The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-06-03

to make good these accounts. l told MI.
Reiber, said he, and l told par. OF the
board, viz: ]. B. Laughlin and J. o,
Brown, A. NJ. Cavits and Mai.
swearngen OF my intentions and
told all Of them that l would
no. then or any other time buy q single
barrel for myself. l had ouiy the wish 10
make up these accounts. I wen, east and
the board knew the nature OF nv Grand.
and had lot OF people there to buy and a
10. hero to buy. The sole purpose OF This
scheme was Tor the profit Ct the bank. +
had no individual interest in ,he yentn,a
at all: In May isS2 very large lot OF oil
wss bought and the price advanced. In
the midst OF this l was taken sick Tnas
was the time these accounts named in the
papers as fictitious accounts were made.
Some were 10 90, to the ban K to make up
these old back accounts, others ior indiyid.
uala who would hope for profit which they
would divide. - - '}'',
DIRECTORS KNEW ALL ABOUT IT.
Now then, I want to ray that these direc.
tors did know all about this, Alter went
to New York to get such parties as l could
to buy oil with parties here and in Oil City
I told these directors Of the purpoae OF my
going. They bought oil individually at
times that indicated es their account with
the bank will show. One OF the parties
that transacted business through me on
their individual account, as their accounts
in Ike bank will show, wes Mr.. Hopkins,
! bought oil for F. B. Laugnlin, and with
his consent it was put into an account in
the bank as "F. B. Laughlin No. 2,"ard
still stands there undivided, nothing hay.
ing been said ss to where the profits should
go. l also bought oil on his account and
gave him one-fourth, R NJ. Kennedy one.
fourth, the Penn bank oIe-fourth to make
these accounts, and G. L. Reiber one.
fourth to make up the accounts OF two
friends overdrawn. That account stilI
stands there charged with loes. Tha. ia
the account known as Hill & Co. Among
the other directors who bought oil upon
information received directly or indirectly
from me, was ]. O. Brown on his indiyid-
ual account, Mr.. Cavitt on his individual
account and I believe his account atill
stands overdrawn for part OF the amount.
A. A. Hutchinson also bought on his own
account. 5. Severance bought on his own
account. but paid for it. Isaac Van .Vor-
hees, attorney fer the bank, also bought
large amounts on information received
from me. George c. Davis did buy
or talked OF buying, ss he inquired
every day as to the proepects both Of
myself and Nr. Reiber. Mr.. sweariugen
talked frequently about these transactions
and casually inquired how they we're get
ting along, as they passed through on their
way to New York and Oil City, and the
accounts were being charged for handling.
Mr.. McMu!len also bought large aaounts Of
oil Tor himself and myself, representing
the bank, he doing it with no special in
tention for gain ior himself, simply intend.
ing to put it there tina: it might bene f, the
bank, and with this transaction is charged
the account Of D. Wilson & Co.
WATSON & cos ACCOUNTS,
The account Of Watson &; Co., was an
account made and suggested by Mr.. J. T.
Watson & Co. The benefit OF this account
WAS to go half to the bank fer the use Of
these old accounts. The first transaction
was the transter OF some oil from Oil City
10 this place through the accounts and also
the trantf=rs thereafter made were through
this account. When the time came 10 sell
all amounts that had passed through This
account were charged up against it. The
accounts of sR. NJ. Kennedy No. o" and
"R. N. KENNEDY on account Of principal"
were bought by bis consent, and
mostly by mis- direction, and for my
account in the bank, he TO get e.hslt and
to get one-half towards making up this
accountss stated, and to this account be
made sundry checks, sundry orders and
sundIy notes, but left it in general way
in my charge. The account OF B,own &
Co. was created at first as money received
from parties in Philadelphia and part OF it
from J. r Kee1e. That account stands
balanced so that there is nothing further
concerning it row. During Ju.
ly, 1883, it wss found necessa.
~ to sell net only great portion
Of this oil, but great portion o. our crs.
toners oil, held ss collateral, and this wss
done. told MIR. Laughlin On the day it
Was done, and he was good enough to help
me all be could. told him then and
there that didn't see how could stand it
much longer ps my strength was being
taxed seemingly beyond human endurance,
Many OF the individuals who had received
information TO buy at low rates sold st
high rates and took the money to credit
their own account. S.
LOOKED OUT FOR THEMSELVES,
During the time this oil was bought it
was currently circulated at the exchange
that this was only little pool to make up
some bad accounts ct the Penn Bank, and
this was the Gaze. Il was work enough to
have attempted to do euch an act and try
10 make this money for these accounts, ard
particularly so when the price bed reached
the limit oi our intention. Tha. might
keep faith with others l insisted upon all
not to sell, but many individuals did sell
in spite OF promises not to do 60. Con.
tinuing ne asserts that. the accounts
Of many directors were overdrasn
at times from ten thousand to
over one hundred thnugaud. Two days
before the suspension the condition CT the
bank in money was comfortable, but many
people with malicious intent gave ont such
reports es caused run and compelled it TO
close. All his stock and that Of his de-
posi.1, amounting in value to four, bun.
dred thousand, he says was left for the de.
positors, but the directors without his per-
niasion appropriated them for their own
security: r. g. IIl5I'
The statement created intense excite
nens: and the newspaper Offices were sur.
rounded with people Of all .classes who
jos,led and crowded each other in their
eazerness to obtain copies. The directors
implicated Indignantly deny all Of the alle-
cations made, but Mr.. Riddle claims the
books new in the hands OF the aesgnee will
fully conoborate his statement. Mr.. Bid
dies conditi.n is much worse to-day, and
his physicians fear more hemorrhazes.
OSZ price to all, spot cash Tom everyone,
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