Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-08-20

Harry Mendel, G A Robinson,
G ID Mckee, j Mccoy,
G Ed Mendel, q Ogden
The meeting was called to order by
Philip Henry Moore, editor of the Man
ufacturer, who nominated Mr.. n. 4.
Whitaker for chairman. The nomi-
nation was approved by the meeting,
and Mr.. Moore was chosen secretary.
In opening the meeting, Chairman
Whitaker stated the object OF the
gathering, saying, among other things,
il was we'll understood that 1t was Tor
the purpose of organizing new bank
to take the place of the Exchange Bank,
which had been an important factor In
the business life of the city, aud which
had contributed great deal to the
general prosperity of the community.
There was, he said, ample room for
new bank, and the general interests OF
the public would be advanced By Its for
nation. II had been suggested, as
preliminary step, that it would be well
TO appoint a committee TO take hold
OF the matter and see just what encour-
agement could be secured in the way OF
subscriptions of stock, etc. A few names
had been suggested In that connection,
but he would be g lad to hear from those
present upon the subject.
Mr.. Moore said the original idea had
been to have the proposed committee
clothed with certain powers as an ex-
ecutive COMMITTEES, TO devise ways and
means and TO appoint subcommittee.
Mr.. James McAdams suggested
.Nf .frrlrA mt
Of committee of either nine
Qz'tWelve to be known as an executive
committee. This resolution was sec
onded by Mr.. Jas. ?. Maxwell, and was
adopted. The chair thereupon appoint
ed as such committee Messrs.:
John Hoffman,, Gutman,
George K Sulel' Boyd,
u Hess Vance,
G w FrauZhein, Henry Jones,
Howard Hazlstt, CT Hubbard,
S NJ Rice, MJo'Kane.
Later the names OF Chairman N. E.
Whitaker and j. d. Dubois were added
TO the committee, making it number
fourteen.
The committee appointed, general
discussion was inaugurated as to
whether or not it would be better to d.
rect efforts to rehabilltating the Ex-
change Bank, If that was feasible, or
TO start an entirely new institution, al
lowing the Exchange to De wound up In
the natural course Of events. Several
gentlemen spoke upon either side OF
this proposition, it being contended by
some that it would be best for the general
interests of the community to have the
new capital merged into the Exchange
Bank and that institution set upon its
feet again, with an increased capital,
it being pointed out that the enforced
collection Of debts due the bank, at this
time, might work many hsrdships
which would be ayerted ii the bank
could resume business and carry its
patrons along in the old way. On the
other hand, it was contended that 1t
would te,best to allow the old bank to
20 through the process of liquidation,
and have the new institution start out
free of all membranes. During this
debate several gentlemen took occasion
to reiterate and dwell upon the fact
that the banking capital OF the city was
at present inadequate to the proper
transaction of the business OF the COM
munity, and that the line Of discounts
demanded by manufacturers and job
bers made the new bank a vital neces-
sity. One gentleman said he had dis
cussed, long before the assignment OF
the Exchange, the necessity for a new
banking institution Of large capital,
and the necessity was greater at pres
ent than it was then.
Finally resolution which had been
offered, looking to the reorganization OF
the Exchange as leading factor
in the matter at issue, was withdrawn,
it being tacltly agreed that the entire
subject ought with propriety be allowed
to remain in the hands OF the EXecu-
tive Committee, which would give 1t
that attention which the Importance OF
the subject demanded, and which could
report TO aud allow the matter to be de-
cided by the actual subscribers TO the
capital stock OF the new concern, rather
than be a subject for discussion and &C
tion by the general public. This settle
ment OF the question, for the time be-
ing, seemed to meet the views Of all
present.
Subscriptions are on paper for sew
thousand dollars stock In the
new bank, with about twenty-five thou
sand more actually in sight, and those
at the head Of the movement think the
minimum capital Of quarter Of mil
lion dollars can be secured.
After the adjournment OF the meet
ing the executive committee met and
organized and discussed the matters
to their care In prelimi-
nary way.
~