23145. Exchange Bank (Wheeling, WV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
April 24, 1876
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini
Short Digest
f7c05f76

Response Measures

Accommodated withdrawals

Description

An 1876 article (Apr 24) explicitly reports a 'run' on the Exchange Bank when it redeemed paper currency for silver. By January 1877 city council actions refer to a Receiver on the Exchange Bank and ordinances to issue bonds to cover the Receiver's overcheck, implying the bank was placed in receivership/closure. The sources do not explicitly state the suspension date, but the presence of a receiver indicates permanent closure. Cause of the 1876 run was customers redeeming paper for specie (not a rumor) — classified as 'other'.

Events (2)
1. April 24, 1876 Run
Cause Details
Customers rushed to redeem fractional/paper currency for silver coin when the bank was exchanging notes for specie.
Newspaper Excerpt
that the Exchange Bank of this city, was prepared to redeem the tractional paper currency, and issue in lieu thereof silver coin, that institution had a run on it from the opening to the closing hour
Source
newspapers
2. January 6, 1877 Receivership
Newspaper Excerpt
ordinance authorizing the issue of bonds to provide for the overcheck of the Receiver on the Exchange Bank and the outstanding city orders, was submitted by the Finance Committee, and read three times and passed.
Source
newspapers

Newspaper Articles (3)
1. April 24, 1876 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 24, 1876

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Article Text

ANTI-BELLUM CURRENCY AGAIN.On Saturday, it having become generally known through the medium of the press and otherwise, that the "Exchange Bank" of this city, was prepared to redeem the tractional paper currency, and issue in lieu thereof silver coin, that institution had a "run" on it from the opening to the closing hour, and the whole force of attaches could hardly accommodate this class of customers. Boys of all sizes, frequently with only a ten cent script, would drop in, and in an inquisitive edoubtingtone,desirethespecies As the polite teller would make it chink on the marble counter, their eyes would sparkle in ecstacy over the possession of that which they had so often heard of but had rarely seen. Some of the mills and other establishments paid off their employees in the bright, new coin, fresh from the mint, and before closing up time most of the merchants could boast of having had more or less transactions in silver during the day.

2. January 6, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 6, 1877

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Article Text

e CITY COUNCIL-SECOND BRANCH.-A 1 special meeting of the City Council was held last evening. Present in Second it Branch: Mesars. Beltz, Garden, Horkheimer, Handlan, Hanke, Hanson, King. horn, Long, Myles, Pollock, Pryor, Reitz, t, Travis, Wilkinson, Werner, Mr. President. ORDINANCE PROVIDING FOR THE ISSUE OF BONDS. The ordinance authorizing the issue of bonds to provide for the overcheck of the Receiver on the Exchange Bank and the outstanding city orders, was submitted by the Finance Committee, and read three times and passed. The ordi. nance provides for the issue of bonds, in sums of $500 each, to the amount of f $120,000, which are made payable March 1,1907, the right being reserved to redeem any or all bonds after March 1, 1887. The bonds will not be subject to city taxation, and will bear interest at the rate rate of 6 per cent per annum, payable in March and September. Messrs. Morgan L.Ott, Elijah J. Stone and Samuel Laughlin were appointed commissioners, and e their compensation fixed at one-half of 1 per cent, they to give bond in the sum of $15,000 each. The ordinance is to be ratified by a vote of the people, at an election to be held Jan. 25. The Board of Equalization and Appeals submitted a report upon the various petitions referred to them, which was adopted. An ordinance amending the 10th sec. tion of an ordinance entitled "An Ordinance in relation to the Gas Works of the City of Wheeling," as follows, was submitted: Sec. 10. The price of gas shall be until otherwise ordered by Council, - dollar and - upon which price the said trustees shall allow the consumer a discount of 10 per cent, if the bill be paid on or before the 10th day of the month such bill becomes due, if paid at the office of the Trustees. Sec. 2. This ordinance shall take etfect from and after the first day of 1877. To fill the first blank, $1 50, $1 80 and $2 00 were named. The vote was first taken on the highest named suns, and resulted as follows: YEAR - Beltz, Erskine, Handlan, Hanke, McGaw, Pollock-6. NAYS - Horkheimer, Hanson, Long, Myles, Reitz, Werner, Logan-7. So the motion to fill the blank with $2 was lost. The vote was then taken on the next largest sum, $180, which was adopted by a unanimous vote. The blank in Sec. 2 was filled with the date "February 1." The amendments of the First Branch to the ordinance providing for the issue of bonds were concurred in. The action of the First Branch in relation to the report of the Board of Equalization and Appeals was concurred in.

3. January 24, 1877 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 24, 1877

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Article Text

MISCELLANEOUS. ELECTION NOTICE. To the Qualified Voters of the City of W heeling. W HEREAS. The Count of the City of Wheeli did, on the 5th day of January adopt an ordinance in words and figures is follows, that is to AN ORDIN NCE to provide for the issue and sale bonds by the City of beeling, and 10: the thereof redemption and ment pay the Council the City of Ordained Bei Wheeling, That for the purpose of providing means for the payment of the outstand ling and unpaid city orders, and the payment of the overcheek the the of on Wheeling Receiver Exchange Bank of Wheeling, the Mayor Clerk the City of Wheeling be and they are and directed to make. and on 1877 soon there Marcl day of deliver appointed the bonds of said city, sums $500 the amount of One Hundred on Thousand Dollars payable Twenty bethe March in the Exchange Bank of Wheeling, in the City of Wheelinterest at the six per cent per anthe interest to be payable on the 1st day March and each year, at the said for Bank which coupons interest Exchange proper form shall be attached to each bond, with Clerk the of engraved city signature the thereon; thesaid bonds be signed by the Mayor, countersigned by the Clerk and sealed with the seal of the The City of W heeling hereby the right to redeem at is par value any one more of bonds at any time after the March day of 1st Be it further ordanised, That Morgan L Elijah Stone and Samuel Laughlin be and they are hereby appointed Commissioners, and they are hereby instructed and empowered to sell bonds in the manner provided by chapter one hundred and forty-one of the act of 1872- of the Legisla ture of West Virginia; provided, however, that no bond shall be sold at less than its par value in cash SEC That the proceed an ising from thesale of said bonds shall be paid ou TO such person or persons the Council of said city shall from time to or direct; provided, how ever. that no part the same be paid out by them for any other purpose than In payment the outstanding vercheck the and the orders of Receiver city of city on the Exchange Bank of WI heeling. the secure That of ual punct payment said bonds and coupons according to their tenor and effect. the Receiver of said city shall the 15th day of August, 1877 and on the 15th day and 15th day of August in each No said pay thereaf year monies his hands to the creditol said city (until said bonds shall have been fully paid,) three thousand and six hund Receiver said 15th the day February 1887 and on the 15th day of and every have bonds teet fully paid, any monies in his hands to the credit of said city, pay thesaid (in addition to sum) the stem six thousand dollars The receir said Comm sioners for said monies shall be filed with the Clerk of the city by the Receiver The out of the money celved by them from the Receiver this ordiissued with coupons shall said nance, become due and after payment the 1st day of Marc and day of March every year thereafter. apply the residue the moneys then remaining their hands, together with any further soms placed under their control for the to the the redemption bonds outstanding issued of under this ordinance, rate not greater than their par be bonds value. the the holders value consent their to case. bonds such the redeemed by Comm said etermined by issioners, who shall the holders notice thereupon thereof. for lished isement two weeks some by newspaper printed in the city of heeling, of the numbers bonds the to redeemed and shall cease bear interest from the first day of March It shall be the duty of the Commissionthey are deliver and to the bonds and coupons at every or once them ottenCouncil and the Clerk the same in book to be provided for that shall be the duty of the Commission of account their receipts keep and and report the same Council annually and at such other times as Council shall order. The Council of said city may Yor cause remove any one more of said Comn and the or their may resign lving notice in writing Mayor Clerk of the City. Any vacancy shall be filled by the Council SEC shall Commissioner under this he shall have given bond be approved by Council in penalt tifteen Thousand dollars, which tioned to the follow ing effect: The condition of the above bliga tion is such that the alove bound B. has been duly under an ordinance of city 'An entitled ordinance heeling, 10 bonds the city the by and for the nent redempt appointment the his during sald shall things duties shall and truly acsuch to over person persons all the moneys as such the remain force and in shall be duty the the of of ision this orhis dutles) and failure any upon of the any duty by this his bond. shall they and daily of the the heeling, said city bids Should the amount of bonds to be issued shall apportion them among shall as for their services one one per of disbursed by them under this provided. they shall not for the disburse ment the sale of the bonds. That the bonds issued unnot be taxation of the City w heeling. ake effect from and its ratification by the ified voters of the heeling, at an election to be held on the A. provided by the third section of the Legislature of W est Virginia, entiAn act authorizing panicipal corporations to issue bonds, December 2. 1873.) that when the Council of any cit ly should deem it expedient to bonds such city, that an ordinance the purpose and specifying amount for such to bonds eissued, shall beadopted by such Council shall then be the duty of the issue Mayor to tion ap day the pointing which shall an be election held the by qualified such city, w) hetiher they will ratify or joctsuch ordinance Those are. therefore. to notify the qualified votera the City of W heelin election will be held on Thursday the 25th of January same the places which charter election ill be held on that day and under be superinten of such persons as the Mayor may appoint. The election will be conducted all things accord ing the visions of ordinance of said city, An ordinance relation election of Mayor and other officers by the volers of the City of Wheel. ing and under the charter of said city All persons voting for the ratifica tion of the ordinance herein set forth shall have written print. ed on his ballot the words, For Rat and those voting against ratafication shall have written printed on his ballot the words, For Rejecaggregat amount of indebtedness of the City Wheeling issued and authorized by the said city date