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A WRETCHED SYSTEM Another Franklin Bank Burats-This Time It Is Not Located In Chicago, but In Pittsburg-" Deposits," 8200,000-An Explosion at Quincy-The Spencerian Bee-Ilive at San Francisco. Special Disnatch to The Chicago Tribune. PITTSBURG, Pa., Oct. 10.-The failure last week of the Allegheny Savings Bank, with liabilities amounting to $500,000, was followed today by that of the Franklin Savings Bank, also of Allegheny. The indebtedness Is placed at $200,000. The Directors say the assets are largely in excess of that amount, and that the depositors will lose nothing: but, as this stato-ment accompanies the announcement of every suspension that takes place, and is not often verified, not very much value is attached to It. by those whose savings are " Involved. There was a run on the Institution last week, but yesterday there were 60 few applications for money that the crisis was considered over. Great was the consternation, therefore, among all classes of the community when, this morning, the notice of suspension was officially promulgated. The streets in the neighborhood soon became crowded with people, depositors and others, who spoke of the event in an excited manuer, and In terms far from complimentary to the management. It is too soon yet to state the exact situation of affairs, but, as the assets on their face are considerably in excess of the Habilities, and can be made available In the course of time, it is safe to say that depositors will get something. The Franklin Savings Bank Wits Incorporated in 1800 with a capital stock of $200,000. The President is George R. Riddle; VicePresident, J. W. Hall; Cashier, James H. Riddle. Among the Directors are George D. Riddle, Simon Drum, J. W. Hall, D. M. Terror, R. H. Knox, and R. II. Cartwright. There was talk on the street this afternoon to the effect that the officers of the bank had como over to Pittsburg to file a petition in bankruptcy, which is by authority denied most positively. There were rumors circulated during the afternoon that two other savings Institutions were seriously embarrassed, but, as neither of them closed their doors, the Inference is that the rumors were unfounded, or that they were assisted to tide over the crisis. There is great distrust here of savings banks. and many are withdrawing their funds from them and placing them in National Banks. Leading bankers express the opinion that there will be no further trouble, but others, quite as well informed, believe there will be other failures before long. The suffercrd by both the recent suspensions are mostly working people, who, as a matter of course, are greatly excited over their losses. Special Disputch to The Chicago Tribune. QUINCY, III., Oct. 10.-This morning the German-American Bank, of this city, posted a notice upon its doors announcing that the proprictors had made an assigment, that the assets of the bank were more than double Its Habilitles, and that every depositor would be paid In full. The bank officers state that the suspension was brought about by persons who have for some time circulated scandatous stories concerning the condition of the bank, which needlessly frightened the depositors, and caused a constant drain upon the resources of the bank. To meet the withdrawal of deposits in the last Itwo weeks, they say they have paid out over $100,000, and, up to last evening, expected to pull through without having to make an assignment. It then became apparent to them that, as the bills receivable could not be collected rapidly enough to meet the demand, they must either make a voluntary assignment or suffer a great sucrifice of real estate and othcr property. Under the circumstances, they chose the former course. The bank had a savlogs department. SAN FRANCISCO, Cal., Oct. 10.-The vault of the Pioncers' Bank was opened to-day by P.J. White, Receiver. In it were found $966 In allver, a $10 gold note, $1,300 in checks believed to be of no value, a lot of envelopes empty that had apparently contained securities, and some few miscellaneous bonds of doubtful valne. The examination of the accounts of depositors will not be finished before to-morrow night. The Committee examining the safe of the Deposit find 4,149 bogus shares in all. From what is known of the condition of the real estate Included to the assets of the Poincers' Bank and the stock of the Deposit Company, in the same schedule, it seems doubtful it the depositors of the bank can realize 5 per cent. There are no tidings yet of either Dunean or Lewarne.
