The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-07-21

CLOSES BANK
At CHARLESTON
PRESIDENT YOUNG IN
EFFORT TO SAVE D. & N.
Former Officials Alleged to
Have Made Bad Loans
Had Million Deposits

CHARLESTON, July c0.-The Day
and Night bank Of this city, has been
ordered closed by state Banking Com
missioner james s. HilI. according 70
an official statement issued today. and
the financial :. Siltutlon will not open
for business 'uurr-nw morning
The bankin. .:.rN' SsioMcr charges
that the rorr,.i oru"'uls Of the bank.
President Gar"d ui.! 'i>hI-r J. T.. Huo-
son. loaned money OH had securities.
and that other gross Irregularities
were committed
L. G.. Young who recently succeeded
Cared as u. csidcnt Of the bank. today
issued notice that Immediately after
tho banks condition had been brought
Ia his attention NJ had given bond OF
5000 900 to protect the dcposltors, Tor
what nc thought was the total amount
loaned. However. it was divulgcd that
other transactions hail been completed
and Young was unablG TO further AID
IN putting the bank on sound footing.
The Day and Night bank was estao-
lishcd in 1914. It's deposits arc thought
TO be approximately sl.O00.oOO but no
figures were obtainablc tonight. y rc-
ccivcr will ba named later TO carry en-
the work OF liQuidationy Governor John
J. Cornwell and officials OF oil panRs IN
Charleston concurred in COMMISSIONS
Hills action 1t is said Commissioner
Hills report to tho governor VIII con-
tain some interesting data, but ina rc-
port has not been made public
This is the first time in the history
OF Charleston financial circles that a
banking institution hss ever become IN
vooly.d. and men financially prominent
here today expressed themselves optim-
tstically MS To the chances dcpositors
would stand in getting their money re-
funded.
Hills Statement
The following statement Is given 10
the public by State Banking Commits
sioner J. s. Hnl. and the banks OF the
city Of Charleston, relative to the closing
OF the bank:
"On the thirteenth day of May. 1919,
Mr IIill the banking commissioner, and
his assistant. Mr.. George NJ. Weekly,
made an examination Of the affairs OF
| tho Day and Night bank.
That examination disclosed irrcgu-
laritics 10 such an extent that the bank
ing commissioner demanded and obtained
from J. F. Hudson. George +. Skidmore,
S. A Spcck and Houston G. Young a
bond in the sum Of 5000. 900 for the ben
EFT OF the dcpositors. with the under
standing and assurance from tho direct
ors that the affairs OF the Day and Night
bank would be put In a proper condi-
ton to meet the requirements Of tho
banking laws and the approval Of the
banking commissioner.
"a meeting was called later Of the
Charleston banks and the matter laid
before them with the view OF asccrt ain
ing whether or not any action could be
taken that would take care OF tho situa-
tion and permit the bank to continue to
do business.
THE Charleston banks, after several
conferences and after having gone very
carefully over the assets, and liabilities.
Of the Day and Night bank with the
banking commissioner. reached the con-
Clusion that by reason of the gross ir-
regularities committed by the past man
agemcnt Of the bank II was necessary
for the protection Of the depositors and
the public that the bank be closed i'm
mcdiatcly and liquidated.
After this conclusion had been reach
I'd by the Charleston banks. Mr.. Hill the
banking commissioner. lnid the matter
before Governor John J. Cornwcll. who,
after going carefully over the report and
tho banks condition concurred In the dc
ciSion If the commissioner that tho bank
be closed and 4 receiver appointed"