The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-06-03
Pithburg Excited - Riddle Dying.

fith Dufg INctltu hlduac ~ I.ss
Pirr BuEG, June 2.-Prosijent EIIlo
this mJruiug mede g s,eiemtng ~ "a, IT.
faus Of the Peun bark aud no
causes which led 10 the collapse. Ae
charges the bank directors with o.iag CON
ctrntd In the oil pool which wrecked tho
bGnE, aud tells hos the allure was Drought
about. lie rtclts how toe position Of the
presidency wes forced on him, aud how
ho soon discovered the loaLs OIL oil coll
lateral exceeded the collateral It the low
prices tbsu ruling. He complhiged 10
Cashier R,lber aud TIE vice pre,ifeni,
whom he mad told TO have tncsr n conni8
m ade up, and told them he did not SEQ
what he could do unless Uy personal
exrrtion TO get lot OF people
to buy enough oil to put prices up and buy
enough on the bank account 10 make good
these accounts. |" cold MIR. Reber, said
he. "and | told mart oi the board. viz, +.
Il Lauehlin, j. Y. Brown, 4. NJ. Csv.tt Ru1
Major Swsaringtu, oi my intention, and
told all OF them tnat would not then or al
any time buy y single board for myseL I
had only the wish To make up these Gc-
counts. | went east, and the board knew
the nature OF ms efrand and hao .ot Oh
people - buy aud lot heio to nay. InG
purpose Ut this scheme vas profits G1r the
hank, | had no individual interest 10 TOO
venture at all. On May q | bought .
large lot OF oil and the price advanced. "a
the MIDST OF this was again
taken sick. That was the time
those accounts named IN the papers
as fictitious accounts were made; some
were Tor any gain 20 20 TO the oank 10
MAKE up these old bace accounts; c,herp
for individuals who would hOpr fer prof.
which ihey would divide. Now, ihen, 4
want TO say that these directors Odd know
al tb)ut this. Alter | went 20 New York
n get such parties as ! could 10 ony on
with parties here and in Oh City, / 'old
these dir ctors OF the purpose OF my eoirg.
They bought oi. individually ~ times that
] iru!cated, rs their accounts with TIE bank
will show. One of the Iaries in&' tranD-
acted business through me, ~ tha accounts
IN tho back will show, WAS Mr.. Hopkins.
bought oil for NJ. Laugn.
lin, ana with ais consent, u
wss put into an account IN the bank ss +.
Il. Laushlin No. ., aad still stands there
Undivided nothing hasns oeen said as 20
where tae profits should "a. once bought
oil on his account aud siye aim one 'louItn,
Il. NJ. Kennedy one'icurlh aud T. Beck
one-tourtb, to mako up these socona.s, ard
G. l.. Rsiber one-iourth. TO make up go-
counts OF two friends overdrawn. That so-
count still stands there, cha eed with loBs;
that is the account krowD as HI! Il Co."
Among other dir ctors who bOugnt oil
upoa affirmation received directly or in
directly from me was j.. ..
NJ. Cavitt, on his individual account,
and | believe his account still stands
ovrrdrawn icr part OF the amount. a. "A ,
Hutchinson also bought on his own ac-
count. 8. Severance bought on own Bc-
oouu', but paid for II. Isaac Won VOORHEES,
ATTIC roey for the hunk, also bought large
amounts on inform alton received from me.
George g. Davis aid buy or talked Of buy
inR, as he inquired esery day as 10 the
both OF mysel! and ME. Ruper.
dr. Swearngen talked frequently aboRk
these iransactiors, and causualiy inquired
how they were getting along, as they
passed on their way 10 New York aud Oh
City, aud accounts we re- beiug charged Tor
handling. Mr.. NcMuilen also oougha
large amounts of Gil for himee.. and
myself and representing the oank,
lending II with no special intention OF gam
for himself, simply intending TO put i there
hat il might benefit the bank sud visa ,hie
tr rlnsGcUon is charged the account of .
w ilson & Co.. The account OF Watson,
was an account made and suggested by M.
d. j. Waisoo himself; the benefit 0. thig
account was to go half to tle bank Tor tho
use oi these old accounts. The trs, trans
action was the transfer OF some oil from OIL
City 10 this place, through accounts; also
nus'rrs thereafter made wss thcourn fhis
account. When the time came to settle AL
amounts that had passed through this sc-
,ount were charstd up against II. The &C.
'nunJ o. r. M. Kennedy No. 2 and L. n.
Kennedy on account Of principal
we're bouch. by his consent aud mostly by
ls direction and for my account n tho
iank. he TO get hall and | to get ons.bAii
% yards making up th.s account, as stated
md to thiB account he made sgndry
'seck security orders and sundry nOtes,Fus
eft &c IN general way in my charge. fhe
account OF BtoNL q Go. was credited AZ hrlb
ls money being received from parties "a
aud part OF II from j. b.
Nseue. That account stands balanced &C..
mai there is nOlhirg further concsfLuE g.
Known. Daring July. lsSj 10 "a3 iounG
3tcssaary To sell, IOt onfy great rofll0u
4 this oil, hut great portion tf
3ur custC Cmers oil held as collstaTal and
his was done. ! told Mr.. Laughl!n one
ley it vas done, and ne was good euOCgn
q relp me oil he could. tod him ihGt /
I'D not see how | could stand 10 much
1nger, as NV strength WAS being iried
.eemingv beyond human endurance.
Many 0i the individuals who had received
nformstion 70 buy at low rates. sold az ~
d lgh rates and took tle money 10 the
'redit OF their own accounts. During tha
ime this oil was hourht IL was currently
,irculaieH at the exchange that this wAB
,nly little pool to make up some bad ac-
,ounts 1t he Penn bank and this was tho
Ease. IL was WORT enough TO attempt 20
IL sum MI iIl w biutt WIS lIuItI
or these accounts, and particularly so
when prices had rssched the limit OF our
Intention, that might keep faith with
others. ] insisted upon all that had TO
10 with not selling, but many ind viGa8ls
''ld in spite OF premises not to do So
he asserts that the accounts OF
nany directors were overcravn
1t times from $4,000 20
o,er 100000. Two days before
the condition OF the bank was
but many people, with ma
Iicious intent, gave out such reports se
caused run and compelled 1t TO close.
All his stock and deposits amounting in
valur 10 100000, he sAys, were lett for
the depositors, but the directorf, without
HE permission, appropriated them for their
own security. The statement created in
tense excitement and the newspaper Offices
we're surrounded with people OF all clssses
who jos'led and crowded each other IN
their esgerness TO obtain copies. Tne d.
rectors implicated Indignantly deny the
ali iegations maze by Riddle, who clsim9
that the documents now in the hands Of
the assignee will iuily corrobe.a'e his
sta ement. Riddles condition vas m1cps
worse today, and physicians fear n0re