Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-16
A CLEARING HOUSE,
TO BE DISCUSSED AT A MEETING OF THE
CHAMBER OF COMMERCE
Called for This Evening at Eight O'Clock -
Large At ndance Of Business Men Desired.
The Proposed New Bank, and the Efforts
10 Obtain Subscriptions

For some days past there has been re
newed interest in the long-cherlshed
idea OF forming Clearance House As
ISOLATION in this city, and a number Of
prominent bankers and business men
have been working on the matter and
presenting its beneficial aspects In a
strong light to th0se-iortunatel few
in number-who have not heretofore
seen their way clear to givlu their ad-
herence TO the idea.
Matters had progressed so far by yes
terday evening, that, after a conference
between business men, il was determin-
ed TO issue q call for a meeting OF the
Chamber or Commerce this evening at
eight o'clock, and at the same time all
the bankers OF the city, as well as
many prominent business men and
manufacturers were invited 10 person
70 be present at this meeting and take
part In its deliberations.
The formal call, signed by President
Quarter and Secretary HaZlett, will
be found tn another column of this
issue Of the REGISTER, and there
should be a most hearty response on
the part OF our business men, all Of
whom have a deep interest in the mat
ter TO come up for discussion and &C.
lion.
There have been attempts In the past
to form Clearing House Association
10 this city, the most recent being about
year ago. At that time nine or ten Of
the banks OF the city gave their adher-
eBce 70 the plan, but there were two or
three Institutions which did not see the
necessity, at that time, for the exist
ence Of the Association, and those who
favored the idea were reluctantly
obliged 70 give IL up. Since that time
there has been a tOlerably clear demon
stratiOn OF the fact that the Association
would have been OF great benefit 10
local business interests, and il was from
this deep and very general conviction
that the call for this evenings meeting
sprang.
As is perfectly we'll known by this
time to about every individual In this
city, this community, in common with
most OF the business world, is suffering
from a great monetary stringency.
Currency IS in demand as IL has not been
before for q generation, aud as result
business is interfered with 10 an extent
which is not conducive Of general or
marked prosperity. Anything which
will Increase the volume OF currency,
and thus relieve the unsatished demand
for money, will very largely tend 20
better existing conditions. In New
York City this stringency was In a
great measure relieved by the issuance
of clearing house certificates, based
upon the securities held by the as
soc ated banks As much as tbirty-eight
millions OF these certificates were put 10
circulation, and were used to large eX-
tent the same a. money. They helped
gauy business man, baoS and corpo-
-'..asr tight place, and were OF
In PiiAsburg the banks
ming, with distict and In
antage 20 the business OF
nifty. Here In Wheeling
hundreds OF thousands OF
rst-class securities, which
available. The formation
house and the issuance Of
o such Institutions as feel
sssing need of greater cir
dunn, would materially re-
existing stringeDcy, permit
ness to flow along more freely, and
do much good in a variety Of ways. This
feature will likely be one thing brought
forward tonight as reason for the for
nation Of an Association, to say nothing
OF the other and great benefits
which flow from such an in
stitution, and which have
made Clearing Houses necessity In
most Of the cities of this country. With
q clearing house in existence, business
IS facilitated, the banks are drawn to-
gether I'm a closer bond, they feel
strengthened aud are actually strength
ened, they are In q better touch with
the whole OF the business community,
and there IS generally better business
impression. abroad as we'll as at home.
These considerations and others equally
weighty may be expected 10 be pre-
septed az this evenings meeting, and
some definite and favorable action is to
be hoped for.
The gentlemen who have started the
project 70 establish a new bank, we're
again circulating among business men
Yesterday anu met WIN CuNoA l a = 'tAVA y
although the subscriptions did not reach
such a large sum in the aggregate as on
the previous day. A number OF the
most substantial business men have not
vet been visited, and the gentlemen who
have charge OF the list will call upon
them to-day. On the whole. they re-
gard the result Of their efforts with
satisfaction, and are confident that the
necessary amount for the capital stock
will be raised
An effort will be made in another d.
rection 10 aid the new bark scheme.
The OHIO VALLEY Manufacture Will
adveuElse call for meeting OF the
ma = facturers and business men, TO
70 Alace Saturday afternoon al two
The situation will be dis
hndit is probable that many OF
e firms will subscribe TO the
The proposed bank. II a suIi-
is not secured, small sub
ms will be asked from business
md Others not present at the meet
ngs.