Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-27
CLOSED ONCE MORE.
The Penn Bank Hangs Up It's Shut
ters.
PRESIDENT RIDDLE REPORTED DYING
The Unexpected Failure Of the Leading
Bank Of Pittsburg - The Exact
Situation Not Known--The
President Stricken Down.

PIrTSBURGH, May &c. - The Clearing
House threw out two hundred and sixty-five
thousand dollars of checks of the Penn Bank
this morning, and again the bank is closed
Exactly what led to this state of affairs is
not definitely known Yesterday afternoon
President Riddle was hopeful both as to the
bank and his own health. This morning at
quarter past ten o'clock he was as cheerful
as before, and said business was going on
smoothly. An hour and half later he Law
dying at the DUgueSne Club and the bank
was closed, the Glowing notice being posted
on the panels of Its door. 49,
Mr. Riddle the President and chief ex-
ecutive officer of the bank, having become
suddenly and seriously i'll and unable to
communicate with the Board of Directors, it
is deemed proper to close the bank under
the existing circumstances until he suff-
ciently RECEIVERS to be present in the adjust
ment OF its affairs.
By ORDER OF THE BOARD"
Police officers had charge of the building
and refused to admit any one except the
directors Although there were many large
depOSitorS and many who are largely inter
eSted in the outcome of the failure among
those who sought admission, they were not
able to get into the room where the directors
We're in session.
Entirely Unexpected.
There is no doubt that the sudden col
larSe of the bank was not looked for The
most intimate business friends of Mr.. Rid
die who had assisted him and were entirely
in his confidence, knew nothing until the
bank was closed and he was Frustrated at
the club. Mr. Riddle felt most keenly the
blow that had fallen upon him, aud at
the residence Of Mr.. d. 4. Stewart, yester-
dav h. said: There were couple of days
last week when believed that after all it
WAS possible for man to die of a broken
heart
Il seems as though the succession Of mis-.
fortunes which have fallen upon the bank
have dazed the directors aud other officers,
and there was no one to take Mr.. Riddles
place and keep the bank open, although
there was plenty of cash in it to have met
all the demands which could have been
made for some time There was no half
measures when the bank resumed, and all
the cash promised was put up so there
could have been no embarrassment for
cash. Old bankers say they cannot under
stand it. Those bankers who examined the
securities of the bank before giving it aid,
said they were good for an additional loan
of $500 600. and as these securities are still
IN the hands of the bank, owing TO the Civ
ing of notes for the loan from associated
banks. it is hard TO see why it was compelled
to close.
OIr. Riddles Condition.
Mr.. Riddle was reported as very low at
half past two o'clock this afternoon.
Although Mr.. Riddle is in dangerous con-
dition his friends have not abandoned hope
of his recovery, as they have seen him in
many similar attacks, but worse than the
present one. from which he has come back
to his former health. He is man OF i'm
mense vitality and indomitable will. and
his intimate friends hope and believe that
these will carry him through the present
crisis.
What Financiers say.
Among 6nancierS there was Indignation
as well as surprise at the close of the bank
and g widespread feeling prevailed that
there must be something hidden in the
banks affairs. The parties who labored to
extricate the bank from its troubles say that
the total deposits represented to them were
nine hundred and eighteen thousand dollars
About three hundred and fifty thousand dol
lars of the largest deposits were extended in
writing bv the depoSitors for thirty. sixty
and ninety davS. The cash on hand and
amount raised bv the eleven banks covered
the total deposits As represented, with nifty
nine thousand dollars of y surplus. The
banks clearances on Saturday was one hun
dred and thirtv-hyp thousand dollars aud to-
dav two hundred and seventy thousand dol
lars. vet the clerks and officers reported
forty thousand dollars on hand to NEE; the
Clearing House demand.
An Explanation Necessary.
The question arises what was done with
the balance? Il did not go through the
Clearing House. consequently it must have
zone over toe counter. How does thus dis
paritv arise regarding the deposits? Were
the outstanding certi6CationS purpoSely
omitted bv the officers from the statements
made 10 the associated banks, or were the
deposits more than S9lS, 600, as stated? II
is clearly in order for. the officers and direc-
tors to explain.
The cause Of Mr. Riddles illness was an
overdose of morphia or chlorOtorm: The
doctors are endeavoring to relieve him OF
the medicine Hope has been given up.
Nothing New.
Midnight dispatches say there is nothing
new in the situation. The board of direc-
tors have been in session for hours but re
fuse to talk. The physicians now have
hopes of saving Riddles life. He took an
=, =, ,.,,, aIr,ia or the stomach and