The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-05-03
TIE MYSTERIOUS FAILURE.
CLOSING THE DOORS or 4 CRIPPLED
PUILIDELPIfI1 BINk
n Speculative Cashier snddied with NIL tho
Blnmc-Bn Management "' Once Pros
perou. Concern More worthless Assets

~ a half shcei Of paper pasted on the door and
bearing tho following inscription:
fniLADRLruiA, May !, 1877.
This bank has closed for business and has gone into
hquhlau0n JAWS A Hill Cashier
These preparations for going into liquidation
were conductcd so quietly 10y the officers Of tho
bank that the first intimaton dealcrs with tho
institution had of its failure was when they APP
poured before the building after the beginning
81 business hours and saw the pot,,fEe ,;;
a s4Se, % GR qa Ss'a nov and sss
book be- in HE hands wovid struggle through
nhc crowd to the entrance and angrily demand
Hdmittance repoTier Called upon ,he Prcsi;
was informed that the peculiar circumstances
which. rendered n suspension necessary pre-
was ascertain,d from other sources TINT the sus-
pension must be attributed to recent stock
Cashier. Mr james A. lin. Who hoV' having I t
heavily. oyerlrcw his account to the amount of
s25 700. in the hope Of rcgaining his footing. In
fession to the President, Mr.. Mussc man A
meeting of the Board of Directors was held yes
terday morning. AMI finding It impossible ~
raIsc suil Client funds to- withstand the run likely
60 be made upon the bank when Mr. llil'- trans
20 90 into liquidation. and therefore made IN
assignment to Mr. Mussclmnn. Mr.. Mussclmnn
did not speak .ol Mr. Hill rs deinultcr. for the
amount, 1t IS saii that he oyerdrew his ic-
but by sudden flu fuation OF Nalu 5 lost every
thing Mt oh.".
(nd certified cnechs; $4,000 city skies; sN.5uO
Pcnusy lNauia Railroad stock; sli.OOD huud-
and mortgages C.stimatcd at to-dqys valuei.
Its bills receivable are mostly of first class
t es lie 'd $3.50 20 H"F rord ' Nsonl BnE
amount; si5.ooo 10 First National BANK. Gov
cred hy collateral. and about 2SuoO tn SuoriN
Wright which is also covered hy colui.rals
nt . Ill Itnf co.
lose dollar. The assignee will probably Bee
able TO refund To the dcppsitors every dollar of
will be something In for the stockholders.
T,om n, i1t'hltm TiHc
Tho Friends ~ Mr. iii nssnri that about
March he was persuaded by one OF The dirrc-
tors OF the Union Banking Company. who was
nt that time also one Of I'll" d.ro t.rs Of tho
Nov ;Nys, jersey G.ptre hailroal Com,nany g.
linn, and ',tIai liz lir.t"r' was al Wal
time unloading tn" very stock; that Mr.. Hill
having made The purchase the stock immrdi-
ntcly tumtlcl and a. lost 1000 by the sprcu-
iiti9n ani VS. t'u IN ne luirl ny ne mis-,
whole. having Lost some $4,000 of the banks
money, in % d.tion to al Of his rriylt' means.
mia, AMI WIS heavily bitten. re-ut!ng i'm
loss e. the bank. whose money h.
wa ncy ing, Mt oN,c'dins n,
tho failure ~ tho lflking company j. NOT
caused 10, this ,l-fulwf n. HIT ly Tie bad iuan-
melcss. Or IT, sioo0i0 unlori The h.ad Of Xix
the $4,000 und"r tAe head oi unnlid bills
Should Doe 100000. every dollar of which j. also
worthless. ~ ou' on '-hulf If The amount having
been carried sno" The susp"ns. IN 81 1873. and
the remainder created since. II j. further said
that nt ~ 90 lu- uf th ITO .khDIlrr- y '~frrdny
nit"rnonu. ih' largest -to khoier protest.
against tn arranged lro, rln!mc of appointing
Isesid'n. NA-. n.an'un4 william Brio. ona q
The other story not only PLACES the whole
hamc upon VI; iihl, hut also intimates that his
than the am nm, a,lniii, il ~ him.
Tho Union Banking Company went into lusi-
nfsS AT tr southeast 'griirr ~ Fourth ana
ars a'i III. &, pa,- in y r so26fins a.
rcspondeneo with over four hundred country
banks the largest oi any monryci institution in
Cooke 4 Co.. in September. 1913. it went
down niirr run upon il. in which in one day
~ pnid ouI 'llQpoo. H. November Of the same
year il rrOrsaniHrd hy iurrcas Ing Oh" stock from
s2uoppu &. .7W,non. .inl settling WITH H., cred
tor7 m iuii or on".haii o'-h and one ult
IT. pr'-rt ]" alton But II has nNor cu-
ioycd ~ same rDnil moo rs before the
sg.p,n-iol. and las i"'n for a y'nr past ran
Idly l~ln- liz iU-iu 49,. until - iN'tt, deiai. a-
ton has 49, I'u.tN i.if ir,inl suitable frff - fIr
fual -iul. wti ID. Will r,-u'i.u-. Ills nDl.l
try bank. Nili. d b. feared. emit in a h"a,N. f
not total -s % the .iu 'kholdnr- I'll. "a. ,w-
selman Pr..id'nt JH'ao.s &. II .ll; Cashier; Di-
rcior-, " .liam br!.ro Mcs-rs. William Brice
O.; Chgr'- " llNkin; Nnum N.AN0r of
NJ -r-. john NcAl'cr * sons; VI. J. VI u we'll
o Aict-r-. n T. McpoWell \ q; II. 5; Frank
of Mos-r-. FRANK. Br.- y CO.; q, Yr-e, / %, q
OF u rS~rs. i'nrg FurlS.r Il tp.;A. !. Bonait'n.
236 Chestnut street; Il. J. Dobbins. onre Leiyr'
building
The un.,l stat Banking Company. % small
affair deing small in-in.-- IN tii" .n~ mont
T"nth and Chestnut sire. f.. wA,-If = p sits are
sad Ia hilv' been Kept with the Union Banking
Company. closed ms doors liuIIo HAT is upon
hearing OF tine kii'or'- ending