17580. Marion Deposit Bank (Marion, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 19, 1896
Location
Marion, Ohio (40.589, -83.129)

Metadata

Model
gpt-5-mini
Short Digest
ca8ad713

Response Measures

None

Description

The Marion Deposit Bank (a state institution per article) failed to open its doors in mid-October 1896; the owner filed a deed of assignment and conveyed assets to assignees in trust for creditors. Newspapers state there was no resemblance of a run, so this is a suspension leading to closure/assignment (receiver-like). Date of initial closure reported Oct 19, 1896.

Events (2)

1. October 19, 1896 Receivership
Newspaper Excerpt
T. P. Wallace, owner of the bank, filed a deed of assignment ... conveying to assignees E. G. Allen and A. J. Kling, in trust for the benefit of creditors, all his real and personal property ... and the bank building.
Source
newspapers
2. October 19, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was unable to meet its obligations; owner T. P. Wallace filed a deed of assignment conveying bank and personal assets to assignees in trust for creditors (indicates insolvency).
Newspaper Excerpt
The Marion Deposit Bank failed to open its doors this morning. ... The Marion Deposit Bank closed its doors this morning on account of inability to meet obligations.
Source
newspapers

Newspaper Articles (6)

Article from The Indianapolis Journal, October 20, 1896

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Article Text

Ohio Bank Closed. MARION, O., Oct. 19.-The Marion Deposit Bank failed to open its doors this morning. T. P. Wallace, owner of the bank, filed a deed of assignment as an individual and as the bank conveying to assignees E. G. Allen and A. J. Kling, in trust for the benefit of creditors, all his real and personal property, including his home, bank building, city lots, farm lands, moneys, book accounts. notes and a plantation in Florida. Assets and liabilities are not known. The nominal capital of the bank was $25,000. Great confidence is expressed in other financial institutions and no resemblance of a run is manifested.


Article from The Morning News, October 20, 1896

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Article Text

AN OHIO BANK CLOSED. Inability to Meet Its Obligations Forces the Suspension. Toledo, Oct. 19.-A Bee special from Marion, O., says: "The Marion Deposit Bank closed its doors this morning on account of inability to meet obligations. It is a state institution, operated by T. P. Wallace. It was established in 1840, and was regarded as sound. The depositors are chiefly farmers, It is thought no other failures will result."


Article from The Roanoke Daily Times, October 20, 1896

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Article Text

ANOTHER BANK FAILURE. Cleveland, Ohio, Oct. 19.-A special from Marion, Ohio, says: The Marion Deposit Bank failed to open its doors this morning. T.P. Wallace, owner of the bank, filed a deed of assignment asan individual and as the bank, conveying to the assignees, E. G. Allen and A. J. King, in trust, for the benefit of creditors, all real property, including his home, bank building, city property, farm lands, monies, book accounts, notes and a plantation in Florida. Assets and liabilities are not yet known. The nominal capital of the bank was $25,000. Great confidence is expressed in other financial institutions and no resemblance of a run in manifested.


Article from The Copper Country Evening News, October 21, 1896

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Article Text

Bank Failure at Marion, O. Marion. O., Oct. 21.-The Marion Deposit bank failed to open its doors Monday morning. T. P. Wallace, owner of the bank, filed a deed of assignment as an individual and as the bank. conveying to the assignees, E. G. Allen and A. J. Kling, in trust for the benefit of creditors, all his real and personal property, including his home, bank building, city lots, farm lands. moneys, book accounts. notes. and a plantation in Florida. The assets and liabilities are not yet known. The nomInal capital of the bank was $25,000. Great confidence is expressed in other financial institutions and no resemblance to a run is manifested.


Article from Delaware Gazette and State Journal, October 22, 1896

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Article Text

IN GENERAL The Marion, O., Deposit Bank has closed its doors. The Hotel Chalfonte, at Cape May, was sold at sheriff's sale Mouday for $20,000. The new Masonic Home in Wichita, Kan., was seriously damaged by fire Monday. The new Turkish minister, Mustapha Tabsin Bey, arrived in Washington Monday. B. F. Foster, grand secretary of the Grand Lodge of Odd Fellows, died in Indianapolis Monday. Commander William M. Gamble, U. S. N., retired, died Monday in Morristown, N. J., at the age of 70 years. The entire business portion of Enfield, Mass., comprising the property of 12 business firms, was burned Monday. Senator Peterson of Minnesota declares that McKinley will carry that State by from 35,000 to 50,000 majority. The plant of the Alexandria, Va., Fertilizer Manufacturing Co. was damaged by fire Sunday night to the extent of $20,000. St. Peter's Polish Catholic Church at Stevens' Point, Wis., was burned Sunday by a fire supposed to have been of incendiary origin; loss, $30,000. Candidate Bryan denies the report that he had applied to the manager of a New York theatre, in January last, for the position of press agent. L. W. Yeomans & Co.'s drug store in Belleville, Ont., was burned Monday morning. L. W. Yeomans the head of the firm perished in the flames. At Somerville, N. Y., Sunday, Orrin D. Kinnie killed his father with an axe and then took his own life by hanging. He is supposed to have been insane. The Comptroller of the Currency has declared a final dividend of 10½ per cent to the depositors of the Corry, Pa., National Bank, making in all 801/2 per cent. Charles Bertrand & Co., general storokeepers of Isle Verte, Quebec, have failed. Their liabilities are $235,000, and they claim assets amounting to $288,000. Ex-Gov. and Judge S. Brooks Fleming of Fairmont, one of the leading Democrats of West Virginia, has announced his opposition to Bryan and the Chicago platform. Fitzhugh Lee, consul-general at Havana, bas been granted leave of absence and will return to his home in Virginia. It is said he returns solely on account of his health. It is stated that the Pope is sending special instructions to Archbishop Martinelli in regard to the attitude of the Catholic clergy in America in the present political campaign. St. Clair Grover and his brother. a deaf mute, are under arrest at Clarks8 ville, Ga., charged with the murder of their grandmother because she had cut off the first-named grandson in her r will. Gladstone declares that it would be a wild paradox to say that the enforcement of British treaty rights to stop the systematic massacres in Turkey would provoke hostilities from the Powers. A fire at Corsicana, Tex., Sunday, destroyed the National Oil Co. 's cotton oil mili, together with machinery, a S large quantity of cotton-seed, crued and refined oil. The Jose is estimated at $70,000. A 500-pound clock weight crashed r through three floors of St. Hedwick's Church in Milwaukee, Sunday afternoon. The church was crowded at the time and a panic ensued but no one c was injured. 6 0 A Boston dispatch says that the Hallett & Davis Piano Co.: which


Article from The Times, October 23, 1896

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Article Text

Bank Failure at Marion, O. Marion, O., Oct. 21.-The Marion Deposit bank failed to open its doors Monday morning. T. P. Wallace, owner of the bank, filed a deed of assignment as an individual and as the bank, conveying to the assignees, E. G. Allen and A. J. Kling, in trust for the benefit of creditors, all his real and personal property, including his home, bank building, city lots, farm lands, moneys, book accounts, notes, and a plantation in Florida. The assets and liabilities are not yet known. The nominal capital of the bank was $25,000. Great confidence is expressed in other financial institutions and no resemblance to a run is manifested.