South Cleveland Bank (Cleveland, OH)

Article Text

WERNERS WRECK A BANK Failure of Publishing House Followed by Collapse of Institution. Cleveland, Ohio, Jan. 7.-The South Cleveland Banking company, 8130 Broadway, one of the largest of Cleveland's suburban financial institutions, has filed a deed of assignment to William H. Marlatt. Loans, said to approximate $1,000,000, made to the Werner company, a large Akron publishing concern which went into the hands of a receiver yesterday, is given as the cause for the closing of the bank's doors. Though the capital stock of the defunct bank was only $150,000. the deposits exceeded $2,000,000, $1,600,000 of which are savings deposits.

Article Text

A CLEVELAND BANK IN TROUBLE Assigns Following Failure of Akron Publishing House. [By Telegraph to The Tribune.] Cleveland, Jan. 6.-The South Cleveland Banking Company closed its doors this afternoon, after filing a deed of assignment naming Thomas H. Marlatt, an attorney, as the assignee. The bank is incorporated for $150,000 and has $1,600,000 sayings deposits. The bank was involved in the failure of the Werner Publishing Company, at Akron, yesterday, it is said. U. G. Walker, president of the bank, is also a director in the Werner company. Loans by the South Cleveland Banking Company on Werner paper are said to amount to approximately $1,000,000. The bank was organized in 1874 and successfully weathered the panic of 1893 and the depression of 1907 and 1908.

Article Text

BANK IS INVOLVED BY PUBLISHING HOUSE Institution Cleveland South Files Deed of Assignment CLEVELAND, Jan. 6.-The South Cleveland banking company, one of the strongest of Cleveland's suburban banks, filed a deed of assignment today to Attorney Thomas H. Marlatt. U. G. Walker, president of the bank, also is a director in the Werner company, a large Akron publishing house for which a receiver was appointed in the federal courts last night. Loans by the South Cleveland banking company on Werner paper are said by Assignee Marlatt to run into hundreds of thousands, though he has not yet ascertained the approximate total of the loans. Though the capital stock of the banking company was only $150,000 deposits exceeded $2,000,000. of which $1,600,000 were savings deposits.

Article Text

BIG CLEVELAND BANK IS CLOSED SOUTH CLEVELAND BANKING CO., WHICH HELD PAPER OF PUBLISHING CO., WHICH FAILED, IN HANDS OF ASSIGNEE. By Associated Press, Cleveland, O., Jan. 6.-The South Cleveland Banking company closed its doors this afternoon, naming Thomas Marlatt as assignee. It is capitalized at $150,000 and has $1,600,000 in savings deposits. U. G. Walker is. president of the bank and also a director of the Werner company, a large Akron publishing house, for which a receiver was appointed last night. Loans by the bank on the Werner paper are said by Assignee Marlatt to run into hundreds of thousands. Marlatt said the termination of the difficulties of the bank depend upon the success of the Werner company under the receivership. The total deposits exceeded two million.

Article Text

CLEVELAND BANK CLOSED; PRESIDENT IS MISSING Prosecutor Says If More Than Million Was Loaned to, Akron Firm He Will Act. CLEVELAND, Ohie, Jan. 7.-U. G. Walker. president of the South Cleveland Banking Co., whose doors were closed on its 8.000 small depositors yesterday afternoon, has left Cleveland. "I do not know where Mr. Walker is," bis wife said today. "He said he might be back in one day. but possihiy not for two days. He has gone to get a little rest and sleep." County Prosecutor Cline says that If the South Cleveland Packing Co. loaned the failed Werner Company of Akron over a million dollars, as stated by E. E. Brooks, one of the bank's directors, an embezzlement charge against the responsible official may follow. The 8,000 depositors, mostly Newburg workingmen and \ small merchants, sit in despair. wondering how much of the bank's $2,000,000 in deposits will be saved to them. President Walker is also a director of the Werner Co., the Akron book publishing concern that went into receivership Wednesday. "Walker was heavily involved in the Werner Co.," G. W. Shanks, assistant secretary and treasurer, said today. "Loans have been made the Werner company by the bank since 1898. How big they are now 1 do not know. Half a million dollars will not cover the amount. "Our directors did not pass upon loans made as a rule. The matter was left almost entirely to the financial committee of which Walker was the moving spirit."

Article Text

BANK MAKES ASSIGNMENT

CLEVELAND. Jan. 6.-The South C'eveland Banking company, one of the strongest of Cleveland's suburban banks, filed a deed of assignment today to Attorney Thomas H. Mar'att. U. H Walker, president of the bank, also is a director in the Werner Company, a large Akron publishing house for which a receiver was appointed in the federal courts last night. Loans by the South Cleveland Banking company on Werner's paper are said by Assignee Marlett to run into the hundreds of thousands, though he has not vet ascertained the approximate total of the loans. Though the capital stock of the banking company was only $150,000, denos'ts exceeded $2,000 000. $1,600,000 of which are savings deposits.

Article Text

BANK MADEASSICNMENT South Cleveland Banking Company Was Connected With the Werner Publishing Company. Cleveland, Jan. 6.-The South Cleveland Banking Company, one of the strongest Cleveland suburban banks, made an asignment today. U. G. Walker, president, is also director of the Werner company. the Akron publishing house for which a receiver was appointed last night. Loans by the bank on Werner paper are said by the asignees to run into hundreds of thousands of dollars. Though the bank's capital stock is only $150,000 the deposits exceed $2, 000,000.

Article Text

Bank Made Assignment, Cleveland, 0., Jan. T.-The South Cleveland Banking company, one of the 8 strongest Cleveland suburban banks, made an assignment. U. G. Walker, president, is also director of the Werner company, the Akron publishing house for which a receiver was appointed. Loans by the bank on Werner paper are said by the as signees to run into hundreds of thousands of dollars. Though the bank's capital stock is only $150,000 the deposits exceed $2,000,000. to

Article Text

CLEVELAND BANK IS CLOSED Suburban Institution Carried Large Loans for Defunet Werner Company. CLEVELAND, Jan. 7.-The South Cleveland Banking company, one of the strongest of Cleveland's suburban banks, filed a deed of assignment today to Attorney Thomas H. Marlatt. U. G. Walker, president of the bank, is also a director in the Werner company, a large Akron publishing house, for which a receiver was appointed in the federal courts last night. Loans by the South Cleveland Banking company on Werner paper are said by Assignee Marlatt to run

Article Text

HEAD OF DEFUNCT BANK GONE President of Cleveland Institution Said to Be Seeking Sleep. Cleveland, Jan. 8.-U. G. Walker, president of the South Cleveland Banking company, whose doors were closed to its 8,000 small depositors Thursday, has left Cleveland. "I do not know where Mr. Walker is," his wife said. "He said he might be back in one day, but possibly not for two days. He has gone to get a little rest and sleep." County Prosecutor Cline says that if the South Cleveland Banking company loaned the failed Werner company of Akron over $1,000,000, as stated by E. E. Brooks, one of the bank's directors, an embezzlement charge against the responsible official may follow. The 8,000 depositors, mostly Newburg workingmen and small merchants, sit in despair, wondering how much of the bank's $2,000,000 in deposits will be saved for them. President Walker is also a director of the Werner company, the Akron book concern that went into receivership Wednesday.

Article Text

DEED OF ASSIGNMENT IS FILED BY BANK Cleveland, Jan. The South Cleveland Banking company, one of the strongest of Cleveland's suburban banks, filed a deed of assignment today to Attorney Thomas H. Marlatt. U. G. Walker, president of the bank, also is a director in the Werner company, a large Akron publishing house, for which a receiver was appointed in the federal court last night. Loans by the South Cleveland Banking company on Werner paper are said by Assignee Marlatt to run into the hundreds of thousands, though he has not yet ascertained the approximate total of the loans. Though the capital stock of the banking company was only $150,000, deposits exceeded $2,000,000. $1,600,000 of which are savings deposits.

Article Text

Probing Bank Failure

Cleveland, January 11.-The county grand jury today opened an investigation of the failure of the South Cleveland Banking company, whose president says that he loaned $1,100,000 of the $2,000,000 deposits to the Werner Co., of Akron, now in the hands of a receiver. The bank closed its doors last Thursday. .State Bank Examiner Dodge and the officers and directors of the bank were examined.

Article Text

Big Cleveland Bank Fails

Cleveland, Ohio, Jan. 9.-The South Cieveland Banking Company, one of the strongest of Cleveland's suburban banks, filedia deed of assignment to Attorney Thomas H. Marlatt.. U.G. Walker, president of the bank, is also a. director in the Werner Company, a large Akron publishing house, for which a receiver was appointed last night. Loans by the South Cleveland Banking Comany on Werner paper are said by Assignee Marlatt to run into the hune dreds of thousands. Though the capital stock of the banking company was but $150,000, the deposits exceeded $2,000,000,, $1,600,000 of which are savings deposits.

Article Text

Ohio Items of Interest RECEIVER FOR BOOK CONCERN CREAMER MAKES HIS REP LARGE BANK CLOSES DOORS Million-Dollar Werner Co. of Akron, Oldest Suburban Institution of Kind With $1,000,000 Less Principal in Cleveland is Forced to SusState of Ohio Gains $20,284.3 O., Voluntarily Asks Protection of Federal Court. During Past Year. pend While Run is On. Cleveland, 0.-At the request of its Columbus, O.-State Treasure Cleveland, O.-Ten minutes before S. Creamer in his annual r president, Paul E. Werner, Fedthe end of banking hours the eral Judge Tayler has appointed a remakes formal charge that South Cleveland Banking Co., the oldceiver for the Werner Co. of Akron, est on public funds went for pr est suburban bank in the city, closed O., a publishing concern capitalized at gain. He declares the practice its doors. With the deposits running $1,300,000 and doing an extensive tinued after the state depository over $2,000,000 and its assets problebusiness throughout the United became effective. With $1,000,000 matical, the institution through its States. The Superior Savings & Trust money the state gained $20,284. president and secretary, soon after Co., the appointed receiver, has deleinterest last year. This is cre made an assignment in insolvency gated one of its officers to take conto the new system of securing court to Attorney W. H. Marlatt. The for the funds. Creamer believ trol of the Akron plant, estimated to depositors number 8,000 men and be worth $2,000,000, and with the prowomen, the vast majority of whom should be made compulsory an ceeds he can derive from continuance tended. live in the southeast section of the of the business he will endeavor to Green and Treasurer W. S. M city. pay what are believed to be large liaThe bank's suspension did not come non placed state funds in banl bilities. without warning to a host of its the uniform rate of 21-2 per cer In his request for a receiver Mr. patrons. Shortly before noon the inactive and 11-2 per_cent for a word was borne abroad that the bank Werner, who is joined by his son, Edaccounts. The money went to fa ward P. Werner, a large stockholder was in danger and at 11 o'clock 80 banks without competition. Opp and director in the company, declares men and women, eager for their any change in that method Gree that the company will have sufficient funds, were waiting in line at its winpressed a fear that the people to pay off in full its creditors and its suffer because funds would be m dows. Some of them were paidstockholders. One of the company's in speculative centers. those who could crowd their way to the tellers before 2:50 o'clock in the directors, who lives in Cleveland, says Interest collections last year that the receivership is a friendly afternoon, when the doors were $155,384.31, much of it at old matter and that transient financial bolted, obtained their money. The asas six months were required to trouble compelled a readjustment and establish the new system. Av signment will hit hard through a an effort toward a new start. wide territory in which live workingcash in the treasury has been re from $200,000 to $25,000 and 1 men and working women. On all sides debts owing from the Werner active depositories from $500,0 HURLS CHARGE OF BRIBERY Co., the Akron publishing concern, about $350,000. Treasury dropped from $5,230,134.97 at th which went into a receiver's hands, Ohio Editor Publishes Statement that of 1908 to $4,170,880 at the e are put forward as the only cause of $500 Was Offered for Councilthe bank's suspension. last year, due to increased exp --manic Vote.

Article Text

Bank President Arrested on Indictment for Perjury. Cleveland, O., Jan. 20.-President U. Grant Walker and Secretary W. G. Duncan of the South Cleveland Banking company, were arrested today on indictment for perjury. The men, who are out on bail, will plead Saturday, and, according to Prosecuting Attorney J. A .Cline, will be placed on trial next week. The bank, of which they were the active officials, failed recently, because of loans aggregating $1,114,000 made to the Werner company of Akron, now in the hands of a receiver.

Article Text

NEWS NOTES

The banker convicts, Stensland and Hering, were paroled by the Illinois Pardon Board at Joliet. The decapitated and mutilated body of a woman, identified as Anna Furlong, was found in Chicago. The suspension of Roberts, Hall & Criss, brokers on the New York Stock Exchange, was announced. An inves. tigation will be made. Two women and a man were found murdered in an apartment on the sixth floor of a New York flat. The heads of all three had been beaten in with a blunt instrument, The movement to prolong human life was the topic discussed by the various speakers at the morning session of the National Association of Life Insurance Presidents at Washington. The conference of Governors in Washington determined to meet again this year at some date between Thanksgiving and Christmas. The gathering will be in one of the State capitals. U. G. Walker, president, and W. D. Duncan, secretary, of the South Cleveland Banking Company, which recently failed for more than $1,000,000, were indicted by the grand jury at Cleveland on the charge of perjury. An Indianapolis dispatch says: An estate valued at $1,000,000 is left entire to a woman known as Elma Dare by the last will of the late George Rhodius, of this city, whose marriage to the woman was annulled. according to the announcement of her attorneys. While relating some of his interesting war reminiscences and attired in his old Confederate uniform, E. Holmes Boy, one of the leading lawyers of Virginia, was stricken dead with apoplexy at a Confederate veteran banquet at Winchester, Va., on Gen. Lee's birthday. He was 70 years old. With a warning to all others who might contemplate similar offenses, Judge Read sentenced Edward Reuter and E. F. Kinley, employed by the Heuck Opera House Company, of Cincinnati, to 30 days each for posting immoral pictures of a dancing girl on private property. H. B. Tally, a teamster, created' a sensation at Carlisle when he announeed that he knew the name of the person who killed Hiram Hedges in March 1908, during the night rider raids, and that he would disclose the name to the next grand jury, which convenes the first week in February. Thomas L. Lewis, of Ohio, was reelected president of the United Mine Workers of America, over William Green. of Ohio, his only opponent, by 23,597 majority. Frank J. Hayes, of Illinois, was elected vice- president. Edwin Perry was chosen secretary-treasurer without opposition. After an exciting chase a party of 15 South Christian county farmers ran down and killed a largegray wolf which had been playing havoc among the sheep in that region. A pack of fox hounds started the wolf on C. L. Dade's t farm and after a long run, brought it, to bay and the animal was shot by Fred Tyler. d Not one railway in the eastern secd tion of the United States or Canada accepted the demand made by the e Brotherhood of Railway Trainmen or the Order of Railway Conductors for an increase in wages anduniform working conditions, according to a statement made by W. G. Lee, head of the trainmen. Attorneys for the Commonwealth in the suit to prevent the merger of the Frankfort and Cincinnati railroad with d the L. &N. railroad have notified the attorneys for the L. & N. that when the argument on the motion for the right to expend $34,000 for new bridges on the F. & C. is begun they will make a motion to have a received appointed for the F. & C. Arthur Goebel. brother of Gov. William Goebel, of Kentucky, who was assassinated, died at Phoenix, Ariz, Friday. He was the youngest member.of a family of three brothers, and was born at Carbondale, Pa, in 1863. He e was educated in law, but abandoned f that profession on account of ill health. He was the sole heir to his dead broth-

Article Text

Bank President Makes Offer

Cleveland, O., Jan. 26.-President U. G. Walker of the defunct South Cleveland Banking company has proposed to Receiver Martall to turn over personal property valued at $30,000,000 for the benefit of depositors.

Article Text

WERNER CO. COLLAPSES.

The Werner Company at Akron has gone into the hands of a receiver. The South Cleveland bank followed in failure a day later. The president of the bank was a director of the Werner company and the bank had loane dthe company over $1,000,000, mostly on the individual responsibility of the Werner president. The Werner Company started to fight the union printers in 1906, refusing the eight-hour day. The other printing trades, under the craft union system, continued to work with rat printers. Eighteen months later, however, the bookbinders struck, and in November, 1907, the pressmen struck, the firm refusing in each instance to agree to the eight hour day. That the firm, once so powerful among America's greatest publishing houses, should now be in the hands of a receiver, and the bank that helped it in the depth of failure, is evidence of the kind of a fight made by the Aillied Printing Trades.

Article Text

ARREST TWO BANK OFFICERS

President and Secretary of Cleveland Banking Company Are Charged with Perjury.

Cleveland, O.-President U. Grant Walker and Secretary W. G. Dun- can of the South Cleveland Bank- ing Company were arrested on indict- ments for perjury. The men are out on bail.

The bank of which they were active officers failed recently because of loans aggregating $1,144,000 made to the Werner Publishing Company of Akron, now in the hands of a receiver.

Article Text

ARREST TWO BANK OFFICERS

President and Secretary of Cleveland Banking Company Are Charged with Perjury.

Cleveland, O.—President U. Grant Walker and Secretary W. G. Dun- can of the South Cleveland Bank- ing Company were arrested on indict- ments for perjury. The men are out on bail.

The bank of which they were active officers failed recently because of loans aggregating $1,144,000 made to the Werner Publishing Company of Akron, now in the hands of a receiver.

Article Text

DOMESTIC.

Emerald, the 6 year old son of William Richardt of Cedar River, Mich., while playing in the kitchen of his home, fell into a tub of boiling water, sustaining injuries from which he died.

Swan Carlson, a young Swedish miner, at Negaunee, Mich., blew out his brains with a revolver. He left three letters, saying: "I am now going before God to answer for my sins." All the letters were religious. Eight million dollars was spent for the prevention and treatment of tuberculosis during the year 1909, according to the compilations just completed by the National Tuberculosis association. Of this amount, $4,250,000 was from public moneys and the remainder from funds voluntarily contributed.

Sheriff Hubbard and a citizen named Magee were shot and killed by a negro whom they were attempting to arrest at Jackson, Miss. When the news of the killing of the two white men spread, a posse was formed, the negro was run down and is said to have been killed while resisting arrest.

As a result of the arrest of Helen Rayner, aged 17, and Bertha Clement, aged 15, of Battle Creek, Mich. Sheriff Graham has affidavits that will result in the wholesale arrest of the Chinese through Michigan. The girls allege they were transported about the state like cattle, from one chop suey joint to another.

Mrs. Mary E. McIntosh, 76, was murdered at Rockford. The fact that her throat was cut and her body slashed in a horrible manner makes this the worst crime ever perpetrated in Winnebago county. Mrs. McIntosh lost heavily in a bank failure a number of years ago and has since kept her money in her home.

A lone highway man garbed as a tramp, entered the West Burlington, Iowa, Savings bank and presenting a revolver at the head of Cashier Victor Johnson, demanded all the money in sight. Johnson swept $60 in bills over the counter to him and the fellow backed out of the bank and disappeared in the railway yards.

U. G. Walker, president of the defunct South Cleveland Banking company, and treasurer William G. Duncan, were indicted by the grand jury for perjury. The bank closed its doors following the receivership named for the Werner company, a big Akron publishing house. The bank was heavily involved in the Werner company.

ARCTIC RECORDS

Arctic records which Commander Peary left in a cairn north of Greenland in 1900, and which were recovered seven years later by the Danish expedition under Mylius Erichsen, have been returned to the Peary Arctic club by direction of the king of Denmark.

Experts unraveled the Magnolia trunk mystery at Seattle. As soon as they saw the covering of bark over the trunk and the manner in which the body had been placed in it, they saw the skeleton was that of a northern Indian girl that had been buried according to the custom of Queen Charlotte Indians.

A jury found former Supervisor F. C. Price of Menominee, Mich., guilty of being an accessory to bribery in the matter of $25 being paid to a supervisor to influence him in agreeing to the purchase of a road machine for Marinette county. Of the

Article Text

ner Company were returned, the fairminded public refusing to purchase them, and the concern was subjected to losses amounting into tens of thousands of dollars. In January, 1910, the Werner Company, unable longer to float its paper, which became worthless after being peddled about among investors for a song, with no takers, was thrown into the hands of a receiver appointed by the United States Court. Shortly thereafter the South Cleveland Bank failed because it held $1,100,000 of worthless Werner paper, ruining scores of innocent depositors and resulting in the president of that bank being sentenced to a term of years in the Ohio penitentiary. By order of the court the Werner concern was operated by a receiver until March 15, 1911, when the plant was sold, according to reports in daily newspapers, to the Bryant Paper Co. of Cincinnati, O., for $275,000, the Bryant people buying in the plant to protect a paper bill of $64,000. During the past few months efforts were again made to secure a fair settle ment with the Werners and interested representatives of the Bryant Paper Co., but without result, and, therefore, we call upon all friends and sympathizers to take notice that all products of the Werner Printing Company are issued from a notorious and hostile open shop and are strictly unfair. We request that the foregoing facts, as well as others that will be made known to the public in future bulletins, be brought to the attention of all fair-minded men and women. Respectfully and fraternally, JOINT COMMITTEE OF THE PRINTING TRADES. /