Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-17
A MEETING CALLED
FOR SATURDAY AFrEROON at TWO O'CLOCK,
AT THE EXCHANGE BANK,
To Taks Further Steps to Secure the Organization
Of New Banking Institution, With
CAPITAL Of al Least 100000.

The business men-iobbers end man
ufacturer, especialIy-of this city, have
become aroused in earnest TO the necei-
slty OF taking prompt action to call into
being a new and strong banking instl-
tuition to take the place made vacant by
the assignment Of the Exchange Bank,
and through the Ohio VALLEY Mdntfdc-
| turer, the trade journal Of the city and
vicinity, call will be issued to-day for
a meeting of business men OF the city,
at two o'clock Saturday afternoon, at
the rooms OF the Exchange Bank, to
take definite action looking to the real
izatlon of the project at as early mo-
ment as possible.
The call for the meeting, as well ss
statement of the conditions which make
the formation Of the new bank mat
ter of necessity, as set forth in the fol-
lowing article, from the pen OF "Cold
Short"
THE ''MANUFACTURER's" ARTICLE.
1.-THE going out Of the Exchange Bank
cuts of q material part OF the banking
| facilities Of this city, and as these faclli-
ties have never been superabundant, but
rather scant if not entirely inadequate,
the necessities of the large manufacturing
establishments and wholesale houses de-
mand that the space in the financial faclll-
| ties, thus left void, be retilled as promptly
! as may be- and, positively, rehlled oy an
occupant that will possess larger resources
| than were controlled by the tenant whose
holding recently lapsed. A necessity ana
an opportunity have been created; neces-
| sty for facilities of an enlarged
character and an opportunity for meeting
the necessity by the establishment OF
bank with ample capital and with bylaws
and rules that will secure wise SAFE
! guards, careful and methodical manage
ment and the rigid oversight, and RESPONSE
bility of the board of directors selected
| 10 govern it. Either revivicatlon or the
] bank that lapsed, with enlarged resources,
/ or an entirely new organization VIII
satisfy the necessity, but which ever
method be selected the movement should
| include the subscriptions Of the directors
of thelnstitution that lapsed and occasioned
the void. This seems TO be distinctly prop
| err because IL would assure the good Will
! enioyed by the Exchange Bank md inter-
| est prominent citizens, who cannot De
spared in the makeup OF the organization;
! and it is also proper, because 1t is courte-
sy which high minded men cannot well
| avoid offering, and courtesy that the gen.
| tlemen who composed the Exchange board
! deserve, by reason Of their prominence as
! good citizens and as able, honorable ana
! successful business men.
"The capital should be fixed at not less
| than $500, 900, with privilege OF increasing
| to $500, 900; anything less would send the
new organization forth in half made and
| crippled shape, and it is vitality necessary
! that il should come into being with strong
and staunch vitality and sufficient sell re-
| lance and prominence TO command respect,
credit and patronage. Larger capital than
| the Exchange controlled is imperauvely
necessary to invest the organization with
! ability to provide the manufacturers
| and iobbers with the accommoda-
| tions that are indispensable in the carry
| inc nm of their business. Under the ~ per
cent. restriction imposed by the National
| bank law, a bank with less than S5OO,UO
| cash capital cannot afford to carry regu-
| larly more than one manufacturer, and we
| all know that our large manufacturers ire
| uuently require accommodations amount
! ing to as much as $4,000. This clause IN
the National law is good ana souDu one,
| and, whether operating under National or
! valuable safeguard
1.-THE revived bank, or the new organlza-
| ton, should occupy room IN the Exchange
| Rank building. Let the affairs OF the as
| signee occupy one side OF the room ana
those of the new institution the other side,
so that. as far as is possible, the new may
assume the business of the old, including
| the active accounts and loans on approved
| collateral. Mr. Jones, the cashier OF the
lapsed bank and now its assignee, snould
| by all means, be either the cashier, or the
| advisor of the cashier Of the new organiza-
| ton. for 1t is not only courteous, but aoso-
! luteiy proper that the ability, taithfulness,
| integrity and past career OF an enlightened
| and liberal Official should be indicated.
.The movement towards organizing this
new bank. or Of recuperating the old one,
should be speeded on its way, as no more
than is absolutely necessary should DC
| lost of the time, that is Just now more IMAM
| ordinarily very valuable. Besides this, the
sooner the new organization opens us doors
| for business, the more secure the chances
! become for inheriting the good will and pa
tronape of the old institution. In these re-
| marks no intention is had to disparage any
| of the banking institutions OF the city. IL
! is well known that the Exchange bank was
considered the manufacturers bank, and IL
| is also believed that no one or two OF the
| banks, as they are now capitalized, WouIu
undertake TO carry the business the Elk
change bank transacted with the manu-
facturers and ioboers.
"As the organ of the manufacturers the
Manufacture urgently requests that the
manufacturers and iobbers Of this city
meet in convention with the directors OF
the Exchange Bank, and appoint com.
mittee, OF say nine, to devise ways and
means for reflling the void, created, as De-
fore mentioned, by the going out OF the
! Exchange Bank.
After consultation the Manufacturer
takes the liberty Of issuing the following
! call:
"The manufacturers and iobbers are ur-
| gently requested 70 meet with the direct
| ors OF the Exchange Bank, IN the direct
ors' room of the Exchange Bank building,
on Saturday afternoon at two O'Clock"
MORE BANKING FACILITIES NEEDED.
L IL l.