23034. State Bank (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
0e2d1d09

Response Measures

None

Description

The State Bank of West Virginia (Charleston) closed its doors on June 12, 1884 and assignees/receivers were appointed; later receivers reported payment of 10 cents on the dollar, indicating permanent failure. Articles mention reckless speculation/coal speculations and rumors of fraud. There is no clear contemporaneous run on this specific bank (only a slight run on the separate Kanawha Valley Bank).

Events (2)

1. June 12, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed with liabilities near $119,000 and assets reported smaller; articles link troubles to reckless speculation and possible coal/ mining company connections and rumors of fraud.
Newspaper Excerpt
The doors of the State Bank of West Virginia of this city were closed this morning; liabilities, $119,000; assets reported $115,000.
Source
newspapers
2. June 26, 1884 Receivership
Newspaper Excerpt
One of the receivers of the State Bank of West Virginia reported that 10 cents on the dollar would be paid on deposits. The assets of the bank are nominally about $180,000, all of which, except about $40,000, is considered as worthless. Col. W. H. Hogeman is the assignee, and is already beginning to arrange affairs ... Col. Hogeman and Col. Couch, the assignees, are getting out a statement ... Arrest of the officials was reported ... no one was in custody yet. (Articles dated 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 Wheeling Register, June 13, 1884

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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


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 Daily Los Angeles Herald, June 13, 1884

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Another Bank Suspends. CHARLESTON, W. Va., June 12,--The doors of the State Bank of West Virginia, of this city, were closed this morning. Liabilities, $119,000. Many ugly rumors are afloat. It is stated that the bank will pay fifty per cent., but it is doubtful if it pays over twenty. The officials of the bank received deposits yesterday up to 3 o'clock. The depositors are anxiously waiting for an inves tigation. Excitement runs high, and but little business has been transacted to-day.


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 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 Savannah Morning News, June 16, 1884

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1884 Corresp'g weeks. Past Previ's 1883. 1882. 1881. week. week. States. 39 18 33 44 42 Middle 14 31 14 40 21 New England 14 28 20 43 43 Southern 14 30 46 40 54 Western. Pacific and Ter5 7 21 15 24 ritories 60 104 165 182 184 Totals 6 16 23 33 15 Canada About 77 per cent. were those of small traders whose capital was less than $5,000. Among the suspensions reported were Herron & Spencer, wholesale cocoanuts, New York city; Howard D. Thomas & Co., manufacturers of cotton and woolen goods, Philadelphia; State Bank of West Virginia, Charleston: Le Roy Moore & Co., bankers, Greenville, Mich.; A. Carriere & Sons, exchange dezlers, and B. J. West's Son & Co., hardware, New Orleans; William Davison & Co., chemicals and fertilizers, Baltimore. In the principal trades they were as follows: Grocers 24; general stores 16; liquors 15; dry goods 10; hardware and agricultural implements 9; manufacturers 9; paper, books, etc., 8; produce. provisions, etc., 7; furniture 7; drugs 7; shoes 6; fancy goods 6; millinery 6; clothing and cloth 5; grain and flour 5; harness 5; hotels and restaurants 5; lumber 4; jewelry 4; bakers and confectioners3 carpenters and builders 3; markets 3; bankers 3; banks 2. ALABAMA. Birmingham.-J. H. Yuckley. grocer, assigned. Liabilities $500: assets $250. Mobile.-L. M. McKinney, saddlery, assigned. Liabilities $6,000; assets $3,000. GEORGIA. Atlanta.-Henry H. Dickson, job printer. assigned. J.S. Maxwell, Jr., grocer, closed by Sheriff. Augusta.-Rhind & Bell. stock brokers, owe $32,125; assets $15,585. Columbus.-J. S. Jones, dry goods, sold out to James A. Lewis, a creditor, to whom he owed $11,000. The other liabilities are reported at $20,000. McDonough.-John L. Wise, furniture, etc., mortgage foreclosed, failed and sold out. SOUTH CAROLINA. Welford.-James A. Booker, general store, assigned. Liabilities $2.000; assets small. TENNESSEE. Knowville.-Alexander Kennedy, general store, sold out. Sneed & Hewin, furniture, sold out to A. C. Sneed, the largest creditor. Memphis.-Kennesaw Manufacturing Company owe $36,262; nominal assets $55,460; actual assets about $25,000. Roberts & Mc. Cauley, saloon, closed by attachment. St. Clair.-Thomas Brooks, general store, failed. Liabilities $600; assets $200.


Article from West Virginia Argus, June 20, 1884

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LOCAL HAPPENINGS. One dollar and fifty-eight. Take your guists to Giles' Mills. Go to Voltz's for your suspenders. It will be hot politically before long, FGo to Giles to have your rolls carded. -Pay up your subscription and be happy. If you want neckware call at Voliz's. -Corresponden's must sign name in full to communications. Call and examine Voltz's Spring Stock of suitings. -Our piper is one dellar per year, in ariably in advance. Vol'z has 8 full line of hosicry Call and examine. -Scarlet fever is raging destructively 40 many parts of the State, 4011 you want N fine lap robe V.I Z's is Abe place to buy it. -Miss Lillie Feather has g ne to Eglon to visit for eight or ten days. 17 Go to Voltz and buy a diamond abirt-the best in the world. -Neil J. Fortney E q spent two days fugBiltimore on business last week, -THE ARGUS is only one dollar per year. Ask your friend to subscribe for it. We have learned of no place in this county where the 4th will be celebrated -Call and settle your subscription bill at once. We need and must have money. -A Blaine and L gan Club Was organized_bu % Satunday evening Well, well. -Julius Monr e,sf or spending a coupde of weeks at returned to Ok dand on Menday. -In 1880 here were 418 957 dic TH and en pl. yes "g ged 30 reifroading in the United S ates. -Smi b Cr ne has lately had bis house given a new at of paint. Mack M. pear did the work. π-A T. Holt, of Grafton, WHS in town this week convassing for "Bline"s Twenry years in Congress." -Our jail is without an occupant Peace and q net supreme, serms to reign throughou the county. The Ohio River railroad from Wheelthe to Parkersburg is finished and trains are now ruuning upon it, Frank Hine will open up in the tin and stove business in Brucaton in the course of & week or two, -The urth of July is not faz off Are We going to have 8 celebration OF anything else here on that day ? The State Bank of West Va., at Charleston el sed last Thursday. 1. cre ated great excitement in the city. -Those from this place who attended the Commenement ex rcises at the University last week, arrived home on Fri day. -The summer resort season has been opened at Terra Alia. Ten or fwely boarders have taken rooms at the Summit House. J. R odeheaver, of Bradd ock, Pa., arrived at this place Sunday, being summond here to attend the funeral of bis father. -N tice the Trustee's Bale published in another column. The property is a very desirable one and would make some one a nice home. -John W. Guseman, of Valley district. was in town last Friday, He informed us that their whole district went to Mor gantown on Thursday to Commencement. --Whenever there has been an excessive fall of rain during the winter and early spring, the probabilities are that B. corre sponding period of dry weather will fol low. -James Allender, formerly f this county, but now of Grafton, was in town on Tuesday and gave this office a call. We found Mr. Allender a very pleasant gentleman. Rooden, an imbecile who stays at the poor house, ran away with a half cr Zy girl to Penesylvania last Saturday, bent OD getting married. They have not returned yet. We added five new subscribers to our list on Monday. They are J. W. Quion, E. M. Cole and Harry Zummerman, Tun. nelton; J. H. Allender, Howesville, and Jas All nder, Grafton. This is pretty good for one day. For the three at Tun police


Article from Savannah Morning News, June 27, 1884

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Only 10 Cents on the Dollar. CHARLESTON, W. VA., June 26.-One of the receivers of the State Bank of West Virginia to-day reported that 10 cents on the dollar would be paid on deposits. The assets of the bank are nominally about $180,000, all of which, except about $40,000, is considered as worthless.


Article from The Wheeling Daily Intelligencer, June 27, 1884

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A fairs of the State Bank. CHARLESTON, W. VA, June 26.-One of the receivers of the State Bank of West Virginia reported that ten cents on the dollar will ba paid to the depositore. The assets of the bank are nominally $180,000, all of which, except about $40,000 18 coneidered 83 worthlees.


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 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 The Iowa Plain Dealer, July 3, 1884

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SOUTHERN. The Louisiana Legislature has passed a bill appropriating $100,000 for the World's Exposition at New Orleans. Ike Laddy, a negro 25 years old, who recently made three attempts to outrage white women at Whitney, Tex., and succeeded in one instance, was taken from jail at that place and lynched. The vigilantes also cut his ears off. William Cox, at Danville, Ky., shot at two men who were trying to break into his house, and killed his mother. 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 savs 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.


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.


Article from Staunton Vindicator, July 4, 1884

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Rev. Jacob Summers of the Lutheran church, died in Shenandoah county last week. The liabilities of the suspended State Bank of West Virginia at Charleston, are $120,000 and its real assets are $32,000. The first new wheat at Alexandria, Fultz variety, from Westmoreland county, in good condition, sold at $1@$1.05.