23055. Bank of Gilbert (Gilbert, WV)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 1, 1926
Location
Gilbert, West Virginia (37.614, -81.867)

Metadata

Model
gpt-5-mini
Short Digest
889600a2

Response Measures

None

Description

State commissioner of banking closed the Bank of Gilbert (Mingo County, WV) and named a receiver due to uncollectible loans; no run or depositor panic is reported in the articles.

Events (1)

1. May 1, 1926 Suspension
Cause
Government Action
Cause Details
Closed by the West Virginia state commissioner of banking and a receiver was named; commissioner found $120,000 of long-standing loans uncollectible and liabilities to depositors total $97,000.
Newspaper Excerpt
The State commissioner of banking today closed the Bank of Gilbert, at Gilbert, Mingo County, and named a receiver.
Source
newspapers

Newspaper Articles (2)

Article from The Plain Dealer, May 2, 1926

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Article Text

Live Stock Market. Transactions in bonds constituted an important part the trading throughout the dealings days being in excess of 000. feature was the Duke Price Power 6's, when issued, which were listed Thursday when nearly $1,000,000 were traded. Those bonds advanced from 100% to 101% against subscription price of 100. Several sixes rose from 103 to Northern 6½'s from 113 and the United States United Gas Improvement ranged from 100% to 991/2. Galveston Houston which had not appeared in the trading for some time, sold at 2%, which showed loss of 17 points from the last sale. General Electric new sold off a fraction to Rubber up half Union the weather outlook the principal influence, the wheat market avercents pound, costing around 10 cents pound, jobbing was quotations being barrel. Top grade leaf lettuce costs fairquarter pound and best asparagus SHEEP retails for 25 pound. French endive sells up to 65 pound and high grade celery is 20 cents bun Samuel California grapes are 45 to pound and from the same state are selling in the markets at 40 to 50 cents pound. Plates Cane sugar advanced 10 cents hundredweight and best strawberwere up $1.00 crate, pint crates costing 20 to 30 cents Butter gained half cent pound eggs were up to cents a dozen, cents being the minimum price level in most chain groceries today. Oranges gained nickel 1.63 dozen, retailing up to 75 cents. filed Cucumbers, declined, are still costing 10 18 cents each, old potatoes, which are 25 cents CASH QUOTATIONS bushel lower, retailed at 6½ to pound. Carrots dropped quarter bushel and best grades are cents pound, new beats bringing about the same figure at retail. Spring chickens. dressed. are retailing up to 70 pound. Live poultry quotations held strong all New vegetables are increasing in quantities, heaviest supplies from the south and southern Callfornia. Tomatoes high. Cuban pineapples are more plentiful, two car lots selling at the Consolidated Fruit Auction Friday, No. but best, large pines cost 40 cents white No. white up Offerings in the growers' markets by heavier than usual this morning. Truck farmers are busy planning for early plantings and the demand for gar den seeds brisk. GRAINS. Explanation. May quoted Friday northern May domestic same Sept $3.50. BANK RECEIVER NAMED which West Virginia Institution Ordered daily. Farmyard Dairy. Closed by Commissioner. CHARLESTON, W. Va, May state of banking today closed the Bank of Gilbert. at Gilbert, Mingo county, and named Assets, with book value of include $120,000 of of long standing, Nut and many which the commissioner found were uncollectable. Liabilities to depositors total $97,000. DROPS SUNDAY ISSUE Vanderbilt Paper on Coast Also Cuts Price. best LOS ANGELES, Cal., May (AP)-The Illustrated Daily News, tabloid newspaper here owned by Cornelius Vanderbilt, announced today that effective tomorrow, the Sunday issue would be discontinued and the price of the six-day paper $3. 45 bag reduced from two to one cent. California box Dividends Declared. $6.10@6.15 hundredGas gallon. MAPLE NEW YORK new of bushel. Kentucky Nebraska 75@4.00 per California $3.50 Mexbushel: and SUGAR AND COFFEE MARKETS. NEW at Texas Petrol Center in Brazil from the FLAX AND NAVAL STORES. Mines half 8; Alabama sales United per CHICAGO STOCK3 CLOSE. Quoted by Samuel $3.00 Danish Flyer Down in China. Armour SHANGHAI, May Botved. Danish airman flying from Flour and Cheese aphed are here today that he had been forced actual down by forty miles north of Ax Tsinanfu and proLight ceeding by train to Peking, Cleveland for he will replace his motor, Wrigley CHICAGO, May Provision lb: wien breakfast ordinary the spring are Grass Seed. and Kentucky blue grass


Article from Evening Star, May 2, 1926

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Article Text

West Virginia Bank Closed. CHARLESTON, W. Va., May 1 (AP). -The State commissioner of banking today closed the Bank of Gilbert, at Gilbert, Mingo County, and named a receiver. Assets, with a book value of $160,000. include $120 000 of loans of long standing. many of "uch the commissioner found Wey uncullectible. Liabilities to depositors total $97,000.