The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-05-29
THE PENN BANK.
Its Affairs Awfully aiuddied--Assets Dimin.
ishing and Liabilities Increasing.
[By telegraph to the Dispatch.I

ishing and Liabilities Increasing.
[By telegraph to the Dispatch.I
PITTSBURGH, PA, May 2S.-The affairs
OF the Penn Bank are in an extremely
muddled condition, owing to The absence
OF President Riddle, who is the only per-
son who holds the key to the secrets OF the
bank, and the reticence OF the directors
and Others concerned Is such that no def
mite conclusion can be reached, but il is
now taken for granted that the depositors
will be fortunate II they get ) per
cent. OF the amounts entrusted to the
bank. This much is definitely known.
The concern is completely Quilted, the
assets are diminishing rapidly; and the
( liabilities are swelling even more rapidly.
Tir6sc who had a call on the resources drew
with an unsDaring hand. The books she'd
very little light on the identity OF those
who deposited with the institution, as the
accounts are In fictitious names. Capitalists
| like William ii. Vanderbilt are made to
masquerade on the ledgers for those getting
aid i'm some unknown way from the depos-
itors. The money shortage grows greater
as the intricacies OF the book accounts are
unrayelled, and from less than S3jO,000
overdrawn it has grown 10 S1,000,00O to-
day, and the end is not yet. So clean
sweep has rarely been made in
Pittsburgh. The liabilities are be-
lieved to reach over S2,000,000. 1t
is said that the bark's method OF book
keeping dates back three years, to the time
OF the Cherry-Grove oil excitement; since
which time the bank has been losing stead
lily. Prominent businessmen who are ac-
quainted with the affairs OF the bank say
that II it had closed its doors on March LIST
they doubt il the depOsltors would have
realized 10 per cent.
Last night, after busineSs-hours. w. y.
Riddle. president OF the bank, through his
attorney. filed confession OF Judgment in
favor Of the directors OF the bank for
900, $50. The judgment was entered
and an execution OF attachment issued
and put in the hands Of the sheriff with in
structiOns to levy upon the long list OF per-
sons. corporations, and institutions as gar
nlshees. The Penn Bank charter was pur-
chased from dcfunct banking institution,
and is very liberal. Ii provides that no
stakeholder or officer shall be assessed or
held liable for any purpose whatever for
any greater sum than the face value OF the
stock held by such stakeholder or officer.
Later.-The deficiency in the Penn Bank
still grows, and this evening has reached
Al, 100000 Heavy defalcations are also
limited at, which it is claimed reach nearly
81, 900, 900. The directors have been in
session all day, and have decided to have
thorough investigations and full statements
furnished the public. Ii wrong has been
done by any one, he shall be made to pay
the penalty. Many OF those who made
deposits on Friday last threaten the bank
officials with criminal proceedings for false
pretences in obtaining their money. Cashier
II. Rebier is now under police surveillance.
President Riddle is much better tonight,
and will probably be strong enough to
come to the city tomorrow. This after
noon the directors appointed Henry War
ner, eX-county commissioner, assignee OF
the bank.