Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-26
THE CLEARING HOUSE.
TIE ARTICLES OF ASSOCIATION SIGNED UP
YESTERDAY
By Representatives of Eight City Banks-E1changs
Bank Directors Going Over Their Assets.
Application for New Bank
Charter Withdrawn

Yesterday afternoon at hai-pss'
past four O'Clock the representatives OF
eight OF the banks Of the city, with
representative of the Peoples Bank, OF
Martins Ferry, and the Marshall
County Bank, OF Moundsville, met 81
the Chamber Of Commerce to hear the
report of the Committe appointed
week ago to formulate articles Of asso-
citation.
The report was read, discussed and
amended, and was signed by those
present, when the meeting adjourned
| 10 be reconYened at the call OF tue
chair, when the remaining city oanks
have signed the articles, and at sdch
meeting the organization will be COM
pleted and steps taken TO put IL In
practical working order. 1t is hoped
by the majority OF the bankers OF tne
city that all the city banks wiz
promptly sign the articles, making
compact organization which can WORK
for the mutual interest and oenent ol
the banks and the community at large
Exchange Bank and New Bank Matters
Thursday afternoon, and again yes
terday afternoon and last night, the
Board Of Directors Of the Exchange
Bank were in session, with view OF
making an examination Of the assets OF
the suspended bank. At Thursdays
session, after quite discussion OF the
general situation, it was determined 10
make classified list Of the securities
and assets generally, and to present the
same at a meeting of stockholders
called for September 18th, as noted In
the REGISTER OF yesterday, 1t to be
then determined what was best to be
done and what could actually be DONE
II anything, towards setting the oahK
upon its feet again. Yesterday alter-
moons and last evenings sessions OF the
Board were held with the view OF pro-
ceeding with this examination OF the
assets, and the work will require con-
siderable additional time.
A member Of the Board stated last
evening that the current rnmors re-
gardinQ the future of the Bank were
very largely matters of conjecture. The
Directors themselves had decided upon
nothing definite, for they could not DO
30. Definite action would primarily be
a matter for the stockholders OF the
bank, and later would be a SUBJECT
of arrangement and agreement with the
banks creditors. WHAT the Directors
were doing, and about sll they could DO
at the present time, was to make care
full examination Of the banks assets
list the same at their probable ultimate
value, whether that be par, seventy-nVe
per cent, fifty per cent. or nothing, as
the case might be with individual
items OF paper, and submit the
report thus made, showing
the exact condition Of affairs, TO the
stockholders. II the showing MADE
was esteemed such one as would war
rant an attempt at resumption, then
the question would be, are al the stock
holders willing to suffer the impair
ment of their stock, II such impairment
be looked upon as matter OF fact, ana
submit to scaling down OF the stock
and the subscription OF sufficient addl-
tional stock to put the bank upon a
sound basis? Putting II In another ana
a hypothetical way, he said: Suppose
the preoared statement should show
that the very worst that could happen
the stockholders would be the aosorp-
ton Of fifty per cent. OF the stock, 10
enable the bank to pay dollar for dollar?
Are the stockholders willing to stand
this, subscribe additional stock, and see
the bank resume; or, will they re-
! iect this solution, allow the process OF
| liouidation 70 go on in the regular man
ner, dragging over perhaps three years,
and see a new bank started? III the
first proposition is accepted by the
stockholders, then II will be time to
take the additional steps necessary to
affect a resumption; IL the second prop
osItlon is the one, then the process OF
liquidation will go on, and the new bank
| idea will be taken up in earnest. That
is the situation, and that is why we are
! going over the assets as we are. There
is no hostility, either actual or Implied,
towards the project OF starting new
bank, but we simply think the new bank
plan is to be held in allegiance pending
the settlement Of the matter at hand"
Some OF the gentlemen concerned In
the proiect for the establishment OF q
new bank were disposed, yesterday, to
view the Exchange Bank proceedings
with disfavor, and during the day a
telegram was sent TO Charleston, coun-
demanding the order previously given
for a charter for the new bank. The
folks who were in this frame OF mind
said the new bank project had been
given a death-blow, and that no further
efforts would be made, at present al
least, to do anything In that direction.
This determination was thought TO have
been a little hasty by others, and so the