The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-05-22
Al GENERAL,
The Pounsl IyanIa Bank, Of Piltsburg,
Closes lis Doors.
President Endlcoit R,signs-Pailures
In New York.
rhe Industrial Exposition Ia Session at
Chicago.
Tobacco Factory aud Paper Mill
Burned.
]. II. Eus,is 10 Succeed Jonas, OF Louis
lana, In the SenaJc.
Freight and Mixed Trains Collide on
the Panhandle.
j. u. Eus,is 10 Succeed Jonas, OF Louis
lana, In the Seuatc.
Freight and Mixed Trains Collide on
the Panhandle.
President Baldwin yind,cates Himself.


PIrrsBuRo. Ma 2l.-Thc Ptnusy lvania
bank OF this u.'y closed its doors at 1880
this afternoon, aud posted the following
on the doort: Owing to the continued
run Tor several days, We have decided IL
wise for our deposiiors and all concerned,
10 suspend payment for the present.
There Is great excitement. and a large
s-,wd surrounded the bank. Police OIL
GERS ,s,i;,s L,;,s been placed at tho doors.
miIiiani N RIddle, president OF the bank, /,
whicn wns qo,us s ,hs largest business OF
bed this morning, having bte,. arostrsted
from hemorrhage, and 10 now :, the
bank. The following statement was gSes
a representative of the Associated Pfess /;
II have nothing 10 say IN detail now. but
| am here To ince the music and do my
duty, OsiaG TO uni0urdad reports made
current by interested al j malicious per-
sons, there has been run on us Tor several
DAYS, and our deposits have been decreased
from $500, 600 to 800, 600 In five days. We,
therefore. deem IL wise to take action as
we have done. Further, have nothing TO
say, except that | am individually ly the
largest loser, having tho largest deposit
and the lsrIts, amount OF stock IN the
bank
IL ia said that rumors set ailost by inter
ested parties are that the Pennsylvania
bank and two other banks have been allow
lDE OIL DrOktsb w 'hth uetop'''
and the result was run on the bank. One
Of the stockholders OF the Pennsylvania
bank says the suspended institution Is en-.
tifely solvent and will pay every dollar of
i,s debt, or on deposit. Capital stock,
500 600. A full statement Is promised THIS
evening.
The Pennsylvania bank was yesterday
assisted In meeting its obligations at the
CLEARINGHOUSE by loan OF 500 600 made
by the Farmers Deposit National bank
through which IL cleared. IL was hoped
matters would be in batter shape to-day
and that the b.nk would be able to meet
its paper when presented. The result was
a disappointment, and checks on the Penn
sylvania bank were returned by the Far
mers bank. As to the egsregata smount
of checks thus returned, officials OF the
| Farmers bank refused TO make a statement,
| put as the aggregate exchanges at the clear
ing house was little below those OF yester
| dey, the total could not have been nearly
as large as usual in ordinary times.
| William +. schmartz, president Of thu
| Third National bank, says he hrd seen th'
balance sheets OF the Pennsy lvanla bsnl
and thought they would be able to pty nj
debts, aud that IL was solvent. The othe
banks ne regarded strong enough to stant
the crisis. They would stand by eacl
other as they did in New York. Mr.
Schmartz reflects the views Of u lsrg
number OF the most prominent bankers II
regard to the solvency OF the suspended il
stitution.