State Bank of West Virginia (Charleston, WV)

Episode Information

Episode UID: 3013405591014
Episode Type: Suspension → Closure
Bank Type: trust
Bank ID: 301340559 hash
Start Date: June 12, 1884
Location: Charleston, West Virginia (38.350, -81.633)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 5201b50d7277e170

Response Measures

None

Description

Receivers/assignees were appointed and receivers later reported only 10 cents on the dollar payable to depositors.

Events (4)

1. June 12, 1884 Other

Newspaper Excerpt: A large crowd of depositors and curiosity-seekers gathered about the doors of the defunct institution, the depositors eager to ascertain the slightest news concerning the liabilities and assets of the bank.
Source: newspapers

2. June 12, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank considered weak; liabilities ~$119,000-$129,000 vs assets reported ~$115,000; rumors of fraud/speculation and alleged misuse of securities leading to failure.
Newspaper Excerpt: The doors of the State Bank of West Virginia in this city closed this morning.
Source: newspapers

3. June 13, 1884 Receivership

Newspaper Excerpt: Col. W. H. Hogeman is the assignee, and is already beginning to arrange affairs so that the best interests of all may be conserved.
Source: newspapers

4. June 26, 1884 Receivership

Newspaper Excerpt: One of the receivers of the State Bank of West Virginia to-day reported that 10 cents on the dollar would be paid on deposits.
Source: newspapers

Newspaper Articles (20)

1. June 13, 1884 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 13, 1884

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FINANCIAL. A Texas Suit Against Grant & Ward. GALVESTON, June 12.-A special to the News from San Antonio says: Two suits involving $50,000 were instituted here yesterday against Grant & Ward and James D. Fish of New York. Elihu Spicer, the plaintiff in the first suit, alleges that on July 11, 1882, Ward executed and delivered to him a promissory note for $20,000, bearing 5 per cent. interest until the note should be paid, and to secure the payment of the same deposited with the defendants as collateral 583 shares. of the Yonkers Smelting Company, 1600 shares of the Freeland Mining Company, and 3374 shases of the Tabor Mining Company. Spicer seeks to collect his $20,000 and interest by bringing suit in this county and suing out a garnishment against Berge & Co. of this city, who are neavily indebted to Ward. The petition of C. H. Mallory & Co., the plaintiffs in the second suit, alleges that on April 14, 1884, Grant & Ward executed six promissory notes for $5,000 each, payable to James D. Fish, President of the Marine National Bank; that Fish indorsed the notes in blank, and for a consideration transferred them to the plaintiffs. A garnishment against Berg & Co. was also issued in this suit. Mallory & Co. and Mr. Spicer gave garnishment bonds for $100,000. A West Virginia Bank Closes Its Doors. CHARLESTON, W. Va, June 12.-The doors of the State Bank of West Virginia in this city closed this morning. Its liabilities are $119,000; assets reported to be $115,000. The principal losers are poor people, who had small sums deposited. It is doubtful if the bank pays over 20 per cent. Excitement runs high and but little business has been done here to-day. A slight run was made on other banks this morning.

2. June 13, 1884 New-York Tribune New York, NY

Article from New-York Tribune, June 13, 1884

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A WEST VIRGINIA BANK FAILS. MANY POOR PEOPLE LOSE THEIR DEPOSITS-RUMORS OF WRONG DOING. CHARLESTON, W. Va., June 12.-The doors of the State Bank of West Virginia, this city, were closed this morning. The liabilities are $129,000, The assets are reported to be $115,000. The principal losers are poor people, who had small sums deposited. There are many ugly rumors afloat on the streets. The supposition is that the bank will pay 50 per cent, but it IS doubtful if it pays over 20 per cent. The bank has been considered weak for some time, but the citizens continued to deposit with it. The officials of the bank received deposits yesterday up to 3 o'clock. The depositors are anxiously awaiting an investigation. The State of West Virginia had $8,000 deposited in the bank. Excitement runs high and little business has been done here to-day. A slight run was made on the Kanawha Valley Bank, when the doors were opened at 9 o'clock this morning, but as every check was promptly paid tue run ceased after an hour. During the run on the Kanawha Valley Bank many of the largest business men made heavy deposits. The Kanawba Valley Bank has over $150,000 in its vaults and is solid.

3. June 13, 1884 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 13, 1884

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IN THE FASHION. State Bank of West Virginia Closes Its Doors. GREATEST EXCITEMENT PREVAILS. Ugly Rumors in Circulation at the Capital City Liabilities Fixed at $120,000 With Assets of About the Same. Special to the Register. CHARLESTON June 12.-The city has been in a state of excitement all day, consequent upon the failure of the State Bank of West Virginia, which event occurred this morning. Careful business men had for some time regarded the bank as being somewhat shaky, but no immediate trouble was anticipated. Consequently when the announcement of the failure was made this morning there was considerable excitement. Almost immediately a large crowd of depositors and curiositv-seekers gathered about the doors of the defunet institution, the depositors eager to ascertain the slightest news concerning the liabilities and assets of the bank Information in detail is wanting. But it is learned from reliable sources that the liabilities are in the neighborhood of $120,000, with nominal assets of $115,000. The actual assets are unknown. The excitement continued to grow with the day, and but little business was transacted. The State had $8,000 on deposit with the bank A Slight Run. When the doors of the Kanawha Valley Bank opened there was a slight run, but as all checks were promptly paid, it soon subsided. During the run on this bank many business men made large deposits. This largely tended to allay the panic. The Losers. The losers by the failure of the State Bank are mostly poor people who can ill afford the loss. The bank officials convey the im pression that the institution will pay from 60 to 80 per cent., but the general impression is that depositors will be lucky if they secure twenty per cent. of their money. Ugly Rumors. The causes that lead to the failure are vet a mystery Ugly rumors are in circulation to-night, charging all sorts of fraud and chicanery. But doubtless they are much exagerated owing to the excitement of the hour. The generally accepted theory is that reckless speculation is at the bottom of the trouble. An early statement from the bank official is eagerly looked for. The Assignee. Col. W. H. Hogeman is the assignee, and is already beginning to arrange affairs so that the best interests of all may be con served. The latest rumor is to the effect that coal speculations caused the disaster, the bank ieing connected with the Kanawha . Mining Company

4. June 13, 1884 The Daily Cairo Bulletin Cairo, IL

Article from The Daily Cairo Bulletin, June 13, 1884

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ANOTHER BANK SUSPENDS, The State Bank of West Virginia Closes Its Doors-Ugly Rumors. CHARLESTON, W. Va., June 12.-The doors of the State Bank of West Virginia of this city closed this morning; liabilities, $119,000; assets, reported $115,000. The principal losers are poor people who had small sums deposited. Many ugly rumors are afloat on the streets. The supposition is that the bank will pay fifty per cent., but is doubtful if it pays twenty per cent.

5. June 13, 1884 Daily Los Angeles Herald Los Angeles, CA

Article from Daily Los Angeles Herald, June 13, 1884

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Another Bank Suspends. CHARLESTON, W. Va., June 12,--The doors of the State Bank of West Virginia, of this city, were closed this morning. Liabilities, $119,000. Many ugly rumors are afloat. It is stated that the bank will pay fifty per cent., but it is doubtful if it pays over twenty. The officials of the bank received deposits yesterday up to 3 o'clock. The depositors are anxiously waiting for an inves tigation. Excitement runs high, and but little business has been transacted to-day.

6. June 14, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, June 14, 1884

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SOME HEAVY LOSERS. The largest deposit which was swept away was that of Hutchinson & Tate, exceeding $115,000, and the next highest is that of a well known official, $61,000. A number of civil suits have been instituttd, and some of the sufferers were before the grand jury yesterday trying to secure an indictment of the Middletons for obtaining money under false pretences. Developments not yet made public promise some very ugly features. S. E. Middleton protests that he had no knowledge of the use of the securities of the bank, which he charges upon his partner. THE WEST VIRGINIA CRASH. Arrests Rumored but None Yet MadeExcitement Abating. CHARLESTON, W. VA.,June 13.-Yesterday's excitement over the failure of the State Bank has somewhat subsided, but many depositors are much agitated over the loss of their money, while others take matters more easily and hope for the best. There was a slight run on the Kanawha Valley Bank early to-day, but all calls were met, and the run was stopped after a few minutes. Col. Hogeman and Col. Couch, the assignees of the State Bank, are getting out a statement which will be made public in a few days. The arrest of the officials was reported to-night, but up to a late hour no one was in custody.

7. June 14, 1884 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 14, 1884

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The Charleston Bank. CHARLESTON, W. Va., June 13.-Yesterday's uneasiness over the failure of the State Bank has somewhat subsided, but many depositors are much agitated over the loss of their money, while others take matters easy and hope for the best. There was a light run on the Kanawha Bank early to-day, but all calls were met, and the run stopped after a few minutes. This bank is strong, and is prepared for a run. Col. Hogeman and Geo. Coach, assignees of the burst bank, are getting out a statement, which will be made public in a few days. The arrest of the officials is reported to-night, but up to a late hour no one is in custody.

8. June 14, 1884 Wheeling Register Wheeling, WV

Article from Wheeling Register, June 14, 1884

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FOLLOWING SUIT. The Kanaw ha Mining Company Fails. Special to the Register. CHARLESTON June 13.-The announcement was made to-day of the failure of the Kasawha Mining Company. It is believed no further failures will result from the suspension of the State Bank Excitement has died out and the failure of the Mining Company caused but Hole comment. The worst feature is the loss to the many laboring men employed at the mine.

9. June 14, 1884 The Daily Dispatch Richmond, VA

Article from The Daily Dispatch, June 14, 1884

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The Charleston, W. Va., Bank-Failure [By telegraph to the Dispatch.] CHARLESTON, W. Va., June 13.-Yesterday's excitement over the failure of the State Bank had somewhat subsided, but many depositors are much agitated over the loss of their money, while others take matters more easily and hope for the best. There was a slight run on the Kanawha Valley Bank early to-day, but all calls were met, and the run was stopped after a few minutes. Colonel Hageman and Colonel Couch, the assignees of the State Bank, are getting out a statement, which will be made public in a few days. The arrest of officials was reported to-night, but up to a late hour no one was in custody.

10. June 14, 1884 Martinsburg Independent Martinsburg, WV

Article from Martinsburg Independent, June 14, 1884

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West Virginia's State Bank Fails. CHARLESTON, W. Va., June 12.The doors of the State Bank of West Virginia, of this city, were closed this morning. The liabilities are $119,000. The assets are reported to be $115;000. The principal losers are poor people who had small sums deposited. There are many ugly rumors afloat about the institution. The supposition is that the bank will pay fifty per cent., but it is doubtful if it pays over twenty-five per cent. The bank has been considered weak for some time, but the citizens continued to deposit with it. The officials of the bank received deposits yesterday up to 3 o'clock. The depositors are anxiously awaiting an investigation. The State of West Virginia had $8,000 deposited in the bank. Excitement runs high, and but little business has been done here to-day. A slight run was made on the Kanawha Valley Bank when the doors were opened at nine o'clock this morning, but as every check was promptly paid the run soon ceased. During the run on the Kanawha Valley Bank many of the largest business men made heavy deposits. The Kanawha Valley Bank has over $150,000 in its vaults, and is solid.

11. June 16, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, June 16, 1884

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1884 Corresp'g weeks. Past Previ's 1883. 1882. 1881. week. week. States. 39 18 33 44 42 Middle 14 31 14 40 21 New England 14 28 20 43 43 Southern 14 30 46 40 54 Western. Pacific and Ter5 7 21 15 24 ritories 60 104 165 182 184 Totals 6 16 23 33 15 Canada About 77 per cent. were those of small traders whose capital was less than $5,000. Among the suspensions reported were Herron & Spencer, wholesale cocoanuts, New York city; Howard D. Thomas & Co., manufacturers of cotton and woolen goods, Philadelphia; State Bank of West Virginia, Charleston: Le Roy Moore & Co., bankers, Greenville, Mich.; A. Carriere & Sons, exchange dezlers, and B. J. West's Son & Co., hardware, New Orleans; William Davison & Co., chemicals and fertilizers, Baltimore. In the principal trades they were as follows: Grocers 24; general stores 16; liquors 15; dry goods 10; hardware and agricultural implements 9; manufacturers 9; paper, books, etc., 8; produce. provisions, etc., 7; furniture 7; drugs 7; shoes 6; fancy goods 6; millinery 6; clothing and cloth 5; grain and flour 5; harness 5; hotels and restaurants 5; lumber 4; jewelry 4; bakers and confectioners3 carpenters and builders 3; markets 3; bankers 3; banks 2. ALABAMA. Birmingham.-J. H. Yuckley. grocer, assigned. Liabilities $500: assets $250. Mobile.-L. M. McKinney, saddlery, assigned. Liabilities $6,000; assets $3,000. GEORGIA. Atlanta.-Henry H. Dickson, job printer. assigned. J.S. Maxwell, Jr., grocer, closed by Sheriff. Augusta.-Rhind & Bell. stock brokers, owe $32,125; assets $15,585. Columbus.-J. S. Jones, dry goods, sold out to James A. Lewis, a creditor, to whom he owed $11,000. The other liabilities are reported at $20,000. McDonough.-John L. Wise, furniture, etc., mortgage foreclosed, failed and sold out. SOUTH CAROLINA. Welford.-James A. Booker, general store, assigned. Liabilities $2.000; assets small. TENNESSEE. Knowville.-Alexander Kennedy, general store, sold out. Sneed & Hewin, furniture, sold out to A. C. Sneed, the largest creditor. Memphis.-Kennesaw Manufacturing Company owe $36,262; nominal assets $55,460; actual assets about $25,000. Roberts & Mc. Cauley, saloon, closed by attachment. St. Clair.-Thomas Brooks, general store, failed. Liabilities $600; assets $200.

12. June 19, 1884 The Londonderry Sifter South Londonderry, VT

Article from The Londonderry Sifter, June 19, 1884

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ITS DOORS CLOSED. Suspension of the State Bank of West Virginia.- in Angry Populace. The doors of the State Bank of West Vir ginia of Charleston are closed. The liabilities are $119,000. The assets are reported to be $115,000. The principal losers are poor people who had small sums deposited. It is doubtful if the bank pays over 21 per cent. The state of West Virginia had $8000 deposited in the bank.

13. June 20, 1884 West Virginia Argus Kingwood, WV

Article from West Virginia Argus, June 20, 1884

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LOCAL HAPPENINGS. One dollar and fifty-eight. Take your guists to Giles' Mills. Go to Voltz's for your suspenders. It will be hot politically before long, FGo to Giles to have your rolls carded. -Pay up your subscription and be happy. If you want neckware call at Voliz's. -Corresponden's must sign name in full to communications. Call and examine Voltz's Spring Stock of suitings. -Our piper is one dellar per year, in ariably in advance. Vol'z has 8 full line of hosicry Call and examine. -Scarlet fever is raging destructively 40 many parts of the State, 4011 you want N fine lap robe V.I Z's is Abe place to buy it. -Miss Lillie Feather has g ne to Eglon to visit for eight or ten days. 17 Go to Voltz and buy a diamond abirt-the best in the world. -Neil J. Fortney E q spent two days fugBiltimore on business last week, -THE ARGUS is only one dollar per year. Ask your friend to subscribe for it. We have learned of no place in this county where the 4th will be celebrated -Call and settle your subscription bill at once. We need and must have money. -A Blaine and L gan Club Was organized_bu % Satunday evening Well, well. -Julius Monr e,sf or spending a coupde of weeks at returned to Ok dand on Menday. -In 1880 here were 418 957 dic TH and en pl. yes "g ged 30 reifroading in the United S ates. -Smi b Cr ne has lately had bis house given a new at of paint. Mack M. pear did the work. π-A T. Holt, of Grafton, WHS in town this week convassing for "Bline"s Twenry years in Congress." -Our jail is without an occupant Peace and q net supreme, serms to reign throughou the county. The Ohio River railroad from Wheelthe to Parkersburg is finished and trains are now ruuning upon it, Frank Hine will open up in the tin and stove business in Brucaton in the course of & week or two, -The urth of July is not faz off Are We going to have 8 celebration OF anything else here on that day ? The State Bank of West Va., at Charleston el sed last Thursday. 1. cre ated great excitement in the city. -Those from this place who attended the Commenement ex rcises at the University last week, arrived home on Fri day. -The summer resort season has been opened at Terra Alia. Ten or fwely boarders have taken rooms at the Summit House. J. R odeheaver, of Bradd ock, Pa., arrived at this place Sunday, being summond here to attend the funeral of bis father. -N tice the Trustee's Bale published in another column. The property is a very desirable one and would make some one a nice home. -John W. Guseman, of Valley district. was in town last Friday, He informed us that their whole district went to Mor gantown on Thursday to Commencement. --Whenever there has been an excessive fall of rain during the winter and early spring, the probabilities are that B. corre sponding period of dry weather will fol low. -James Allender, formerly f this county, but now of Grafton, was in town on Tuesday and gave this office a call. We found Mr. Allender a very pleasant gentleman. Rooden, an imbecile who stays at the poor house, ran away with a half cr Zy girl to Penesylvania last Saturday, bent OD getting married. They have not returned yet. We added five new subscribers to our list on Monday. They are J. W. Quion, E. M. Cole and Harry Zummerman, Tun. nelton; J. H. Allender, Howesville, and Jas All nder, Grafton. This is pretty good for one day. For the three at Tun police

14. June 27, 1884 Savannah Morning News Savannah, GA

Article from Savannah Morning News, June 27, 1884

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Only 10 Cents on the Dollar. CHARLESTON, W. VA., June 26.-One of the receivers of the State Bank of West Virginia to-day reported that 10 cents on the dollar would be paid on deposits. The assets of the bank are nominally about $180,000, all of which, except about $40,000, is considered as worthless.

15. June 27, 1884 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 27, 1884

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Ten Cents on the Dollar. CHARLESTON, W. Va., June 26.-One of the receivers of the State Bank of West Virginia reported, to-day, that 10 cents on the dollar will be paid on the deposits. The assets of the bank are nominally $180,000, all of which, except about $40,000, is considered worthless.

16. June 27, 1884 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, June 27, 1884

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A fairs of the State Bank. CHARLESTON, W. VA, June 26.-One of the receivers of the State Bank of West Virginia reported that ten cents on the dollar will ba paid to the depositore. The assets of the bank are nominally $180,000, all of which, except about $40,000 18 coneidered 83 worthlees.

17. June 27, 1884 Daily Republican Wilmington, DE

Article from Daily Republican, June 27, 1884

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Bank and Business Fatiures. An extension for six months, on notes given by the Penn Bank of Pittsburg, for $286,000 to tide over the crisis after closing the doors of the bank for the first time, has been granted by the associated banks. The St. Petersburg Bank, of Clarion County, Penna., failed to open its doors Thursday morning. Inability to realize on its securities was said to be the principal cause of the failure. It is thought the bank will be able to meet its liabilities. A despatch from Charleston, West Virginia, says that one of the receivers of the State Bank of West Virginia Thursday reported that 10 cents on the dollar would be paid on deposits. The assets of the Bank are nominally $180,000, all of which, except about $40,000, are considered worthless. The assignment of the Lindell Hotel association, in St. Louis, does not close the hotel. The effects of the hotel are advertised for sale on the 17th proximo, but it is believed those interested in the property will buy it in.

18. June 27, 1884 The Dallas Daily Herald Dallas, TX

Article from The Dallas Daily Herald, June 27, 1884

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Ten Cents on the Dollar. CHARLESTON, W. Va., June 26.-One of the receivers of the State bank of West Virginia reported to-day that ten cents on the dollar will be paid on deposits. The assets of the bank are nominally $180,000, all of which, except about $40,000, is considered worthless.

19. July 3, 1884 The True Northerner Paw Paw, MI

Article from The True Northerner, July 3, 1884

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Zeno I. Young, the editor of the Madisonville (Ky.) Times, fell from the second story window of his office, and was fatally injured. One of the receivers says the State Bank of West Virginia, at Charleston, will pay depositors but 10 cents on the dollar. A fire at New Orleans destroyed property amounting to $200,000. "Doc" Walker, colored, was hanged at Texarkana, Tex. He had murdered a negro named Lucius Grant, last January, over a boot trade.

20. July 4, 1884 Staunton Vindicator Staunton, VA

Article from Staunton Vindicator, July 4, 1884

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Rev. Jacob Summers of the Lutheran church, died in Shenandoah county last week. The liabilities of the suspended State Bank of West Virginia at Charleston, are $120,000 and its real assets are $32,000. The first new wheat at Alexandria, Fultz variety, from Westmoreland county, in good condition, sold at $1@$1.05.