17636. Merchants State Bank (New Philadelphia, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 31, 1931
Location
New Philadelphia, Ohio (40.490, -81.446)

Metadata

Model
gpt-5-mini
Short Digest
3f291bbf

Response Measures

None

Description

Contemporary articles report Merchants State Bank 'failed to open' on Jan 31, 1931 and by March 25, 1931 the bank was 'in charge of the state banking department.' There is mention of an anticipated run and a loan from Peoples Bank to meet an expected run, but no explicit run on Merchants State Bank is described. The state took control, so classified as suspension leading to closure/receivership.

Events (2)

1. January 31, 1931 Suspension
Cause
Government Action
Cause Details
Bank failed to open on Jan. 31, 1931 and subsequently came under state banking department control.
Newspaper Excerpt
NEW PHILADELPHIA, O., Jan. 31 Merchants State bank here... failed to open
Source
newspapers
2. March 25, 1931 Receivership
Newspaper Excerpt
the Merchants State Bank, this which is now in charge of the state banking department, ... was declared to be preferred debt today and was ordered paid by Common Pleas Judge David Thomas.
Source
newspapers

Newspaper Articles (2)

Article from Chattanooga Daily Times, February 1, 1931

Click image to open full size in new tab

Article Text

STOCK MARKET (New York Stock Exchange.) By the Associated Press. NEW YORK. Jan. Following is the complete closing list of today's transactions row Movement in Short STOCKS Sales High Low Close Session. on the New York Stock Exchange: Inland Steel STOCKS Sales High Low Close Inspirat NEW YORK, Jan. 81 (P).-Business ebbed in the short session of the curb Adams Express market today and what little comfort was derived from the narrow movement enjoyed by the bears. Alaska Fractional losses were the rule, but the decline was not aggressive and failed to attract many offerings. The day's turnover involved only 180,000 Brake shares. Dept Electric Bond and Share yielded a Creek point to touch 43 and closed % net Manville lower. American Gas and Electric dropped nearly points, but recovered all but United Gas and American and Foreign Power warrants closed with fractional losses In the shares, Gulf and Vacuum than point Internat and some the standard group suffered smaller losses. Cities Service held in narrow groove and was only off on the day In the industrial section strength of Dresser and B stood out, with advances of 1% and respectively in fair Alumin of Ameri ca and Ford of England yielded fractionally. Lehigh Coal and Navigation sold off points and Deere dipped 1½ Goldman Sachs firmed at the close, Tobacco after selling off % Ungerleider Financial was soft spot in the investment Wool trust group, closing off Ry is partial list of transac tions on the New York Curb Exchange STOCKS Sales High Low Close App Atchison Ref Gas Nat Auburn Auto Aviation Corp Baldwin Leath States Cosden Curtiss Wright Motors Deere Doehler Durant France Bulova Watch Ad Theater Byers Pack Corp Ale Canad Lone Elevator Min Corp Pneu Prudential Invest Yell Exchange Roan Cop 16% Regis Paper Tri Utilities Power Graph Vacuum Vick Congoleum Walgreen Oo 900 16% 16% Metals Market. Baking larity important in the steel market during the week. there was further slight rain noted in the toDel tal placed. Railroad Prod has proven disappointment. but offset to extent by increasing speciCream Crown fications from tin plate manufacturers and automobile buying covering various prodUnited States Steel corporation Curtis of earnings the prices Cutler Ham LOCAL MARKETS easiness developed heavy melting Davison Chem More resale copper domestic Stores to Tennessee delivered Nem reduction Pont deb the export Eastman Kodak volume business been Boat decrease show buying as they are Fruits supplied metal Tin fluctuations were rather buying dealers of the week was the best in long extra The selling price lead unchanged Exchange for March and munition to have Federal there less sizes the pressure the the Rubber for was quiet Foster market not been much consuming interest of late. Inv fancy baskets Tex Dry Goods. Gardner Motor YORK. goods extra and Wool goods better than steady. Raw request. merselling bushels Brussel Ohio Bank Suspends. Motor to NEW PHILADELPHIA. O., Jan. 31 Merchants State bank here. capitalized $150,000 and with sources of $184,354, failed to open this green bushels. STOCKS Sales High Low Close Adolph Elliott bushels pounds dozen No Maryland West Grigsby Grun Dept MONEY! Mach Installment Loans to Salaried People. FRANKLIN Vadsco Motor SAVINGS AND Detin Central LOAN BANK NINTH, AT GEORGIA AVE. Rand


Article from The Daily Times, March 25, 1931

Click image to open full size in new tab

Article Text

Loaned To Meet pected Run The claim of the Peoples Bank and Savings this city, against the Merchants State Bank, this which is now in charge of the state banking department, amounting to was declared to be preferred debt today and was ordered paid Common Pleas Judge David Thomas. According to the court. the money given to the now bank the Peoples Banking and Trust Co., the evening before the Merchants bank closed in order ward off an anticipated run on the latter bank the next day.