The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-11-04
| BElLA1RF.T

Terrible Business Calamity-The Bank
Ing House of Cowen, sheets d Co. Close
sItaiDoorss - zF2
h beSomesour painful duty to announc,
thatsthe banking firm OF Cowen, Sheets
Cd. has closed Us doors. On saturda,
nornipg The public was no less shocked
than panied to find the following writer
notice pasted on the window OF Cowen
Sheets & Co.'s Banking House:
"owing to a steady decline in deposits
and frSm other causes dating back priol
to 1873, and the impossibility of realizing
on their assets, which are large in real es
tate, the proprietors of, this bank deem II
advisable to close It's doors"
The liabilities OF the firm arc about
$4,000. Good resources in bills and col
laterals, $4,000 to $4,000. Each member
OF the firm has considerable personal prop
erty outside OF itself. General B. r. Cow.
en- estimsteslhis priyateproperty princi.
pally in real estate, at Bellaire and in
Western lands atSo0, ,000s ~ !
The assignment includes both the firm
and real property OF each member The
property assigned by Mr.. Matthias Sheets
includes his residence, tllree.eighths in.
tercst in what is known rs the Sheets and
McGregor Row, ahalf interest in the bank.
ing house prQperty,a a half interest in,two
brick .buildtpgs On theleastl sideiof Union
street, and the half OF what is known rs
the Percy Wilson property. The assign.
ment OF General Cowcn includes his half
interest in the bank building property,
the half OF the Central Block proper.
ty, half interest to within a fraction OF
fifty acres OF bottom land west OF Old Bel
laire, on the north side of McAlahon's
Greek, an undivided interest in lands and
lots owned by Sullivan, Barnard 4 Cowcn,
his residence, and twenty-five acres OF
rNef bottom OF Riveryiew, "a 800 acres Of
pine timber land yinihIfnncsota, and land
in pottawatoniie county, Kansas Governs
assignment was made Nov. 1st, at s r. NJ,
to james +. Anderson and Geo. NJ. Wise.
That Of Mr.. Sheets, Nov. I'd, at $3.50 p. ",
to Mr.. Charles G. Crafty and J. A. Gala
her. Although each member OF the firm
has assigned to different parties, both will
work haImoniously and in conjunction;
and, knowing the thoroughly honest, and
practical business characterof the asignces,
creditors can rest assured that the utmost
will be done to protect their claims. In
the notice it is stated that depositors will
not lose a dollar. Tho prime cause OF the
tailure. .daies back 10 1878 when the bank
ing house Of Hoge, Shects& Co. attempted
TO float the debt OF the Tamaroa & Chester
Railroad Co., in Illinois, concerning which
the public is better posted than your cor
respondent. The immediate cause was the
recent crash OF the Bellaire Manufacturing
Co., since which time there has been
continual drain on the funds OF the bank,
especially on N@cmber lstS when there
was -scafcelys ANY ayailahle funds left.
This firm has the entire confidence OF
the people, and from every side we hear
words OF sympathy, while creditors are as
surcd that the assets are sufficient to really
meet all claims. This is the worst blow
that Bcllaire has had, all seeming to share
in what is in reality public calamity.
Tho claims Of creditors arc believed TO be
small. The window Glass
Works have Sl0,0 900 on deposit, it being the
largest, and the Belmont Glass Works
S4O0.
On calling in at the First National Bank,
the officers report business lively, as it is
not connected in the most remote form
with the causes which produced the fail
ure. Though the excitement on the streets
was considerable, no disposition was
Saturday. to make q run on the
other bank, the business OF the day show
ing its receipts TO- have been largely in ex-
cess OF its payments. The officers OF the
bank tell us that 1t is prepared to meet
every demand on the instant