Contemporary reports state a short run (triggered by a tight money market) caused the Grafton Bank, a state institution, to fail to open on Jan 19, 1915 and voluntarily suspend. Directors discussed reopening in March, but a receiver (Blanchard E. Hiatt) was appointed in mid-April 1915. The bank did not successfully reopen and was placed in receivership. OCR minor names/dates corrected from articles (e.g., Col. John T. McGraw, Charles R. Durbin).
Events (4)
1.January 19, 1915Run
Cause
Macro News
Cause Details
Tight money market / condition of the money market started a short run on depositors
Measures
Bank failed to open for business (voluntary closure) to prevent further withdrawals
Newspaper Excerpt
Col. John T McGraw ... said that the condition of the money market had started a run on the institution
Source
newspapers
2.January 19, 1915Suspension
Cause
Macro News
Cause Details
Voluntary suspension/failure to open triggered by the run and tight money market
Newspaper Excerpt
The Grafton bank ... failed to open for business today. ... the closing was temporary and the result of a tight money market and a short run.
Source
newspapers
3.March 5, 1915Other
Newspaper Excerpt
board of directors ... met this week ... to consider what action would be taken in regard to reopening the bank ... decide whether a receiver shall be appointed or the bank reopen, but the directors declare that the latter move will be made by them .
Source
newspapers
4.April 14, 1915Receivership
Newspaper Excerpt
Blanchard E. Hiatt ... has been appointed receiver of the Grafton Bank, ... which voluntarily suspended payment two months ago.
Source
newspapers
Newspaper Articles (22)
1.January 19, 1915Evening Times-RepublicanMarshalltown, IA
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WEST VIRGINIA BANK FAILS. State Institution at Grafton Closes Doors to Prevent Run. Grafton, W. Va., Jan. 19.-The Grafton bank, a state institution, failed to open for business today, but no statement was made by representatives of the state banking department, who took charge. Col. John T McGraw, one of the principal stockholders, said that the condition of the money market had started a run on the institution and it was deemed best to close it for the present. The bank has a capital of $100,000 and deposits of approximately $500,000. Charles R. Durbin is president.
2.January 19, 1915The Daily Gate CityKeokuk, IA
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Bank Is Closed. [United Press Leased Wire Service.) GRAFTON, W. Va., Jan. 19.-The Grafton bank, a state institution, with capital of $100,000 and deposits of $500,000, failed to open for business today. Col. J. T. McGraw, democratic national committeeman declared that the closing was temporary and the result of a tight money market and a short run. The institution will reopen within sixty days. he said, and pay all depositors in full. Charles R. Durbin, a relative of Colonel McGraw, is president of the bank.
3.January 19, 1915The Detroit TimesDetroit, MI
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GRAFTON, W. VA., BANK FAILS TO OPEN DOORS GRAFTON, W. Va., Jan. 19.-The Grafton bank, a state institution, with capital of $100,000 and deposits of $500,000, failed to open for business today. Col. J. T. McGraw, Democratic national committeeman, declared that the closing was temporary and the result of tight money market and a short run. The institution will reopen within 60 days, he said, and pay all depositors in full. Charles R. Durbin, a relative of Col. McGraw, is president of the bank.
4.January 19, 1915The Star-IndependentHarrisburg, PA
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Run on Bank Closes Institution Grafton, W. Va., Jan. 19.-The Grafton bank, a State institution, failed to open for business to-day. Colonel John T. McGraw, one of the principal stockholders, said the condition of the money market had started a run on the institution, and it was deemed best to close it for the present. The bank has a capital of $100,000 and deposits of approximately $500,000.
5.January 20, 1915Richmond Times-DispatchRichmond, VA
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GRAFTON BANK CLOSES Condition of Money Market Said to Have Started Run. GRAFTON, W. VA., January 19.-The Grafton Bank, a State institution, failed to open for business to-day. Colonel John T. McGraw. one of the principal stockholders, said the condition of the money market had started a run on the institution, and it was deemed best temporarily to close It. The bank has a capital of $100,000 and deposits of approximately $500,000.
6.January 20, 1915The Anderson Daily IntelligencerAnderson, SC
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# Bank Falls to Open.
GRAFTON, W. Va., Jan. 19.—The Grafton Bank, a State institution, failed to open for business today. Colonel John T. McGraw, one of the principal stockholders, said the condition of the money market had started a run on this institution, and it was deemed best temporarily to close it. The bank has a capital of $100,000 and deposits of approximately $500,000.
7.January 20, 1915The Detroit TimesDetroit, MI
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GRAFTON, W. VA., BANK FAILS TO OPEN DOORS GRAFTON, W. Va., Jan. 19.-The Grafton bank, a state institution, with capital of $100,000 and deposits of $500,000, failed to open for business today. Col. J. T. McGraw, Democratic national committeeman, declared that the closing was temporary and the result of tight money market and a short run. The institution will reopen within 60 days, he said, and pay all depositors in full. Charles R. Durbin, a relative of Col. McGraw, is president of the bank.
The board of directors of the Grafton Bank, which suspended payment over a month ago, met this week on Tuesday for the purpose of considering what action would be taken in regard to reopening the bank. After the matter had been discussed at length, it was considered advisable to defer action until next week, at which time another meeting will be held. The situation at present is to decide whether a receiver shall be appointed or the bank reopen, but the directors declare that the latter move will be made by them.
9.March 7, 1915The Sunday TelegramClarksburg, WV
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SCHOOL BOND ISSUE HELD TO BE LEGAL Suspended Grafton Bank May Be Reopened in the Very Near Future. GRAFTON, Mar 6.-The validity of the school bond issue of $110,000 for Grafton independent school district was established this week by the decision of the circuit court of appeals. The bonds were voted upon in July and the issue carried. but questions were raised shortly afterwards on technical points as to whether or not the issue was legal A test case was made of it and it was carried to the court of appeals for a final decision. The favorable decision of the court! on the bonds removes the last thing that blocked the sale of the bonds and they will be disposed of at once and contractors secured to construct a new high school as soon as possible. The board of directors of the Grafton Bank, which suspended payment more than a month ago, was in session this week to consider what action to take in regard to the bank: It was decided to hold off the appointment of a receiver for a time and It is probable-that the bank will be reopened. O. C. Lewis, of Clarksburg, grand worthy patron, took a prominent part in the annual reception of Naomi chapter No 12 Order of the Eastern Star, on Friday night and delivered the principal address of the evening, which closed with a banquet. On the receiving line were Mrs. Ona Jefferys, Mrs. George W Motters, Mrs Guy Zingler Mrs B F Savre Mrs. Alex Zeck, Miss Emma Kenendy, all past worthy matrons of this chapter, and O. T Fleming, Guy Ringler and S. M Musgrove, also past officers of the lodge Several houses, suspected of being 'speakeasies' were raided this week by the police and a considerable quantity of liquor was confiscated William Sharp, colored, was fined heavily and given a stiff jail sentence Joseph Rebb was convicted under the portion of the amended prohibition law which makes it a misdemeanor to give any one a drink of intoxicating liquor in a public place. The Madrigal Music Club gave a music carnival Tuesday night at the rooms in the Elks club. Misses Beatrice Haislip, Florence Hamilton and Anna Remlinger were hostess for the members of the club. Grafton drug stores have been busy for several days past taking inventory of their stock of narcotic drugs following the taking effect of the Harrison drug act. Physicians whose medicine cases contained such drugs were also caused to make a list of drugs on hand. In his former pulpit in the Andrews Methodist Episcopal church, the Rev. Dr. John Beddow preached two sermons Sunday The Rev. Mr Beddow spent five years here as pastor/of the local church, leaving Grafton nine years ago for Charleston where he served as presiding elder of the Charleston district until last fall when he was given a charge at Weston A. G. Kritsells a local Greek, who was in charge of a machine gun squad in the Greek army throughout the late war, has been awarded two bronze medals for valor in action and given honorable mention by the government of Greece. The Woman's Music Club elected officers this week as follows Mrs. L. B. Brydon, president; Mrs A. Warder, first vice president; Mrs. C. F. Schroeder president: Mrs. E.F. Clark, secretary and treasurer. Mrs. James B. Moran, directress: Mrs. Harry Chadduck, planist; Mrs. John Gerkins, librarian. The funeral of Mrs. Martin Tigher who expired Thursday at the age of TS. was held Saturday in Mt. Calvary cemetery She was a native of Ireland. and leaves her husband and six children. John Henry Ahearn died Tuesday at the age of 81 years He was annative of County Cork, Ireland, but came to America early in life and was among the pioneer railroad men, being in active service for years
10.April 14, 1915The Daily TelegramClarksburg, WV
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HIATT NAMED. . GRAFTON, April 14 -Blanchard E. Hiatt, of Moundsville, has been appointed receiver of the Grafton Bank, Grafton, which voluntarily suspended payment two months ago. Bond has not yet been given and the receiver has not talen active charge.
HIATT RECEIVER FOR DEFUNCT GRAFTON BANK Special Dispatch to the Intelligencer. GRAFTON W. Va., April 13.Blanchard E. Hiatt, of Moundsville, W. Va., has been appointed receiver of the Grafton Bank, Grafton, W. Va., which voluntarily suspended payment two months ago. Bond has not yet been given and the receiver has not taken active charge.
GRAFTON GRAFTON, W. Va., April 15.-Grafton schools will close this year on May 21st, which is eight days earlier than customary. The shortage of the school year is due to the fact that a sum of money due from the state school fund could not be paid by the state and insufficient money was available to meet the salaries for the last eight days. A class of forty young men and women will graduate this year from the Grafton school. The commencement exercises will begin May 16th, with the class sermon by Rev. W. B. King. Commencement day is Friday, May 21st. The address to the class will be delivered by M. M. Neely. Congressman of the First District. At the semi-annual meeting of the Grafton Presbytery at Weston this week Rev. J. W. McPhail, of Grafton, was elected moderator, and Grafton was selected for the meeting place of the Presbytery in September Th West Virginia Synod of the Presbyterian Church will meet at Elm Grove, Wheeling, in Octo. ber in the annual session. Charles R. Lilley has been appointed by Judge Alston G. Dayton, of the United States District Court, as U. S. Commissioner for the Northern District of West Virginia with headquarters at Grafton. Mr. Lilly will have his headquarters in the postoffice building here. The Grafton Traction Company was ordered by the city commissioners this week to make repairs to its tracks In the city limits within a space of forty days. The commissioners claim that the present condition of the tracts is sufflcient to warrant revoking the franchise of the traction company. The commissioners also named R. M. Parrish of this city as auditor of the city accounts for the past year. Announcement has been made of the appointment of Blanchard E. Hiart. of Moundsville, as receiver for the Grafton Bank. of this city; which voluntarily closed its doors over two months ago. The bank has a capital stock of $100,000 and Dr. T. F. Lanham is the present president. Charles R. Durbin was the president until recently. Ed Hussion, serving a ninety-day sentence in Jail on a bootlegging charge, escaped by leaping over some prisoners in the doorway of the jail while the Jailor was letting a man out. He has not been apprehended, and this is the second time he has escaped after conviction on the same offense. Grafton Lodge Number 31 1. O, O. F. is making preparations for the celebration of the ninety-sixth anniversary of the foundation of this order, which comes on April 27th. The memorial services of the Moose Lodge was held Sunday in the Baptist Church and were very largely attended. Rev. Leland Jerome Powell delivered the memorial address. A splendid concert was given by the orchestras and band under the directions of Prof. Claude A. Vincent on Thursday House. night at the Brinkham Opera One of the most important social events of the year will be the benefit performance of "Maid in Clarksburg" by Clarksburg talent. which will be given here Tuesday night under the auspices of the Grafton Elks and the Woman's Club. The reception at the home of Mrs. C. F. Schroeder in honor of Mrs. J. Gale Eberts. of Parkersburg, and Mrs. EAlls A. Yost. of Morgantown, president and vice-president respectively of the West Virginia Equal Suffrage Association. was a brilliant event. Decorations of
Announcement has been made of the appointment of Blanchard E. Hiatt, of Moundsville, as receiver of the Grafton Bank, of this city, which voluntarily closed its door over two months ago. The bank has a capital stock of $100,000 and Dr. T. F. Lanham is the present president. Charles R. Durbin was the president until recently.
14.July 18, 1915The Sunday TelegramClarksburg, WV
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# MASONS WILL
# LAY SCHOOL
# CORNER STONE
Big Reunion of Masonic Bodies
Also Planned by Grafton
Lodge.
GRAFTON, July 17. The Masonic bodies of the city have been requested by the board of education of this district to lay the corner stone of the new high school building, which has been in process of construction for two months. The date of the corner stone laying has not been announced. A Masonic reunion, in the nature of a huge picnic at Grafton park, is being planned by the local Masonic orders and all the lodges in the state will be invited to join with the Grafton lodges for the day.
Harry W. Chadduck, cashier of the Grafton Banking & Trust Company and president of the West Virginia Bankers Association, took the leading part in the meeting of the bankers of the state on Thursday and Friday at White Sulphur Springs. The association met Thursday morning and closed with a banquet Friday night. Mr. Chadduck delivered an address to the associatoin after the opening exercises on Thursday morning.
Much to the regret of the many friends of Col. John T. McGraw, Democratic national committeeman and vice chairman of the West Virginia commission at the Panama-Pacific exposition, business matters will prevent his being present. Col. McGraw was chairman of the arrangements for West Virginia day on next Wednesday and his address was to have been one of the most important on the day's program. Many West Virginians will be présent from this part of the state for the state day exercises.
The leading Republicans of Taylor county started a boom last week for the Hon. Ira E. Robinson, president of the supreme court of appeals, for governor the next term. Judge Robinson is a native of this county and still considers this him home, though he has been compelled to spend much time at Charleston for several years. He has, so far, refused to say whether he will permit his name to be placed on the ticket or not.
The sale of the Columbia Tile Company plant, valued at $150,000 which was to have been made by the receiver in bankruptcy this week, has again been postponed, only $12,500 being bid. Some big manufacturing concerns are now negotiating for the property and are expected to take hold of the plant and operate it.
An effort is being made to have a new trial granted in the case of Cora and Minnie Pyles, who were recently found guilty of second degree murder in court at Kingwood, Preston county, on the charge of having shot Minnie Pyles's brother, Alonzo, to death last winter. The court has not yet passed upon the motion of the counsel for the defense.
The final notice has been issued that the quarantine on both human beings and live stock, in the region affected by the strange, new skin disease in Barbour county, near Belington, has been lifted. The outbreak caused much alarm for several weeks and the state authorities only stamped it out after a hard fight.
Creditors of Charles R. Durbin, who was declared bankrupt recently, have been notified to attend a meeting July 24 before Referee in Bankruptcy O. E. Wyckoff. The schedule of Mr. Durbin shows over $600,000 liabilities and $200,000 assets. He was formerly head of the Grafton Bank and the recent failure of this institution was largely the cause of Mr. Durbin's financial difficulties.
The White family held its first reunion July 10 at the old White homestead near Oakland, Md., and Hoy G. White, of Grafton, was elected president and A. T. White, of Mountain Lake Park secretary. About fifty were present at the reunion.
While the agent at the Baltimore and Ohio station at Philippi was otherwise engaged one day this week, a member of a wandering band of gypsies robbed the safe in the office of a sum of money. The gypsy was later caught and returned the money, upon demand of the captors.
John McWilliams, aged 86 years, veteran of the Civil war and a pioneer of this county, died Tuesday at Webster. The body was buried with military honors in the national cemetery here Thursday afternoon.
Miss Mollie Ellen Cole, aged 23 years, died Sunday at her home a few miles from this city. Funeral was held at Pleasant Creek, this county.
INDICTMENTS IN GRAFTON BANK CASE Special Dispatch to the Intelligencer. GRAFTON, W. Va., Sept. 20.-The Taylor county grand jury returned misdemeanor indictments against all the directors of the Grafton bank, of Grafton, W. Va., for failure to attend the meeting of the board of directors. The former directors comprise Col. John T. McGraw, T. E. Cole. C. R. Durbin, and others. Fifteen indictments on felonious charges were also returned against Charles R. Durbin, former president of the Grafton Bank of Grafton. This bank closed its doors sometime ago and has been for several months in the hands of receiver, B E. Hiatt, appointed by the governor. who is closing up its affairs. The total liabilities are approximately $300,000. part of which has been paid. It is stated on reliable authority that the bank will pay out every dollar and will reopen its doors. A substantial part of this sum has already been guaranteed by individuals interested in the bank.
# A SURPRISING FINDING.
The news of the indictments of Col. John T. McGraw, president; Charles H. Durbin, cashier, and other officials of the Grafton bank which suspended operations some months ago, will be received with surprise and regret by the friends of the chief officers of that institution. The Intelligencer is not advised of the character of these indictments, but is confident that both Col. McGraw and Mr. Durbin will soon make plain their innocence of any charges of a criminal character.
Col. McGraw has always been known as a venturesome speculator, but he has large properties which, if not sacrificed, it is certain will cover any indebtedness of his to the bank. It is sincerely hoped that both Col. McGraw and Mr. Durbin will come through the ordeal that has come upon them with a satisfactory indemnification of the bank's claims.
18.October 28, 1915West Virginia ArgusKingwood, WV
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Col. McGraw Exonerated By Court GRAFTON, W. Va., Oct. 22.-The indictment against Mr. John T. McGraw, a stockholder of the Grafton Bank, charging him with a felony, argued this afternoon before Judge Fortney, of the Taylor county circuit court, resulted in a complete exoneration of Mr. McGraw. The indictment charged in a general way that Mr. McGraw had borrowed more funds from the bank than it under the present law, was allowed to make to a single customer. Counsel of for Mr. McGraw demanded bill particulars, showing specifically what the charges upon which the state rely as a basis of their action Mr. McGraw. Upon against would the which introduction of the bill of particulars was furnished in connection with the indictment, it was ascertained and decreed by the court that Mr. McGraw had not exceeded any such limits, and that he had not violated any law or statute. The bill of particulars set forth that Mr. McGraw had borrowed $5,000 more from the bank than it should have loaned. The fact is that Mr. McGraw owed the bank personally $12,000 at the time the grand jury found the indictment, while the amount it could have loaned him is $8,000. Mr. McGraw, knowing that the case had no footing, would not tolerate a demurrer to quash the indictment. He personally appeared in court and stated that he waived all technical objections to the indictment and demanded an immediate trial. His counsel were of the opinion that the indictment was bad, and knew that the case would have to be dismissed when the court's attention was called to the bill of particulars showing the true situation with regard to Mr. McGraw's dealings with the bank. Notwithstanding this fact, however, Mr. McGraw insisted upon the immediate hearing on its merits. When the court's atention was called to the charge as contained in the indictment and the bill of particulars, the court immediately and without hesitation dismissed the charge against Mr. McGraw on the grounds that it was quite plain and evident that Mr. McGraw had in nowise transgressed upon or violated any part of the law governing such matters, and promptly dismissed the charges made against him. The judge made the following pertinent remark. "This case is dismissed, becauce it shows that no offense has been committed by the defendant." The consensus of opinion here is that the indictments were found by the grand jury to force Mr. McGraw to pay the debts of Charles A. Durban, former president of the bank. It is also understood that the case ending in the way it did makes it evident that Mr. McGraw would not have been indicted had all the facts been given to the grand jury, for the reason that a great many things were not taken into consideration that should have been, they now.see that the indictment was insufficient on its face. A committee on reorganization is at work making preparation to open the bank in the near future under its old charter, and it will be operated under the banking department at Charleston. The assets of the bank are about $499,000, and the liabilities, due to depositors, are $326,000. Mr. B. E. Hiatt, formerly of Moundsville, is the receiver, and upon the reorganization of the bank it is the opinion that he will be elected cashier of the bank, with other strong officers. Read it first
GRAFTON.
At a meeting of depositors of the defunct Grafton Bank, held in the court house, and attended by nearly 100 men and women, a resolution was adopted pledging all to do their utmost toward securing new indictments and condemning "the expensive manner in which the dregs of the Grafton Bank are cared for. Four thousand dollars a year for the receiver with clerk hire is useless extravagance in the protection of our money, to which we call attention of his honor, Governor Henry D. Hatfield."
The resolution states that men thoroughly competent can be secured to act for half that amount. The resolutions also demand the removal of Charles R. Durbin, a former president of the bank, from the office of commissioner of the county court.
The day before Christmas this year she received a parcel post package, with a Grafton postmark, which was found to contain the watch that disappeared a year ago. There was no card, note or other mark of identification about the package. W. C. Shaw, of Taylor street, a flagman for the Baltimore and Ohio Railroad Company, was caught between two freight cars of a train near Altamont, some distance east of Grafton, and crushed to death this week. He leaves a wife and seven children, besides his mother, two sisters and four brothers. Depositors of the Grafton Bank met this week and named A. A. Doak and I. J. Thomas as members of a committee to wait upon Governor Henry D. Hatfield and petition the removal of Bank Receiver B. E. Hiatt, of Moundsville, who has been in charge of the Grafton Bank's affair for some time, and ask for the appointment of a Grafton man in his stead. The depositors also asked the circuit judge to remove Charles R. Durbin, former president of the suspended Grafton Bank, from his place on the county commission. The depositors aver in resolutions, which were drawn up at this meeting and adopted, that they will make all efforts possible to secure indictments and conviction of every one connected with the recent failure of this bank. One of the worst mid winter rain and wind storms swept this section the middle of the week and caused great destruction. Telephone and teiegraph lines were everywhere swent from supports and communication in any direction was almost impossible for a couple of days. Several hundred men were at work for the temainder of the week on the lines over the mountains east of Grafton. The petit jurors for the January term of court, which convenes here January 17, have been drawn. A heavy docket awaits the court at its next term. In accordance with the new city auto license ordinance, all automobiles after the first of the year must have an extra tag in Grafton, this being the first year that city auto license is required. H. H. Dinger and John Rose, colored, charged with assault and robbery of J. W. Jones, a deaf mute, of
21.July 6, 1916The Daily TelegramClarksburg, WV
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GRAFTON:
Arrangements have been made for the trial of Charles R. Durbin, former Grafton bank president, to start July 11 before Circuit Judge O'Brien at Buckhannon. Durbin is accused of misconduct as president prior to the suspension of the bank, and his case was transferred to Upshur county from Taylor on the ground that he could not obtain a fair and impartial trial here.
22.November 13, 1916Martinsburg W Va Evening JournalMartinsburg, WV
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HE REMOVES McGRAW'S CASE TO WEBSTER CO. Has Been On Docket For Several Years In Charles Town. Judge J. M. Woods, in the Jefferson county circuit court, has ordered the removal of the case of H. P. Camden against John T. McGraw, of Grafton, which has been on the docket in that county for several years, to Webster county, where all of the creditors of Colonel McGraw in West Virginia are to be convened with a view of having a decree for sale of his property and a number of corporations in which he is interested entered. R. L. Gregory, of Parkersburg, representing Receiver Hyatt, of the Grafton Bank, appeared as attorney. Mr. Gregory stated that the creditors had been compelled to pay about $11,000 in taxes to keep the property from being sold for taxes in the last year or two, and that there was already $650,000 in judgments entered. E. H. Morton, of Webster Springs, instituted suit several months ago to convene all the creditors of Colonel McGraw, and it is said that all the property probably would be put on the market early next year. The suit, which was instituted in Jefferson county on account of Colonel McGraw owning a 250-acre farm there, by Mr. Camden, representing the estate of the late Johnson N. Camden, had been satisfied. although it had been allowed to remain without being dismissed. The claim had been paid by an attachment proceeding in connection with the sale of some of Colonel McGraw's property in Garrett county, Maryland.
