17569. Sturges bank (Mansfield, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
July 3, 1901
Location
Mansfield, Ohio (40.758, -82.515)

Metadata

Model
gpt-5-mini
Short Digest
335a8f48

Response Measures

None

Description

Multiple contemporaneous newspaper reports (dated July 3–6, 1901) state the Sturges bank failed to open, the owner filed a deed of assignment, and a receiver was appointed for the bank and related Mansfield Machine Works. No run or depositor panic is described. The closing appears to be an owner-filed assignment leading to receivership (voluntary insolvency/assignment).

Events (2)
1. July 3, 1901 Receivership
Newspaper Excerpt
its owner filed a deed of assignment to Howard B. Dirlam ... is now in the hands of a receiver. A. Peck was appointed receiver for the Mansfield Machine works (related enterprise).
Source
newspapers
2. July 3, 1901 Suspension
Cause
Voluntary Liquidation
Cause Details
Owner (Willis/Wm. M. Sturges) filed a deed of assignment; bank did not open and was placed in receivership.
Newspaper Excerpt
The Sturges bank failed to open its doors today, and is now in the hands of a receiver.
Source
newspapers

Newspaper Articles (9)
1. July 3, 1901 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, July 3, 1901

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Article Text

STURGES BANK FAILS. Owner Was an Old Friend of Senator John Sherman. Mansfield, O., July 3.-The Sturges bank here closed its doors today, when its owner filed a deed of assignment to Howard B. Dirlam, an attorney. The bank was a private concern. Sturges was reputed to be worth $150,000. He owns considerable real estate, lumber works and a controlling interests in the Mansfield Machine works, a large concern capitalized at $300,000. The assets and liabilities have not been given out. Later in the day A. Peck was appointed receiver for the Mansfield Machine works. Mr. Sturges was a close business friend of the late John Sherman.

2. July 4, 1901 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, July 4, 1901

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Article Text

AN OHIO FAILURE. Bank and Machine Works in Hands of Receivers. Manafield, Ohio, July 3.-The Sturges bank failed to open its doors today and is in the hands of a receiver. The closinz of this bank was followed by the assigument of Wm. M. Sturges, owner of the bank, and by the appointment of a receiver for the Mansfield Machine work, capitalized at $300,000, and controlled by Sturges and his associates. The Sturges bank was a private Institution. Its depositors were mostly grain men and farmers. It paid interest on deposits of money from the time It was received. Wm. Sturges was interested in numerous enterprises.

3. July 4, 1901 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, July 4, 1901

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Article Text

Bank Suspended. Mansfield, O., July 3.-The Sturges bank has suspended.

4. July 4, 1901 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, July 4, 1901

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Article Text

MANSFIELD BANK FAILS SUSPENSION FOLLOWED BY TWO OTHER ASSIGNMENTS, MANSFIELD, Ohio, July 3.-The Sturges bank failed to open its doors today, and is now in the hands of a receiver. The closing of the bank was followed by the assignment of Willis Sturges, owner of the bank, and the appointment of a receiver for the Mansfield Machine works, controlled by Mr. Sturges and his associates. The Sturges bank was a private institu. tion. Its depositors were mostly grain men and farmers. None of the other banks here will be affected. Willis M. Sturges is interested in numerous enterprises, owning lumber works, a coal yard and a large stock farm. A. A. Peck, president of the Mansfield Machine works, who was named as receiver of the institution, was given authority to continue running the plant. which employs several hundred men. Its capital is $30,000. Mr. Sturges owned $82,800 worth of stock in this concern, and was an indorser for over $50,000 of its paper. There is a large number of stockholders, among them being the estate of the late John Sherman, which holds a few shares. The institution has not paid any dividends for five years. No statement has yet been made of the assets or liabilities.

5. July 5, 1901 The Billings Gazette Billings, MT
Article from The Billings Gazette, July 5, 1901

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Article Text

A DOUBLE FAILURE Suspension of Ohio Bank Involves Large Manufacturing Establishment. Mansfield, O., July 3-The Sturges bank failed to open its doors today, and is now in the hands of a receiver. Closing of the bank was followed by the assignment of Willis Sturges, owner of the bank, and the appointment of a receiver for the Mansfield Machine works, controlled by Sturges and his associates. The Sturges bank was a prominent institution. Its directors were mostly grain men and farmers. None of the other banks here will be affected. Willis M. Sturges is interested in numerous enterprises, owning lumber works, coal interests and large stock farms. A. A. Peck, president of the Mansfield Machinery works, who was named as receiver of the institution, was given authority to continue running the plant, which employs several hundred men. Its capital is $300,000. Sturges owned $82,800 worth of stock in the concern and was indorser for over $50,000 of its paper. There is a large number of stockholders, among them being the setate of the late John Sherman, which holds a few shares. The institution has not paid any dividends for five years. No statement has yet been made of assets or liabilities.

6. July 6, 1901 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, July 6, 1901

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Article Text

Another Failure at Mansfield, O. Mansfield, O., July 6.-Following the failure of Willis M. Sturges, owner of the Sturges bank, and the appointment on Wednesday of a receiver for the Mansfield Machine works. yesterday came the failure of Lyman A. Strong. of the Strong Elevator company, who also had an interest in the grain firm of Strong & Lauk. of Bucyrus. O. Strong was a depositor in the Sturges bank.

7. July 6, 1901 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, July 6, 1901

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Article Text

Another Failure at Manafield, o. Mansfield. O., July 6.-Following the failure of Willis M. Sturges, owner of the Sturges bank, and the appointment on Wednesday of a receiver for the Mansfield Machine works. yesterday came the failure of Lyman A. Strong. of the Strong Elevator company. who also had an interest in the grain firm of Strong & Lank. of Bucyrus. O. Strong was a depositor in the Sturges bank.

8. July 10, 1901 The Manning Times Manning, SC
Article from The Manning Times, July 10, 1901

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Article Text

# Private Bank Fails. Sturges bank, of Mansfield O, a private institution, closed its doors, following the filing of a deed of assignment by Banker Sturges to Attorney H. B. Dirlam. Sturges owned lumber works, real estate and a controlling interest in the Mansfield Machine works, the latter capitalized at $300,000. Wednesday afternoon A. Peck was appointed receiver for the Mansfield Machine works. Sturges was a close friend of the late John Sherman.

9. July 12, 1901 Hot Springs Weekly Star Hot Springs, SD
Article from Hot Springs Weekly Star, July 12, 1901

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Article Text

Ohio Bank Goes Under. The Sturges bank at Mansfield, Ohio, closed its doors Thursday morning, when its owner filed a deed of assignment. Sturges the owner, was reputed to worth $150,000. He held a controlling interest in the Mansfield machine works, capitalized at $800,000, which went into the hands of a receiver today. Sturges was a close business friend of the late John Sherman.