The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-09-06
lion was unanimously adopted By the

ton was unanimously adopted BY the
Board;
WHEREAS. The Wheeling window Glass
Company has obtained loan from this
Bank Of $3.50, while some Of the Direct
ors Of said company were members Of the
Board Of Directors Of this bank, thus using
their influence and position, In the one
case to the injury and loss OF this bank.
Therefore be it
Rssolred, That knowing the Stockholders
Of said company 70 be amply able to pay
all their obligations, and feeling that in &c.
cepting their proposition We do so at the
sacrifice Of all the moral responsibility OF
the parties concerned, and whilst at all
times willing to assist, or compromise with
any debtor, who is poor and unable to pay,
We do protest against accepting this propo.
sitiOn, and express the hOpe-that We viii
not be compelled to accept any proposition
SO unanimously condemned by this Board
and that q copy Of these resolutions be
communicated to said company
During the day, by request Of Mr. Pax
ton, the Board was again called together,
and asked that the resolution should be
Notwithstanding the reflection as
unculled for and presenting his books at
this time, Showinga deficit on the first
wears operations Of the Company, Of about
$4,000. II speakin round numbers, and
from memory only,) the second Of over
$4,000, and the third Of some 81, 900, with
out allowing for wear and tear, estmat-
ing horses, works, &C., ut original cost.
Tie Board could not see the sOlvenCy Of
any Company presenting such abatement,
and after listening to why he asked for
this loan, and other information Of like
character, adjourned without resembling
their former action. On the next day,
August the 18th, the Board again met,
myself in the chair, the President not be-
Ing present, when Mr.. Ellingham present.
ed the following resolution, seconded by
Mr., Gutman, land mention their names
with permission;
ReJolped, That We accept Interpretation
OF the Wheeling Window Glass Co., to pay
Fifty cents on the dollar Of their indebted
meas to this Bank, to be in full Ottheir note
OF $500.
Rsioised, Further, that we consider Mr..
E, W. Paxton morally bound To pay this
Bank in full It's debt, as he obtained the
loan when acting as Director Of this Bank
and President Of the Wheeling Window
Glass Company, knowing, from his own
statements and the exhibition Of his books,
that the Company was doing business at q
heavy loss, with no probability Of being
able 10 pay their Indebtedness In full.
Resolrsi, That Mr.. +, w. Paxton be re.
nuested 10 resign his position as Director OF
this Bank.
The first resolution was adopted with
out dissent, and the second laid on the ta-
bic, with the hope expressed that his own
action would render such q motion UNI
necessary,
So far "a / know, no representations OF
any character were made when the loan
was made, but surely the Inference Is
fair that a sworn officer Of the Bank
would offer nothing for discount but what
he knew to be perfectly solvent: II was
accepted alone on the merits Of Mr.. Pax
ton, relying implicitly on his presenta'
ton.
These are the facts In the case and are
submitted to show how far Mr.. PaxtOn's
references to me are true, and / leave
them to the judgment Of the public as
cheeriully as he does, and am only sorry
cannot dismiss from my mind quite as
easily as he does a subject involving SO
much honor and morality In this COM
munity.
Il affords me much pleasure to say that
some stockholders Of that Company have,
since the compromise, voluntarily paid
up In full their proportion Of this debt
Respectfully yours,
SAMUEL LAUGHLIN,
Vice President Of The Exchange Bank.