Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-29
FISHED FOR SUCKERS
And Caught a Net Full of
Them.
The Penn Bank Failure and Its Latest
Phases - Completely
Gutted.

rrrf>wrEG, MAY 2S.-Thc Pcnn Bank
failure continues to ne bc the absorbing
topic of conversation. In the extremely
muddlcd condition of the bank affairs, the
absence of Mr. Riddle the only person who
holds key TO its secrets. and the retlcencc
of the directors and others connected with
the concern no definite conclusion can be
reached But it can he taken now for
granted that the dcpoSitorS will be lucky
if they secure even five per cent of the
amounts they entrusted to the bank
This much is definitely known-that the
concern has been completely guttcd-that
It's assets are diminishing rapidly and its
liabilities swelling even more rapidly.
Those who had the call drew upon Its re-
sources with an msparing hand, and there
is very little left to tell the tale. The books
she'd little light upon the identity Of those
who thus deSpoiled the institution and those
who trusted it, rs the accounts, like those
referred To Yesterday, were kept in fictitious
names. Capitalists like William ii. VAN
pcrblt were made to masquerade in It's
iedeerS Us masks tor uuSCrupnlOuS men who
were getting aid in some unknown way ut
the dppnSitors money by wholesale and by
retail The shortage grows hourly aS the
intrcacics Of it, book accounts are further
rurravclcd. and from less than $50 600 has
crown 10 a full II 900, 600 to-day: and the
end not vet So clean a sweep has rarely
been made in Piu>burg as that of the Penn
Bank and there can be- but one opinion rs
10 where the responsibility rests Evidently
this condition of affairs has existed for
many DAYS.
Current Reports.
Among other reports Currcnt concerning
the peculiar methods of doing business at
the bank there is one to the effect that both
securities and paper left for collection have
been hvpothccatrd One instance i given
where note for considerable amount had
been placed in the Penn Bank for Collcc-
tiom. of which no memorandum is found on
the books, nor is the obligation itself among
hc assets
The investigation Of the directors to-day
has brought out the definite knowledge of a
state of affairs such as almost passes belief
In addition to the over drafts reported yes
terdav Of "D. Wilson q Co. to the amount
of S2IO, 900, and J. r. Watson for so 600
it is stated to-Ahy that number of other
accounts Of n similar nature have been un-
,arthed. Among these are several firms
which are as mysterious and as unknown as
~. Wilson 4 Co For instance there is
Watson 4 Co.. whose account is
oycrtlawm to thramount of S32j.0 900. Then
there is Hill u Co. who are ovcrdrawn for
about 100000 Besides this it is said that
the account of the oil syndicate is over
drawn Sl36. 600. These OvcrdraftS alone
amount TO $S9S, 900, and the end is not yet
for there are other accounts which, although
smaller in amount, will show up formidably
in the aggregate
The Banks Charter.
The charter of the bank provides that
stockholders and officers are liable for only
the amount of the stock they hold. An
effort is being made to find flaw. If one
is found it will make every man who ever
held stock in the bank liable Charges of
the groSsest fraud are made and great
scandal is inevitable.