17530. Lancaster, Ohio Bank (Lancaster, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
July 25, 1904
Location
Lancaster, Ohio (39.714, -82.599)

Metadata

Model
gpt-5-mini
Short Digest
91666804

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Full suspension, Books examined

Other: Bank appears to have been a private partnership; county tax collections contributed to liquidity strain; receiver appointed.

Description

Multiple contemporary dispatches report a run beginning July 25–26, 1904; the bank met demands after the president rushed $35,000 in gold from Columbus, but subsequently closed and a receiver (H. B. Peters/Peters/Teter reported in some papers) was appointed July 27. Cause of the initial run is not described as a concrete rumor or correspondent failure; likely heavy withdrawals (tax-collection timing) prompted panic. OCR variants of receiver name (Peters/Teter) noted in articles.

Events (3)

1. July 25, 1904 Run
Cause Details
Heavy withdrawals by depositors (run) during tax-collection period; reasons for panic not specified in dispatches.
Measures
President C. P. Cole secured $35,000 in gold from Ohio National Bank and brought it by automobile to meet depositor demands; bank met demands throughout the day.
Newspaper Excerpt
With $35,000 in gold, C. P. Cole, president of the Lancaster bank, made a dash in an automobile from Columbus to Lancaster, arriving in time to prevent the bank from closing its doors in the face of a run.
Source
newspapers
2. July 27, 1904 Receivership
Newspaper Excerpt
Receiver for the Lancaster Bank. Henry Peters ... was last week appointed receiver for the Lancaster bank which had been embarrassed by a run of depositors Monday and Tuesday.
Source
newspapers
3. July 27, 1904 Suspension
Cause Details
Closed because of inability to withstand continued heavy withdrawals after two days of run (about $130,000 withdrawn); officials requested court appointment of receiver.
Newspaper Excerpt
The Lancaster bank closed its doors on account of a heavy run. It is said Henry Peters ... has been appointed receiver.
Source
newspapers

Newspaper Articles (14)

Article from The Saint Paul Globe, July 26, 1904

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Article Text

RUSHES TO RESCUE Carries $35,000 to Endangered Bank on Automobile COLUMBUS, Ohio, July 25.-With $35.000 in gold, C. P. Cole, president of the Lancaster bank, today made a dash in an automobile from Columbus to Lancaster, arriving in time to prevent the bank from closing its doors in the face of a run. Hearing of the trouble, Mr. Cole secured the money from the Ohio National bank, in Columbus, but missed his train. To avoid the danger of delay he hired an automobile, and with L. F. Kiesewetter, cashier of the local bank, made the run of forty miles in the fast time of one hour and twenty-eight minutes. Crowds lining the sidewalk about the bank gave a cheer as the automobile arrived and the nature of the cargo was made known. The run on the bank, however, continued throughout the day, the bank meeting all demands. The amount withdrawn is not known. The bank is capitalized at $15,000. It has deposits in excess of $300,000.


Article from The Daily Palladium, July 26, 1904

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Article Text

CHEERED THE AUTO Crowd About Distressed Bank Wel. comed Arrival of Gold. Columbus, Ohio, July 26.-With $35,000 in gold, C. P. Cole, president of the Lancaster bank, made a dash in an automobile from Columbus to Lancaster, Ohio, arriving in time to prevent the bank from closing its doors in the face of a run. He made the run of forty miles in the fast time of one hour and twenty-three minutes. Crowds lining the sidewalk about the bank, gave a cheer as the automobile arrived and the nature of the cargo was made known.


Article from Evening Star, July 27, 1904

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Article Text

Automobile Run Saved an Ohio Bank. A dispatch from Columbus, Ohio, last night says: With $35,000 in gold, C. P. Cole, president of the Lancaster Bank, made a dash in an automobile from Columbus to Lancaster, arriving in time to prevent the bank from closing its doors in the face of a run. Hearing by telephone of the trouble, Mr. Cole secured the money from the Ohio National Bank in Columbus, but missed his train. He hired an automobile, and with L. Y. Kleswetter, made the run of forty miles in one hour and twenty-eight minutes. Crowds lining the sidewalk about the bank gave a cheer as the automobile arrived and the nature of the cargo was made known. The run on the bank, however, continued throughout the day, the - bank meeting all demands. The amount withdrawn is not known. The bank's deposits exceed $300,000.


Article from The Daily Palladium, July 27, 1904

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Article Text

APPOINTED RECEIVER. (By Associated Press.) Lancaster, O., July 27.-The Lancaster bank closed its doors on account of a heavy run. It S said Henry Peters, of Zanesville, has been appointed receiver.


Article from Abilene Weekly Reflector, July 28, 1904

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Article Text

Swift Ride Saved a Bank. Columbus, O., July 26.-With $35,000 in gold, C. P. Cole, president of the Lancaster bank, made a dash in an automobile from Columbus to Lancas. ter, arriving in time to prevent the bank from closing its doors in the face of a run.


Article from The Clarksburg Telegram, July 29, 1904

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Article Text

RUN ON BANK Causes It To Close Its Doors and Zanesville Man Has Been Appointed Receiver. By Associated Press. Lançaster, Ohio, July 27-The Lancaster bank closed its doors today on account of a run. It is said H. B. Teter of Zanesville, has been appointed receiver.


Article from The Penn's Grove Record, July 29, 1904

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Article Text

SAVED HIS BANK. President to Meet Run Missed Train, But Auto Saved Him. Columbus, Ohio.-With $35,000 in gold C. P. Cole, President of the Lancaster Bank, made a dash in an automobile from Columbus to Lancaster, arriving in time to prevent the bank from closing its doors in the face of a run. Hearing by telephone of the trouble, Mr. Cole secured the money from the Ohio National Bank in Columbus, but missed his train. He hired an automobile and made the run of forty-eight miles in one hour and twenty-eight minutes.


Article from The Guthrie Daily Leader, August 2, 1904

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Article Text

AUTO SAVES A BANK. President Makes Fast Trip With Cash to Stop a Run. Columbus, O., Aug. 2.-With $35, 000 in gold, C. P. Cole, president of the Lanacaster bank, made a dash in an automobile from Columbus to Lancaster, arriving in time to prevent the bank from losing its doors in the face of a run. Hearing by telephone of the trouble, Mr. Cole secured the money from the Ohio National bank in Columbus but nissed his train. To avoid the danger of delay he hired an atomobile and with L. F. Kiesewetter, cashier of the local bank made the run of forty miles in the fast time of one hour and twenty-eight minutes. The run on the bank however, continued throughout the day, the bank meeting all demands.


Article from The Morris County Chronicle, August 2, 1904

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Article Text

SAVED HIS BANK. President to Meet Run Missed Train, But Auto Saved Him. Columbus, Ohio.-With $35,000 in gold C. P. Cole, President of the Lancaster Bank, made a dash in an automobile from Columbus to Lancaster, arriving in time to prevent the bank. from closing its doors in the face of a. run. Hearing by telephone of the trouble, Mr. Cole secured the money from the Ohio National Bank in Columbus, but missed his train. He hired an automobile and made the run of forty-eight miles in one hour and twenty-eight minutes.


Article from The News-Herald, August 4, 1904

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Article Text

THE LANCASTER BANK. Cashier Martin Delivers a Trust Deed For His Property. Lancaster, O., July 30.-W. L. Martin. secretary of the Perpetual Building and Loan association. Friday delivered a trust deed for all his negotiable property to H. B. Peters. receiver of the Lancaster bank, cf which Martin has been cashier and which was the depository of the building and loan association. No statement was obtainbale as to the amount. Four deputies from the state insurance commissioner's office Friday began an investigation of the books of this and two other Lancaster building and loan associations, Commissioner Voryis deciding to act after the Lancaster bank had gone into the receiver's hands. The bank officials say it is entirely solvent.


Article from The Ohio Democrat, August 4, 1904

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Article Text

Receiver for the Lancaster Bank. Henry Peters, vice president of the Fairfield County bank, was last week appointed receiver for the Lancaster bank which had been embarrassed by a run of depositors Monday and Tuesday. About $130,000 was withdrawn during the two days and as the institution was not in shape to withstand a third days withdrawal of funds the officials joined in a request to the court for the appointment of a receiver. Judge Reeves named Mr. Peters and the latter today gave bond and assumed the duties of the position. The owners of the bank claim assetts of $290,000, and place the liabilties at $250,000. They claim the institution is solvent. The other banks of Lancaster examined the paper of the Lancaster bank and decided they could not take it up on account of the long time it had to run.


Article from Highland Recorder, August 5, 1904

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NEWS IN SHORT ORDEP. The Latest Happenings Condensed for Rapid Reading. Domestic, The large independent operators of the Pocahontas coal region have entered into an agreement to raise the price of soft coal. Rear Admiral George A. Converse was appointed chief of the Bureau of Navigation, succeeding the late Admiral Taylor. The peace prospects at the stockyards' strike received a black eye in the arrest of President Golden, of the Teamsters' Union. The managers of the St. Louis Exposition have decided not to pay the expenses of the foreign jurors to the fair. Receiver W. G. Taefel, of the New York Savings Bank, was found drowned in a branch of the Licking River. E. J. Gildersleeve, a ticket broker, was fined for dealing in nontransferable World's Fair railroad tickets. A dozen persons were injured in a collision between a motor train and a trolley car near Coney Island. Minister Leishman cabled the State Department that he had along interview with the Sultan. One man was killed and several injured in a head-on collision near Sharon, Pa. Custer Gardner, a white man, was hanged at Munfordville, Ky., for the murder, in November last, of S. D. Osborn and his son David. The house of John Harper, at New Haven, O., burned, and Mr. Harper and his wife, both over 80 years old, were burned to death. The remains of Rear Admiral Henry C. Taylor were buried with military honors at the National Cemetery at Arlington. State Bank Examiner Bergh, of Wisconsin, took charge of the state bank at Mauston, Wis., and closed its doors. The Republican State Convention of Missouri nominated Cyrus P. Walbridge, of St. Louis, for governor. a William Hoyt hitched himself to sulky and pulled his wife from Moline, III., to the World's Fair in St. Louis. Private Joseph J. Hammot, of the Eighteenth Regiment, U. S. A., stationed at Fort Schuyler, was murdered. Ambassadors Bellamy Storer and Charlemayne Tower arrived at New York on the steamer Deutchland. President Roosevelt and his family returned to Washington, where they will remain for a while. Former Secretary of War Root has declined to become a candidate for governor of New York. Michael Davis was arrested in Brownsville, Pa., on the charge of killing his mother. Heathfield Washburn, grain dealer of Buffalo, committed suicide. The accident bulletin of the Interstate Commerce Commission shows a decrease in the casualties on railroads since the use of air brakes on freight cars. Judge Platt, of the United States Circuit Court in Harford. Ct., signed the decree of foreclosure of the mortgage given the Ship Trust. George F. Hammond confessed in Spokane, Wash.. his part in the holding up of a Northern Pacific passenger train near Bearmouth, Mon. The will of Abner McKinley, filed in Somerset, Pa., leaves the bulk of his estate to his widow and his daughter, Mrs. McKinley Bear. M. Marshall Langhorne, of Virginia, was appointed consul to Chungking, China, and Frank S. Hannah, of Illinois, to Madeburg, Germany. Salvatore Brandaleone and Giovanni Giordano, two Italians, were convicted in New York for counterfeiting. They confessed. John Rogers, the sculptor who designed the famous groups of statuary bearing his name, died in New Haven, Ct. A fire broke out in the lard refinery of Swift & Co., in the stockyards in Chicago. It was not of incendiary origin. Jealous John Anderson, of Pueblo, Col., killed his sweetheart, Mrs. J. J. Appley, and then shot and killed himself. The Lancaster Bank of Lancaster, O., closed its doors in cosequence of a run, and a receiver was appointed. The National Association of Railway Postal Clerks elected delegates to the national convention to be held in Boston in September. Senator Davis emphatically denies the report that he is to marry the widow of Dr. John Reynolds, of Shepherdstown, W. Va. The record in the case of James B. Howard against the State of Kentucky was filed in the United States Supreme Court. The resignation of Charles M. Schwab as a director of the United States Steel Corporation was accepted. Thomas Taggart, of Indiana, was elected chairman of the Democratic National Committee. Rev. Robert Perine, dean of All Saints' Cathedral, at Spokane, Wash., died at Newark. Foreign. The recovery of Lego, alias Porozeff, the assassin of the Russian Minister of the Interior von Plehve is believed to be assured. The officials declare that the murder was a part


Article from The Weekly Register, August 10, 1904

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The Lancaster Ohio Bank is in the hands of a receiver. Its officers claim that it will pay out dollar for dollar, but the authorities at Columbus thought it best to have its affairs examined. Mr. H. B. Peters is the receiver and is under bond in the sum of $200,000. The bank wrs a partnership affair among C P. Cole. Chas. H. Tow. son and W. L. Martin. It carried a large sum of money belonging to Fairfield county.


Article from The Ohio Democrat, August 11, 1904

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Article Text

The Lancaster Bank. Receiver H. B. Peters of the Lancaster Bank, stated Tuesday noon that he was not yet able to make an intelligible statement. The trouble came right in the midst of tax collections, and this bank was the agent of County Treasures J. B. Kramer for collecting money on checks. At the time the bank closed, about $20,000 worth of checks were still outstanding the cash for considerable part of them being in the bank. A number had not yet been collected when Receiver Peters took charge. Treasurer Kramer has consulted several good attorneys, all of whom assure him that the county's money will be a preferred claim, as it was not a deposit, but was simply in the bank official's custody as agents of the county treasurer.