The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-04-24
MARSHALL COUNTY GIRL FOUND
DEAD IN BED At AAOUNDSV|[[E

Quent enlargement Of the field Of &C
tivity first came up for discussion by
the trustees. and now has reached
the state Of consummatiOn That the
depositors Of the old Mutual and the
public generally will receive the ad-
vent OF the new Mutual with unaninl'
ity or commentator cannot BE- doubt,
ed for an instant. That tho new Mu'
tual will retain all Of its old clientele
patrons is only a reasonable eXpecta.
ton.
Stock for Oepositors.
Particularly pleasing IS the provi-
sion that has been made for the pres.
ent depositors OF the Mutual 10 be-
come stockholders Of the new institu-
ton. As stated. the capitalization Is
5000 900, with surplus fund of $loO,'
0oN. This paid up means the invest
ment OF $780, and Of this amount
a substantial part has been set aside
for subscription by the Mutual de-
positors who may care 70 become
identified. The price TO Mutual de-
positors will be 80. the same figure
which all subscribers to the new com.
pany's stock will pay.
For many years the Mutual has
paid its depositors four and onc-halt
percent interest on savings, and the
new Mutual will carry out this policy.
That it will be we'll able to do so
there is not the slightest doubt, as
under its new charter the institution
has greatly enlarged opportunities OF
investment that will accrue 10 the
benefit OF its patrons. Under its for.
mer powers the Mutual could only lend
money on real estate. or buy NUM-
cipal bonds issued in the state Of
West Virginia Under the new char.
ter its activities will include CONNER
cfal as we'll as savings banking. real
estate and trust departments. all Of
which will open avenues OF profit for
both stockholders and depositors.
Gratifying Feature.
II Is indeed gratifying that the re-
organization plan now put into effect
will perpetuate WheelinGs FIRST and
only mutual savings institution. one
over which Alexander Mitchell pre-
sided for so many years. and whose
achievements are mighty monument
to that sterling mans memory. Chlln
OF the brain OF Alexander Mitchell,
the Mutual Savings Rank was organ
ICED In 1SS7-March 4th, TO be precise
with these incorporators: nr. Geo.
Baird. Alex. Mitchell, Charles II. Col
lier, Geo. G.. Hannah. Howard llazlett.
DR.. Thomas H. Logan. Thomas c
Moffat, Thomas O'Brien, Sr., Hulliheu
Quarter, Edward Robertson. Frank
Stanton. ". p. Simpson. Alex. Cpde'
graf and ". G. Wilkinson. The two
men active in its formation were
Alex. Mitchell and William G.. Wilkin'
son. The former had been employed
in the Peoples Bank and the latter IN
the old Exchange Bank. At the time
there was no savings bank here, but
on the other hand many building and
loan associations flourished.
Had Modest Beginning.
The New England savings bank
plan was adopted BY the sponsors for
several reasons, most important be-
ing it's greater safety as compared
with tho type OF building association
then in vogue The Mutual Savings
Bank was located in an insurance Of
Ace on Twelfth street. and for some
time was open for business only at
oight. Mr. Mitchell was the treasurer
and active man OF the bank. while
Mr.. Wilkinson served AS the secre.
tarv. Howard IIazlett was the presi'
dent at tho star; and for many years
thereafter. ,;ai-d Mitchell. now head
of the financial and Investment firm
OF Mitchell & Stevenson. lac. and son
OF the founder OF the Mutual. was the
first depositor. He was mere boy
at the time, and the proud fathe: