Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-08-06

came the announcement last night that
the Exchange Bank, which has always
been considered one Of the most sub
stantial financial institutions OF the
State, had made an assignment. The
report was first heard about seven
o'clock, and was taken up and
circulated until it became the
general topic OF conversation in the
business houses and on the streets. The
report was al first discredited, but
when business men who deposited in
the bank, made an investigation, and
confirmed the reports, feeling of
alarm was manifested, which was re-
moved later, when 1t was announced
that the assets OF the bank will exceed
the liabilities by handsome sum, and
creditors will be paid dollar for dollar.
No event which has happened in
years has created such furry in bust
ness circles. The action was taken by
the bank officials because Of the inabil-
ity to meet pressing and immediate OBJ
legations. There has been
STEADY DRAIN
for some days upon the money in de-
post in the bank, the result being that
it was ali paid out. The directors, re-
aliZiug the gravity Of the situation, de-
cided to try to borrow money upon its
securities, which are strictly first. class.
President j. n. Vance left for New
York with 500, 900 Of securities for the
purpose of negotiating a loan. The
New York parties with whom he con-
suited admitted that the paper was ex-
cellent, but owing TO the present strin-
gency in the market declined to ad-
vance the money. Mr.. Vance immedi-
ately left for Chicago, where he met
with like disappointment. He then
telegraphed home that he could not Sc
cure the money.
A meeting OF the Directors was called
NSte Friday night, and the situation was
fully discussed, the meeting lasting
several hours. 1t was apparent that
there would be practically no money in
the vaults Monday morning, so the only
thing left to do was to decide upon al
assignment. This was accordingly
done, and the bank doors will be closed
tomorrow morning.
A REGISTER reporter made an effort
to see the officials OF the bank last
night, for the purpose of obtaining
statement OF the condition Of affairs.
Several directors were seen, but the re-
porter was referred to Vice President
Delaplaine or Cashier j. j. Jones. Mr..
Delapaine could not be found. Mr.
Jones was seen at his home on North
Main street.
DECLINED TO TALK.
"Mr. Jones, will you make a statement
for the REGISTER concerning the condi-
ton OF affairs at the Exchange Bank?"
asked the reporter.
81 have nothing to say, sir" he re-
piled.
Later another director was seen, and
while he would not discuss the matter
generally, he stated that the assets
would exceed the liabilities and the de-
positors will not lose any money.
When the officers Of the other banks
in the city learned of the assignments
meeting was at once called, and repre-
sentatiVes Of each bank In the city as
sembled at the Office Of the City Bank.
The situation, and the effectit will have
upon the other institutions OF a similar
character, was discussed. By compar-
ing notes, it was learned that all the
other banks in the city are solid, and
will welcome an inspection by
State or National Bank EXamin
ers. There is really no cause
for alarm. Depositors in the Exchange
Bank will receive every cent due them,
and the effect upon the mercantile and
manufacturing interests OF the city
will be very slight, and OF but
TEMPORARY NATURE.
Wheellng's banks are the just pride Of
the city. They have withstood tnan-
cial shocks in the past, and are as we'll
prepared to do it now.
Last night another meeting OF the
directors Of the Exchange Bank vas
held, at which two prominent attorneys
were present Papers were formally
prepared for the assignment, with John
j. Jones as assignee.
After the meeting REGISTER re-
porter secured a statement from Mr..
wilkinson. "Our capital stock" he
said, sis S2OO,O0 upon which there Is
a douole liability. There is due depos-
itors, $3.50. 900. and the assets foot up
81, 200, 600. Add to the assets
the double liability for $500, 600
and the amount is 81, 600, 900, to pay off
an Indebtedness OF S95O,00 The cause
of the failure was in the dropping of OF
the deposits. They have decreased
about 20 per cent. daily for g week or
ten days, while the drain upon the
amount OF cash on hand has increased.
This soon left US
WITHOUT ANY MONEY,
and as we were unsuccessful in our ef-
forts to secure loan upon securities