The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1884-05-24
NIGHT DISPATCHES.
aevv Bank Suspension in
Pittsburg.
New Hampshire Democratic
Convention.
The M. E. Conference Still in
Session.
Dedication of Statue to Martin
Luther.
Work Stopped on Canadian
Pacific r. R.
Parnell Speaks His Mind in
the Commons,
Work Stopped on Canadian
Pacific r. R.
Parnell Speaks His Mind in
the Commons.
Pennsylvania Bank FAN ure.


PlTTsBUKG, May 81, Oil opened
weak. Prices declined to 6S} then
rallied to r. but broke again to SO.
At o'clock, on account OF the an
nounced suspension of the Pennsyl-
vania bank the feeling was very
uuch unsettled and panicky. Trade
was excited and q disposition to get
rid of oil prevailed.
VIM. McRiddle, president of the
Pennsylvania bank, which was do
Ing the largest business of any bank
in Pittsburg, got up from a sick bed
this morning, having been Frustrated
from hemorrhage, and is now at the
bank. The following statement was
given to an Associated Press repo. ter:
/ have nothing to say Ia detail
now, but am here to face the
music and do my duty. Owing to
unfOunded reports made current by
interested and malicious persons
there has been run on as for several
days and our deposits have been de-
creased from five millions to seven
hundred thousand in five days. We
therefore deemed it wise to take the
action now done. Further I have
nothing to say except that I am in
dividually the largest loser, having
the largest deposit and the largest
amount of stock in the bank"
1t Is said that rumors were set
aAoat by interested parties that the
Pennsy vania bank and two other
banks have been allowing oil brokers
to Overdraw their accounts and the
result was a run. One of the stock
holders of the PENNSYLVANIA bank
says the suspended institution is co.
dollar debt or on deposit The capi-
tai stock of the bank is two hundred
thousand. A full statement is prom
ised this evening.
The Pennsylvania Oank yesterday
assisted IN meeting it's obligations ut
the clearing house by loan OF @l,.
600, 900, made by the Farmers Deepest
National Bank through whlch II
cleared. 1t was hoped matters would
be put in shape to-day and that the
bank be able 10 meet its paper when
presented. The result Was d'sap-
pointment and checks Oh the Penn :
sylyauia bank were returned bY the
Farmers bank. OF the aggregate
amount of checks thus returned
the Farmers bank officials refuse to
make q statement, but Rs the aggre.
cate exchanges at the clearing house
was a little LelOw those OF yesterday
the total could not be nearly as large
as usual. In ordinary times th'
PENNSYLVANIA had out y very larg'
amount in checks, but some day
past it bad fallen OFT greatly.
President Riddle to night made tn
following Official statement to an As
sociated Press reporter: The boar'
of directors met this afternoon an
began an examination into the affair
of the bank. Their examination jus
titles them and myselfiu making til
statement that the BAN
can. as matters now stand, pay doiia
for dollar on deposits and stock. MI
Riddle refused TO give any stateme9
Of liabilities or assets. From outsid
sources it was learned that the llabll
ties are not over 81, SOC, 900 and tina
the sssets were twice that amount
The bank Is credited with heavy o.
speculation, but this Is denied. IN
direct cause of the trouble is attrinu
ted TO rumors growing out OF tn
clearances of the Petroleum Ex
change being taken away from u
Pennsylyania bank, which up 10
few days ago was the clearing nous
of the Exchange. The change ws
made several days ago and the bqs
ness transferred to the Farmers -
posit National. This gave rise 10 II
mors that the bank was In trouoie
likely to be, and the run has pee
going on quietly for several daS
The feeling tonight is uneasy ana
Is feared runs will be made on seFe
al banks tomorrow.