best interests of the bank would be best served by their so doing.
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# A Healthy Financial Reaction. Comptrollor of the Treasury Lacey said last week that the financial conditon of Western banks is growing better every day now that the unnatural causes which led to trouble and collapse have ceased to exist. "Now that the Keystone Bank matter has practically been settled by the action taken in Examiner Drew's case," continued the Comptroller, "affairs are looking much better in Philadelphia, and particularly by the Third National Bank. Here is an institution the deposits of which aggregated $1,700,000, which stood a run to the extent of a million and a half dollars and still stands high in the world of finance. A meeting of the stockholders has been called for this week, when further steps will be taken to put the Third National upon a firmer foundation than ever, and incidentally to congratulate each other upon the magnificent stand it made when occasion required. Reports received from all parts of the country indicate a healthy reaction in all parts of the financial world, and every thing points to one of the most successful crop seasons ever known in the United States. This will have its due effect upon the country saving banks and will penetrate to the money centers in course of time. Bank examiners will be held to a strict accountability for the necessary reports on the condition of the banking institutions committed to them for examination and the list will be very carefully revised by me before preliminary steps are taken. There is no salary attached to the position of an examiner, but they receive fees for so much upon the capital stock of the bank which they investigate."
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Another Bank in Trouble. The capital of the Third National Bank, of Philadelphia, which held one of Bardsley's active accounts as city treasurer, is said to have been impaired mainly, it is believed, by the run forced upon it through the Keystone failure and the impairment of public confidence in all institutions closely related to Bardsley. The bank has paid out $1,400,000 of private deposits out of $1,500,000 since the storm first broke. The city has $300,000 in the bank which is bing reduced week by week. At a meeting a few days ago it was agreed that there should be no attempt to withdraw this at once, the directors becoming responsible for its return. Bank Examiner Sheppard has been examining the bank's affairs, and it is said stockholders will reorganize it by putting in more capital.
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Careful Management Floated the Bank. PHILADELPHIA, July 21.-At a meeting of the directors of the Third National Bank today Gen. Louis Wagner, recently director of public safety, was elected president. The bank has within the past few weeks been reorganized after having withstood a severe strain in the shape of a run. At the time of the failure of the Keystone Bank a run was started on the Third National, the depositors being nervous because of the fact that it had large deposits of city money. Careful management kept the bank afloat, however, and a recent voluntary assessment by the stockholders has put the institution, in a good condition.