2456954691013 245695469
hash
934356a4ca9b4d98None
Click image to open full size in new tab
Failure of the Penn Bank, of Pitto burg. PITTSBURG, PA., May 21. - The Penn bank of this city, closed its doors and posted the following: "Owing to a continued run for several days we have decided that It is wise for our depositors and all concerned to suspend payment for the present." There Is great excitement, and a large crowd surrounds the bank. Officers have been placed at the doors.
Click image to open full size in new tab
Failure of a Pittsburg Bank, PITTSBURG, Pa., May 21.-The Penn bank, of this city, closed its doors to day, owing to a run for some days. There is much excitement here. The president said that the run was caused by malicious rumors. They had paid out $70,000 in the last five days, and deemed it prudent now to call a halt.
Click image to open full size in new tab
THE Penn bank of Pittsburg, which did & very large business in that city, closed its doors yesterday. A rumor that it had permitted certain oil speculators to overdraw their accounts made the depositors uneasy and a run resulted. The other banks in Pittsburg have arranged to stand together to prevent further trouble, and if possible enable the suspended concern to resume, as it is believed to be entirely solvent.
Click image to open full size in new tab
THE PENN BANK RESUMED. PITTSBURS, May 23.-The Penn bank threw its doors open at 2:30 o'clock. The bank was crowded, but nearly as many were depositing as drawing out. The doors of the bank were kept open until 5 P. Ite. in order to gratify all demands. Long before that hour the run had ceased, and it is expected when they open to-morrow the scare will be over and business proceed the same as before the suspension. Deposits to-day are said to be $50,000 in excess of the amount withdrawn.
Click image to open full size in new tab
Prospective Slander Suits. PITTSBURGH, PA., May 24.-The Penn Bank is now transacting its regular business as quietly as before the suspension. The Directors, it is said, will commence suit for slander next week against a number of prominent business men, who are charged with circulating reports injurious to the credit and standing of the institution.
Click image to open full size in new tab
THE PENN BANK., PITTSBURG, May 23.-The officials of the Penn bank are preparing evidence, and in a few days will bring suit against several prominent business men for maliciously circulating rumors which caused the run on the bank and compelled its suspension.
Click image to open full size in new tab
MORE CONFIDENCE AN PITTSBURGH. Timid and Demoralized Officials Cause the Penn Bank's Suspension. PITTSBURGH, May 27.-The affairs of the Penn bank continue to be the engrossing subject among all classes. President Riddle this morning was sufficiently recovered to enable his friends to remove him. Two well known and experienced bankers made a careful examination of the books last night. Their statement shows that deposits decreased $800,000 from the time of resumption on Friday until the close yesterday. If the books are correct, the bank ought to pay every cent of its debt. The expression is growing that the second suspension is due wholly to limidity and demoralization when President Riddle was suddenly prostrated.
Click image to open full size in new tab
THE Penn Bank, of Pittsburgh, suspended last week. An effort was made to revive it, which however failed.
Click image to open full size in new tab
A Protracted Run Compels the Penn Bank of Pittsburgh, Pa., to Close Its Doors-The Suspension, By Reason of Solid Backing, Thought to be Only Temporary-Other Banks Feel the Pressure. You 00
Click image to open full size in new tab
The Penn Bank of Pittsburg. PITTSBURG, PENN., May 23.-The doors of the Penn Bank opened at 2 (o'clock to-day, and where kept open until five this evening, in order to gratify all demands. Long before. that hour the run had ceased, and it is expected when they open to-morrow the scare will be over, and business will proceed the same as before- the suspension. Deposits to-day are said to be $50,000 in excess of the amount withdrawn.
Click image to open full size in new tab
NEWS AND NOTES. A Summary of Important Events. r Owine to a continued run the Penn Bank of Pittsburgh, Pa., suspended temporarily on the 21st.
Click image to open full size in new tab
The Penn Bank Swindle. The Directors of the Penn Bank. of Pittsburg, made an assignment on Wednesday, 11 now appears that the " "deficiency" in the bank's accounts amounts to at least $1,200,000. The official statement of the aasignee of F. A. Hawley & Co.,the Boston bankers, who recently failed, shows an indebtedness of $342,568, and assets of $32,585. There are also contingent liabilities of $30,000. A meeting of about one hundred creditors of the State Savings Bank, of St. Joseph, Missouri, was held on Tuesday. The assignee's attorney assured the depositors that the institution would pay dollar for dollar.
Click image to open full size in new tab
THE Penn Bank at Pittsburgh, after having resumed payment on Saturday, again suspended Monday, causing great excitement. Strong's Bank, at Green Bay, Wis., has closed its doors.
Click image to open full size in new tab
The Penn Bank-A Co-ordin-te Crash. PITTSBCKG, May. 0-J. Watsor, the oil broker, whose account was overdrawn £ 97 000, left suddenly for New York this evening with his wife Detective. have been shadowing his house for two days. Te'egrams have been sent east to arrest him for conspiracy. There is great excitement to night and other arrests are excected. Search is being made for about $200,000 in securities sent east Feiday or Sturday, of which there is no vrace. Attorneys are examining a bg box of papers found in bank which may throw some light on the oil operations or :be bank and explain many things which are much-talkedof mysteries at this time. Nearly all the assets of Mr. Riddle which are available, were disposed of weeks ago, Those turned over were those on which mone. could not be speedily ob tained. A special from Harmony, Pennsylvania, 8936: The Harmonv Savings bank closed doors vesterday, owing to money tied up in the Pen bank. As it was known that bank did business with Penn bank, a un was feared, and it was deemed best by the officers to close before a rush would commence. There was no statement of liabilities, but they are believed to be small.
Click image to open full size in new tab
THE EAST. THE Fall River (Mass.) strikers returned to work at the reduced wages. CHARLES HOLCOMB shot a young man named Miller at Conneautville, Pa., recently, because Miller accompanied Holcomb's best girl home from church. THE first message by the Commercial Cable was received at Rockport, Mass., on the 27th, as follows: "From the steamer Faraday to the selectmen of Rockport: The Faraday wishes to thank the selectment of Rockport as well as her citizens for the reception she received at her hands, and can only regret that her arduous work called her away so soon." THE Empire buildings in New York have been purchased by a London syndicate for $1,750,000. AT the New York horse show on the 28th, Cyrus W. Field received the first prize for matched pairs. Frederick Gebhardt's Leo received the first prize for hunter's mare or gelding; also a special prize. THE Union Deposit Bank at Greensburg, Pa., closed its doors on the 29th. THE Massachusetts Legislature defeated the bill to abolish the contractlaborsystem in the State prison. DISCLOSURES as to the condition of the Penn Bank, of Pittsburgh, Pa., show defalcations amounting to $1,250,000. The bank lost heavily some time ago in attempting a corner in the oil market. Allegations of downright theft of the bank's assets were made. NOTICE has been issued to the coal operators of Schuylkill County, Pa., that coal mining will be suspended during twelve days in June. 1 THE other night, at Albany, N. Y., a German woman, Caroline Schreifer, while insane from the loss of her bank book, murdered five of her children, and running with the oldest child, nine years old, threw herself in front of a train on the Central
Click image to open full size in new tab
i THE Penn Bank at Pittsburgh, Pa., has suspended again, because the President is "sick" from an overdose of morphine. 1 IN the Massachusetts Legislature, on the "29th, the bill to abolish prison contract labor was defeated.
Click image to open full size in new tab
BRIGHT BITS. A GREAT many fashionable ladies are going to wear nothing this summer but black silk dresses and white dresses made with a good deal of lace and embroidery.-Päladelphia Times. "FERDINAND WARD'S father's greatest mistake was in not giving him a trade," observes a Boston paper. It is probable thatthe State will remedy this defect in his education.Daily Graphic. IF you will sit down and wait. yung man, at least one haff ov the good things ov life will at some time eddy around near yu, while the more yu chase them the more they will break into a run.-Josh Billings. THE Pittsburg Chronicle summarizes the Penn Bank failure in this fashion: "What the reporter asked, '-?-?-?-?' What the bank director answered, '-!-!-!-!-!' What the public learned, '-0-0-0-0.'' "WHAT 18 a liberal education?" asks Prof. Eliot of Harvard in the June Century. The average student seems to think that it consists entirely in having a liberal father and living next door to a boat house.-Burlington Free Press. THE father of five marriageable daughters was in town a few days ago trying to buy some four-leaf clover seed to plant in his back yard. He said he had read that when a young girl finds a four-leaf clover it is a sign that she will be married within a year.-Norristoron Herald. "You remind me of Barnum since he secured his white elephant," said a Brooklyn man to his wife, who never tired of talking. "Because he holds as sacred a priceless and peerless beauty?" she timidly and blushingly suggested. "Not quite," replied the wretch: "it's because he owns a Toung Toulong." That heartless husband no longer carries a night-key.-New York Morning Journal. MAN that is married to a woman is of many days and full of trouble. In the morning he draws his salary, and in the evening Behold, it is gone! It is a tale that is told; It is vanished, and no man knows whither it goeth. He riseth up clothed in the chilly garments Of the night And seeketh the somnolent paregoric Wherewith to soothe his infant posterity. He cometh as a horse or OX And draweth the chariot of his offspring. He spendeth his shekels in the purchase of fine linen To cover the bosom of his Family; Yet himself 18 seen at the gates of the city With one suspender. Yea, he is altogether wretched. -Philadelphia News.
Click image to open full size in new tab
NEWS CONDENSED. Concise Record of the Week. EASTERN. Mr. Riddle, who was President of the wrecked Penn Bank, of Pittsburgh, is in a critical condition of health. He states that the directors were interested in the oil pool which caused the collapse of the bank; that the fictitious accounts were opened two years ago; and that the directors have recently appropriated $400,000 in stock and deposits which he left for depositors. The Directors of the Reading Road, after numerous meetings, announced that the coupons on the consolidated bonds will be cashed at par. They then applied to the Cirouit Court for a set of receivers, and H. C. Kelsey, Stephen N. Caldwell, Edwin M. Lewis, and George De B. Keim were appointed in bonds of $500,000 each. Jesse Carter (colored) was hanged at Pittsburgh for being accessory to a murder He prayed and sung on the scaffold, and asserted his innocence. Near Miss Nivison's Children's Sanitarium, at Hammonton, N.J., was found buried the remains of twenty-one children, incased in rude pine boxes. Recently the death-rate in the institution, which is a purely charitable one, has been excessive, the manageress ascribing it to the use of Irish mose as food. The discovery caused much excitement, and the positions of the bodies showed that but a hasty interment was given the little victims. Mr. Austin Corbin, who acts as Treasurer for the institution, says he knows little of its management.
Click image to open full size in new tab
The Penn Bank's Affairs. PITTSBURG, Sept. 2.-R. M. Kennedy to-day filed an affidavit of defense to the suit of State Treasurer Baily against the directors ot the defunct Penn Bank to recover on the bonds given by the directors as security for the deposit of State funds amounting to $10,000. Kennedy disclaims liability as a signer of the bond, and disputes the commonwealth's right to a receiver. In the suit of the Penn Bank against him to recover $66,000 overdrafts, Kennedy also makes a detense, claiming that he never received overdrafts and had no knowledge of them until after the close of the bank.
Click image to open full size in new tab
FAILURES IN BUSINESS. Private Bankers of Cincinnati Assign Owing Many Benevolent Societies. CINCINNATI, Oct. 13.-S. S. Davis & Co., private bankers, made an assignment to T. C. Campbell to-day. Their liabilities are estimated at $60,000, and the assets at $15,000. Among the liabilities are a number of trusts of benevolent and secret society organizations. ASSIGNED TO SECURE AN EXTENSION. CHATTANOOGA, TENN.. Oct. 13.-Eugene Hammel, dealer in ladies' and gentlemen's furnishing goods, has made an assignment. His liabilities are $12,000, and his assets $10,000. The assignment was made to obtain an extension of time, and he will reopen. INDICTMENTS IN THE PENN BANK CASES. PITTSBURG, PA., Oct. 13.-The grand jury to-day found a true bill against President Riddle and Cashier Reiber, of the defunct Penn Bank, for conspiracy and the embezzlement of $1,200,000, and against L. J. Watson, the oil broker, for conspiracy to defraud the Penn Bank depositors. A BATCH OF ASSIGNMENTS. CHICAGO, Oct. 13. -Morgan Roth & Co., dealers in gentlemen's furnishing goods, were closed by the Sheriff to-day. Their liabilities are $35,000 and the assets about $23,000. Zimmerman & Co., cloak manufacturers, to-day made an assignment. Their liabilities are $80,000 and the assets $55,000. Wardell & Hinckley, dealers in machinery and engines, were closed to-day by the Sheriff. Their liabilities amount to $25,000 and assets to $18,000.
Click image to open full size in new tab
The Defunct Penn Bank. PITTSBURG, Feb. 28.-In the suit of Assignee Warren against the Directors of the defunct Penn Bank, to recover $450,000 of securities which were taken by the Directors to indemnify them for personal notes given as security to associated banks for a loan to tide over the first suspension, Master George P. Hamilton has completed his report. The ground taken by the assignee was that the securities belonged to the stockholders and depositors, and the Directors had no right to seize them to secure themselves. The text of the decision has not been filed. but it is generally known to be in favor of the Directors.
Click image to open full size in new tab
The Defunct Penn Bank. PITTSBURG, Feb. 28.-In the suit of Assignee Warren against the Directors of the defunct Penn Bank, to recover $450,000 of securities which were taken by the Directors to indemnify them for personal notes given as security to associated banks for a loan to tide over the first suspension, Master George P. Hamilton has completed his report. The ground taken by the assignee was that the securities belonged to the stockholders and depositors, and the Directors had no right to seize them to secure themselves. The text of the decision has not been filed. but it is generally known to be in favor of the Directors.
Click image to open full size in new tab
Decision in the Penn Bank Case. PITTSBURG, March 2.-In the suit of Assignee Warner against the directors of the defunct Penn bank to recover $450,000 securities which were taken by the directors to idemnify them for personal notes, given as security to the association banks for a loan to tide over the first suspension, Master George P. Hamilton has completed his report. The ground taken by the assignee was the securieties belonged to the stockholders and depositors, and the directors had no right to seize them to secure themselves. The text of the decision has not been filed, but it is generally known to be in favor of the directors.