Bank of Wellsburg (Wellsburg, WV)

Episode Information

Episode UID
9377379091124
Episode Type
Run → Suspension → 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
4b0c3091c09f496d

Response Measures

None

Description

Local community pledged support and proprietor asked for time; no clear evidence of reopening or permanent closure in these articles.

Events (2)
1. August 8, 1893 Run
Cause
Macro News
Cause Details
General money scarcity and widespread financial scare leading to sustained withdrawals; runs in progress on other local banks.
Measures
Public notice requesting time from depositors; community resolution pledging support.
Newspaper Excerpt
He stated that there has 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.
Source
newspapers
2. August 8, 1893 Suspension
Cause
Macro News
Cause Details
Bank closed its doors and asked for time because of tight money market and heavy withdrawals (run).
Newspaper Excerpt
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)
1. August 9, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 9, 1893

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Article Text

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 Paciñe 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.

2. August 9, 1893 The Times Richmond, VA
Article from The Times, August 9, 1893

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feel easy. More money is being taken in and paid out. WELLSBURG, W. VA., August 8.-The Bank of Wellsburg, owned by Samuel George, closed its doors this morning. The bank has assets of $300,000; liabilities, $150,000. Runs in progress on other banks here. BURLINGTON, VT., August 8.-The woolen, merino and cotton mills in Winooski and this city have shut down till September 4th, and longer if business is not improved. The cotton mill has on hand 20,000 pieces of print cloth, for which there is no market, except at a price below the cost of manufacture. The shut down of the woolen and merino mills throws about five hundred people out of work, and the cotton mill three bundred and fifty. SOUTH BEND, IND., August 8.-A. D. Baker, proprietor of the South Bend Wagon Works, at Mishawaka,, has made an assignment. Liabilities $120,000; assets $55,000. His brother, G. W. Baker, of this city, was appointed receiver. INDIANAPOLIS, IND., August 8.-The Indiana Trust Company was to-day appointed receiver of the Indianapolis Cabinet Works, of which Frank Coffin is president. The receivership seems to be one of the results of the suspension of the Indianapolis National Bank, and the disclosures growing out of that failure. The proceedings to-day were brought by Addison C. Harris, attorney for Newton Todd. The petition says that the defendant is indebted to him in the sum 376 on account. He is informed, and of therefore charges the fact to be that the defendant is indebted to sundry persons in a sum aggregating at least $335,000, due and coming due from time to time. The factory is not in operation. APPLETON, WIS., August 8.-The mammoth sulphite fibre pulp mill of the Manufacturing Investment Company, in which President Cleveland, Secretary Lamont and Don M. Dickinson are stockholders, has shut down, but It is announced that work will be resumed in two weeks. The mill employes over one hundred hands. The paper mill and two pulp mills of the Atlas Company have also shut down, throwing over one hundred employed out of work. NEW YORK, August 8.-The Madison Square Bank, at 200 Fifth avenue, will not open its doors to-morrow. Its capital is impaired to about $80,000. The refusal of the St. Nicholas Bank to continue to act as clearing agent precipitated the trouble. It is said that deficiency will be made up by the directors, and the bank will resume business. NORFOLK, VA., August 8.-Special.A. M. Ely, a prominent saw-mill man and lumber dealer, made an assignment to-night. He is an extensive operator. The amount of his liabilities is not stated. The trustee states that the financial troubles will likely be adjusted tomorrow.

3. August 9, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, August 9, 1893

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Article Text

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.

4. August 9, 1893 The Morning News Savannah, GA
Article from The Morning News, August 9, 1893

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Article Text

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.

5. August 9, 1893 New-York Tribune New York, NY
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 vigè-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

6. August 9, 1893 Wheeling Register Wheeling, WV
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,

7. August 16, 1893 Ceredo Advance Ceredo, WV
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.

8. August 16, 1893 The Star Reynoldsville, PA
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.

9. August 17, 1893 The Middleburgh Post Middleburg, PA
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.

10. August 22, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC
Article from The Progressive Farmer, August 22, 1893

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CONGRESS HAS MET. Has Been in Session Over Two Weeks and Confidence Not Yet Restored--The Best Financial System in the World Continues to Grind Out Failures---Banks and Factories Close. WAYNESBORO, Ga., Aug. 8.-Reports are being circulated in the newspapers charging Mr. Jesse Wilberly, collector for the Royal Arcanum at this place with forgeries and shortage to the amount of three to ten thousand dol lars. WELLSBURG, W. Va, Aug. 8.-Bank of Wellsburg owned by Samuel George, closed its doors this morning. The bank has assets $300,000, liabilities $150,000. Runs are in progress on other banks here. BURLINGTON, Vermont.-The woolen, merino, and cotton mills in Winooski and this city have shut down. The latter till September 4th, and longer. if business is not improved. Cotton mill has on hand 20,000 pieces print cloth, for which no market except at prices below cost of manufacture, The shut down of woolen and merino mills throws about 500 people out of work. The cotton mill shut down affects 350 people. CHICAGO. Aug. 7.-The Chicago Iron and Steel Company has assigned. Its works are located at East Chicago, Ind. The plant cost $250,000. It has been established two years, and has been doing a good business in smithing and manufacturing iron and steel rails and heavy structural work. The out standing book accounts are placed at $25,000. The company claims its lia bilities to be only between $50,000 and $90,000, of which $40,000 consists in indorsement made for the firm of Bankhurst & Wilkinson, which failed a short time since. NASHVILLE, Tenn., Aug. 7.-In the United States Circuit Court to day Judge Horace H. Lurton, sitting at chambers, appointed Attilla Cox, of Louisville, receiver for the Louisville, St. Louis and Texas Railroad. BUFFALO, N. Y., Aug. 6.-For the first time since the existing stringency set in, the Buffalo banks now feel the currency famine. Following the action of banks in other money centres. the Buffalo banks will pay no more currency to outside cities. CHICAGO, Ill., Aug. 8 -Governor Altgeld is reported to be seriously considering the advisability of calling an extra session of the Illinois legislature. His object, it is understood, is two fold, and covers a scheme to improve the roads of the State and at the same time employment for the thousands of poor people thrown out of work by the financial depression. INDIANAPOLIS, Ind., Aug. 8.-Con gressman C.G. Conn, of the Thirteenth district. Indiana, yesterday closed his musical instrument factory at Elkhart, Ind., the largest of the kind in the world, announcing that it would re main closed four woeks or longer if the financial stringency continues. Mr. Conn several years ago put his factory upon a profit-sharing basis. Two years ago $8,000 profits W: re divided among his men and last year he distributed $14 000 One thousand men will be thrown out of work.