23134. Banks of Wheeling (Wheeling, WV)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
September 26, 1857
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini
Short Digest
83251c7e

Response Measures

None

Description

Multiple contemporaneous newspaper dispatches (dated Sept. 26, 1857) report a heavy run on the banks of Wheeling by foreign brokers and bankers, and that citizens requested the banks to suspend specie payments. Articles state banks are able to meet liabilities and expect resumption, but no explicit reopening date is reported in these items — hence suspension following a run, reopening uncertain.

Events (2)

1. September 26, 1857 Run
Cause
Correspondent
Cause Details
Heavy withdrawals/run made upon the banks by foreign brokers and bankers (draining specie/liquidity).
Measures
Citizens requested immediate suspension of specie payments; banks prepared to suspend.
Newspaper Excerpt
This action was taken in consequence of the heavy run that has recently been made upon the banks by foreign brokers and bankers.
Source
newspapers
2. September 26, 1857 Suspension
Cause
Correspondent
Cause Details
Banks suspended specie payments in response to the heavy run by foreign brokers and bankers which drained reserves.
Newspaper Excerpt
At a meeting of the citizens of this city ... it was unanimously resolved that the banks of the city be requested to immediately suspend specie payments until the business interests of the community will justify a resumption.
Source
newspapers

Newspaper Articles (4)

Article from The New York Herald, September 28, 1857

Click image to open full size in new tab

Article Text

three of them, and even the most ignorant know them to ve M strong as the mint. The merchants seem to be graditied with the suspension. Money on the street yescreay was at 2½ per cent premium, but has failen 1 per cent to-day. A great deal of surprise is expressed in this oily that the New York banks have been able to withstand the pre sent pressure, and have not ere this suspended. The Farmers' and Mechanics' Bank of this city is cashing all its notes. It is also paying checks upon It in notes of other city barries. The money market is easter, and the excitement appears so be subsiding. The issue of shinplasters has been spoken of, and will, it is said, be resoried to. BANK SUSPENSIONS IN WASHINGTON. WASHINGTON, Sept. 26, 1857. The Bank of Washington suspends specie payments on everything but fives and small checks. The partial suspension of the Bank of Washington is only temporary. The Patriotic Bank is redeeming its fives and small checks. There is an unusual crowd ml the bank. The Bank of the Metropolis closed tirm. The commerotal community is generally satisfied with the course of the others, and all are confident of their ability to resume at an. early day. A considerable amount of deposits has not made in the Patriotic Bank and Bank of Washington since their suspension. The Bank of the Metropelis redeemnd all its notes and paid all its checks up to the closing hour, and they feel themselves abundantly able to meet all demands against them. THE BANKS OF WHEELING. HEELING, Sept. 26, 1857. At a meeting of the citizens of this city, hold this evening, it was unanimenaly resolved that the banks of the city be requested to Immediately suspend specie payment until the business Interests of the community will justify a resumption. This action was taken in consequence of the heavy run that has recently heen made upon the banks by foreign brokers and bankers. The banks are abundantly able to meet their Habilities. No loss will be sustained by note holders or depositors, in consequence of the suspension. THE EFFECT IN CINCINNATL CINCINNATI, Sept. 26, 1857. The Ohio Life and Trust Company has made an anign. ment. The rates of exchange are nominal. Sight checks cannot be bought on New York for less than five per cent promium. There have been no failures among our merchants— they stand firm. END DA WEG.


Article from Daily Nashville Patriot, September 28, 1857

Click image to open full size in new tab

Article Text

,OTH BY TELEGRAPH. BY THE NATIONAL LINE. [Reports Furnished by the Associated Press.] CHICAGO, Sept. 25.-The case of the steamer Effie Alton versus the Rock Island Rhilroad Company, which has been on trial for two weeks, was discharged. closed to-day. The jury failed to agree and were Philadelphia, Sept. 25.-At a general confer ence of the Bank Presidents, held this afternoon, a temporary suspession of specie payments on checks and bills exceeding ten dollars, was resolved upon by all the banks of this city, to take effect to-morrow. PHILADELPHIA, Sept. 26.-There is no concert of action among the banks. The "Pennsylvania Bank" has resumed business with a total suspension of specie payments. The "Bank of Commerce" is paying out notes but no specie. The "Girard" is redeeming fives only. The "North America" and "Mechanics" are paying specie, and certifying checks. The Tradesman's pays all bills and checks. All the banks are certifying checks, and gener. ally pay specie on fives, but the Consolidation, Pennsylvania, Township, and City Banks pay no specie at all. The Brokers board resolved that past sales of stocks and sales to come may be paid by certified che cks on any of the city banks current on the day of settlement up to 3 o'clock. Private despatcues received here announce the suspension of the Reading and Pittsburg banks. BALTIMORE, Sept. 26.-At a meeting of the bank dir. ctors this morning, it was resolved to suspend specie payments on all notes. Philadelphia, Sept. 26.-Every department of business has about suspended. BALTIMORE, Sept. 26 -The suspension since 10 o'clock is total, with the exception of small change for customers. W ASHINGTON, Sept. 26.-The Metropolis Bank has resolved to continue specie payments. The Bank of Washington has partially susp nded. The directors of the "Patriotic" and "Metropolis" banks are now in conference. NEW YORK, Sept. 26.-The steamer Baltie sailed at noon. She took no specie. Beverly Tucker and family are among ber passengers. The reports current in Philadelphia that the New York banks are about to suspend is untrue There are DO signs of such a measure. CINCINNATI, Sept. 26.-Business is unsettle d, owing to reports of the suspension of specie payment by the Boston, Baltimore and Pitsburg banks. A dispatch from Boston, however, says that State street is much excited by Philadelphia advices; but the banks have largely increased their specie within a few days, and there are no signs of suspension. The New England banks, it is believed, will be able to stand the pressure. NEW YORK, Sept. 26.-The banks remained strong at the close of business, with no signs of suspension. Money is sought for at increased rates of interest. BALTIMORE, Sept. 26.-The Farmers' and Me. chanics' bank is cashing all its notes. All other banks have fully suspended. The excitement is subsiding. Much surprise is expressed at the nonsuspension of the New York city banks. WASHINGTON, Sept. 26.-The Metropolis bank closed firm Considerable deposits have been made in the Patriotic and Washington banks since the suspension. Boston, Sept. 26 -The banks have increased their specie four hundred thousand dollars during the past we k, and are stronger than they were a fortnight ago. No panie. W B Lovejoy, clothier, has failed. The bills of the Hopkinston bank were refused by the Suffolk bank. Cincinnati, Sept. 26.-Flour $425.4 50; Wheat, red 75c; Oats 34.35c; Whisky 17c. Sight checks on New York 5 per cent prem. No failures. The Cincinnati Ohio and Trust Company have assigned to Charles Stetson and members of the old Board of Directors. WHEELING, Sept. 26.-A meeting of the citizens this evening recommended the Banks of this city to immediately suspend specie payment, in consequence of the heavy run on the banks by foreign brokers and bankers. BOSTON, Sept. 26.-The Suffolk bank refuses the notes of the Rhode Island bank. TRENTON, N.J., Sept. 26.-James S. Sterling has failed. His assets are ample. A heavy run was made on our banks. Their liabilities were met. All are in good condition.


Article from Vermont Watchman and State Journal, October 2, 1857

Click image to open full size in new tab

Article Text

proclamation for an extra session of the Legislature, to assemble on the first Tuesday of October, will be issued to-morrow. BALTIMORE, Sept. 26. Bank matters are quiet this morning. All the banks are paying the checks of their depositors, and redeeming their own notes with specie. A meeting of all the Presidents has been called at 10 o'clock, when it is thought a suspension on all sums over $10 will be recommended. There is but little excitement. A large number of brokers from the North arrived this morning. Ten o'clock. The Presidents of all the city banks, at their meeting this morning, resolved to suspend specie payments. The suspension is total. The Banks' suspension since 10 o'clock is total, except accommodating their customers with a few dollars in change. There is no run on our Savings Banks. We have but three, and even the most ignorant know them to be as strong as the mint. Our merchants appear to be satisfied with the suspension. Money on the street yesterday. was 1-2 per cent.; to day it has fallen to 1. The Baltimore and Ohio Railroad has advanced 85 per share. Washington, Sept. 26. The Bank of Washington has suspended on all excepting fives, and small checks. The Directors of the Metropolis and Patriotic Banks are now in conference, but it is not known what action they propose to take. Later. The Metropolis Bank has resolved to continue full payments, feeling themselves strong enough to meet all demands. The partial suspension of the Washington Bank is only temporary. The Farmers' and Mechanics' Banks are paying in checks aud notes of the other banks. All other banks have fully suspended. Shinplaster banks are talked of. TRENTON, Sept. 26. Our banks had a steady but moderate run to-day, and paid out about $8000 in specie each. They are in good condition, and it is thought will weather the storm. Jas. Sterling, our heaviest merchant, has assigned. Assets ample. W SHINGTON, Sept. 26. The Bank of the Metropolis closed The commercial community is generally satisfied with the course of the others, and all are confident of their stability and resumption at an early day. A considerable amount of deposits has been made in the Patriotic and Bank of Washington since their suspension. PITTSBURG, Sept. 26. There is no concert of action amongst the banks of Pittsburg in regard to future policy. All of them continue to pay coin for small demands. The Merchants' and Manufacturers' Exchange and Citizens' Banks are paying the small demands made by laborers, operatives, and others, but are refusing the demands of banks and brokers. The Bank of Pittsburg has resolved to pay in full. WHEELING, Sept. 26. At a meeting of the citizens of this city, held this evening, it was unanimously resolved that the banks of the city be requested to immediately suspend specie payments until the business interests of the community will justify a resumption. This action was taken in consequence of the heavy run that has recently been made upon the Banks by foreign brokers and bankers. The Banks are abundantly able to meet their liabilities. No loss will be sustained by noteholders or depositors in consequence of the suspension. CINCINNATI, Sept. 26. The Ohio Life and Trust Co. has made an assignment. Rates of exchange are nominal. Sight checks cannot be bought on New York for less than five per cent. premium. There have been no failures among our merchants. They stand firm. Sent 07


Article from The Weekly Minnesotian, October 3, 1857

Click image to open full size in new tab

Article Text

lieved that come from the East. The market, however, remained firm, and there is no sign of weakness from any one of our banks. The advices from Boston, received at noon, were as unexpected as they were cheering. Our banks have passed the crisis, and the market closed with a quieter feeling. There were rumors of several failures, but nothing definite. Our exchange brokers were at a stand as to their business, and generally declined to fix a rate. There was one offer to sell Philadelphia funds at 1 per cent. discount. At the first board of the stock market there was quite a panic, and stock fell rapid ly. At the second there was a still further, decline, and sixes fell off to 51, at which price, however, all offering was quickly taken. PHILADELPHIA, 26, 2 P. M. The Pittsburg, Harrisburg, Lancaster, and Reading banks have suspended. The failure of W. B. Lovejoy & Co., clothing house on Commercial street, this city, is announced. PITTSBURG, Sept. 26. There is no concert of action among the banks of Pittsburg in regard to future policy. All of them continue to pay coin for small demands. The Merchants and Manufacturers Exchange Bank and Citizens Bank are paying small demands made by laborers, operatives and others, but refuse the demands of banks and brokers. The Bank of Pittsburg has resolvedto pay in full. BALTIMORE, Sept. 26. The Farmers and Mechanic Bank is cashing all its notes and paying checks. Other banks are fully suspended, but still they are promising customers with change. The excitement hasoubsided. The issue of shin-plasters is talked of, and may be resorted to. WASHINGTON, Sept. 26. Bank of Metropolis closed firm. The commercial community is generally satisfied with the course of the banks. All are confident of their stability and resumption at an early day. A considerable amount of deposits have been made in the Patriotic Bank of Washington since their suspension. TRENTON, N. J., Sept. 26. Our Banks had a steady but moderate run to-day, and paid out about $8,000 each, in specie. They are in very good condition, and it is thought they will weather the storm. Jas. S. Sterling, one of our heaviest merchants, has assigned. Ilis assets are ample. CINCINNATI, Sept. 26. Rates of Exchange nominal, Sight checks cannot be bought on N. Y. at less than 5 per cent. Gold held out of market. No failures. The merchants all stand firm. Boston, Sept. 26. The money market presents little variation from the rates ruling during the week. The net gain of coin in the Banks for the week is little short of $400,000. The Banks are considered stronger than two weeks ago, and are believed generally in a healthy condition. Bills of Hopkinton Bank, Westerly. R. I. were refused at Suffolk. PHILADELPHIA, Sept. 26, 6 P. M. A meeting of the Presidents of Banks was held this P.M. It is reported that for want of concert of action, they adjourned without arriving at any determination. It was thought they would determine on a full suspension, as practiced by some of the Banks to-day, but which was not general, on account of the North America, Mechanic's and some of the other Banks receiving a supply of specie. There was also a meeting of the Cashiers of the various Banks, but their action is not yet known. It is understood application will be made to the Governor for the call of an extra session of Legislature with a view of affording relief to Legislature with a view of affording feiture of charter, imposed by the law of 1850. Several of the Banks, however, are not acting under this law, including the Panama, Farmers, Mechanics Philadelphia and Western. WHEELING, Sept. 26. At a meeting of the citizens of this city, held this evening, it was unanimously resolved that the Banks of this city be requested to immediately suspend specie payment until the business interests of the community would justify a resumption. This action was taken in consequence of the heavy run that has recently been made upon the Banks by foreign brokers and their liabilities, and no loss will be sustained by note holders or depositors in consequence of the suspension. PHILADELPHIA, Sept. 26. The Girard Bank isnow paying specie for fives and certifying checks. Additional excitement was produced by the news from Baltimore of the suspension there. The Tradesmans Bank pays everything, checks and all. The Bank of British America is paying on its notes. It received specie from New York last night, and represents that they have more in their vaults than amount to bills, and they are certifying checks. The Commerciel, Manufacturers and Mechanics, and Philadelphia, are paying for fives. The Farmers and Mechanics are paying specie for tens. The North Liberty and Western pay specie for fives in cases of necessity. The Bank of Pennsylvania township of the city and consolidation pay nothing on banks, except Girard certified checks. The Girard has entirely suspended business. Some of the banks will receive no deposition. The Board of Brokers passed a resolution this morning to the effect that all settlement in the purchase of stock may be made by certified cehcks on any of the city banks current on_the day of settlement. A private dispatch says that the banks in Reading and Pittsburg have suspended. The South Ward Bank pays specie for all its bills. The Bank of Kenington for fives only. BALTIMORE, Sept. 26. All is quite about the Banks now. A large number of brokers arrived here this morning. The Banks are now paying the checks of depositors and redeeming notes. A meeting of Presidents will be held at 10 o'clock, when it is thought that they will suspend payment in all sums over ten dollars. There is now no excitement.