, 1877-11-18


Special DisDatch to The Chicago Tribune.
PutLApELpItA, Nov. 1.-THE suspension O
| the Readiug Savings Bank, followed by the stop
parc of every banking institution in the tit,
except the national institutions, was mainly
owing to disposition to 60 to the utmost lisni
in assisting its debtors OF the manufacturing
class, rather than prccipitate cessation oi
business that their failure would make incylta
bic. Large 1nanufacturin. and mining interests
involving tho employment Of large number
OF operatives in the coal and iron districts, vert
dependent upon the advances made. i
year ago the deposits were S1,400,000
and in two years they have shrunk
100000, but despite that the bank has dis
counted good paper freely, and helped out
EVERYBODY that seemed deserving. Last night
the Hun. George 2. Stitscl und Henry A. Muhl-
cnbcr1 were appointed Assisnees, and will fur
nlsh = statement as soon as possible, clerks be,
ing at work night and day upon the books.
President Boas SAYS all his private property wall
br sacrificed it need BE- to pay thu claims Ut de-
positors. but 1t 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 Hoas
family, talks i'll the same way. An assignment
Of ali the Koas estate would be made. There
had been large withdrawal Of deposits during
the summer, and since the Jay Cooke failure
the bauk has paid out over 100000 to their de-
positors. He stated that the First National
Bank, the business Of which has been conducted
in tho same building, would be in no wise ef-
fcctcd by the business OF the Reading Savings
Bank.
Even more serious than the suspension OF this
bank is that OF Bushong T. Brother. This tirin
has been the custodian Of accounts Of many
large mining and manufacturing concerns, aud
has had unlimited confidence. They suspended
iu 1875, but only to avoid rtlu, and resumed
without impairment OF credit. At that time
their deposits amounted to 81, ,000, 900. At pres
ert their deposits amount to between $500. 0O0
and S4O0,0 ,00J. They say their dcpositors are
amply secured, and will be paid dollar for dol
lar They have devoted themselves for four
years in paving off the claims against them, and
this should bc I'LL assurance that no loss would
be incurred by thu present suspension.
MesSrs. Iovcr & Sellers, prnprletors of the
Dime Savings Bank, winch suspended yester-
tIay, were engaged ii. tliscounting notes, buying
and selling stocks, and doing L general broker
not believed to have been large at the time of
the suspension. and that they do not exceed
S12,UN to SI5,U00.
The excitement over the closing of the Rcad-
ing and Dime Savings Banks. and the banking
house Of Busnong Il Bro, Is still very intense.
Crowds Of people from the country districts
who hare money on dcposi; in these banks came
INTO town this morning to find out how matters
stand, which helps to increase the excitement.
To the Htstern Associated Press.
PHILADELPHIA, Pa., Soy. 11.--A dispatch
from Reading says: s'trherc is now j run being
made On tho First National Bank Of this city.
4 large crowu is surrounding tile door. Several
wealthy citizens, i'll order to show confidence in
the institution, are making deposits
READING, Pa.. Nov. IA representative OF
the Associated Press visited the three National
Banks doing business here. III view OF the
PHILADELPHIA dispatch reporting j run. and
ihis is the result: Henry j. Eekcrt, Presi-
dent OF the Farmers National Bank,
said: ,stWc arc doing l.ss than the usual bns!-
ness, and receiving more tan VIC pay out"
". II. Clyu.er, President OF the First National.
said: 'TlleTc is no run ou our bank, and We arc
Receiving nearly as much us VIC pay out. We
are ready to meet any demand, aud will con-
tinuc to cash CHECKS fast they are present.
ctl.'' Charles B.. Mcknight, Cashier of the
National Union Bank, saitl: More money was
coming in than going out. There is no excite
nlcnt worth mentioning, and the reports con-
cerniug runs are without foundation