15064. Columbus Savings & Trust Company (Columbus, OH)

Bank Information

Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
trust
Start Date
December 1, 1911
Location
Columbus, Ohio (39.961, -82.999)

Metadata

Model
gpt-5-mini
Short Digest
c3eca09a7ff9d827

Response Measures

None

Description

Articles (Feb–Mar 1912) report steady withdrawals beginning in early December (1911) after the failure of the Union National Bank, leading to state superintendent F. E. Baxter taking charge and placing the institution in liquidation. The bank was closed/suspended by the state department (liquidation/receivership); later articles (1915) reference embezzlement charges connected to the liquidation. Dates corrected for context (December refers to Dec 1911).

Events (3)

1. December 1, 1911 Run
Cause
Local Banks
Cause Details
Run began after failure of the Union National Bank and steady withdrawals since early December; high interest rates on deposits also blamed for attracting deposits and contributing to instability.
Newspaper Excerpt
Following a steady withdrawal of deposits since the first part of December ... after the failure of the Union National bank a run was started on the savings Institution
Source
newspapers
2. February 27, 1912 Suspension
Cause
Local Banks
Cause Details
Steady withdrawals (a run) following failure of another local bank and the bank's inability to change its high interest rates led to suspension and takeover by the state superintendent for liquidation.
Newspaper Excerpt
F. E. Baxter, state superintendent of banks and banking, today took charge of the Columbus Savings and Trust company and its affairs will be liquidated by the state department of banks and banking.
Source
newspapers
3. March 8, 1912 Receivership
Newspaper Excerpt
Following steady withdrawals of deposits since the first of December, F. E. Baxter, state superintendent of banks and banking, has taken charge of the Columbus Savings and Trust company ... the institution was placed in charge of George Walters, deputy superintendent of banks and banking ... Notice of the suspension of the institution was posted upon the doors of the bank last evening.
Source
newspapers

Newspaper Articles (3)

Article from The Richmond Palladium and Sun-Telegram, February 27, 1912

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Article Text

BANK ON RUN Baxter Attempts to-Liquidate Its Affairs. (National News Association) COLUMBUS, O., Feb. 27.-Following a steady withdrawal of deposits since the first part of December, F. E. Baxter, state superintendent of banks and banking, today took charge of the Columbus Savings and Trust company and its affairs will be liquidated by the state department of banks and banking. The high rate of interest paid on deposits, which it was found impossible to change. is held largely responsible for the suspension. It is stated by the state superintendent and by officials of the closed institution, that while a good proportion of the stock may be absorbed in the process of liquidation, depositors and other creditors of the institution will be paid in full. At the date of the last statement, December 5 of last year, the Columbus Savings and Trust company had total deposits amounting to $2,075,935.54, of which $254,000 were demand deposits and $1,439,000 savings deposits. After the failure of the Union National bank a run was started on the savings Institution,


Article from Perrysburg Journal, March 8, 1912

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Article Text

Columbus Bank Closes. Following steady withdrawals of deposits since the first of December, F. E. Baxter, state superintendent of banks and banking, has taken charge of the Columbus Savings and Trust company, at Long and High streets, and its affairs. The high rate of interest paid on deposits, which it was found impossible to change, is held largely responsible for the suspension. It is stated by the state superintendent and by officials of the closed institution that, while a goodly proportion of the stock may be absorbed in the process of liquidation, depositors and other creditors of the institution will be paid in full. However, under the state banking law, no dividend can be paid to depositors until 90 days have elapsed from the date of closing. The institution was placed in charge of George Walters, deputy superintendent of banks and banking, and of C. S. Baxter of the state department, who will look after its affairs until the appointment of a deputy to supervise the liquidation is made. Notice of the suspension of the institution was posted upon the doors of the bank last evening.


Article from The Greenville Journal, November 11, 1915

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Article Text

# NEWS CULLED # IN THE CAPITAL ACTIVITIES OF STATE DEPART- MENTS...OTHER HAPPENINGS spondent, Columbus. New State House for Ohio. The state of Ohio very soon is going to have a new, or rather an additional, state house, and people who have ideas on how such a structure should be built and what it should cost and how much it should embrace in the way of capacity have now the opportunity of making themselves a very important factor in the erection of the new structure. It might be set forth at the outstart that the Ohio commission which has the duty of planning and building the new structure have something more than a half million dollars at their disposal and stand in the way of getting more if the present allowance should prove insufficient. The commission has broad powers. It has been asked by the legislature simply to make more room for state offices. It can enlarge the old state house if it wants to. Or it can build annexes to it. But practically all the members of the commission have agreed that neither of the plans mentioned is feasible and the prospect of a new structure is virtually assured. The big consideration in the new building will be space. Ohio has been growing with such stupendous strides that she has crowded herself out of her present Capitol, regardless of the fact that that structure was deemed a half century ago by the most trained of experts as big enough for the growth of any state for at least 1,000 years. To get as much additional space as possible for an expenditure of from one half to one million dollars is the problem for the commission. Naturally it wants help and advice. People who have ideas on the question are therefore invited to send them in. They may prove valuable. Should the new structure be a skyscraper such as now fills the skyline of all the big cities, or should it be some lower and perhaps more graceful structure? Or should it be a compromise of some kind between the two extremes? The commission has got to answer the question soon, and although it will employ trained architects, it will be glad at any time to get the suggestions of more humble citizens. Meantime state departments are scattered over Columbus in a sort of haphazard way in rented buildings for the simple reason that the state's business is growing so fast that no adequate housing system could be devised when the old Capitol was being outgrown. McKenzie Is Slated for Job. H. A. McKenzie, who was secretary of the Constitutional Stability league, whose amendment to limit submission of twice defeated constitutional amendments to once in every six years was defeated Tuesday, is slated for a good job under Secretary of State Hildebrant. Under a new law it is made the duty of the secretary of state to cut down and consolidate annual reports of state departments and to issue them in a composite report. The legislature forgot to make an appropriation for this, and so Secretary Hildebrant will ask the state emergency board for an allowance for this, and if he gets one he will appoint McKenzie to take charge of the work. Must Settle With State. In the neighborhood of 1,000 saloonists will forfeit their licenses if they do not settle with the state for the same by Nov. 10. There is a registration fee of $100 due the state from each one. "This money should have been paid before now, and if the persons who have been granted licenses for next year do not remit by not later than the date mentioned, they will lose their licenses," said Secretary J. L. Hampton of the state liquor licensing board. This money should be paid to the state board. In all, $400,000 has been collected from licenses, and there is more than $100,000 still out. Bargar in Line for Position. Col. Byron L. Bargar of the Fourth regiment, Ohio National Guard, is said to be in line for the position on the state liquor license board from which the governor is endeavoring to oust Byron L. Clendenning. Col. Bargar has been for the last four years director of safety for the city of Columbus. He is particularly well known in military circles. At the governor's office it is admitted that Bargar is highly regarded, but it is denied that the appointment is entirely settled. The position pays $4,000 a year. Armless Man Elected Judge. David Moylan, an armless man, elected municipal judge in Cleveland, passed the state bar examination and was admitted to the bar six years ago. He answered the 100 questions in the test, writing them out with a pen held by his teeth. He was 10th in a class of 205. He lost both arms when run down by a switching engine 11 years ago He was a switchman. Case Postponed. The trial of Clement S. Baxter of Lima, former state bank examiner, on a charge of embezzling $3,140 of the funds of the defunct Columbus Savings & Trust Co. when it was under liquidation by the state bank department, has again been postponed. Recently Nov. 1 was fixed as the time for the trial, but it has been put off until after the first of the new year. Attorney General Turner will push the case against Baxter. It will probably be tried in another county, as Baxter has asked for a change of venue. Go Home to Vote. Many state oficials and employes will leave Columbus to go to their homes to remain there until after election. The supreme court, in keeping with a custom of long standing, will recess Friday until next Thursday. Each of the seven members of