Article Text
Cleveland Bank Quits. Cleveland, May 14.-The American Savings bank, a small concern, closed its doors this afternoon following a run. It has deposits of $300,000.
17308. American Savings Bank (Cleveland, OH)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- May 14, 1908
- Location
- Cleveland, Ohio (41.499, -81.695)
Metadata
- Model
- gpt-5-mini
- Short Digest
42464c10
Response Measures
Full suspension
Other: Directors discussed merger/tide-over by large institution; clearinghouse refused to clear for the bank.
Description
Multiple contemporary articles (May 14, 1908) report the American Savings Bank of Cleveland closed its doors this afternoon, following a run. Reports link the run/closing to the Reserve Trust Company failure and to the bank's clearing house representative refusing to clear for the concern. Directors discussed attempts to have a larger institution tide the bank over, but no reopening is reported in these items.
Events (2)
1.
May 14, 1908
Run
- Cause
- Correspondent
- Cause Details
- Run followed news of the Reserve Trust Company failure and the refusal of the bank's clearing house representative to clear for the concern, precipitating heavy withdrawals.
- Measures
- Directors were reported attempting to secure aid from a larger institution and discussing a merger to tide the bank over; no reopening confirmed.
- Newspaper Excerpt
- The American Savings Bank, a small concern, closed its doors this afternoon, following a run of withdrawals.
- Source
- newspapers
2.
May 14, 1908
Suspension
- Cause
- Correspondent
- Cause Details
- Refusal of its clearing house representative to clear for the bank (after contemporaneous failures/assignments in the city) led to the bank closing its doors.
- Newspaper Excerpt
- The American Savings Bank ... closed its doors this afternoon following a run. The refusal of its Clearing House representative to clear for the concern today is said to have led to the closing of its doors.
- Source
- newspapers
Newspaper Articles (15)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Small Cleveland Bank Fails. Cleveland, O., May 14.-The American Savings Bank, a small concern, closed its doors this afternoon, following a run of withdrawals. The deposits amount to $300,000.
Click image to open full size in new tab
Article Text
TRUST COMPANY FAILS LIABILITIES OF CLEVELAND CONCERN OVER TWO MILLION. CLEVELAND, Ohio, May 14.-The Reserve Trust Company made an assignment today to the Superior Savings and Trust Company. The liabilities of the concern are about $2,700,000. Inability to realize on outstanding loans is said to have precipitated the failure. Officers of the bank say depositors will be paid in full. The capital and surplus of the bank is $300,000. Adam Graham is president and William N. Perrin secretary and treasurer. The latter was formerly a director in the Ohio Trust Company of Norwalk, Ohio, which closed its doors in January last. Notice Posted. The following notice was posted at the entrance of the Reserve Trust Company today: "The Reserve Trust Company has made an assignment to the Superior Savings and Trust Company for benefit of creditors. It is the belief of the officers of the Reserve Trust Company that the assets are sufficient to pay the depositors in full. A further statement will be made by the assignees as soon as an examination of the books and assets of the Reserve Trust Company has been completed." The American Savings Bank, a small concern, closed its doors this afternoon, following a run of withdrawals. It was stated that an attempt was being made to have one of the large financial institutions of the city tide the bank over its troubles and that it was hoped its doors could be reopened very soon. The capital of the bank is $30,000. It has deposits amounting to about $300,000. Its president is T. Epstein. The refusal of this clearing house representative to clear for the concern today is said to have led to the closing of its doors.
Click image to open full size in new tab
Article Text
TWO BANKS IN CLEVELAND CLOSE. Cleveland, May 14.-The Reserve Trust Company assigned to-day to the Superior Savings and Trust Company. The liabilities of the concern are about $2,700,000. Inability to realize on outstanding loans is said to have caused the failure. Officers of the bank say depositors will be paid in full. The capital and surplus of the bank are $30,000. Adam Graham is president and William N. Perrin secretary and treasurer. The latter was formerly & director in the Ohio Trust Company, of Norwalk, Ohio, which closed its doors in January last. The American Savings Bank closed its doors this afternoon, following a run of withdrawals. The capital of the bank is $50,000. It has deposits amounting to about $300,000. Its president is T. Epstein. The refusal of its Clearing House representative to clear for the concern to-day is said to have led to the closing of its doors.
Click image to open full size in new tab
Article Text
FAILURES AT CLEVELAND Reserve Trust Company Assigns and the American Savings Bank Closes Its Doors. Cleveland, O., May 14.-The Reserve Trust company made an assignment today to the Superior Savings & Trust company. The liabilities of the concern are about $2,700,000. Inability to realize on outstanding loans is said to have precipitated the failure. Officers of the company said depositors will be paid in full. The capital and surplus of the company is $300,000. Adam Graham is president and William T. Perrin secretary and treasurer. The latter was formerly a director in the Ohio Trust company of Norwalk, O., which closed its doors in January last. The American Savings bank, a small concern, closed its doors this afternoon following a run. It has deposits of $300,000.
Click image to open full size in new tab
Article Text
Two Cleveland Banks Closed. CLEVELAND, May 14.-Following the publication this morning of the failure of two Norwalk, Ohio, banks and of two industrial concerns of that city the Reserve Trust Company of this city this morning filed a deed of assignment. At 1:30 o'clook the American Savings Bank closed, following a run. The Reserve Trust liabilities are put at $2,700,000 and its assets at the same figure. Directors of the American are to-night discussing a plan to merge with another institution.
Click image to open full size in new tab
Article Text
(Continued Tomorrow.) ANOTHER BANK FAILURE. . Reserve Trust Company of Cleveland Makes Assignment. Cleveland, May 14.-The Reserve Trust Company made an assignment today ot the Superior Savings and Trust Company The liabilities of the concern are about $2,700,000. Inability to realize on outstanding loans is said to have precipitated the failure. Officers of the bank say depositors will be. paid in full. The capital and surplus of the bank is $60,000. Adam Graham is president and William N. Perry secretary and treasurer. The latter was formerly a director in the Ohio Trust Company, of Norwalk, Ohio, which closed its doors in January last. The following notice was posted at the entrance of the Reserve Trust Company today: "The Reserve Trust Company has made an assignment to the Superior Savings and Trust Company for the benefit of creditors. It is the beltef of the officers of the Reserve Trust Company that the assets are sufficient to pay the depositors in full. A further statement will be made by the assignees as sion as an examination of the books and assets of the Reserve Trust Company has been completed." The American Savings Bank, a small concern. closed its doors this afternoon, following a run of withdrawals. It was stated that an attempt was being made to have one of the large financial institutions of the city tide the bank over its troubles and that it was hoped its doors could be reopened soon. The capital of the bank is $50,000. It has deposits amounting to about $300,000. Its president is T. Epstein.
Click image to open full size in new tab
Article Text
CLEVELAND BANKS SUSPEND Reserve Trust Company Has Liabilities of $2,700,000 Cleveland, May 15.-The Reserve Trust company made an assignment yesterday to the Superior Savings and Trust company. The liabilities of the concern are about $2,700,000. Inability to realize outstanding loans is said to have precipitated the failure. Officers of the bank say depositors will be paid in full. The American Savings bank, a small concern, closed its doors this afternoon following a run of withdrawals. The capital is $50,000 and deposits amount to about $300,000. The refusal of its clearing house representative to clear for the concern today is said to have caused the closing.
Click image to open full size in new tab
Article Text
LIABILITIES $2,700,000. Reserve Trust Company of Cleveland Makes Assignment. Cleveland, May 14.-The Reserve Trust company has made an assignment to the Superior Savings and Trust company. The liabilities of the concern are about $2,700,000. Inability to realize on outstanding loans is said to have precipitated the failure. Officers of the bank say depositors will be paid in full. The American Savings bank, a small concern, closed its doors following a run of withdrawals. It was stated that an atlempt was being made to have one of the large financial institutions of the city tide the bank over its troubles and that it was hoped its doors could be reopened very soon. The capital of the bank is $50,000. It has deposits amounting to $300,000.
Click image to open full size in new tab
Article Text
BIG FAILURE IN CLEVELAND. Reserve Trust Company Makes. Assignment, Owing $3,000,000. Cleveland, O.: The Reserve Trust company made an assignment Thursday to the Superior Savings and Trust company. The liabilities of the concern are about $2,700,000. Inability to realize on outstanding loans is said to have precipitated the failure. The officers of the bank say the depositors will be paid in full. The capital and surplus of the bank is $300,000. Adam Graham is the president and William N. Perris secretary and treasurer. The latter was formerly a director of the Ohio Trust company, of Norwalk, O., which closed its doors in January last. The American Savings bank, a small concern, closed its doors Thursday afternoon, following a run. The deposits amount to $300,000.
Click image to open full size in new tab
Article Text
TODO ICAN Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 22-Traders and Mechanics' Bank, Pittsburg. Pa. closed doors. 25-National Bank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000. and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euelid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg. Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosclusko Company bank, Warsaw, Ind., closed by state auditor. Jul. 14-National Deposit bank, Philadel. phia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard on $29,240,000 fine declsion unanimously reversed by United States court of appeals at Clilcago. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency; bank was insolvent; President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty : of misapplication of funds and falsifying books of National Bank of AmerI Ica, New York. I 6=C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sentence. Dec. 7-National exchange bank at 1 Springfield, Mo. closed; excitement , caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union Na. . tional bank. 11-Springport, Mich., State Savings bank 1 closed by bank examiner. 16-Somersworth, N. H., First National 9 bank closed, following discovery of shortage of $85,000. 1 23-Thomas F. Ryan announced retirement from finance. : 26-Henry W. Poor, New York broker, assigned for creditors. a
Click image to open full size in new tab
Article Text
FINANCIAL Jan. 2-State Bank, Rockyford, Col., closed doors. 6-Four big New York diamond firms forced into trustee's hands; liabilities, $4,500,000. -Chicago Great Western railroad JOHN placed in hands of receivers. 16-Western Bank and Trust Co., Dallas, Tex., largest Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 21-Capital State Bank, Boise, Idaho, suspended. 22-Traders and Mechanics' Bank, Pittsburg, Pa., closed doors. 25-National Bank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000, and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. 31-Oriental Bank of New York closed doors, following run. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 26-International and Great Northern Railroad Co., a Gould line, placed in receivers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. 16-People's National bank, Aspin, Col., closed. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 21-Bank of Wauseon, Wauseon, O., closed doors. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosclusko Company bank, Warsaw, Ind., closed by state auditor. 23-Citizens' bank, Dover, Ky., closed doors. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard on $29,240,000 fine decision unanimously reversed by United States court of appeals at ChiAug. cago. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency; bank was insolvent: President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Oct. 16-Union National bank, Sommerville, Pa., closed by government. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of America, New York. 6-C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sentence. 23-Eldred bank of Eldred, Pa., suspended; capital stock, $100,000. Dec. 7-National exchange bank at Springfield, Mo., closed; excitement caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union National bank. 11-Springport, Mich., State Savings bank closed by bank examiner. 16-Somersworth, N. H., First National bank closed, following discovery of shortage of $85,000. 23-Thomas F. Ryan announced retirement from finance. 26-Henry W. Poor, New York broker, assigned for creditors.
Click image to open full size in new tab
Article Text
o tional bank and se railroads, convicted of msapprop aring institution's f funds. 22-Traders and Mechanics' Bank, Pittsburg, Pa. closed doors. t 25-NationalBank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000, and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. Feb. of 13-W. B. Ridgely, comptroller currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosciusko Company bank, Warsaw, Ind., closed by state auditor. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard Oil $29,240,000 fine decision unanimously reversed by United States court of appeals at Chicago. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency; bank was insolvent; President J. G. Lund committed suicide. 5-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. ep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. OV. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of AmerIca, New York. -C. W. Morse sentenced to 15 years; Curtis given liberty on suspended senlence. ec. 7-National exchange bank at Springfield, Mo., closed; excitement aused by effort of W. O. Oldham, ashier of State Savings bank, to shoot President H. B. McDaniel, of Union Nadonal bank. Springport, Mich., State Savings bank losed by bank examiner. Somersworth, N. H., First National ank closed, following discovery of hortage of $85,000. Thomas F. Ryan announced retire2 ent from finance. Henry W. Poor, New York broker, as2 gned for creditors.
Click image to open full size in new tab
Article Text
Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 21-Capital State Bank, Boise, Idaho, suspended. 22-Traders and Mechanics' Bank, Pittsburg, Pa., closed doors. 25-N: ional Bank of North America, New Yor: closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000. and Mechanics and Traders' bank, both of New York, taken in charge by comptroller of currency. 31-Oriental Bank of New York closed doors, following run. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 26-International and Great Northern Railroad Co., a Gould line, placed in receivers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial; sentenced to five years in federal prison. 16-People's National bank, Aspin, Col., closed. Apr: 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 21-Bank of Wauseon, Wauseon, O., closed doors. 24-T. A. McIntyre & Co., with houses in many cities, failed for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland, O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed; liabilities, $1,800,000. Jun. 3-Kosciusko Company bank, Warsaw, Ind., closed by state auditor. 23-Citizens' bank, Dover, Ky., closed doors. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard Oil $29,240,000 flue decision unanimously reversed by United States court of appeals at Chicago. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency: bank was insolvent: President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Oct. 16-Union National bank, Sommerville, Pa., closed by government. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of America, New York. 6-C. W. Morse sentenced to 15 years; Curtis given liberty on suspended sentence. 23-Eldred bank of Eldred, Pa., suspended; capital stock, $100,000. Dec. 7-National exchange bank at Springfield, Mo., closed; excitement caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union National bank. 11-Springport, Mich., State Savings bank closed by bank examiner. 16-Somersworth, N. H., First National bank closed, following discovery of shortage of $85,000. 23-Thomas F. Ryan announced retirement from finance. 26-Henry W. Poor, New York broker, assigned for creditors.
Click image to open full size in new tab
Article Text
Texas saving bank, placed in receiver's hands. 18-John R. Walsh, president Chicago National bank and several railroads, convicted of misappropriating institution's funds. 21-Capital State Bank, Boise, Idaho, suspended. 22-Traders and Mechanics' Bank, Pittsburg. Pa., closed doors. 25-National Bank of North America, New York, closed for liquidation, by order of government. 29-New Amsterdam National bank, capital $1,000,000, and Mechanics and Traders' bank. both of New York, taken in charge by comptroller of currency. 31-Oriental Bank of New York closed doors. following run. Feb. 13-W. B. Ridgely, comptroller of currency, accepted presidency of reorganized National Bank of Commerce, Kansas City, Mo. 26-International and Great Northern Railroad Co., a Gould line, placed in receivers' hands. 27-Financiers E. R. Thomas and O. F. Thomas indicted on charge of mismanagement of funds of Provident Savings Life Assurance society. Mar. 13-John R. Walsh denied new trial: sentenced to five years in federal prison. 16-People's National bank, Aspin, Col., closed. Apr. 1-Pike County Bank and Trust Co., Macomb City, Miss., placed in receiver's hands. 21-Bank of Wauseon, Wauseon, O., closed doors. 24-T. A. McIntyre & Co., with houses in many cities, falled for $1,000,000. May 8-Euclid Avenue Trust Co., Cleveland. O., assigned. 14-Reserve Trust Co., and American Savings bank, Cleveland, O., closed their doors. 28-G. W. MacMillen & Co., Pittsburg, Pa., stockbrokers, failed: liabilities, $1,800,000. Jun. 3-Kosclusko Company bank, Warsaw, Ind., closed by state auditor. 23-Citizens' bank, Dover, Ky., closed doors. Jul. 14-National Deposit bank, Philadelphia, Pa., closed by comptroller of currency. 17-Farmers and Merchants' Banking Co., Cleveland, O., failed. 22-Standard on $29,240,000 fine declstep unanimously reversed by United States court of appeals at Chiengo. Aug. 6-First National bank, Belle Plaine, Minn., closed by order comptroller of currency: bank was insolvent: President J. G. Lund committed suicide. 25-A. O. Brown & Co., one of largest New York brokerage firms, failed; liabilities over $1,000,000. Sep. 10-A. Booth & Co., largest fish house in country, forced into receiver's hands. Oct. 16-Union National bank, Sommerville, Pa., closed by government. Nov. 5-Charles W. Morse and Alfred H. Curtis, great financiers, found guilty of misapplication of funds and falsifying books of National Bank of America, New York. 6-C. W. Morse sentenced to 15 years: Curtis given liberty on suspended sentence. 23-Eldred bank of Eldred, Pa., suspended: capital stock, $100,000. Dec. 7-National exchange bank at Springfield. Mo., closed; excitement caused by effort of W. O. Oldham, cashier of State Savings bank, to shoot President H. B. McDaniel, of Union National bank. 11-Springport, Mich., State Savings bank closed by bank examiner. 16-Somersworth, N. H., First National bank closed, following discovery of shortage of $85,000. 23-Thomas F. Ryan announced retirement from finance. 26-Henry W. Poor. New York broker, assigned for creditors.