The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-11-24
GkaGntsuigettrer:
1be Financial situation Down at
Pnrkarhhurg. %. -.n-.-

The Daily TINES Of & i PlaIr.klsetsburg = 4 re-
Gently remarked that money matters "
that place were getting harder every day.
We Judge that there isa good deal oi
truth in the remark, and also some reasons
for II, II we can interpret correctly 9 re-
view OF the situation in the Slate Journal
Of Thursday last. The latter paper raayS
that the banks there have been'd doing and
still are doing all they can to float the oil
aad other business interests otthat section
Of the country. In doing SO, however, 1t
seems that their lines Of discount have
been run up higher than they should pc
in panic. The Journal says that II the
banks had not had the confidence oithe en-
tire community they could not have met
the pressure Of the past two months. II
spesks about their chief foes being Ger.
tain directors, who have engaged in loud
and inslpid talk in regard to the solvency
Of well known mercantile honses," and
il doing 50 have caused "partial runs
upon the banks. These directors, 1t says,
"owe their positions more to their mon,
ev than their brains" This is certainly
not very complimentary language to men
holding such responsible positions as
bank directors In Parkersburg, Neither
Ia the additional remarks that "most Of
the men who control the banking capi-
tai of Parkersburg have never probably
been thousand miles from home during
their natural lives. They have lived
ypon the gossip Of provincial town, and
know but little OF the ways Of doing
business In the modern financial world"
"Their ideas of banking date back fifty
yesrs when the sacred soil" was worth
ii least six per cent per annum as Sc
curity, and when notes were run from year
10 year, the interest only being paid"
This Is pretty plain talk for the dirctors
to listen to. We presume they must de.
serve good deal Of itor our distinguished
friend, the Ex-Governor Of the State,
would not indulge init. asaa s 81
I But still, Notwithstanding the folly Of
directors and the prostration OF the oil
business, the Journal looks forward hope
iully to the dawning Of q brighter day
now close at hand. It alludes to theSltal
Importance of the oil interest 70 the pros.
perity, yea to the very existence Of Park
ersburg, and praises the banks for stand
Ing by 1t despite some OF the directors
aforesaid. 1t says that Il the oil interest
Of Ohio and West Virginia, two thirds Of
which Is exchanged at Parkersburg, and
which amounts to several hundred barrels
per DAY and to nearly 100000 per am
mum, was lost to that place, that grass
would grow in the streets in less than
twelve months. ~ '
It seems that the amount Of ollnow held
in stock in West Virginia is not less than
100000, and that the value Of the
leases, wells, well fixtures and other ap.
pliances necessary 10 carry on the buSii
ness Is worth not less than $1,000 more.
The oil men are estimated to owe not more
than 100000, and some estimate it asnot
above 100000. And yet on this show
log the Journal says that "thcy are com
sidered by nineteen.twentieths'' Of the
people there uas. on the verge OF bank.
ruptcy." They are however making q
brave fight for existence, despite all this
adverse wind and tide, and the Journal
bids them to be Of good cheer inasmuch
as the banks are now well fortified, as com,
pared with their condition lately, and in
the course ots few weeks will be able to
resume their regular line Of busluess.a
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