Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-22
In WILL BIZ A GO.
BRIGHT PROSPECTS FOR TIE ESTABLISH
MENT OF A NEW BANK.
Meeting Of the Committee Last Night-Ths Sug-
gssdon to Revive the Exchange Bank Re-
jscled-Charisr 10 be Applied for.

The project to establish new bank,
which has been agitated since the as
signment of the Exchange Bank, and
which assumed tangible form at the
meeting Of business men last Saturday
afternoon, was considered last night by
the committee appointed at that meet
ing, and steps were taken which will no
doubt produce the desired result.
The meeting was held in the Chamber
of Commerce, and eleven OF the fourteen
members of the Committee were pres
ent. An organization was effected by
choosing John G. Hoffman, President,
and Howard Hazlett, Secretary. The
matter was discussed in al informal
way in all it's phases. One gentleman
explained at the outset that it was i'm
pnrtant to first determine whether the
efforts Of the gentlemen back OF the
movement were to be directed toward
a reconciliation Of the Exchange Bank,
or the establishment OF new institu-
ton, as the public appeared to be at
sea upon that point. This appeared to
be the general sentiment Of the Com
mittee.
The discussion upon this point
brought out q number Of legal ques-
tions, which puzzled the Committee.
An attorney was invited to be present,
and assist materially to better under
standing Of the situation, with refer
ence to a rehabilitation OF the Exchange
Bank.
The Committee appeared to favor
any reasonable plan by which the bank
could be again placed upon its feet, but
here mum Der Of difficulties were en-
countered. In the first place, 1t was
pointed out that there may be a sentl-
ment in certain portions Of the COM
munity against the institution, which
would cause a run upon 1t as soon as
the doors were reopened, and would in
huence men Of means, when approached
with subscription books. In the second
place, the assets Of the Exchange Bank
will amount to more than million dol
lars, aud 1t would be impossible to or
ganiZe a new concern with sufficient
capital to buy the bank outright. II
was suggested that the creditors OF the
institution might be induced to agree to
q settlement on installments maturing
at such periods to render a successful
conduct of the bank possible, In the
event that the doors were reopened.
Another suggestion was TO scale down
the present capital stock OF the bank, and
secure subscriptions OF 500, 900 or
5000, 600 additional stock, upon an
equitable basis. These plans were fully
discussed, but so many difficulties were
presented that the idea Of revival of
the old bank was finally reluctantly re-
jected as impracticaole.
The following was then unanimously
adopted:
"ResoLUed, That it is the sense Of
this meeting that a new bank be started
with a capital stock OF not less than
$3.50, 900, and with the privilege Of in
creasing it to $500, 1000"
Every member of the Committee
manifested commeDdable interest in the
success OF the project, and all agreed
to try to secure subscriptions immedi-
ately. The old Committee, consisting
of Geo. L. Stfel and A. NJ. Rice, was
augmented by the addition Of s. j.
Boyd. This Committee was empowered
to appoint subcommittee to solicit
subscriptions. In addition books will
be placed on and after to-day, at the
following places: Exchange Bank,
Gutman & Co., and Simpson 81 Hazlett-
An effort will be made to secure $500
shares of the par value Of 500, during
the week, and the Committee will meet
again next Monday evening.
The committee decided to apply for
a charter for the Merchants Exchange
Bank" with the following persons as
incorporators: John G. Hoffman, n. E.
Whitaker, J. D. Dubois, j. n. Vance,
Howard Hazlett, 5. j. Boyd, D. Gut
man, c. r. Hubbard, A. NJ. Rice and
Charles w. Franzheim.