Wheeling Savings Institution

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 29, 1887
Location: Wheeling, West Virginia (40.064, -80.721)

Metadata

Model: gpt-5-mini
Short Digest: 3f446fbb

Response Measures

None

Description

Article (Wheeling Register, 1887-06-29) describes the institution as defunct with a receiver (Daniel Lamb) handling suits and dividends after the collapse. No run is mentioned; the bank is in receivership and affairs are being wound up, indicating a suspension that resulted in permanent closure. Bank called a 'Savings Institution' — likely a state-chartered savings bank.

Events (3)

1. June 29, 1887 Other

Newspaper Excerpt: Five dividends have been declared ... amounting in the aggregate to 23¾ per cent on the full amount. This is exclusive of lawyers' fees, which aggregate a good round sum.
Source: newspapers

2. June 29, 1887 Receivership

Newspaper Excerpt: Meeting Honorable Daniel Lamb yesterday, a reporter asked him how the affairs of the defunct Wheeling Savings Institution, of which he is receiver, were coming on.
Source: newspapers

3. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Institution collapsed with large debts (~$340,000) and suits against directors; insolvency/financial failure led to suspension.
Newspaper Excerpt: When the institution failed the debts amounted to some $340,000.
Source: newspapers

Newspaper Articles (1)

1. June 29, 1887 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 29, 1887

Click image to open full size in new tab

Article Text

# A LONG WAIT. The Amount Received by the Stockholders of the Wheeling Savings Institution Meeting Honorable Daniel Lamb yesterday, a reporter asked him how the affairs of the defunct Wheeling Savings Institution, of which he is receiver, were coming on. "There is nothing new," said that gentleman. "Some of the stockholders have not yet presented their claims for the last dividend of 5½ per cent., which was declared the latter part of last year, being the money secured from the claim against the Panell estate." "What percentage of the amount have the stockholders received from assets of the bank since the collapse?" "Well, when the institution failed the debts amouted to some $340,000. Since that time money has been secured from suits against the members of the Board of Directors and from other sources, and five dividends have been declared, the first 8 per cent, then 4, 3, 3 and 5½ per cent respectively, amounting in the aggregate to 23¾ per cent on the full amount. This is exclusive of lawyers' fees, which aggregate a good round sum." "Well, will the payment of the last named dividend close the affairs of the institution?" "No; there still remain a number of suits in the Courts unsettled, and they are liable to drag out their weary length for some time to come. Until they are decided affairs will continue unsettled, and the stockholders may yet receive more dividends. They have been some seventeen years securing what they have, and many of them passed away in that time, while others are likely to do the same before the last suit is ended and the matter finally settled.