Bank of Wellsburg (Wellsburg, WV)

Episode Information

Episode UID
9377379091124
Episode Type
Run โ†’ Suspension โ†’ Unsure
Bank Type
state
Bank ID
937737909 hash
Start Date
August 8, 1893
Location
Wellsburg, West Virginia (40.272, -80.610)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
953572348036a951

Response Measures

None

Description

Articles report an ongoing run and a posted notice of suspension; later reopening is suggested but not confirmed.

Events (2)

1. August 8, 1893 Run
Cause
Macro News
Cause Details
General scare about money/financial panic and tight money market precipitating heavy withdrawals from the bank.
Measures
Posted notice asking for time; depositors circulated and signed agreement to allow extension and not press claims.
Newspaper Excerpt
Runs are in progress on the other banks here. there had been a run on the Bank of Wellsburg for over a month
Source
newspapers
2. August 8, 1893 Suspension
Cause
Macro News
Cause Details
Depression in business and tight money market; depositors withdrawing funds faster than available (run ongoing for over a month).
Newspaper Excerpt
BANK OF WELLSBURG, WELLSBURG, W. Va, Aug., '93. Owing to the depression in business and tight money market; and depositors wanting their money faster than I can get it for them, I am compelled to ask for time.
Source
newspapers

Newspaper Articles (10)

Article from The Wheeling Daily Intelligencer, August 9, 1893

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THE SKIES ALL SERENE. No Further Trouble in the Financial Situation MONEY POURING INTO THE BANKS And not as Much Going out as Usual. Temporary Embarrassment of a Wellsburg Bank, which Cannot, However, Affect Wheeling, and is soon Tided over-The Outlook here Very Bright, More new depositors opened accounts with the Wheeling banks yesterday than there were old ones withdrew their money. In fact, very few people did draw out any money, except in the ordinary run of business, while several new customers were booked by each institution. Many of those who drew out their deposits on Monday, under the influence of groundless excitement, brought the money back yesterday. The amount of cash on hands when the banks closed their doors at the end of business hours yesterday afternoon was still in excess of the currency in the vaults Monday evening, which represented a considerable increase over the stock on hand Saturday. There was visible a decided air of relief on the part of business men generally vesterday. The crisis had been passed and the interests of the business community were safe. The withdrawal by people of money on Monday and its redeposit yesterday was a costly piece of business to them, and saved the banks money. They surrendered their certificates, which were redeemed. On replacing their money in the banks, they receive new certificates, and the interest already accrued on the amount is sacrificed and begins to accrue again. The only ripple on the calm of financial affairs yesterday was caused by the report from Wellsburg that Mr. S. George's bank there had closed its doors. This was accompanied, however, by the statement that its assets were largely in excess of its liabilities, the trouble being due solely to lack of ready cash. The following special telegram to the INTELLIGENCER from Wellsburg, received last evening, tells the story: THE WELLSBURG SUSPENSION. The first bank suspension in the history of Wellsburg occurred this morning, when the Bank of Wellsburg, otherwise known as "the S. George bank," closed its doors. The following notice, posted on the bank doors, explains it: "Owing to the depression in business and tight money market and depositors taking their money faster than 1 can get it for them, I am compelled to ask for time. All depositors will be paid in full. I have good assets amounting to over $300,000, and liabilities amounting to less than $150,000. All deposits made yesterday will be returned. "S. GEORGE." [Signed] Much sympathy was expressed on all hands and offers of help were numerous. This afternoon a paper was circulated among the depositors for signatures, they agreeing to allow him an extension of time and expressing confidence in his ability to pay in full. The paper was generally signed by merchants and business men. In conversation with Mr. George this evening he stated that the bank would in all probability be open at the regular business hour to-morrow morning. All danger of a run on the other banks is over. WILL NOT BE PUSHED. The following additional telegram was received from the INTELLIGENCER'S Wellsburg correspondent later last night: The depositors and other creditors of S. George had a meeting in the store room of T. H. Buchanan this evening, at which they agreed they will not press their claims or withdraw their deposits until Mr. George has by collection of assets placed himself in a position to meet them. This was unanimously agreed to all of the depositors signing, among them being such representative citizens as J. G. Palmer, H. C. Hervey, D. W. Baird, J. P. Cree, R. F. Craig, W. H. Cook, W. R. Glass, Sheriff W. P. Cowans, Mayor McCleary, Marshal Brown and others. The following resolution was adopted: Resolved, That we, the citizens of Wellsburg, Brilliant and vicinity, desire to take this occasion to testify our unbounded confidence in S. George and his ability to meet all debts and claims against him and his PERFECT SOLVENCY; and that, as those who have the welfare of our county at beart, we pledge our financial support and sympathy, and we wish to say to all those who have claims against him that we are satisfied that he is worth more than two for every one dollar that he owes, and ask that


Article from Richmond Dispatch, August 9, 1893

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Telegraphic Small Talk. John Johnston, the Milwaakee capitalist and ex-banker, made an assignment yesterday. A Pengacola (Fla.) Democratic convention yesterday nominated W. E. Anderson for Mayor. The woollen-, merino-. and cotton-mills in Winooski and Burlington, Vt., have shut down. The Phoenix Powder-Mills, situated nine miles east of St. Louis, 10 Illinois, exploded yesterday and two men were killed and several injured. The Bank of Wellsburg, W. Va, owned by Samuel George, closed its doors yesterday morning. Assets, $300.000. Liabilities, $150,000. The Mexican outlaws or the Upper Rio Grande border are becoming 80 numerous and boll that the authorities are unable to cope with them. A. D. Baker, proprietor of the South Bend Wagon-Works, at Mishawaka, Ind.. has made an assignment. Liabilities, $120,000; assets, $55,000. The Indiana Trust Company, Indianapolis, Ind., was yesterday appointed receiver of the Indianapolis Cabinet-Works, of which Frank Coffln is president. Fifteen cases of cholera and four deaths were reported in Brahilov, Bulgarn, Monday, and in Soolina, Bulgaria, twenty-six cases and five deaths were reported. Tongilitis, in an aggravated form. is epidemic at Shiner, Tex. Inside of a week three children of G. Altman's have died from strangulation in horrible agony as a result of the disease. David Bland (colored). lineman Postal Telegraph Company, residing at James Station, near Macon, Ga., was murderously assaulted in Mobile last night and robbed of $100. He 19 not expected to live. M. Pavie, the French Minister, returned to his post in Bangkok 30 storday, and the Paknam forts fired a salute of thirteen gans the warship Alouette, bearing the Minister, went up the river, the Alouetto responding A disastrous fire occurred at Rankin Station, Pa., on the Baltimore and Ohio railroad, early yesterday morning. in which the Fort Pitt tabperios and the offices and warehouses of the Consolidated Wire Company were totally destroyed. Loss, $125,000. The dead body of J. P. Mabone, manager of the railway eating-house at Rosenberg, Tex., was found by the Southern Paciรฑe railroad track near Richmond, Tex., badly mutilated. The man bad been run over by & train while walking from Rosenberg in the night. It is reported in the City of Mexico on good authority that Mr. Noeltzlin, & representative of the house of Bletchroeder, in Europe, has arranged with the Mexican Government for the payment by that house of the October coupons for the interest on Mexico's foreign debt. The amount is about $2,000,000. The Madison-Square Bank, New York city. will not open its doors to-day. Its capital is impaired to the extent of about $80,000. The refusal of the St. Nicholas Bank to continue to act as clearing agent precipitated the trouble. It is said the deficiency will be made up by the directors and that the bank will resume business. : The Catholics of the Cleveland (0.) diocese I yesterday celebrated the twenty-fifth anniversary of the priestly and prelatical labore of Bishop John A. Watterson. Among the letters of sincere regret was one from Henry Watterson, a cousin, who explained privately to the Bishop why he could not be present. The Bishop is 69 years of age and very popular with ) all classes of people.


Article from Morning Journal and Courier, August 9, 1893

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Runs on Banks. WELLSBURG, W.V., Aug. 8.-The Bank of Wellsburg, owned by Samuel George, closed its doors this morning. The bank has assets of $300,000 and liabilities of $150,000. Runs are in progress on the other banks here.


Article from The Sun, August 9, 1893

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VARIOUS BANK TROUBLES. One Suspension in West Virginta-Clearing House Certificates in Pittsburgh. WELLSBURG, W. Va. Aug. 8.-The Bank of Wellsburg. owned by Samuel George. closed its doors this morning. The bank has assets of $300,000 and liabilities of $150,000. Runs were made on other banks here. V-8 .SnV "puI tive of the Indianapolis National Bank yesterday filed in the Recorder's office four mortgages to the bank. given to secure loans made by the bank. The instruments were a chattel mortgage to the Indiana Glue Works on its plant for $37,799.19. a chattel mortgage to the Indianapolis Curled Hair Works P sewer 4q B *000'07$ JOJ H. F. Stephens. doing business as the New Independent Ice Company. for $7,600 to secure nine notes executed between June 1 and July 31, and a mortgage by T. B. Haughey. President of the bank. and wife for $19,750. covering all the real estate owned by him, including the Mapleton homestead. The glue works and curled hair works are controlledby Schuyler C. Haughey. son of the President. In loaning $40,000 to the curled hair works the National Banking law was violated directly. as the bank's capital was but $300,000. and this sum was. therefore. above the 10 per cent. limit. PITTSBURGH, Aug. 8.-The Executive Committee of the Pittsburgh Clearing House Assoclation decided this afternoon to Issue Clearing House loan certificates, the majority of the nineteen banks composing the association having at noon yesterday voted favorably on the proposition. This. it is expected. will not only relieve the financial depression. which has occasioned less annoyance in Pittsburgh than in any large city in the country. but will put the Pittsburgh banks in such condition that they may successfully thwart an attack. There has been an improvement in the situation here during the last three days. deposits having increased about 25 per cent. The loan certificates will be issued upon collateral bearing 75 per cent. of their face value. CINCINNATI, Aug. 8.-Yesterday was A heavy day for the Cincinnati banks. Owing to the liberal calls made by the whiskey men for the payment of taxes. it is said that nearly $100.000 in currency was taken out of the local banks. No inducements whatever could be used to take the New York banks' exchange for currency. and as a consequence New York exchange WAS a dead letter. MADISON. Wis.. Aug. 8.-The State authorities yesterday decided to begin suit to recover 400,000 tied up by the Marine Bank suspension. $5,000 in the Milwaukee National Bank, and $500,000 in the Commercial Bank at Eauclaire. WORCESTER, Mass. Aug. 8.-At a meeting of the Worcester Clearing House this morning it was voted to request the larger employers of labor doing business with orcester banks to pay off their help in checks payable only through the Worcester Clearing House. the system to continueduring the present scarcity of currency. Several large concerns have agreed to follow this method. WASHINGTON. Aug. 8.-A committee representing the failed national banks of Kansas City had a conference with Comptroller Eckels this morning as to resuming business. Mr. Eckels is disposed to be as lenient AS the law will permit. and it is probable some arrangement will be reached by which the banks may resume. RICHMOND. Va., Aug. 8-A special despatch to the Dispatch from Big Stone Gap says the Big Stone Gap bank of that town was forced to close its doors this morning. Its capital stock was $44,000. It is believed depositors will be paid in full. RICE LAKE. Wis., Aug. 8.-This morning the Barron County Bank. of which N. W. Bailey is proprietor. assigned to R. M. Whitaker. The liabilities are $20,000. but the assets 'are five times that amount. The bank will pay dollar for dollar of its obligations and resume at the earliest possible moment. YORKVILLE. Ill., Aug. 8.-E. L Henning. a banker of Plano. assigned yesterday. It is thought Mr. Henning will soon be able to resume business. ALTAMONT. Ill., Aug. 8.-The banking house pepuedens of & W D jo The cashier. Levi Butler, is missing. He left a letter saving he took $41,000. It is said the depositors will be paid in full. NORTH BRANCH. Minn.. Aug. 8-The bank of North Branch. owned by J. F. Eingsland. failed to open its doors yesterday morning. The


Article from The Morning News, August 9, 1893

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Runs on Wellsburg Banks. Wellsburg, W. Va., Aug. 8.-The Bank of Wellsburg, owned by Samuel George, closed its doors this morning. The bank has assets of $300,000 and liabilities of $150,000. Runs are in progress on the other banks here.


Article from New-York Tribune, August 9, 1893

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BANKS AND BANKERS IN TROUBLE. Wellsburg, W. Va., Aug. 8.-The Back of, Wellsburg, owned by Samuel George, closed its doors this morning. The bank has assets of $300,000, and liabilities of $150,000. Runs are in progress on other banks here. North Branch, Minn., Aug. 8.-The Bank of North Branch, owned by J. F. Kingsland, failed to open Its doors yesterday morning. The suspension was caused by a run on the Bank of St. Charles, of which Mr. Kingsland is vigรจ-president. The Institution IN solvent and will reopen in a few weeks. Altamont, 111., Aug. 8.-The banking house of C. M. Wright & Co. suspended yesterday. The eashier. Levi Butler, Is missing. He left a letter saying he took $41,000. It Is sald the depositors will be paid in full. Yorkville, III., Aug. 8.-E. L. Henring. a banker of Plano. assigned yesterday. It Is thought Mr. Henning will soon be able to resume business. Rice Lake, Wis., Aug. 8.-This morning the Barron County Bank, of which N. W. Bailey is proprietor, assigned to R. M. Whitaker. The liabilities are $20,000, but the assets are five times that amount. The bank will pay dollar for dollar of its obligations


Article from Wheeling Register, August 9, 1893

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SUSPENDED PAYMENT. The Bank of Wellsburg Closes Its Doors Temporarily. The people of Wellsburg yesterday morning were all surprised when they found the following notice posted on the door of the Bank of Wellsburg: "BANK OF WELLSBURG, "WELLSBURG, W. Va, Aug., '93. "Owing to the depression in business and tight money market; and depositors wanting their money faster than I can get it for them, I am compelled' to ask for time. All depositors will be paid in full. I have good assets amounting to over $300,000, and liabilities $150,000. All deposits made yesterday S. GEORGE." will be returned. When seen by a reporter Mr. George stated that there had been a run on the Bank of Wellsburg for over a month, and, owing to the scarcity of money, he could not withstand it any longer. He stated that he can pay three dollars for every one that he owes, but could not just at present get the money. The run on the bank was not occasioned by a lack of confidence in Mr. George, but because of the general scare about money that is prevailing in every locality. The .business men and large depositors have confidence in Mr. George, and know that their money is secure and that they will get every cent. Mr. George has always been very lenient with those that owed him, and now all depositors should give him all the time that he needs and thereby help him and themselves. The following telegram was received last night: Special Telegram to the Register. WELLSBURG, August 8,-The citizens and depositors of the Bank of Wellsburg, W. Va., passed the following resolution in regard to the closing of the bank to-night: Resolved, That we, the citizens of Wellsburg, Brilliant and vicinity, desire to take the occasion to testify our unbounded confidence in S. George, and his ability to meet all the debts and claims against him, and in his perfect solvency; and that as those who have the welfare of our community at heart, we pledge him our financial support and sympathy; and we wish to say to all those who have claims against him that we are satisfied he is worth more than two dollars for every one that he owes, and ask that they will consider their own interest and not press their own claims against him. H. C. HERVEY, [Signed] G. W. McCLEARY,


Article from Ceredo Advance, August 16, 1893

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The Exchange Bank of Wheeling, was the first (and the only one so far) to suspend in this State. It is thought the bank will pay its ereditors in full. Crazy or frightened depositors were the cause of the suspension. N. B.-Since the above was put in type the Bank at Wellsburg has closed its doors.


Article from The Star, August 16, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va, closed its doors. The assets are $300, 000, with liabilities said to be not over hal that amount. The First national bank of Nashville, Tenn., suspended. It claims assets 0 $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapolis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawals. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank, Web ster City, la., one of the oldest and best banks in Iowa closed its doors on account o: inability to realize on assets.


Article from The Middleburgh Post, August 17, 1893

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Financial and Commercial. The Bank of Wellsburg at Wellsburg, W. Va., closed its doors. The assets are $300,000, with liabilities said to be not over hat that amount. The First national bank of Nashville, Tenn., suspended. It claims assets o $3,047,983. The City savings bank also suspended. The Bank of Colfax, at Colfax, Wash., suspended. The Commercial Bank of Minneapotis, Minn., suspended. New Orleans savings banks will require from depositors 60 days' notice of intended withdrawais. There was a run on the Germania savings bank on Tuesday. The Caldwell County bank of Kingston, Mo., and the Exchange bank of Polo, Mo., have closed their doors. The First Na ional Bank of Fort Scott, Kansas, the oldest bank in Kansas, which suspended recently has resumed. The American National Bank, Nashville, Tenn., has suspended payment. The Safe Deposit Trust and Banking Company has suspended temporarily. The Hamilton county state bank. Web ster City, Ia., one of the oldest and best banks in Iowa closed its doors on account 01 inability to realize on assets.