23129. Bank of Wheeling (Wheeling, WV)

Bank Information

Episode Type
Run Only
Bank Type
state
Start Date
August 8, 1893
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini
Short Digest
ef670e7f

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

August 1893 articles describe an anticipated run related to the assignment/failure of the Exchange Bank elsewhere. The Bank of Wheeling laid in large cash, paid presented certificates and met demands; it remained open and even opened new accounts. Cause linked to runs at other local banks (assignment of Exchange Bank).

Events (1)

1. August 8, 1893 Run
Cause
Local Banks
Cause Details
Run expected and prompted by the recent assignment of the Exchange Bank (distress of another local bank); banks laid in cash to meet possible demands.
Measures
Laid in/piled $450,000 currency before the paying teller, exhibited large sums on the paying table, paid presented certificates and met demands; advertised reserves to calm depositors.
Newspaper Excerpt
The Bank of Wheeling expected a run, and piled $450,000 carrency before the paying teler. They paid out many small amounts, but opened forty new accounts and had taken in more than they paid out.
Source
newspapers

Newspaper Articles (2)

Article from Wheeling Register, August 8, 1893

Click image to open full size in new tab

Article Text

that if she left her money in the bank he would see to it that she was decently buried. She departed with a light heart, knowing that there would be & nice white shroud for herself and carriages for her friends. At the Bank of Wheeling they had money galore, and had a large amount of it on exhibition. A table in the middle of the banking room had gold, silver and paper currency piled upon it to the amount of something like $400,000. It made an imposing array, and quieted the fears of many who called to see if the bank was sound. Mr. Gibson Lamb said they had opened thirty new accounts for the day, and the deposits were as heavy or heavier, than usual. A few certificates were presented and paid, but there was nothing likea run; in fact, they had expected to pay out very much more money than they did. AT THE GERMAN. At the German Bank, Mr. C. W. Franzbeim and Mr. A. D. Seamon were assisting Cashier Bayha and the regular force, but they had not much to do after the early part of the day. Mr. Baha said that he was alarmed somewhat by the crowd at the doors when opening time came in the morning. but they were agreeably surprised when they found that a very large percentage of those waiting were depositors who had come to put money in. The directors were in session before the bank opened and all felt a little dubious, but everything came out all right in an hour or two. At this bank, the word had gone forth that there was a crowd and those depositors who had no particular interest in the bank, waited to make their deposits till late, desiring to avoid the rush. After closing hours, there were quite a number of large deposits received, one man putting in $6,000 while a REGISTER man was in the bank. Although the German bank was drawn upon as heavily as any bank in the city, it closed more than even and with all its accounts paid which it expected to be called upon to pay. The day's business was rather wearing on the clerks and officers, but it did not turn out badly by any means. Some of the money taken out early in the day was returned later on. At the Mutual Savings Bank, the rules of the institation were closely adhered to and cards warned the depositors upon entering that no money would be paid without at least two weeks' notice. No money was paid out except that which was due and these certificates were light drafts, averaging something like $50 each. There were only fifty or sixty calls for money altogether. Such of these as were due were paid, but out of deference to the resolution of the bankers' meeting Saturday night, demand payments were not made. Early in the day, CASHIER MITCHELL SAID, there was quite a crowd of curious people on the street before the bank and on the opposite side. Mr. Mitchell saw that only a very few of them were depositors in the bank, and fearing they might cause needless alarm, he asked that an officer be sent to clear the street. This was done and as but few depositors presented themselves, there was soon nothing to attract idlers. One gentleman took a method much more effective than even a policeman's club, to disperse the crowd. He got into the middte of the throng, and in a whisper loud enough to be heard half a square, announced to the person nearest him that there was a gang of thugs and burglars on the opposite side of the street watching to see who withdrew his money that they might knock him down and rob him or break into his house. This announcement was made with apparent seriousness and the actor made a great pretense of getting out of the crowd. He was followed by many others and as the announcement was repeated from mouth to mouth, the spectators on the opposite side of the street came into very bad odor. At the Mutual bank, several people of a speculative turn offered to buy at their face value, the accounts of those who wanted their money at once. Such offers usually had the effect of cooling the desire to CLEAN OUT THE BANK, although several accounts are disposed of at that rate. At the City Bank, Mr. A. S. List said he believed they would not have any more demands. They paid & number of certificates, all that were presented, and on the whole did a very fair day's business. They closed last night a little ahead, with quite a lot of new accounts opened. The Dollar Savings Bank management has been preparing for an emergency since the first of May, when the financial world first began to show a slight tremble, and to-day stands prepared to meet any demands that may be made upon it. The style of its business made it natural to suppose that if a scare was started, this bank's savings and time depositors would come to the front early. Accordingly $70,000 was carried out of the vault and laid on the paying teller's table, ready to meet any possible requirements. The crowd in front LOOKED FORMIDABLE, but when the doors were opened it was found that many of those who had congregated had no claims on the bank, while some of the others were there to put money in. any not to take money out. There were a good many demands for money, but the in dividual amounts were small, ranging from $1.50 to $150, the majority being under $50. As was explained above, the bank was hampered by the absence


Article from Wheeling Sunday Register, August 13, 1893

Click image to open full size in new tab

Article Text

OUR COMMON SENSE. (HOW THE LABOR TRIBUNE" LOOKS AT WHEELING'S NERVE. The General Industrial Situation Very Quiet in This City and Vicinity-News From Nearby Points. The Wheeling banks expected a run on Monday because of the assignment last week of the Exchange bank, and they laid in money to meet the exigency. However, the run was such as an iron and steel center should be proud of, and an example to other industrial centers. At one bank there was a small crowd, but the officers were surprised to find that & large proportion of It were men who came to make deposits and help the bank out, with the result that at the close of business every aemand had been met and the bank had more money than at the opening. Another bank had $5,000 increase, another took in four times as much as was paid out, and still another seven times more than had been demanded. The Bank of Wheeling expected a run, and piled $450,000 carrency before the paying teler. They paid out many small amounts, but opened forty new accounts and had taken in more than they paid out. At the Wheeling Title and Trust Bank not a certificate was presented, and the cas h in the vault increased $9,000 during the day. This is a large savings institution, and was expecting a run. The result of the ex pected run is the making of a reputation of the industrious saving people of Wheeling for sound common sense. We have that sort in Pittsburg, too, for there has been no hint of a "run" here. There have been more or less withdrawals, some because the individuals were scared, others because they saw the opportunity to make good investments, but there has been nothing in the nature of the runs that some cities have experienced. At this writing there is less reason than ever in a scare. for the financial situation has improved greatly within two weeks, and if this continues, as is not all unlikely. a month hence the monetary stringency will be & mattery of history.-Labor Tribune. A number of suits for damages have been brought against the Carnegie Steel Company, by persons who allege they were injured by the administration of poison in Homestead mill cook houses. One, a widow, wants $25,000 for the loss of her husband, the analysis of the said husband's remains having been used in testimony for the prosecution in the Dempsey case, and two men who were non-union workmen in the mill want $10,000 each to recompense them for physical salleged to have been caused by the poisoned food. This looks somewhat as though the Carnegie Company were to be "hoist with its own petard. It isn't safe to employ detectives; they make out 80 much of & case in the line of their instructions that it may condemn all around. If these prosecutors recover damages the company will be in a bad way, and would do wisely to establish & pension list as & compromise for all the old bummers that were raked into the mill. The Youngtown Bridge Company are building the largest single pieces of bridge work ershipped from Youngstown, consisting of three plate girders for Duluth 86 feet in length, 8 feet deep and weighing 39 tons each. In the construction will be used 12 angles, 6 inches by 6 Inches, 86 feet long, each weighing one and one- half tons, which are among the largest single pieces of angle ever rolled in the Unitod States. These girders will require three flat cars each. The New Philadelphia Iron and Steel Company, New Philadelphia, 0., will soon commence the erection of & new steel building to be used as an annealing house. This structure will be *connected with the sheet mills and an electric crane will be run the entire length of both buildings. These sheet mills have commenced operations after the usual summer shut-down. Both of Floersheim's Finleyville mines are in operation. His Germania mine was closed & few weeks because of the impossibility of getting cash for the product, and banks were not in position to discount paper. The fact that it is in operation is one of the indieations of an improved general monetary condition. L. Spence & Co., at Martin's Ferry. have this year so far had the best bustness of any like period in their history. They have sold out every engine made but one, and negotiations are pending for the sale of that one. They report trade as active, and orders are abundant. Allison's Wire Works is running only about half time now. A short time ago It had plenty of work on hand with orders enough to keep running for some time, but the scare caused so many orders to be cancelled that the works were temporarily put on half time. Work is under way on the mammoth mill to be erected by the Mahoning Valley Iron Company, adjoining its plant at Youngstown, Ohio. The superstructure will be of stone and steel, and the machinery will all be of the latest improvements. The Kenova Coal Company has decided that it cannot pay the freight rates charged by the Norfolk & Western Railroad and that unless these are reduced the Wayne county mines must be abandoned. There is no less than 16,000,000 bushels of coal waiting to go out of the Monongahela. The run may not come before the September rains, which rains have & record of being sure to come on time. Three sheet mills in the Standard department of the Etna-Standard Iron and Steel Company ware started up on Tuesday and these are all the departments that will be put in operation just now. Bloch Bros.' tobacco works will start up in full in all departments on Monday morning. This is good news, as employment will be given to several hundred people at this extensive industry. The price for mineral rights in Greene