The Sunday telegram. [volume] (Clarksburg, W. Va.) 1914-1927, 1915-02-07
'1H0|APSONIs
Able TO PAY
EVERY DEBT
~. ssdce Has Been Done Union.
town Coal Magnate, Says
New York Paper.

" Is, Is, -.-..-.........1 - = 80 q IA
The following article about the fin
ancial plight OF Josiah v. Thompson,
president OF the FIRST National Bank
at uniontown, Pa, and owner OF ex-
tensiye coal fields in West Virginia
and Pennsylvania. Is taken from, the
Commercial and Financial World. or
New York City, and Is published by
request OF Mr.. Thompsons friends:
Acted Hastily.
Banhng circles are unusually in
terested IN the course taken BY, John
Shelton Williams, comptroller OF the
currency In the case of edr. Josiah Y.
Thompson, Of Uniontown, Pa. II is
the opinion, generally expressed. that
In this matter efr. Williams has act
ed, to say the least, hastily and has
unnecessarily. rejected upon Mr..
Thompson. We say this with no de-
sire to question the 4eomptrollers sim
certify to protect the interests OF the
depositors OF the First csational Bank
or Uniontuwn, who it may be said are
satisfied with the present condition or
AFFAIRS. To quote Mr.. W. III, Conway,
the well known lawyer: .'The conn.
troher either innocently or purposely
does Mr.. Thompson a gross Injustice
when he imparts wrongdoing 10 him
N connection with loans to him by
the bank In excess OF legal require
ments.v
Instead Of being a borrower to the
extent represented Mr.. Conway says
MIR. Thompson, TO make the bank safe.
would lend his personal endorsement
to the papers Of Others.
Mr.. Thompson, 1t should be SAID. is
more than able to pay every debt ow-
ing by the bank and himself. We are
convinced, from q study Of the facts,
that Mn. Thompson has been misrep-
resented In this matter, and that a
full and Impartial Investigation will
SHOW that he has done nothing to call
for apology or criticism. Mr.. Conway
who has been attorney for Mr.. Thomp-
son for IN years, and has handled bus
mess for his client aggregating mil
lions, say he knows that aspersions
on Mr.. Thompson's character are moi
warranted by the facts. He says
Mr.. Thompson has not made any
assignment. It is not necessary as he
Is perfectly solvent and more than
able to pay every debt either the bank
or himself owes. To preserve the as
sets of his estate. and for the protec-
ton OF creditors, he closed his bank
of his own volition and receivers in
West Virginia and Pennsylvania have
been appointed to take charge Of,
manage and preserve the entire mat
ter,
Deals Will be Concluded.
rsThe coal and coke deals under me-
gotiations at the time OF closing the
bank will be concluded at an early
date for sufficient funds to open ii
and pay all depositors as well as his
personal Indebtedness in full. This
will require a little time in order for
the receivers to compile a complete
statement OF his affairs and submit
the terms OF negotiations to the vars
ious courts for their concurrence and
approval 1t is next to impossible to
drag down q man OF the integrity. In
dustry and honesty OF Mr.. Thompson
as witnessed by his wonderful
achievements and personal popularity
with his neiEhbors. The people Of his
section who know him are with him
en- masse and. TO ifnpute any wrongs
eaStAA6 w uAAA 10 guJ 4LJtld 61lUFIsQI III
human, II not in fact criminal libel.
With values conservatively-, estim-
ated Mr. Thompson has assets; exceed
ing so ,000, 900. These values are sun
ported by the written opinion OF men
skilled ~ the respective branches Of
his business. i! i "a
Ills liabilities, as liked by him, are
s22. 000s0 900, which includes obligations
Of every character ana covers his per-
sonal guarantee OF bonds OF corpora
tons already financed on q solid an
ancial basis.
..cne OF Air. Thompson,s rules has
been that he, would not Sell i bond Of
one OF his corporations which he
would mot personally endorse.
Seems Strange.
in view OF the above facts does IL
not seem strange that i; Th1nipson's
hank after leading the roll Of honor.
or more than 6,a0O national banks
for over twelve years should 60 wrong
In the short time Mr.. Williams has
been coinptroller2 N "
Mr.. Conway, who Is 81 loyalty
standing by HE client In the chitis,
II b lawyer pf national repittk ton f6f.
ability win not be hik ffSiii IL
Alfs HnpSAI 4un se Pf u cast "