Savannah morning news. [volume] (Savannah) 1868-1887, 1884-05-27
THE ERIE BANK PILFERED.
Its President and Cashier Both Specl
lated With Its Funds

ITS Il IIesiuenJ ana CaSn1er Both Specu-
lated With Its Funds.
ERIE, PA, May 26.-President Adam
Brabender, of the defunct Erie County
Savings Bank, has returned to Erie. He
admits that he and Cashier Petit lost
100000 in grain and oil speculations.
Brabender also admits that ne took money
belonging to the bank, paid it to friend
and left, and eXOnerates Mr.. Cash. He
is now in Jail. The feeling against
President Brabender is very strong, as
the paper in the bank has proved worth
less. President Brabender has made an
assignment of his private property, val
ued at 100000, to his creditors, but this
amount will not cover his Indebtedness,
and the stockholders will probably lose
from $200,OO0 to $250,0O0. Many of them
will probably be ruined.
The Penn Bank Again Closes.
PTTTsBURG, PA, May 26.-The Penn
Bank closed its doors again at u
O'Clock to-day, and posted the follow
ing notice on the door:
Mr.. Riddle President and chief executive
officer of this bank, having become suddenly
and seriously i'll and unable to communicate
with the Board of Directors it is deemed
proper to close the bank, under the existing
circumstances, until he sufficiently recOyers
by ORDER OF THE BOARD.
Officers have been placed in charge.
who refuse to permit an audience with
any of the board. There is great excite
ment.
The crash was brought about bv the
clearing house throwing out checks
amounting to $265, 900. according to the
statement of the directors the bank has
raised S93l,OOO to pay liabilities of $91S,-
600. 1t is said that there were $500, 900 in
certified checks out, which were not in
cluded in this amount, and which had to
be paid. The banks which had loaned the
suspended institution funds to tide it over
are amply secured.
The news of this second suspension
spread rapidly and created intense eX-
cItement and surprise, owing to the fact
that every one had faith in the ability of
the bank to pay all claims against it, The
directors positively refused to be inter-
viewed. Large crowds fiOcked to the
bank, and the pavement in front of it was
crowded with depOsitOrs. President Riddle
appeared in his usual health at 10 O'Clock
this morning, but half an hour later it
was given out that he was prOstrated by
hemOrrhage of the lungs, and since then
that he has had three repettions of the
trouble. He IS lying at the Duquesne
Club rooms unconscious, and only slight
Still later it became nOised about that his
illness was due to an overdose of morphia
or chlOrOfOrm, which he took this morn
ing. Physicians are endeayOring to re-
lieve him of the drug.
GREAT EXCITEMENT CREATED.
PITTsBURG, May 26, II P. M.-When it
was discovered that President Riddle, of
the Pennsylvania Bank, had taken mar
cotic there was great excitement and the
Dequensne Club building, where he had
been taken, was crowded by anxious in
quirers after his condition. A stomach
pump was brought into requisitiOn and
this evening he recovered consciousness.
1t was learned that he had been attacked
with severe headache this morning
and had taken an overdose of the mar
cotic. All sorts of rumors are afioat.
One is a renewal Of the report that the
bank lost heavily in oil speculation. and
another that there has been heavy de-
falcatiOh, and that the doors were opened
to allow certain depositors to withdraw
their deposits. Bank officers are gem
orally dumbfOunded by the turn of affairs,
and profess to be entirely ignorant Of the
=