The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-17
The Meeting Held Last Evening by
the Business Men to
RECOMMEND The ESTABLISHMENT
or Such an Institution in Wheeling,
AltesolutiOn Urging Action by tho
Banks OF the City Passed With Prac,
tiealIy no oppositiou-The Meeting
the Largest Assemblage of Business
Men Seen In Wheeling,

commerce rooms in the public library
building for the purpose Of vOicing an
expression Of the views Of the business
community as to the project Tor the
organization OF a clearing house in
Wheeling, was remarkable for ono thing
above all others; it was about the larg-
est aad most representative gathering
OF merchants, manufacturers and bank-
era that has been seen In this city,
Every chair in the apartment was oc-
Cupied early in the evening, and when
the assemblage came to order shortly
after s o'clock, large number were
standing, some being unable to gain
entrance, standing out in the hall
Every bank in the city was represented.
Among the prominent gentlemen
present were the following;
]. N. Vance. Horny schmulbach,
John Frew, Alexander Frow, H. b.
Eranzheim, Frank Hoffman,, q. +.
BrAndtRss, Alex, Mitchell, w. A. Isett,
Morris Horkheimer, O. II. Copp, Geo,
/, stitel, l.. O. Bayha, @. A. Bowers, d.
l.. Ratclilct r. NJ. Brown, r. @. Dali
zell, b. X. McMechen, NJ. Lotus, g.
Coen, G. B. Peabody, Gibson Lamb, P.
B, Dobbins, William Ellingham, Henry
seamon, ]. L. Stroehlein, @. A. SChaefer,
George Hook, NJ. Emsheimer, John
RiheldafFer. Charles Burdett Hart, =.
Buckman, ]. S. Rhodes, A. II. Forgey
s. l. Rice, Charles FranSheim, John
LUZ, NJ. sonneborn, Victor Rosenberg,
N. L. Whitaker, George E House, B.
+, Caldwell. Frank Gruse, Allen Brock,
Henry Baer, Alfred PAUL, George
Stamm, Ben Horkheimer, George W.
Eckert, Laurence Sands, Frank P. Jep.
son, Jacob Jefferson, William Lutz aud
many others.
THE ORGANIZATION.
At the suggestion Of Secretary How.
ard Hazlett, OF the chamber OF com.
merce, Colonel Thomas o'Brien was
chosen chairman. Secretary Hazlett
explained that the object Of the meet
ing was for the purpose OF consider ing
the project for a clearing house, some.
thing needed in Wheeling business life.
Mr. ChaS. Burdett Hart offered the
following resolution:
Rcsolved, That tho chamber OF com.
merce, representing the mercantile and
manufacturing interests OF the cityot
Wheeling, urges on the banks Of the
city the formation Of clearing house
to extend TO the business community
such additional banking facilities aa
may serve the convenience OF business
men at this time and encourage manu-.
factursrs to resume operations.
Mr.. Hart spoke In favor Of his resolu.
tion and Of the material benefits that
would arise, as has been seen In other
cities Of even Wheeling's size. He al
luded to the recent benefits In Pitts.
burgh. He had heard a hundred times
that on recent occasion the people Of
the business community had shown
their entire confidence in the banks,
and he thought 1t proper that the bust.
ness men should meet and discuss the
situation with the bankers. Mt Hart
suggested that the bankers themselves
speak on the subject. The chairman
suggested that tho bankers retire aud
confer before expressing opinions to the
meeting.
Mr.. Dobbins said that ho thought tho
only way would be for tho certificates
to be used as money. It was also said
that the bankers are now in favor Of
the organization OF a clearing house at
once. A year ago when the project
came up only one or two banking insti.
tutions were against II.
Mr. DALzELl SPEAKS.
1t was asked that one Of the bankers
explain the working Of the clearing
house certificate. Mr.. Dalzell laid the
clearing house certificate does not
affect tho business community at large,
The clearing house acts in this way.
A bank goes to the clearing house with
bills receivable amounting, say 10 $780,
900, and receives In exchange clearing
house certificates to the amount Of $751;
900. The certificate 10 purely i1cional
currency, only issued from motives OF
expediency, and current only with the
banks themselves. The effect Of tho
clearing house certificate, is that 10
is not seon In tho community at
large, and has no bearing on
the condition Of the community. He
recalled TO notice th0 fact that the New
York clearing house recently increased
the amount OF its certificates from
$1,000 900 to S40,000,0OO, but during tho
whole time refused 10 send any cur.
rency out Of Now York. Bankers have
recently received tOlegbams from that
center saying "Can't pobsibly send cur.
roncy." He felt no particular zeal to.
ward tho establishments OF clearing
house, or against the project but was
merely stating facts. He quoted from
New York paper on tho financial con.
ditions In Now York, Philadelphia and
Boston, which was 10 tho effect that
there was no change In the commercial
paper market; supply large but no
buyors. The banks declined good pa.
por becouse the whole country 10 trying
to drain tho
CURRENCY FROM NEW YORK,
7'horo wcrc otfior rcadons. Owing to
tho financial condition all banks arO
compelled to carry larger cash reserves
than 10 uBally tho case. A certificate
loan docs not increase tho cash clfcula.
tlon and docs not relieve the man-
uincturor who has largo pay roll, In
Boston, ho ghid, time money 10 unob.
talnablo except from private lenders.
Tho certificate dooBn't increase the
money In circulation, and a. long au
tho cash reserve is mold back
tho banks Rro parAlySed 10 do m0rV
than they are now doing .,
Az fur as Wheeling aa concerned, hO
said, the banks aro i9 q position to die.