Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-30
THE OILED BANK.
The Way II Looks Two Days
Later.
Still investigating the Affairs of the Late
Finest-in-the-C e-Ciy---Prospects for
Gsod Dividends for Deposit
ors Very Slim.

GlTFSBCRG, May 80 muCh tlilt was
amazing has become known in connection
with the failure of the Penn Bank that it
would take something quite out of the or
dinary to excite even ripple Of interest.
The rUmurs which are aflOat to-day are ugly
ones in part 1t is said that although there
was over $l0O0O in the hands Of the bank
when it closed the amount which was
turned over to the assignee was not quite
$1,000 1t is also said there has been q
great shrinkage in the amount of
securities, and that there is not as
mgch bv half in the wav of collateral and
securities in the bank now as there was on
SATURDAY. night, or even when it closed its
doors finally. This has had very bad
effect upon the men who have been feeling
friendly toward the bank. and they are not
disposed to 10 much to aid it. Among
other things it is said that 100000 barrels
of oil were bought for the bank day or two
before it closed. and that the certified
checks of the bank are out in payment for
the same There is no trace of this oil,
although the certificates ought to be in the
bank now
Re-hypOtheeating.
Ii is asserted bv oil F0DkcrS that the
bank Was in the habit WHEN it carried the
accomtot the Oil Exchange of re-hypOthe-
eating the oil held bv it for their customers.
Among she facts discovered by the direc-
tors Is that very large amount of securi-
ties, reaching a sum between 100000 and
$3.50 900 were sent on 10 New York BY
PreSiden, Riddle aS culateral for notes
which were being tiOatcd in New York. 1t
is thought he was hoaring a large amount of
paper in New York and elsewhere and that
the sudden contraction in the money mar
ker caused the trouble
The Fictitious Firms.
The individual bookkccper. George W.
Rowley, Jr.. upon his examination by the
directors. was asked particularly in regard
to the fictitious and other overdrawn ac-
counts. He replied that he could have told
the boasd aS to them long ago but he had
been engaged by President Riddle, and he
did not consider IL his business to report to
anv other authority. The general book
keeper. J, ". Young stated that the ac-
counts in question had never been sent to
him for entry The usual bookkeeping
customary in banks requires that that
this should have been done, and had the
rule been complied with the directors might
have discovered the loOSencSS before the
great break came.
4 statement Coming.
Some Of the directors stated this morning
tina, the oyerdrafts reach over a million.
but thar about $50, 600 of this is legitimate
being the overchecking of responsible de
po>itors business men who will make their
accounts good. Everything, however, they
said. was in such confusion that they were
not IN position to produce definite state
ment at this time. John Dalzell, Esq,
counsel for President Riddle, declined to
answer any questions put to him relative to
the banN affairs, but stated that state
ment bv Mr. Riddle is in preparation and
will be forthcoming in a few DAYS.
Asks suspension of Judgment.
President Riddle in card published TO
dav asks for suspension of judgment uuill
he is able to make n statement
Lucky Fellows.
On Monday morning last two dI,cpns1
late looking bankers sat in the ro'ua IA oi
the MOnOngaheIa House looking anl WI
ing. They had Just conceived an idea an
they were executing it in true NspoIeonlc
STYLE. They had each drawn checks for
their balances: had sent them up by
messengers and were waiting = see
what the harvest would be. Both
Gentlemen assert that they collect
ed their balances in full. but director Of
the bank saws not. He saws that oae Ga
banker of Washington, Pa who hal
SlOl 900 on deposit when the hank broke,
has only thus far gotten out $50, 900 of the
amount. The other gentleman from Cleve-
land, ex-Mayor Rose, is said by the director
to have ONLY secured a small portion Of his
balance. There is little doubt, however
that the money which was said by some
2apers to have been deposit by the Mon
tongahela House was in reality Mr.. Roses
money which was being drawn out