Silver Banking Company (Wellsville, OH)

Episode Information

Episode UID
481992391337
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
48199239 hash
Start Date
May 30, 1911
Location
Wellsville, Ohio (40.603, -80.649)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
98d4749f6c2f4482

Response Measures

None

Description

Bank made a deed of assignment and an assignee (A. G. McKenzie) took charge; bankruptcy motion also filed.

Events (2)
1. May 30, 1911 Receivership
Newspaper Excerpt
Assignee A. G. McKenzie will assume charge of the bank to-morrow; motion prepared asking President Silver to be declared a bankrupt and trustee appointed. The deeper Assignee A. G. McKenzie goes into the affairs...
Source
newspapers
2. May 30, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank made a deed of assignment (failure/insolvency); vaults nearly empty and heavy losses reported
Newspaper Excerpt
Efforts to protect the depositors of the Silver Banking Company of Wellsville, which assigned yesterday, were made to-day
Source
newspapers

Newspaper Articles (3)
1. May 31, 1911 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, May 31, 1911

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Article Text

Bomb for Banker FOREIGNERS THREATEN HEAD OF DEFUNCT WELLS. VILLE BANK. Move Made to Throw Silver Into Bankruptcy Following Bank Failure. Special Dispatch to the Intelligencer. WELLSVILLE, O., May 30.-Efforts to protect the depositors of the Silver Banking Company of Wellsville, which assigned yesterday, were made to-day when a motion was prepared to be filed in the United States Dis. trict Court in Cleveland, asking Prestdent Silver to be declared a bankrupt and trustee appointed. The motion is supported by an atfidavit in which it is declared that Mr. Silver, in making a deed of assignment, committed an act of bankruptcy. Should the motion be granted Referee in Bankruptcy C. C. Connell, of Lisbon, will appoint the trustee. Feeling still runs high against Mr. Silver in Wellsville. Foreigners are said to have wanted to blow up his country home. He has remained in Lisbon since the crash. Developments to-day show that the heaviest loser is Herman Schaeffer, proprietor of the Schaeffer hotel. He had $18,000 on deposit. Other losers are: First United Presbyterian church, $8,000; Tri-State Gas Company, $3,900; Mrs. Bird Porter, $4,000; Robert Wooster, grocer, $4.000; Julius Goetz, clothier, $3,500: S. Rueben, junk dealer, $3,000; Morrow Brothers, retail merchants, $3,800; Harry Lounds and John Reark, dancing instructors. $600. Assignee A. G. McKeinzie will assume charge of the bank to-morrow,

2. June 1, 1911 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, June 1, 1911

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Article Text

Bank Vault Nearly Empty Surprise in Wellsville Failure When But Little Coin Was Found. BIG SUM RECEIVED DURING LAST WEEK Attorneys From Other Towns Arrive and Thorough Inquiry Is Certain. Special Dispatch to the Intelligencer WELLSVILLE O., May 31.-The deeper Assignee A. G. McKenzie goes into the affairs of the Silver Banking Company the more complicated the business of the Institution becomes. The vaults of the bank were opened this afternoon and practically no cash at all was found. Where all the money has gone that was deposited Saturday night is considered a mystery. It was reported to-night that "the cash was taken to a Pittsburg bank for safe keeping. fearing that a run might be made on the local bank." This report is not being generally accepted. Attorneys for the H. Silver Company at Lisbon are reported to have stated to local men that the failure was a bad one. Attorneys from other towns have started to come here to protect elients. The filing of a motion in the United States Court in Cleveland to throw the concern into bankruptcy will, it is believed, be enough to have the government go to the bottom with the inquiry It is common talk that the bank was never known to have made a "bad loan." and that all paper was compelled to be renewed promptly or else paid in full. The bank was started in 1884 as a partnership affair.

3. June 6, 1911 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, June 6, 1911

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Article Text

Fears for Life Banker Silver Afraid of EnemiesSays Bank's Failure Is Exaggerated. Special Dispatch to the Intelligencer WELLSVILLE, O., June 5.-"While I intend to. I am not in a position to issue a statement, now. I do not care to talk about the failure of the Silver banking company. because I am terribly worried It is bad enough to be worried over the failure without being afraid of your own life. Affairs at the bank are not as bad as painted Losses have been exaggerated espeetally amounts assigned to different depositors." said Banker Thomas H. Silver, Sr., this afternoon. Its the first statement he has made since the bank closed sweek ago. He is out on $2,500 bail on a charge filed by J. M. Russell, a depositor.