New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-06-01
THE PENN BANK DISASTER.
THE PRESIDENT AND CASHIER ARRESTED.
WORD FROM THE BROKER wATsoS-THE MYSTERY
or TIRE OVFRDRAFTS.
rBY TRLEGRAPH TO THE TRIBUNE.l

OF THE OVERDRAFTs
rBY rRLEGRAPH THE TRIBUSEl
PIrTsBURG. May 31-President Riddle OF the
Penn Bank was removed to-day from the Stewart
residence lin the East Endtto the Homeopathic
Hospital. which is within three or four blocks OF
Police Headquarters II is said that this move was
taken in order that surveillance might not be SO
difficult rs if was in the East end. All the parties
concerned refuse TO state before whom the lniOrma-
ton against Watson. the broker, was mace,
or what charge he Will be calico
upon TO answer. Datectiye Roger OMara leIt lor
the East on the Chicago limited express tins morn
ing and if Watson does not demand reqnlSlllon'
viii return with his prisoner Tomorrow Inc loi-
lovinr dispatch from Jersey City addressed to the
Editor of The Pitsburg Leader, was received 'niS
evening from Watson: left PIttsburg last even
ing for New-York on business, to return on Monday
morning. NV intention will be fulfilled. and when
there | will seek the justice due me for the false
CHARGE and outrage tTumped up against me-
At the Petroleum Exchange to-day II was Saiu
that Watson had been operating for New DIX
faction and that il was likely his visit Mt TINS time
was for the purpose of visiting this faction
THE WARRANTS FOR RIDDLE AND REIBFR
The directors held a meeting this afternoon ana
finally decided to lodge informations against Cash
Ter Reiber President Riddle and Oh Broker " At
son for consniracy TO defraud the bank. lmne-
I after
Isaac Van Voorhis the attorneys for the directors
and directors ID. w. C.. Carroll and A. NJ Caril'
proceeded to Alderman Burkes office and made the
information. Reiber at 10 p. m. was lodged ID
Jail. He was at his home III McKeesport, sixteen
miles from here, to which place an officer with
warrant sent.
Abon+ a. m. officers visited Mr. Riddle at the
Homeopathic Hospital and informed him that he
was also under arrest.
THEORY AS TO THE OvERDRAFTS.
| prominent oil operator expresses the OPINION
! concerning the OveTdrafts that they represent 'he
losses sustained at various times by the OIL svndl-
cate and not the actual Indebtedness OF the oper-
ators so charged: that Nh Riddle may have pre-
ferred to make the losses appear overdrafts for
/ the purpose of more efectually covering the work
| of the syndicate from the directory that he dd
/ this in the hope of eventually making a successful
| deal. and thus clearing the apparent lndeoi-
edness of the individuals so charged
/ but which III realty pahA
funds lost in oil deals at various times Many OF
the depositOrs are of the opinion that Riddle mas
been made the scapegoat of others.
! THE MISSING THOUSANDS FROM TIE COUNTER.
One depOst0r. who set about to ma "ut now
tbere should he only S2l 900 on the counters and
in the vaults Of the bank at the time the receiver
! took charge. although there was 100000 on the
counters and in the vault when Mr.. Riddle was
! taken sick. says not a dollar was sent to New-iork
and il is more than likely that the directors drew
/ that money ont 10 take any balances they might
have had or tc secure themselves their own M
Iorqeluents without any regard to other depo,llos
This depo,itOr was told hy one OF the ci hs OF Jir
/ hank that on the day when the bank FIRST clos,
two of the directors drew Ouf thelT money III the
/ moment Riddle was having the suspension non, -
| written When Riddle told OF H. Zee nearly
| tainted cxciamIng My God, how uuch must
II is now claimed that the bank charter passed
the State Legislature. .t ,.
| In an interview with che directors Tonight cach
/ one states that he has not withdrawn one cent
from the bank since ITS FIRST suspension. This does
/ MOI conflict with he statement made above.
MI Riddle had another hemouha@e Oh ne lungs
/ +o-day His sudden death Us not improbable. MS
/ would greatly coWplicatc matters.
II is now stated that the ursl oteruIaI Z
/ on the bank mad" ln MI IiddiG' an
/ turned he found the account OF the nus
burg and Western Railroad COMPANY OYER
drawn to a large amount. One OF the directors was
1 president Of the railroad company ANA another
/ was secretary. The account OF another uiecIQI'
NOT connected with the railroad. was found 10 ne
is said tried to ,tTa .hcn out matters puJ ne Ialeu
/ in the undertaking ana goes down WIN me otIG.
When the examination OF the bank. alalrs mas
been concluded il is believed that Nj. El4dlc VIII
lac Droved 10 have been innocent OF any cfo"hcuAcss
but that several Of the directors VIII DE SHOWN up
/ in a bad light. -.
/ FLEE sIIrcties the amount Of the bonds o. President
T Riddle and Cashier ie:0er Frank Laugh!h. IA VI;
+ Kennedy aud Marshall Hall are on lldi.rs bohd
I for $4,000 and Henry klcbcr and george SH4 u"I
/ arc On Robbers tOT %JO.OOO.