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ANOTHER SAVINGS BANK GONE UP.The Reading (Pa.) savings bank, with near ly $1,000,000 deposits, has suspended. The officers announce that the assets are sufficient to pay all claims. The banking houses of Bushong & Bro, and the Dime Savings Bank of Reading also suspended after the closing of the larger concern.
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Reading (Pa.) Savings Bank suspended yesterday. Liabilities unknown.
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RFADING BANKS CLOSED. Sudden Suspension of Three Banking Institutions. TWO SAVINGS BANKS Fears that Manufacturing Firms Will Be Crippled. [BY TELEGRAPH TO THE HERALD. ] READING, Pa., Nov. 16 1877. Shortly before the closing hour 10-day the Reading Savings Bank, one of the oldest. and heretolore considered one of the most reliable, institutions in the Schuylkill Valley, posted a notice on its doors an. nouncing its suspension, and that it expected its assets would cover its liabilities. This was a most unexpected turn of affairs, and the entire business community was startied. The deposits amount to nearly $1,000,000. CLOSING OF BUSHINGS' AND THE DIME BANK. Shortly after the above was made known the banking house of Bushing & Brother posted a. similar notice. Closely following this the Dime Savings Bank followed the example, making three for the alternoon. The two last named were smaller institutions, carrying deposits of about $200,000. It is believed that their notices were more for the purpose of evading ruus on them 10-morrow than any want of funds for the transaction of their ordinary business. A HEAVY DRAIN. Four years ago the Reading Savings Bank had a deposit of about $2,000,000. The cashier, E. P. Boas, states that within the past two years they have paid out to depositors $800,000. Their investments were such that they could not realize on them, and as they have been carrying collaterals for heavy amounts for at least two large manufacturing firms, and not being able to secure money to tide over their business needs, the bank determined to close and make an assignment, which will be done some time to-night. The confidence of the community in the integrity of the Measrs. Boas and the directors of the bank has allayed all excitement, notwithstanding the fact that a large amount of the deposits belong to the poorer classes. The First National Bank, having its office in the same building and nearly under the same management, will continue its business to-morrow in another building. THE PRINCIPAL LOSERS. Among the heavy depositors in the savings bank is the Sheriff of the county, who has a deposit of $21,000. A very large amount deposited belongs to the farmers of the county. There is a report to-night that the large Iron firm of Setfert, McManus & Co. will be severely crippled by the above suspensions. At this writing large crowds are congregating in front of the banks and special squads of officers are preserving order.
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The Suspended Reading Banks-Card from Bushing & Bro. READING. Pa., Nov. .-The all prevailing topic of conversation on the streets to-day is the closing of the three banking houses yesterday: the Reading Savings Bank, Bushing Brothers, and the Dime Savings Bank. The first mentioned made an assignment to D. G. Stizel and H. A. Muellering. Bushing Brothers retire from the banking business a:together. Anticipating a run to-day, they concluded to close doors. They will publish the following card in the afternoon paper: To the public: Since our suspension four years ago, we have struggled hard to manage our property SO as to pay our creditors, and thereby do our duty to them and to ourselves. The continued depression of business and shrinking of values has compelled us again to suspend. During the past year our property and business have yielded considerably more than interest Ion our indebtedness, SO we have confidence in theirlintrinsic value, and believe that. if our creditors are forbearing, we can in time pay every cent. To this end we pledge our property and labor, and will sacredly and conscientiously apply every dollar of our earnings to their payment. BUSHING & BRO. Their entire deposits amount to about $400.000. When they suspended in 1873, their deposits were $1,000,000. George F. Born. president of the corporation offSeyfert. McManus & Co., states that that firm is indebted to the Reading Savings Bank $116,000. This, and other large advances made to various manufacturing establishments of the city, is supposed to be the cause of their suspension.
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READING'S SENSATION. Excitement Occasioned by the Bursted Banks. The terrible financial crash caused by the failure of the Reading Savings Bank, the Dime Savings Bank and Bushong & Bro. is still the topic of absorbing interest in Reading. The entire business community is startled and knows not what to do. Four years ago the Reading Savings Bank had a deposit of about $2,000,000. The cashier, E. P. Boas, states that within the past two years they have paid out to depositors $800,000. Their investments were such that they could not realize on them, and as they have been carrying collaterals for heavy amounts for at leasttw large manufacturing firms, and, not being able to secure money to tide over their business needs, the bank determined to close and make an assignment. The confidence of the community in the integrity of she Messrs. Boas and the directors of the bank has allayed the excitement somewhat, notwithstanding the fact that a large amount of the deposits belong to the poorer classes. The First National Bank, having its office in the same building and nearly under the same management, continues its business to-day in another building. Among the heavy depositors in the savings bank is the Sheriff of the county, who has a deposit of $21,000. A very large amount deposited belongs to the farmers of the county. The combined liabilities of Bushong & Brother and the Dime Savings Bank will, it is believed, amount to nearly $1,000,000. There is a report that the large iron firm of Seifert, M cManus & Co., will be severely crippled by the above suspension.
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The Reading (Pa.) Savings bank, with nearly $1,000,000 deposits, has suspended. The officers announced that the assets are sufficient to pay all claims. The banking house Bushong & Bro.,and the Dime Savings Bank of Reading also suspended after the closing of the larger concern.
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^ MILLION DOLLAR FAILURE. READING, Pa. Nov. 16-The Reading Savings Bank, the leading banking institution of the county, suspended this afternoon. The deposits are nearly $1,000,000; liabilities not stated, although the officers announced that the assets will be sufficient to pay all claims.
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The Reading (Pa.) Savings bank, with nearly $1,000.000 deposits, has suspended. The officers announce that the assets are sufficient to pay all claims. The banking house of Bushong & Bro.. and the Dime Savings Bank of Reading also suspended after the closing of the larger concern.
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A FINANCIAL crash was experienced at Reading, Pa., on the 16th. The Reading Savings Bank, with deposits aggregating $1,000,000, closed its doors, and this was followed by the suspension of the banking house of Bushong & Brother and the Dime Savings Bank. Other failures are inevitable. The Reading Savings Bank had been carrying two large iron manufactories which were unable to meet their obligations. The managers say depositors will ultimately be paid in full, but much suffering to the poorer class is inevitable.
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THE READING BANK FAILURES. READING, Penn., Nov. 23.-Bushong & Brothers, bankers. who recently suspended, have presented a proposition to their creditors. They propose to give a general mortgage on all their property, both partnership and individual, to three trustees. to be elected by the creditors, in trust for the creditors, to be, with interest, payable in five years, or on January 1, 1883, certificates upon this mortgage to be issued to the ereditors, bearing interest payable in live years, with interest, or a part thereof, within that time, at the option of the Messys. Bushong. It is expected this proposition will be very agreeable to the creditors. The assignees of the Reading Savings Bank will present a statement to the creditors and depositors to-morrow night. There is no information as to when a statement will be made by the assignee of the Dime Savings Bank.
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The Chicago Navings Bank Plague Traveling East. READING, Pa., November 17.-The Reading Savings bank, with nearly a million dollars on deposit; Bushing & Bros., bankers, with liabilities of $300,000, and the Dime Savings bank, have suspended. NEWARK, N. J, November 17.-The People's Savings bank, which started in 1871, has suspended. Fifty thousand dollars are due depositors. Assets, if realized, are enough to pay in full. CINCINNATI, November 17.-W. P. Kinney, bankers, Portsmouth, Ohio, made an assignment.
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A melancholy dispatch went over the wires last Saturday announcing a panic and failure of three savings banks at Reading, Pa. The first-the Reading Savings Bank-leaves unsatisfied deposits to the amount of $700,000; the second-the bank of Bushong & Bro., -owes its depositors $400,000; and the third -Boyer & Sellers,-is behind $12,000 to $15,000. The "Reading," which started the ball, had really crippled itself in a vigorous attempt to help others who were being pushed to the wall, and is confident of being able, in a little while, to pay dollar for dollar. Fortunately it numbers many of the wealthiest men in Reading among its stockholders, all of whom are individually liable for the debts of the bank. In regard to all of them, however, the familiar item is given that the "loss falls heaviest upon the poorer classes, who have from $50 to $1,000 on deposit." This IS a dismal sentence, heavy with lost years, blasted hopes, and wrecked lives.
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THE READING BANK FAILURES. READING, Penn., Nov. 28.-Messrs. Bushong & Bro., bankers, who suspended payment recently, have submitted a proposition to their creditors asking an extention of five years from January 1, 1878, within which time they promise to pay every dollar, with interest, to all depositors who are creditors to the amount of $100 and over, and those under that amount to receive their money immediately. More than 150 creditors, who have more than $100 in deposit, have signed the agreement, there being about 450 depositors altogether. The aggregate claims against the firm amount to $350,000. No statement has yet been made by the Dime Savings Bank, which also suspended. There was a meeting to-night of the committee appointed last night to obtain signatures to a petition to have the Reading Savings Bank with Messrs. A. F. & E. P. Boas adjudged in bankruptcy. About fifteen persons, representing only about $2,500, signed the petition,
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READING BANK FAILURES. THE CASHIER OF THE SAVINGS BANK ARRESTED FOR EMBEZZLEMENT-BISHONG & COMPANY'S SETTLEMENT. READING, Penn., Dec. 5.-A. F. Boas, the cashier of the suspended Reading Savings Bank, was arrested this afternoon, on charge of embezzling over $25,000 In the past two years. A writ of habeas corpus was granted for a hearing on the 12th instant, the prisoner giving $25,000 bail. Executions on suits already brought were also issued to-day, and the constable levied upon the furniture and fire and burglar-proof safes of the bank. The petition to throw the bank into bankruptcy has been signed already by men representing more than the required amount of liabilities to secure that result, and it is believed that by to-morrow the required number of signers of the petition will also be obtained. The creditors of Bishong & Co. are quietly signing the proposition made by that firm, and the strongest contidence is expressed in their ability to meet their liabilities within the five years' extension asked for.
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ARREST OF A SAVINGS BANK CASHIER-A F. Boss, the cashier of the suspended Reading savings bank. was arrested yesterday afternoon on a charge of embezzling during the last two years money amounting to over $25,000. A writ of habeas corpus was granted for a hearing on the 12th inst., the prisoner giving bail in $25,000. Executions of suits already brought were also issued yesterday, and the constable levied upon the furniture and fire and burglar proof safes of the bank. The petition to throw the bank into bankruptey has already been signed by parties representing more than the required amount of liabilities to secure that result.
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A. F. Boas, cashier of the suspended Reading, Pa., saving's bank, was arrested yesterday, on a charge of embezzling in two years over $20,000 A habeas corpus was granted, the prisoner giving bail of $25,000.
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Bank Cashier Charged with Embezzlement. READING, Pa., Dec. 5.-A. F. Bows, cashier of the suspended Reading savings bank, was arrested this afteruoon on a charge of embezzling, during the past two years, money amounting to over $25,000, A writ of habeas corpus was granted for a hearing on the 12th iust., the prisoner giving bail in $25,000.
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Robbery. Four men knocked down and robbed William Kenfen, yesterday afternoon. Newspaper Dead. NEWARK, December 5. The Morning Courier, said to be owned by ex-secretary Robinson, died to-day. PENNSYLVANIA. Arrested. READING, December 5. A.F. Boes, cashier of the suspended Reading Savings Bank, was airested this afternoon on the charge of embezzling during the past two years money amounting to over $25,900. A writ of habeas corpus was granted for a bearing on the 12th inst., the prisoner giving bail ID $25,000.
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WITH SUPPLEMENT. THE NEWS THIS MORNING. Formign.-President MacMahon having insisted on retaining the Ministers of War, Marine and Foreign Affairs, M. Dufaure declined to form a Cabinet, and Senator Batbie has been invited to accept that task. The advance of the Turks on Tirnova has been checked, on the part of the. Russians, by a flank movement, and the dispatch of reinforcements. It is reported that the Czar will soon return to St. Petersburg. The British steamer European was lost off Ushant nearly all on board were saved. Domesfic.-Senator Patterson had an interview with the President. = The Republicans of the Senate held a caucus yesterday accusations were made against Sergeant-at-Arms French, and a committee was appointed to investigate them' Senator Conkling's friends say the only overtures made to him in behalf of Mr. Evarts have been toobtain his support in exchange for patronage. The President has not renominated Henry S. Sanford because it would be disrespectful to the Senate. ========================= A Rhode Island Supreme Court Justice has ruled that a charitable inof on is not liable for negligence. Baltimore rioters have been sentenced to three and eight months' imprisonment. Creditors of the Reading Savings Bank have petitioned that the bank and its president and cashier be adjudged bankrupts. The Board of Canvassers have seated Senator Robertson from the IXth District. The German Savings Bank, of Chicago, closed its doors, a receiver having been applied for. CONGRESS.-In the Senate Mr. Teller submitted a resolution of inquiry in relation to the cession of lands by the Ute Indians. Mr. Edmunds's resolution of inquiry in relation to criminal suits in the United States Courts of South Carolina was agreed to Mr. Mitchell called up his bill amending the Northern Pacific Railroad Act, and made a long argument in its favor; it was referred. The bill for the relief of the sufferers by the wreck of the steamer Huron was passed by both Houses, as was also a resolution providing for a recess from December 15 to January 10. In the House, several public and private bills were passed ; a resolution was adopted for securing the records of the House against fire. CITY AND SUBURBAN.-The Excise arrests caused the greatést excitement among liquor dealers. The Grand Jury declared the whole system a public seandal. More arrests were made last night. The New-York Chamber of Life Insurance has been dissolved. Dr. Bodenhamer and Jennie W. Danforth, a magnetic healer," testified, yesterday, about Commodore Vanderbilt's belief in clairvoyance. City and street railroad officials conferred about removing snow from the streets. The Rev. Joseph Cook delivered his fourth lecture, on "Life or Mechanism-Which ?" Robert L. Case obtained a stay of proceedings from Judge Dykman. The Examining Committee of the National Trust Company has reported on its condition. Coal men are seeking to form a new combination. The trial of Dr. T. S. Lambert was continued yesterday. Gold, 1023, 1027s, 1023. Gold value of the legaltender dollar at the close, 97³₁₀ cents. Stocks dull but feverish, closing firm. THE WEATHER.-TRIBUNE local observations indicate fair and slightly warmer weather, with occasional cloudiness. Thermometer yesterday, 36°, 39°, 36°.
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THE READING SAVINGS BANK. PETITION OF THE DEPOSITORS THAT THE INSTITUTION BE ADJUDGED BANKRUPT. PHILADELPHIA, Dec. 7. 1877. A petition was presented in the United States Dis. trict Court today from the depositors of the Reading Savings Bank, asking that the bank and A. F. and E. P. Boas be adjudged bankrupts. Appended to the petition are the names of over dfeen hundred persons, representing deposits aggregating $450,000 in sums ranging from $1 to $10,000. The heaviest depositor who signed the petition is Henry W. Rhoads, a shoemaker of Reading, who had $10,400 on deposit. STATEMENT OF THE PETITIONERS. The petition sets forth that A. F. Boas has been president of the bank since its organization, and that Edward P. Boas has been its cashier for about ten years; that the demands of the petitioners against said bank are all provable; that the petitiouers constitute one-fourth of the creditors of the bank; that their aggregate demands are about $435,000: that A. F. Boas has been for several years the owner of all the capital stock, which fact was not known to the petitiouers until the bank suspended payment; that within six months of the date of this petition the said bank di-i commit various nets of bank. rupicy, to WIL:-Ou November 16, 1877, the said bank did fraudulently stop payment; that on the same day, the bank being insolvent, did make an assignment of all its property for the benefit of its creditors, with intent to delay and deteat the operation of the Bank. ruptcy act; that at the une of its suspension the said bank was indebted to the First National Bank of Read. 10g, of which A. F. Boas was cashier, and that after closing its doors the said savings bank paid a portion of its indebtedness to the First National Bank or ead. 10g, with intent to defraud the creditors of the savings bank. Judge Cadwalader. to whom the petition was presented, granted the usual order, returnable December 19, when the case will be argued for the petitioners.
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THE EAST. THE Bank Commissioners cut down the deposits of the Derry Savings Bank, Manchester, N. H., 25 per cent. Cause, bad paper and poor investments. It is said that the bank will pay only 4 per cent. interest on the remaining assets. IT is understood at New York city that U.S. Grant, jr., has been appointed special assistant United States district attorney for the preparation of the old and delayed customs cases. AT Wilkesbarre, Pa., on the 27th, ten men, convicted of riot in interfering with mining operations last August, were sentenced to pay fines, varying from $10 to $100, and imprisonment from 30 days to nine months. THE official statement of 179 savings banks in Massachusetts for 1877, shows aggregate deposits of $244,596,614 against $243,340,642 the previous year. THE firm of Albert & Gabriel Netter, notified the New York stock exchange on the 26th, of its inability to meet contracts. No failure has occurred in Wall street for many months that has caused more comment. The total amount of losses sustained by various houses, owing to the suspension, is estimated at $200,000. A BANQUET was given at New York city on the 26th, by Cyrus W. Field, in honor of the present and prospective success of the elevated railroad. Secretary Sherman responded to the toast "Our Country" and' Wm. Cullen Bryant spoke for "The Press.' ROBERT P. PARROTT, inventor of the Parrott gun, died at Cold Spring, N. Y., on the 24th. THE Pittsburg, Pa., Chamber of Commerce, on the 24th, passed a resolution calling for a national convention to meet at Washingtion on the 22d of January, 1878, to consider the question of improving the American merchant marine. Six steamers left New York on the 22d inst., with large cargoes of grain, fresh meat and oysters. The grain shipments amounted to 110,000 bushels. THE assignees of the Reading, Pa., savings bank, furnish a statement to the United States Marshal which shows the liabilities to be $954,863, and the estimated assets$936,798. CHARLES SCOTT COSINE, awarded the four-year-old prize at the New York baby show, died of the scarlet fever on the 22d. JAS. FLANNING, clerk of the Pottstown, Pa., Iron company, has disappeared with $5,300.