17375. Superior Savings & Trust Company (Cleveland, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
August 23, 1901
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini
Short Digest
3cb03665

Response Measures

None

Description

Articles report the bank's doors were closed and a receiver (W. D. Sayle) was appointed on application of the Superior Realty Co. due to mismanagement; later receiver's report shows liquidation and limited recovery for depositors. No run is described.

Events (3)

1. August 23, 1901 Receivership
Newspaper Excerpt
Superior Savings and Banking Co., has closed its doors on application of the Superior Realty Co. W. D. Sayle was appointed receiver. The receiver was asked for on the ground that the bank had been mismanaged. Deposits are $80,000, and Sayle says depositors will not get more than 10 cents on the dollar. (Stark County Democrat, Aug. 27, 1901). (also reported Aug. 23, 1901).
Source
newspapers
2. August 23, 1901 Suspension
Cause
Government Action
Cause Details
Receiver (W. D. Sayle) appointed on application of the Superior Realty Co.; bank closed due to alleged mismanagement.
Newspaper Excerpt
The Superior Savings and Banking Company, of Cleveland, O., is in the hands of a receiver and its doors were closed today.
Source
newspapers
3. December 6, 1901 Other
Newspaper Excerpt
Creditors and depositors of the Superior Savings and Banking company, of Cleveland, which was forced into bankruptcy through the business methods of its secretary, the late Jacob Blodt, will not recover more than twenty-five cents on the dollar from the wrecked concern. ... the liabilities of the company amounted to about $100,000. Mortgaged properties have been counted as assets, but the actual assets of the concern will probably not be much over $25,000. (Akron Daily Democrat, Dec. 6, 1901).
Source
newspapers

Newspaper Articles (3)

Article from Alexandria Gazette, August 23, 1901

Click image to open full size in new tab

Article Text

TELEGRAPHIC BREVITIES. A mob which intended to lynch two men had their designs frustrated early this morning at Lebanon, Ky. Charles W. Nordstrom was hanged at Seattle, Washn., this morning for the murder nine years ago of Thomas Ma. son, a ranchman in a quarrel over $3.85 due Nordstrom for work performed on Mason's ranch. A cyclone did considerable damage in West Texas last night. The wind blew at a velocity of sixty miles an hour. The Windsor Hotel at Abilene was practically wrecked as were several other buildings. There were no casualties. The Superior Savings and Banking Company, of Cleveland, o, is in the hands of a receiver and its doors were closed today. The Superior Realty Company interested in the bank asked for a receiver on the ground that the bank had been mismanaged by a former official. A psculiar incident occurred between Elmira, N. Y., and Corning last night on Frie train No. 5 when a woman and her two sons went suddenly insane and used knives. The woman gave her name as Dr. Nellie Geer, of Chicago. The three are reported no better today. Dr. Alfred s. Dana, in attempting to cross the Harlem railroad tracks at Bronxville, N. Y., yesterday afternoon while riding in his carriage with his coachman, was struck by the Chatbam local express and instantly killed. The transportation committee of the ParAmerican Exposition has cabled M. Sartos Damont, in Paris, a $10,000 offer to give an exhibition with his flying machine at the exposition on September 14. During an electrical storm last night at Mahanoy City, Pa, Edwin Reber, of Blackhome was struck by lightning and killed. A bolt also destroyed the home of George Adams, of Landryville. Admiral and Mrs. Sampson passed through Lake Sunaree, N. H., last night on their way to Burke Haven, where they are to spend & couple of weeks. The admirel looked weak and fatigued. Mrs. Beckham, wife of Governor Beckham, of Kentucky, is improved today. She res'el fairly well last night and it is now thought she will recover. Fully 10,000 firemen were in Fae of parade in Buffalo, N. Y., today. With their bright uniforms they made a grand spectacle. Two strangers in & buggy yesterday at. ducted the J0-year-old son of Dan Honeycutt, residing in Bloomington, Ind.


Article from The Stark County Democrat, August 27, 1901

Click image to open full size in new tab

Article Text

ANOTHER CLEVELAND BANK IS CLOSED Superior Savings and Banking ing Company Forced to Suspend Business. Cleveland, Aug. 23.-The Superior Savings and Banking Co., has closed its doors on application of the Superior Realty Co., which had deposits in bank. W. D. Sayle was appointed receiver. The receiver was asked for on the ground that the bank had been mismanaged. The deposits are $80,000, and Sayle says depositors will not get more than 10 cents on the dollar.


Article from Akron Daily Democrat, December 6, 1901

Click image to open full size in new tab

Article Text

Little Left. Creditors and depositors of the Superior Savings and Banking company, of Cleveland, which was forced into bankruptcy through the business methods of its secretary, the late Jacob Blodt, will not recover more than twenty-five cents on the dollar from the wrecked concern. This statement is based on the report of Walter D. Sayle, the receiver. Mr. Sayle stated that the liabilities of the company amounted to about $100,000. Mortgaged properties have been counted as assets, but the actual assets of the concern will probably not be much over $25,000.