United States Banking Company (Philadelphia, PA)

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Suspension of is Philadelphia Banking House. PHILADELPHIA, May 1.-The Union Banking Company closed its doors this morning, and announced its suspension by a notice to the public pasted at the entrance of the bank This action is said to have been pre. cipitated by the cashier. James A Hill, who is charged with overdrawing his account to the amount of $20,000 Couse quent upon the closing of the doors of the Union Banking Company. the United States Banking Company of this city also suspended business to-day. The latter company resolved to wind up 11. affairs some time ago, and expected to satisfactorily accomplish thatend in it few days The sudden failure at the mon Banking Com pany, with which concern the I nited States Company was it depositor. has compelled the directors to announce a disponsion of business It IS claimed that the liabili tier of the United States Banking Company do no: exceed $6,000.

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Failures

S. H. Mountain, hop merchant, of London, has failed. His engagements are believed to be large. Burroughs & Wing, tobacco brokers of Richmond, Va., have failed; liabilities, $100,000 ; assets, debts,considerably short of that figure. The Union banking company of Philadelphia which suspended yesterday, have about $150,000 on deposit, which it is claimed will pay their debts in full. The United States banking company of Philadelphia, which was a depositor with the Union banking company, has suspended in consequence of the latter's failure ; liabliities $6,000.

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Another Bank Saspension

PHILADELPHIA, May 1.-Consequent upon the closing of the doors of the Union Banking Company, the United States Banking Company, of this city, also suspended business to-day. The latter company some time ago resolved to wind up its affairs, and expected in a few days to accomplish that end. The sndden failure of the Union Banking Company, with which concern the United States Company was a depositor, precip. itated matters and compelled the direc. tors to announce the stoppingofbusiness. The liabilities of the United States Company do not exceed $6,000.

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Bank Detateation

PHILADELPHIA. May 1.-The Union Bank Company, No. 300 Chestnut street, closed its doors this morning, as it W&8 discovered that the cashier, James A. Hill, is a defaulter and 18 missing. The defalcation amounts to over $25,000. The bank goes into liquidation under an assignee. The depositors, it is said, will be paid in full. PHILADELPHIA, May 1.-Consequent upon the closing of the doors of the Union Banking Company the United States Banking Company of this city also suspended business to-day. The latter company some time ago resolved to wind up its affairs, and expected in a few days to satisfactorily accomplish that end. The sudden failure of the Union Banking Company. with which concern the United States Banking Company was depositors, precipitated matters and com. pelled the directors to announce the stopping of business. The liabilities of the United State Banking Company, it is said, do not exceed $6,000.

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PENNSYLVANIA Court Matters

PHILADELPHIA, May 1. Proceedings looking to the recovery of over one hundred and fifty millions of dollars are about to be instituted in the courts of Pennsylvania, by the heirs of Col. Henry Becker, who died in 1801. Suspension. The Union Banking Company on Chestnut St., closed its doors this morning. It was discovered the cashier James A. Hill, was a defaulter, for ever $25,000. The bank goes into liquidation under an assignee. The depositors will be paid in full. Consequent upon the closing of the doors of the Union Banking Company, the United States Banking Company, which was about to wind up its affairs and was a depositor in the Union company, has also suspended. Its liabilities are said not to exceed $6,000.

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A PHILADELPHIA BANK-FAILURE

Special Dispatch to The Tribune. PHILADELPUIA, Pa., May 1.-Another wreck of the Jay Cooko storm came ashore to-day, when the Union Banking Company closed Its doors. It was a small, irresponsible Institution, which the General Banking law permits to exist. though It has been rich. Organized In 1808 with only $50,000 capital, it had in four years deposits amounting to $2,500,000. The day after Jay Cooke's failure it paid out $1,000,000 and stopped. Next day It reorganized with $500, 000 capital. and was doing well till when it Into recently, got order, and other banks cashed its checks as soon as they could. Its Cashier. John A. HIII. la a defaulter to the amount of $25,000 but the bank is almost eight times as much behind hand. with liabilities of $142,000 beyond its capital stock of $300,000. The United States Banking Company, which went down with it, was a little affair organized Just be. fore the panic, which had almost finished liquida. ting its debts.

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Total in Treasury title: THE EAST.

JOHN MCGRAW died on the 4th inst., at Ithica, N. Y., aged 62 years. He was exten- sively engaged in the lumber business in Michigan, Wisconsin and Iowa, for many years, and contributed $160,000 to build the central college library and museum in Cor- nell university.

THERE is another complication in the Phair case, in Verment. The man Sargent, charged with the murder of Mrs. Frieze, and who was said to be in China has put in a sudden appearance. He is ready to dem- onstrate that he was not the murderer.

TWEED'S statement, now in the hands of the attorney general, would occupy not less than 12 colums of close type. It gives the exact narrative of how the ring was formed. The statements begins with the manner in which Tweed, John T. Hoffman, Geo. W. McLean and Connolly, back in 1865 or 1866, were ac- customed to meet daily at lunch in a little room attached to the kitchen of the old courthouse to discuss political matters. The coterie finally dissolved and then the corrupt ring was formed, consisting of Tweed, Con- nolly, Sweeney, Hall and Woodward, with other minor allies, which also met daily in the same room and later in Tweed's office in Duane street. A. Oakey Hall at first re- ceived 10 per cent. of the plunder, but the receipts beginning to fall off, his share was cut down to 5 per cent.

THE United States Banking Company, of Philadelphia, suspended business on the 1st inst. The sudden failure of the Union Bank- ing Company with which the United States Bank was a depositor, precipitated the failure of the latter.

WILLIAM M. GRAHAM, formerly New York state senator, who was convicted of embezzling funds of the Walkill National bank, and who was serving a term of im- prisonment at the Albany penitentiary, was pardoned by President Hayes on the 1st inst., on account of his age and infirmity.

NEGOTIATIONS are now in progress at New York by which the Lafayette, Bloom- ington and Mississippi railroad is to pass back into the hands of the bondholders and be run in the interest of the Wabash.

THE New York Custom House Commis- sion held a session with open doors on the 30th ult., in accordance with instruc- tions of Secretary Sherman. Col. Burt testified that at least a saving of 10 per cent., could be effected by a reduction of the force of employes, and giv- ing the offices only to competent men, and not for political favor.

MAY & CO., the largest dealers in metals and hardware at Boston has suspended. Liabilities $600,000. The failure was occa- sioned by bad debts and general shrinkage during the past four years. Their own in- debtedness is princially in Pennsylvania and abroad.

NEW YORK bank statement on the 27th ult. Loans, increase, $1,875,900; specie increase, $270,200; legal tender, increase, $2,569,800; circulation, increase, $12,100; reserve, increase, $2,606,550.