The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-05-22
THE BIG PENN BANK
OF PITTSBURGH, PA, svspENus.
ou'ns to >. Three DsIn STEADY Rua-Statsmeat
OF The Prs'idsnt Of Ii. ins,itst!oa-7hsC Causs
OF 'hs suipeaslaa : Speculation Denied.
'Niil The Concern 10 lisspms Again Sooa, tM

ftrHnuRdiI, Pa, May 2l.-The Pom
. bank Of this city closed It's doors at ls
o'clock to-day, and posted tho following on
tho doors. Sowing to a continued run Tor
several days We have decided It wise for
our depositors and others concerned 10 aus.
pend payment for the present" There ia
great excitement and large crowd Sur.
rounds the bank. Officers have been
placed. at the doors.
William N. Riddle; the President OF the
Penn bank, which has been doing ths
largest business Of any bank in Pittsburgh,
got up from a sick bed this morning. lie
has BEEN rroalrsted flom hemorrhages and
is now at the bank. 1'TIWT
Fs PRESIDENT RIDDLES STATEMENT.
President Riddle tonight made the fol.
lowing statement to the Arociated Press:
"The Board OF Directors met this afternoon,
and began an examination into the affairs
OF the bank. Their examination justifles
them and myself in the statement that the
bank can, as matters now stand, pay dollar
Tor dollar on the deposits and stock, We
have received oGers OF assistance from
many sources. Our largest depositors show
the most gratifying faith in the bank, lila
resources and ability to meet its debts, and
they evince no disposition to cause us any
trouble by hasty action. On the contrary
many have offered 10 double the deposits
now held by the bank. Other aid has been
o1eredlin order that we may re :ume, As
to the acceptance Of this tie Board
Will decide later. las to myself, per.
sonally, l have no fear OF my own
deposits and stock, and as Il am the
largest deposition. and. stakeholder I
am will ,ny not only 10 let boi6 6ataild here .
they are, but l am also willing and ready
to add more to the amount. 70 do this I
am willing to use any collateral I have.".
:. MI. Riddle refused to give any statement
OF the liabilities or assets. -, 49,.
t&a Assets AND LIABILITIES,
From an outside source it was learned
that the liabilities will rot exceed one mil
lion and a hall, and that the assets wilf
more than cover this. The only question
Is the time 10 realize. The Bank is crel-
ited with heavy oil speculation, but this
Is denied. The direct cauae Of the trouble
is attributed to rumors growing out Of the
clearances OF petroleum, the exchanged be-
ing taken away from the bunk which up
10 lew days ago was the clearing house
OF the exchange. The change was made
several days ago, and the business traus-
isrred to the Farmers' Deposit National
Bank. Ibis gave rise 10 rumors that the
BANK was in trouble or likely to be, and
run has been going on quietly ior several
The suspended bank WAS the depository
OF the Orphans Court, but at the present
tune the deposits amount to but few dol
!ard. The bank WAS at one time personal
liability bank, but is not now, as it has
aVailed itself Of a very liberal State char
Ter by the terms OF which it is authorized to
carry on the banking, insurance, real estate
Improvement and other business. -
81. THE FEELING LAST NIGHT.
The feeling tonight is uneasy, and it is
feared that runs will be made on several
banks tomorrow. President Harper says
he does not think the banks Of Pittsburgh
in an unstable condition, at least the show
ing OF all those in the Clearinghouse are
excellent, and has not the least feeling of
insecurity in regard to. them.
~ THE BANK ALL RIGHT.
A meeting Of the bankers was held this
evening, at which the Penn Bank submit.
ted statement Of its condition, which was 1
carefully examined, and convinced all
present that the bank was entirely solvent. Z,
It was thereupon agreed to supply sufli-
cient money to pay: of its liabilities. 1t
was deemed unadyisable to resume to.
morrow morning, but 1t is expected the
necessary formalities can be completed dur
ing the day, and the bank be enabled to
fpnn ma hlpi nnu Eridn,t ! -