Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-11-12
FIXING THE RULES.
THE BYLAWS or GHs NEW CLEARING HOUSE
SUBMITTED.
Soma Sixteen Rules TO DO Observed "A Copy to
bs Sent to Zach Bank for Consideration
and Amendments - Synopsis
Of the Articles.

of the New Clearing House Association
OF Wheeling, at the Mutual savings
Bank, last evening. There were nine
of the bank officials present, Gloson
Lamb, President pro tenn, presiding
The object of the meeting was to near
the report of the Committee on organ
ization, that Committee consisting OF
Messrs. Gibson Lamb, Alex. Mitchell,
and P. P. Dobbins. The Constitution
and BYLAWS governing the institution
were submitted, and read, article oy
article. In substance some or the
more important articles are as follows:
The name of the Association shall De
"The Wheeling Clearing House Asso-
citation" =,
The officers OF the Association shall
consist of President, Vice PRESIDENT
and Committee of Management OF three
members, and a Manager, who shall not
be member Of the Association, all OF
whom shall be elected by ballot, on the
first Monday in April, annually, and
shall hold Office until successors are ap-
pointed. =,
The Committee of Management shall
have general supervision and direction
of the business of the Clearing House,;
they shall provide suitable rooms, FUR
niture, fuel, books, stationary,
etc; they shall have charge OF
the funds of the Association;
shall pay all bills through the Treasurer;
~
members, and report statement OF re.
ceipts and expenditures at the close OF
the year. They shall also hear and de-
termine all disputes between members
of the Association, which shall be per-
mitted to them by both parties thereto.
The Manager, under control OF the
Committee of Management, shall have
immediate charge Of the business
of the Clearing House, and
shall act as Treasurer and Secretary OF
the Association.
The hour for making exchanges shall
be at two o'clock p. NJ, when messen-
gers from all the associated banks shall
appear with their demands separately
made out against each member and the
totals summed up. At $50 p. M. they
shall return for settlement, when the
manager shall issue his checks or war
rants upon the debtor members to the
creditor members for the balances,
which checks shall on presentation be
settled promptly to the satisfaction OF
the creditors, in whose hands only they
are TO be available.
In case of failure, on the part OF any
member Of the Association, TO respond
promptly to the checks OF the manager,
said checks shall be Immediately re-
turned TO the manager, who shall there
upon call on the defaultin g member and
demand and receive from him, without
mutilation or cancellation, all the
checks received by him at the Clearing
House on that day. Upon receiving
said checks, the manager shall, without
delay, return them to the several mem
bers from whom the defaulting member
received them at that days clearing.
Said several members will then redeem
said checks in full, in cash or its equiv
alent, and out OF the fund thus received
by the manager he will at once, pay
the Clearing House checks TO which
said defaulting member had failed to
respond.
The Managers checks shall be pre-
scented by the creditor members, in
whose favor they are drawn, before
four o'clock p. N. OF the same day, to
the drawees, and II not paid, the Clear
ing House Association shall be free
from all responsibility on said checks.
Applicants for membership must have
I cash oo nj Of OF laoct sSSO OOO n
! bank or banker on becoming member
OF the Association shall pay an admis-
sion fee Of $50, and an annual fee of
$50, in addition to the regular assess
ment for expenses.
The expenses of the Clearing House
shall be paid in proportion to the ag-
| gregate amount Of the clearingS of each
member, and shall be assessed and col
lected by the Committee of Manrge-
ment semi-annually on the basis OF the
! business of the preceding six months.
For non-attendance at meetings fine
of three dollars will be collected.
Application for membership must be
made to the President, AID by him re-
ferred to the Committee of Management,
who shall make an investigation into
the character ana means OF the ap-
plicant.
The applicant shall state, first,
amount of capital employed and the
officers of the bank; second, names OF
individual partners, if private bank
ing house; third, names of officers or
clerks authorized to sign for the cor
poration or firm in transactions with
the Clearing House.
The foregoing articles are not all, the
remaining ones being of the usual par
liamentary pattern.
A copy of the bylaws will be sent to
each bank in the city for consideration,
and subject to amendments. and on
next Tuesday afternoon at o'clock
there will be another meeting of the
Association, when the bylaws, with
| such amendments as may be devised,