17420. South End Bank (Columbus, OH)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
April 28, 1888
Location
Columbus, Ohio (39.961, -82.999)

Metadata

Model
gpt-5-mini
Short Digest
041784f2

Response Measures

Borrowed from banks or large institutions, Capital injected, Full suspension

Other: Directors posted notices, pledged personal liability; other banks/stockholders offered loans (one sent $40,000, W. G. Deshler offered $25,000).

Description

Multiple dispatches (dated April 28, 1888) report small depositors made a run (~$10–12k) after discovery that cashier P. W. Corseilus had overdrawn (initially $15k, later reported up to $30k or $115k by one source). The bank suspended payment 'for two or three days' as a temporary measure; officers pledged personal liability and outside banks offered funds. Contemporary reports describe the suspension as temporary, so I classify this as a run leading to a temporary suspension with implied reopening.

Events (3)
1. April 28, 1888 Run
Cause
Bank Specific Adverse Info
Cause Details
Depositors reacted to discovery that cashier P. W. Corseilus had overdrawn his account (reported $15,000 initially; later reports varied), and rumors of the cashier's defalcation prompted withdrawals.
Measures
Officers and directors pledged personal responsibility; offered loans from other banks; W. G. Deshler and other banks offered funds; bank suspended temporarily to allow directors to examine assets and liabilities.
Newspaper Excerpt
Small certificate holders and others made a run of $10,000 or $12,000 this morning
Source
newspapers
2. April 28, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Temporary suspension due to action/shortage by former cashier P. W. Corseilus (overdrawn account), and the consequent run; suspension intended to allow directors to assess assets and liabilities.
Newspaper Excerpt
The South End Bank suspended payment this morning for two or three days. ... the suspension was for the purpose of giving the directors opportunity to hold a meeting and get an exact statement of assets and liabilities.
Source
newspapers
3. April 30, 1888 Reopening
Newspaper Excerpt
The South End Bank suspended payment this morning for two or three days. Officers and directors assure depositors that all claims will be paid in full: that they will become personally responsible for the same, and pledge all their private means to that end.
Source
newspapers

Newspaper Articles (13)
1. April 29, 1888 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, April 29, 1888

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Article Text

A TEMPORARY SUSPENSION. An Overdrawn Account Compels a Columbus, Ohio, Bank to Suspend for a Few Days. COLUMBUS, O., April 28.-The South End Bank suspended payment this morning for two or three days. Mr. Mithoff, president, and Mayor Bruck, vice-president, posted a notice to depositors at 10 A. M., stating that owing to the action of the former cashier, P. W. Corzilius, they were obliged to temporarily suspend. Officers and directors assure depositors that all claims will be paid in full: that they will become personally responsible for the same, and pledge all their private means to that end. Either of three or four of the stockholders is able to meet all demauds. Corzilius overdrew his account some $15,000, but the bank has mortgage securities to cover it amounting to over $30,000. He has $20,000 in the stock of the bank, one-fourth paid up. Some small certificate holders and others made & run of $10,000 or $12,000 this morning, and the suspension was for the purpose of giving the directors opportunity to hold a meeting and get an exact statement of assets and liabilities. None of the heavy depositors asked for their money. W. G. Deshler offered the bank $25,000 to meet the temporary run. but the bank had plenty of money on which to do business. New YORK, April 28.-P. Link & Co., wines, 178 Duane street, assigned to-day to Samuel H. Leszynsky. Notes held by M. Lienan & Co., to the amount of $33,013, are preferred. The liabilities of the firm are about $250,000. The house is one of the oldest in the trade, and it is thought that the firm will be able to resume business.

2. April 29, 1888 New-York Tribune New York, NY
Article from New-York Tribune, April 29, 1888

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Article Text

DEFRAUDED BY THE CASHIER. Columbus, Ohio, April 28.--The South End Bank suspended payment this morning for two or three days. H. Mithoff, president, and Mayor Bruck, vicepresident. posted a notice to depositors at 10 ap m. that the suspension was due to the action of the former cashier. P. W. Corseilus. Officers and directors say that all claims will be paid in full; that they will become personally responsible for the debts and pledge all their private means to that end. Either one of three or four stockholders is able to meet all demands. Corseilus overdrew his account $15,000 and the bank has mortgage securities to cover it, amounting to over $30,000. He has $20;000 in stock of the bank, one quarter paid up. Small certificate holders and others made a run of about $10,000 this morning and the suspension was for the purpose of giving the directors an opportunity to hold a meeting and get an exact statement of the assets and liabilities. None of the heavy depositors asked for money.

3. April 29, 1888 Los Angeles Daily Herald Los Angeles, CA
Article from Los Angeles Daily Herald, April 29, 1888

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Article Text

FAILURES AND SUSPENSIONS. A Bad Cashier Causes an Ohio Bank to Suspend. COLUMBUS, Ohio, March 28,-The South End Bank suspended payment this morning for two or three days. The President posted a notice to depositors at 10 A. M. that owing to the action of the former cashier, P. W. Corzilius, they were obliged to teinporarily suspend. The officers and directors assure them that all claims will be paid in full. Corzilius overdrew his account some $15,000. Small certificate holders and others made a run on the bank this morning, and the suspension was for the purpose of giving the directors an op portunity to give an exact statement of the assets and liabilities. WINE MERCHANTS ASSIGN. NEW YORK, April 28,-P. Link & Co., dealers in wines at 178 Duane street, assigned to-day, with preferences to the amount of $33,013. The liabilities of the firm are about $250,000. The house is one of the oldest in the trade, and it is thought that the firm will be able to resume business. SHORT IN HIS ACCOUNTS. TOPEKA, Kan., April 28.-R. P. Gravet, the Treasurer of Scott county, Kansas, has been found short in his accounts to the amount of $9,000.

4. April 29, 1888 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 29, 1888

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Article Text

An Ohio Bank Suspends. COLUMBUS, Ohio, April 28.-The South End Bank suspended payment this morning for two or three days. The president posted a notice to depositors at10a.m., stating that. owing to the action of the former cashier, P. W. Corzilius, they were obliged to temporarily suspend. The officers and directors assure depositors that all claims will bej paid in full. Corzilius overdrew his account some $15,000. Small certificate holders and others made a run on the bank this morning and the suspens on was for the purpose of giving the, d rectors an opportunity to give an exact statement of the assets and liabilities.

5. April 29, 1888 The Morning News Savannah, GA
Article from The Morning News, April 29, 1888

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Article Text

SUSPENSION OF A BANK. The Cashier has Overdrawn his Account $15,000. COLUMBUS, O., April 28.-The South End Bank suspended payment this morning for two or three days, owing to the action of the former Cashier, P. W. Corseilus, overdrawing his account some $15,000. The bank is amply secured. Notice is posted stating that the bank is sound. The suspension was due to a run which started from ru mors of the Corseilus affair. The officers pledge individual responsibility to depositors.

6. May 3, 1888 Dodge City Times Dodge City, KS
Article from Dodge City Times, May 3, 1888

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Article Text

ADDITIONAL DISPATCHES. THERE was a wreck on the Pennsylvania & New York, near Olean, N. Y.. recently, resulting in the serious injury of about twenty passengers. CLEARING house returns for week ended April 28, show-d an avera.e decrease of 2.6 compared with the corresponding week of last year. In New York the decrease was 3.3. THREE women and a man were drowned by the upsetting of a canoe in the Stiliagna marsh, Washington Territory. THREE men, names unknown, were upset in a boat at Detroit, Mich., recently .and drowned. THE floor of a building at Rushylvania, O.. gave way during a school exhibition recently and 400 persons were precipitated to the basement. Two persons were killed and ten seriously injured. THE South End Bank at Columbus, O., has suspended, supposed temporarily. A PETITION to Governor Oglesby, asking for the pardon of Anarchists Fielden, Schwab and Neebe, now imprisoned in the Joliet penitentiary, is to be circulated by certain labor organizations of Chicago. THE Senate was not in session on the 28th. The House contined the discussion on the Tariff bill. THE steamship Yorktown and a dynamite cruiser were launched at Cramp's ship-yard, Philadelphia, on the 28th. THE ship Smyrna was sunk in a collision with the steamer Motto in the English channel off the Isic of Wight on the 29th. Thirteen persons were drowned. THE London money market was quiet and prices firm during the week ended April 28th. The German bourses were steady. The Paris Bourse was dult with I prices steady. A FIRS occurred on the 29th in the building 403 and 405 Bedford avenue, Brooklyn. Edward Smith, owner of the building, lost $40,000; Mr. Stovers, dry goods, $100,000. Other losses amounted to $60,000. HEAVY rains of the 2Sth caused serious overflows in North Texas and the Indian Territory. MEXICAN troops have had two more engagements with Yaqui Indians. In the Tejibampo mountains twenty-one Indians were killed, and near Agua Caliente seven were killed and fourteen taken prisoners. IT is stated that the action of the Propaganda of the Holy See regarding Ireland was taken spontanoously and not at all at the suggestion of any representative of the English Government. The Pope approved the Congregation's action without in any way entering into the pending political questions between England and Ireland. THE Weser Zeitung reports that Kuntz and Tappenbeck's expedition to the interior of the Cameroons (Africa) was recently attacked by natives and that two officers were severely wounded. EDGAR SLADE, aged seventy-five years, and William McClellan, his grandson, aged three years, were recently found burned to death. They lived on a farm about three miles from Chatham, Ont., and it was supposed they were out burning brush.

7. May 3, 1888 Democratic Northwest Napoleon, OH
Article from Democratic Northwest, May 3, 1888

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Article Text

CASHIER $30,000 SHORT. A Columbus Bank Suspends-Throngs of Depositors. COLUMBUS, O., April 28.-There is considerable excitement here to-day in financial and business circles. A morning paper published a statement concerning the shortage of f. W. Corzilius, Cashier of the South End Bank, which was placed at $15,000. The bank is patronized largly by small depositors, mostly Germans. The publication, although assurances of the bank's ability to pay dollar for dollar were given, created a stampede among the depositors who were waiting for the doors to open. The depositors continued to flock to the place, and the crowd swelled to such proportions by 10 o'clock that the room would not hold them, and a large number collected at the corner of Rich and High streets, in front of the bank to discuss the situation. For half an hour all checks were paid, but the officers concluded to suspend payment temporarily. A notice was posted to this effect, with a pledge from the Directors of their private means to pay every depositor in full. The suspension only increased the clamor among the waiting depositors for their money. Other banks offered to loan money and one sent $40,000 to the embarrassed institution and the suspension of payment is looked as one of the mysteries. P. W. Corzilius, the Cashier, responsible for the trouble, was in Cincinnati last night. The Directors having discovered that he had overdrawn his account, suspended him several days ago and he immediately left the city. The shortage was first estimated at $15,000, but it is believed to be much larger and will probably reach forty thousand. The bank has a mortgage on the property of Corzilius for $31,000 to secure it against loss. Later-The Directors, after a meeting, state that the shortage will reach $30,000. The bank will suspend for a few days until a meeting of stockholders is held; but the assets of the institution are ample to pay in full all depositors.

8. May 3, 1888 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, May 3, 1888

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Article Text

ADDITIONAL DISPATCHES. THERE was a wreck on the Pennsylvania & New York, near Olean, N. Y., recently, resulting in the serious injury of about twenty passengers. CLEARING house returns for week ended April 28, show d an avera.e decrease of 2.6 compared with the corresponding week of last year. In New York the decrease was 3.3. THREE women and a man were drowned by the upsetting of a canoe in the Stillagna marsh, Washington Territory. THREE men, names unknown, were upset in a boat at Detroit, Mich., recently and drowned. THE floor of a building at Rushylvania, O., gave way during a school exhibition recensy and 400 persons were precipitated to the basement. Two persons were killed and ten seriously injured. THE South End Bank at Columbus, O., has suspended, supposed temporarily. A PETITION to Governor Oglesby, asking for the pardon of Anarchists Fielden, Schwab and Neebe, now imprisoned in the Joliet penitentiary, is to be circulated by certain labor organizations of Chicago. THE Senate was not in session on the 28th. The House contined the discussion on the Tariff bill. THE steamship Yorktown and a dynamite cruiser were launched at Cramp's ship-yard, Philadelphia, on the 28th. THE ship Smyrna was sunk in a collision with the steamer Motto in the English channel off the Isle of Wight on the 29th. Thirteen persons were drowned. THE London money market was quiet and prices firm during the week ended April 28th. The German bourses were steady. The Paris Bourse was dult with prices steady. A F.RE occurred on the 29th in the building 403 and 405 Bedford avenue, Brooklyn. Edward Smith, owner of the building, lost $40,000; Mr. Stovers, dry goods, $100,000. Other losses amounted to $60,000. HEAVY rains of the 2Sth caused serious overflows in North Texas and the Indian Territory. MEXICAN troops have had two more engagements with Yaqui Indians. In the Tejibampo mountains twenty-one Indians were killed, and near Agua Caliente seven were killed and fourteen taken prisoners. IT is stated that the action of the Propaganda of the Holy See regarding Ireland was taken spontaneously and not at all at the suggestion of any representative of the English Government. The Pope approved the Congregation's action without in any way entering into the pending political questions between England and Ireland. THE Weser Zeitung reports that Kuntz and Tappenbeck's expedition to the interior of the Cameroons (Africa) was recently attacked by natives and that two officers were severely wounded. EDGAR SLADE, aged seventy-five years, and William McClellan, his grandson, aged three years, were recently found burned to death. They lived on a farm about three miles from Chatham, Ont., and it was supposed they were out burning brush.

9. May 4, 1888 The Iola Register Iola, KS
Article from The Iola Register, May 4, 1888

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Article Text

THE LATEST. THERE was a wreck on the Pennsylvania & New York, near Olean, N. Y., recently, resulting in the serious injury of about twenty passengers. CLEARING house returns for week ended April 28, show d an average decrease of 2.6 compared with the corresponding week of last year. In New York the decrease was 3.3. THREE women and a man were drowned by the upsetting of a canoe in the Stillagna marsh, Washington Territory. THREE men. names unknown, were upset in a boat at Detroit, Mich., recently ,and drowned. THE floor of a building at Rushylvania, O., gave way during a school exhibition recenNy and 400 persons were precipitated to the basement. Two persons were killed and ten seriously injured. THE South End Bank at Columbus, O., has suspended, supposed temporarily. A PETITION to Governor Oglesby, asking for the pardon of Anarchists Fielden, Schwab and Neebe, now imprisoned in the Joliet penitentiary, is to be circulated by certain labor organizations of Chicago. THE Senate was not in session on the 28th. The House contined the discussion on the Tariff bill. THE steamship Yorktown and a dynamite cruiser were launched at Cramp's ship-yard, Philadelphia, on the 28th. THE ship Smyrna was sunk in a collision with the stêamer Motto in the English channel off the Isle of Wight on the 29th. Thirteen persons were drowned. THE London money market was quiet and prices firm during the week ended April 2Sth. The German bourses were steady. The Paris Bourse was dult with prices steady. A FRE occurred on the 29th in the building 403 and 405 Bedford avenue, Brooklyn. Edward Smith, owner of the building, lost $40,000; Mr. Stovers, dry goods, $100,000. Other losses amounted to $60,000. HEAVY rains of the 28th caused serious overflows in North Texas and the Indian Territory. MEXICAN troops have had two more engagements with Yaqui Indians. In the Tejibampo mountains twenty-one Indians were killed, and near Agua Caliente seven were killed and fourteen taken prisoners. IT is stated that the action of the Propaganda of the Holy See regarding Ireland was taken spontaneously and not at all at the suggestion of any representative of the English Government. The Pope approved the Congregation's action without in any way entering into the pending political questions between England and Ireland. THE Weser Zeitung reports that Kuntz and Tappenbeck's expedition to the interior of the Cameroons (Africa) was recently attacked by natives and that two officers were severely wounded. EDGAR SLADE, aged seventy-five years, and William McCiellan, his grandson, aged three years, were recently found burned to death. They lived on a farm about three miles from Chatham, Ont., and it was supposed they were out burning brush.

10. May 5, 1888 Charlotte Messenger Charlotte, NC
Article from Charlotte Messenger, May 5, 1888

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NORTH. EAST AND WEST Earthquake shocks were felt in California a few days ago. Gen. Joseph E. Johnston has become an honorary member of the G. A. R. Near Wilkesbarre, Pa., two men were killed by a gas explosion in a mine. The rice plantations on the lower Mississippi have been badly damaged by an overflow from the Gulf. A dispatch from Valentine, Neb.; says a severe blizzard is now raging there, making travel almost impossible. The South End Bank, of Columbus, Ohio, has suspended for two or three days. The cashier had overdrawn his account. On Lee's creek, near Fort Smith, Ark., two desperate characters were killed while resisting arrest. Near Olean, N. Y., a train was wrecked, four persons were killed and thirty-five injured. The New York banks now hold $16,196,525 in reserve in excess of legal requirement. Manuel Santalla and Miguel Gonzalez, convicted kidnappers, were executed at Matanzas, Cuba, on Saturday. Reports from all sections of the Piedmont, Va., region agree that the fruit crop has been ruined by the late cold spell. An American flag made by the Nuns of Cashel was formally presented, by Governor Hill on behalf of Archbishop Croke, to the 69th New York regiment. Near Rochester, N. Y., a train was thrown from a twenty foot embankment and seven persons were dangerously and thirteen persons less seriously hurt. The largest dry goods store in Brooklyn, E. D., (Edward R. Storer's) was burned. Loss on building, $40,000; stock, $100,000. Adjoining buildings damaged, $75,000. The following crimes and accidents were reported on Saturday: At Belle a and women Fontaine, gave way Ohio, many the floor of and public children hall were killed. At Portland, Oregon, a man and three young women were drowned by a boat capsizing. At Salt Lake City a boat, with two men and two children, was swept over a dam. One man and the children were drowned.

11. May 5, 1888 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, May 5, 1888

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The South End Bank in Columbus, Ohio, suspended payment on Saturday, owing to the cashier, P. W. Corseilus, overdrawing his account about $115,000. Small certificate holders and others made a run of ten or twelve thousand dollars on Saturday morning, and the suspension was to give the directors an opportunity to get an exact statement of the assets and liabilities. None of the heavy depositors asked for money.

12. June 21, 1888 The Brookhaven Leader Brookhaven, MS
Article from The Brookhaven Leader, June 21, 1888

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Alcoholism and Business. The injurious results of alcoholism in the sphere of business responsibility had a striking illustration recently in Columbus, O., in connection with the South End Bank of that city. The cashier, who, it appears, was a large owner of the stock of the bank, had been drinking heavily, and some time ago was compelled to make good $15,000 that he had overdrawn, but after a pledge of abstience, was allowed to continue in the management of the bank. Recently it was discovered that he had again overdrawn his account of $16,000. He was then suspended, and, says the telegram, "went to Cincinnati to recuperate." The president of the bank posted a notice to the depositors that "owing to the action of the cashier they were obliged to temporarily suspend." The business of the bank was for the time broken up, and the interests of all who have invested therein were jeopardized through the agency of strong drink, National Temperance Advocate,

13. June 21, 1888 Dodge City Times Dodge City, KS
Article from Dodge City Times, June 21, 1888

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Alcoholism and Business. The injurious results of a coholisn. in the sphere of business responsibility had a striking illustration recently in Columbus, O.. in connection with the South End Bank of that city. The cashier, who. it appears. was a large owner of the stock of the bank, had been drinking heavily. and some time ago was compelled to make good $1.5.000 that he had overdrawn. but after a pledge of abstience, was allowed to continue in the management of the bank. Recently it was discovered that he had again overdrawn his account of $16,000. He was then suspended. and, says the telegram. "went to Cincinnati to recuperate." The president of the bank posted a notice to the depositors that "owing to the action of the cashier they were obliged to temporarily suspend." The business of the bank was for the time broken up. and the interests of all who have invested therein were jeopardized through the agency of strong drink.National Temperance Adrocate.