The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-09-06
WHEELING WINDOW GLASS
WORKS.
A Card from Samuel LaughIin In Re-
ply TO T.. w Paxton.
WHEELING, September 4,
Editor Sunday Leader:

Card from Samuel Laughlin In Re-
ply TO L. w Paxton.
WHEELING, September 4, 1875.
Editor Sunday Leader:
Absence from the city during Friday
prevented my seeing the article address
ed to the public BY Mr.. E. W. Paxton,
President of the late Wheeling Window
Glass Company and in which l am re-
ferred to in my official position as Vice
President of the Exchange Bank OF
Wheeling. have no desire 10 mallgn
or make false assertion ofany gentlemen,
much less of one with whom l have so
long enjoyed pleasant intercourse, and of
whom l entertained the highest personal
respect and | regret exceedingly that l
have in this case, as also in the
settlement of other debts
due the bank, within Il
short time, been compelled, in the DIS
charge OF my obligations as an officer Of
the bank, to express my most earnest
condemnation of the actions of the par
ties, and | shall in the future, IN the DIS
charge of my duties in any position Of
trust, whenever deem it right and prop
er, condemn and protest irrespective OF
person and place. In order that the pub
lc may Judge how far Mr.. Pa1ton's
statements are correct rs to myself, sub
NIT the action of the bank in this matter.
made no motion asking his resignation,
as Direcror, knew nothing Of, it any
shape or form until presiding at the
Board when it was submitted for discus
sion.
At full meeting of the Board, Au-
gust 9th the object being to consider
the proposition Of the Wheeling Win
dow Glass Company To pay 80 cents on
the dollar OF their indebtedness, after
fully considering the same, the following
resolution was unanimously adopted by
the Board:
WHEREAS The Wheeling Window
/ Glass Company has obtained loan from
this Bank OF $500, while some Of the
Directors of said Company were mem
beers of the Board OF Directors of this
Bank, thus using their influence and
I position, in the one case, TO the injury
and loss of this Bank. Therefore be it
ReSoircd, That knowing the stock
holders of said company to be amply
able to pay all their obligations, and
feeling that in accepting their PROPOSE
ton we do So at the sacrifice of all the
moral responsibility of the parties con-
| cerncd, and whilst ut all times willing to
assist or compromise with any debtor
who is poor and unable to pay, We do
protest against accepting this PROPOSE
ton, and express the hope that we will
not be compelled to accept any PROPOSE
ton 50 unanimously condemned by this
Board, and that copy of these rcsou-
tiOns be communicated to said company.
During the day, by request o! Mr..
Paxton, the Board was again called to-
getLer, and he asked that the resolution
should be rcsciI dcd, considering the re-
Election rs uncalled tor, and presenting
his books at this time, showing deficit
on the first years operations of the Com
pany, of about $4,000 ! speak IN round
numbers and from memory only;) the
some $4,000, without allowing for wear
and tear, estimating horses, works,
&c, at original cost. The Board
could not see the solycncy
of any Company presenting such Il state
mcnt, and after listening to why he ask
cd tor this loan, aud other information Of
/ like character, adjourned without re-
sending their former action. On the
next day, August 18th, the Board again
met, myself in the chair, the President
not being present, when Mr.. EIlingham
presented the following resolution,
seconded by AIr. Gutman, (aud | mem
ton their names with pcrmission).
RcsoLced, That we accept the PROPOSE
ton of the Wheeling Window Glass
Company to pay fifty cents on the dollar,
/ of their Indebtedness TO this Bank, to be
in full Of their note OF $500.
ReSoired, Further, that we consider
Mr.. +. W. Paxton morally bound to pay
this Bank in full its debt, as he obtained
the loan when acting rs 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 heavy loss, with no proha-
bIlity Of being able to pay their indcbt-
edncss in full.
Rssoirsd That Mr.. +. w. Paxton be
requested to resign his position AS Direc-
tor of this Bank.
The first resolution was adopted with
out dissent, and the second laid on the
table, with the hope expressed that his
own action would render such a motion
unnecessary
So far as | know, no representations of
any character were made when
the loan was made, but sure
" the inference that fair and sworn Of
iicer Of the bank would offer nothing for
discount but what he knew to be per
fcctly SOLVENT was accepted alone on
the merits of Mr.. Paxton, relying i'm
pl:citly Oh his presentation.
These are the facts in this case, and
are submitted to show how far Mr.. Pax.
tons references to me are true, and |
leave them to the judgment Of the public
Il, checrfully as he does, and am only
sorry | cannot dismiss from my mind
quite rs easily as he does, subject in
volying SO much honor and morality in
this community.
1t affords me much pleasure to say that
some stockholders of that Company have,
since the compromise, voluntarily pad
up IN full their proportion Of TINS debt
Respectfully yours,
SAMUEL LAUGHLIN.
yic, Prcsidcutof Hc Ercha,lgc Ba1h.