17488. Girard Savings Bank (Girard, OH)

Bank Information

Episode Type
Run Only
Bank Type
savings bank
Start Date
February 19, 1893
Location
Girard, Ohio (41.154, -80.701)

Metadata

Model
gpt-5-mini
Short Digest
8c851cd5

Response Measures

Accommodated withdrawals

Description

Newspaper accounts from Feb 18–20, 1893 report a brief run on the Girard Savings Bank triggered by the failure of Robert L. Walker (bank president). All demands were met promptly and the run did not continue; no suspension or closure is reported.

Events (1)
1. February 19, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Failure/assignment of Robert L. Walker (bank president) and related insolvency news about his enterprises triggered withdrawals
Measures
Bank and officers secured funds and paid every claim promptly on demand; assurances given depositors that bank was safe
Newspaper Excerpt
A run was made on the Girard Savings Bank ... All demands are promptly met
Source
newspapers

Newspaper Articles (3)
1. February 20, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, February 20, 1893

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Article Text

IN PLATE The Cause of Gov. McKinley's Pecuniary Ruin. FAILURE OF A STAMPING WORKS At Youngstown - 8150,000 Put Into a Plant With $50,000 Capital - General Sympathy Expressed for the GovernorFriends Will See That All Notes With His Endorsement Are Paid. YOUNGSTOWN. O., February 19.-The sole topic of conversation in business circles continues to be the failure of Robert Walker and the appointment of a receiver for the Stampinx Works and Girard Stove Works, which followed. As the facts come to light, and the financial condition of Mr. Walker and in which he WAS interested are the concerns only better known. people are surprised that the crash did not come mouths ago. There are no dishonest motives attributed to Mr. Walker, and his failure is believed to be a bona fide one, though as complete as it could well be. Circumstances have proven he was floating great deal more commercial paper than he was able to pay, and the public in a quarters censure him severecarrying who had placed friends ly great many for deliberately explisit down confi- notes the dence in him, and had indorsed without a question, They think Mr. Walker should have known that the plants on which he as expending the money raised through the kindness and blind confidence of those who trusted could not be fully paid. THE STAMPING WORKS, which have not assigned, but for which a receiver was appointed, is in an unsettled state. The company has a paid up capital of $50,000. Then It borrowed various times and from banks and of elsewhere throughout this section the State $90,000. indorsed by Robert Walker personally. It also borrowed This $10,000 ou its own responsibility. in that had been put up & with a capital of makes plant $150,000 $50,000. On every hand and from every perirrespective of party, are heard expressions son, of sympathy for Governor McKinley, whose kindness, confidence and friendship led him into losing so much. A number of his friends here, who are among the ablest men in the city, have clubbed together and raised sufficient money to enable the Governor all the notes bearing his indorseto ments. pay This money will be loaned to the Governor on his personal notes By thus relieving the strain. Governor Bloo Kinley can ges IN A POSITION TO LIQUIDATE the debts that have been piled on his shoulders. The failure of Robert Walker caused slight run on the Girard Savings withbank this a morning. Those who drew deposits were principally farmers. conAll demands are promptly met, and fidence is fast being restored. Governor McKinley left for Columbus on the train theN. & O. railroad. He to talk be Y., this P. morning eclined said about the failure, but he pay every note on which he furn- had A statement was Governor McKinley just gone would ished surety. before left to-day. which showed that which there were $49,000 worth of notes out This bore his name as endorser. I the total amount of the known ones, was but there are several more, the amount but of which are not positively known, which will run it up to 860,000. Mr. McKinley has declared his intention of paying DOLLAR FOR DOLLAR, however involved. The papers upon fighis name and responsibility estimated to $70,000. ca$50,000 ure which are variously Conservative at from estiof the Governor's financial mates place his fortune at $100,000. man. pacity a great fortune for a public not has not been involved in specula- heart He and only his kindness of legiti tions, him to bolster up the impelled enterprise of a lifelong friend He by mate his name and his credit. lending been doing such things in a has ever and his liberality and charit- known quiet way. generosity are quite well those able heartily acknowledged by and who have the good fortune of knowing him more intimately. The Governor's losses upon may his have political an It has been said that no future. important bearing keep him power out could eventually on earth White House. A Presidential of campaign the cannot be undertaken by him a whose fortune does not make entirely man independent. There are many who refer to him as the prospective would Savior of the party, and who see great financial sacrifices to is a make succeed. But Mr. McKinley him him man and those who know proud say that he would accept the Like assistance best of no man in that way. others who have occupied the finances position Governor before him, his be of suffered. He may, like others, compelled have to retrieve his fortunes upon rativing

2. February 20, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, February 20, 1893

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Article Text

Not Smirched Through the Failure of Robert Walker. HELP TO BE FORCED UPON By Friends in Ohio-He Does Not Lack for Friends in Adversity-H Has Never Made a Dollar Dishonorthe ably-Greatly Surprised at Amount of His Liability YOUNGSTOWN, Feb. 19.-Governor Mc. Kinley, who remained here Friday of night to ascertain the exact extent his liability as an indorser on the paper and of Robert L. Walker, the banker manufacturer who failed Friday, was the out early yesterday morning at office of Attorney H. K. Taylor. The governor was as suave and affable as though waiting to respond to an after- been dinner toast, instead of having brought to a realizing sense that him his friendship for Walker would cost of fortune. He was averse to speaking criti failure and refrained from any cism "When his I was informed friend. of the failure, he, "I supposed that my signature to said was on perhaps, $15,000, but not $20,000, of Mr. Walker's paper ceed when I talked with Mr. Walker and learned from him that the amount would reach $60,000, it was surprise, assure you. In fact, I was not prepared for What intend to do is to at once pay every dollar of paper on which Some am indorser matured, that is past understand, due. it has not or May. All that be runs called to in April and paid oil promptly, as desire to have the matter settled speedily as possible. ANXIOUS TO KEEP GOOD NAME "One thing I desire the public dol- to and that is did not have lar's worth know, of interest in any of Walker the vestments or enterprises of Mr. for when he asked me to indorse and him I did it as a friend, without and ex pecting the slightest recompense; unsincerely hope that no one will be objust enough to attach any moral to me. I acted simply as friend liquity would to help another, and every cent that my signature the pay paper of Mr. Walker calls for. Prior to leaving here for Cleveland to-day to meet his wife, the governor was called upon by a large number of private citizens, who tendered their When it grets for his financial trouble. McKinknow that Governor became would probably lose every dollar has, ley several well known citizens, pos- to sessing abundant means, decided tendering show him sympathy their friendship of a substantial by charac- to When they requested him ter. the amount he needed in the present name emergency, the governor time was visibly affected, and for the first broke down. He declined to nearly amount, and $10,000 was name at any his disposal as a loan, to be placed repaid at his own convenience, the gentlemen refusing to accept anything from him as security excepting his per sonal obligation. NO WEALTH DISHONORABLY GOTTEN. This morning it was ascertained that action had been taken by number similar of wealthy men at Cleveland, all he who will advance the governor One of desiro on the same terms. said may the here who offered the loan Governor McKinley men has 1ways kept in of speculation, refusing to invest railroads, out mines or other corporations and is comparatively poor, while other in public life, taking advantage men the opportunities offered, have become millionaires and had their reputations with smirched by being connected questionable schemes. The governor kept his skirts clear, his reputahas is untarnighed, and when such tion gets into financial trouble through to man ofault of his own, it is pleasure tender him substantial assistance.' Nearly a complete list of the Walker bearing Governor McKinley's paper was seen to-day. The amount signature in the aggregate is $60,000. It is not believed now that in any event it will at $65,000. Accountants are work exceed on the affairs of Mr. Walker, in and will furnish a complete statement howday or two. It is already known, will be that every dollar he has ever, swept away and he will be left penniless. A run was made on the Girard Savings Bank, of which Mr. Walker but it did not continue long, president. every claim was paid promptly that on demand. There is every assurance bank and also the Farmers' this National Bank at Poland, of which he was also president are entirely safe, his neither had been handling any of paper for some time. PLANS FOR THE EMBARRASSED COMPANY The reorganization of the Youngstown Stamping Company will continue the in operation. This is the plan of thus stockholders, and eyery creditor it. The far seen is heartily in favor of Girard Stove Works, of which Mr. the Walker was also president, is in hands of receiver, the manager, liabilities Louis Carl, being appointed. Its $80,000. and its assets $20,000 are A dispatch from the governor's home, says: "Governor McKinley's liabilities Canton, in the Walker failure at Youngstown occasion grave apprehen A local sions among his friends here. Walker banker said yesterday that the for had been floating in the banks some paper time because indorsed by McKin- the It is thought that more of ley. is afloat than appears in the friends first paper of the case. McKinley's claim reports that he will be able to meet the difficulty without becoming ununcumbered absolutely as he has an bankrupt, business block here valued at $50,000, and his wife has interests in her own that are said to exceed $60,000." name telegram from West Newton, Pa., A An investigation to-day shows says: that Robert L Walker does not own coal mines here as reported Newton He any small stockholder in a West the mine, but his failure will not affect financial standing of the mining company or the working of the mine.

3. February 25, 1893 The Ohio Democrat Logan, OH
Article from The Ohio Democrat, February 25, 1893

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Article Text

GOV. M'KINLEY Said to Be on the Verge of Bankruptcy by Indorsing for a Friend. YOUNGSTOWN, O., Feb. 18.-Robert L. Walker, banker, capitalist and manufacturer, made an assignment to Hal K. Taylor Friday, and it is probable will carry Gov. McKinley down in the wreck, leaving him without a dollar. A judgment for $5,050 was entered in court Friday against Walker and the Youngstown Stamping Co., of which he is president, and a levy made at once on the plant. Walker at once executed mortgages on a farm and his homestead to partially protect Gov. McKinley and Thomas Guy, who were indorsers on his paper for large amounts. Ascertaining that financial ruin was certain Walker made an assignment. Walker engaged in numerous enterprises, including the stamping works, Girard stove works, coal mines at Salineville and West Newton, Pa., and made other investments requiring a large outlay of money that exhausted his resources and did not prove productive and caused his failare. Gov. McKinley and Walker have been close friends from boyhood, and when the latter desired his signature on negotiable paper it was freely granted. The governor, having the utmost confidence in his friend and believing him wealthy, from time to time indorsed notes, believing that they were being taken care of. Gov. McKinley arrived here Friday, and is trying to ascertain the extent of his liability as indorser, the amount being estimated at from $50,000 to $60,000. If not too large an amount he will make an effort to take care of it, otherwise he will be bankrupt. Walker is president of the Farmers' national bank of Poland, and of the Girard savings bank, both amply secured. They expect a run when the news of Walker's failure gains circulation, and each has secured funds to pay every dollar due depositors, and is ready for any emergency. The liabilities of Walker are estimated at $250,000; assets less than $100,000. Gov. McKinley said Friday night: "All that I desire to say is that I will pay every note of Mr. Walker's on which I am an indorser, and no one shall lose a dollar through me." Figures were obtained showing that Gov. McKiney is on $60,000 of the of the Walker paper. Walker has sus* tained a spotless reputation in the business community, and his failure is attributed to his engaging in more investments than he could successfully carry through. He says he will turn over his home and every dollar he has in the world to assist in paying his creditors. His family consists of a wife, son and daughter, and none of the money has been squandered in expensive living, the family practicing ecomony in both the household and wearing apparel.