17378. Superior Street Savings and Banking Company (Cleveland, OH)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
1abe57fa

Response Measures

Full suspension

Other: Receiver appointed; suspension led to permanent closure/receivership.

Description

The bank closed its doors in late August 1901 and a receiver (Walter D. Sayle) was appointed on Aug 23/24, 1901. Newspapers report rumors of instability prompted another bank (New Matamoras) to demand return of a $50,000 deposit, precipitating the suspension; receiver doubts depositors will get more than 10 cents on the dollar. No indication the bank reopened.

Events (3)

1. August 23, 1901 Receivership
Newspaper Excerpt
Judge Dellenbaugh ... appointed Walter D. Sayle receiver for the Superior Street Savings and Banking Company. Receiver Sayle ... doubted if the depositors would realize more than 10 cents on the dollar.
Source
newspapers
2. August 23, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors about the bank's stability prompted the Bank of New Matamoras to demand return of a $50,000 deposit, triggering withdrawals/pressure.
Newspaper Excerpt
Rumors concerning the stability of the Cleveland institution caused the New Matamoras bank to ask for the return of the money.
Source
newspapers
3. August 23, 1901 Suspension
Cause
Local Banks
Cause Details
Inability to return the $50,000 demanded by the New Matamoras bank (after rumors) led to the Cleveland bank's suspension/closure.
Newspaper Excerpt
when the doors of the bank were closed this morning the total deposits did not exceed $80,000.
Source
newspapers

Newspaper Articles (11)

Article from The Montgomery Advertiser, August 24, 1901

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Article Text

A RECEIVER NAMED. Cleveland Banking Company in Sore Straits. Cleveland, O., Aug. 23.-Upon application of the Superior Realty and Improvement Company, Judge Dellenbaugh of the Common Pleas Court, today appointed Walter D. Sayle receiver for the Superior Street Savings and Banking Company. According to a statement issued by the banking company April last, the total liabilities of the concern then were $122,428. The plaintiff in its petition charges among other things that the bank refuses to pay back about $4,000 deposited with it by the Realty Company. Receiver Sayle is quoted as saying today after a brief examination of the books of. the bank that he doubted if the depositors would realize more than 10 cents on the dollar. It is said that when the doors of the bank were closed this morning the total deposits did not exceed $80,000.


Article from The Washington Times, August 24, 1901

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Article Text

NEVER A LEGAL BANK. Assertions Made by a Cleveland Institution's Receiver. CLEVELAND, Aug. 23.-In response to a petition of the Superior Realty and Improvement Company, Judge Dellenbaugh today appointed Walter D. Sayle receiver of the Superior Street Savings and Banking Company. The plaintiff company charged that it had deposited about $4,000 in various sums at different times with the Savings and Banking Company, which the Banking Company refused to pay back, although demands had been made for the repayment. The bank, which is now in trouble, was organized originally in 1897 as the People's Safe Deposit and Savings Bank Company, with a capital of $50,000. Its main office was at 2082 Superior Street, with a branch on Dean Street. The name was changed a year later to the Superior Street Savings and Banking Company, and its capital increased to $100,000. Its stockholders are mainly merchants and men of small means, who live near the bank. F. S. Miller was secretary until a few weeks ago, He was asked to resign because of alleged irregularities. Receiver Sayle says it is doubtful if the depositors will get 10 cents on the dollar. Mr. Sayle says further: "It has been a fake from start to finish, and has had half a dozen narrow escapes from being closed by the State authorities. "It never complied with the law, which compels half the capital to be paid-up stock. At no time has the paid-up stock amounted to more than $21,000. While the total deposits amounted to $80,000 or thereabouts, only about $10,000 or $15,000 of this amount was deposited by local people. The others were out-of-town people. The fact of the matter was that the bank had never any legal existence. not being organized according to law."


Article from Evening Star, August 24, 1901

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Article Text

The safe of the post office at Petersburg, Tenn., was blown open with dynamite and about $300 in cash taken, besides the entire supply of stamps. A receiver has been appointed for the Superior Street Savings and Banking Company of Cleveland, Ohio.


Article from Daily New Dominion, August 24, 1901

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Article Text

TEN CENTS ON THE DOLLAR. Gald That Depositors of a Cleveland Failed Bank Will Get No More. Cleveland, Aug. 24.-Upon application of the Superior Realty and Improvement company, Judge Dellenhaugh, of the common pleas court, appointed Walter D. Sayle receiver for the Superior Street Savings and Bank:Lg company. The plaintiff in its petition charges, among other things, that the bank refuses to pay back about $4,000 deposited with it by the realty company. Receiver Sayles 1s quoted as saying after a brief examination of the books of the bank that he doubted if the de positors would realize more than 10 cents on the dollar. It is said that when the doors of the bank were closed Friday morning the total deposits did not exceed $80,000.


Article from New-York Tribune, August 24, 1901

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Article Text

CLEVELAND BANK TROUBLES. SAVINGS AND BANKING COMPANY IN RECEIVER'S HANDS. Cleveland, Aug. -Upon the application of the Superior Realty and Improvement Company. Judge Dellenbaugh of the Common Pleas Court to-day appointed Walter D. Sayle receiver for the Superior Street Savings and Banking Company. According to a statement issued by the banking company April 1 last. the total liabilities of the concern then were $182,438. The plaintiff in the petition charges, among other things. that the bank refuses to pay back about $4,000 deposited with it by the realty company Receiver Sayle is quoted as saying to-day. after a brief examination of the books of the bank, that he doubted if the depositors would realize more than ten cents on the dollar. It is said that when the doors of the bank were closed this morning the total deposits did not exceed $80,000. J. A. Blodt, formerly secretary of the Guarantee Savings and Loan Company was to-day bound over to the grand jury by Justice Brown, upon the charge of embezzling the funds of that concern.


Article from The Sun, August 24, 1901

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Article Text

Receiver For Cleveland Bank. Cleveland, Aug. 23.-Upon application of the Superior Realty and Improvement company Judge Dellenbaugh of the common pleas court has appointed Walter D. Sayle receiver for the Superior Street Savings and Banking company. According to a statement issued by the banking company April 1 last, the total liabilities of the concern then were $182,438.


Article from Daily New Dominion, August 27, 1901

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BANK CLOSED ITS DOORS. Had Money Deposited In a Closed Bank, at Cleveland. Marietta, O., Aug. 27.-The bank of New Matamoras. Washington county, a private institution, closed its doors. It is said the bank had deposited $50,000 with the Superior Street Savings and Banking company, Cleveland, which closed last Friday. Cleveland, Aug. 27.-Some time ago the directors of the recently faile J. Superior Street Savings and Bankir company induced the directors of th New Matamoras bank to make the former its Cleveland depository. Accordingly $50,000 was brought to this city and deposited. Rumors concerning the stability of the Cleveland institution caused the New Matamoras bank to ask for the return of the money. Inability to produce it, it is said, caused the Cleveland bank's suspension. Receiver Sayle, of the Cleveland bank, confirmed the above statement. State Senator W. T. Clark stated that if he shall be re-elected this fall he will introduce a resolution to provide for a rigid examination of state banks as obtains with federal banks.


Article from New-York Tribune, August 27, 1901

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Article Text

OHIO PRIVATE BANK CLOSES ITS DOORS. Marletta, Ohio, Aug. - -The Bank of New-Matamoras, Washington County, a private institution, closed its doors to-day. It is said the bank had deposited $50,000 with the Superior Street Savings and Banking Company, Cleveland, which closed last Friday. Some time ago the directors of the latter company induced the directors of the New-Matamoras Bank to make the former its Cleveland depository. Accordingly $50,000 was brought to this city and deposited. Rumors concerning the stability of the Cleveland institution caused the New-Matamoras tank to ask for the return of the money. Inability to produce it. it is said, caused the Cleveland bank's suspension. Receiver Sayle of the Cleveland bank confirmed the above statement. State Senator W. T. Clark stated to-day that if he is re-elected this fall he will introduce a measure Providing for as rigid examination of State banks as obtains with Federal banks.


Article from The Sun, August 30, 1901

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Article Text

Another Loan Company In Trouble. Columbus, O., Aug. 29.-The attorney general of Ohio has filed suit in quo warranto in the supreme court to oust the Northern Ohio Building and Loan association of Cleveland and for the appointment of a receiver. The association is the third one which has become involved through the failure of the Superior Street Savings and Banking company of Cleveland.


Article from Eagle River Review, August 31, 1901

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Article Text

Receiver for Cleveland Bank. Upon application of the Superior Realty and Improvement Company Judge Dellenbaugh of the Common Pleas Court in Cleveland appointed Walter D. Sayle receiver for the Superior Street Savings and Banking Company.


Article from The Hocking Sentinel, September 5, 1901

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Article Text

WESTERN. Fire damaged the plant of the Kansas and Texas Coal Company at Huntington, Ark., to the extent of $60,000. During a severe electrical storm at Texarkana, Ark., lightning struck an umSEM очм soq U pus breath ing it. Forest fires are doing great damage on the timber belt along the Columbia River on both the Washington and Oregon shores. A Santa Fe freight train was wrecked by a broken axle at Cedar Point, Kan. Brakeman L. E. Ziegler, of Emporia, SEM The stage running to Mendocino was held up ten miles from Ukiah, Cal. The express box was taken and two passengers and the driver robbed. Mrs. Louise Sheridan, widow of the actor and formerly well known under the stage name of Louise Davenport, died in poverty in a San Francisco hovel. George Anspaugh, while drunk. at Lima, Ohio, assaulted his wife. knocked her down and poured red pepper sauce into her eyes, blinding her for life, it is feared. At Reallsville, Ohio, William Montgomery, a well-to-do farmer, while intoxicated, fatally shot his wife and then turned the revolver on himself, committing suicide. A conservative estimate would place the population of the city of Cleveland to-day at 402,428. These figures disclose a remarkable growth for the city during the past year. Nearly forty suits for damages have been entered at Seattle against the Canadian Pacific Navigation Company in connection with the wreck of the steamer Islander recently. Nicholas Rieblinger, of Chicago, killed his aged wife with a razor because she refused to return to him and then committed suicide in the presence of his two little grandchildren. The Santa Fe Railroad Company has secured a charter to build fourteen separate lines of railroad, with a total length of 815 miles, to be operated as the Eastern Oklahoma lines. The bank of New Metamoras, a private concern, has closed its doors. The bank had deposited $50,000 with the Superior Street Savings and Banking Company of Cleveland. which went to the wall. Lloyd Booth, a pioneer iron manufacturer and president of the Lloyd Booth plant of the Union Engineering and Foundry Company of Youngstown, Ohio, "ase JO Fears 89 about SEM H pued s! Mrs. Johanna M. Lovelace of Turner. Kan., has made an offer to the Kansas City, Kan., Baptist Theological Seminary of a free gift of ninety acres of land. valued at $50,000, lying just outside the limits of that city. John Andrews was instantly killed by John Romers, who mistook him for a bear and sent a bullet through his heart at short range. The men were with a party enjoying an outing at the Lewis ranch near Red Lodge, Mont. Orlean Emerson shot and killed Dick Burrell at Brownstown, Ind. The murder occurred in Emerson's drug store. Burrell was always a dangerous man when drinking and had killed two men in his time and had served a term in prison. A cablegram received by Miss Clara Harley of Cleveland announced the death at Margate, England, of her brother, Or lando Harley, the famous tenor singer. Mr. Harley was one of the few Americans who reached fame on the operatic stage. One of the greatest gas wells ever discovered in the gas belt was struck a mile east of Parker City, Ind., by the Farm Land Oil Company. which was boring for oil in the new oil territory. The well is estimated to be flowing 3,000,000 cuble feet a day. B. F. Jossy, an immigration commissioner stationed at Tueson, Ariz., committed suicide by shooting himself. He was charged with smuggling Chinese across the border from Mexico and implicated with him was Collector of Customs Hoey Nogalas JO. Robert G. Evans, United States District Attorney for Minnesota, who last winter was a prominent candidate before the legislature to succeed Senator Cushman K. Davis in the United States Senate, died suddenly in Minneapolis from heart disease. At Ash Hill, Mo., Luther Baggett, 19 years old, shot and killed Mary Keith, 15 years old. He confessed the crime was committed at the instigation of Mrs. James Gilpin. The latter, her husband and young son, have been arrested for complicity in the crime. The Grant cooperage, one of the largest industries of Ashtabula, Ohio, has entered into a combine with the Tomlinson Barrel and Machine Company, of Chicago, and the Veneer Barrel and Package Company, of Cleveland. The new corporation's capital stock is $500,'000 In the collapse of a crowded sidewalk six spectators at a big fire in Chicago were painfully injured. A score of others were bruised and a panic ensued. The fire broke out in the warehouse of Sauer, Dwyer & Co., manufacturers of furniture. The loss amounted to nearly $70.000