The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-12-30
], Y. THOMPSON
PAID IN FULL TO
MANY CREDITORS
Pittsburgh Coal King Is Dis
charged from Bankruptcy.

PITTSDGRGH. Dec. s.'-Joa'h" -
; Thompqon. former coal king. multimi'-
Iionairc and president Of the wrecked
First National Bank Of T'ninntnwn. has
been discharged from bankruptcy. nc
cordlnE 10 the records in the Uniteo
States District Court here.
The matter came to light yesterday
when Thomson flied an answer to
suit begun by Rodney Sackctt. resi-
! dent nf Virginia, 10 recovcr'a tcc or
.Sll2JD0 against Thompson for attempt
ing n negotiate r. loan OF $4,000 for
him.
; In his answer to this suit Thompson
stated ihat he has been discharged from
; bankruptcy md that he is exempt from
all debts rrnvahle up 10 August 20. 1911.
An Investigation Of the records revealed
that the former banker individually had
hrcn discharged from bankruptcy last
December II by Judges Charles T. Orr
and W. II. s. Thompson.
I: is understood tha, rhompsons dis
charge will in M way affect the Ihomp-
son estate, which by agreement VIII
continue to be administered by the trus-
tees. Since the closing Of the First Ma
! tional Bank on january Is. l"l"' Thhmp-
son has paid thr drpostor$ dollar for
1
, have been Strengthened ont 10 an extent
tina, few persons believed possible when
the magnitude Of tho crash first was re-
vcalcd.
Although ne has hcen discharged rs
bankrupt. Thorn son still faces criminal
! charges in tn" United States Court. Last
Nav Judge Or on petition of Taomp-
, sons attorneys. quashcd til" 90 called
Eric Indictment. against him charging
! en- bczz1rmrnt. abstraction and miSa7rli-
: cation or funds Of tho First National
| I3ank Of Inioniown. The government
! has appealed this case. and ii will no
hoard in the United StniCS Supreme
court.
Thompson also is indicted on another
criminal charge growing out of alleged
Irregularities in his financial manipu!a-
tinns.
! Thompson's sensational financial d'f-
hculties bear trc reputation Of forming
the largest individual! bankruptcy case
eyer filrd in the history of the United
States. On September *. 1917. Thomp-
son filed his schrdul" Of assets and la
hilitics in which hc showed liabilities
Of S3a.36S OoSl1 and assets OF S'I.-
i75H95f1
Prior to the closing Of the bank
nearly four years aEn Thompson was
rated as 7 multi-millionuir". Until he
was tied up' in l"l5 il was believed
that aside from th" potential millions
lying in Ills coal land holdings. he
could realize ~ least S3.nhh.nn0. on real
rrnpcrty and Eilt-cdr"G securities
Although Thompson was gigantic
sprculaior in coal land futures. his
character seemingly WAS utterly NJ va
rance with thai NJ tho Spectator. JIG
had boon noted as conservative bank
or. and it was as banker that he flrst
gained fame throughout the country.
His hanl: had hut 100000 capital.
while 1T tie zenith of its reputation the
SURPLUS and undvrdrd profits were
81 TRh. 900 l. headed tho honor roll
nf atiur;li banks in the United states.
The farlc Of ;he institution was known
to every banker. and Il, meetings OF
bankers AL over tho country Thompson
was pointed cut a" remarkable man.
Josiah V. Thompson whose financia!
career received z new boon today. dates
his business ri7c to nearly quarter III
4 century ago. when he saw the spccu-
lat:yr value or cooking coal lands In
southwestern Pennsylvania.
4 native OF Faycttr county. Pa. he,
genius thrrr 4 graduate of Washing
ten and Jefferson college. he entered
In" banking business in lnihntown IN
1871. From clerk Ia president "f tho
I'nirnIown bank was hut a short sep
for Thompson. Fifteen year. thereafter
HE own Investments had brought hlH II
rrivatr forum" rcpu;rd l" hay" boon
not ,"s$ than l%,Gph.nHN.
In 1904 h. marie! Mrs. Jack
Uav;cS Of Scratnn. This was h9 src-
ord marriage. It was apparently
happy u:iion until after their Paris trip.
", details Of III" divorce which shortly
followed have brcurlr known. except :
that in the separation Thompson set
tied s1.nu0. 600 upon the "nr-ii;nc Mrs.
Lack" lIawcs.
1t was in 1915 that III" financial
troubles brought about by investments
,ald IL have been advised b. Thompson
finally involved his bank. III" First Ma
tipnal Of I'ninntuwn. which eventually
was closed by Controller Williams when
tho creditors began to Clamur for
Th"mpaons p-lva;r holdings as r"llat- |
cral against their own LOSSES.