The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-17
A MEETING SATURDAY.

N MENIlSNG HAINEbAIs
Manufacturers and business Mon to Con.
slider tho Financial situation.
The following ia au extract from the
"Cold Short" article which will appear
in to.day's issue of the Ohio Valley Nan.
uJactlrer;
The going out OF the Exchange Bank
cuts Oft material part of the banking
facilities Of the city, and as these facil.
tiles have never been superabundant
but rather scant, ii not entirely mad.
equatG, the necessities OF the largo man.
ufacturing establishments and whole
sale houses demand that the space in
the financial facilities, thus left void, be
reiilled as promptly rs may DO, and,
positively, be dllGd by au occupant that
will possess larger resources than were
controlled by the tenant, whose hold.
ings recently lapsed. A necessity and
an opportunity have been created; u
necessity for facilities OF an enlarged
character, and an opportunity for meet
ing the necessity by the establishment
Of u bank with ample capital and with
bylaws aud rules, that will assure
wise safeguards, careful and methods
cal management and the rigid ovor.
sight, administration and responsible
ity Of tho board of directors selected to
govern IL. Either IL revivitication Of
the bank that lupsod, with enlarged re-
sources, or an entirely new organizes
ton will satisfy tho necessity, but
whichever method DO selected, the
movement should include the subscrip-
tons OF tho directors OF the institution
that lapsed and oCcasionod tho void.
This seems to be distinctly proper be-
cause it would assure the goot will en-
loved by tho Exchange bank and inter
est prominent citizens, who cannot DO
spared in tho makeup Of the organlza-
ton; and 1t 10 also proper, because II is
courtesy which high.minded mon can
not VOL avoid Offering, and Il courtesy
th0t tho gentlemen who compose the
Exchange board deserve, by reason Of
their prominence as good citizens and
as able, honorable and successful busl-
ness mon.
The. capital should DO fixed at not
less than $30O,0O0, with privilege OF In.
crcasing to S5O0.0O0; anything less
would send tho now organization forth
In half made aud crippled shape, aud
il Is vitality necessary that II should
como into being with strong and
: staunoh vitality and sufficient sclt.rOli-
ance and prominence 10 command ro-
spcct, credit and patronage. Larger
capital than tho Exchange controlled Is
ilnpGratively necessary 10 invest tho or.
ganization with ability to provide tho
manufacturers and jobbors with tho
accommodations that 0rG Indispensable
In tho carrying ON OF thoir business.
Undor the 10 por cont restriction iul.
posed by tho national bank law, u bank
with loss thaA 100000 cash capital,
cannot afford TO carry regularly more
than ono manufacturer, and we all
know that Our large manufacturers fro.
Qucntiy require accommodations
amounting TO ~ much rs $4,000 This
clause In tho national law Is o good aud
sound ono aud, whether operating
under national or state laws, tho 10 por
cont restriction Is u valuable safeguard.
Tho revived bank, or tho new organi.
Eation, should occupy rooms In tho
Exchange bank building; lot tho affairs
Of the assignee occupy one side Of the
room and those Of the new institution
lAe other side, SO that, so far as posi-
bio, tho now hiay assume tho business
Of tho old Including tho aOtivO accounts
aud loans ON approved collateral. Mr.,
Jones, tho cashier OF tho inpSod bank
aud now its assignee, should by all
means, DO either tho cashier, or tho nd.
viHOr Of tho cashier Of tho now organlSa'
ton, Tor II is not only courteous, but