19477. Reading Savings Bank (Reading, PA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
November 16, 1877
Location
Reading, Pennsylvania (40.336, -75.927)

Metadata

Model
gpt-5-mini
Short Digest
85a9c988

Response Measures

None

Description

The Reading Savings Bank suspended payment on 1877-11-16 and made an assignment; assignees were appointed and depositors later petitioned for bankruptcy. Coverage describes suspension due to bad investments, depressed business and aid to indebted manufacturers rather than a discrete depositor run. The institution did not resume normal operations; it went into assignment/bankruptcy and later dividend payments were arranged.

Events (4)
1. November 16, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy losses from inability to realize investments, carrying collateral for large manufacturing firms, shrinkage of values and depressed business leading to insolvency/assignment; loss of deposits over prior years aggravated position.
Newspaper Excerpt
This city is excited over the closing of the Reading Savings Bank, which institution closed its doors at 2:30 this afternoon. ... The Reading Savings Bank is closed. A statement will be made as soon as it can be prepared.
Source
newspapers
2. November 17, 1877 Other
Newspaper Excerpt
Last night the Hon. George P. Stires and Henry A. Muhlenberg were appointed Assignees, and will furnish a statement as soon as possible, clerks being at work night and day upon the books.
Source
newspapers
3. December 7, 1877 Other
Newspaper Excerpt
A petition was presented in the United States District Court today from the depositors of the Reading Savings Bank, asking that the bank and A. F. and E. P. Boas be adjudged bankrupts.
Source
newspapers
4. October 31, 1878 Other
Newspaper Excerpt
The offer of Messrs. A. F. & E. P. Boas, of the late Reading Savings Bank, to pay fifty-five per cent has been accepted by the creditors and approved by the United States Court in Bankruptcy, the payment of the first dividend of five per cent will be commenced on Friday next.
Source
newspapers

Newspaper Articles (21)
1. November 17, 1877 New-York Tribune New York, NY
Article from New-York Tribune, November 17, 1877

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DOORS. [BY TELEGRAPH TO THE TRIBUNE.] READING, Penn., Nov. 16.-This city is excited over the closing of the Reading Savings Bank, which institution closed its doors at 2:30 this afternoon. The following notice is posted on the door: The Reading Savings Bank is closed. A statement will be made as soon as it can be prepared. The assets, it is believed, will Day all liabilities. The assets will be immediately turned over to responsible parties in trust for its creditors. The bank was incorporated in 1855, with an authorized capital of $100,000. The deposits are said to be over $1,000,000. The officers are, President, A. F. Boas; Cashier, E. P. Boas. An assignment of all the Boas's estate will be made this evening, when a suitable person will be chosen as assignee. The entire clerical force of the bank are engaged in preparing a full statement for publication to-morrow. On the announcement of the failure of the Reading Savings Bank becoming known, there was considerable excitement among the people, and great crowds gathered around discussing the matter, but there were no violent demonstrations. This bank was one of the oldest in this region and was a general favorite among the poorer classes, and they will suffer heavily by the suspension. The deposits range in sums from $50 to $25,500, Sheriff Gougey being a depositor to the extent of the Intter amount. The Dime Savings Bank also closed its doors this morning, the following notice being posted on the door at 6 p. m. Dime Savings Bank is closed. Will make a statement as soon as possible. Nothing is known of their assets or liabilities. The banking house of Bushing & Brothers also closed its doors this afternoon. The following notice being posted on the doors at 7 o'clock this evening: This bank is closed. All our property will be securely used to meet our liabilities. We believe we can pay every cent if we are given a reasonable time to handie our property. This institution suffered severely at the commencement of the panie, having been compelled to close its doors in October, 1873, but eventually paid all their depositors, The deposits are supposed to be $100,000, assets not known. It is feared that there will be a run on the other banks to-morrow. The First National Bank is not affected by the closing of the Savings Banks, but will be opened to-morrow as usual.

2. November 17, 1877 Evening Star Washington, DC
Article from Evening Star, November 17, 1877

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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.

3. November 17, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, November 17, 1877

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Three More. READING, PA., November 16. - The Reading Savings bank, the leading bar king institution of this county, suspended this afternoon. Deposits nearly one million dollars; liabilities not stated, although the officers announced that the assets will be sufficient to pay all the cisims. Shrinkage of values, the depressed condition of business and general distrist and want of COD fidence are given 88 the causes which led to the suspension. Deposits have fallen off $700,000 within the last two years. Immediately on the announcement that the Reading Savings Bank bad suspended, the banking house of Bushong & Bro., having deposits in the Reading bank between three and four hundred thousand dollars closed their doors, and also the Dime Savings Bank of Boyer & Seliers, proprietors.

4. November 17, 1877 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, November 17, 1877

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Reading (Pa.) Savings Bank suspended yesterday. Liabilities unknown.

5. November 17, 1877 Public Ledger Memphis, TN
Article from Public Ledger, November 17, 1877

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TELEGRAPHIC BREVITIES. President MacMahon seems to be altogether opposed to violence. The Russian loss in killed, wounded and missing, from the commencement of the war to November 7th, is 64,863. The recent election of M. Grandferre', a Bonapartist, to a life senatorship, has been annulled in consequence of an error in the count. The Reading (Pa.) Savings Bank suspended yesterday afternoon. Deposits nearly $1,000,000; assets, as usual, sufficient to pay all claims. Two other banks closed upon hearing the news. Deputies Mitchell and Allain Twige fought a duel near Versailles yesterday in consequence of the latter having called the former a liar in Wednesday's debate. M. Mitchell was wounded in the arm. Among the members of the committee of inquiry into irregularities in the French election are MM. Albert Grevy, Renault, Casamer, Perier, Louis Blanc and Jules Ferry. All the members of the committee, thirty-three in number, belong to various groups of the Left. The coroner's inquest in the Coolbaugh case at Chicago, yesterday, resulted in a verdict that William F. Coolbaugh came to his death from a pistol shot fired by his own hand, and with the intention to commit suicide; and that, in our judgment, he committed the act in a state of temporary insanity." Mr. Waddell, of North Carolina, yesterday reported a bill in the house directing the secretary of the treasury to pay in full to mail contractors in the South. ern States the amounts due under their respective contracts for 1859, 1860 and 1861, out of the appropriation of $325,000 made by congress March 3, 1877. Referred. Mr. Mills, of Texas, offered a resolution in the house yesterday directing the military committee to inquire into the 8 strength of the cavalry and infantry regiments of the army, how many regiments f are employed upon the frontier, the chard acter of the troops employed there, the r military management of the frontier, and what additional force is necessary to protect the people of Texas from Mexican raiders. This was adopted. The house committee on postoffices and postroads yesterday agreed to rer commend the passage of a bill providing n that all letter-carriers in the free-delivery service shall be divided into two classes, r and that the first class shall receive $950 and the second class $800 per annum. The distinction of classes is to be e made by postmasters, and appointments 18 to the first class are to be made by post& masters from the second class. A special dispatch says that William 5Shernell, an engineer, was killed, and John Kerley, fireman of freight train of No. 11, was badly injured in an accident on the Louisville, Nashville and Great

6. November 17, 1877 The New York Herald New York, NY
Article from The New York Herald, November 17, 1877

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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.

7. November 18, 1877 Chicago Daily Tribune Chicago, IL
Article from Chicago Daily Tribune, November 18, 1877

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FINANCIAL. READING, PA. Special Disputch to The Chicago Tribune. PRILADELPHIA, Nov. 17.-The suspension of the Reading Savings Bank, followed by the stoppage of every banking institution in the city except the national institutions, was mainly owing to a disposition to go to the utmost limit in assisting its debtors of the manufacturing class, rather than precipitate a cessation of business that their failure would make inevitablc. Large manufacturing and mining interests, involving the employment of a large number of operatives in the coal and iron districts, were dependent upon the advances made. A year ago the deposits were $1,400,000, and in two years they have shrunk $700,000, but despite that the bank has discounted good paper freely, and helped out everybody that seemed deserving. Last night the Ilon. George P. Stirsel and Henry A. Muhlenberg were appointed Assignees, and will furmish a statement as soon as possible, clerks being at work might and day upon the books. President Boas says all his private property will be sacrificed if need be to pay the claims of depositors. but it was believed that sufficient would be realized from the assets to pay all liabilities. Nothing would be withheld from the creditors of the bank. The Cashier, another member of the Boas family. talks in the same way. An assignment of all the Boas estate would be made. There had been a large withdrawal of deposits during the summer, and since the Jav Cooke failure the bank has paid out over $700,000 to their depositors. He stated that the First National Bank, the business of which has been conducted in the same building. would be in no wise effected by the business of the Reading Savings Bank. Even more serious than the suspension of this bank is that of Bushong & Brother. This firm has been the custodian of accounts of many large mining and manufacturing concerns, and has had unlimited confidence. They suspended in 1873, but only to avoid a rull, and resumed without impairment of credit. At that time their deposits amounted to $1,900,000. At present their deposits amount to between $300,000 and $400,000. They say their depositors are amply secured, and will be paid dollar for dollar. They have devoted themselves for four years in paving off the claims against them, and this should be an assurance that no loss would be incurred by the present suspension. Messrs. Loyer & Sellers. proprietors of the Dime Savings Bank, which suspended yesterday, were engaged in discounting notes, buying and selling stocks, and doing a general brokerage and commission business. The deposits are not believed to have been large at the time of the suspension. and that they do not exceed $12,000 to $15,000. The excitement over the closing of the Reading and Dime Savings Banks, and the bankinghouse of Bushong & Bro., is still very intense. Crowds of people from the country districts who have money on deposit in these banks came into town this morning to find out how matters stand, which helps to increase the excitement. To the Western Associated Press. PHILADELPHIA, Pa., Nov. 17.-A dispatch from Reading says: " There is now a run being made on the First National Bank of this city. A large crowd is surrounding the door. Several wealthy citizens, in order to show confidence in the institution, are making deposits." READING, Pa., Nov. 17.-A representative of the Associated Press visited the three National Banks doing business here, in view of the Philadelphia dispatch reporting a run. and fhis is the result: Henry S. Eckert, President of the Farmers' National Bank, said: "We are doing less than the usual business, and receiving more than we pay out." W. H. Clymer, President of the First National. said: There is no run on our bank, and we are receiving nearly as much as we pay out. We are ready to meet any demand, and will continue to cash checks as fast as they are presented." Charles B. McKnight, Cashier of the National Union Bank, said: .. More money was coming in than going out. There is no excitement worth mentioning. and the reports concerning runs are without foundation."

8. November 19, 1877 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, November 19, 1877

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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.

9. November 21, 1877 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, November 21, 1877

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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.

10. November 21, 1877 Smyrna Times Smyrna, DE
Article from Smyrna Times, November 21, 1877

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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.

11. November 23, 1877 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, November 23, 1877

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BANKING FAILURES.-The Reading savings bank at Reading, Pa., suspended Friday, with nearly a million dollars of deposits. The officers think the assets will be sufficient to pay all claims. The usual causes of shrinkage of values, stagnation of business and want of confidence are the alleged reasons for the suspension. The failure of this bank caused the suspension, the same day, of Bushong & Brothers, bankers, who have between $300,000 and $400,000 of deposits, and of the Dime savings bank of Boyers & Sellers. The Collateral loan and savings bank of San Francisco, a small institution having about $24,000 deposited by 100 depositors, was placed in the hands of a receiver Friday. The Springfield Union, in speaking of the failures at Reading. Pa., says that these "so-called" savings banks "were private institutions which received deposits, discounted notes and did a general brokerage and commission business in stocks and notes. The falling off in their deposits and the freedom with which they discounted notes of manufacturers who were willing to pay 21. good percentage for money to help them along caused their failure. In other words they had less available capital for use and still tried to keep up their volume of business. In banks of that sort the depositors furnish the capital and the owners of the bank pay six or seven per cent to the depositors and make all they can by shaving notes and loaning at big rates of interest, and when losses come the depositors who furnished the capital have to stand the racket. The Pennsylvanians call these institutions 'shaving shops,' and that is a very much better description of them than their own appellation of savings banks. The failure of banks of this sort need not disturb any one's confidence in the legitimately organized and managed savings institutions of New England, which are what they profess to be."

12. November 24, 1877 New-York Tribune New York, NY
Article from New-York Tribune, November 24, 1877

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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.

13. November 24, 1877 The Ottawa Free Trader Ottawa, IL
Article from The Ottawa Free Trader, November 24, 1877

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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.

14. December 6, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 6, 1877

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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.

15. December 6, 1877 Evening Star Washington, DC
Article from Evening Star, December 6, 1877

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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.

16. December 6, 1877 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, December 6, 1877

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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.

17. December 8, 1877 New-York Tribune New York, NY
Article from New-York Tribune, December 8, 1877

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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°.

18. December 8, 1877 The New York Herald New York, NY
Article from The New York Herald, December 8, 1877

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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.

19. January 12, 1878 The Superior Times Superior, WI
Article from The Superior Times, January 12, 1878

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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.

20. October 31, 1878 The New York Herald New York, NY
Article from The New York Herald, October 31, 1878

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TELEGRAPHIC NOTES. The Boston Traveller learns that Caleb Cushing deelines the nomination for Attorney General of Massa. chusestaby the Busler party. Mr. A. B. Coghian has been nominated for the Assembly by the democrats of the Second Assembly district of Morris county. N. J. After two weeks' severe raiding by the police twelve out of fourieen notorious gambling houses in St. Louis have closed their doors. During a quarrel last night at Hartford, William Dunn stabbed his eighteen-yenr-old brother. Though seriously injured 18 18 thought the boy will recover. Thomas Banton, a brakeman. was killed at Chattanooga, Tenn, yesterday by falling between two cars and being run over by the train. He was cut in two by the wheels. The Grand Jury as Ballston, N. Y., after four days' deliberation, failed 10 indict Jones, the Billings alibi witness. Jones was discbarged by the Courh and returned to Nortbumberiand. The five ringleaders of the Ansonia, Coon, lynch. ing pirty. who tried to hang the negro ravisher, Freeman, some weeks ago, were bound over yorter. day in $500 each on a charge of assault with intent to Kill. A serious prairie are swept across the southern half of Turnor county, Dakota, on Tuesday, destroying a large quantity of urain and hay and burning Mrs. James Roland's child to death and the mother so seriously that she cannot recover. An insane man named Duckman, living near Kankakee, III. on Tuesday assumited his mother and brother with a butcher knile, wounding both se. verely. He then assaulted and instantly killed a child, macliating 16 in a norrible manner. Daniel Reeve, a farmer of Wawavanda, Orange county, was tound dead Tuesday night lying on his face ac the wollow of a well twelve feet deep. in which there was a foot of water. It is supposed he tell in during an allack of apoplexy. He was sixty-live years of age. An accempt was made to wreck a freight train on the Shore Line Retiroad, near Guilford. Conn., at two o'clock yesterday morning, by ties placed 10 a cattle guard, The engine leit the track. It is supposed to have been done by three tramps who were ejected from the depot at Gulltord the previous night. It is reported that the Jefferson Nail Works at Steabenville, Ohio, employing 700 men, are about 10 suspend. The owners have asked the hands to submit to a twenty per cent cut down in wages, for the reason that there 18 no market. Several coal works in the same region have closed. and others are work. ing on half sime. A construction train on she Chicago, Milwaukee and St. Paul Railroad ran off the track near Sheldon on Tuesday, killing J. C. Patterson, of Cbarles City. attorney for the company, and injuring Fred Merrell. nephew of 8. S. Merrell, general manager, and Frank Church, superintendent of the United States Express Company. They were all riding in a treight car. The offer of Messra. A. F. & E. P. Boas, of the late Reading Savings Bank, to pay Untry-live per cent hav. leg been accepted by we creditors and approved by the United States Court in Bankruptcy, the payment of the first dividend of live per cent will be commenced ou Friday next. The creditors will be paid in alphabetical order. About $50,000 will be paid out. Four hundred pounds of nitro-glycerine In a magazine at Petrolla, Pa., exploded Tuesday night killing the owner, S. O. Gotham, and an employé, John Fowler, and dangerously wounding Henry French. Mr. Gotham was picked up dead WILDOUS a mark upon his body. Fowler was blown to atoms, only a Anger being found. and that was 200 yards from the scene of the explosion. A spice mill at Faulkland, eight miles from Wilmington, Del, was burned yesterday morning. J. M. Purera & Co., of Philadelphia, were the tenants. the mill being the property of the Poliedeiphia Trust and Safe Deposit Company. An adjoiming dwelling was also burned. Loss about $50,000; Insurance, $27,500. The Are is believed to have been the work of an incondiary.

21. November 2, 1878 The Carbon Advocate Lehighton, PA
Article from The Carbon Advocate, November 2, 1878

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-West's liver pills cure sick headaché -Thanksgiving day will be the next legal holiday. -Marriages grow more popular as the winter comes on. -The State Fair at Erie did not pay expenses by $2,000. -The three National Banks of Easton have $918,314.84 on deposit. -Sale bills are turned out at this office at the shortest notice. -Read Tilghman Arner's new advertisement in another column. -The Bethlehem Iron Worksare running on full time with a force of men probably larger than ever before. -Dr. J. C. Kramer, of Millport, has purchased five hundred quince trees, which he will set out this fall. -If you want a fashionable hator cap,call at T. D. Clauss', and buy one for a small amount of money. -It has been decided that the law prohibiting the safe of liquor on election day is in full force until midnight. -Get your prescriptions, and Family Reeipes compounded at A. J. Durling's Family Drug and Medicine Store. -A sixty dollar sewing machine, in perfect order, will be sold for $15 cash. Apply at this office for further particulars. -1 and 2 chestnut,stove and egg Latimer coal, cheap by the car, at J. L. Gabel's hardware store, Lehighton, Pa. -Overeoats, latest styl and best material, for a small amount of ready cash, at H. H. Peters', Post office building, Lehighton -Joseph Brown, the Wilkesbarre banker who failed last May, has been held to bail on the charge of having defrauded his depositors. -Chas. W. Lentz, of Weissport, is the Greenback candidate for the office of Coroner of this county, and asks the votes of his friends. 3 -Another new and elegant stock of fall and winter cloths and suitings at H. H. Peters, Post office building. Good fits, low prices and satisfaction guaranteed always. -If you want shirts, neck wear, or any other article in gent's furnishing goods, call on T.D. Clauss, and he will supply you at extraordinary low prices. -Dr. G. B. Linderman, of South Bethlehem, who was seriously indisposed the past few weeks, is again well enough to attend to his business -A Democratic meeting is announced for this (Friday) evening, in the School Hall. The speakers are Hon. B. F. Davis, E.J. Fox, Esq., and Hon. Allen Craig. Be on hand every one. -For boots, shoes or rubbers, of the finest makes, call on T. D. Clauss. You will find an immense stock to select from, at lower prices than ever before offered. -Transparent drawing slates for children, handsome assortment of papetries, 2 yard wide window shades for $1 ,and other articles equally cheap, at Luckenbach's near Broadway House, Mauch Chunk -All medicines warranted fresh, genuine and unadulterated the People's Drug and Family Medicine store. A. J. Durling, Proprietor. -The celebrated lecture by Rev. J. A. Little, entitled, " Love Courtship, ,Marriage," delivered last Friday evening to a crowded audience at Stroudsburg, will be repeated at Ferndale, Saturday night, Nov. 9. -Consumptives do not go South or West for relief, but use Haas' Expectorant, which you will find the surest cure known for all lung complaints. It will cure, unless the patient is beyond the reach of medical aid. -A Sunday School meeting will be held in the Evangelical church, at Millport, this (Saturday) evening, Nov. 2nd, at 7:30 o'clock. Sunday school workers from Lehighton, Weissport and other places will be present. -Do you need a fall and winter suit of clothes, made up in the latest and most durable manner? then go to T. D. Clauss, the merchantitaflor on Bank street, and be "fitted." Prices lower than ever. -Clocks and Watches carefully repaired, and work warranted, at lowest cash rates, at Hageman's cheap cash store, opposite public 44-13. square, Weissport. -See cherubims in another column holdingabunch of grapesfrom which Speer's Port esGrape Wine is made, that is so highly teemed by the medical profession for the use of invalids, weakly persons, and the aged. -E.H. Snyder is just opening another lot of ladies' elegant fall and winter dress goods. -A telegram from Reading says the offer of the Messts. Boas, of the defunct Reading Savings Bank, to pay 55 per cent, having been accepted by the creditors and approved by the United States Court, the payment of the first dividend of 5 per cent. will begin