The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-07-01
WEDNESDAY, JULY /, 1874.
Tic Kew Bank al lIarIln's Ferry.

a now mUnleQ usuluuuuI W W Sa4iSA
The Ohio City Bank, Il on the eve Of
being established among our neighbors at
Mathis Fs1y. The banking partnership
hAs been formed, and embraces JoHS 8.
COCHRAN, Esq, late Of sedalia, No, and
Q nnmber Of The most Substantial business
men Of Martins Ferry and vicinity. 1t Is
proposed 10 commence operations with q
capital Of not lea than ten thousand dol
lArs, which may be increased TO two hun.
died thousand q the future may de-
termile.
ThsStoek holders in this bank will be
responsible for ih liabilities TO the full
amount Of Al their personal and real
properly which will give the new instl-
tuition . basis Of security equivalent TO
ZONE four hundred thousand dollars.
Anumber Of the gentlemen connected
with the new partnership have had for
some time past In the hands Of the United
States Comptroller at Washington city,
an application for 3 National Bank, but
1t Is more than probable that in con-
consequence Of The new arrangement the
application will be Withdrawn, unless
upon further investigation 1t should sp-
pear that there Aren features in the re.
cent banking law Of Congress which viii
make the national system preferable. II
We may be allowed . suggestion on the
subject, we would say that all things con.
Eidered the contemplated bank will be
found 10 be much better adapted TO the
capital and the business necessities Of the
community than national bank. The
reserves which the old law rendered II Oh.
ligatory upon the national banks 10 keep
within their Vsults or elsewhere, and
which, according to Comptroller Knox,
the new law does not change, except as
70 place, would alone form very respec.
table banking capital Tor q town like Mar.
tln'sFerry, while the premium now neces-
siry 10 secure The bond basis Tor a ma
tional bank would go long way as q re-
serve in the new bank for the benefit Of
depositos. Thee reserves and the pre-
MUM on the necessary bonds, which, uE--
der the national syAtem, are unGvAilably
locked up, would be available Tor the cur.
rent wants Of business in q small town like
Martins Ferry. We mean by current
wants such accommodations as come
within the legitimate purView Of q sound
banking business, which Of course does
notmean long notes renewAblead in fnitum
with all sorts Of property as security. In
an institution such as the proposed new
bank, the security for depositors is much
more ample than under the national sys-
tenn, since it is based upon the entire
property Of its stockholders.
The usefulness Of bank depends upon
its ability TO accommodate the every day
transactions Of the business community,
and II the views Of our Martins Ferry
neighbors are confined to receiving such
legitimate aid as this, the new bank will
no doubt be q success. The wants Of 8
lively, growing village, full Of great ex-
pectations, incline to draw heavily IN Its
banking institutions, Its people are great
borrowers, while It's business range Is too
limited 10 insure an extensive line of de-
posts. 1t Is true that in the course Of 8
year the sggregats Of deposits may be
large, but 80 much Of the amount is sub
ject TO call as to render It unavailable for
the business Of the bank.
The popularity Of banks and bank
officers depends largely upon the people
themselves and upon their views of the
legitimate functions Of bank. II our
friends over the river imagine that banks
make money plenty, and, like the infs-
tionIsts, expect TO do business and prosper
upon the shadow Of It's presence among
them, they will find it an Improbable
illusion. The prospects are that the new
bank viii be placed upon such founds-
ton as viii give 1t the confidence Of the
whole community, and being surrounded
By wealthy rural population, wise
management Of It's affairs will no doubt
secure II q large portion Of the deposits
Of this non'boroWtng class.