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The sudden collapse of the Savings Banks of Reading, Pennsylvania, mentioned in this morning's dispatches, is probably due to a severe "run." There is little doubt, however, that the weakness to which they now succumb had its origin in the losses and bad investments of three or four years ago.
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The Reading Savings Banks, at Reading, Pa., with deposits amounting to about $1,000,000, suspended on the 16th. On the same day two other banks in the same city closed their doors. Bank failures are becoming SO numerous all over the country as to cause no little alarm among the people. Some of the failures are caused by the depreciation of real estate, in which heavy investments had been made, but the majority of them are the result of downright rascality.
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Suspended Banks Reopen Their Doors. KANSAS CITY. Aug. 16. - The Armourdale Bank at Armourdale. which suspended business in the financial crash in the two Kansas cities one month ago yesterday. has reopened its doors and resumed business. FORT SCOTT, Kan., Aug. 16-The First National Bank of this city. which suspended on July 18, resumed business this morning. Bank Examiner Latimer of Sedalia. who has been in charge since it closed. has issued a notice to depositors saying that the institution is in good financial condition. WASHINGTON. Aug. 16.-The First National Bank of Rico, Col., which suspended payment June 30. 1893. having complied with the conditions imposed by the Comptroller of the Currency. and its capital stock being unimpaired. has been permitted to-day to reopen its doors for business. CLEVELAND. Aug. 16.-The Cardington Banking Company. at Cardington. O., closed its doors this afternoon. Theassets approximate $100. 000 and are said to be sufficient to meet the demands of the creditors. The President of the bank. Major W. G. Beatty. was obliged to make an assignment. and the bank could not weather the trouble brought on by his embarrassment. CARROLLTON. Pa.. Aug. 16.-The banks of Johnston. Bucks county. at Ebensburg. Carrollton. and Hastings. which suspended payments until they could get more money. will open again on Monday morning.