Reading Savings Bank (Reading, PA)

Episode Information

Episode UID
6074572790935
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
607457279 hash
Start Date
November 16, 1877
Location
Reading, Pennsylvania (40.336, -75.927)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7713330250e6b927

Response Measures

None

Description

Officials made an assignment and assignees were appointed; subsequent petition in federal court and embezzlement arrest indicate insolvency and likely permanent closure.

Events (4)
1. November 16, 1877 Other
Newspaper Excerpt
An assignment of all the Boas's estate will be made this evening; assignees appointed D. G. Stitzel and H. A. Muhlenberg was named in reports the same day; assignees to furnish statement soon
Source
newspapers
2. November 16, 1877 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depressed business, shrinkage of asset values and heavy advances to local manufacturing firms left the bank unable to continue; management chose to close and make an assignment.
Newspaper Excerpt
The Reading Savings Bank is closed. ... announcing its suspension
Source
newspapers
3. November 17, 1877 Receivership
Newspaper Excerpt
Last night the Hon. George P. Stitzel and Henry A. Muhlenberg were appointed Assignees, and will furnish a statement as soon as possible.
Source
newspapers
4. December 5, 1877 Other
Newspaper Excerpt
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.
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 Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, November 17, 1877

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GONE UNDER. Three Banking Houses in Reading Close Their Doors. Reading, Pa., Nov. 16.-The Reading Savings Bank, the leading banking institution of the county, suspended this afternoon, The deposits are nearly one million dollars; liabilities not stated, although the officers have announced that the assets will be sufficient to pay all claims. Shrinkage of values, depreciation of property, depressed condition of business, general distrust and want of confidence are given as the causes which led to the suspension. The deposits have fallen off seven hundred thousand dollars in the last year. Immediately upon the announcement that the Reading Savings Bank had suspended, the banking house of Bushong & Bro., having deposits between three and four hundred thousand dollars, closed their doors, and also the Dime Savings Bank, Boyer & Sellers, proprietors.

4. 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.

5. November 18, 1877 The New Orleans Daily Democrat New Orleans, LA
Article from The New Orleans Daily Democrat, November 18, 1877

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The Suspended Reading Banks-Card from Bushing & Bro. READING. Pa., Nov. .-The all prevailing topic of conversation on the streets to-day is the closing of the three banking houses yesterday: the Reading Savings Bank, Bushing Brothers, and the Dime Savings Bank. The first mentioned made an assignment to D. G. Stizel and H. A. Muellering. Bushing Brothers retire from the banking business a:together. Anticipating a run to-day, they concluded to close doors. They will publish the following card in the afternoon paper: To the public: Since our suspension four years ago, we have struggled hard to manage our property SO as to pay our creditors, and thereby do our duty to them and to ourselves. The continued depression of business and shrinking of values has compelled us again to suspend. During the past year our property and business have yielded considerably more than interest Ion our indebtedness, SO we have confidence in theirlintrinsic value, and believe that. if our creditors are forbearing, we can in time pay every cent. To this end we pledge our property and labor, and will sacredly and conscientiously apply every dollar of our earnings to their payment. BUSHING & BRO. Their entire deposits amount to about $400.000. When they suspended in 1873, their deposits were $1,000,000. George F. Born. president of the corporation offSeyfert. McManus & Co., states that that firm is indebted to the Reading Savings Bank $116,000. This, and other large advances made to various manufacturing establishments of the city, is supposed to be the cause of their suspension.

6. 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."

7. 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.

8. November 19, 1877 New-York Tribune New York, NY
Article from New-York Tribune, November 19, 1877

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THE READING BANKS. NO REPORTS FROM THE SUSPENDED SAVINGS BANKS -THE OTHER INSTITUTIONS SAFE. READING, Penn., Nov. 18.-The First National Bank, which occupied a portion of the same building with the Reading Savings Bank, yesterday removed to No. 15 North Sixth-st., and transacted business as usual. None of the savings banks have as yet made any statement. The general opinion now is that the Bushong Bank suspended 10 avoid a run, and intend to close their business. The agent of the Associated Press has visited the three National Banks doing business here, with the following result. Mr. Henry S. Eckert, president of the Farmers' National Bank. said " We are doing less than usual business and receiving more than we pay out." Mr. W. H. Clymer, president of the First National Bank, said: "There is no run on our bank, and we are receiving nearly as much as we pay out." He said they are ready to meet any demand and will continue to cash checks as fast as presented. Mr. Charles B. McKnight, cashier of the National Union Bank, said: .. More money is coming in than going out. There is no excitement worth mentioning, and the report concerning the runs is without foundation." Several citizens, to show their confidence in the First National Bank, made deposits yesterday, and the following notice was posted over the door: The undersigned hereby guarantee the payment of all deposits in the First National Bank of Reading. E. & G. BROOKE. MORTON C. MCILVAIN, W. H. CLYMER, E. D. SMITH. E. &. G. Brooke are wealthy furnace men at Birdsborough. M. Mellvain is proprietor of iron works in this city. W. H. Clymer is owner of the Temple furnace at Temple Station, and E. D. Smith is treasurer of the Reading Gas Company; all being men of high standing in the community. Seyfert, McManus & Co., of the Reading Iron Works, state that the report that they are affected by the report of the failure of the Reading Savings Bank is incorrect, and say that the latter hold some of their paper, which is well secured.

9. November 22, 1877 The Lake County Star Baldwin, MI
Article from The Lake County Star, November 22, 1877

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GENERAL NEWS. A Downington, Pa'. dispatch says: band of tramps, Saturday night, stole quantity of property from railroad cars at Westchester Junction. The railroad employes made a raid upon the tramps and recovered the property, but until two railroad men and four tramps were injured. Two trains were stopped near Lewiston by them, and it was only after a deperate resistance upon the part of the conductors and assistants that they were driven off. It is estimated that there are 1,000 to 1,500 tramps wandering between here and Pittsburg. A Galveston News, special says that report reaches Fort Clark that Lieut. Bullis, with a small party of scouts, crossed the Rio Grande near the mouth of Pecos River, and were attacked by a body of 500 Indians and compelled to retreat. Loss not stated. Col. Young has left Ft. Clark with 200 cavalry to reinforce Bullis. Gen. Clay Dean, the post trader for the route half military to to their Ponca, with destination the reports Spotted them when Tail about Indians en he left, way and everything working as well as could be expected. Red Cloud's column had reached White River, near Wounded Knee Creek, Dakota, on November 10. The North Point warehouse at San Francisco burned, involving a loss of $450,000. Insurance $310,000, mostly in foreign companies. Field & Lieter's retail dry goods store in Chicago burned Wednesday evening. Loss nearly $2,000,000. The building is owned by the Singer Sewing Machine Co. The stock and building are heavily insured. The wholesale department of the firm, being in another building, was not disturbed. Toronto was slightly stirred up by an earthquake Wednesday morning. An Augusta dispatch says that Senator Blaine is rapidly convalescing. The Tenth National Bank of New York City is winding up its affairs, the general depression in business making it unprofitable; it will pay all its indebtedness. The subscriptions for the unemployed and destitute people of San Francisco now aggregate about $25,000. W. F. Coolbaugh, late President of the Union National Bank, of Chicago, committed suicide Wednesday morning. The act was not caused by financial trouble, either of his own or the bank. A company has been organized at San Francisco for laying a submarine telegraph from that point to Japan. An effort is being made to break Commodore Vanderbilt's will. A Memorial Hall, in honor of Senator Morton, is proposed. to be built in Governor's square, Indianapolis. An explosion of fire damp occurred at the Jermina mine, near Seranton, by which several men and boys were killed. A revolution to reinstate Villagrous, is in progress in Lower California. Judge Moore has decided that the stockholders of failing Chicago savings banks are liable to depositors. The Murphy temperance movement advances with immensestrides in Kentucky, and in some of the towns of that State more than half the population wear the red ribbon. The trial of Congressmen Robert Smalls of South Carolina, on a charge of bribery has resulted in conviction. The Reading, Pa., Savings Bank, with deposits of $1,000,000, has suspended. Depositors will probably be paid in full. The Collateral Loan and Savings Bank of San Francisco has been placed in the hands of a receiver. The deposits,amount ing to $24,000, had been absorbed by the manager. The News San Antonio special says information has been received at headquarters from the border that several large parties of Indians, one of them composed of thirty five bucks, have crossed into Texas to raid. Gen. Ord has notified the frontier people at various points where the raiders are expected to be on their guard. This is the most formidable invasion that has been attempted yet. The Indians were seen near Fredericksburg, and have stolen a lot of horses in this neighborhood. Citizens are in pursuit. The military have been notified. This is supposed 10 be one of the large parties reported on araid and is going westward. The latest from El Paso is that the entire region is under control of a Mexiean mob, backed by Mexicans south of the river defying the United States authorities and claiming allegiance to the Mexican flag. Gen. Ord declines to interfere in a matter that concerns the State of Texas. Maj. Jones, commanding the Texas frontier battalion, is at El Paso, bnt has not force enough to put down the revolt. Fivesteamers sailed from New York Saturday taking full cargoes, including 10,000 boxes of cheese, 6,000 cases of canned goods, 100 tons and 800 quarters of fresh meats 100,000 bushels of grain, 190 cases of sewing machines, etc. Certain Pacific coast capitalists have just taken hold of the Black Hills for the purpose of a thorough development of the mines. Four hundred and twenty stamps are now at work, and it is believed there is room for 1,500 stamps. The American Bible Society has just issued an edition of the Bible, from new plates, and well printed and bound, for 25 cents-probably the cheapest book ever printed.

10. 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.

11. 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.

12. 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.

13. 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.

14. December 6, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, December 6, 1877

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A. F. Boas, cashier of the suspended Reading, Pa., saving's bank, was arrested yesterday, on a charge of embezzling in two years over $20,000 A habeas corpus was granted, the prisoner giving bail of $25,000.

15. December 6, 1877 The New York Herald New York, NY
Article from The New York Herald, December 6, 1877

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ARREST OF A CASHIER. INTERESTING DEVELOPMENTS IN REFERENCE TO READING'S ROTTEN SAVINGS BANK. [BY TELEGRAPH TO THE HERALD.] READING, Pa.. Dec. 5, 1877. dward P. Boas, cashier of the suspended Reading Savings Bank, "was arrested this alternoon on the charge of embezzling and appropriating to his own use, without authority, large sums of the money and funds at the bank, during the last two years, and continuously for a number of years. The imformation, sworn to by William Walters. a depositor, before Alderman Mengel, 18 based upon the allegation that, among other appropriations, the cashier purchased 900 shares of the Temp lo Furnace Company, at $50 per share. and that he appropriated money to purchase a number of properties, and that he also privately advanced large sums on bond and mortgage. He was taken be. fore the Court on a writ of habeas corpus and released on $25,000 bail for M hearing next Wednesday. FRAUDULENT REPRESENTATIONS. The liabilities of the bank are $954,000, and from present appearances the assets will not pay twenty per cent. Great indignation now prevails against the president of the bank, A. F. Boas, the father of the, arrested cashier. Prior to the suspension Boas had advertised his bank as having seven directors, meu of wealth and prominence in the county. 11 is now acknowledged by the president that be owned all the stock, and that the directors were only his ad. visers, and not stockholders. The law provides that the directors shall be stockholders and that they are individually liable to the creditors. Boas alone made an assignment of the bank assets without consulting the directors. The validity of this assignment 18 now questioned, and thore is every probability that the directors will be proceeded against civiliy and criminally. PROCEEDINGS IN BANKRUPTCY. or the 6,000 depositors, nearly filteen hundred (the necessary number) have signed a petition to throw the entire affair into bankruptcy with a view of having a thorough examination made into the many allegations of traud and dishonesty. The requisite number, representing one third of the bank's liabilities, will be obtained to-morfow night. The bank officials are in despair, and are greatly opposed to the proceedings in bankruptcy. The principal assignee of Boas. Judge George D. Stitzel, is now in lavor of bankrupicy, after a careful investigation of the bank's affairs. Several more important arrests are talked about, to take place to-morrow. PROPERTY SEIZED. The bank property was levied on to-day by executions issued by Alderman Israel C. Becker. in satisfaction of the claims of depositors of less than $100. Joseph Ganser, James Koch and William J. Lerch are the cashier's sureties.

16. 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°.

17. 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.

18. December 15, 1877 The Donaldsonville Chief Donaldsonville, Gonzales, LA
Article from The Donaldsonville Chief, December 15, 1877

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Domestic. Senator Blaine is again in his seat. Troops are leaving Chicago for the Black Hills. Eight of the principal business houses at Athens, O., burned. Judge Harlan assumed a seat upon the Supreme Bench on Monday. Congress will probably adjourn today or Monday until January 10. Two business blocks burned at Millerstown, Pa. Loss $200,000. Schooner Two Sisters wrecked on the Texas coast; three lives lost. At Louisville the Workingmen's ticket was defeated by the Citizens' candidates. Schooner Edith Fuller, from Raltimore for Galveston, was abandoned. Crew saved. A. P. Michon committed suicide at New Orleans by shooting himself through the head. Wm. H. Devlins has been arrested at Lowell, Mass., for the murder of his wife and child. Kilzinzer Bros., New York dry goods dealers, made an assignment. Liabilities $133,000. F. A. Webb, a Toledo traveling agent, is charged with forgery of $14,000 on the house he represents. Minnie Estelle, variety actress, was burned to death by the explosion of a coal oil lamp at New Orleans. Serious trouble is expected in Lincoln county, Ky., in consequence of the capture of several outlaws. The Tennessee Legislature is in extra session to consider the proposed funding of the State debt at sixty per cent. Thos. Burton, a colored man 80 years of age, was run over and killed on the Jackson railroad, at New Orleans. Mrs. Martin was seriously, and her eldest daughter fatally, injured from being run over by a street car in New Orleans. Congressman Johnston of Virginia has introduced a bill providing for government aid to the Texas Pacific railroad. The Fourth Cavalry from the Indian Territory, and Twentieth Infantry from Dakota, are the regiments ordered to Texas. Col. Young's command crosssed into Mexico and destroyed the camp of a band of Indian marauders, killing two of the redekins. The close of the affairs of the Miners' Trust Company's Bank, Pottsville, Pa., shows liabilities over one million; assets nothing. A. F. Boas, cashier of the suspended Reading, Pa., Savings Bank, was arrested for embezzling over $25,000 in the last two years. A fire in the finest block of buildings in Louisville destroyed Cochian & Fulton's whiskey house and damaged adjacent buildings ; 4100 barrels of whiskey burned,

19. December 26, 1877 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, December 26, 1877

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NEWS SUMMARY. Eastern and Middle States. The Congregational Ciurch and an adjoining house and barn, atOswego, N. Y., were burned to the ground. The loss is about $14,000 and the insurance $8500. Richard B. Connolly, one of the notorious Tweed ring thieves, wa sued by the city of New York to recever $,000,000, and the case came to a sudden end ly defendant's counsel. confessing judgment. Robert Carroll and tw other miners, named Quigley and Martin, were instantly killed by the caving in of a section of the Mount Hope iron mine at Rockawsy, N. J. The Wolfborough N. H.) Savings Bank has been closed, pending an examination of its condition. E. P. Boas, latecashier of the suspended Reading Savings B.nk, of Reading, Pa., was arrested on the charge of misappropriating the funds of the instituton. Francis Copcutt, a wealthy New York importer, was found dead in his apartments on Fifth avenue, with lis face thrust into a stew pan containing acios and chloroform. It is believed that he W8 treating himself for a nasal cancer, and vas suffocated before he could summon assistance. The New York striling cigarmakers have determined upon startng a co-operative factory in competition with tie employers. Hon. John H. Burbigh, an ex-Congressman, was killed at South Berwick, Me., by his horses going off a bridge. The village of Millerstown, Pa., was partially destroyed by fire, several blocks in the business center going down before the flames. The New York police made a raid upon the unlicensed liquor dealers of the city, and arrested over three hundred of them. Greenbaum Brothers & Co., New York bankers. have failed with liabilities estimated at $250,000. The National Exchange Bank of Troy, N. Y., has failed. Harvey N. Thorpe was hanged at Auburn, N. Y., for killing William E. Howard (colored), in September, 1876. The murderer and his victim were both convicts in the Auburn prison at the time the crime was committed. Allen Congdon, of Westfield, Mass., aged four vears, died after three days' sickness, caused by the bite of a Spitz dog, received six weeks ago, and the doctors pronounced the case one of genuine hydrophobia. The board of education of New Haven, Conn., have resolved, bya vote of six to three, to dispense with religious services in the public schools. The ocean steamer City of Berlin, from New York for Liverpool, failed to arrive at her destination on time, and the anxiety occasioned by her non-arrival was allayed only by a cable dispatch stating that she had reached the coast of Ireland in tow of another vessel. A broken shaft was the cause of her delay. The miners at the mines of the Lehigh and Wilkesbarre Coal Company have had their wages reduced ten per cent. The men accepted the reduction. Ex-President Charles E. Smith, of the Philadelphia and Reading Railroad Company, has made public a statement alleging gross mismanagement in the affairs of the company, and the concealment of important facts from him and the stockholders.

20. 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.

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