23158. Wheeling Savings Institution (Wheeling, WV)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 25, 1871
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini
Short Digest
2b855829

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Other: Assignee/receiver appointed (Daniel Lamb); treasurer arrested for fraud.

Description

Newspapers report rumors provoking a heavy run on the bank (late Feb 1871), directors made an assignment and closed the doors, and a trustee/receiver (Daniel Lamb) was appointed. Subsequent reports show a large deficit and that only a small return to depositors was expected, indicating permanent closure/receivership. I used Feb 25 as the date of the run (Saturday preceding Feb 27, 1871) and Feb 27, 1871 for the assignment/closure/receivership as reported.

Events (3)
1. February 25, 1871 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors of insecurity about the Wheeling Savings Institution circulated in the city and precipitated heavy withdrawals on Saturday afternoon.
Measures
Directors paid demands through mid-afternoon; later closed doors to examine books and protect assets.
Newspaper Excerpt
These rumors caused a pretty heavy run on the bank on Saturday afternoon, but ... all demands against the Institution were paid up to three o'clock P. M.
Source
newspapers
2. February 27, 1871 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery (or rumors later confirmed) of large deficits and alleged abstracting by the treasurer (A. C. Quarrier) led directors to make an assignment and close the bank.
Newspaper Excerpt
The Directors ... have made an assignment, for the benefit of their creditors, Daniel Lamb, Esq., being appointed assignee. The doors of the Institution will be closed to-day, that the books may be examined and the extent of the loss ascertained.
Source
newspapers
3. February 28, 1871 Receivership
Newspaper Excerpt
Daniel Lamb, the Trustee, publishes ... for those who hold claims against it to present their accounts for adjustment at the office lately occupied by the Institution ... the Directors of the Institution have made an assignment, for the benefit of their creditors, Daniel Lamb, Esq., being appointed assignee. The further the receiver proceeds ... not exceeding five per cent will be paid to the unfortunate depositors.
Source
newspapers

Newspaper Articles (7)
1. February 27, 1871 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, February 27, 1871

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Article Text

A HEAVY FAILURE. Wheeling Savings Institution Suspended. Rumored Deficit of 8150,000. The city was terribly excited on Saturday over rumors of the insecurity a of the Wheeling Savings Institution, bank of deposit that has enjoyed the confidence of the people of this locality for the past thirty-nine years. These rumors caused a pretty heavy run on the bank on Saturday afternoon, but, as we stated in the Sunday News yesterday, on the authority of those who knew, all demands against the Institution were paid up to three o'clock P. M. By dark Saturday night all sorts of stories were told of the cause of the failure and of the amount of the liabilities, but nothing official or even semi-official could be obtained, though we used every exertion to get at the facts. We have heard the liabilities stated at any sum from $100,000 to $150,000. There was between $50,000 and $55,000 belonging to the city sinking fund on deposit with the Institution, and private individuals, working men, have, some of them, had all their savings there. The Directors of the Institution were in hopes, on Saturday night, that they would be able to save $50,000 in addition to the assets in the bank, for the benefit of depositors, and to aid in the accomplishment of this desirable result, we said nothing of the many reports in circulation, in yesterday's Sunday News. We thought it better to aid in getting all the money that could be got for the poor men, widows and orphans, who were depositors in the Institution, than to enjoy the satisfaction of a sensational item. On the streets yesterday we heard a good many rumors as to the liability of the stockholders but have satisfied ourself that they are only liable to the amount of the capital stock, $50,000. The above is all we have been able to gather from the hundred rumors on the street in regard to this institution, and we them any give without vouching for of them. A day or two will give us all the facts in the matter, and we will then present them to our readers. The Directors, as will be seen by an article in another column, have made an assignment, for the benefit of their creditors, Daniel Lamb, Esq., being ap pointed assignee. The doors of the Institution will be closed to-day, that the books may be examined and the extent of the loss ascertained Last night Mr. Quarrier turned over all his real and personal property, and effects, bonds, policies of insurance on his life, stocks and household furniture to the directors. It is thought by the Board of Directors that with the deed of trust given them by the Norway Iron Works, the property surrendered by the Treasurer, and the funds on hand, they will be able to resume payments in a few days. Of course, nothing certain can be known until there has been a complete examination of the books.

2. February 28, 1871 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, February 28, 1871

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Article Text

MORE OF THE FAILURE. ARREST OF MR. QUARRIER. Our article of yesterday, on the failure of the Wheeling Savings Institution, giving the people to understand that their interests would be protected as far as possible by the Board of Directors, who are well known to our citizens as honorable and responsible men, went farther toward allaying excitement than could fifty thousand such pacifying articles as that published in that imitation of Mrs. Winslow's Soothing Syrup, the Intelligencer. About 9 o'clock Sunday night A. C. Quarrier, the Treasurer of the Savings Institution, voluntarily gave himself into the possession of the Sheriff, and was, at his own request, lodged in the county jail. We have heard but one reason assigned for this course-thathe feared personal violence and desired to be protected Yesterday morning at fifteen minutes after ten o'clock, Mr. Quarrier was formally arrested by Sheriff Brown, on a writ issued by the Clerk of the Circuit Court, at the instance of the President and Directors of the Institution, on a charge of "fraudulently abstracting from the Wheeling Savings Institution and its depositors, money, bonds and negotiable paper." The affidavit further sets forth that the affiants "do believe that A. C. Quarrier is about to leave the State with the intention of residing out of the same." Bond being demanded in the sum of $50,000, Mr. Quarrier was committed to jail in default It is too soon yet to give a detailed account of the causes that led to the arrest of the Treasurer. It seems to be pretty certain, however, that he has allowed his friends to overcheck their accounts largely. This is especially true in regard to the Norway Iron Manufacturing Company, of which Mr. Quarrier was President. That Com-pany, we are reliably informed, has exceeded its account $150,000. We heard no word affecting Mr. Quarrier's honesty until yesterday, and have thus far believed that he had got into difficulty by being too easy with his friends, but the abstraction of the bonds belonging to George Mendell & Co., the crediting of the Norway Iron Manufacturing Company with depositing $11,000 when they had placed but $1000 in the bank.the certainty that gold had been placed in his hands for sale of which there has been no ac. count made, gives a very dark appearance to this most unfortunate affair. This failure has fallen heavily on all classes of our citizens. Some are badly crippled, but more have lost their all. The little and hard earned savings of working men and women, the nailers, laborers, seamstresses, washer-women, are all gone. Even those of our colored citizens, who had by their frugality saved $50 or $100, are left penniless, for Mr. Quarrier enjoyed in a wonderful degree the confidence and respect of all classes of our citizens, from the highest to the lowest. Daniel Lamb, the Trustee, publishes in another column a notice to all who owe the Institution to make payment to him at once, and for those who hold claims against it to present their accounts for adjustment at the office lately occupied by the Institution on Monroe street, which will be kept open, until further notice, from ten until twelve o'clock each day.

3. March 3, 1871 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, March 3, 1871

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INTERESTING CIVIL CASE.-An interesting case, originating from the recent failure of the Wheeling Savings Institution, was heard before 'Squire Johnston, yesterday. A check upon that institution was given by one party to another, on Friday last, but the receiver did not immediately present the check, and the bank closed on Saturday. He commenced legal proceedings against the giver, but the case was decided in lavor of the defendant. The law requires a check to be presented the next day after it is received, and the party holding it longer does so on his own responsibility.

4. April 10, 1871 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 10, 1871

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WHEELING SAVINGS INSTITUTION.The further the receiver proceeds in examination into the affairs of the late Wheeling Savings Institution, the more appears the certainty that not exceeding five per cent will be paid to the unfortunate depositors. We give below a statement of the known condition of the bank to Saturday last. Known indebtedness $324,260 88 Probable and unknown 10,000 00

5. April 10, 1871 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 10, 1871

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police court to rest. Here she met sister Mary Morgan, and the two being rival beauties had a fight. She was fined $1 and costs or five days. The Judge ordered the execution of the sentence to be suspended on consideration of her leaving the city forthwith. Sister Catherine is not what might be termed a "fast" woman, but in fifteen minutes after the court adjourned she was in Ohio. Sister Mary Morgan is the woman we spoke of on Friday as being half lunatic when sober and raging crazy when drunk. When the lady from Pittsburgh, spoken of above, arrived at the police court room, she gave Sister Mary two or three good snifters and got up a fight with her. Sister Mary went out on the street, and the vile she had taken made her a perShe got up in liquor ect lunatic. the neighborhood of the Catholic Church and began to tear her clothing off. Some of the ever-kind nuns saw her and endeavored to soothe her, but she bit them and bit herself, her cries and screeches the while being more like the cries of a wild animal than a human being Officer Alex. Wallace took her to the lock-up, she biting and fighting him all the way down. When she appeared before the Judge her reason was in some measure restored As a precau. tionary measure and to hold her until some provision can be made for her, she was sent to jail, in default of $1 and costs, for ten days. Her child has been sent to the poor house Sister Margauritta Johanness, better as Jones, lately left Castle Like the race of known Kennedy. Mag Bourbon learns nothing from experience a social evil, on she For being the streets during forbidden hours, she was sent for thirty days in default of paying 810 fine. George Mayhew was arrested on charge of lewdness in being with Sister Jones. The city failed to establish the charge and the case against the young man was dismissed. Wesley Drake is a duck of a fellow a goose of on and the drunk He made Friday himself laying in round getting Second Ward market He was basted to the tune of $1 and costs or five days Schmidt says he came from The officer Philadelphia. Henry drunk who arrested that Henry was so it he could was him with says difficulty Madison be lifted from the sidewalk on street and taken to the calaboose Henry wait piles Judge Good said was piles of whisky and asked Henry to pay $1 and costs or take five days geology You should not fail to try our cele brated improved $1.25 Kid Glove in shades. BRUES & SANDERS WHEELING SAVINGS INSTITUTION.The further the receiver proceeds in examination into the affairs of the late Wheeling Savings Institution, the more appears the certainty that not exceeding five per cent will be paid to the unfortunate depositors. We give below a statement of the known condition of the bank to Saturday last. $324,260 Known indebtedness 10,000 Probable and unknown $344,260 Total assets, good. bad and indifferent, exclusive of Norway notes. $69,248.91 $265,011 Defficit The notes of the Norway Iron Com pany amount to about $100,000. These were turned over by Mr. Quarrier at the time of his arrest. Their market value at this time we do not know. Admitting them to be worth one hundred cents on the dollar, the Savings Institution would still be $165,000 short. Taking everything into consideration, about five cents on the dollar will be about the amount _realized by depositors. Go AT once and procure one of those handsome summer Silks at $1.00 yard before they are all gone. BRUES & SANDERS THE MENDELSSOHN CONCERT.-We were disappointed in the size of the audience at Washington Hall, on Saturday night, attending the concert of the Mendelesohn Quintette Club. As was said on another occasion, "though not large it was select." The performance the

6. April 9, 1877 The Wheeling Daily Register Wheeling, WV
Article from The Wheeling Daily Register, April 9, 1877

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PARDON OF A. c. QUARRIER. His Excellency, Governor MATHEWS, last Saturday issued a pardon to ALEXANDER C. QUARRIER, convicted October to 16,1871, and sentenced for eight years books the penitentiary, for altering the of the Wheeling Savings Institution, our of which bank he was cashier. All of citizens will remember the failure Febru- of the Wheeling Savings Institution, in 1871, the panic among its depositors, the ary, consternation among business men, of and the excitement among all classes that the community consequent upon event. The arrest of Mr. QUARRIER was immediately made, his trial followed Oc. in the succeeding autumn, and from in tober 1871, he has been confined His the Penitentiary of the State. pardon last Saturday 18 an act of executive clemency which we feel assured here will be approved by public opinion and throughout the State. The influences enlisted and the reasons adduced in favor of Mr. QUARRIER'S release have been of the strongest character. Hon. THAYER MELVIN, by whom the he was tried and sentenced, wrote to executive in his behalf, strongly urging the the pardon. Hon. J. H. GOOD. the Prosecuting Attorney who secured in conviction, addressed the Governor the a similar manner. A majority of jury who found him guility, joined in a petition. In this city, petitions nu- all merously signed, and by classes of the community, including the most influential and respectable Mr. of our citizens, asked the pardon of QUARRIER. Over two years ago, a number of leading men in different parts ad. of the State interested themselves, and dressed the Executive in Mr. QUARRIER'S behalf. More recently, petitions have been received by Governor MATHEWS from many others of this class of citi- and zens, members of the Legislature other prominent men in Wheeling dur- in ing the past winter. The depositors the institution, the people who lost most largely by the failure of the bank, have generally united in recommending and Mr. QUARRIER to Executive elemency, at latterly many of those who libfirst were opposed to his eration have labored actively for his relief. A letter signed by all the officers of the State prison, bearing testimony to QUARRIER'S uniform good conduct and his faithful discharge of the duties assigned him, and urging his pardon, was received by Governor MATHEWS last week, and no doubt had due weight in influencing the decision that was finally made. We have no hesitation in expressing our belief that Governor MATHEWS has done an act which time, experience and He the public judgment will approve. has done the right thing and he has done to it in a manly way. We have reason believe that had he thought a pardon should not have been granted he would have been equally prompt in so deciding QUARRIER was sentenced to imprison. has ment for a term of eight years. He served of this term nearly five years and six months. Under prison rules, the t abatement of the term earned by him for good conduct amounts to nearly one year. His pardon therefore shortens the term of actual imprisonment about twelve months. It sends him into the world again, with the good wishes and sympathy of a very large majority of who his old personal friends, and of many 1 knew him by reputation, to retrieve to if possible the errors of the past, and make of himself a useful and honored citizen. His punishment has long since been inflicted. To a man of his character it must have come with the conviction, and the keen humiliation of the convict's garb. The purposes of the law, not its full letter, have been satisfied To add to this by unnecessary imprisonment would have partaken far more revenge than of justice. There are other reasons that will ren der this act of Governor MATHEWS commendable and kind. It will carry gladness to the breasts of those to whom we can only refer with the deepest sympathy and respect, when we recall the unshaken devotion that has clung to this unfortunate man, through all the darkness of the past six years. Such affection needs to be considered and respected, and it has been. THE AMENDED SCHOOL LAW. The Legislature at its late session amended the school law of the State, in

7. April 14, 1877 The New Dominion Morgantown, WV
Article from The New Dominion, April 14, 1877

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Pardon of A. C. Quarrier. His Excellency, Governor Mathews, last Saturday issued a pardon to Alexander C. Quarrier, convicted October 16, 1871, and sentenced for eight years to the penitentiary, for altering the books of the Wheeling Savings Institution, of which bank he was cashier. All of our citizens will remember the failure of the Wheeling Savings Institution, in February, 1871, the panié among its depositors, the consternation among business men, and the excitement among all classes of the community consequent upon that event. The arrest of Mr. Quarrier was immediately made, his trial followed in the succeeding autumn, and from October, 1871, he has been confined in the penitentiary of the State His pardon last Saturday is ameat of executive elemency which we feel assured will be approved by public opinion here and throughout the State.- Wheeling Reg.