The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-05-30
SKY GROWING BLACKER
THE DEVELOPMENTS OF YESTERDAY
In RsGsrd 10 the IAnAlrs Of tbs broken Penn
Bnk-rhs Fictitious Aecoun.s-rhe hllsd pool
IN Petroleum OPERATED By tho baak.
How Il Was Cassht Heavily. ~

|
with tho failure Of the Penn Bank, that
would takeromething quite out Of the OF
binary to excite even ripple Of interes
to'dayS The rumors which are afloat to
day are ugly ones in part. 1t is said tha
although there was over $40 900 In th,
hands Of the; bank when 1t closed, thu
amount which was turned over to the as
slgnee was not quite $4,000. 1t is also said
that there has been . great iBhrinkage ID
the amount ol securities, and that there ID
not as much by hall In the way Of collat.
eral and securities In the bank now as
there was Saturday night, or even when Il
closed its doors finally. This has bad a
very bad effect upon the men who have
been feeling friendly toward the bank, and
they are not disposed to do much 10 aid It.
Among other things II is said that 800 900
barrels ol oil were bought for the bank a
day or two before 1t closed, and that the
the certified checks OF the bank are GU! In
payment Tor the same Z There Ia no trace
Of this oil, although the certificates ought
to be in the bank now. tiI5cl
t5as.l RIDDLES BoND. \. H,
It Is said that the transfer Of property by
Mr.. Riddle to the directors Of the bank was
for the purpose Of securing them 60 far. as
his bond Of $1,000 10 concerned. . One: Of
the bondamen Is Nj. Frank Laughlin, who
is on 1.-THE extent Of sSo. 900. Some Of the
names Of those given In the list Of persons
garnisheed are evidently there simply be.
cause this is q sort OF fishing excursion TO
see what can be obtained. Neither D, 4,
Stewar:, the Fifth National Bank nor a
number Of others named owe Mr. Riddle
and he never drew check on the bank or
owned any stock in 1t. -s.!z7 -.4...E- 40.
= 1t is asserted by oil brokers that the
bank was in the habit when it carried tbs
account Of the Oil Exchange Of re.hypothe.
ciating the oil held by it for their Gus.
tomers. Among the facts discovered BY
the directors Is that very large amount Of
securities, reaching sum between 5000 600
and $250,00O, were sent on TO New York
by President Riddle az collateral for notes
which were being iloated in New York. It
is thought he was floating a large amount
OF paper in New York and elsewhere and
that the sudden contraction in the money
market caused the trouble. 0s :
THE FICTITIOUS ACCOUNTS.
The individual book keeper, George ".
Rowley, Jr., upon his examination by the
directors, was asked particularly in regard
to the fictitious and other overdrawn &C.
counts. He replied that he could have
told the board as TO them long ago, but be
had been engaged by President Riddle,
and no did not consider it his business TO
report to any other authority. The gen.
eral book-keeper, ]. NJ. Young, stated that
the accounts in question had never been
sent to him for. entry. The, usual book.
keeping customary is banks requires that
this should have been done, and had the
rule been complied with the directors
might have Uncovered the,looseneps before
the great break came, inasmuch as it ia the
general book. keepers ledger the directors
usually examine when they desire to ac-
quaint Themselves with the current affairs
of the bank. r. T. lfIt,.aa
Some Of the directors stated this morn.
ing that the overdrafts reached over q
million, but that about sl50,0OO of this is
legitimate, being the oyerchecking Of re.
sponsible depositors, business men who
will make their accounts good. Every.
thing, however, they said, was in such con.
fusion that they were not in position to
produce q definite statement at this time,
John Dalzsll, Eaq., counsel 10 President
Riddle, declined to answer any questions
put to him relative to the bank afairs, but
stated that statement by Mr.. Riddle is in
preparation and will bo forthcoming in q
few days. :. .{,laa,:s55.siis Il -&:Ilg