23032. Kanawha Valley Bank (Charleston, WV)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
June 12, 1884
Location
Charleston, West Virginia (38.350, -81.633)

Metadata

Model
gpt-5-mini
Short Digest
a9d3b631

Response Measures

Accommodated withdrawals

Description

A brief/slight run occurred on Kanawha Valley Bank on June 12, 1884 when the State Bank of West Virginia failed. The bank met all checks promptly and the run ceased within an hour; there is no evidence Kanawha Valley Bank suspended or closed.

Events (1)
1. June 12, 1884 Run
Cause
Local Banks
Cause Details
Run triggered by failure/closure of the State Bank of West Virginia and resulting local alarm and rumors.
Measures
All checks were promptly paid; many of the largest business men made heavy deposits, which helped allay the panic.
Newspaper Excerpt
A slight run was made on the Kanawha Valley Bank when the doors opened at 9 a.m., but as every check was promptly paid the run ceased after an hour's time.
Source
newspapers

Newspaper Articles (10)
1. June 13, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, June 13, 1884

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Article Text

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.

2. June 13, 1884 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, June 13, 1884

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Article Text

CHARLESTON FAILURE, E. STATE BANK OF W. VA. CLOSID. n Charleston People Excited Over the Event-Ugly e Ramora In Circulation-The State lisd $8,000 B on Deposit. but is Ampliy Secured. d Kanawha Valley Bank Solid. o e CHARLESTON, W. VA., Jane 12.-The doors of the State Bank of West Virginia, of this city, were closed this morning. Liabilities, $119,000; assets reported to be $115,000. The principal losers are poor people, who had small sums deposited. 1. Many ugly rumors are add at on the streete. The supposition is that the bank will pay 50 percent, but it is doubtful if it pays over 20 percent. This bank has been considered B weak for some time, but the citizens with it. The are an tinued anxiously to deposit awaiting investigation. depositors con. The State of West Virginia had eight thousand dollars deposited with this bank. The excitement runs high, and but little business has been done here to-day. A slight run was made on the Kanawha Valley Bank when its doors were 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 largeat business men made heavy deposits. The Kanawha Valley Bauk has over $150,000 in its vaults, and is solid. THE STATE'S INTERESTS. An INTELLIGENCER reporter called upon Auditor Miller at his residence on Fifteenth street, at midnight last night, but that official had heard nothing of the collaper. Said he: "I do not keep the bank accouur. I had no idea that there WRY anything wrong with the State Bank. -We have not a very large sum on deposit there, certainly not over seven or eight thousand dollars. I am glad to know that it is not the Kanawha Valley Bank, as WB have quite a large Eum of money there. That is all I know." Assistant State Treasurer John H. Ewing WAS also called up. "No, I had no intimation of such failure. We have over the 000 and $5,000 any $15,000 in that in bank, and Kinawha between Valley S12,- not Bank. In both instances the State is secured by bonds of $50,000 each. The State will lose nothing."

3. June 13, 1884 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 13, 1884

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Article Text

IN THE FASHION. State Bank of West Virginia Closes Its Doors. GREATEST EXCITEMENT PREVAILS. Ugly Rumors in Circulation at the Capital City Liabilities Fixed at $120,000 With Assets of About the Same. Special to the Register. CHARLESTON June 12.-The city has been in a state of excitement all day, consequent upon the failure of the State Bank of West Virginia, which event occurred this morning. Careful business men had for some time regarded the bank as being somewhat shaky, but no immediate trouble was anticipated. Consequently when the announcement of the failure was made this morning there was considerable excitement. Almost immediately a large crowd of depositors and curiositv-seekers gathered about the doors of the defunet institution, the depositors eager to ascertain the slightest news concerning the liabilities and assets of the bank Information in detail is wanting. But it is learned from reliable sources that the liabilities are in the neighborhood of $120,000, with nominal assets of $115,000. The actual assets are unknown. The excitement continued to grow with the day, and but little business was transacted. The State had $8,000 on deposit with the bank A Slight Run. When the doors of the Kanawha Valley Bank opened there was a slight run, but as all checks were promptly paid, it soon subsided. During the run on this bank many business men made large deposits. This largely tended to allay the panic. The Losers. The losers by the failure of the State Bank are mostly poor people who can ill afford the loss. The bank officials convey the im pression that the institution will pay from 60 to 80 per cent., but the general impression is that depositors will be lucky if they secure twenty per cent. of their money. Ugly Rumors. The causes that lead to the failure are vet a mystery Ugly rumors are in circulation to-night, charging all sorts of fraud and chicanery. But doubtless they are much exagerated owing to the excitement of the hour. The generally accepted theory is that reckless speculation is at the bottom of the trouble. An early statement from the bank official is eagerly looked for. The Assignee. Col. W. H. Hogeman is the assignee, and is already beginning to arrange affairs so that the best interests of all may be con served. The latest rumor is to the effect that coal speculations caused the disaster, the bank ieing connected with the Kanawha . Mining Company

4. June 13, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, June 13, 1884

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Article Text

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.

5. June 13, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 13, 1884

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Article Text

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.

6. June 13, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, June 13, 1884

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Article Text

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

7. June 13, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 13, 1884

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Article Text

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.

8. June 14, 1884 Savannah Morning News Savannah, GA
Article from Savannah Morning News, June 14, 1884

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Article Text

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.

9. June 14, 1884 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, June 14, 1884

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Article Text

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.

10. June 14, 1884 Martinsburg Independent Martinsburg, WV
Article from Martinsburg Independent, June 14, 1884

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Article Text

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.