Grafton Bank (Grafton, WV)

Episode Information

Episode UID
69010771381
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
6901077 routing
Routing Number
69-0107
Start Date
January 19, 1915
Location
Grafton, West Virginia (39.341, -80.019)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
138674626b76684e

Response Measures

None

Events (3)
1. January 19, 1915 Run
Cause
Macro News
Cause Details
Tight money/condition of the money market sparked a short run on the bank
Measures
Bank failed to open for business / closed temporarily to prevent further withdrawals
Newspaper Excerpt
the condition of the money market had started a run on the institution
Source
newspapers
2. January 19, 1915 Suspension
Cause
Macro News
Cause Details
Voluntary suspension/closure to stop withdrawals prompted by tight money and a run
Newspaper Excerpt
failed to open for business today ... closing was temporary and the result of tight money market and a short run
Source
newspapers
3. April 13, 1915 Receivership
Newspaper Excerpt
Blanchard E. Hiatt ... has been appointed receiver of the Grafton Bank, which voluntarily suspended payment two months ago. Bond has not yet been given and the receiver has not taken active charge.
Source
newspapers

Newspaper Articles (18)
1. January 19, 1915 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, January 19, 1915

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Article Text

WEST VIRGINIA BANK FAILS. State Institution at Grafton Closes Doors to Prevent Run. Grafton, W. Va., Jan. 19.-The Grafton bank, a state institution, failed to open for business today, but no statement was made by representatives of the state banking department, who took charge. Col. John T McGraw, one of the principal stockholders, said that the condition of the money market had started a run on the institution and it was deemed best to close it for the present. The bank has a capital of $100,000 and deposits of approximately $500,000. Charles R. Durbin is president.

2. January 19, 1915 The Detroit Times Detroit, MI
Article from The Detroit Times, January 19, 1915

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GRAFTON, W. VA., BANK FAILS TO OPEN DOORS GRAFTON, W. Va., Jan. 19.-The Grafton bank, a state institution, with capital of $100,000 and deposits of $500,000, failed to open for business today. Col. J. T. McGraw, Democratic national committeeman, declared that the closing was temporary and the result of tight money market and a short run. The institution will reopen within 60 days, he said, and pay all depositors in full. Charles R. Durbin, a relative of Col. McGraw, is president of the bank.

3. January 19, 1915 The Star-Independent Harrisburg, PA
Article from The Star-Independent, January 19, 1915

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Run on Bank Closes Institution Grafton, W. Va., Jan. 19.-The Grafton bank, a State institution, failed to open for business to-day. Colonel John T. McGraw, one of the principal stockholders, said the condition of the money market had started a run on the institution, and it was deemed best to close it for the present. The bank has a capital of $100,000 and deposits of approximately $500,000.

4. January 20, 1915 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, January 20, 1915

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GRAFTON BANK CLOSES Condition of Money Market Said to Have Started Run. GRAFTON, W. VA., January 19.-The Grafton Bank, a State institution, failed to open for business to-day. Colonel John T. McGraw. one of the principal stockholders, said the condition of the money market had started a run on the institution, and it was deemed best temporarily to close It. The bank has a capital of $100,000 and deposits of approximately $500,000.

5. January 20, 1915 The Detroit Times Detroit, MI
Article from The Detroit Times, January 20, 1915

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GRAFTON, W. VA., BANK FAILS TO OPEN DOORS GRAFTON, W. Va., Jan. 19.-The Grafton bank, a state institution, with capital of $100,000 and deposits of $500,000, failed to open for business today. Col. J. T. McGraw, Democratic national committeeman, declared that the closing was temporary and the result of tight money market and a short run. The institution will reopen within 60 days, he said, and pay all depositors in full. Charles R. Durbin, a relative of Col. McGraw, is president of the bank.

6. February 7, 1915 The Sunday Telegram Clarksburg, WV
Article from The Sunday Telegram, February 7, 1915

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The examination of the accounts of the Grafton Bank, which failed two weeks ago, has been completed and the report made to Governor Hatfield, but no receiver has yet been appointed.

7. March 5, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, March 5, 1915

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The board of directors of the Grafton Bank, which suspended payment over a month ago, met this week on Tuesday for the purpose of considering what action would be taken in regard to reopening the bank. After the matter had been discussed at length, it was considered advisable to defer action until next week, at which time another meeting will be held. The situation at present is to decide whether a receiver shall be appointed or the bank reopen, but the directors declare that the latter move will be made by them.

8. March 7, 1915 The Sunday Telegram Clarksburg, WV
Article from The Sunday Telegram, March 7, 1915

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SCHOOL BOND ISSUE HELD TO BE LEGAL Suspended Grafton Bank May Be Reopened in the Very Near Future. GRAFTON, Mar 6.-The validity of the school bond issue of $110,000 for Grafton independent school district was established this week by the decision of the circuit court of appeals. The bonds were voted upon in July and the issue carried. but questions were raised shortly afterwards on technical points as to whether or not the issue was legal A test case was made of it and it was carried to the court of appeals for a final decision. The favorable decision of the court! on the bonds removes the last thing that blocked the sale of the bonds and they will be disposed of at once and contractors secured to construct a new high school as soon as possible. The board of directors of the Grafton Bank, which suspended payment more than a month ago, was in session this week to consider what action to take in regard to the bank: It was decided to hold off the appointment of a receiver for a time and It is probable-that the bank will be reopened. O. C. Lewis, of Clarksburg, grand worthy patron, took a prominent part in the annual reception of Naomi chapter No 12 Order of the Eastern Star, on Friday night and delivered the principal address of the evening, which closed with a banquet. On the receiving line were Mrs. Ona Jefferys, Mrs. George W Motters, Mrs Guy Zingler Mrs B F Savre Mrs. Alex Zeck, Miss Emma Kenendy, all past worthy matrons of this chapter, and O. T Fleming, Guy Ringler and S. M Musgrove, also past officers of the lodge Several houses, suspected of being 'speakeasies' were raided this week by the police and a considerable quantity of liquor was confiscated William Sharp, colored, was fined heavily and given a stiff jail sentence Joseph Rebb was convicted under the portion of the amended prohibition law which makes it a misdemeanor to give any one a drink of intoxicating liquor in a public place. The Madrigal Music Club gave a music carnival Tuesday night at the rooms in the Elks club. Misses Beatrice Haislip, Florence Hamilton and Anna Remlinger were hostess for the members of the club. Grafton drug stores have been busy for several days past taking inventory of their stock of narcotic drugs following the taking effect of the Harrison drug act. Physicians whose medicine cases contained such drugs were also caused to make a list of drugs on hand. In his former pulpit in the Andrews Methodist Episcopal church, the Rev. Dr. John Beddow preached two sermons Sunday The Rev. Mr Beddow spent five years here as pastor/of the local church, leaving Grafton nine years ago for Charleston where he served as presiding elder of the Charleston district until last fall when he was given a charge at Weston A. G. Kritsells a local Greek, who was in charge of a machine gun squad in the Greek army throughout the late war, has been awarded two bronze medals for valor in action and given honorable mention by the government of Greece. The Woman's Music Club elected officers this week as follows Mrs. L. B. Brydon, president; Mrs A. Warder, first vice president; Mrs. C. F. Schroeder president: Mrs. E.F. Clark, secretary and treasurer. Mrs. James B. Moran, directress: Mrs. Harry Chadduck, planist; Mrs. John Gerkins, librarian. The funeral of Mrs. Martin Tigher who expired Thursday at the age of TS. was held Saturday in Mt. Calvary cemetery She was a native of Ireland. and leaves her husband and six children. John Henry Ahearn died Tuesday at the age of 81 years He was annative of County Cork, Ireland, but came to America early in life and was among the pioneer railroad men, being in active service for years

9. April 14, 1915 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, April 14, 1915

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HIATT NAMED. . GRAFTON, April 14 -Blanchard E. Hiatt, of Moundsville, has been appointed receiver of the Grafton Bank, Grafton, which voluntarily suspended payment two months ago. Bond has not yet been given and the receiver has not talen active charge.

10. April 14, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, April 14, 1915

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HIATT RECEIVER FOR DEFUNCT GRAFTON BANK Special Dispatch to the Intelligencer. GRAFTON W. Va., April 13.Blanchard E. Hiatt, of Moundsville, W. Va., has been appointed receiver of the Grafton Bank, Grafton, W. Va., which voluntarily suspended payment two months ago. Bond has not yet been given and the receiver has not taken active charge.

11. April 18, 1915 The Sunday Telegram Clarksburg, WV
Article from The Sunday Telegram, April 18, 1915

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Announcement has been made of the appointment of Blanchard E. Hiatt, of Moundsville, as receiver of the Grafton Bank, of this city, which voluntarily closed its door over two months ago. The bank has a capital stock of $100,000 and Dr. T. F. Lanham is the present president. Charles R. Durbin was the president until recently.

12. July 19, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, July 19, 1915

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The Masonic bodies of the city have been requested by the board of educa-tion of this district to lay the cornerstone of the new high school building, which has been in process of construction for two months. The date of the cornerstone laying has not been announced. A Masonic reunion, in the nature of a huge picnic at Grafton Park, is being planned by the local Masonic orders and all the lodges in the state will be invited to join with the Grafton lodges for the day. The sale of the Columbia Tile Company plant, valued at $150,000, which was to have been made by receiver in bankruptcy this week, has again been postponed, only $12,000 being bid. Some big manufacturing concerns are now negotiating for the property and are expected to take hold of the plant and operate it. An effort is being made to have a new trial granted in the case of Cora and Min Pyles, who were recently found guilty of second degree murder in court at Kingwood, Preston county, on the charge of having shot Min Pyles brother, Alonzo, to death last winter. The court has not yet passed upon the motion of the counsel for the defense. The final notice has been issued that the quarantine on both human beings and live stock, in the region affected by the strange new skin disease in Barbour county, near Belington, has been lifted. The outbreak caused much alarm for several weeks and the state authorities only stamped it out after a hard fight. Creditors of Charles R. Durbin, who was declared bankrupt recently, have been notified to attend a meeting on July 24th before Referee in Bankruptcy O. E. Wyckoff. The schedule of Mr. Durbin shows over $600,000 liabilities and $200,000 assets. He was formerly head of the Grafton bank, of Grafton, and the recent failure of this institution was largely the cause of Mr. Durbin's financial difficulties. The White family held its first reunion July 16th at the old White home-stead near Oakland, Md., and Hoy G. White, of Grafton, was elected President and A. T. White, of Mountain Lake, secretary. About fifty were present at the reunion. While the agent at the B. & O., station at Philippi was otherwise engaged one day this week, a member of a wandering band of gypsies robbed the safe in the office of a sum of money. The gypsy was later caught and returned the money, upon demand of the captors. John McWilliams, aged 86 years, veteran of the Civil war and a pioneer of this county, died Tuesday at Webster. The remains were buried with military honors in the National Cemetery here on Thursday afternoon. Miss Mollie Ellen Cole, aged 23 years, died Sunday at her home a few miles from this city. Funeral was held at Pleasant Creek, this county. August 17 has been set as the date of the special bond election in the amount of $15.000 for the purpose of purchasing and maintaining a city hospital for Grafton. Bids have been asked for by the Simpson Board of Education for a five room school huse to be erected at Simpson, Taylor County. William Adlington was convicted of illegal use of liquor this week and was given the maximum sentence of six months in jail with $100 fine. Mrs. J. Leamon was called to her home at Scottdale, Pa., this week by the unexpected death of her aged father George Craft. A committee has been named by the county court to take charge of the affairs of Robert Henderson, aged 83, a prominent resident of the county. Members of the family have claimed that he was incapable of taking care of his business matters.

13. September 21, 1915 The Sun New York, NY
Article from The Sun, September 21, 1915

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McGRAW NOT IN CLOSED BANK. Grafton Failure for $360,000, Not $1,000,000, Receiver Adds. To THE EDITOR OF THE SUN-Sir: My attention was called this evening to an article in THE NEW YORK SUN of to-day with respect to the indictments in the Grafton Bank cases here, and I feel it my duty to voluntarily make correction. Your correspondent says the bank failed for $1,000,000. and that Col. John T. McGraw was president and a borrower to the extent of $400,000. These statements are absolutely untrue, and the best evidence of the same is that the whole deposits of the bank were about $360,000. Mr. McGraw was not the president, and was not even a director. BLANCHARD E. HIATT, Receiver Grafton Bank. GRAFTON, W. Va., Sept. 20.

14. September 21, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, September 21, 1915

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INDICTMENTS IN GRAFTON BANK CASE Special Dispatch to the Intelligencer. GRAFTON, W. Va., Sept. 20.-The Taylor county grand jury returned misdemeanor indictments against all the directors of the Grafton bank, of Grafton, W. Va., for failure to attend the meeting of the board of directors. The former directors comprise Col. John T. McGraw, T. E. Cole. C. R. Durbin, and others. Fifteen indictments on felonious charges were also returned against Charles R. Durbin, former president of the Grafton Bank of Grafton. This bank closed its doors sometime ago and has been for several months in the hands of receiver, B E. Hiatt, appointed by the governor. who is closing up its affairs. The total liabilities are approximately $300,000. part of which has been paid. It is stated on reliable authority that the bank will pay out every dollar and will reopen its doors. A substantial part of this sum has already been guaranteed by individuals interested in the bank.

15. September 23, 1915 Virginia Free Press Charles Town, WV
Article from Virginia Free Press, September 23, 1915

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Errors in Grafton Bank Story. Blanchard E. Hiatt. receiver of the Grafton Bank, at Grafton, W. Va, telegraphs The Sun from that place as follows: "My attention this evening has been called to an article in The Sunof today with respect to the indictments in the Grafton Bank cases here; and I feel it my duty to voluntarily make correction. Your correspoudent says the bank failed for $1,000,000, that Mr. McGraw was president and that he was a borrower to the extent of $400,000. These statements are absolutely untrue, and the best evidence of the same is that the whole deposits of the bank were about $360,000. Mr. McGraw was not the president, and was not even a director."

16. October 28, 1915 West Virginia Argus Kingwood, WV
Article from West Virginia Argus, October 28, 1915

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Col. McGraw Exonerated By Court GRAFTON, W. Va., Oct. 22.-The indictment against Mr. John T. McGraw, a stockholder of the Grafton Bank, charging him with a felony, argued this afternoon before Judge Fortney, of the Taylor county circuit court, resulted in a complete exoneration of Mr. McGraw. The indictment charged in a general way that Mr. McGraw had borrowed more funds from the bank than it under the present law, was allowed to make to a single customer. Counsel of for Mr. McGraw demanded bill particulars, showing specifically what the charges upon which the state rely as a basis of their action Mr. McGraw. Upon against would the which introduction of the bill of particulars was furnished in connection with the indictment, it was ascertained and decreed by the court that Mr. McGraw had not exceeded any such limits, and that he had not violated any law or statute. The bill of particulars set forth that Mr. McGraw had borrowed $5,000 more from the bank than it should have loaned. The fact is that Mr. McGraw owed the bank personally $12,000 at the time the grand jury found the indictment, while the amount it could have loaned him is $8,000. Mr. McGraw, knowing that the case had no footing, would not tolerate a demurrer to quash the indictment. He personally appeared in court and stated that he waived all technical objections to the indictment and demanded an immediate trial. His counsel were of the opinion that the indictment was bad, and knew that the case would have to be dismissed when the court's attention was called to the bill of particulars showing the true situation with regard to Mr. McGraw's dealings with the bank. Notwithstanding this fact, however, Mr. McGraw insisted upon the immediate hearing on its merits. When the court's atention was called to the charge as contained in the indictment and the bill of particulars, the court immediately and without hesitation dismissed the charge against Mr. McGraw on the grounds that it was quite plain and evident that Mr. McGraw had in nowise transgressed upon or violated any part of the law governing such matters, and promptly dismissed the charges made against him. The judge made the following pertinent remark. "This case is dismissed, becauce it shows that no offense has been committed by the defendant." The consensus of opinion here is that the indictments were found by the grand jury to force Mr. McGraw to pay the debts of Charles A. Durban, former president of the bank. It is also understood that the case ending in the way it did makes it evident that Mr. McGraw would not have been indicted had all the facts been given to the grand jury, for the reason that a great many things were not taken into consideration that should have been, they now.see that the indictment was insufficient on its face. A committee on reorganization is at work making preparation to open the bank in the near future under its old charter, and it will be operated under the banking department at Charleston. The assets of the bank are about $499,000, and the liabilities, due to depositors, are $326,000. Mr. B. E. Hiatt, formerly of Moundsville, is the receiver, and upon the reorganization of the bank it is the opinion that he will be elected cashier of the bank, with other strong officers. Read it first

17. January 1, 1916 Martinsburg Herald Martinsburg, WV
Article from Martinsburg Herald, January 1, 1916

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GRAFTON. At a meeting of depositors of the defunct Grafton Bank, held in the court house, and attended by nearly 100 men and women, a resolution was adopted pledging all to do their utmost toward securing new indictments and condemning "the expensive manner in which the dregs of the Grafton Bank are cared for. Four thousand dollars a year for the receiver with clerk hire is useless extravagance in the protection of our money, to which we call attention of his honor, Governor Henry D. Hatfield." The resolution states that men thoroughly competent can be secured to act for half that amount. The resolutions also demand the removal of Charles R. Durbin, a former president of the bank, from the office of commissioner of the county court.

18. July 6, 1916 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, July 6, 1916

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GRAFTON: Arrangements have been made for the trial of Charles R. Durbin, former Grafton bank president, to start July 11 before Circuit Judge O'Brien at Buckhannon. Durbin is accused of misconduct as president prior to the suspension of the bank, and his case was transferred to Upshur county from Taylor on the ground that he could not obtain a fair and impartial trial here.