Wheeling Savings Institution

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 3d7c2ef0

Response Measures

None

Description

Article (letter to editor, 1900-02-16) references that the Wheeling Savings Institution broke up and that funds were in a Receiver's hands. No date or cause given for the break-up; no mention of a run or suspension timing. Classified as suspension_closure because a receivership/closure is described with no run reported in these articles.

Events (1)

1. * Receivership

Newspaper Excerpt: the Wheeling Savings Institution when it broke up, and that is this the amount of money that will be in the Receiver's hands for the first ten years which he will have to deposit in some bank, and might not the same thing happen again-the bank broke?
Source: newspapers

Newspaper Articles (1)

1. February 16, 1900 Wheeling Register Wheeling, WV

Article from Wheeling Register, February 16, 1900

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Article Text

# A Warning to Taxpayers, To the Editor of the Register. Sir: Will you please allow me space enough in your valuable paper to warn the people of the city of Wheeling-more especially the small taxpayer on real estate and personal property-as there is no clause in the refunding ordinance shielding the poor man from paying taxes on his little mite, but there is a clause shielding the rich man, the "bondholder," which you can see by reading lines 101, 102 and 103, on page 4, of the ordinance, as follows: "Neither said bonds nor the coupons thereto attached shall be subject to taxation under the authority of the city of Wheeling." Look a little out, people, before you cast your vote to refund the city debt, and count the cost. Remember this is not the total debt of the city that the schemers want to refund-not by a long shot. The water board will come in later on with their wad, that they have piled up against the city on the instalment plan without any authority of law. I make this assertion, knowing that it cannot be disputed. The schemers want to put on the market now bonds to the amount of $510,000, to run for 34 years, bearing interest at the rate of 4 per cent. When you add the amount of interest we will have to pay in that time, $384,000, it will make the enormous amount of $894,000 that we will have to pay, provided we pay in accordance with the ordinance $150,000, and interest up to and including the year 1910, and $15,000 every year after that, and interest until the whole debt and interest is paid in 1934, amounting in all to $894,000, all of which will go to the bloated bondholders, and upon which they pay no city taxes to assist in running the government of the city of Wheeling. There is another and a very dangerous, and I ought to say fatal, clause in the refunding ordinance that I want to call the people's attention to, that the city of Wheeling once paid very dear for; that was when there was a large sum of money in the "Wheeling Savings Institution" when it broke up, and that is this the amount of money that will be in the Receiver's hands for the first ten years which he will have to deposit in some bank, and might not the same thing happen again-the bank broke? And besides that, who will get the interest on that $150,000 while it is accumulating-the Receiver or the city of Wheeling? There is no provision in the ordinance concerning it, and at the rate of 4 per cent. straight it would amount in that time to $27,000-quite a nest egg for some one! I have no doubt that some of our own banks would be willing to whack up with some good fellow that could steer as good a thing as that their way. MORE AΝΟΝ.