The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-07

by Scores of Leading Business Men
in Favor of Conservatism and Com.
mon Sense.
Great surprise was occasioned in
Wheeling Saturday evening by a report
that the Exchange Bank had closed its
doors and would not be- open for bust
ness this morning. It is not TOO much
to say that there was not q concern in
the community whose suspension would
have caused greater surprise, At first
the story was received with general in
credulity, but inquiry showed that II
was true, The bank closed when hush
ness wa done on Saturday with the de-
termination not to open again at pres
ent The appointment OF Dir. John ],
Jones, the cashier, as assignee, was de-
Cided on, and o deed OF trust to him
will DO recorded to-day. He will settle
up the banks affairs. Whether It will
again open and be operated as q bank,
after tho present troubles arc over. has
not been discussed by the stockholders,
The trouble has been imminent for
several days. 1t 10 ascribed by officials
OF the bank to a steady falling of oil
deposits, tho decrease reaching twenty
per cent, with O simultaneous increase
OF demands upon their resources in
ready cash. Recently many deposits
have been made in checks and drafts,
which Nre entirely good, but could not
be Immediately realized on.
No CURRENCY oRrAINABLE.
The directors said that a crisis was at
hand which only prompt action could
avert, and the president, Mr.. ]. N.
Vance, was sent to New York with
ample securities, all OF the most APP
proved gilt.edged character, to secure
100000. He failed to get the money
owing to the stringency Of the money
market and the enforced conservatism
Of bankers. He then went to Chicago,
but with no better success, and he tel.
egraphed that he had failed.
The directors were in session until
after midnight Friday night, but 1t was
not then finally decided that it would
be necessary to close the doors. In.
deed, it was not een to be inevitable
until half past n o'clock Saturday
afternoon. The situation was then rem
dered even more serious by the de-
mand for o cash settlement by a man
who had several thousand dollars Of
claims.
The news spread rapidly, and satur-
day evening a meeting Of representa-
tives Of all tho banks was held, at
which all the expressions were Of the
most conservative character, and as
cheerful a view Us possible was taken
by all. Every bank in Wheeling is in q
sound and healthy condition, aud it
was plainly seen that there was no oc-
casion for alarm. Each banker eX-
pressed hia willingness for an immo.
date and thorough examination by the
state or national bank examiner.
The Exchange bank has assets to more
than cover all it's liabilities, leaving its
capital and surplus untouched. 1t was
simply unable to realize on these.
ITS CONDITION GOOD.
It's capital stock is 100000, held by
solid and prosperous men, who, as are
all bank stockholders under q special
West Virginia statute, are liable for
double the par value of all stock held
by them, lis real estate ut tho corner
OF Main and Twelfth streets, including
the bank and the building next adjoin-
ing on the north, is worth nearly or
quite 100000. The reserve is $4,000,
and othor assets foot up to $l,400,0O0 in
all, while the liabilities to be met are
only $3.50, 900 or about that.
After 1t was Q Saturday afternoon
that 1t would DO necessary to suspend,
at least temporarily, about $4,000 OF
deposits were brought in, but this was
loft unbroken and not placed TO the
credit Of the depositors. As soon as
possible the original sums will be hand
cd back to the owners, just as if it had
not been taken to the bank. OF course
when money was offered in this way
the officials could not without risk OF
the gravest consequences, refuse it or
describe to customers the state of affairs.
The only safe and honorable course was,
therefore, the one which was adopted.
1t is stated that, u working capital of
$4,000 was exhausted in the past three
weeks by the drain on the cash in tho
vaults. It is given out that in settling
up the affairs OF the concern, none OF
those who owe the bank money will be
pushed, and it is evident that only q
little time Is needed to straighton out
affairs and pay every dollar Of liability
without renderingthe corporation bank
runt,
THE PUBLIC CONSIDERABLE.
Tho thoughtiulness and considera.
ton Of the business men Of the COM
munity was never better shown. Fear
ing a ganic by tho unreasoning act OF
depositors in other banks, a number Of
gentlemen circulated the paper, a copy
OF which appears below, and 1t was
promptly signed by all to whom it was
presented. The names appended rep'
resent millions Of dollars Of Wheeling
capital, and the signors also represent
every class OF citizens, though the we'll.