23143. Dollar Savings Bank (Wheeling, WV)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
0e8084ba

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

August 8, 1893 article describes heavy public alarm/panic and many small withdrawal demands; bank had prepared $70,000 on the paying teller's table and met requests. No suspension or closure mentioned in the articles. The Jan 1, 1894 note about the bank being closed during the day refers to a holiday closing, not a suspension.

Events (1)

1. August 8, 1893 Run
Cause
Macro News
Cause Details
General financial tremors/panic that began in May 1893 and citywide alarm; large crowds and nervous depositors prompted precautionary measures.
Measures
Management prepared for an emergency by placing $70,000 on the paying teller's table; honored presented certificates and paid small withdrawals; warned depositors of notice rules.
Newspaper Excerpt
The Dollar Savings Bank management ... $70,000 was carried out of the vault and laid on the paying teller's table, ready to meet any possible requirements.
Source
newspapers

Newspaper Articles (2)

Article from Wheeling Register, August 8, 1893

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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 Register, January 1, 1894

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Article Text

hibition of sparring at the Elysian Theatre next Saturday night. An interesting watch meeting was beld at the Church of God, at Pinch Ruo, last night, to watch the old year out and the new year in. The young folks of the First M. E. congregation will hold an "at home" at the church to-day from 2 to 8 p. m., to which all are invited. Johnny Price and family, who have been visiting friends here the past few days, returned last evening to their home at Zanesville. Charles Blakeney took his newsboys up to the Hotel Windsor, at Wheeling, yesterday to give them a free New Year's dinner. Tom Cullen has received a pair of fine game chickens, but does not know whom to thank for the present. Hackett's brass band will give a concert on the streets this evening, if the weather is favorable. Miss Maud Lilly and brother Ben are spending the day with relatives at Barnesville. Saturday night and Sunday passed without a single arrest being made by the police. Miss Louisa Roscoe is spending the day with friends in St. Clairsville. Miss Rebecca Richardson returned last evening to McKeesport, Pa. Revival meeting is in progress at the Church of God at Pinch Run. The Dollar and First National Banks will be closed during the day.