The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-07-01

and that the plaintiff. NJ. L. Benedum
while acting as president Of the sal,
First Citizens Bank. was I'm bad shape
exchanged certificates OF valu,
which he must or should have know
was doubtful for a perfectly good as
set. II is therefore adjudged. orderc,
and decreed that said NJ. l.. Beneduu
do pay TO the said FIRST Citizens Ban
the sum OF $4,000 with interest.
An overdraft on the account Of NJ
l.. Benedum and A +. Fox TO IN,
amount OF $l.17l.6j II ordered to b,
paid with interest
The "Rakeotr' Scheme
The note of the Wetzel Window
Glass company endorsed by VI. l.
Benedum and A. +. Fox for 81. $50. 81
is ordered 20 be paid By the court II
appears from the statement OF tn,
case that the note "a the WetZel Win
dow Glass company discounted by tn,
Cameron bank was not even for the
benefit OF the We,zel Window Glass
company. but was a promoters profit
In which VI. l.. Benedum and other.
were TO receive a rake-off.
Two notes OF the Upshur Glass com
pany. one for S3S3Sl7. another fol
81. 10000. endorsed by VI. l.. Benedum
were apparently discounted by the
bank 20 Benedum's credit The court
orders that the snid NJ L. Benedum
pay both notes with interest.
note OF the Marshall Window
Glass company for s2S.3OU endorsed
by NJ. l.. Benedum and \. L. Fox is
ordered To be paid by VI. l. Benedum
with interest. IL appears from the
statement that the Marshall Window
Glass company purchased the plant o'
the Cameron Window Glass company
that VI. l.. Benedum was promoter OF
the Marshall Window Glass company
and II was through him that the
money was loaned TO the Marshall
Window Glass company. The couf-
decides that this note was Illegal ana
that NJ. L. Benedum Was responsible
Tor IL.
oVerdraft illegal.
An overdraft or the Cameron Glass
company for s9.022l2 is ordered TO be
paid by VI. l.. Benedum. the court
holding that this overdraft was il
legal and that NJ l.. Benedum. being
president OF the bank and AT the same
time promoter of the Cameron Glass
company. is responsible for the
amount with interest
Referring TO exception No. 12A
made by NJ. l.. Bencdum. the cour
says:
From the findings Of facts by the
commits sioner and also from the evi
dence and exhibits. the said NJ l.
Benedum and \. +. Fox are respon
sible for the wrecking OF the bank
and both NJ. l.. Bcncdum and A. r
| Fox should pay their liabilities in full
before either of them receive on,
cent OF credit. and the court further
| finds that they then should be post
| poned until the other creditors ar,
paid in full. which orders OF post
| ponement are herein provided for"
The court also finds judgmen
| against VI. J.. Ecnedum and a r 70,
/ on large number OF other items o
/ smaller importance. such as over
/ drafts and notes which they have dis
/ counted with the bank for their ow
/ benefit or for 'he benefit OF enter
/ prises with which they were assocY
{ ated.
The total finding against VI l.
/ Bcnedum aggregated about $l5O.0Ovo'
\ sidelight Of considerable interes
is thrown on this case by the order O
/ the court. which disallows attorneys
fees. which are paid by the receiver
4 7. :. Riley. OF Wheeling. was employee
as attorney. and John \. Howard r,
| ceiver. and on large number of case
was allowed fees of some size. Tn
I court in its decree rejects to allo,
payments. except as to one item o
=. $500. The court also rejects To allo,
. several other charges made by the r,
ceiver. but which. however. do not az
. gregate 70 large sum. Tho dccre
gives VI l.. Benedum 100 DAYS &
which 10 appeal the case by acquriu
bond Of 100000
II appears that Bcnedum withdre'
from the bank just before its failur
various sums OF money aggregatin
$lO.l4i9T The court. being of opiuio
that these Withdrawals constituted
preference. orders Bonedum 10 rcpa
them with interest. making in all owe
S14.7o91S
Well Known Here
Bcncdum is well known in Vince
ing lie is a native Of Harrison count
and some years ago. when tho star
dard OIL company began 90 operate e.,
tensivcly through West virginia h
became Identified with thc octopus a
one ~ IFS employees About th" tim
th" oil fields Of Wetz.l and Marshal
counties were opened. tl"ucOum am
his brother Charles. who has sine
died. became oil operators on fhei
! own hook and left Tho STANDARD 500
afterward ~ o. Bouclum cstaAlishe
Tho First citizens Rank ~ Cameron
and he soon acquired reputation as