The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-01-17
WHEELING CREDIT MEN HELD
VERY ENTHD5IA5 MEET
LAWRENCE Z. SANDS, OF FIRST Ne
T1oNAI. BANK OF PITTSBURGH,
TOLD OF VAST RESOURCES
OF CoUNTET.
Banking Systems Were Discussed From
Various Points Of Vtsw-Mcet-
tugs will be Continued.


at tho meeting held last "N"Niug. SeE-
oral VISITING Spr:rn.'rS told "t tho vast
resources OF the country that were
awaiting :io, only the business men ana
htnksrs but ;llc individual working man
who Tor various reasons was dependent
on credit Tn: Greater Wheeling pro
irct WAS also taken up and discussed
.hviCaltaiu j. +. Price. secretary OF the
Wheeling Commercial Association. anu
MIR. Nay gave l brief outline Of the re-
c.>n; Waterways meeting held IN lttts-
bursh, in the interest a.: turthcrin6 tne
Ohio river canal movement.
H. l.. King. presided as POSTMASTER
and opened the evenings program by IN
Producing W. +. Tucker, the new Sccrc-
tary OF the Wheeling Credit Mems Assoc
citation. In 4 bret. bat we'll worded
speech Mr. Tucker thanked the 'n4U-
b.rs for the honor conferred on him as
secretary uf the association and asked
their cooperation. stating that this
would be Il thing OF vital Importance TO
the organizations. Captain J. Is. fFice'
secretary uf the Wheeling Commercial
Association next told OF the great 1iclo'
Wheeling had for various improve
n.cnts EIc stated that although the =.
Of &. had not started the Greater
Wheeling movement II was taxing an
active hand in the matter. Speaking OF
the proposed increase IN rates OF the
West Virginia Traction q ELECTRIC o.
Captain Price said: III community proc
lens are TO be conquered the people
must act together as d community and
that the citizens OF Elm Grove and the
out-thc-pike district should act with
tho citizens Of Wheeling as q commu-
nifty in this matter If they expect CO.
operation from local citlzcns-' He also
stated that If cooperation was 10 DC
had il should not apply to the Individual
but TO the business interests in general
Lawrence Z. Sands, Of the First Ma
tional Bank OF Pittsburgh, and former
Wheeling banker. next told why tho
Monetary Condition OF the Country Is
in Good Shape" Mr. Sands referred
10 the condition OF the country oO years
aSo. when it was almost wholly depend
ent on foreign caNAal for the reallza-
ton Of national enterprises. AT mat
time state laws allowed the oankS 10
issue currency in large amounts which
caused counterfeiting and the raIure
OF many banks The money was GOOD at
its original value only IN the state
issued and IL used in another state was
usually discounted. This CONDITION pre-
vailed UP to the Civil war.
was indebted U0,0U0,000, and had
population Of about 50u.O0o.D0Q people
which placed the average debt aooul
s3S nor person in this country. III
1914, when the world war broke out.
rho country had total Indebtedness
OF $l.r.4.nUU. 600. At this: time the ma
;ional banking system was formed ai'o
hclrcd lind L market for government
bonds. Because of the recent way the
balance of trade was thrown III our
favor. our former wealth coming lttlo
our possession. and VS. hold 1t |ouaS'
South America is az the present ttine
seeking loans for Development OF '"at
country which holds vast resources,
which are almost in their virgin state.
Mr. Sands also quoted line from -
sn,rch given a short time ago by Tor
mcr I.r.sidcn, Taft: I'VE are ~orio
mower and cannot help il. explaining
y.r,. briefly but fully the situation Oh
this country today.
Continuing no SAID:
Tn, United States as lenRng 10
foreign governments millions OK ool.
lars IN all amount not to De eSl1niatr
roughly. The money question in tnls
country is sound, and We have mag
,;nr.nt banking system. which the
world adn!rcS There is no cause 1or
oauics # the banks use the fcdcrai
.svst,m which could not be done WIFI
ni,t nj nrcscnt" Mr.. Sands stated that
h. fed raj reserve bank in his district
had 4 balance OF about five millions Oh
dollars in it's favor at the END OF s'ety
Gav. Th. old banking system. ne con-
tinued did not fall down on account
Of it's system. but the failure was uu'
20 lack OF feasibility. People VINO KIM"
Uttle OF banking boarded their money
.HSiNi -
To-day it is the man who invests VIM
makes progress. and the many loans TO
Gently launched by the government nave
owakenel the people 20 the fact that
thcy must help.
National resources formerly toousHt
ir,nossihln have boon developed 70 d
bigh standard Of efficiency. Many III
norris which were formerly brought 10
this country IN large quantities.. nav
fren found unnecessary and nome i''auN
racture Is replacing them. At present
Ill hat isYncedcd is good. solid busl-
ness conditions. ne said that ne Wv
M, expcct q great foreign trade. ouI
r.;rb nresent Developments in this couh-
nv -, surprising progress will be noted
1ve must help largely in to"dstuAls
however. as nearly all Of the countries
IF tho old world are dependent on tnls
nation in that respect.
Dnrinc a recent trip in Maryland ano
Virginia Mr.. Sands found the opportu-
MIR. ~ enjoy the company or an Eng
I;sh officer for some time. He tolo
.brs, present at the meeting how the
,ffircr com pared the railroads OF tnIs
country with those abroad stating that
his country must do things on el-
rantic scale because IL docs thHlSs 10
y htr way. business interests must pC,
kent moving and the present ara VI
nrosncritv IS something that mas not
been enjoyed for Il long time. N'oS'"s
his address. Nj. Sands stated that past
sI,ccossrs were largely due to the crcoit
men. who could be counted on 10 ny
nI,, largely in tn" future. TIL" crcdlt
,,rt ,r an, business "rganiZat:"n f"'T-
i,,,- :;;,. n;h,: business firms through
.hn association TO get INSIDE tnlort'''-
ton.
lanes EartnIl. nf Richmond. virginia
,ras u..y- introduced and CAV" hr!ci
account If various credit systems. ne
told If how tho Credit Associations haa
dor. away with n largo part % reckless
running Of accounts m the Part ~
,,.,,,. crv-orrrs Thu association. he
said no, only helped the Individual "ut
Tho merchant and producer rs Wei. ana
tha; il was - most important thinS III
business tnllowiug his talk a. discus
sion Of various circuit H!H''S
.,lorc. Mr.. Nay then gave - hri"E ont
ii,,, or .hc recent meeting held IN con-
,,l.fion with the Obi" river canal project.
which WAS held ~ I'itt"hurSh and which
ho attended.
The res ahiishr"r:t of III" Question
T;o>.. va. asked for ny Mr.. Floyd ana ne
w. appointed 20 look after tn" matter
TIL, hnx i for Tho benefit Of TN" aSScc!-
a,in., members and unsigned questions