Multiple contemporaneous articles (Apr 30βMay 1, 1906) report a run on the Dollar Savings Bank of Painesville stopped when the First National Bank of Cleveland sent $200,000 by automobile. The run was prompted by a suit (William P. Engel) alleging accounting problems and loans in excess of legal limits related to stocks held for the late Leland V. Priorβthis is bank-specific adverse information. No suspension, reopening, or receivership is mentioned.
Events (1)
1.April 30, 1906Run
Cause
Bank Specific Adverse Info
Cause Details
A suit filed by William P. Engel seeking an accounting and alleging loans in excess of legal limits related to stocks held for the late Leland V. Prior.
Measures
First National Bank of Cleveland sent $200,000 in cash (delivered by automobile) to the Dollar Savings Bank to stop withdrawals.
Newspaper Excerpt
The sending of $200,000 to the Dollar Savings Bank of Painesville, by the First National Bank of this city, in an automobile, stopped a run on the former institution.
Source
newspapers
Newspaper Articles (10)
1.April 30, 1906Evening Times-RepublicanMarshalltown, IA
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AUTO CARRIES RELIEF. Cleveland Bank Sends Money to Help Out the Painesville O., Institution. Cleveland, O., April 30.-The sending of $200,000 to the Dollar Savings Bank of Painesville, by the First National Bank of this city, in an automobile, today, stopped a run on the former institution. The Dollar Savings Bank was declared by the bankers to be perfectly solvent.
2.May 1, 1906New-York TribuneNew York, NY
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AUTO STOPS RUN ON A BANK. Cleveland, April 30.-The sending of $200,000 to the Dollar Savings Bank, of Painesville, by the First National Bank, of this city, in an alltomobile to-day stopped a run on the former institution. The run was caused by a suit in the United States Court of William P. Engel, of Deflance, Ohio, who asks an accounting with the Dollar Bank for stocks held for him by Lo. land V. Prior at the time of his suicide
3.May 1, 1906The Bemidji Daily PioneerBemidji, MN
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SENDS $200,000 IN AUTOMOBILE. Cleveland Bank Stops Run on Paines ville (0.) Institution. Cleveland, May 1.4 The Sending of $200,000 to the Dollar Savings bank of Painesville by the First National bank of this city in an automobile stopped a run on the former institution, The Dollar Savings bank is declared by bankers to be perfectly solvent. The occasion for the run was the beginning of a suit in the United States court last Saturday by William P. En gel of Deflance, O., asking for an accounting with the Dollar bank and with a financial institution in this city of stocks held for Engel by the late Leland V. Prior at the time of his sui cide. In his petition Engel made the charge that the two banks in ques tion had made loans in excess of the limit set by law.
4.May 1, 1906The Madison Daily LeaderMadison, SD
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SENDS $200,000 IN AUTOMOBILE. Cleveland Bank Stops Run on Paines. ville (0.) Institution. Cleveland, May 1.--The sending of $200,000 to the Dollar Savings bank of Painesville by the First National bank of this city in an automobile stopped a run on the former Institution. The Dollar Savings bank is declared by bankers to be perfectly solvent. The occasion for the run was the beginning of a suit in the United States court last Saturday by William P. Engel of Defiance, O., asking for an accounting with the Dollar bank and with a financial Institution in this city of stocks held for Engel by the late Leland V. Prior at the time of his suicide. In his petition Engel made the charge that the two banks in question had made loans in excess of the limit set by law.
5.May 1, 1906The Bemidji Daily PioneerBemidji, MN
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SENDS $200,000 IN AUTOMOBILE. Cleveland Bank Stops Run on Paines ville (O.) Institution. Cleveland, May 1 The sending of $200,000 to the Dollar Savings bank of Painesville by the First National bank of this city in an automobile stopped a run on the former Institution. The Dollar Savings bank is declared by bankers to the perfectly solvent. The occasion for the run was the beginning of a suit in the United States court last Saturday by William P. En gel of Deflance, O., asking for an accounting with the Dollar bank and with a financial institution in this city of stocks held for Engel by the late Leland V. Prior at the time of his sui cide. In his petition Engel made the charge that the two banks in ques tion had made loans in excess of the limit set by law.
6.May 1, 1906The Topeka State JournalTopeka, KS
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Auto Saves a Bank. Cleveland, O., May 1.-An automobile was the agency through which a run on the Dollar Savings bank of Painesville was stopped. The institution is said to be perfectly solvent but a run was started on the strength of a suit having been filed against the institution. The First National bank of this city piled $200,000 into an automobile, which, going at top speed. reached Painesville before the run had become serious.
7.May 2, 1906Grant County HeraldLancaster, WI
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HELP IN AN AUTOMOBILE Big Sum of Cash Goes to an Ohio Bank to Stop a Run-Bank Is Elevent. Cleveland, May 1.-The sending of $200,000 to the Dollar Savings bank, of Painesville, by the First National bank, of this city, in. an automobile, stopped a run on the former institution. The Dollar Savings bank is declared by bankers to be perfectly solvent. The occasion for the run was the beginnig of a suit in the United States court last Saturday by William P. Engel, of Defiance, O., asking for an ac. counting with the Dollar bank, and with a financial institution in this city of stocks held for Engel by the late Leland C. Prior at the time of his suicide. In his petition Engel made the charge that th etwo banks in question had made loans in excess of the limit set by law.
8.May 8, 1906Wausau PilotWausau, WI
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Save Bank by Automobile. The sending of $200,000 to the Dollar Savings bank of Painesville, Ohio, by the First National bank of Cleveland in an automobile stopped a run on the former institution.
9.May 11, 1906The Herald-AdvanceMilbank, SD
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Otherwise. Henry C. Rouse, chairman of the board of directors of the Missouri Kansas & Texas railway and president of other Western railways, died in Cleveland of pneumonia. Mr. Rouse was fifty-six years old. The Night and Day bank opened in New York. The bank occupies a twelve-story marble building two blocks from Grand Central station and close to the fashionable hotel section. The building represents an investment of $2,000,000. By a consolidation of interests the Pittsburg Times and the Pittsburg Gazette have ceased to exist under their individual names and the issue Monday morning appeared as the Gazette Times, and was issued from the Gazette plant. The sending of $200,000 to the Dollar Savings bank of Paynesville, Ohio, by the First National bank of Cleveland, in an automobile, stopped a run on the former institution. The Dollar Savings bank is declared by bankers to be perfectly solvent. The occasion for the run was the beginning of a suit in the United States court by William P. Engel of Defiance, Ohio, a king for an accounting with the bank. A complete telephone system has been installed underground in the Wolverine mine at Calumet, Mich., and it is now possible for the president of the company in New York to talk to an official of the mine while the latter is 3,000 feet beneath the earth's surface. The 100th anniversary of the laying of the corner stone of the Baltimore Roman Catholic cathedral was celebrated at Baltimore Sunday. Cardinal Gibbons, Mgr. Diomede Falconio and bishops and archbishops from all parts of the country participated.
10.May 22, 1906Wausau PilotWausau, WI
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A run on the Dollar Savings bank of Painesville, Ohio, was stopped when an antomobile arrived from Cleveland with $200,000 in cash.