17639. Newark Savings Bank (Newark, OH)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
May 20, 1904
Location
Newark, Ohio (40.058, -82.401)

Metadata

Model
gpt-5-mini
Short Digest
9a60c250

Response Measures

Full suspension, Books examined

Other: Receiver appointed; later receiver committed suicide; large shortage discovered (~$50k–$75k).

Description

Newark Savings Bank experienced a slight run (reported May 20, 1904) followed by failure to open and appointment of a court receiver on May 21, 1904. Examinations disclosed large discrepancies in the treasurer/cashier's books (initially reported ~ $50,000; later cited ~ $75,000). The appointment of a receiver and discovery of shortages indicate permanent closure rather than a temporary suspension/reopening.

Events (4)

1. May 20, 1904 Run
Cause
Rumor Or Misinformation
Cause Details
Newspapers report rumors regarding the bank that produced a slight run/withdrawals the day before the bank failed to open.
Newspaper Excerpt
For the past two days there have been rumors regarding the bank, and yesterday there was a slight run on the institution.
Source
newspapers
2. May 21, 1904 Receivership
Newspaper Excerpt
W. G. Taefel was appointed receiver today of the Newark Savings Bank at the request of the directors.
Source
newspapers
3. May 21, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors declined to open and court-appointed receiver after discovery of discrepancies/shortages in the books of the treasurer/cashier (reported initially near $50,000).
Newspaper Excerpt
After a slight run yesterday the Newark Savings Bank did not open its doors today. The court appointed a receiver.
Source
newspapers
4. December 6, 1904 Other
Newspaper Excerpt
Receiver ... has just announced that the shortage of James F. Lingafelter in the savings bank ... is about $75,000. Lingafelter ... is under indictment for forgery.
Source
newspapers

Newspaper Articles (18)

Article from Evening Times-Republican, May 21, 1904

Click image to open full size in new tab

Article Text

OHIO BANK FAILS Savings Bank at Newark, Ohio, Fails to Open Its Doors and Excitement Pre. vails-Working People Were Depositors. Newark, Ohio, May 21.-After a slight run yesterday the Newark Savings Bank did not open its doors today. The court appointed a receiver. The bank has thousands of deposits from working people here and there is great excitement. According to the receiver, discrepancies have been discovered in the books of the treasurer, James F. Lingafelter, but he has not been arrested.


Article from The Daily Telegram, May 21, 1904

Click image to open full size in new tab

Article Text

NEWARK BANK FAILS. By Associated Press, Newark, O. May 21-W. C. Tafelt was appointed receiver today of the Newark Savings Bank at the request of the directors. There was a slight run on the bank yesterday. Discrepencies are reported in the accounts of the treasurer but no arrest has been made. The officials promise a statement soon.


Article from Rock Island Argus, May 21, 1904

Click image to open full size in new tab

Article Text

THOUSANDS OF POOR ARE LOSERS Big Savings Bank Closed-Treasurer Said to be Short. Newark, Ohio, May 21.-After a slight run yesterday the Newark Savings bank did not open its doors today. The court appointed a receiver. The bank has thousands of deposits from the working people here. There is great excitement. According to the receiver, discrepancies have been discovered in the books of the treasurer, James F. Lingafelter.


Article from The Topeka State Journal, May 21, 1904

Click image to open full size in new tab

Article Text

BANK FAILS TO OPEN. Has Thousands of Depositors Among the Working People. Newark, O., May 21.-The Newark Savings bank did not open its doors today and the court has apopinted a receiver. The bank has thousands of deposits from the working people here and there is great excitement. Discrepancies are said to have been discovered in the books of one of the officers.


Article from The Saint Paul Globe, May 22, 1904

Click image to open full size in new tab

Article Text

Bank Fails to Open. NEWARK. Ohio, May 21.-The Newark Savings bank did not open its docts today and the court appointed a receiver for the bank in the person of W. G. Taefel. For the past two days there have been rumors regarding the bank, and yesterday there was a slight run on the institution, and last night the directors decided that they would not open this morning. The bank has thousands of deposits from the working people here. and there is great excitement. According to the report of Mr. Taefel, discrepancies have been discovered in the books of the treasurer, James Lingafelter.


Article from The Indianapolis Journal, May 22, 1904

Click image to open full size in new tab

Article Text

SAVINGS BANK CLOSES DOORS AT NEWARK, O. Receiver Appointed for Institution Which Has Deposits of Working People. NEWARK, O., May 21.-The Newark Savings Bank did not open its doors to-day and the court this morning appointed a receiver for the bank in the person of W. G. Tafel. For the past two days there have been rumors regarding the bank, and yesterday there was a slight run on the institution. Last night the directors decided that they would not open this morning. The bank has thousands of deposits from the working people, and there is great excitement. According to the report of Mr. Tafel this morning, discrepancies have been discovered in the books of the treasurer, James F. Lingafelter, but he has not been arrested. The officials of the bank say that they will make & formal statement soon. Cashier Lingerfelter went to Columbus today to enter a sanitarium. The shortage is said to be in the neighborhood of $50,000. No arrests have been made. COLUMBUS, O., May 21.-Cashier Lingafelter was found at the Parkview sanatorium here to-day. He refused to be seen, but his son said the failure was due to President L P. Schaus's refusing to sign notes for a temporary loan, according to the custom at this season of the year, to relieve a stringency in ready money and prevent the calling in of outstanding loans by the bank. It was denied that there was any shortage, but on the other hand the claim was made that the bank would pay dollar for dollar.


Article from The Salt Lake Herald, May 22, 1904

Click image to open full size in new tab

Article Text

OHIO SAVINGS BANK FORCED TO THE WALL Newark, O., May 21.-The Newark Savings bank did not open its doors today and the court has appointed a receiver. The bank has thousands of depositirs from the working people here and there is great excitement. Discrepancies are said to have been discovered in the books of one of the officers. Cashier Lingerfelter went to Columbus today to enter a sanitarium, The shortage is said to be in the neighborhood of $50,000. | Columbus, Ö., May 21.-Cashier Lingerfelter was found at the Park View sanitarium in this city today. He refused to be seen, but his son said the failure was due to President L. P. Schaus refusing to sign notes for a temporary loan


Article from New-York Tribune, May 22, 1904

Click image to open full size in new tab

Article Text

A NEWARK (OHIO) BANK CLOSED. Newark, Ohio, May 21.-The Newark Savings Bank did not open its door to-day. and the court has appointed W. G. Taefel receiver. Rumors regarding the bank yesterday caused a slight run, and last night the directors decided that they would not open this morning. The bank has thousands of depositors among the working people, and there is great excitement. According to the report of Mr. Taefel, discrepancies have been discovered in the books of the treasurer, James F. Lingafelter. Cashier Lingerfelter went to Columbus to-day to enter a sanatorium. The irregularity in the books is said to be nearly $50,000 Columbus, Ohio, May 21.-Cashier Lingerfelter was found at the Park View Sanatorium, in this city, to-day. He refused to be seen, but his son said the failure was due to President Schaus refusing to sign notes for a temporary loan, according to the custom at this season of the year, to relieve a stringency and prevent the calling in of outstanding loans by the bank. He denied that there was any shortage, and said the bank would pay dollar for dollar.


Article from The Bellefontaine Republican, May 24, 1904

Click image to open full size in new tab

Article Text

A Savings Bank Falls, Newark, O., May 23.-The Newark Savings bank did not open its doors Saturday and the court appointed W. G. Taefel receiver. The bank has thousands of deposits from working people here. According to the report of Mr. Taefel, discrepancies have been discovered in the books of the cashier, James F. Lingafelter, who has gone to Columbus to enter a sanitarium. The irregularity in the books is said to be nearly $50,000.


Article from Ottumwa Tri-Weekly Courier, May 24, 1904

Click image to open full size in new tab

Article Text

RUN ON BANK newark, OHIO, INSTITUTION CLOSED-CROOKED ACCOUNTS REPORTED. Newark, Ohio, May 21.- After a slight rún yesterday the Newark Savings bank did not open its doors today and the court appointed receivers. The bank has thousands of deposits from the working people here and there is great excitement. According to the receiver discrepancies have been discovered in the books.


Article from The Ely Miner, May 27, 1904

Click image to open full size in new tab

Article Text

Ohio Bank Failure. Newark, O., May 23.-The Newark savings bank did not open its doors SatSurday, and the court that morning appointed a receiver for the bank in the person of W. G. Taefel. For several days there have been rumors regarding the bank, and Friday there was a slight run on the institution and that night the directors decided that they would not open Saturday morning. The bank has thousands of deposits from the working people here, and there is great excitement.


Article from Mexico Missouri Message, June 2, 1904

Click image to open full size in new tab

Article Text

Being a Condensed Story of the News of the Week. Western Federation of Miners meets in Denver. The California fruit merger will be dissolved in September. Ground for Jamestown Exposition will be broken next month. Quarrel between France and Vatican may lead to breaking of old treaty. Forty-five battalions of Japanese are landed on the Liao-Tung Peninsula. The Misouri State Medical Association attacked the use of patent medlcines. Adjt. Gen. Bell of Colorado announces that he will resign his office Monday. The G. A. R. veterans of Missouri, encamped at Lexington, are royally entertained. A meeting of the Democratic National Committe was held at the Hotel Jefferson Monday. Russia buys four steamers from the Hamburg-American line, to reconstruct them as auxiliary cruisers. The fourth meeting of the Good Roads Convention was held on the terrace at the Missouri building. The first collision between Russian and Korean forces at Kan-Kow results in a rout of the Russian cavalry. Harry D. Babcock, Jr., a Yale freshman, dies in New York of injuries received in polo match with Princeton. General Kuropatkin is hastening his preparations for withdrawing, having decided to give up even Haicheng. Tercel Thomas of Pasadena, Cal., stabs his paralytic son in the back and then ends his own life. The boy is dead. Robert Walsh, son of Julius S. Walsh, was one of the many persons hurt in street car accidents in St. Louis. Seven persons were killed, five are dying and many were injured by an explosion in a fireworks plant at Findlay, O. The Japanese, after destroying several miles of railroad, have re-embarked and sailed from Kai-Chou, it is asserted. Sultan of Morocco makes offer to bandits for release of Ion Perdicoris and Cromwell Varley, who are held for ransom. Moroccan bandit communicates with American Consul at Tangier relative to release of Ion Perdicoris and his stepson. Although weather conditions have been unseasonable in portions of the Mississippi Valley, planting has made fair progress. The Newark, O., Savings Bank closes. A receiver who has been appointed says that he has found discrepancies. The Mercantile Trust Company of St. Louis absorbs the American Central, paying $165 a share for a majority of the stock. Commander Peary will conduct a party of consumptives to the Arctic regions, where the sick persons hope to find new health. The strike of the masters and pilots of the Great Lakes threatens the West with one of the worst commercial disasters in its history. The reception given for the visiting newspaper men by the Indiana Commission was a record-breaker, 1,000 guests being present. The wife of a rich New York man has been traced to St. Louis, having disappeared from her home several days ago without explanation. One of the four Lascars arrested recently at Cronstadt on suspicion of being a spy claims to be a Filipino, and as such entitled to American protection. W. H. May, an express messenger, had an encounter with a sea lion, which broke from its box in a car while the train was nearing Kansas City, Mo. Kansas decides to expunge from school histories the story that Gen. Funston swam the Bag Bag River on the ground that the story, which gained the Kansan his present places, is fictitious. One hundred and fifty persons have died in New York in the last week of cerebro-spinal meningitis. The doctors are completely nonplussed and do not know how to stop the spread of the epidemic. Weather conditions generally favorable in Illinois and crops are in fairly good state. The Good Roads Convention, which met in St. Louis, will organize township, county and State associations to make concerted fight for better highways. The battleship Rhode Island beached shortly after it was launched at Quincy, Mass., running upon a many


Article from The Topeka State Journal, July 29, 1904

Click image to open full size in new tab

Article Text

DROWNED HIMSELF. Left Note Saying He Was Innocent of Wrong Doing. Newark, O., July 29.-The body of W. G. Taefel, receiver of the Newark Savings bank and supreme secretary of the American Insurance Union, was found today in the Liking river. He left a note saying h ewas innocent of wrong in the bank failure; was ruined financially, and had therefore determined to kill himself.


Article from The Washington Times, July 29, 1904

Click image to open full size in new tab

Article Text

OHIO BANK RECEIVER COMMITS SUICIDE NEWARK, Ohio, July 29. - W. G. Taafel, receiver of the Newark Savings Bank, committed suicide by drowning late Thursday night, his body being found in the Licking River early this morning. He is said to have worried over financial affairs.


Article from The Fairmont West Virginian, July 29, 1904

Click image to open full size in new tab

Article Text

Bank Receiver Dead. NEWARK, O., July 29.-W. G. Taafel, receiver of Newark Savings Bank, suicided by drowning late Thursday night, his body being found in the Licking river, early Friday morning. He is said to have worried over financial affairs.


Article from The Star, August 3, 1904

Click image to open full size in new tab

Article Text

# SUICIDE OF BANK RECEIVER. Body of W. G. Taafel Found in the Licking River. W. G. Taafel, receiver for the Newark, O., Savings bank, general manager of the Citizens Electric Light and Power Company, Supreme Secretary of the American Protective Union, Secretary of St. Luke's Commandery, Knights Templar, and a prominent member of St. Paul's Lutheran Church, committed suicide by drowning himself in the north fork of the Licking river. A note was found on Mr. Taafel's desk, addressed to his wife, saying that he was wholly innocent of any wrong-doing at the defunct savings bank, and that every dollar he had in the world was gone. He ended by saying: "I must end this misery."


Article from Wausau Pilot, August 9, 1904

Click image to open full size in new tab

Article Text

# Bank Receiver a Suicide. Receiver W. G. Taefel of the Newark (Ohio) Savings Bank and supreme secretary of the American Insurance Union, was found dead by Samuel Oden in Licking river. He left a note saying that he was innocent of any wrong leading to the failure of the bank and that he was ruined financially and therefore had decided to kill himself.


Article from Evening Star, December 6, 1904

Click image to open full size in new tab

Article Text

Large Bank Shortage at Newark, Ohio. Receiver Stacel of the Newark, Ohio, Savings Bank has just announced that the shortage of James F. Lingafelter in the savings bank, as disclosed by an examination of the books, is about $75,000. Lingafelter's personal account in the bank is said to be overdrawn $15,000, and his accounts as manager of the Idlewilde Park Company and secretary of the Homestead Building Association are said to be short $20,000 and $14,000, respectively. The remainder of the shortage is in smaller accounts. Lingafelter, who is under indictment for forgery, has secured a change of venue to Mount Vernon.