Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-01-11
Wool Growers, Bank.


We understand it is proposed to organize this
institution as soon as 100000 of capital stock
are subscribed.
Something over $4,000 are already pledged
in small amounts from different sections OF the
State, mainly from Summit and Cuyahoga
counties. Books are now being circulated IN
this and adjoining counties with view to OBJ
tain the desired amount at an early day II we
understand the object to be sought in starting
this Bank, we regard the enterprise as COM |
mendabIe one, and it should receive the subscrP-
tions of all producers, whether of wOol,or other
farm or manufacturers products; and we THINK
there are few who may not with profit to them
selves and neighbors, spare portion OF their
means to promote this new, worthy object 1t
is a well known fact that Banks In the west
have in many instances, used their capital IN
loaning to large spectators, and often to IRE
sponsible men who have been enabled to control
the entire funds of Bank, in some cases by dl-
yiding the profits of such speculations with the
Bank, thus perverting into an-evil the advanta-
ges which the producing classes should derive
from Banks.
We believe he Banks in Ohio are generally
changing their policy somewhat In this respect
at least in one particular-their loans are
/ mainly, to produce dealers, but security is more
generally required on produce in transit.
It's in contemplation to carry out this latter
feature more fully by the proposed Bank, and by
extending loans to producers themselves, to en-
able them to market their own producei for we
do not understand the business of the Bank Is
to e confined exclusively to wool growers, al
though it bears this significant name Still We
believe it is designed to make this branch the
leading one on which to base its loans,
The growing Importance of Cleveland as
wool market calls loudly for larger monetary IA
ciIities with which to handle it. True, the
same argument may be presented to some ex-
tent rxbv a monied institution under wise and
iudicious officers may net be made Of great i'm
portance to the industrial interest in marketing
such products; but it is especially important IN
that of wool, and with this product must Its ad-
| VdnIaUeS
marketing the same, for very large class oI
farmers are now under the necessity of ofrealiZng
on portion of their wool early in shearlng time
|. which forces almost the entire clip on the mar
ket in one month, offering great field for spec
ulation; thus bringing one of the most important
: articles grown in the West under the eaprieei
! of eastern capital, and subject to the rise anC
! fall incident to the same.
, With Bank prepared to make moderate ad
vances on Wool consigned to Agents who ar
competent to classify the same with their re
spective grades, furnishing warehouse re
ceipt to the Bank to cover the proposed advanc
; until it may be sold, will enable the farmer no
only to sell his Wool in that way which wi
secure to him the highest price, but enable hin
to realize sufficient to supply his immediate ne
cessities as soon as the Wool is shern. Th
: farmer NAV safely trust his Wool in the hand
of anv commission house with which the off
GERS of the Bank will be willing to store tn
same, for the Bank having much the larges
=, ownership will become directly interested i
watching their property, and in doing so mus
look after that of the consignor, which, togeth
er with the fact that such commission Agent
If success must depend on the skill and judg
e ment exercised in making sales, secures to tn
C owner of the property the strongest possible II
IS ducement to adopt this manner of making sales
e We presume those procuring subscriptions vi
n meet With abundant Success. for there is no al
: against this manner of selling Woods, or tn
security which such loans must furnish to
g Bank; for there need be no losses prOvidiD
the loans are confined to Woods on deposit O
f transit But it is not, we understand, intende
to effect an organization of the Wool Grower:
= :, Bank until it becomes fixed policy of our LIE
II gislature to tax Banks only as other property
S taxed.