Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-17

George E St.fel, Jepson,
Il III 6illeland. i = scnWeItteIseii
ID d List. Jr Mayor Cal1welL,
n " Patterson George Ecknart,
Crank Cruise CIV Franz helm.
George StAmIn, LOUIS otIcI'
Henry Schmulbach, J n Brady,
! /, Str, ehleln. Hofkheimer,
Lawrence Sands, Henry baeri
Joseph Bell, N heIsSi
/ ID t,ulbertson, John Frew,
George X McNechen, Il fancy,
" a Wilson. Vim Elllngham,
Alex Mnclell, Dazell
& II COpp. DoDDlns,
Alex Coen II Seamon.
4; lamb II G trauzheim,
r. BuckmAnn e Brandfsss,
NJ Emsheimer, = ohRter,
M ToFtus Il X McMechen,
II p Mc1regor, Robert Brown,
George Hook, Feargus W hal-y
George Lutz, NE WHITAKER,
q X Hart NJ SonnebOrn,
Y Rosenberg, hlne!dAHeFi
Howard Haziett, J A Jefferson,
Col Thomas O'Rrien, Allen Brock,
Z w Dickens, Bel ARE, l. bayha,
And more than as many more OF the Wlde-
awake business men OF this community
The meeting was called To order by
Secretary Howard Hazlett, a few min
utes after eight o'clock, he suggesting
the name of Col. Thomas O'Brien for
Chairman. The suggestion was unani-
inously approved, and at the request OF
the Chair, the Secretary briefly stated
the object of the meeting to be the
consideration of the advantages OF
Clearing House Association TO the banks
and community at large, and to recon-
mend the formation of such an instltu-
ton, il il seemed TO be advantageous.
This done, MIR. c. 3. Hart said that
I'm order to have something definite TO
talk about he would offer the following
resolution and move its adoption
"ReSolred, That the Chamber Of Com
merce, representing the mercantile and
manufacturing interests OF the city OF
Wheeling, urges on the banks OF this
city the formation Of Clearing House,
TO extend to the business community
such additional banking facilities as
may serve the convenience OF business
men at this time and encourage manu-
facturers to resume operations.
The resolution being before the
house, Mr.. Hart spoke in its favor, re-
citing something OF what had been
done in some other cities, notably In
Fall River, Mass, and Pittsburg, the
former having gotten numerous facto-
ries to work and the latter put fifteen
thousand men at their accustomed la
bors, through the medium OF aid given
by the united banks, and expressed the
belief and hope that something OF the
same sort might be done here In
Wheeling. He said there might, per-
haps, be a feeling on the part Of bank
ers that the meeting was touching upon
the private interests OF the banks, but,
in a measure, the private interests OF
the banks were the public Interests OF
the whole community. The public had
stood by the banks In their hour OF need
and 1t was fitting and proper now, II 1t
be feasible, TO have the banks extend
some unusual facilities to the public.
Inclined TO the opinion that the forma-
ton of clearing house would be a step
In that direction, and would be an aid to
the banks as well as TO the whole city,
he asked that some of the bankers pres
ent be heard from.
The Chair suggested the propriety OF
the bankers getting together In the
next room and talking over the situa-
tion together, but there seemed no nee
essity for this, and Mr.. Dobbins said he
felt, for one, that If the business men
would be willing TO take the clearing
house certificates during the course OF
business, something might be done.
Mr.. q. Lamb recalled that, year or
so ago, the banks were all willing, ex-
eept one or two, to 90 into a Clearing
House Association. Now he thought
all were willing TO do so, just as soon as
the necessary arrangements could be
made. Applause.
Mr.. Hart asked some banker to ex-
plain lust how certificates were being
used in other cities-Pittsburg, for
example. He had been given to under
stand that there certificates in denoml-
nations from one 20 twenty dollars were
in circulation, and had done much TO
relieve the money stringency.
Mr.. Dazell said he thought he could
set forth the whole certificate plan. He
thought Mr.. Hart was mistaken, for in
no case did Clearing House certificates
touch the city at large. Their plan OF
issue in New York City was this: A
bank in need Of ready money to settle
it's differences with other banks offered
to the Clearing House a sum in its best
bills receivable. A committee ex-
amined these bills, say to the
amount of 500 600, and If
satisfactory, certificates TO the
amount Of seventy-fye per cent. OF the
whole were issued to the bank In need
Of funds. That bank used the certifi-
Gates, or as much Of the amount Issued
as was necessary, in settling up its diff
ferences through the Clearing House
having out certificates instead OF pay
ing out money! ut is q fictitious cur
rency, used only among banks, and
bearing six per cent. interest. As the
bills upon which the certificates were
Issued mature, and are paid, their place
must be taken by other collateral, until
the certificates are cancelled with cash.
The community at large never sees
these certificates, although in NewYork
an amount approximating forty million
dollars have been issued. Since these
certificates have been issued, the New
York banks have fatty refused TO ship
currency, and the commercial paper
market has been utterly neglected by
the Metropolitan banks. The same
thing is true in Boston and Philadel-
phia."
Mr. Dalzell read from the New York
Times, the condition of the local money
market, showing that the banks were
absolutely declining TO take paper, and
that ever since the stringeney had set
in there had been tendency, from all
over the country, 20 drain money away
from New York. The banks Of that
city had been compelled to carry an I'M
usually large reserve, from prudential
motives. Oh account OF the feeling of
depositors, but the certificates which
had been referred to did not figure in