Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-06-04

al Bank of Warrington, Farmers and
Mechanics Bank Of Morgantown, First
Naio-al OF Fairmcnt, West Virginia OF
Clerhsburg and Traders Bank of
Clarksburg.
The question of "oyerdraft" was the
first taken up for consideration. and
the discussion was opened by Mr..
Malianee. OF Grafton. He recognized
that the question was one presenting
many difficulties. The cure, of course,
was 10 stop il, by concert of action
among banks; yet there were many
cases where TO do that was to work a
real hardship upon good men. A sort
of sliding scale" in treating such mat
jerS, was, in his opinion, probably the
best thing TO do, and this was concur
red in generally by Cashier Dalzell,
who followed Mr. Mallanee. L. S. Bank
Examiner o. j. Sands. was the next
speaker upon this topic, who thought
the best way of stopping overdrafts
was TO stop them.
Currency" was the next topic, and
under this head Comptroller James H.
EccOrs letter Of regret was read, noted
IA A3ot u4@u = O4SpdNNus
Uniform Charge for Collection"
was the topic next following, and Cash
ier Dalzell gave his views, they en-
bracing the division of exchanges into
classes. by banks. and endorsed by an
agreement among all the banks of the
State, with a forfeit, if necessary, and
have il strictly lived up to. A uniform
rate throughout the State would not
do but a schedule could be arranged,
and then it should be strictly lived up
70. In explanation, by request, he said
he would schedule the banks into say
three classes, a banks status in these
classes being fixed by the comparative
ease with which exchanges could be
made Pursuing the discussion. Mr..
Mallanee said somc banks ought 10 be
charged more for collections than
others. and gave his reasons and illus
tratiOns at some length. He was fol-
lowed by Cashier L. f. Sands. who de-
tailed the practice obtaining in Roch-
ester. y. Y. and Boston. in a very in
teresting manner, and he thought the
course could be established in Wheel
ing although it might at first create
some stir among customers, when the
latter found they were being charged
4 small sum on each check. Neverthe
less. he considered a charge for each
out-of-town check good business.
Mr.. Mallanee thought the ideas voic-
ed by Mr.. Sands were correct, and he
moved the appointment of committee
to report on the matter at the next
meeting. The discussion was then con-
tinued, notably by Vice President ]. NJ.
Hartley, of Fairmont. who plead the
cause of the customer, and was follow
ed in the same strain by Mr.. J. E.
Sands, of Fairmont, who doubted the
practicability OF ever arriving at any
proper system of charges, which would
be just alike to the banks and the Gus
toners.
Mr. Robinson, of Warrington. sec
onded Mr.. Mallanee's motion for COM
mittee, and the discussion went on at
great length.
The motion for a committee was
adopted, and the committee consists
of Messrs. J. Z. Sands, Mallanee, Dal-
Eel, Furbee and Freeman. and they
were instructed to report at the even
ing session.
The question of "Abolishing Days of
Grace" came next, and it was evident
that there was a decided sentiment in
favor of peutioning the legislature to
abolish days of grace. Mr. J. E. Sands
stated that many States had already
taken the step, ard he moved that
Judge Raymond draft bill TO be pre-
sented TO the legislature. 1t was adops-
ed.
Examinations OF Directors" was dis
cussed at some length. One cashier
said it was a common experience for
him. a few years ago. TO never see
director at the bank, from one years
end TO another, but of late there had
been an improvement in that respect.
Col. O'Brien, President of the Peoples
Bank, took the floor on this matter,
and asking the question: What is the
object of an Examination of Direct
ors?" he answered by saying: TO see
that the cashier and his subordinates
are doing their duty" and yet, he said,
an examination by a Board could never
amount TO anything. If the cashier
was all right. there was no need for
an examination. and if the cashier was
not all right. he could easily hoodwink
the Board. Paper etc, could and should
always be examined, but the Board
could do little with the books.
This opened up a very interesting
discussion. and it was prolonged for
some time. and il was developed that
IN many small towns in this State,
Directors meetings were infrequent
enough TO merit chronicling as local
news by the papers. One cashier said
he had rot had a meeting Of directors
for years. Another cashier said his
bank had trouble until they began pay
ing the Directors a dollar each for at
tending meetings; since then they had
an occasional meeting.
Renewals of Notes" brought out the
statement from one cashier that he had
zone into his bank in 1855, and notes
then in the bank were still there. hav-
fng been renewed regularly for forty
one years.
Col. O'Brien-Is the discount paid?
The Cashier-Yes, sir, regularly.
Col. O'Brien-kesp IL up; you We got
a good thing.
Just before the adjournment of the
morning session Cashier J. E. Sands,
of the First National Bank OF Fairmont,
offered the following:
Resolved, That the Bankers con-
vention of West Virginia declare un-
eQuivocally in favor OF the existing gold
standard of value. and believe it TO be-
the only way TO maintain the public
credit of our country, and the honor and
integrity of our government.
Resolved. That it is of the greatest
Importance to every business man, pro-