Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1841-04-24


,omntOes.-on the 9h Of July. 1880. on nOtoa :
Il Mr.. Alexander Henry. (
Rrsll, Ell. that the committee of exchange be au-
h"rized 10 loaa on the collateral security OF mp
proved public s'ocks large sums of money at a rate
of discount, not lower than 5 per cent.
On the l7th of September. 1880. THIS power was
extended by u resolution offered by MIR. }. c. Fisher
~ follow:
Resolved. That . resolution adopted by the boarl
on the 9h day OF July last. authorizing the com
of exchange To loan ON the pledge of public
stock. be ~ modified rs tn permit such loans 10 be
made on the same. OF other approved securities. at a
rate OF interest MT less Than s per cent. per att
mum,
Now let us see what was done by tins commit.
tee of exchange. of which Mr.. Eyre himself was
chairman. Under tins resolution Of 1890. "a loan
was made which happened To attract ;ac attention
OF the committed OF Congress. ~ 1892. on whICh
occasion Manuel Eyre, m Uir. under las own hand.
the following startling statement:
The board at directors passed resolutions apthp
rZng the exchange C'mnIttee t. mako investments
At any rate at interest not less than per cent
A. chairman of hat committee I called upon Mes.
srs. 4. B ddle a Co. several hines and particularly
requested them 10 make al Ih-tr great operations
VUh US. mil urged them - take two ur three nal
lion, uf dollars more at five per cent. and for as
long a time us ihcy WISHED. rhcv were not " Hing
10 take the luan Gr n long "a uma a, the commit
tee wished. bat reserved The rivh; OF paying ui ns
micht SUI lhclr CiuN eutpnCs. IN" committee upon
uuduuhtrd security. loareL them upwards OF one
miilisn Of dollars ri 5 per ccu,-Nhtci han Is now
red 'ccd. ~ Your committee las observed. 20 SIX
hundred thousand dollars. an' will pay "a interest
OF sIN per cent. u was thought "a very aiyguIa
gCnuS Arrangement 20 obtain such n large invest
mcni ~ } per coat on sUCh uudrlpicd security.
when he committee were authorized to lotu at fl
per cent. | have llNay, regarded the operation ~
one IA Which the bank Was the favored party. AMI
I ihiak II may be- safely and truly sad that The ac.
CONT OF Mr-sr, 4 Bd!le & ca. IN, been one Of
the ru'st advantageous accoau', iu tnc bank.
April 5. 1882. MANUEL EYRE.
Here a. p rh,irm,u rf q committee ct exchanges.
who urges a SINGLE house 3" lake two or three
millions ui dn.lIas ur NOR, for rs ioIc a tim. rs they
wished. aud by ala Old coincidence. his very house
on whom Mr. Eyrr urged "a ln1u Oi tNp %. three
millions ct dollar, or rIprr aI ) pee ccHt IA j nr a.
long a lime ~ they wished, u the yer, hoI-e. the
a.nrunt of whuSI loan II the Su.Jryt of com ..a'ai
by the rohnilicc IT investigation.
3. The nv complaint Is that he clmmitc1
nude dIs,ounis a, well as purchase ot bulls. Now
thIs VAS done no consequence + Instructors in fact
/ given b. Nj L'ppIuCo.I and M T., re- themselves
ul Which the proof Is as tollnw-:
On thc l2Ih OF April, 1888. the following pre-.
amale aui re-, lnt.on were oicr,od:
'Nhrrcas % Q, proper slui ,he ordinary huSIucss
or tnc board should MT be trau,ac..I by a smaller
number ct directors Than ihli required by the chrr
ter, and the bJsIuC OF discounts ,4u uC con, e.
uion'ly ;rln,ac."I ls heretofore II has byeI at tn
meeting 9th" b,arl. Therefor.
K splyel, That the duties or rhe Committee On
E~ychpnsc shall hot extend to the business OF dis.
counts"
Ou THIS res luuon youwill or course suppose thu,
these great cham Mons nflpaus exclusively hv the
hr2vl wnail have heartily embraced this proposal.
Well
TINS resolution was n Il" tn, order of Ia, day
ir rie l9'h % April, on which day 1t wrs cl.lel
up. when, strange To sl5.
>lr Eyre mnvei that said resolution b. ppstpiued
10 The day fixed tor the consideration Of the rules
OF The bank. aud said mollun equivalent 10 Il r.
lection, WIS agreed To by yeas and nlvs a. follows:
fea'-Mc>srs Ere, l. palIcp.t, Wns,o. usary.
SERGEANT f.sh"r, Newksrk, Lewis, Holmes, M'Kan
aud Bdile; 10.
Nay; Messr.. Manchester. GIlpin, Sullivan. NJ.
Eld,r, aud Wager ).
o. the 2ni Of Stay 1888, the Board proceeded
10 the or!crnflhc day. the confederation ofIho new
rties Hn! regulations for conducting the busiues, -!
the bank being the same winch were adopted and
are How a. force IN April, lsil
o." HAT occasion The following asneuIHgUt wa,
offered:
The Committee ot Eycaarge shall act ~ a dlr.
~ committee NJ the Bank, aud afDrd their ad and
advice IN all cases relative 10 the interest and af
iur' oi tn" institution. but their duties shall not eE-
tend - the business OF discounts. TIcy shall lay
before the Board at ivory stated meeting. a state
ment oi their pspcc-imgs which shall bo read be.
fore lhe discounts Of the day are settled"
rms a'nenim M SIs rejected, 81 yeas unJ nays.
as iD.lpws.
Yes-MIo.sr.. > .Iiyrn. Wager. 7oS GIpin-3
Nsys-Ncs-rs. Llpp.ucpuTt, Eyre. Bevau, Waic,
I Fisher. Ch1uuccy. Newark, Mlrllc ,ter. Lewis.
HOLMES. Potter. iInIJIc-l3.
AT le same luIug. this anr4ln.nf Il, Ia. rJI.s
was proposed:
~ statement Of tn approaching nC,he Committee
on E%1chang" since the last stated meeting shall Ice
reported Ia wuLug 'ud read, which WIS rejected
b. yeas ard nays by the samo iudsI,hIc haIcr- ri
loans hy he committee OF Exchange. The yplcs
were
Yeas-Mc.s-s. Glrrn, Wager. Sullivan. willing.
White. Al,ca'cstcr, Potter.
Nay--Mcssrs L,ppiucou. Eyre. Bevan, Fish
er' taalHcey. NeNolra. Lewis. Hines. B,IIlc
The decision b. his vote VA. TO- f,rt an ius,ruc.
non 10 Ihe rjmnHiru that thny Ought 10 include
discounts "a then business. aai lhlt they need moi
/ report their Iuug- G, DO. B,arI.
Nh L~'PIuc1U ui &c.. Eyre, ~ m.m1crs Of rr- 2
tJmmiiirc on Investigation. think % wrong i1f the
Exchange Committee 10 drsrpunt-srill more wrong
tor a Gas ier alone To disouunr--and 'n-v would
doubtless have add a.. u they hal thought srrh an
enormaiy conceivable. that tho extremity or wrong
would be Ira director Go obtain discounts frou The
Cashier without tr huyNlrIsc Of the Bulrl-yc..
an assured Dr. ih' late Cashier lhrt both Mr.
Lippncpr and Mr. Eyre. while sitting as directors.
frequently asked an! p.tliucd rom him large lulu-
"hich they dri MT suJmito other to the BJafd or
20 ,hc These acts or Kindness o4gbf
u' nave prevented any y,ry violent ind ignauun on
their part against loans by the Cashier
bisay The Committee. ihr Exchange Committee
herp no m'HIlcs-Wlko 10 ou,rcs--but having
decided any things give verbal orders o. thr officers
10 carry % INTO execution. WrII.Iu what other ,vay
d. Committees arll Mr. Lippincpu has been. I be-.
l'''o. q DIRECTOR ipr more Than twenty vcars. be.
been " m-m'tr u. ua,uy of the Committees. and
IhiiruIln ] believe Of ihcm. I'D hc ever kr.r
minutes. DI Dee ever propose surh q thing think
81 such o hing Dies any Eschlu-e C,mu.r,, a.,
any bank On Phdri lphis keep minutes, And D,V
al TIE en1 oi 'Hcs' twenty yclr, bee come, ia rn.
P'','n Os ancient colleagues with u, doing what
b. did not do hrrs d.
Mud n'N 81" come 10 the final aud most .mp,r.
tint part of ibis report.
in q year or t"D after the veto prrho bI rsrb,r.
t.Hng The Bank BIO 1892. 90 prepared ny decree. g.,
retreat D ch i1 Pennsylvania by the Gradual sale ,f.
iho hr''cbos 'ni b., fIr .,uccuIuipu uffh, a..
SOUS ~ stocks which might az any rma Dr. a,,I,.
'' p" '"y '- .''I "i Is aa'i5s. olhcr 90 wind up pr
ip expand urinr q afu clqr.r
Ar#Hr|.rHI. H.. .H. Er.. -EH 81 .. r.Ua