Daily Los Angeles herald., 1884-05-30
Rurnside's uDeraIcatIou,

WASHINGTON, May 29.-Six days since
Postmaster General Gresham learned
that Col Burnside was speculating aud
called upon him for an explanation,
which was plausible, but not salts.
factory, and General Gresham immedi.
atcly ordered an Investigation, which
developed deficiency of 5000.
Burnside was dismissed and arrested.
At the preliminary trial, he vas held in
S45. 900 bail and given until 10 o'clock
is to appear before Judge Smells with
the necessary amount and failing to pro-
duce it, he will be sent to jail. His
b,ndsmen are good for the amount of
the embezzlement. The accounts of
Burnside were audited at the Treasury
Department and the Postoflice officials
say the shortage should have been dis.
covered there.
Burnside Lodged In jail.
WASHINGTON, d. c., May 29.-Burn.
side was unable to find bail tonight, and
was lodged in jail.
rati0ns.
PIrTBURGH, Pa, May 29.-John P.
Boar oil broker for the Penn Bank,
made a statement to Receiver Warren
this afternoon in regard to the oil spec
u!ations of the suspended institution.
lie admitted that he was the representa-.
tive of the blind pool operation of last
summer. The pool was composed of
parties from New York, Philadelphia,
Chicago, Pittsburgh and other cities.
The usual course was 20 buy heavily
when they wanted an advance, or sell
when necessary to cause decline. From
another gentleman it was learned
that the pool was conceived by
Riddle, and after friends approx
ing his plans, he went to New
York and negotiated loan of two mil.
lions. The oil was passed from 80 to
l243, when the Standard Company inter
fered, and despite the efforts of the syn
dictate, the market collapsed and the
pool was finally compelled to sell at 90,
losing heavily from that time to this,
the Penn Bank crowd taking desperate
chances in the oil market to win back
sufficient to plug the hole ia the banks
funds and getting in deeper and deeper
every time. The depositors were in con.
sultation to-day, and proceedings against
the bank officers and Directors for con.
spiracy are talked of.
The Penn Bank Heavy shortage
Discovered.
PITTSBURGH, Pa, May 29.-Henry
Warner, assignee of the Peua Bank, has
taken charge and discharged the clerks.
n a hauo,, ,..A.l . I,,t
quire two weeks and possibly thirty
days before statement Of the exact
condition OF affairs can be made. The
deficit, it is believed, will reach fully
million and quarter. 1t is said that,
of the $40, 900 known to have been ON
the counter when the bank closed, only
$4,000 were turned over to the assignee.
a great shortage is also reported since
Saturday and the bonds, stocks and
other collaterals in the bank at the time
OF the suspension, are said to be missing.
President Riddle is still confined to his
home. He has issued card asking his
friends to Withhold judgement until he is
able to make statement.
Ar,hur iso0me RS start for Caicago
NRw YORK, May 29.-About sixty
members of the Committee OF One Hun
dred, appointed to attend the Chicago
Convention in accordance with the res.
olution OF the meeting of business men
to urge the nomination OF President |
Arthur, started for Chicago tonight. |
Three Pullman palace cars were pro.
vided for the delegation.
An Insane Mothers Fearful Deed.
ALBANY, N. Y, May 29-To-night a
German woman, named Caroline, Schrei.
fer, living on Third street, while insane
from the loss OF her bank book, mur.
dered five of her children, and running
with the Oldest child mime years old)
threw herself in front Of a Central Rail.
road train and was killed. The child
had an arm and leg crushed and cannot
survive.