Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-02-13

BANK or GALLIFoI.rs. jan. 81. 1911.
Mr. NaslE--'fhe distressing calamity which has So
suddenly fallen upon the community. through tile n-
srdneniaIIy UithIs Institution, requires the hands
Of lis officers. of ls origin progress and
present condition, together with the which has
led 10 lis total failure. Believing that such an ac
count, coming Com who has had cOnncsisn
with the institution prev iOus 10 the late catastrophe,
would be more satisfactory 10 the public, that any
hing that could he said 10y lhpsc whose names have
IN any way been CONNECTED with ihe int tuition in re-.
gard To these subjects. which have my know
ledge as a citizen, an oirer Of the Bank ehgl
ged ~ Investigating its affairs daring the past week
And before Proceeding any iur.h, viii remark. thai
pSeviouS % Tho 23d n,tln'. never hal any couUec-
lion Whatever with this institution, ether rs 81 Ics
holder, director or Otherwise; and then accepted the
ufiiee which hold with great reluctance, and
Ony at the urgent solicitation of the Directors aud
others who wrro Of OpInisn that ny services might
Fruve IN some beneficial 10 the institution aud the
public, ! make these preliminary remarks. that il
may be understood that have personal interest in
msrepr seniiug Withholding any EIcis hclI have
come To my knowledge in regard 10 the management
OF this BiUk ! shall tell the truth. aud the Who'll,
truth. 81 lar as II II in my power do without
sultIng the Directors and else the prupri.
ely of making 'his puhlicaion.
In the aFring ui 1887, some one IN Silltge. in
examining the Incorporating the Bank Uf Gallipo
lis, passed ia 1917, 10 lhe conclusion thai said
act was still 10 force. This led 10 a meeting OF the
on the lIIh April, 1887 five Of said commissioners
met aud took measures obtain the legal opniuns of
able counsel upon this subject. legal opinion OF
high authority, obtained that said Of ncorpo-
raiiun was sill Ia force, and that there nothing
To hinder the commissioners namcd in the act Of in.
corporation from opening oks Tor hs Subscription Of
stock, anl pa Ting the Bank Of Galp0s inlo opera
lion. On the 18th Of May, 1887. five of said com
mssoncrs again met and resOly oil postpone spen-
ing Iie books until further order Of the Board. THIS
attempt To PAT the Bank into operation was made by
citizens Only. and 10 would have been well for The
community II They had succeeded No further a.
tempt was made. however on the part Of our own
citizens towards the establishment of a Bank
la the spring Of 53o stranger by the name Of
Sherwood. from the State Of New York, visited our
village, representing himself as the agent Of some
capitalists in BulfilO, ~ Y. who had examined the
act incorporating the Bank of Gallipols, aid who
were dssrOus OF subscribing par, or the whole of
The stock, and pulling the Bank into operation Our
citizens, generally, were highly grariGcd with the
prospect of Bank located in our village and IL was
supposed by many That 10 consequence Of It's bring
ing large amoun Of capital amongst ~, IL would
be much better that the stock should be subscribed
abroad Than by our own citizens. The commission.
efs were again got together by Sherwood. subscribed
one thousand shares in the name Of Edmund . Smith
ana on3 thousand In the name Of George Kinney.
both Of Bn'lo aSd paid IN ten por cent Of the stock
subscribed, being ten dollars on each share. and $40
200 in the aggregate On the Sh July following
BOOKS were again opened aud twelve citizens Of his
place, subscribed share each. and paid ia ten per
cent on each share, Go The purpose Of making them
selves eligible Dir cor IL being necessary 10 have
some resident Stockholders IN the county. ~ coust
iuic Bard Of Directors before the Bank could e, in
10 operation THIS Is ~ the stock ever subscribed
Or owned by any citizen OF ibis State An election
u Directors was then held, aud r. r. Smith. Lewis B
MeuaRer. Augustin Lcclerk, Lewis Nevsom. Angus.
.n' ~ Sroyi.ie' Carel. Creuzrt Narct. H Cush.
ing Poier Msnagcr John eating. Simeon Nash and
Nalhl Gales elected. al citizens Of 7 place c1ccpi
smith and Sc0yIilc, were from Buffalo and ,yha
! hid been previously agreed with Sherwood sh,uII
pc made President and Cashier. and who were nc. I
'ordinsly elected @, those Offices ry former To thai
d President, aud the latter 90 that Of Cashier
Voice was Nieu gwen 10 Governor S,annon Of the
lection Of Board Of Director and Gen George
l0nse was appointed by the Governor f1 gFsuif.e
Dee funds paid i1 Aner Cen House had counted The
Hnds oni reported. Gov Shannon issued biz pro-Is.
n1liJn s'IiHg Chat The Stockholders Of Tho Bank OF
,aIl i"' iId complied with The acquisitions u fBrIr
Afltr preparatory commencing business. and ON th.
h 81 August 1889. fic Bank cnmmpnSc cd issuirafr
llls 'nl rnrs1cuuE other business A. frsf The
INK 900 uot receive much credit abruad and rar. ,
7ps' n consequence OF The stockliodors aud ofiror
flHs "I. strangers. was regarded viii some srspi. ,
ions ~ home Bot our citizens became ac4Yarof. ,
With ho President and Cashier and ip the .tW
ld ability of ihc latter who chiefly perform
ilo business Di fhc institution Az business Ja,s
uIo Board of Directors. in the way Of dsrouHtny
'Ttf &C. vas dome with great r1Ufun; the monthly
ilemenis made undcr oath by the CASHIER Looked "
eli on paper. and uo one here over fr nly5popt "
1ubicJ iheir eorrccine. ~ Ict su,h vas the con.
fence Of ihe people IN The vicinity 10 the sounJne..
he 5ank ihni is paper vas generally preferred 20 p
az Oinny other sank IN ibs State 81