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Bank Failures. January 18, M. M. Palmer's bank, Yankton, D. T., closed January 21. A run began on the Odd Fellows and the Clay savings banks, Philadelphia. The Providence county savings bank, Pawtucket, R. 1., and the other savings banks in that city, declined to pay. depositors. The Pawtucket bank has about $3,000,000 in deposits. Jan. 22, The Buchanan bank of St. Joseph, Mo., closed. Also the Mercantile savings bank, Boston, Mass., with deposits of $300,000.
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A CRIPPLED BANK. BEAL ESTATE MORTGAGES PROVE UNRELIABLE INVESTMENTS FOR THE SAVINGS OF THE PEOPLE. [BY TELEGRAPH TO THE HERALD. PROVIDENCE, R. I,, Jan. 25, 1878. The affairs of the Providence County Savings Bank, of Pawtucket, do not seem to be improving, and the general opinion is that it will go to the wall. The bank was incorporated in 1853, and has been doing a large business, advertising deposits of $4,000.000. It has dealt largely in mortgages on real estate, and by so doing has brought about its own embarrassment. The first intimation the public recelved that all was not right was on Monday last, the appointed dividend day. The report of the Treasurer in November, 1876, showed mortgages held valued at $2,600,000. while that of a year later shows a depreciation in value of the same of over $300,000; the deposits in the meantime having dropped from $3,500,000 to $3,000,000. There was on last Monday, . according to report, but $70,000 available cash on hand, and to save a run the bank took advantage of Its charter and enforced the sixty day rule. From the nature of the securities held by the bank it will be hopeless to expect it to be any better on at the close of the extension. Not one piece of the mortgaged property, it put under the nammer, would bring its face value, and to attempt to raise money thereby in that time would only serve to still further jeopardize the interests of the depositors. The Pawtucket Institution for Savings, and the Franklin Savings Bank, also of Pawtucket, both declared a dividend a short time since, but Monday tollowed the course of the Providence County Bank and relused to pay out the principal to their depositors, tearing a run. State Auditor Spencer stated on Thursday that only three of Rhode Island's savings banks were in a condition to stand a run. The reason of this is that the Legislature some time ago advised the savings banks that bonds were unsafe investments, and the only safeguard was in real estate. The advice was taken, and to-day finds all of them, with the exception of one here and two in Newport, saddled with real estate mortgages that have depreclated in value until the banks are absolutely unsound. Governor Van Zandt has appointed a commission to examine the accounts and prospects ofthe Pawtucket Bank and report on the same at onee. The belief 18 that sixty Gays from now will find the Providence County Bank in the hands of a receiver, while it is an undisputable fact that other banks are sure to follow in its footsteps.
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BANKS. Vermont has twenty saving banks, with 31,528 depositors and $8,321,000 in deposits. Governor Van Zandt bas appointed a commission to examine into the af fairs of the Providence I ounty Savings Bank at Pawtucket which omitted its dividend last Monday. The managers of the People's Savings Bank, Trenton, which recently suspended, have applied to the Chancellor for the appointment of a receiver. The liabilities are $52,000; the assets are nominally the same amount, but will probably not realize seventy cents on the dollar.
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-QUSIO Commission 'Suor "V "V sistence at Washington, committed suicide on the 22d of January. He went home at the entering pus atternoon the up anou Jansu brieff 8 peq moor s,aj M his with her, and immediately afterward passed into an adjoining room and shot himself near the heart, causing death almost immediately. Long was pardon clerk at the White House under President Johnson, and assigned to duty with Mr. Johnson when the latter was Military Governor of Tennessee. He married the daughter of Hon. Henry D. Foster, ex-Representative from Pennsylvania. General The Bohl Silver Resolutions were adopted in the Ohio Senate, by a party vote, the Republicans refusing to censure the President and Secretary Sherman. The Lehigh Valley Coal Company has announced its prices per ton, delivered on board Lump $3.75, steamboat$3 broken $3.25@3.50, egg $3.35@3.20, stove $3.75, chestnut $3.25. Stanley, the African explorer, was banqueted Saturday night in Paris, by the Geographical Society. Two hundred and seventy guests were present. He was medials OM7 THE Presented The liabilities of Jacob Bunn, the Springfield (III.) banker are reported at $912,000, and the available assets at $888,000. assignee thinks creditors will get seventyfive cents on the dollar. The Greenbackers of the Twelfth (III.) Congressional District held a meeting at offects chected Suturday adopted resolutions, heard Brick Pomeroy, etc., and arranged to perpetrate their memory in future official elections. CoamoJore George N. Hollins died at Baltimore Friday night, of paralysis, aged seventy-nine years. He was in command of the słoop-of-war Cyane, which bombarded Greytown, Nicaraugua, in 1854. At the commencement of the late civil war he entered the Confederate service. Dr. Morton, his brother, and a man named Beverly, alias Johnson, charged with the robbery of graves in the Forest Cemetery, at Toledo, were arrested Saturday. Morton formerly lived in Columbus, and has been there only a short time. A partial confession has been made by the accused. pus the uo грвш SBM uns V Clay Street Savings banks in San Francisco, lately; but the officers expressed their intenspuswed N° Pay up pus nots Large numbers of failures are reported daily of prominent merchants in various uo suns the pus Conntry the JO stud banks are increasing. The Providence County Savings Bank, in Pawtucket, Rhode Island, issued a circular to depositors, announcing the omission of the semi-annual dividend, and that the charter provision would be enforced forbidding the withdrawal of money before the second Wednesday in April. The bank on the 20th of November had about $3,000,000 deposits, with $2,282,000 invested in real estate mortgages. Other savings bank in Paw tucket require notice for the withdrawal of principal, but pay interest on demand. In the case of the State of Georgia against ex-Governor Rullock, for defrauding the has Ain! the Governor SUM by while State brought in a verdict of acquittal. Wm. H. Vanderbilt appeared at the Coroner's house in New York the other day, and was placed under two thousand dollars bonds to appear at the inquest in the of Matthew Reilly, who died of injuries &q Noverber up uns being 4q received Mr. Vanderbilt. The Iowa Legislature has re-elected Allison to the United States Senate. On the 27th ultimo the Spanish steamer Alcantara arrived at San Domingo, Havana, bringing a commission appointed by the Spanish Governments, to examine a box supposed to contain the remains of Chris topher Columbus. The examination permitted, after many formalities had been gone through with. The box was removed from its place of deposit, the seals broken, and the inscription closely examined. The bones were scrupulously inspected and photographs taken of the remains. Alexander Fortner, a cabinet maker ten months' residence at Evansvile, Ind., tous B Intely, not brains his blews pellip pus mespons the THE peq 01 med H the trigger with his toes. He was about twenty-seven years old, and his former denceis unknown, but is thought to have been in Chicago. The deed seems to have desurement mettell JO ano STOMM The failure of Piatt, Hubbell & Co., Monticello, Illinois, has been announced The debts of that firm amount to eighty-seven thousand dollars, due to hundred und sixteen creditors, but the of the individual members of that firm those connected with them will amount, is affirmed, to about two hundred thousand JO creditor B ST Pitt 'H "M dollars. thonsand the JO funoms the 04 шлу dollars. John Piatt, a relative of the parties wordh eq 01 10.10.19 pesoddns ивш B least one hundred a fifty thousand dollars has put all his property into the hands of Trustee. Officer Martin Kunkel, a Cincinnati liceman, a brave and efficient officer, shot dead a few mornings since by a of burglars, while in the act of making arrest in conjunction with other policemen Philadelphia leads the cities of the in its provision for the comfort of the ing classes. The people are better house JO F Aue u! than Ted pus American city. The last enterprise is dnos poos JO [MOq . where a slice of bread can be had for one It is immensely popular. Mr. Comley, United States Minister dent in the Hawaiian Islands, writes Department of State that in a recent fire Honolulu over $250,000 worth of propert was burned, including the wharves Government warehouses. The Custom-hous was saved. The King himself worked the brakes of the hand engines. The ernment loses $60,000 and an America citizen named Hopper $15,000. Stanley Matthews's silver resolution in 43 JO 010A B &q been seq Senate 27.7 John Davis, Frank Weaver, and Davis, supposed to be the murderers officer Kunkel, were arrested near Indian apolis, in the country, and taken to Cincir nati. A regular skirmish fight was
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SAVINGS BANK IMPAIRMENT. THE PROVIDENCE COUNTY INSTITUTION HAS A DEFICIT OF THIRTEEN PER CENT-AN INJUNCTION TO ISSUE. [BY TELEGRAPH TO THE HEBALD.] PROVIDENCE, R. I., Jan. 31, 1878. The commission appointed by Governor Van Zandt to investigate the affairs of the Providence County Savings Bank, of Pawtucket, made a return to the Supreme Court to-day to the effect that the bank was insolvent, and asked that the officers thereof migh be cited to appear in court to-morrow morning and show cause why there should not be an injunction issued restraining the bank from further exercising its corporate powers. They found that the resources of the bank have become impaired to the extent of thirteen per cont. The Providence Bulletin to-night editorinliy says:-'A temporary injunction will be prayed for that will allow the bank to recruit after the fashion of the City Savings Bank, rather than a permanent injunction, which would require the appointment of a receiver to wind up the affairs of the institution. It is understood that the proposed temporary injunction will not be opposed by the officers of the bank." CAUSES OF THE IMPAIRMENT. The Commissioners found one mortgage accepted for $15,000 on thirty acres of suburban property. The present valuation is $1,500 at most. Another piece is situated in Woonsocket. It is mill property that was idle for two years, a keeper being its only occupant. It IS now run to save it irom further deprectation, but it renders no revenue to the bank. The Oakland Beach property was estimated a few days ago as worth less than $10,000 under the hammer. The bank holds mortgages on property in Chicago, effected before the fire, and it is said great difficulty has been experienced in getting the interest money, law proceedings having been resorted-t to for its collection. All through the depressed times the bank has been paying an average of seven and a half per cent dividend. Already depositors are withdrawing from other banks, impelied to do so by the fact of Pawtucket affairs., It is an assured fact that a run would have been made on the Pawtucket Bank had not the course adopted been taken, as there was a general feeling of uneasiness concerning that bank over six months ago,
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BUSINESS ENBARRANSHENTN. a Enjoined from Further Business. PAWTUCKET, R. I., February 1.--The r . Providence County Savings Bank is en: joined from doing further business. , RUN ON SAVINGS BANK. VV A There a
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EAST AND SOUTHEAST. A surplus of $80,000 of the Brandon, Vt., National Bank has been wiped out and its capital of $200,000 impaired 10 per cent. by the action of the late cashier, D. C. Baseom, in letting J.C. Bachelderhave about $100,000, part on raised notes. Bascom hrs left town. A violent snow-storm occurred throughout the Middle and Eastern States on the last day of February, seriously impeding railroad travel on nearly all lines. Along the coast the storm was the most severe that has occurred for years, and caused great distress among mariners and probably some loss of life. On Coney Island (New York) eight persons were drowned by the waves running so high upon the beach as to wash away the houses. Several summer re sorts were entirely destroyed, and from Sandy Hook to Long Branch on the Jersey coast the shore was lined with wrecks of summer-houses and other structures. Joseph Woods was hanged at Malone, N. Y., on the 1st, for the murder of Stephen Woods. The Providence County Savings Bank, of Pawtucket, R. I., has been enjoined from doing further business on account of impaired capital: John Smith, alias Lew. Mooring (colored), was hanged at Chester, S. C., on the 1st, for the murder of Bergin Conger in December, 1877. Four children of Thos. Cassidy, occupying one bed in a New Yorktenement-house, were suffocated on the night of the 4th by the bedclothes taking fire from the stove. Two-died; the other two may recover. The eldest was aged 5 years, the youngest 15 months. Harry Genet, another well known member of the New York Tammany Ring, who absconded about the time set for his trial, has returned and given bail.
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dered his wife with a hatchet, last September, was hanged at Covington, Ky., on the 1st, in the presence of 5,000 spectators. Previous to the execution he made an acknowledgment of the crime and expressed repentance. Joseph Woods was hanged at Malone, N. Y., on the 1st, for the murder of Stephen Woods. The Providence County Savings Bank, of Pawtucket, R. I., has been enjoined from doing further business on account of impaired capital. A violent snow-storm occurred throughout the Middle and Eastern States on the last day of January, seriously impeding railroad travel on nearly all lines. Along the coast the storm was the most severe that has occurred for years, and caused great distress among mariners and probably some loss of life. On Coney Island (New York) eight persons were drowned by the waves running so high upon the beach as to wash away the houses. Several summer resorts were entirely destroyed, and from Sandy Hook to Long Branch on the Jersey coast the shore was lined with wrecks of summer-houses and other structures. The Commissioners of the Freedmen's Savings and Trust Company have declared a dividend of 10 per cent., payments to commence March 20. The Secretary of the Treasury desires that all drafts sent him in payment of the 4 per cent. loan be drawn payable to his order; otherwise they can not be received. Gen. Miles is confident that SittingBull is now upon United States territory, and his command has gone from Fort Peck to discover the whereabouts of the hostiles. It is reported from Fort Randall that 800 of Red Cloud's Indians have left the agency and gone north, it is believed with the intention of joining Sitting-Bull. Greece has marched an army of several thousand men over the Turkish frontier from Lamia, with the avowed intention of protecting Greek subjects. The Turkish commanders have been instructed not to obstruct the movement of Greek troops. The Topeka Bank and Savings Institution resumed business on the 4th, the depositors having agreed to give six months' time on all accounts over $100. An examination of the bank's securities shows that they are sufficient to meet all liabilities. John Smith, alias Lew. Mooring (colored), was hanged at Chester, S. C., on the 1st, for the murder of Bergin Conger in December, 1877.
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000, with partial insurance, and a fire at Oswego, N. Y., destroyed the Ontario flouring mill, doing damage to the extent of about $40,000. At Erie, Pa., Eddie Noalley, a boy of seventeen, was accidentally shot in the head and inkilled by a playmate. J. Albert Huntzinger, father and and cashier of the late Miners' of Pottsville, Pa., who were for defrauding depositor out of $28, itenced to two years' imprison$500, and to make full restitument, a tion to the cutor, with costs. At the Church of the Unity, Springfield, Mass., memorial services to the memory of the late Samuel Bowles were held and were attended by the governor of the State and other gentlemen prominent in politics and journalism. Addresses were delivered by Dr. J. G. Holland. Charles Francis Adams, Jr., and others, and letters from Secretary Schurz, Senator Dawes, and Charles Francis Adams, etc., were read. A severe storm of wind, accompanied by the coldest weather of the winter, prevailed along the Atlantic coast and did considerable damage to shipping. The cashier of the National State Bank, Newark, N. J., has been suspended by the president of the institution for irregularities connected with his position. The Connecticut assembly has passed resolutions opposing the Bland silver bill and favoring specie resumption. A runaway team in Central Park, New York, dashed into two carriages, demolishing them and severely injuring seven persons. A commission to investigate the affairs of the Providence County Savings Bank of Pawtucket, R. I., has been appointed by Governor Van Zandt. The Pennsylvania House of Representatives has passed a resolution for the appointment of a joint committee to investigate the cause and consequence of the railroad riots last summer. Henry Ward Beecher has been appointed chaplain of a Brooklyn regiment of militia and has accepted the position. At a meeting of the principal coal companies of the country, held in Philadelphia, a board of control signed an agreement forming a combination for the year. According to the terms of agreement the production of coal for the year is limited to a certain per centage of sales by each company. The sexton of a church in Greenpoint, N. Y., threw muriatic acid over a number of boys who were annoying him, and severely burned five of them. He was arrested. James M. Brann, county clerk of Hudson county, N. J., disappeared, leaving a deficit of about $18,000. Nine convicted at Reading, Pa., of taking part in the labor riots in that city last July, received the following sentences Hezekiah Wooten and John Squint each to two years' imprisonment; Thomas Francisand John Null, one year; Aaron Dease, three months: and Robert Reber, who pleaded guilty, ninemonths; and each to pay & fine of $1 and costs. A large fire in Worth street, New York, destroyed property valued at about $75,000. George B. Bigelow, of Boston. charged with embezzling $40,000 belonging to an estate of which he was trustee, has been held for trial. Alfred Hill, a laborer, was instantly killed and Ferris Woodruff, engineer, was fatally scalded by the bursting of boiler belonging to the Standard oil refinery at Constable's Point, N.J. Western and Southern States. The State supreme court of South Carolina has decided that circuit judges must be elected by ballot instead of viva voce. This decision unseats every circuit judge in the State except two. J. J. Jones, a wealthy farmer and stock raiser of western Missouri, has made an assignment, his liabilities being $50,000 and his asset- less than one-third of that sum and Platt, Hubbell & Co., the largest mercantile firm of Monticello, Ill., have failed for $86,000. As a carriage containing four persons was about to cross a railroad track in Milwaukee, Wis., it was struck by freight train, and Miss Helen Jacobs and Franz Falk, Jr., were instantly killed, whi'e a sister of the lady was severely injured. The two killed were engaged to be married to each other. Just before the opening of a matinee performance at the Holliday street theater, Baltimore, a temporary panic was created by the explosion of a gas receiver for a calcium light. Several employes of the theater were injured, but fortunately the excitement among the audience was allayed before any harm had been done. A recent dispatch from General Miles, dated Fort Keogh, Dakota, says that Sitting Bull is HOW camped on Frenchman's creek with over a thousand lodges, including the escaped Nez Perces and the deserters from the agencies, numbering 280 lodges, with 800 warriors. bitting Bull's own camp numbers 2,300 warriors and 5.000 women and children. They are splendidly mounted and armed. Sitting Bull's immediate command is equally well armed and equipped. All the principal hostile chiefs are with them. The chief Red Bear deserted his agency with 200 lodges shortly after his visit to Washington. General Miles states that his available force is only 500 men. The application of the members of the Louisiana returning board to have their case removed to the federal court has been denied by Judge Whitaker. of New Orleans. Wicker's flouring mills at Shields, Ind, and the cotting batting mills of Wilson & Co., at Carrollton, Ky were destroyed by fire. Total loss, $35,000. A number of buildings were destroyed by a fire in Towsontown, Md., causing a loss of about $45,000 partially insured. Messrs. Anderson, Kenner and Casanave, members of the Louisiana returning board, were arrested in New Orleans on a writ issued by a State court. Ex-Gov. Wells could not be found. Eight men imprisoned in the county jail at Columbus, Ohio, succeeded in making their escape by cutting & piece out of the iron floor of a cell and tunneling under the wall of the building. From Washington. A grand requiem mass in memory of the late king of Italy was celebrated at the leading Catholic church in Washington. It was attended by the President, cabinet, members of both Houses and the diplomatic corps. The sub-committee of elections in the House has agreed to report in favor of Mr. Walbridge A. Field (Republican) sitting member from the third Boston district, against Mr. Dean, contestant. Colonel R. S. Ingersoll, of Illinois, appeared before the sub-committee on ways and means, and argued in faver of abolishing the tax on savings banks. In response to a resolution of the Senate the President has transmitted a statement showing that the total cost of the Nez Perces war was $931,329. A meeting of Congressmen from New York, irrespective of party, was held for the purpose of considering bill recommended by the The chamber of commerce of New York city. bill provides for an annual appropriation by the national government to relieve the wants and provide for the comfort of poor immigrants arriving at United States ports. The House committee on public buildings and grounds have agreed to report a bill for the construction of a fire-proof building on the
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N. Y., on the 1st, for the murder of Stephen Woods. The Providence County Savings Bank, of Pawtucket R. I. has been enjoined from doing further business on account of impaired capital. A violent snow-storm occurred throughout the Middle and Eastern States on the last day of January, seriously impeding railroad travel on nearly all lines. Along the coast the storm was the most severe that has occurred for years, and caused great distress among mariners and probably some loss of life. On Coney Island (New York) eight persons were drowned by the waves running so high upon the beach as to wash away the houses. Several summer resorts were entirely destroyed, and from Sandy Hook to Long Branch on the Jersey coast the shore was lined with wrecks of summer-houses and other structures. The Commissioners of the Freedmen's Savings and Trust Company have declared a dividend of 10 per cent., payments to commence March 20. The Secretary of the Treasury desires that all drafts sent him in payment of the 4 per cent. loan be drawn payable to his order; otherwise they can not be received. Gen. Miles is confident that SittingBull is now upon United States territory, and his command has gone from Fort Peck to discover the whereabouts of the hostiles. It is reported from Fort Randall that 800 of Red Cloud's Indians have left the agency and gone north, it is believed with the intention of joining Sitting-Bull. Greece has marched an army of several thousand men over the Turkish frontier from Lamia, with the avowed intention of protecting Greek subjects. The Turkish commanders have been instructed not to obstruct the movement of Greek troops. The Topeka Bank and Savings Institution resumed business on the 4th; the depositors having agreed to give six months' time on all accounts over $100. An examination of the bank's securities shows that they are sufficient to meet all liabilities. John Smith, alias Lew. Mooring (colored), was hanged at Chester, S. C., on the 1st, for the murder of Bergin Conger in December, 1877. Mrs. Catherine Earle, of Terre Haute, Ind., connected with the Golden Theatrical Troupe, died at Warrensburg, Mo., on the 2d, from the results of injuries received by being crushed between two cars while crossing the railroad track. Ten persons were suffocated or trampled to death during a panic caused by an alarm of fire at Calais, France, on the night of the 3d. Two thousand inmates of an asylum for women and children at Tiensing, China, lost their lives by the burning of the institution.