17675. Potter's Bank (Paulding, OH)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: June 2, 1893
Location: Paulding, Ohio (41.138, -84.581)

Metadata

Model: gpt-5-mini
Short Digest: 03eb58bc

Response Measures

None

Description

Multiple articles (June 2, 1893) report Potter's Bank at Paulding, Ohio closed its doors and assigned to J. B. Brodnix. Coverage describes insolvency, township treasurers caught for large amounts, officials not forthcoming, and receipts of money up to closing hour — indicating a failure/assignment rather than a temporary run. No explicit bank run prior to closure is described in these articles.

Events (1)

1. June 2, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent (assignment to J.B. Brodnix), officials absent or evasive; township treasurers lost funds; money taken in when concern was known insolvent.
Newspaper Excerpt: Potter's Bank ... closed its doors this morning. ... it had assigned to J. B. Brodnix
Source: newspapers

Newspaper Articles (11)

1. June 3, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 3, 1893

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OLD AND RELIABLE. But Potter's Bank at Pauiding, Ohio, Has Closed Its Doors. CLEVELAND, Ohio, June 2.-A special from Paulding, Ohio; to the Plain-Dealer says that Potter's bank, the oldest in Paulding county and heretofore considered one of the safest closed its doors this morning. The bank was established in 1874 and always has done a large business. Information as to the cause of the assignment cannot be obtained. Boston Concern Goes Under. BOSTON, June --The Thorp and Martin Manufacturing company, manufacturers of stationery, etc., have assigned with liabilities said to be about $125,000 and nominal assets understood to be about $100,000. Mr. Thorp is liable as the endorser on a large amount of the company's liabilities and has made an individual assignment. A Gloucester Failure. GLOUCESTER, Mass., June 2.-The fishing firm of D. C. & B. Babson assigned today. The liabilities are estimated at $33,000. The assets are small. The Week's Record. NEW YORK, June 2.-Bradstreets report 214 failures in the United States this week against 163 in the last week of May, 1892.

2. June 3, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, June 3, 1893

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NOT RESPONSIBLE. The Chase National Did Not Cause the Tacoma Bank Failure. NEW YORK, June 2.-In regard to the olosing of the Merchants National bank, of Tacoma, Wash., President Cannon. of the Chase National bank, says: "It is not true. as reported, that the bank closed on our account. That statement was doubtless given out as an excuse. We are in no sense responsible for the failure, and made no telegraph demand on them. The only connection we had with them was that of making them advances, for which we received ample collateral security. About a week ago they made drafts on us covering an increase on the amount we had advanced them. This was done without consulting us as to our willingness to increase the loan. and we naturally refused to honor the draft. We saw no reason to carry a bank so far west for the large amount they wanted. I suppose when they found their drafts had been thrown out here they failed to raise the money needed to take them up and were forced to suspend." PAULDING, Ohio, June 2.-Potter's bank, one of the oldest and heretofore considered one of the safest in the country. closed its doors this morning. President Ayres and Vice-President Potter will make no statement and Cashier Sponster is not to be found. MILWAUKEE, June 2. -Assignee Plankington assumed official charge of the Plankington bank this morning. The depositore feel sure of getting dollar for dollar. Some small depositors are withdrawing their funds from other banks, but no serious run has yet taken place.

3. June 3, 1893 The Times Richmond, VA

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HEAVY BANK FAILURE. Potter's Bank, the Oldest in Paulding County, Ohio, Goes Under. PAULDING, O., June 2.-Potter's Bank, the oldest bank in Paulding county, and heretofore considered one of the safest, closed its doors this morning. The bank was established in 1874, and has always done a large banking business. The bank has also done a large business loaning money on land in this county. Informat'on as to the cause of the assignment is hard to get. President Ayers and VicePresident Potter had nothing to say, and Cashier Sponseler was not to be found. The only things learned were that It had assigned to J. B. Brodnix, and that a large number of business men here were depositors. Several township treasurers were caught for many thousand dollars, and the whole town will suffer from the failure. Complaint is made that the officials received money up to 4 o'clock, the closing hour last evening, when it must have been known that the bank was insolvent.

4. June 3, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, June 3, 1893

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OHIO BANK FAILURE. Several Township Treasurers Caught-A Whole Town will Suffer. PAULDING, O., June 2.-Potter's Bank, the old. est bank in Paulding county and heretofore considered one of the safest. closed its doors this morning. The bank was established in 1874 and has always done a large business. The bank has also done a large business loaning money on land in this county. Information as to the cause of the assignment 18 hard to get. President Ayres and Vice-Prestdent Potter had nothing to say and Cashier Sponster was not to be found. The only thing learned was that it had assigned to J. B. Brodnax and that a large number of business-men here wore depositors. Several township treasurers were caught for many thousands of dollars and the whole town will suffer from the failure. Complaint is made that the officials received money up to 4 o'clock. the closing hour. last evening, when it must have been known that the bank was insolvent.

5. June 3, 1893 The Morning News Savannah, GA

Article from The Morning News, June 3, 1893

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AN OHIO BANK CLOSED. Money Taken in When it Was Known the Concern Was Insolvent. Paulding, O., June 2.-Potter's Bank, the oldest bank in Paulding county, and heretofore considered one of the safest, closed its doors this morning. The bank was established in 1874 and has always done a large banking business. The bank has also done a large business loaning money on land in this county. Information as to the cause of the assignment is hard to get. President Ayers and Vice President Potter had nothing to say and Cashier Sponsler was not to be found. The only thing learned was that it has assigned to J. B. Brodnix, and that a large number of business men here were depositors. Several township treasurers were caught for many thousand dollars and the whole town will suffer from the failure. Complaint is made that the officials received money up to 4 o'clock, the closing hour yesterday afternoon, when it must have been known that the bank was insolvent.

6. June 3, 1893 The Wilmington Daily Republican Wilmington, DE

Article from The Wilmington Daily Republican, June 3, 1893

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STILL comes the news of crashing banks and closing manufactories. From Paulding, Ohlo, comes the news that Potter's Bank, the oldest and considered one of the strongest in the country, has failed. From Pittsburg, Pa., comes the news that a general shut down of the plate glass factories of the country will take place within a month, to last an indefinite time. From Boston, Mass., comes the news that the Thorp & Martin manu. facturing Company has assigned, with liabilities of $100,000 and assets nominal. A large fish companyat Glouces. ter, Mass., has also failed for e50,000, assets small. A report from Hog Ieland states that yesterday President Cleveland caught seven drum fish, a good many sea trout and some smaller fish. It is very Important that he should have a good time, no matter for crashing banks and closing manu factories.

7. June 3, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 3, 1893

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original owners. That was all there was of It. The transfer of the Brooklyn property of James M. Waterbur. and Chauncey Marshali to William Marshall for a nominal consideration, Mr. Sturgis looked upon as a mere private transaction between individuals, which had no bearing on the troubles of the National Cordage Company. To the suggestion that in the event of the assignment of L. Waterbury & sons, or of James M. Waterbury, this transfer might become important, Mr. Sturgis replied that they were not going to assign. Private dispatches yesterday reported the failure of Potter's Bank, of Paulding. Ohio, with a capital of $25,000. H. M. Ayres is president and W. B. Potter eashier. The United States National Bank is the New-York correspondent. but the ca-hier said yester day that the Paulding bank owed the former nothing and had never carried a large account here. R. G. DUN & CO.'S WEEKLY REVIEW. The failures reported to R. G. Dun & Co. In the last week numbered 238 in the United States and 21 in Canada, a total of 259. against 207 in the same week of 1892. Two of the United States failures were for more than $1,000,000 each, four others were of firms rated at over $200,000 each, and forty more were of firms rated at over $5,000 each. The weekly review presents a gloomy report of the condition of business, collections being slow and the effect of monetary stringency being more apparent. The situation Is summarized in the following paragraph: "More disheartening conditions have prevailed during the last week, and those who saw the beginning of permanent recovery In the better tone a week ago are disappointed. The money markets have been closer. especially in the interior. and manufacturing and trade are more affected than before. some important failures have occurred, including one bank at Milwaukee. Gold has gone out again In large amounts, exports for this week being about $5,000,000, and the Treasury gold reserve has been drawn down to about $90,000,000. In nearly all departments of trade uncertainty about the future has a depressing influence. which Is now clearly perceived in decrease of new business, and while most manufacturing works are yet employed on full orders, as these run out the Exports of number of works closed increases. products still fall below last year's in value, and there is much withdrawal of monev loaned in this country on foreign account. The fact that $5,000,000 of such loans mature within the next week leads to the expectation of further exports of gold. Money on call here has somewhat advanced, but there is a strong complaint of difficulty In getting commercial loans." The prospects are bright for an early resumption of business by Henry Allen & Co., the stockbrokers who were nulled down in the Cordage crash of May 5. Mr. Allen said yesterday that If his creditors would accept 50 cents on the dollar he would be able to resume In a few days. and the moral obligation to pay the remainder. he was confident. would be met in a comparatively short time. Allen & Co.'s liabilities are $400,000. and the assets. If nursed. will yield. It Is said. $800,000. Mr. Allen said that Ms creditors were showing every disposition to help the firm to Its feet.

8. June 3, 1893 The Sun New York, NY

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Another Bank in Ohio Goes Down. CLEVELAND. June 2.-A despatch from Paulding. O., to the Plaindealer says: "Potter's Bank. the oldest bank in Paulding county. and heretofore considered one of the safest. closed its doors this morning. The bank was established in 1874. and has always done a large banking business. Information as to the cause of the assignment seems hard to get. President H. M. Ayers and Vice-President Potter have nothing to say. and Cashier Sponsler is not to be found. Several township treasurers were caught for many thousand dollars. and the whole town will suffer from the failure. Complaint is made that the officials received money up to 4 o'clock. the closing hour. last evening. Following. as it does. on the heels of the assignment of M. C. Powell, the oldest and largest dry goods house in the county. it practically brings business to a standstill in Paulding. The United States National Bank. 41 Wall street. is the New York correspondent of Potter's Bank. at Paulding. O., which suspended yesterday. Cashier Hopkins of the United States Bank said that Potter's Bank never had a balance of more than a few hundred dollars with them. It did most of its business with banks.in Cleveland. The Bank of Deposit May Escape a Re. ceiver. WASHINGTON. June 2.-President Ransom and Attorney Porter. representing the failed National Bank of Deposit of New York. had a conference with Comptroller Eckels this morning as to permitting the bank to resume business Mr. Eckels told them that his present information was that the bank would have to be placed in the hands of a receiver. but he would give them a reasonable time to make good its impaired capital. It is said now that when the depositors of the National Bank of Deposit. by signing off their claims shall have made the bank solvent. 80 that a receivership will be unnecessary. the Comptroller of the Carrency. under the law. will require that the directors of the bank. and not the trustees recently :designated by the depositors. carry out the work of liquidation. The directors can call on the trustees as advisers. If the depositors disapprove of this plan the alternative is application for a receivership. Mayor Robinson's Overdrafts Reduced to $20,000. ELMIRA. June 2.-Thirty thousand dollars more in securities were returned to the Elmira National Bank to-day. This reduces Col. Robinson's overdraft from $114,000 to $20,000. Papers in a civil action for $25,000 were served on Col. Robinson to-day. It is said that the action is brought by the Western National Bank of New York city.

9. June 8, 1893 Warren Sheaf Warren, MN

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FIRE at Columbus, O., destroyed the Case Manufacturing company and Neil wheel works plants; loss, $180,000. THE doors of the White county bank at Beebe, Ark., were closed. THE courthouse and seven churches at Smithland, Ky., were unroofed by a tornado. THE attendance at the world's fair during the month of May was 1,557,228 and the paid admissions numbered 1,077,233. JEFFERSON DAVIS' remains were reinterred in Hollywood cemetery at Richmond, Va. TEN persons have met a tragic death at Indianapolis in less than ten months. THE prohibitionists of Iowa in state convention at Des Moines made nominations as follows: For governor, B. O. Aylesworth, of Des Moines; lieutenant governor, J. C. Reed, of Delta; superintendent of public instruction, Miss Belle H. Mix, of Danville; supreme judge, J. A. Harvey, of Polk City; railroad commissioner, E. H. Gillette, of Des Moines. The resolutions favor woman suffrage, declare the liquor issue the paramount one, and denoance Sunday opening of the world's fair. By a cave-in at the Ivanhoe tunnel near Leadville, Col., three men were killed, two others fatally and one seriously injured. IN Cincinnati the Victoria Cordage company failed for $400,000. THE oldest banking institution in Tacoma, Wash., the Merchants' national bank, has suspended payment temporarily with $900,000 liabilities and $1,000,000 assets. A CYCLONE wrecked many houses near Forest City, Ark., and Mrs. Thomas, a widow, and her 13-year-old daughter were instantly killed. THE doors of the Plankinton bank of Milwaukee were closed with liabilities of $1,100,000. Continued withdrawal of deposits was given as the cause. FIRE destroyed the Home brewery and rice mill at New Orleans, causing a loss of $250,000. Thirty horses perished in the flames. FRED SARGENT shot and killed his wife at Battle Creek, Neb., and then fatally wounded himself. IN collision with the steamer Corsica in Lake Huron an unknown schooner was sunk and all on board perished. IN Chicago a new counterfeit two-dollar treasury note has made its appearance. It is described as imitating the series of 1891 and as bearing the check letter "B," and the counterfeit signatures of W. S. Rosecrans, register, and E. H. Nebeker, treasurer. IN a fit of jealousy W. G. Morrow shot and killed Effie Baker at Greenville, Miss., and then fatally shot himself. AT Springfield, O., Martin Petritus fatally shot Mrs. Frank Wiethom because she would not leave her husband for him and then shot himself. THE doors of Potter's bank, the oldest bank in Paulding county, and heretofore considered one of the safest, were closed at Paulding, O. A CYCLONE spread death and destruction near Cotton Plant, Ark. The plantation of John Gazallo was left without a house of any kind standing. The width of the cyclone was about 1 1/2 miles. FIRE swept away the plant of the American Strawboard company at Lima, O., causing a loss of $300,000. A WASHOUT wrecked a mail train near Ridgeway, S. C., and the engineer and fireman were killed.

10. June 10, 1893 Perrysburg Journal Perrysburg, OH

Article from Perrysburg Journal, June 10, 1893

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The News Condensed. Important Intelligence From All Parts. DOMESTIC. THE Merchants' national bank, the oldest banking institution in Tacoma, Wash., suspended payment temporarily with $600,000 liabilities and $1,000,000 assets. DURING the first five months of 1893 there were twenty failures of national banks, the capital involved being $6,150,000, against seven failures for a corresponding period of 1892, when the capital aggregated $625,000. THE Presbyterian general assembly in session in Washington suspended Prof. Charles A. Briggs from the ministry. THE Plankinton bank of Milwaukee closed its doors with liabilities of $1,100,000. Continued withdrawal of deposits was given as the cause. THE Home brewery and rice mill at New Orleans were burned, involving a loss of $250,000. Thirty horses perished in the flames. WITH a paid-in capital stock of $1,200,000 the National union bank of New York has begun business. MANY houses were wrecked by [a cyclone near Forest City, Ark., and Mrs. Thomas, a widow, and her 13-year-old daughter were instantly killed. AT Van Buren Point, N. Y., a farmhouse was burned and four of the five inmates perished in the flames. FIRE destroyed the iron foundry works of J. B. & J. M. Cornell in New York, the loss being $300,000. THREE men were killed, two others fatally and one seriously injured by a cave-in at the Ivanhoe tunnel near Leadville, Col. MRS. FRED SHEFFNER, of Bowerstown, Pa., was accidentally shot and killed by her husband as she entered their doorway. THE public debt statement issued on the 2d showed that the debt decreased $739,435 during the month of May. The cash in the treasury was $754,122,984. The total debt, less the cash balance in the treasury, amounts to $840,185.733. AT Battle Creek, Neb., Fred Sargent shot and killed his wife and then fatally wounded himself. FAILURE to raise money on Cherokee strip lands has caused suspension of credit in Indian territory. CHEVERTON, MARTIN & Co., private bankers in Chicago, have assigned. The assets were said to amount to $100,000 and the liabilities to $70,000. W. G. MORROW shot and killed Effie Baker at Greenville, Miss., and then fatally shot himself. Jealousy was the cause. AN unknown schooner was sunk in collision with the steamer Corsica in Lake Huron and all on board perished. MARTIN PETRITUS fatally shot Mrs. Frank Wiethom at Springfield, O., because she would not leave her husband for him and then shot himself. THE Thorp & Martin company of Boston, manufacturers of stationery, made an assignment with liabilites of $125,000. A NEW counterfeit two-dollar treasury note has made its appearance in Chicago. It is described as imitating the series of 1891 and as bearing the check letter "B," and the counterfeit signatures of W. S. Rosecrans, register, and E. H. Nebeker, treasurer. THE world's congress on social purity was opened in the Art institute in Chicago. POTTER'S bank, the oldest bank in Paulding county, and heretofore considered one of the safest, closed its doors at Paulding, O. NEAR Cotton Plant, Ark., a cyclone spread death and destruction. The plantation of John Gazallo was left without a house of any kind standing. The width of the cyclone was about 1½ miles. TWO DAUGHTERS of F. G. Smehla, living near Wilson, Kan., perished in the flames which consumed their residence. THE rear coach of a Nashville, Chattanooga & St. Louis train jumped the track near Newsom's, Tenn., and eleven persons were hurt. A CYCLONE swept over Huntingdon, Falcon, Camden and Trumble, in Tennessee, destroying a vast amount of property and killing several persons. GREAT damage was done by extensive floods in eastern Galicia and eighteen persons were drowned. THE village of Eldorado, Ark., was destroyed by a cyclone and fifteen persons were said to have been killed. PROF. HOLDEN, of Lick observatory, telegraphs that a large group of spots are now clearly visible on the sun, which can be seen with the naked eye by the use of smoked glass. THE survey to settle the Alaska boundary question has been begun by the American and Canadian commissioners. THE plant of the American Strawboard company at Lima, O., was burned, causing a loss of $300,000. THERE were 288 business failures reported in the United States during the seven days ended on the 2d. In the week preceding there were 276, and during the corresponding time in 1892 the number was 175. STRIKING quarrymen inaugurated a reign of terror along the route of the drainage canal between Romeo and Lemont, Ill., and several men were injured, some fatally. DURING the week ended on the 2d the leading clearing houses in the United States reported exchanges amounting to $899,142,352, against $1,048,014,447 the

11. June 10, 1893 The Cape Girardeau Democrat Cape Girardeau, MO

Article from The Cape Girardeau Democrat, June 10, 1893

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OJEFFERSON DAVIS' remains were reirterred in Holly wood cemetery at Richmond, Va. THE prohibitionists of Iowa in state convention at Des Moines made nominations as follows: For governor, B.O. Aylesworth. of Des Moines: lieutenant governor. J. C. Reed, of Delta: superintendent of public instruction. Miss Belle H. Mix. of Danvillet supreme judge. .1. A. Harvey; of Polk City: railroad commissioner; E. H. Gillette of Des Moines. The resolutions favor woman suffrage, declare the liquor 4 issue the paramount one, and denounce Sunday opening of the world's fair. By a cave-in at the Ivanhoe tunnel hear Leadville, Col., three men were killed, two others fatally and one seriously injured. 1 IN Cineinnati the Victoria Cordage company failed for $400,000. THE oldest banking institution in Tacoma, Wash., the Merchants' national bank. has suspended payment temporarily with $900,000 liabilities and $1,000,000 assets. A CYCLONE wrecked many houses near Forest City. Ark., and Mrs. Thomas. a widow, and her 13-year-old daughter were instantly killed. THE doors of the Plankinton bank of Milwaukee were closed with liabilities of $1,100,000. Continued withdrawal of deposits was given as the cause. FIRE destroyed the Home brewery and rice mill at New Orleans, causing a loss of $250,000. Thirty horses perished in the flames. FRED SARGENT shot and killed his wife at Battle Creek, Neb., and then fatally wounded himself. IN collision with the steamer Corsica in Lake Huron an unknown schooner was sunk and all on board perished. IN Chicago a new counterfeit two-dollar treasury note has made its appearance. It is described as imitating the series of 1891 and as bearing the check letter "B." and the counterfeit signatures of W. S. Rosecrans, register, and E. H. Nebeker, treasurer. IN a fit of jealousy W. G. Morrow shot and killed Effic Baker at Greenville, Miss., and then fatally shot himself. AT Springfield, O., Martin Petritus fatally shot Mrs. Frank Wiethom because she would not leave her husband for him and then shot himself. THE doors of Potter's bank. the oldest bank in Paulding county. and heretofore considered one of the safest, were closed at Paulding. O. A CYCLONE spread death and destruetion near Cotton Plant. Ark. The plantation of John Gazallo was left without a house of any kind standing. The width of the cyclone was about 1 1/2 miles. FIRE swept away the plant of the American Strawboard company at Lima. O., causing a loss of $300,000. A WASHOUT wrecked a mail train near Ridgeway, S. C., and the engineer and fireman were killed.