Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-09-01
A Largo BLOCK
OF ADDITIONAL STOCK SUBSCRIBED TO TIE
EXCHANGE BANK.
Seven Hundred More Shares Wantsd-The Rsor-
galiza ion Plan Working WSll-Ciy
Officers 10 Be Paid.

The committee having charge OF the
work Of securing subscriptions OF addl-
tionai capital for the Exchange Bank
nut in full days work yesterday, and
last evening reported that they had
signatures for about 800 shares OF new
stock. The gentlemen of the committee
were much encouraged by this showing
and thought that the LOCO shares de-
sired before the reorganization of the
bank was undertaken, could be secured,
and that with this added capital the In
stitution would be enabled to start on
new career OF usefulness. 1t was also
reported that no depostor so far
approached for his signature TO
the agreement to take certificates OF
danosit 10 the amount of his deposits,
had refused to do so. Several had taken
time to consider the matter, but the
very large majority had unhesitatingly
agreed TO the arrangement, and III looks
as though there would In the end be
practical unanimity upon this point,
and that the matter can be laid before
the meeting of stockholders called Tor
the eleventh of September In excellent
shape. The proposition, as regards de-
posits, is to divide each deposit account
into three parts, and issue time certlh'
Gates of deposit, bearing interest at
four, eight aud twelve months, Tor
the whole amount Of the old depos-
It's. This would prevent any sudden
withdrawal of funds, while giving the
depositors quicker access TO their cash
than under any other feasible plan, and
with the cash on hand in the vaults OF
the bank at present, and that TO be re-
ceiyed from the new issue OF stock, the
bank will be in excellent shape 70 90
right along with business. There Is
now over one hundred thousand dollars
I'm cash in the vaults Of the Exchange,
and this sum will be largely increased
by tho middle OF September, and II the
additional one hundred thous-
and dollars OF stock desired is
secured, it would be possible for
the bank, calling In twenty
FIVE per cent. Of the new stock at once,
to have something like $500, 900 In cash
on hand by October lst-the most prob
able day OF resumption. n everything
goes well. With time certificates out
for the old deposits, none OF which
would become due before February lst,
1894, the Bank would be in excellent
shape, and before the first series Of GER
tifcates become payable there would be
a very large cash reserve on hand 70
meet them, and that and subsequent
payments would not interfere with the
regular course Of business II the new
stock is secured, and the depositors
generally agree TO the certificate plan,
there is little question as to what the
outcome Of the stockholders meeting
September 1lth, will be.
To-day is pay day for the city officers,
police, fremen and others about the
City Hall. Clerk Thoner came up 10 the
city Wednesday afternoon, and has
made ARRANGEMENTS 10 have the pay roll
met. not exactly with cash, but with
certificates which will "go" the same as
cash. The Bank OF the Ohio Valley
has arranged TO issue certificates, Tor
five, ten and twenty dollars, bearing
four per cent. interest, and these Will De
paid out TO the officers and employees,
they In turn will transfer them to mer.
chants or to their own banks, and they
will circle around until they land back
again in the bank Of Issue, after having
performed all the Offices OF regular
cash. These certificates have been re-
sorted to in many other cities, and have
worked well during the monetary strin-
gency.