The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-02-07
THE WOOL GROWERS.
Complications OF tho ExchanEe-A
Meeting Here.

Meeting Here.
The report reached steubenyille yester.
day, that the Wool Growers, Exchange, Of
Philadelphia, Pa, had failed. As this Asso.
citation keeps up an organization in steuben.
willie, and a large number Of farmers OF the
vicinity are interested In the report as well
as the general public, an effort was made
To trace the report TO reliable source last
night, but failed. A former member was met
upon the street, and when informed Of the
condition Of affairs expressed but little sur
prise. He stated that the Association was
organized In 1877, and operated In Steuben.
vile until 1881, when the office was removed
to Philadelphia, Pa. While at steubenyille
the Exchange lost over two thousand dol.
lars, and the removal to Philadelphia
seemed 10 him, said he, "like trying 70
save Q sinking ship" Over 500, 900 worth
Of wool consigned to the Steubenvlle
Office was removed TO Philadelphia
In the spring OF 1881, and since that time con.
farmers OF Jefferson county. Ohio, and
Brooke county, w. Va, 70 the Exchange. A
wool merchant expressed the belief that the
failure would fall quite heavily upon the
stockholders, as they are liable under the
laws Of Ohio for double the amount OF their
stock. There are about one hundred stock.
holders, principally farmers, residing In this
vicinity. There Is considerable interest felt
In the report Rt steubenyille, as well as In
this county, as 1t Is feared that number Of
prominent men will become involved. Q.
N. Lee, OF Holidays Cave, was President.
and J. D. Whitman, OF this county. Secretary
and Treasurer. A correspondent OF the Pitts
burgh Dispateh says:
"fhe last meeting OF the directors was held
on the second Tuesday In January, at which
time the Secretary and Treasurer was present.
Mr. Whitman who managed the affairs OF
the association in Philadelphia, left Wheel
ing on the 26Lh Of January and Is at present
travelling In Colorado. Before Whitham's
departure he and his father executed deeds
OF trust.upon their farms In favor Of 8. B.
Chambers and n. Pollock, Of Wheeling.
These men are endorsers for Whitman for
$1s,000."
Probably the facts referred TO above are
the cause OF meeting OF West Virginia
Wool Growers which IS to be held In this
city next Saturday. AT any rate one Is TO
be held, meeting at r.a. on that day.
MEETING or DIRECTORS YESTERDAY.
Special Dispatch to The ln,elligencer.
srEuBsNviLLE, o., Februsry 6,-Three OF
the directors OF the Wool Growers Exchange
met to-day, but no business OF importance
was transacted. The directors, when ap-
preached upon the question of the failure OF
the association, and the condition Of affairs
al Philadelphia, seemed to be inclined TO be
reticent The stock Of the association
amounts to about S, 600. and the stockhold-
ers are liable for double that amount un-
der the laws Of this State. ssll
II was the opinion OF one OF the directors
that Mr.. Whitbam would return at an
early date, notwithstanding the embarraSs-
ing condition OF affairs.
1twould appear that the Exchange had
but little capital TO transact business, and
its failure Is not to be looked upon as sur
prisng. The liabilities are placed at $34, 4,0Oo,i
although the true extentis not known by the
Directors at this time. The banks In this
city holding paper are secured by the Direc-
tors, who are endorsers. They are se-
cured by Mr.. Whitham's bond for
$4,000, and $4,000 collateral security in
Washington county, Pa. Mr.. Whitham's
securities are Messrs. Yates Moore aud Faris,
all Of West Virginia. The Directors that
met to-day decided to employ an expert and
send to Philadelphia to examine the books
and make q report at once, as tothe condition
OF affairs The Board OF Directors Is COM
posed OF VIM. Lee, President, and Benjamin
Griffith, OF West Virginia, John Medill,
David Gault and A. U. Ault, ofthis county.