17835. Wooster National Bank (Wooster, OH)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4657
Charter Number
4657
Start Date
November 23, 1904
Location
Wooster, Ohio (40.805, -81.935)

Metadata

Model
gpt-5-mini
Short Digest
ec1062d2

Response Measures

None

Receivership Details

Depositor recovery rate
87.4%
Date receivership started
1904-11-23
Date receivership terminated
1908-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
55.8%
Share of assets assessed as doubtful
36.1%
Share of assets assessed as worthless
8.1%

Description

The bank was closed by its directors on Nov 23, 1904 to go into voluntary liquidation, and the Controller appointed a receiver. Subsequent reporting reveals large embezzlement by officers (Ohlinger and Zimmerman) that wrecked the bank. No contemporaneous newspaper reports describe a depositor run; the closing was a directors' suspension leading to permanent closure and receivership.

Events (7)

1. November 30, 1891 Chartered
Source
historical_nic
2. November 23, 1904 Receivership
Source
historical_nic
3. November 23, 1904 Receivership
Newspaper Excerpt
The Controller of the Currency has appointed A. D. Lynch receiver of the Wooster National Bank of Wooster, Ohio, which was closed to-day by its directors for the purpose of going into voluntary liquidation.
Source
newspapers
4. November 23, 1904 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors closed the bank to go into voluntary liquidation; later examinations showed capital impaired ~ $26,000 and subsequent reporting disclosed large embezzlement by officers that wrecked the bank.
Newspaper Excerpt
This bank closed by order of directors, to go into voluntary liquidation.
Source
newspapers
5. December 5, 1904 Other
Newspaper Excerpt
A. D. Lynch, receiver of the Wooster national bank, when shown a telegram which stated that it was reported that the failure of the Wooster bank was caused by Mrs. Cassie Chadwick, said, 'The report is absurd.'
Source
newspapers
6. December 28, 1904 Other
Newspaper Excerpt
Officers of Wooster Bank are Declared Bankrupt. L. P. Ohliger, president, and J. R. Zimmerman...were adjudged bankrupts...since the suspension of the bank ... Nearly 200 concerns have filed claims against the firm.
Source
newspapers
7. January 5, 1905 Other
Newspaper Excerpt
United States secret service agents captured Lewis P. Ohlinger, president, and J. R. Zimmerman...charged with the embezzlement of the funds, amounting to $250,000.
Source
newspapers

Newspaper Articles (9)

Article from Alexandria Gazette, November 23, 1904

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him to go to Panama and indicated personally the ing the situation, Without investigate policy to be pursued. by line of of the rights acquired Haywaiving United any States through the the treaty, the President suggested the Varilla it might be possible to suspend conthat operations of the powers therein It is if actual necessity arose. view that ferred with this conciliatory policy in his misTaft has proceeded on be the Secretary and the result will probably sion of each of the pending ques- both settlement in a manner satisfactory to the tions Panama and United States governments. Father Schell who gained some Rev. in Nebraska recently by Indians reason notoriety his defense of the Winnebago frauds of what he believed to be the the from perpetrated upon them by officials of talk Interior Department, had a long He with the President this morning. accompanied by Edward Rosewater, his was who is championing "The President has to cause. Father Schell an Rosehis charges," said of give Omaba, opportunity promised Mr. gather, to prove water, "and from all that I can the priest has a very good ease." Pinckney; the colored steward outHenry the White House, is preparing to tomorat himself in the preparation of do dinner. He is personally super- turintending row's the "fixins" of the huge Westhat arrived this morning from at key Rhode Island. Thanksgiving ditterly, White House tomorrow will not of the the much from the holidays former holifer very three years. As upon polast the President will receive will no spend days, or business callers, and of litical entire day in the companionship Massahis family. Senator Lodge, of at his will probably be a guest and chusetts, holiday feast. The President Louis their Roosevelt will leave for St. next tomorrow Mrs night to be absent till Tuesday. Shaw, of the Treasury, relative in a Secretary issued this afternoon of statement this theory favoring an extension been one drawbacks to declares that he has but that the strongest stand patters be is of while apposed to tariff revision. of few opposed to the amendments mention a schedules. not He declines to is schedules but he says he very the specific in favor of liberalizing that the strongly drawback laws. He believes can exporter of American manufacture be materially aided thereby. The Comptroller of the Currency has advice that the Wooster, Ohio, its received National Bank was closed today by into directors for the purpose of going of voluntary liquidation. As the closing act of bank in this manner was an insolvency, the the Comptroller has appoint- capital ed A. D. Lynch receiver. Its been impaired by reason of losses sustained has to the extent of about $26,000. bank resources and liabilities of the The shown by its last report of condition as November 10, 1904, were each $583, 504.05. Another arbitration treaty was signed the morning, this time between this United States and Portugal, Secretary the Hay and Viscount de Alte being negotiators. The first witness this morning at sub- the investigation before the on Swayne committee of the House committee judiciary was Joseph N. Stripling, southern y the S. District Attorney for the attordistrict U. of Florida. and who was 1 for the northern, Judge Swayne's, denied district ney from 1889 to 1893. He C. f in its entirety the statement of J. that Stockton at a previous hearing that Stripling sent for him and said on if Stockton should cease making war Swayne he (Stockton) would be given apthe privilege of naming receivers pointed by Judge Swayne. The rain yesterday intertered with but the toattendance at the Benning races, To. the crowd was large again. day Thanksgiving Day, the fashion will morrow, this city, Virginia and Maryland of be to see the Washington Cup, five the present Chevy Chase steeplechase and other splendid events. President Roosevelt, it is understood, he promised Gen. Fitzhugh Lee that the will has strongly endorse and recommend in his Jamestown Exposition project forthcoming message to Congress. Surgeon General Rixey was the guest the Mr. C. J. Rixey, his brother, at of Hotel Rammel yesterday evening. Mr. John L. Otis and Miss Bessie V. were married at St. Paul's recevening. tory Burrage by Rev. P. P. Phillips last Monday


Article from New-York Tribune, November 24, 1904

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OHIO BANK SHUTS ITS DOORS. Wooster, Ohio, Nov. 23.-The doors of the Wooster National Bank were not opened to-day. The following notice was posted: This bank closed by order of directors, to go into voluntary liquidation. President L. P. Ohliger of the bank is absent from the city. and no statement as to the cause of the closing can be obtained as yet. A financial statement issued by the bank in September last showed deposits to be $381,000; loans and discounts, $351,000; cash on hand, $80,000: due from banks, $60,000; bonds, $144,000. The capital stock was $100,000. Washington, Nov. 23.-The Controller of the Currency has appointed A. D. Lynch receiver of the Wooster National Bank of Wooster, Ohio, which was closed to-day by its directors for the purpose of going into voluntary liquidation. A statement issued by the Controller says: The last examination of this bank, made on November 8, 1904, showed its capital to be impaired by reason of losses sustained to the extent of about $26,000.


Article from The News-Herald, December 8, 1904

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Made No Loans at Wooster. Wooster, O., Dec. 5.-A. D. Lynch, receiver of the Wooster national bank, when shown a telegram which stated that it was reported that the failure of the Wooster bank was caused by Mrs. Cassie Chadwick, said, "The report is absurd."


Article from The Star, December 28, 1904

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# CLAIMS AGAINST BANKERS. Officers of Wooster Bank are Declared Bankrupt. L. P. Ohliger, president, and J. R. Zimmerman, chairman of the board of directors of the Wooster, (O.), National bank, which recently suspended, were adjudged bankrupts here by Referee W. F. an. Judgment is against them as individuals and as partners of Zimmerman & Co. December 31 was fixed as the date for the first meeting of the creditors. Ohliger and Zimmerman have been absent since the suspension of the bank and of the firm of Zimmerman & Co. Nearly 200 concerns have filed claims against the firm.


Article from Western Kansas World, December 31, 1904

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of the amount already credited to this remarkable woman. The "securities" deposited with Banker Reynolds in Cleveland now reach the fabulous figure of $28,000,000, in all of which the name of Andrew Carnegie is the keynote. The highest estimate placed on them heretofore has been $15,000,000. This statement comes from Cleveland and is made by Herbert W. Bell, who, as receiver for the Common Pleas Court, took charge of the securities deposited with the Wade Park Bank, declared that he had found them to be nearly double what he had at first supposed. When asked if they possessed value, Mr. Bell said with a smile: "Well, I would not care to pay much for any of them." Now in Cleveland County Jail. When Mrs. Cassie Chadwick returned to Cleveland it was not to spin in an automobile to her Euclid avenue home, but to be taken to the county jail. She was not transferred from the station to the jail in a patrol wagon, but was permitted to ride in a carriage, escorted by officers of the law. Cleveland received Mrs. Chadwick with open arms, but not as a favorite daughter. It was curiosity that prompted the citizens of the Forest City to want the notorious woman returned. Mrs. Chadwick is a woman almost alone now and in the clutches of the law, and yet the officers of both state and nation seem to fear her. They do not want her released, even for a moment, and the instant she reached Cleveland the prosecution representing both the Federal and State governments put forth every effort to keep her back of the bars. In addition to the two indictments returned by the Cuyahoga county grand jury another has been reported. This is based on the $5,000,000 "Carnegie" note turned over by Iri Reynolds. Then she will have to face the federal grand jury. L. P. Ohliger and J. Robert Zimmerman, officers of the Wooster National Bank, which recently failed for a large amount, supposedly through dealings


Article from The Daily Sentinel, January 5, 1905

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CAPTURED TWO. Victoria, B. C., Jan. 5.- (Special.) -The United Staets secret service agents captured Lewis P. Olinger, president, and J. R. Zimmerman, managing director of the Wooster National Bank of Wooster, O., charged with embezzlement of the funds amounting to $250,000. The yhave agreed to return to Wooster for trial without waiving examination. Olinger was formerly a United States congressman from Ohio. Both men came to the Dominion hotel here from Seattle, December 23, registering as B. H. Roland and S. R. Case of New York, No securities or funds other than a few hundred dollars were found in possession of the men. Olinger and Zimmerman are alleged to have been speculating in stocks with the bank's funds, losing heavily. b They left in the middle of November on a Saturday after banking hours, and when the clerks opened the bank on the following Monday their absence Was discovered and the shortage four bank examiner, and a receiver was appointed for the bank.


Article from The San Francisco Call, January 5, 1905

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FOUND HIDING IN VICTORIA Two Bank Wreckers, Who Escaped From Ohio, Run to Earth by Uncle Sam's Men VICTORIA, B. C., Jan. 4.-United States Secret Service Agents John D. Murphy and George E. Burns, with Chief J. M. Langley of Victoria, have captured Lewis P. Ohlinger, president, and J. R. Zimmerman, managing director of the Wooster National Bank of Wooster, Maine County, Ohio, charged with the embezzlement of the funds, amounting to $250,000. The men have agreed to return to Wooster for trial, waiving extradition. Both prisoners came here from Seattle December 23, registering as B. H. Roland and S. R. lase. No securities or funds other than a few hundred dollars were found in their possession. They are alleged to have been speculating in stocks with the bank's money, losing heavily. They disappeared in the middle of November on a Saturday after banking hours and when the clerks opened the bank the following Monday their absence was discovered and the shortage found. The directors met, called in the bank examiner and a receiver was appointed for the bank, which was wrecked by the embezzlement. Ohlinger was formerly a United States Congressman from Ohio. CLEVELAND, Jan. 4.-The warrant for the arrest of Ohlinger and Zimmerman was sworn out by Federal District Attorney Sullivan. It was issued several weeks ago and secret service men have been searching for the men for weeks. Bank Examiner Cunningham, who has been going over the books of the bank, said to-night that the shortage probably would reach the sum stated in the dispatch from Victoria.


Article from The Seattle Star, January 5, 1905

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EMBEZZLERS IN SEATTLE UNITED STATES SECRET ser, VICE AGENTS PASS THROUGH CITY WITH OHIO BANKERS United States Secret Service Agents John D. Murphy and George E. Burns arrived in Seattle this morning and quietly slipped out again with two interesting prison ers-Lewis P. Ohlinger and J. Zimmerman, formerly president and manager director, respectively, of the Wooster National bank, of Wooster, Maine county, Ohio, apt now charged with embezzling $240 000 from the funds of the bank. The prisoners were brought down from Victoria by the two secret service agents, having waived extradition and agreed to return to Wooster for trial. Ohlinger and Zimmerman, after the Wooster bank had closed one Saturday last November, left town, and when the bank was opened Monday morning their absence and the shortage were discovered. bank examiner was called in by the directors, a receiver was appointed and it was found that the bank had been hopelessly wrecked by the em bezzlement. It is believed that Zimmerman and Ohlinger used the money for heavy speculation. In December the two men arrived in Victoria from Seattle and regin tered at the Dominion hotel as B. H. Roland and S. R. Case, of New York. Recently Zimmerman has been drinking heavily. The two roomed together. Yesterday the secret service men descended upon them with Chief J. M. Largley, of Victoria, and the two were brought down by boat last night and taken on board train this morning for the journey back to Wooster. Oblinger was at one time a United States senator from Ohio and both were prominently and ta. vorably known.


Article from The Stark County Democrat, April 23, 1907

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street boasts of more than one elite revel when the candles burned into the wee sma' hours and the champagne bottles were necked off in good old New York style. Speaking of the McSweeney home, among those worthy of note who have passed beneath its portals are William Jennings Bryan, Robert Ingersoll, Creatore, James Abram Garfield, governors of Ohio, United States supreme court justices, some just ordinary plain folks and last but by no means least from a Wooster point of view. Arthur Brisbane, editor of the Hearst papers. John McSweeney, Jr., followed in the footsteps of his illustrious parent and is considered, wherever he has appeared, either at banquet board or on the platform, as a second Demosthenes of oratory. He is an 18-karat entertainer, keeps open house, wears big neckties and has a heart, one flap of which if generosity is a guide, would spread all over his Wayne county farm. McSweeney is frequently seen in the sheriff's office at the court house, telling stories to the sheriff's deputy, or swapping jokes with the elder Critchfield. once attorney general, and with W. E. Weygandt. attorney, a future Democratic governor of Ohio. When Frick comes to Wooster he generally hoofs it up from the depot and monkeys around so ordinary like that he isn't noticed. He seems to approve of the fact that he has relatives who prefer the simple life. Frick owns an interest in a Wooster bank. This bank is the leading financial institution of the county. One day, shortly after the failure of the Wooster National, the bank in which Frick is interested anticipated a run. Frick happened to be in town on that very day. The news got abroad that Frick had come up from Pittsburg and had brought along four baggage-ear loads of gold. Farmers who were gathered