Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1890-11-23

] y
upon its feet again. The summary calling
/ in of loans the refusal to float doubtful en-
terprises, and the sudden depreciation of
values, although sometimes working great
| individual hardShips. is one of the sureSt
WAYS OF bringing about a better order of
things after Il season of undue speculation
and initiation of values, and in the present
instance, as in many others during our past
history, there will be prompt recovery
! from the depression of the past two weeks,
and business affairs will be upon better
and more solid footing than ever before.
! Wheeling, in common with the other
cities of America, has felt, in some slight
degree, the recent financial disturbance,
though but in an indirect and sympathetic
way. and bank cashiers, bank presidents,
! brokers and others have manifested the
utmost interest in recent events. Yester-
day reporter for the REGISTER talked
with number of gentlemen intimately
connected with the financial affairs of this
city and vicinity, and synopsis OF what
was said by these gentlemen is here laid
before our readers.
money has been reasonably close said
Cashier Jepson of the Ohio Valley Bank,
''but since the commencement of the furry
in New York our available assets have in
creased nearly $50, 900, and am feeling quite
comfortable to-day. We have no clearing
house here, which is to be regretted, but
its absence is made up by the accommo-
dating spirit the different banks have for
each other. The late late crisis in New
York has not affected our local banks eX-
cept 10 increase their surplus and make
them more conservative. Wheeling is
solid city and not easily disturbed This
was illustrated in the panic of lS12-53, when
nearly every city in the country was
punched except Wheeling. Here everything
went along smoothly and nicely, and so far
as our banks and business interests were
concerned, the former discounted almost
as freely as ever and the latter went on
paving wages TO their workmen; while
many concerns throughout the country
went upon half pay, and in many cases
issued orders to their workmen for sup
piss. Wheeling is abundantly able to take
care of herself
Il cannot see that the disturbance in the
East has had any appreciate effect upon
either local banks or any of our business
interests" said Cashier George Eckhart,
of the Peoples Bank "There has proba-
bly, been an increase in the available cash,
taking all the banks through, but business
is going on about as usual. Neither can |
see that there has been any effect upon Sc
curities heldhe The most that can be
said of the furry, as regards Wheeling, is
I
been observed by bankers and investors
Our connection with New York and the
East generally is not intimate, and it
would be very serious disturbance which
would directly affect u.s.
Said another cashier, of one of the lead
ing banks Ofthe city: "As for the direct
affect of the Eastern failures and deprecia-
ton in prices upon Wheeling, there has
been none. Indirectly there has, of course.
been some little effect, but it has arisen
entirely or nearly so through the exercise
of the most ordinary precautions by our
banks. II is likely that. taking the banks
all through, there has been natural dis
position TO be little more carefulin the
matter of loans, with a consequent in
crease in the available cash in the hands of
the banks. but this tendency has not gone
far enough to materially tighten the money
market. There is an abundance of money
in Wheeling for the transaction of our bust
ness, even in times very much more serious
than those that existed during the past two
weeks and there has, as vet, been no rea-
son for even the smallest depreciation in
values, whether of securities or other
forms Of property. The general situation
IS eXcellent-even better than month ago
and am sure that within "A week or two
things will resume their wOnted course
Il think the situation all around is excel
lent said Col. Thomas O'Brien, one of
the best informed gentlemen upon fin
ancial matters, in the city. Values are
fully up to what they ought to be, and so
far from Wheeling being affected by the
failures in the East have. within the
past week, sold certain stocks at the high
prices they ever touched Even with
very serious condition of affairs in the fin
ancial centres, there is no good reason for
any serious or permanent depreciation in
local securities, for they are established
upon firm foundation, and represent real
value There is very little speculation,
here, in railroad stocks and bonds, or in
miscellaneous securitieS-not enough 10 be
worth mention
Il have noticed slight stringency in the
local money market said a broker, "but
il rose entirely out of the natural desire of
bankers to increase their stock of available
cash. and has little significance. The local
transactions in stocks are almost entirely
confined 10 the securities Of manufacturing
concerns, the value of which could not in
any way be impaired by any number Of
failures on Wall street OF course, hold
ers of the best securities in the world may be
temporarially embarrassed by a tight
money market, but even under such con-
dition money will be loaned upon prime
paper | think the general situation is
y.
remotest idea that the country will be long
disturbed"
The sales of stocks and bonds have been
/ light, for some little time back, owing TO a
| tightening of the money Market said Mr.
Robert Irwin, the Twelfth street broker
but no permanent dullness is TO be appre-
hended Banks and capitalists are simply
holding on to their cash resources, as sim
pie business precaution, and this disposition
will be relaxed directly there is change
for the better in the East"
This is az excellent time 10 pick up first
class securities at a low price said cap
italist who was spoken to by the reporter
The best stocks in the leading trunk lines
corporations which never pass dividend,
and which are universally recognized as
issuing gilt-edged paper-have been af
fected by the general slump in values, and
many people with spare money are picking
up few shares here and there, as they
find an opportunity. They recognize that
the depreciation is but temporary, and that
in short time values will get back to
normal point, with result that money will
be made. Some Wheeling money has been
invested in this way, and will yield hand
some return