e0b15d6fAccommodated withdrawals, Public signal of financial health, Full suspension, Books examined
Other: Bank eventually placed in hands of assignee/receiver; directors sued for disgorgement of securities.
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Pennsylvania Petroleum. Pittsburg, Pa., 21.-Oil opened weak; prices declined to 68½, then rallied to 72, but broke again to 69. At 1 o'clock. on account of the announcement of the suspension of the Pennsylvania bank, the feeling was very much unsettled and a panicky trade ensued, and a disposition to get rid of oil prevails.
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h IN GENERAL. The Crisis Over at Pittsburg-A Better Feeling Prevails. Butler Nominated for the Presidency by the Anti Monopolists. The New Cable Finished at Rockport, Massachusetts. The Missouri, Kansas & Texas Elect s New Board of Directors. The Northern Presbyterians in Assembly at Saratoga. Jay Gould Says a Few Things About the Western Union. The Fire Record-Train Wrecked. The Crisis Over at Pittsburg. PITTSBURG, May 22.-A more complete understanding of the exact condition of the Pennsylvania banks and the feeling that they will be able so pay all liabilities, together with the concerted action of bankers last night, has had a reasouring effect, and confidence to a large extent has been restored. It was feared that there would be runs on several banks reported on the +treet last night as in a weak condition, but a visit to the alleged shaky institutions at noon, found all serene, with checking out not much greater than usual. Bankers expreased themselves as perfectly able to meet the demands made upon them. Officials of the Pennsylvania bank are all busy to-day getting the affairs in shape for resumption to-morrow. Their clearances were made good today, and tomorrow they will open their doors with $600,000 in cash on the counters. Many of the largest depositors have signified their intention of allowing their money to lay in the bank, and long before the regular hour for opening this morning, a number of the heaviest depositore, forced their way to the side entrance, and insisted on making deposits. The bank refused to accept, however, until they resume to-morrow.
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THE FINANCIAL SITUATION. GOULD ON THE OUTLOOK. NEW YORK, May, 22.-Gould is said to have proof that outside investors have been heavy buyers of Western Union. Concerning the market he has very little to say. He believes that parties with capital are anxious to get securities at present figures, and there is every reason to suppose that we have passed through the troubles. He was talking with a prominent bank officer this morning. He declares that we have nothing to fear from our associated banks, and each day brings a brighter outlook. STATE OF AFFAIRS AT PITTSBURG. PITTSBURG, May, 22.-A more complete understanding of the exact condition of the Pennsylvania bank and the feeling that they may be able to pay all liabilities, together with the concerted action of the bankers last night, has had a reassuring effect and confidence to a large extent has been restored. It was feared there would be runs on several banks reported on the street last night, as in a week conditon, but a visit to the alleged shaking institutions at noon, found all serene with checking out not much greater than usual. The bankers expressed themselves as perfectly able to meet the demands made on the. The officials of the Pennsylvania bankarebusy to-day getting their affairs in shape for resumption to-morrow. Their clearances were made good today and to-morrow-they will open their doors with $600,000 cash in their counters. Many of the largest depositors have signified their intention to allow their memory to lay in the bank and long before the regular hour for opening this morning, a number of the heaviest depositors forced their way to the side entrance and insisted on making deposits. The bank refused to accept, however, until they resume tomorrow. On the floor of the Oil Exchange there was not much doing. The market opened firm at 73, advaneed to 76 but dropped off at noon to 741. The feeling unsettles and no orders are coming in. NEW YORK, May 22.-Several attachments were granted to-day against property in this city of the Pennsylvania bank of Pittsburg. The suits were brought by Henry & Newman and the 4th national bank. DONNELL AND CO. At Donnell, Lawson & Simpson's office it is stated they have received dispatches from their creditors to the effect that any compromise offered by them would be
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Pittsburg Financial Troubles. Pittsborg, 22.-There is no complete understanding of the exact condition of the Pennsy Ivania bank, and the feeling that thy will be able to pay all Fabillties, together with the concerted action of tanks ers last night has a reassuring effect and confidence, to a large extent has been restore:. It was feared there would be runs on several banks, 1eported on the street last night as in a weak condition, but a visit to the allege d shaky institutions at noon, found that the checking out was not much greater than usual. Bankers expressed themselves as perfectly able to meet the demands made of them. Officials of the Pennsylvania bank are buey to-day getting affairs in shape for resumption to-morrow. Their clearances were made good to-day and to-morrow they will open their doors, with $600,000 in cash on their counters. Many of their largest depositors have signis fied an intention of allowing their money to lay in the bank, and long before the regular hour for opening this morns ing a number of.tne heavlest depositors forced their way to the side entrance, and insisted on making deposits. The bank refused to accept them howeyer until they resums to morrow. On the fioor of the oil exchange there was not much doing. The market opened firm 73, advanced 76, but dropped off at noon 741, feeling unsettled and no others coming in
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Bank Suspension. PITTSBURG, May 21.-The Pennsylvania bank of this city closed its doors at 12:30 this afternoon, and posted the following on the doors: "Owing to the continued run for several days we have decided it wise for our depositors and all concerned, to suspend payment for the present. There is great excitement and a large crowd surrounds the bank.
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THE BUSTED " Blanchard's Failure at Richmond Attributed to "Futures." A Confession Intended by the Partner of the Grants. RICAMOND, May 23.- The liabilities of Blanchard are $223,000. Among the credit ors are Baring Bros. & Co., Boston, $147,000; the Massachusetts National bank, Boston, $50,000; the State Bank, Richmond, $1,250; T.G. Lurman, Baltimore, $8,400. The failure is due to heady dealings in futures. PITTSBURG, May 23, 2:30 p.m.-The Pennsylvania bank have not yet opened their doors, but expect to do so in a few minutes. It was the original intention to resume payment at 1 o'clock, but the details could not be arranged. Above one hundred persons are on the pavement and steps waiting for the doors to open. The bank has been receiving deposits all day, and a very small run is anticipated. There is no excitement in financial circles and confidence seems restored. The doors were thrown open at 2:30 p. m. The bank is crowded, but nearly as many are depositing as drawing out. The doors of the bank were keptopen until five this evening in order to gratify all demands. Long before that hour the run ceased and it is expected when they open again tomorrow the scare will be over and business proceed the same as before the suspension. The deposits to-day are said to be $50,000 in excess of the amount withdrawn. The officers of the Pennsylvania bank are preparing evidence, and in a few days will bring suit against several prominent business men, for maliciously circulating the rumors which caused the run on the bank and compelled its suspension. NEW YORK, May 23.-Half a dozen detectives and deputy sheriffs watched the house of John C. Eno to-night. The servants admitted only intimate friends. Eno is in bed sick. NEW YORK, May 23.-The syndicate who have taken the government bonds from Fisk & Hatch, is composed of I. and S. Wormser, Louis L. Hoyt, J.B. Colgate, and the United States Trust company. It is stated the syndicate took all the firm had. By this operation, banks and others having loans on the bonds are relieved and Fisk & Hatch are placed in a position to adjust their affairs. U. S. Grant, Jr., came from Morristown, N.J., his home, this forenoon, to the office of Grant Ward. He laughed at the rumor of his supposed flight to Canada, and says he has no intention of leaving. He intends to remain and attend to the business necessarily growing out of his financial embarrassment. Col. Fred Grant is also in the city. Stephen F. Moriarity, partner of Jesse Grant, appeared in the common pleas as a witness in the supplementary proceedings upon judgment secured against him for $5,000, by Henry H. Remington. An adjournment was granted until Monday. It is thought a settlement will be effected. James R. Keene proposes to settle with notes, payable in twelve and eighteen months. The Post says, it is reported that Ferdinand Ward intends making a confession. Insolvent schedules of the firm of Owen & Mercer were filed to-day. Liabilities $200,468; nominal asseti $883,397, actual assets $28,045. The schedules show stocks and bonds of a nominal value of $578,853, pledged to the Bank of the Republic for loans, the market value of which is about $134,000, or just sufficient to pay the claims of the bank. The unsecured liabilities are only $52,000. Judge Donoghue has granted several orders permitting Receiver Davies of the firm of Grant & Ward to adjust the claims of creditors. Jas. R. Keene, this afternoon, told reporters that he expected to be able to pay his debts in full if his creditors would give him a little time. To this end he makes a proposition to the holders of his obligations, adjusted and unadjusted, to accept his notes dated May 1, 1884, for the full sum due them on that day, payable in twelve and eighteen months. For the privileges not matured on that day he proposes to give notes for the amounts received by him when the privileges were issued. NEW YORK, May 23.-Jno. C. Eno sold his property to members of his family for $203,500. Before transferring the property at 73 Mercer street he obtained a loan of $15,000.
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Pittsburg Points. PITTSBURG, May 23.-The iron-workers will present a scale to the manufacturers tomorrow. If not signed by June 1 a general strike will result. Officials of the Pennsylvania 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 suspension.
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No Crookedness Involved. PITTSBURG, May 27.-The affairs of the Pennsylvania bank continues to be the engrossing subject among all classes, but up to now there was as little definitely known as at the time of closing yesterday. President Riddle slept fairly well last night and this morning was sufficiently recovered as to enable his friends to remove him to the residence of D. A. Stewart, in the east end. Two well known and experienced bankers made a careful examination of the books last night. Every opportunity was given them to make a superficial examination. According to their statement the booksshow that $300,000 has been drawn out from the time of resumption on Friday until the close yesterday, with deposits decreased correspondingly. The statement that $300,000 of certified checks are not included in the statement made to the Association of banks is incorrect. No such checks are existing; in theiropinion, if the books are correct, the bank ought to pay every cent of its debts. There is less talk of crookedness and theimpression is growing that the second suspension is due wholly to the timidity and demoralization when President Riddle was suddenly prostrated. The directors have not made any statement and there is a general demand for something authoritative from them of the bank's actual condition. The general condition of the other banks is unchanged.
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Bank Failure. PITTSBURG, May 26,-The Pennsylvania bank closed its doors again at 12 o'clock. The news of the second suspension of the Pennsylvania bank spread rapidly and created intense excitement and surprise owing to the fact that everybody had faith in the bank's ability to pay all claims. The immediate cause is at present unknown.
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LONDON, May 24. - Lord St. Leons ard, indicted for in decent assault on a servant girl, was convicted today. The court reserved judgment. MAJORS HANGED. OAKLAND; Cal., May 23 -Lloyd L. Majors was hanged at 11:12. KEENE WILL SETTLE. NEW YORK, May 24-James R. Keene proposes to settle with notes payable in twelve and eighteen months. A BANK RESUMES. PITTSBURG, Pa.. May 21.-At this hour, 2:20 P. m., the Pennsylvania bank has not yet ope ed its doors, but expects to do so in a few minutes. It was the original intention to open at 1 o'clock, but the details could not be arranged. About one hundred persons are on the pavement and steps,waiting for the doors to open. The bank has been receiving deposits all day and but a very small run is anticipated, there being no excitement in financial circles,
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And the End is not Yet. PITTSBURG, PA., May 29.-Henry Warner assignee of the Pennsylvania bank has taken charge and discharged the clerks. He will begin work at once and says he will require two weeks and possibly thirty days, before a statement of the exact condition of affairs can be made. The deficency it is beleived will reach fully a million and a quarter. It is said that of $40,000 known to be on the counter when the bank closed only $4,000 was turned over to the assignee. A great shortage of securities is also reported since Saturday, and bonds, stocks and other collateral in the bank at the time of the suspension are said to be missing. President Riddle is still confined to his home. He has issued a card asking his friends to withhold judgment until he is able to make a statement,
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Smother in Oil, PITTSBURG: May 29-John P. Beal, the oil brokerton the Pennsy Ivania bank, made & statement to Receiver Warren this afternoon regard ng the oil sosculation of the suspended institution. He admitted he was R. representative of the Blood pool, operated last summer. The worl was composed of parties from New York, Philadelphin, Chicago, Pittsburg and other cities. The usual c jurse was to buy heavily when they vanted an advance, or to sell when necessary to have a decline, From another gentlemen it W7 8 learned that the pool was conceived by R ddie, and after friends ap proved the plans he went to New York and negotiated a low of $2,000,000. Oil was forced from 90 to $1.242. when the Standard Oil company interfered, and despite the elforts of the syndicate, the market collapsed and the poil was finally compel ed to sell at 93. losing heavly. From that time to this the Penn bank crowd have been taking desperate chances in the oil market to win back sufficient to plug the hole in the bank funds, and getting in deeper and deeper every time. Deportors are in c n-ollation to day, and proceedings against the bank's officers and directors for conspiracy are talked of,
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Wants Them to Disgorge. Pittsburg, 3.-Assignee Warner filed a bill in equity to-day against the directors of the defunct Pennsylvania bank, to compel them to surrender securities valued at $451, 000, appropriated when the back failed, to secure themselves against loss for notes given to associated banks at the time the latter loaned money to tide over the first suspension.
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Another Pennsylvania Bank Victim. PITTSBURG, Aug. 8.-Holmes, Lafferty & Co., the oldest and one of the largest firms dealing in live stock in this city, made an individual and firm assignment to-day, to Ira. F. Brainerd and Julius Voetter, for the benefit of their creditors. Liabilities about $100,000, with assets sufficient to pay dollar for d ollar. The failure was caused by complications growing out of the Pennsylvania bank suspension. The firm were heavy depositors in the defunct institution and also had notes out aggregating $50,000, which Assignee Warner, of the Pennsylvania bank, had notified them not to pay until it was decided by the court who were the proper parties to receive the money.
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Heavy Failure. Pittsburg, Aug. 8.-Holmes, Lafferty & Co., the oldest and one of the largest firms dealing in live stock in this city, made individual and firm assignment to-day to T. W. Brainard, and Julius Voetler, for the benefit of their creditors. Liabilities about $100,000 with assets sufficient to pay dollar for dollar. The failure was caused by complications growing out of the Pennsylvania bank suspension. The firm were heavy despositors in that defunct institution and also had notes out aggregating $50,000 which assignee Warner of the Pennsylvania bank had notified them not to pay until it is decided by court who are the proper parties to receive the money.