19982. State Bank of West Virginia (Charleston, WV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 12, 1884
Location
Charleston, West Virginia (38.350, -81.633)

Metadata

Model
gpt-5-mini
Short Digest
7be3baabf6b77393

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches report the State Bank of West Virginia (Charleston) closed its doors on June 12, 1884, with liabilities exceeding assets and allegations of improper use of securities and possible criminality. Receivers were appointed and by June 26–27 receivers reported that depositors would receive about 10 cents on the dollar, indicating permanent closure and receivership rather than a temporary suspension and reopening. A slight run occurred on the separate Kanawha Valley Bank, but not on the State Bank prior to closure. OCR variations in reported liability figures ($119k–$190k) are present; I used the consistent date June 12, 1884 for the initial suspension.

Events (2)

1. June 12, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Liabilities exceeded reported assets; bank considered weak for some time; ugly rumors of wrongdoing and later reporting of misuse of securities and possible indictments of officials.
Newspaper Excerpt
The doors of the State Bank of West Virginia, this city, were closed this morning.
Source
newspapers
2. June 26, 1884 Receivership
Newspaper Excerpt
One of the receivers of the State Bank of West Virginia reported to-day that ten cents on the dollar will be paid on deposits. The assets of the bank are nominally $180,000, all of which, except about $40,000, is considered worthless. (reports June 26–27, 1884).
Source
newspapers

Newspaper Articles (20)

Article from The Dallas Daily Herald, June 13, 1884

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A Financial Flurry In West Virginia, CHARLESTON. W. VA., June 12.-The doors of the State Bank of West Virginia. this city, were closed this merning. Lia. bilities, $119 000; assets reported at $115,000. The principal losera are poor people, who had small sums deposited. Many ugly ru. mors are afloat on the streets. The supposition is that the bank will pay 50 per cent., but it is doubtful If it will pay over 20 per cent. This bank has been considered weak for some time, but citizens continue d to:de. posit with it. Officers of the bank received deposits yesterday up to p. m. Depositors are anxiously await. ing investigation. The state of West Virginia had $8,000 deposited with this bank. Excitement runs high and little business has been done here to-day. A slight run was made on the Kanawha Valley bank when the doors opened at 9a. m, but as every check was promptly paid the run ceased after an hour's time. During the run on the Kanawha Valley bank many of the largest business men made heavy deposits. The Kanawha Valley bank has over $150,000 of its own in its vaulta and is rolid.


Article from New-York Tribune, June 13, 1884

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A WEST VIRGINIA BANK FAILS. MANY POOR PEOPLE LOSE THEIR DEPOSITS-RUMORS OF WRONG DOING. CHARLESTON, W. Va., June 12.-The doors of the State Bank of West Virginia, this city, were closed this morning. The liabilities are $129,000, The assets are reported to be $115,000. The principal losers are poor people, who had small sums deposited. There are many ugly rumors afloat on the streets. The supposition is that the bank will pay 50 per cent, but it IS doubtful if it pays over 20 per cent. The bank has been considered weak for some time, but the citizens continued to deposit with it. The officials of the bank received deposits yesterday up to 3 o'clock. The depositors are anxiously awaiting an investigation. The State of West Virginia had $8,000 deposited in the bank. Excitement runs high and little business has been done here to-day. A slight run was made on the Kanawha Valley Bank, when the doors were opened at 9 o'clock this morning, but as every check was promptly paid tue run ceased after an hour. During the run on the Kanawha Valley Bank many of the largest business men made heavy deposits. The Kanawba Valley Bank has over $150,000 in its vaults and is solid.


Article from The Daily Cairo Bulletin, June 13, 1884

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ANOTHER BANK SUSPENDS, The State Bank of West Virginia Closes Its Doors-Ugly Rumors. CHARLESTON, W. Va., June 12.-The doors of the State Bank of West Virginia of this city closed this morning; liabilities, $119,000; assets, reported $115,000. The principal losers are poor people who had small sums deposited. Many ugly rumors are afloat on the streets. The supposition is that the bank will pay fifty per cent., but is doubtful if it pays twenty per cent.


Article from The Democratic Leader, June 13, 1884

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State Bank Goes Under. CHARLESTON, W. Va., June 12.-The doors of the State Bank of West Virginia in this city closed this morning. Liabilities $119,000. Many ugly rumors are afloat. The supposition is that the bank will pay 50 per cent., but it is doubtful if it pays over 20. The officials of the bank received deposits yesterday up to 3 b'clock. The depositors are anxiously waiting an invéstigation. Excitement runs high, and but little business has been done here today. There was a slight run made on the Kanawha Valley Bank when the doors opened at 9 'clock this morning, but as every check was promptly paid, the run ceased after an hour's time.


Article from The Indianapolis Journal, June 13, 1884

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BUSINESS DIFFICULTIES. A West Virginia Bank Suspends Business with Large Liabilities. CHARLESTON, W. Va., June 12.-The doors of the State Bank of West Virginia, of this city, closed this morning. The liablities are $190,000, and the assets are reported at $115,000. The principal losers are poor people who had small sums deposited. Many ugly rumors are afloat on the streets. The supposition is that the bank will pay 50 per cent.. but it is doubtful if it pays over 20 per cent. This bank has been considered weak for some time, but the citizens continued to deposit with it. The officials of the bank received deposits yesterday up to 3 o'clock. The depotitors are anxiously awaiting an investigation. The State of West Virginia had $8,000 deposited with this bank. Excitement runs high, and but little business has been done here to-day. A light run was made on the Kanawha Valley Bank where the doors opened at 9 o'clock this morning, but as every check was promptly paid the run ceased after an hour's time. During the run on the Kanawha Valley Bank many of the largest business men made heavy deposits. The Kanawha Valley Bank has over $150,000 of its own in its vaults, and is solid.


Article from The Salt Lake Herald, June 13, 1884

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Bank Troubles, Charleston, W. Va., 12.-The doors of the State Bank of West Virginia, this city, were closed this morning. Liabilities, $119,000. Many ugly rumors are afloat. The supposition is the bank will pay 50 per cent, but it is doubtful if it pays over 20. Officials of the bank received deposits yesterday up to 3 o'clock. Depositors are anxiously waiting an investigation. Excitement runs high and but little business has been done here to-day. A slight run was made on the Kanawha Valley Bank when the doors opened at 9 o'clock this morning, but every check was promptly paid the ron ceased after an hour's time.


Article from Savannah Morning News, June 14, 1884

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SOME HEAVY LOSERS. The largest deposit which was swept away was that of Hutchinson & Tate, exceeding $115,000, and the next highest is that of a well known official, $61,000. A number of civil suits have been instituttd, and some of the sufferers were before the grand jury yesterday trying to secure an indictment of the Middletons for obtaining money under false pretences. Developments not yet made public promise some very ugly features. S. E. Middleton protests that he had no knowledge of the use of the securities of the bank, which he charges upon his partner. THE WEST VIRGINIA CRASH. Arrests Rumored but None Yet MadeExcitement Abating. CHARLESTON, W. VA.,June 13.-Yesterday's excitement over the failure of the State Bank has somewhat subsided, but many depositors are much agitated over the loss of their money, while others take matters more easily and hope for the best. There was a slight run on the Kanawha Valley Bank early to-day, but all calls were met, and the run was stopped after a few minutes. Col. Hogeman and Col. Couch, the assignees of the State Bank, are getting out a statement which will be made public in a few days. The arrest of the officials was reported to-night, but up to a late hour no one was in custody.


Article from The Indianapolis Journal, June 14, 1884

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The Charleston Bank. CHARLESTON, W. Va., June 13.-Yesterday's uneasiness over the failure of the State Bank has somewhat subsided, but many depositors are much agitated over the loss of their money, while others take matters easy and hope for the best. There was a light run on the Kanawha Bank early to-day, but all calls were met, and the run stopped after a few minutes. This bank is strong, and is prepared for a run. Col. Hogeman and Geo. Coach, assignees of the burst bank, are getting out a statement, which will be made public in a few days. The arrest of the officials is reported to-night, but up to a late hour no one is in custody.


Article from Evening Star, June 14, 1884

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Joseph Coyle, a 13-year-old lad, while playing base ball at Allentown, Pa., Thursday was struck in the stomach by the ball, and fell over dead. Bishop George W. Peterkin, of West Virginia, was married Thursday night near Richmond, Va., to Miss Marian M. Stewart, daughter of John Stewart, one of the wealthiest citizens of Virginia. At Concord, Mass., Thursday night Miss Elizabeth Hoar, daughter of Hon. E. R. Hoar, was married to Samuel Bowles, of the Springfield Republican. The State bank, of West Va., at Charleston in that state, suspended Thursday. Liabilities, $120,000 The race for the Alexandra plate in England yesterday was won by Mr. Manton's bay mare Corrie Roy; Duke Beaufort's chestnut horse Faugha-Ballagh second.


Article from The Daily Dispatch, June 14, 1884

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The Charleston, W. Va., Bank-Failure [By telegraph to the Dispatch.] CHARLESTON, W. Va., June 13.-Yesterday's excitement over the failure of the State Bank had somewhat subsided, but many depositors are much agitated over the loss of their money, while others take matters more easily and hope for the best. There was a slight run on the Kanawha Valley Bank early to-day, but all calls were met, and the run was stopped after a few minutes. Colonel Hageman and Colonel Couch, the assignees of the State Bank, are getting out a statement, which will be made public in a few days. The arrest of officials was reported to-night, but up to a late hour no one was in custody.


Article from Martinsburg Independent, June 14, 1884

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West Virginia's State Bank Fails. CHARLESTON, W. Va., June 12.The doors of the State Bank of West Virginia, of this city, were closed this morning. The liabilities are $119,000. The assets are reported to be $115;000. The principal losers are poor people who had small sums deposited. There are many ugly rumors afloat about the institution. The supposition is that the bank will pay fifty per cent., but it is doubtful if it pays over twenty-five per cent. The bank has been considered weak for some time, but the citizens continued to deposit with it. The officials of the bank received deposits yesterday up to 3 o'clock. The depositors are anxiously awaiting an investigation. The State of West Virginia had $8,000 deposited in the bank. Excitement runs high, and but little business has been done here to-day. A slight run was made on the Kanawha Valley Bank when the doors were opened at nine o'clock this morning, but as every check was promptly paid the run soon ceased. During the run on the Kanawha Valley Bank many of the largest business men made heavy deposits. The Kanawha Valley Bank has over $150,000 in its vaults, and is solid.


Article from The Londonderry Sifter, June 19, 1884

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ITS DOORS CLOSED. Suspension of the State Bank of West Virginia.- in Angry Populace. The doors of the State Bank of West Vir ginia of Charleston are closed. The liabilities are $119,000. The assets are reported to be $115,000. The principal losers are poor people who had small sums deposited. It is doubtful if the bank pays over 21 per cent. The state of West Virginia had $8000 deposited in the bank.


Article from Daily Republican, June 27, 1884

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Bank and Business Fatiures. An extension for six months, on notes given by the Penn Bank of Pittsburg, for $286,000 to tide over the crisis after closing the doors of the bank for the first time, has been granted by the associated banks. The St. Petersburg Bank, of Clarion County, Penna., failed to open its doors Thursday morning. Inability to realize on its securities was said to be the principal cause of the failure. It is thought the bank will be able to meet its liabilities. A despatch from Charleston, West Virginia, says that one of the receivers of the State Bank of West Virginia Thursday reported that 10 cents on the dollar would be paid on deposits. The assets of the Bank are nominally $180,000, all of which, except about $40,000, are considered worthless. The assignment of the Lindell Hotel association, in St. Louis, does not close the hotel. The effects of the hotel are advertised for sale on the 17th proximo, but it is believed those interested in the property will buy it in.


Article from The Democratic Leader, June 27, 1884

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CHARLESTON, W. Va., June 26.-One of the receivers of the State bank of West Virginia reported to-day that 10 cents on the dollar will be paid on deposits. Assets of the bank nominally, $180,000, all of which, except $40,000, considered worthless.


Article from Staunton Vindicator, June 27, 1884

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Last week, Maggie, the little six year old daughter of Robert Stover, a miller in Fauquier county, Va., fell into her father's mill race and was drowned. Only a year ago her little brother had been drowned at the same place. Three lawyers who commenced the practice of law at the Wytheville bar over fifty years ago, still living there-Isaac J. Leftwich, President of the Farmer's Bank, aged 85; Ex-Judge Andrew S. Fulton, 84, and Col. Thomas J. Boyd, 81. All three walk the streets with activity. On Saturday, Second Auditor Ruffin took in $471,345 of old Virginia bonds, giving $341 488 of the new Virginia 3's for them. The old bonds were funded by Robt. Garrett & Sons of Baltimore: Bishop Henry W. Warren of the M. E. church, and one of the finest looking men in America, recently married Mrs. Iliff, the millionaire widow of Colorado. The widow, as a token of gratitude, has just given $100.000 to establish a department of divinity in the Colorado University. Bishop Simpson, who died last week, was the oldest bishop of the M. E. Church, North. Rev. J. H. Riddick, of Washington City, has been appointed by the Washington Annual Conference of colored preachers, to attend the bishop's funeral, on their behalf. Maj. John F. Lee, a native of Surry county, Va., who in 1862 was Judge-Advocate General of the U. S. Army, died the other day in St. Louis, aged 71 years. Everybody will be glad to hear that the plucky and generous James R. Keene is making such arrangements with s creditors as will set him going again. It is thought the 2d regiment, U. S. Artillery, now stationed at Washington, will go into summer camp at the Fauquier White Sulphur. Mrs. Sallie Patterson, aged ninety years, died in Wytheville last week of measles. Previous to having this disease, she was in perfect health, and could do the usual labor of woman of fifty. Ex-Justice Swayne of the U.S Supreme Court, who died in New York, was a native of Culpeper county, Va., and studied law at Warrenton with John Scott and L. P. Brooke. He early went to Ohio from which State President Lincoln appointed him. In the contested election cases in the House of Representatives, the Elections Committee has agreed to give Massey and Wise $3,500 each for expenses. At Mr. Moody's services in the Temple Gardens, London, June 15th, Lord Wolsley, the Earl of Aberdeen, the Duke of Abercorn, the Rothschild family of London, and any number of members of Parliament were present. The basket realized $1,300. Rev. Geo. Anderson, a minister of Winchester, Va,, has perfectly recovered his lost hearing by using eel-oil. The eel must be split, washed, dried, and held up before a fire until the oil drips from it. A teaspoonful warmed is to be poured into the ear and the ear stopped with cotton, is the way to use it. Last Thursday night at Minneapolis, Minn., Wood Benson, a veteran actor, seventy years old, appeared on the stage in a comic character, and died next day at 11 o'clock, of dropsy. The Charlottesville Woolen Mills have made a contract with the U. S. government for 15,000 yards of army cloth. In Fairfax county, Va., last week, one stroke of lightning killed thirty-six out of forty-five sheep under a tree. They were owned by Wm. A. Moore. Bishop Peterkin, Episcopal Bishop of West Virginia, was married a few days since to Miss Marion M. Stewart, daughter of John Stewart, one of the wealthiest men in Virginia, residing near Richmond. The State Bank of West Virginia, located at Charleston, Kanawha, a heavy lender to the coal mining interest, has suspended. Mary E. Hughes, of Lincoln, Va., took the degree of Bachelor of Arts at Swathmore College, near Philadelphia, last week. John Luster, a well-known Virginia hotel keeper of other days, and once owner of the Natural Bridge, died at Fincastle last week, aged ninety. For fun, a crowd of Bridgeport, Ct. boys persuaded an eight-year old companion to take hold of the ends of an electric wire. He did so, and was shocked dead. Emperor William has sent to Charles Gibson, a member of the St. Louis bar, who was Solicitor General under President Lincoln, the decoration of the second class Crown Order, in recognition of his German sympathies and his efforts for the relief of the victims of the Rhine floods.


Article from The Dallas Daily Herald, June 27, 1884

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Ten Cents on the Dollar. CHARLESTON, W. Va., June 26.-One of the receivers of the State bank of West Virginia reported to-day that ten cents on the dollar will be paid on deposits. The assets of the bank are nominally $180,000, all of which, except about $40,000, is considered worthless.


Article from Seattle Daily Post-Intelligencer, June 27, 1884

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A Bad Break. CHABLESTON, W. Va., June 26.-One of the receivers of the State Bank of West Virginia reported today that ten cents on the dollar will be paid on deposits. The Assets of the bank are nom inally $180,000. all of which. except $40,000, are considered worthless. Pleased Over the Compliment. PITTSBURG, Pa., June 6-The seleotion of B. F. Jones, of this city, as chairman of the National Republican Committee, was received with general satisfaction here. Mr. Jones is President of the Western Iron and Nail Association, and bead of the firm of Jones a Laughlin, the second Inrgest iron firm in the United States. His political experience has been limited, but he is a wan of great executive ability and enin ergy. He is one of the wealthiest men the eity, and about 60 years of age.


Article from The Salt Lake Herald, June 27, 1884

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Profitable Banking. Charleston, W. Va., 26.-One of the receivers of the State bank of West Virginia reported to-day that ten cents on the dollar will be paid on assets of the bank, nominally $100,000, all of which,except $40,000; is considered worthless.


Article from Martinsburg Independent, June 28, 1884

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WHEAT. 4.969 Receipts 35,052bu. Shipments, Stock in Elevators 474,202 CORN. Receipts. 13,293bu. Shipments Stock in Elevators 310,593 Wheat opened firm, but ruled quiet. Corn dull and quiet. Oats fairly activo holders asking higher prices than buyers are willing to pay. Mill Feed quiet and steady. Flour stead y and quiet. The West Virginia State Bank. CHARLESTON, W. Va.,June 26.One of the receivers of the State Bank of West Virginia, to-day reported that ten cents on the dollar would be paid on deposits. The assets of the bank are nominally $180,000, all of which,except about $40,000,is considered worthless.


Article from The True Northerner, July 3, 1884

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Zeno I. Young, the editor of the Madisonville (Ky.) Times, fell from the second story window of his office, and was fatally injured. One of the receivers says the State Bank of West Virginia, at Charleston, will pay depositors but 10 cents on the dollar. A fire at New Orleans destroyed property amounting to $200,000. "Doc" Walker, colored, was hanged at Texarkana, Tex. He had murdered a negro named Lucius Grant, last January, over a boot trade.