17309. American Savings bank (Cleveland, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
May 14, 1908
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
75a5375c

Response Measures

Capital injected, Full suspension

Description

Multiple papers (May 14–15, 1908) report a run of withdrawals on the American Savings Bank in Cleveland that caused it to suspend/close its doors. Reports indicate the Cleveland Trust Co. would take charge and the bank was expected to resume business quickly (articles mention reopening the next day). No specific misinformation trigger is described.

Events (3)
1. May 14, 1908 Run
Cause Details
Heavy withdrawals/a run by depositors (no specific rumor or false report identified).
Measures
Attempt made to have a large financial institution tide the bank over; Cleveland Trust Co. said to take charge.
Newspaper Excerpt
The American Savings bank, a small concern, closed its doors following a run of withdrawals.
Source
newspapers
2. May 15, 1908 Reopening
Newspaper Excerpt
It is said ... the latter will resume business Friday.
Source
newspapers
3. May 15, 1908 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed sudden demands for cash and concurrent failures/assignments in Cleveland (Reserve Trust Co. failure) that precipitated withdrawals and suspension of payments at American Savings Bank. (Articles link its closure to the run.)
Newspaper Excerpt
Thursday afternoon the American Savings bank suspended payment. It is said that the Cleveland Trust Co. will take charge of the American bank and the latter will resume business Friday.
Source
newspapers

Newspaper Articles (11)
1. May 15, 1908 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, May 15, 1908

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Article Text

Two Cleveland Banks Fail. Cleveland, May 15. - Sudden demands for cash caused the Reserve Trust Co. to close its doors Thursday morning, but positive assurances are given by its officers that the depositors will get every dollar and there will be something left for the stockholders. The Superior Savings and Trust Co. was made assignee. A short time later the papers were filed in insolvency court along with a statement of the assets and liabilities, which balance at $2,694,574. Thursday afternoon the American Savings bank suspended payment. It is said that the Cleveland Trust Co. will take charge of the American bank and the latter will resume business Friday.

2. May 15, 1908 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 15, 1908

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Article Text

LIABILITIES $2,700,000. Reserve Trust Company of Cleveland Makes Assignment. Cleveland, May 15.-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 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, O., which closed its doors in January last. The following notice was posted at the entrance of the Reserve Trust company: "The Reserve Trust company has made an assignment to the Superior Savings and Trust company for the 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 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 $50,000. It has deposits amounting to about $300,000.

3. May 16, 1908 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, May 16, 1908

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Article Text

LIABILITIES $2,700,000. Reserve Trust Company of Cleveland Makes Assignment. Cleveland, May 15.-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 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, O., which closed its doors in January last. The following notice was posted at the entrance of the Reserve Trust company: "The Reserve Trust company has made an assignment to the Superior Savings and Trust company for the 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 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 $50,000. It has deposits amounting to about $300,000.

4. May 16, 1908 Morris Tribune Morris, MN
Article from Morris Tribune, May 16, 1908

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Article Text

LIABILITIES $2,700,000. Reserve Trust Company of Cleveland Makes Assignment. Cleveland, May 15.-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 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, O., which closed its doors in January last. The following notice was posted at the entrance of the Reserve Trust company: "The Reserve Trust company has made an assignment to the Superior Savings and Trust company for the 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 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 $50,000. It has deposits amounting to about $300,noo.

5. May 20, 1908 New Ulm Review New Ulm, MN
Article from New Ulm Review, May 20, 1908

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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 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 $50,000. It has deposits amounting to $300,000.

6. May 22, 1908 Little Falls Herald Little Falls, MN
Article from Little Falls Herald, May 22, 1908

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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 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 $50,000. It has deposits amounting to $300,000.

7. January 6, 1909 The Lamar Register Lamar, CO
Article from The Lamar Register, January 6, 1909

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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. %-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. 21-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. 25-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. 12-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. 2-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 declsion 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.

8. January 7, 1909 Iron County Register Ironton, MO
Article from Iron County Register, January 7, 1909

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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, 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 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. 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.

9. January 7, 1909 Mexico Missouri Message Mexico, MO
Article from Mexico Missouri Message, January 7, 1909

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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, 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-Koselusko 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 dectsion 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 clored. 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.

10. January 8, 1909 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, January 8, 1909

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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. 26International and Great Northern Railroad Co., a Gould line, placed in receivers' hands R-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 Chieago. 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. 6-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,

11. January 13, 1909 Barbour County Index Medicine Lodge, KS
Article from Barbour County Index, January 13, 1909

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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 tr:al; 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 on $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. 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.