17158. George D Harter Bank (Canton, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
October 22, 1931
Location
Canton, Ohio (40.799, -81.378)

Metadata

Model
gpt-5-mini
Short Digest
93958b04

Response Measures

Capital injected, Full suspension, Books examined

Other: State Banking Department took the bank into liquidation; Reconstruction Finance Corporation (RFC) aided reopening.

Description

Newspapers report heavy withdrawals in October 1931 that forced the George D. Harter Bank to be closed and turned over to the State Banking Department (suspension/liquidation). The bank was later reopened with RFC aid on 1932-08-24, releasing funds to depositors. OCR errors in some articles (e.g., truncated sentences) were present but did not affect identification. Cause attributed to depositor panic connected to other local bank failures.

Events (3)

1. October 22, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals/panic among depositors tied to a wave of local bank failures and panicky public sentiment in Ohio.
Measures
None reported prior to closure; later reopening measures (RFC aid) described in 1932.
Newspaper Excerpt
Recent withdrawals jeopardized the deposits of the bank.
Source
newspapers
2. October 22, 1931 Suspension
Cause
Local Banks
Cause Details
Bank was turned over to State Banking Department for liquidation after frozen assets and depositor withdrawals; closure tied to wave of Ohio bank suspensions and frozen assets concerns.
Newspaper Excerpt
The George B. Harter Bank ... today was closed and turned over to the State banking department for liquidation.
Source
newspapers
3. August 24, 1932 Reopening
Newspaper Excerpt
One of Ohio's largest financial institutions, the George D. Harter Bank, which closed here last October ... was reopened today with the aid of the Reconstruction Finance Corporation. The reopening permits the bank to release immediately more than $750,000 to 14,000 depositors, and to resume other important normal functions in the community.
Source
newspapers

Newspaper Articles (8)

Article from St. Louis Post-Dispatch, October 22, 1931

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Article Text

OCTOBER 1931 PAGE WAY Burial of Thomas A. Edison at West Orange, BORNE Mrs. Hoover Among Small Group Admitted to Final Service in West Orange, Cemetery. GUARD OF HONOR PLACED AT TOMB Favorite Airs of Old Inventor Played at Simple Funeral Conductby Old Friends. the Associated Press. WEST ORANGE Oct. Alva Edison. inventor, buried dusk terday Rosedale Cemetery. His widow kissed the casket was about to be lowered into the grave, then placed upon white rosebud. Four hundred of his friends crowded the drawing Edison always called parlor" the Edison the simple The Rev. Dr. Stephen Herben read the service and spoke the prayer: and there the music of Bach and BeethoMrs. Edison. Mrs. Hoover. wife the President: Henry Ford and Harvey Firestone were the family group in room upstairs listening the services carried them by an amplifying Other friends presCharles M. Owen Young. Samuel Insull Adolph Ochs and Arthur Brisbane. Just before the funeral Col. Francois Pillon. officially reprethe French and his aid were ushered into the where Mr. Edison's body lay. They stood for moment at the bier then were taken upstairs to the of France to Mrs. Edison. Both were in full uniform. Funeral Service Simple. Mourners home entered while organ played "I'll Take Home Again, Kathleen." Its soft strains mingled with the crackle of pine logs the fireplace the Arthur Walsh, business assoclate, played "Little Grey Home the on the violin. and "Kathleen" were the favorites and they were among the first songs made on the phonograph he created. Then there music by of which Mr. Edison fond. The Rev. Dr. Herben, former pastor of the Methodist Episcopal Church of Orange read the 23rd Psalm, then am the and the he that believeth Me, though he die, yet shall he Dr. Herben Dr. Lewis Perry of Exeter Academy, read tribute, written by Arthur Palmer, an old associate of Mr. Edison. has led no armies into batsaid Palmer's tribute. conquered no countries. He has enslaved no peoples. Yet, he wields power the magnitude of warrior ever dreamed. Friend Calls Him Superman. devotion more scope, more any other living devotion rooted deep in human gratitude, and by bias race, religion kindly, modest being Mas bestowed upon the hu man blessings of bondinstead of instead of conquest. of breadth world aspect comprehends peoples rather than people, masses rather than men. that great restless, surging tide of creatures, that mighty human glacier pressing irresistibly toward horizon of civilization. the passionate pursuit of material truths and their conversion into practical, usable, beneficent forms, civilization has never seen of this man, this superdefies what more can be said: What greater tribute paid than Perry offered Walsh played "Now the Day Alexander Russell accompanied him on the large crowd waited expectantthe main gate Llewellyn but an escort of motorcycle police the funeral procession the winding, roads exit. The streets leadto the cemetery were crowded people. Guard of Honor at Grave. The body into the 5:50 o'clock. Beside magnolia from President Hoover, plain orchids from Mrs. Hoover, wreath from spray Ford. of goldenrod from Henry Six State troopers in light blue and blue attention on either side, there remain guard of honor relieved. the watch to cease 48 hours. Mrs. who was present the burial, returned once to Washington. Mr. Hoover had been unable to held in Washby pressing affairs Founded in Depository 1866 Had Suspension Ind. the Associated Press. COLUMBUS, Oct. Ohio banks turned over to the State Banking Department today for liquidation. They were the George D. Harter Bank Co. of Canton. the City Bank Trust Co. of Alliance, the Ohio Merchants "Trust Co. Massillon and the Farmers Citizens Bank of Monroeville. Frozen assets given by the State Banking Deartment to be the reason in each case. The George D. Harter Bank, Canton's largest, had assets Sept. Its capital stock and its surplus 500,000. Deposits totaled $19,It had been in business since 1866. Fourth Bank Suspension in Two Weeks Evansville, Ind. Ind., Oct. The North Side Bank announced would not open for business today fourth Evansville bank to close its doors in two to turn the affairs of the depository over examiners the State Banking Department followed the closing yesterday afternoon of the Lamasco Bank. run the Lamasco Bank was attributed the closing two weeks ago of the Lincoln Bank and of American Trust Savings Bank Monday. Officers both of the Lamasco Bank and of the North Side Bank expressed belief depositors would be paid in full. withdrawing Japanese troops from Manchuria. The five fundamental points, which had been received in Nanking with indignation, but were said to have given consideration Geneva. where the League of Nations Council is studying the Far Eastern crisis, were announced as follows: Japan and China shall mutualpledge and guarantee one another's territorial tegrity. All forms of propaganda. including the antiJapanese boycott, shall be abandoned. China shall give assurances for the safety of Japanese lives and property Manchuria. An agreement shall be reached eliminating competition on the China recognize existing treaty rights, including the quesHon of Japanese and Korean land leases in Manchuria. Tokio heard reports that Gov. Chang of Manchuria had approached Moscow in the hope of interesting Russia in protecting his interests, promising them certain North Manchurian economic concessions in return. Official circles here today termed the basic demands reputedly submitted by China to the League of Nations Council. Press said Dr. Alfred Sze, Geneva. had the demands as an aide memoire to Aristide acting president of the League Council. Nothing had been heard about them here from Kenkichi Yoshizawa, Japan's League reported by the press, the Chidemands were: Direct negotiations based on the evacuation of Japantroops from the northern areas of Manchuria. (2) neutral to determine the extent of Japanese military activities. (3) Japan to make reparation payments for damages inflicted during occupation. (4) Establishment of permanent conciliation and arbitration board adjust differences between the two nations.


Article from The Washington Times, October 22, 1931

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Article Text

Large Canton Bank Forced to Close CANTON, Ohio, Oct. 22 (I.N.S.).The George B. Harter Bank, the largest of Canton's banking institutions, today was closed and turned over to the State banking department for liquidation. Recent withdrawals jeopardized the deposits of the bank.


Article from Omaha World-Herald, October 22, 1931

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Article Text

Bank Suspensions. banks turned to George Harter Bank and Frozen bank Monroewas the banking department as the reason in each The George Harter bank. Canton's assets had been in since


Article from Omaha World-Herald, October 23, 1931

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Article Text

Money and Exchange Omaha bank clearings Thursday the 132,265.59 corresponding day last year New York Money New Call Money day Time cent per cent. cent. mon Paper per Bankers AcceptancesGood Bar Silver. New Oct Bar Silver- Foreign Exchange New York Foreign Great Britain in dollars others Demand, cables, Demands. BelgiumHollandDenmark- -21 59. Mexico (silver rates are nominal. Bank Suspensions. Oct. 22 Ohio were turned the banking George Savings Trust Farmers bank Monroegiven Frozen banking department as the reason in each The George D. Harter bank. Canton's 5.00. had assets totaled 748. It had been in business since 1866.


Article from The Cleveland Press, August 22, 1932

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BUSINESS NEWS IN BRIEF AUTO Chevrolet Motor Co. new car and truck sales 16 per cent in first 10 days of August over same July AUTO EQUIPMENT Hayes Body Corporation first half net loss $183,327 vs. net loss $163,436 in first half 1931. BANKING George D. Harter Bank of Canton, with $15,000,000 deposits closed October, 1931, to reopen. CHEMICAL AND DRUG Drug Inc. in first six months of $2.19 common share year vs. $3.04 share in like 1931 period; second quarter 89 cents a share vs. IRON AND STEEL Steelmaking operations at 13 to 16 per cent last week, up per cent, and will probably hold there this week. Steel magazine says. Youngstown Sheet & Tube Co.'s operations in Youngstown district will drop to 8 per cent of capacity this week vs. 12 per cent last week and 30 per cent year ago. Steel operations in Youngstown district this week 10 per cent, off per cent from last week, Dow Jones & Co. estimates. MERCHANDISING United Press etail trade survey shows continued improvement during first half of August with increased orders finding outlet in greater mill activity in some sections. Kroger Grocery & Baking Co. sales four weeks ended Aug. 13, off 15 per cent to $15, 25,560; sales first 32 weeks this year off 14 per cent to $134,426,703. Jewel Tea Co. in 28 weeks ended July 16 earned $2 common share vs. $2.81 share in like 1931 period. MINING Lake Shore Mines, Ltd. declares joH alruger regular quarterly dividend of 50 cents. MISCELLANEOUS C. F. Church Co., American Radiator & Standard Sanitary Cor- first weeks of those for five months previou Atlatic Coast Fisheries Corporation to reope Groton plant Sept. meanin also of Portland Trawling Co. work. Landers, Frary & Clark of New Britain, household products, report steadily increasing employment on trade demands. PETROLEUM British American Oil Co. declares regular quarterly dividend of 20 cents. California crude oil output week ended Aug. 20 was 473,900 barrels daily vs. 474,675 barels in preceding week. according to California oil world. RAILROAD Car loadings week ended Aug. 17 were 512,431 cars, increase of 16,398 over preceding week and highest. since week ended June 18: Cana. dian loadings 39,050 cars vs. 35.235 in preceding week. I.C.C. approves $31,625,000 loan to Baltimore & Ohio Railroad to finance payment of one-half bond maturities March 1. 1933; road will issue more bonds for remaining half. Southern Railway Co. second week August gross income $1,704,604, off $807 National Railways of Mexico first half balance after charges was $1,360,160 vs. $8,608,128 in first half 1931. New York, New Haven & Hartford Railroad July earnings thought off 33 per cent from year ago, vs. declines 32.2 per cent in June and 29.5 in May.


Article from Evening Star, August 24, 1932

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BIG BANK REOPENS WITH R. F. C.'S AID Ohio Institution Closed in October With $15,000,000 on Deposit. By the Associated Press. CANTON, Ohio, August 24. One of Ohio's largest financial institutions, the George D. Harter Bank, which closed here last October with $15,000,000 on deposit, was reopened today with the aid of the Reconstruction Finance Corporation. The reopening permits the bank to release immediately more than $750,000 to 14,000 depositors, and to resume other important normal functions in the community. The released $750,000 will go to children having school savings accounts, to holders of Christmas savings accounts, to holders of savings accounts of less than $50 each, and will permit a 10 per cent withdrawal allowance on commercial checking accounts. The bank's unliquid assets will be taken over by the Harter Holding Co., which will give certificates to the bank's depositors for 35 per cent of their accounts. The other 65 per cent of the bank's former deposits will remain 23 the bank's liability, with the bank's officers reserving the right to limit withdrawals, so as to preserve a high cash status. Harter Bank is the Recpaning of the second important financial improvement in Star County this week. The City Savings & Trust Co., at Alliance. reopened Monday, releasing $200,000 to depositors.


Article from The Marion Star, November 3, 1932

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STATE EFFECTS OF CLOSED BANKS Reorganization Plans of Department Help Restore Sound Conditions. AID TO BUSINESS SEEN Ten Ohio Banks Resume Since Jan. Six Others To Follow Soon. Special state scheduled be reopened for within few under plans state department banks Fulton superintendent Ohio, announced Under the department which closed their doors in 1931, result of panicky the public which heavy many financial resumed business since the first the present year The banks planned to be opened soon the Union Savings Bank Trust Co., the Union Savings Trust Co. Warren: Ohio Merchants Trust the Dime Savings Bank Canton: Washington Savings bank, Washington the Farmers bank. Elida Other Reopenings Probable Negotiations are also in progress for reopening several other closed banks. More definite information regarding reopening plans probably be ready for in the new year The state department of banks aiding the committees working on the reopening projects in the varthe of additional Ohio banks in the future many millions of dollars which have been will be turned back into the arteries trade and ton. thus releasing large amounts which temporarily impounded by the closing of banks, the working ital each community directly fected be greatly with resultant strengthening financial situation generally benefits derived do not stop at the boundaries of the extend to other areas, in fact, come statewide in their wholesome Reports Great Improvement According are vastly what they The present year opened with year decrease bank and number such during the past few months has been surprisingly more than might expected normally Since the state department banks taken but five banks for with the ception moderate bank, very institutions, the closing which caused hardly the life of the Banking conditions generally stablized in Ohio other states. Among the banks reopened this Dollar Savings Trust and the City Trust Savings both George Harter Bank, Canton: the Trust Co. and the Savings Trust Co., both Mansfield, and the City Savings Bank Trust Alliance. Other cluded Seville State bank, the Farmers' Banking Co., the bank, and the Bank of Leipsic. Theodore H. Tangeman, director of and member of Gov. ernor White's cabinet. has masisted Fulton in working out the bank reopening which the state put into effect, student of finance, has been position to render effective aid in state's bank work. Charles Saf fin, Jr., in the of has been factor in of the bank reopenworked out by the department.


Article from News Journal, November 4, 1932

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'OFFICER 666' HARRY DOTSON To The News ASHLAND, Nov. 4-Harry Dotson and Miss June Hale of Mansfield have prominent parts in the farce, "Officer 666", which will be presented in McDowell auditorium here Saturday at 8 p.m. as the climax of the college's homecoming day program. Dotson is cast in the title role. ilized now both in Ohio and in other states. Many Already Reopened Among the banks reopened this year are several of unusual size, such as the Dollar Savings & Trust Co. and the City Trust & Savings bank, both of Youngstown; the George D. Harter bank, Canton; the Richland Trust Co. and the Farmers' Savings & Trust Co., both of Mansfield, and the City Savings Bank & Trust Co., Alliance. Other important institutions reopened included the Seville State bank, Seville; the Farmers' & Citizens' Banking Co., Monroeville; the Antwerp Exchange bank, Antwerp, and the Bank of Leipsic Co., Leipsic. Theodore H. Tangeman, state director of and member of Governor White's cabinet, has assisted Superintendent Fulton in working out the bank reopening plans which the state department has put into effect. A student of finance, he has been in position to render effective aid in the state's bank reorganization work. Charles G. Saffin Jr., attorneyexaminer in the department of banks, has been factor in all of the bank reopenings worked out by the department.