17454. Dresden National Bank (Dresden, OH)

View Charter #6529 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6529
Charter Number
6529
Start Date
October 15, 1907
Location
Dresden, Ohio (40.121, -82.011)

Metadata

Model
gpt-5-mini
Short Digest
432127b0

Response Measures

None

Receivership Details

Depositor recovery rate
69.5%
Date receivership started
1915-07-15
Date receivership terminated
1917-10-30
OCC cause of failure
Fraud
Share of assets assessed as good
92.8%
Share of assets assessed as doubtful
7.1%
Share of assets assessed as worthless
0.0%

Description

The Dresden National Bank was ordered closed by the controller in mid-October 1907 (insolvency after hosiery mill failure and large withdrawals). A receiver (Robert Lyons) was appointed then. Later items (1915) report a receiver being appointed again amid a cashier's disappearance and alleged shortage while winding up affairs, indicating the bank did not resume regular operations. Cause of the 1907 suspension is tied to a local industry failure (local_shock) that undermined the bank's solvency.

Events (5)
1. December 13, 1902 Chartered
Source
historical_nic
2. October 15, 1907 Suspension
Cause
Local Shock
Cause Details
Failure/closure of the local hosiery mill (major employer) led to bad loans/withdrawals and insolvency; most deposits had been withdrawn prior to closure.
Newspaper Excerpt
OHIO BANK FORCED TO SUSPEND. Dresden, Ohio, Oct. 15.-The Dresden National Bank closed its doors to-day. The bank had been in trouble for some time because of the failure of the hosiery mill here...
Source
newspapers
3. October 16, 1907 Receivership
Newspaper Excerpt
The First National Bank of Dresden, Ohio, was closed by direction of the controller of the currency, upon the report of National Bank Examiner Robert Lyons, showing it to be insolvent. Robert Lyons has been appointed receiver.
Source
newspapers
4. July 15, 1915 Receivership
Source
historical_nic
5. July 18, 1915 Receivership
Newspaper Excerpt
Hiram C. Blackman, national bank examiner, has been appointed receiver for the Dresden National Bank at Dresden, Muskingum county... No word has been received from Cashier John Hornung, who disappeared... it is said his shortage may reach $50,000.
Source
newspapers

Newspaper Articles (7)
1. October 16, 1907 New-York Tribune New York, NY
Article from New-York Tribune, October 16, 1907

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Article Text

OHIO BANK FORCED TO SUSPEND. Dresden, Ohio, Oct. 15.-The Dresden National Bank closed its doors to-day. The bank had been in trouble for some time because of the failure of the hosiery mill here, with branches at Zanesville and Frazersburg, this county. The bank was capitalfized at $70,000 and carried considerable deposits, but most of these had been withdrawn. Some time ago the bank, with its branches at Pittsburg and Zanesville, mortgaged its property for $118,000, but this failed to stave off the trouble. The officers of the bank are: President, J. C. Stump; cashier, C. S. Littlek; vice-president, J. S. Prettyman: assistant cashiers, L. Stump and Charles Littick; directors, George B. King, Horatio N. Bland, H. B. Shore, F. P. Prior and John Robinson. Robert Lyon, bank examiner, has been appointed temporary receiver.

2. October 16, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, October 16, 1907

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Article Text

A National Bank Fails. Dresden, O., Oct. 16.-The Dresden ational bank closed its doors Tuesday. The bank has been in trouble for some time, because of the failure of the hosiery mill here, with branches at Zanesville and Frazersburg. The mill employed 200 persons, but had been running with a half force for ome time and finally was compelled 0 close down. The bank was capitalized for $70,000 and carried considerable deposits, but most of these had been withdrawn. Some time ago he bank mortgaged its property for 118,000, but this failed to stay off the trouble.

3. October 16, 1907 Evening Star Washington, DC
Article from Evening Star, October 16, 1907

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Article Text

OHIO BANK CLOSES ITS DOORS. Institution at Dresden Had Been Embarrassed for Some Time. DRESDEN, Ohio, October 16.-The Dresden National Bank has closed its doors. The bank has been in trouble for some time because of the failure of the hosdery mill here. with branches at Zanesville and Frazersburg, this county. The mill employed 200 persons. but had been running with a half force for some time and finally was compelled to close down. The bank was capitalized for $70,000 and carried considerable deposits, but most of these had been withdrawn. Some time ago the bank. with its branches at Pittsburg and Zanesville, mortgaged its property for $118,000. but this falled to stave off the trouble. The officers of the bank are: 1 resident, J. G. Stump: cashier, C. S. Littlek; vice president, J. S. Prettyman; assistant cashlers, A. L. Stump and Charles Littick: directors, George B. King. Horatio Bland, H. J. Shore, F. P. Prior and John Robinson. The First National Bank of Dresden, Ohio. was closed by direction of the controller of the currency, upon the report of National Bank Examiner Robert Lyons, showing it to be insolvent. Robert Lyons has been appointed receiver. Resources-Loans and discounts, $300,105.30: United States bonds to secure circulation. $50,000.00; bonds securities, etc., $12,930.00; banking house and other real estate, $4,016.51; due from banks and bankers, $12,625.21; cash and cash items, $12,792.68 redemption fund, $2,500.00. Total, $394,969.70 Liabilitles-Capital stock. $50,000.00; surplus and undivided profits, $6,581.10; circulating notes, $50,000.00; due to banks, $1,800.41: dividends unpaid, $99.00; deposits, $272,489.19; notes and bills rediscounted $14,000.00 Total, $394,969.70

4. October 16, 1907 Hattiesburg Daily News Hattiesburg, MS
Article from Hattiesburg Daily News, October 16, 1907

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Article Text

OHIO BANK IS ORDERED CLOSED Dresden National Has Been in Trouble for Some Time-Most of Deposits Withdrawn. Associated Press. Dresden, O., October 15.-The Dresden National Bank closed its doors today. The bank has been in trouble for some time because of the failure of the hosiery mill here with branches at Zanesville and Frazersburg this county. The mill employed 200 hands but had been running with a half force for some time and finally was compelled to close down. The bank was capitalized at $70,000 and carried considerable deposits, but most of them had been withdrawn.

5. July 19, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, July 19, 1915

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Article Text

OHIO Intelligencer Bureau Columbus, July 18. Beman Thomas. former president of the Security Savings Bank of this city, has been appointed investigator of securities by the state utilities commission. The place pays $2,500 a year. He is a Republican and was active in the legislative investigation of the state banking department under the Democratic regime last winter. The position he takes is not under civil service. Mrs. George O. Newman. mother of State Supreme Judge Oscar W. Newman, oled today at the home of her daughter, Mrs. E. H. Shaw, In Atlanta, Ga., where she and her husband had been visiting The burial will be made at Portsmouth, the home of the Newman family. Mrs. Newman was 71 years old and besides her husband she is survived by four children. Judge Newman. Mrs. Shaw, Mrs. E. H. Alger of Huntington, W. Va, and Russell E. Newman of Beckley, W, Va. The effects of Republican salary cutting were evident today when state employes received their checks, this being the first pay day under the new appropriation bill. Fully 75 per cent of the employes in several departments suffered cuts in their salaries. Hiram C. Blackman. national bank examiner, has been appointed receiver for the Dresden National Bank at Dresden, Muskingum county. No word has been received from Cashier John Hornung, who disappeared several days ago and the reward for his arrest has been Increased from $250 to $500. It is said his shortage may reach $50,000. Harry H. Timkin, owner of a newspaper at Canton, which recently adopted a crippled boy, has been appointed by Governor F. B. Willis as a member 05 the state commission to erect a hospital for deformed and crippled children. Dr. Fred A. Buntz of Cleveland resigned as a member of the board and this gave the governor an opportunity to honor Timkin. Mr. Timkin is a former Progressive and It was he who paid the expense of the Flaming Arrow, the train which carried Theodore Roosevelt through Ohio in his campaign in 1912. Willis A. Korus, editor of the New Philadelphia Advocate Tribune. has been appointed by the governor as a member of the Fort Laurens commission. The educational system at the Boys' Industrial School at Lancaster is criticised in a report made by a committee of two Republicans and one Democrat, appointed recently by Governor Willis to Investigate conditions at the school after charges had been made against Supt. R. U. Hastings. The superintendent is exonerated of the charges, which were filed by a discharged employe. By Capt. Hastings' order boys more than 16 years old or who have passed the sixth grade, are not permitted to attend school at the Lancaster Home. This is declared to be a violation of the law which fixes 21 as the school age at the institution. This deprives 347 boys of any school privileges whatever, it is declared by the committee. Other practices at the school are criticized and although the state board of administration is not mentioned, it is censured impliedly. DAYTON-Walter Hausbach, aged 12, was severely burned in a gasoline explosion. OTTAWA-The Gilboat wet and dry election contest will be heard July 21. DENNISON Dennison merchants will join the Uhrichsville business men's club. DAYTON-Homer Botering is in a serious condition as the result of being overcome by the heat. NEWARK-William Pease, a victim of the heat fell in an unconscious condition on the street. CHILLICOTHE-George Spicer. whose home is believed to be in Columbus, was overcome by the heat while picking berries and died. CHILLICOTHE-James Harris. aged 20, of Mansfield, an O. S. U. student, who had been canvassing this county, was drowned in Paint creek while in swimming. GREENFIELD-Guy Thompson, a

6. July 19, 1915 The Wheeling Intelligencer Wheeling, WV
Article from The Wheeling Intelligencer, July 19, 1915

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Article Text

Hiram C. Blackman, national bank examiner, has been appointed receiver for the Dresden National Bank at Dresden, Muskingum county. No word has been received from Cashier John Hornung, who disappeared several days ago and the reward for his arrest has been increased from $250 to $500. It is said his shortage may reach $50,000.

7. July 20, 1915 The Democratic Banner Mount Vernon, OH
Article from The Democratic Banner, July 20, 1915

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Article Text

RECEIVER FOR BANK Zanesville, O., July 17.-The comptroller of the currency at Washington appointed Bank Examiner Hiram C. Blackman as receiver of the Dresden National bank, to wind up its affairs, after he has straightened out the tan gle caused by the disappearance of Cashier John Hornung, for whom a warrant charging misapplication of the bank's funds has been issued.