Cleveland National Bank (Cleveland, OH)

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Episode Information

Episode UID
295601014
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
29560 national
Charter Number
2956
Start Date
June 12, 1884
Location
Cleveland, Ohio (41.499, -81.695)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c1e83da4e0d9edc0

Response Measures

None

Description

Evidence is aggregate (industry-wide actions) rather than a clear single-bank suspension; additional local Cleveland coverage could confirm specifics.

Events (5)
1. May 21, 1883 Chartered
Source
historical_nic
2. June 12, 1884 Other
Newspaper Excerpt
it is reported first, that the National Bank of Cleveland had suspended, but advices state that the institution is doing business as usual.
Source
newspapers
3. August 2, 1893 Suspension
Cause
Local Banks
Cause Details
Responses to failures/pressure elsewhere (other bank failures mentioned in brief items) led local Cleveland banks to require notice for withdrawals.
Newspaper Excerpt
The officers and directors of all the savings banks at Cleveland, 0., have decided to require of depositors notice before withdrawal of funds.
Source
newspapers
4. November 6, 1907 Suspension
Cause
Macro News
Cause Details
Nationwide financial disturbance/panic (1907 financial panic) prompted Cleveland banks to invoke the 60-day rule limiting withdrawals.
Newspaper Excerpt
New York banks... applied the 60-day rule for withdrawal of deposits ... And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise.
Source
newspapers
5. April 19, 1919 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
1. June 13, 1884 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 13, 1884

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Article Text

Wall Street. New York, 12-Wall street is flooded with unfavorable rumors. It is reported first, that the National Bank of Cleveland had suspended, but advices state that the institution is doing business &B usual. It is rumored that government experts discovered a deficiency of $20,000,000 in Union Pacific sinking funds, and the money was used to sustain the market value of the stocks. President Dillon states that the company has done nothing whatever in stock, and that not & dollar was used for such purpose. It was further stated that & serious washout had occurred on the Central Pacific at Humboldt but this was officially denied bv the company's agent at San Francisco. These reports made the market weak and feverish. Prices declined sharply. Missouri Pacific dropped 23/8, St. Paul 2, Lackawanna 2, Western Union 13/4; the remainder of the list ½ to 1½. Subsequently the marset was steady. Stocks opened strong and higher, under the leadership of Missouri Pacific, which had a brisk demand and was scarce. Prices opened at 853/4 to 85%; declined to 857/3, rose to 89 regular, 89½ cash. Other advances ranged from ¼ to 18/8. Subsequently Union Pacific broke from 41½ to 40 on advices from Washington that the report of government experts shows a net decrease in earnings for the first quarter of $1,600,000, and no dividend was earned nor could be legally paid. Stocks firmer. New York Central rose to 104%. Missouri Pacific to 881, Union Pacific to 38%, Northwestern to 933/4. Market closed stronger. Stocks strong, and higher in early dealings, with Missouri Pacific as the feature. Compsred with the closing of last night, the market was irregularly changed. The principal declines were, Burlington 1½ Union Pacific 2½, Pullman 1, St. Paul pfd. 2½. The most important advances were, Canadian Pacific 1½, Omaha 11, New York Central 13/3, Missouri Pacific 2½. Out of thirty-four stocks traded in to any extent, eighteen closed higher.

2. August 2, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 2, 1893

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Article Text

TELEGRAPHIC BREVITIES. The cruiser New York was put in commission yesterday. The Seven Corners, Minnesota State bank, with a capital of $100,000, has failed. William Hunt has been appointed postmaster at Clearmont, Wyo., vice Stone, resigned. The Wyandotte County bank at Upper Sandusky, 0., has suspended. Assets, $100,000; liabilities, $75,000. A receiver has been appointed for the Philadelphia Packing and Provision company. No statement, but the failure is a large one. A receiver has been appointed for the Demme & Dierkes Furniture company of Chicago, with assets of $400,000 and liabilities of $120,000. The officers and directors of all the savings banks at Cleveland, 0., have decided to require of depositors notice before withdrawal of funds. At a meeting of the presidents of the Omaha savings banks this morning, they resolved to require sixty days' notice for the withdrawal of deposits. An order has been issued at the war department detaching Captain Carpenter and troops under his command from further duty at Puyallup Indian reservation. Patents were issued yesterday to John M. Browning, of Ogden, for a breechloading gun; to Lyman E. Baldwin, of Lander, Wyo., for a stovepipe attachment. The Safe Depositor & Trust company of Denver assigned last evening. Assets $400,000, liabilities $100,000. Eastern creditors caused the assignment by pushing the concern. At Utica, o., Monday night, John Cattle, two men named Bell, two others named Bowers and Skillen, were killed and Joseph Ship fatally injured by the explosion of a threshing machine.

3. November 6, 1907 Alma Record Alma, MI
Article from Alma Record, November 6, 1907

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Article Text

AS OTHERS SEE IT The following appeared as an ediorial in this mornings Grand Rapids Herald and in a clear and concise statement of the facts as relative to the present financial Hurry: "The end of the financial disturbance is believed to be in sight. The trouble originaed in New York. The "collapse of the copper corner pinched some of the brethren of high finance. Their embarrassment involved some of the banks with which they were connected. In a flash New York had a panic on hand. The New York banks. for their own protection. applied the 60-day rule for withdrawal of deposits and resorted to the use of clearing house certificates. This action was not necessarily an evidence of weakness. but was deemed essential to safety to prevent a blind. unthinking. unreasoning rush for money to be locked up in vaults or hoarded." New York is the country's great financial center. its money reservoir. When New York tied itself up in a knot. other cities were soon in a tangle, not through any fault of their own nor because of "local conditions.", but simply bceause New York had failed them. Chicago was the first to follow the New York example in applving th* 60-day rule_and resorting to clearing house certificates. And then Detroit. Pittsburg. Cleveland. Buffalo, St. Louis and the banks of nearly every other city did likewise. The banks of Grand Rapids are among the very few in the country that have continued to do business under anything approaching normal conditions. The banks here still pay cash on demand to satisfy all legitimate needs, but at the same time they are doing all they can to conserve their supplies of currency by the use of checks, certificates of deposit and exchange on New York and Chicago. But as stated, the end of the trouble. it is believed, is now in sight. The national banks all over the country are taking out additional circulation. is coming out of Washington at the rate of $1,000.000 to $1,500,000 a day. The government mints are working overtime on new coniage. and this money is being put into circulation as rapidly as possible. The greatest, factor of immediate relief. however. is the arrival of gold from Europe. The Kron Prinzessin Cecile brought $8,000,000 into New York yesterday. The Lusitania will arrive Friday with $10.000,000. Other ships are on the way