Central Union Trust Company (Wheeling, WV)

Episode Information

Episode UID
69001271582
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
6900127 routing
Routing Number
69-0012
Start Date
October 10, 1931
Location
Wheeling, West Virginia (40.064, -80.721)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c54a0ed8892b5d7d

Response Measures

None

Description

Closure attributed to 'public hysteria' from unfounded rumors; later receivership paid dividends.

Events (3)
1. October 10, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Depositors acted on unfounded rumors about the bank's condition, causing public hysteria and heavy withdrawals.
Measures
Two million dollars in cash was brought from Pittsburgh by armored car to bolster confidence.
Newspaper Excerpt
closing of the bank Friday was the result of public hysteria, based on unfounded rumors concerning the condition of the bank.
Source
newspapers
2. October 10, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank closed following public hysteria and unfounded rumors leading to depositor panic.
Newspaper Excerpt
closing of the bank Friday
Source
newspapers
3. December 28, 1932 Receivership
Newspaper Excerpt
Wheeling Bank Receivers Will Distribute Dividend ... the closed Central Union Trust company next week. ... The bank closed October 1931.
Source
newspapers

Newspaper Articles (3)
1. October 10, 1931 Charleston Daily Mail Charleston, WV
Article from Charleston Daily Mail, October 10, 1931

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Article Text

NO LOSS TO DEPOSITORS WHEELING, Oct. 10 (AP).—Officials of the Central Union Trust company here Friday night said closing of the bank Friday was the "result of public hysteria," based on "unfounded rumors concerning the condition of the bank." L. R. Charter, Jr., state banking commissioner, in a statement said the bank would not have been forced to close had depositors "shown a little more consideration." He declared all other Wheeling banks were in sound condition. Bank officials expressed belief depositors would suffer no loss. Two million dollars in cash was brought here from Pittsburgh by armored car, but bankers said closing of the Central Union Trust had little effect on other institutions.

2. October 30, 1931 The Producers News Plentywood, MT
Article from The Producers News, October 30, 1931

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Article Text

BANKS POP IN AREA NEAR PITTSBURGH Pittsburgh.- The banks continue popping in the Pittsburgh area despite the Hoover plan to thaw frozen assets. Following the closing of five banks in Washington county with resources of more than $12,500,000 the National Bank of Fayette County ,at Uniontown, went into the hands of receivers. The bank. with deposits of six million dollars was one of the oldest in western Pennsylvania. Wheeling, W. Va., had the first failure in its history when the Central Union Trust Co. went broke. Two million dollars in cash was rushed from Pittsburgh in armored trucks to prevent a similar fate for another panhandle bank.

3. December 28, 1932 The Charleston Daily Mail Charleston, WV

Article Text

Wheeling Bank Receivers Will Distribute Dividend WHEELING Dec. 28 (AP) 10 dividend totaling $100.000 per cent will be paid depositors the closed Central Union Trust company next week. D. Stewart McKee, assistant rehas announced. The bank closed October 1931. and has paid approximate $200,000 previous dividends. Many checks in former payments remain uncalledfor in the bank. -The United States government distributed more than 7,000,000,000 fish fry and eggs last year