Bank of Willoughby (Willoughby, OH)

Episode Information

Episode UID
754002491245
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
75400249 hash
Start Date
September 10, 1903
Location
Willoughby, Ohio (41.640, -81.407)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4fe9d6fb6d8c41cd

Response Measures

None

Description

Suspension followed failure of a large local borrower; Citizens' Savings & Trust Co. appointed receiver.

Events (2)

1. September 10, 1903 Suspension
Cause
Local Shock
Cause Details
Failure of the Mexican Clay Manufacturing Company whose paper the bank held, triggering suspension
Newspaper Excerpt
The Bank of Willoughby failed to open today. The suspension is said to be the direct result of the failure of the Mexican Clay Manufacturing company
Source
newspapers
2. September 11, 1903 Receivership
Newspaper Excerpt
The Citizens' Savings and Trust Company, of Cleveland, has been appointed receiver.
Source
newspapers

Newspaper Articles (14)

Article from Las Vegas Daily Optic, September 10, 1903

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Article Text

Bank Smash. WILLOUGHBY, Ohio, Sept. 10.The Bank of Willoughby falled to open today. The suspension is said to be the direct result of the failure of the Mexican Clay Manufacturing company, for which a receiver was appointed yesterday in Cleveland, its debts aggregating millions of Jollars. The bank held much of the Mexican company's paper.


Article from The Topeka State Journal, September 10, 1903

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Article Text

Bank Failed to Open. Willoughby, O., Sept. 10.-The Bank of Willoughby failed to open today. The suspension is said to be a direct result of the failure of the Mexican Clay Manufacturing company, for. which a receiver was appointed late yesterday in Cleveland, with debts aggregating $1,000,000. The bank held much of the Mexican company's paper. No statement of the bank's assets and liabilities nas as yet been given out.


Article from Bismarck Daily Tribune, September 11, 1903

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Article Text

BANK FAILS TO OPEN. Suspension a Direct Result of Another Failure. Willoughby, O., Sept. 11.-The Bank of Willoughby failed to open during the day and a notice of suspension was posted on the door to the banking room. The suspension is sa: to be a direct result of the failure of the Mexican Clay Manufacturing company, for which a receiver was appointed Wednesday in Cleveland, With debts aggregating $1,000,000. The bank held much of the Mexican company's paper. No statement of the bank's assets and liabilities has as vet been given out.


Article from New-York Tribune, September 11, 1903

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Article Text

AN OHIO BANK DRAWN UNDER. Willoughby, Ohio, Sept. 10.-The Bank of Willoughby failed to open to-day and a notice of suspension was posted on the door of the banking room. The suspension is said to be & direct result of the failure of the Mexican Clay Manufacturing Company. The bank held much of the Clay company's paper. It is estimated that the assets will amount to $250,000 and the liabilities to $200,000. The bank was a private concern, owned by 8. W. Smart. The Citizens' Savings and Trust Company. of Cleveland, has been appointed receiver.


Article from The Savannah Morning News, September 11, 1903

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Article Text

OHIO BANK HAS CLOSED. Willoughby, O., Sept. 10.-The Bank of Willoughby failed to open to-day and a notice of suspension was posted on the door to the banking room. No statement of the bank's assets and liabilities has as yet been given out. The Citizens' Savings and Trust Company of Cleveland has been appointed receiver.


Article from The Indianapolis Journal, September 11, 1903

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Article Text

Ohio Bank Closed. WILLOUGHBY, O., Sept. 40.-The bank of Willoughby failed to open to-day and a notice of suspension was posted on the door to the banking room. The suspension is said to be a direct result of the failure of the Mexican Clay Manufacturing Company, for which a receiver was appointed late yesterday in Cleveland, with debts aggregating $1,000,000. The bank held much of the Mexican company's paper. The Citizens' Savings and Trust Company, of Cleveland, has been appointed receiver. The assets are estimated at $250,000 and the liabilities at $200,000. The bank was a private concern owned bx S. W. Smart,


Article from Evening Times-Republican, September 11, 1903

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Article Text

WILLOUGHBY, O., bank FAILS. Assets are Estimated at $250,000 and Liabilities $200,000. Willoughby. O., Sept. 11.-The bank of Willoughby failed to open yesterday and a notice of suspension was posted. It is estimated that the assets will amount to $250,000 and the liabilities $200,000. The bank was a private concern owned by S. W. Smart. The suspension is said to have been the direct result of the failure of the Mexican Clay manufacturing Company, for which a receiver was appointed late Wednesday in Cleveland, with debts aggregating $1,000,000. The bank held much of the Mexican company's paper The Citizens' Savings and Trust Company of Cleveland, has been appointed receiver.


Article from Daily New Dominion, September 12, 1903

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Article Text

Willoughby Bank Involved. Cleveland, Sept. 12.-The assignment of the bank of Willoughby, the only financial institution in the neighboring Lake county village, probably completes the havoc wrought by the embarrassment of Raymond Penfield's enterprises. Penfield formerly lived in Willoughby. His father, J. W. Penfield, was the richest man in the town. The bank made an assignment be. cause it held some of Penfield's paper as collateral. Its liabilities are $200.000 and its assets a quarter of a million. Penfield made a personal as signment and also assigned the property owned by Penfield & Sons. Do positors in the bank asked to have S. H. Smart, the president and cashier, declared a bankrupt. Smart says the bank will pay dollar for dollar.


Article from The Barre Daily Times, September 12, 1903

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Article Text

Bank of Willoughby Suspends. Willoughby, 0., Sept. 11.-The bank of Willoughby failed to open, and a notice of suspension was posted on the door to the banking room. The suspen sion is said to be a direct result of the failure of the Mexican Clay manufae turing company, for which a receiver was appointed in Cleveland, with debts aggregating $1,000,000. The bank held much of the Mexican company's paper No statement of the bank's assets and liabilities has as yet been given out The Citizens Savings and Trust company of Cleveland has been appointed receiver.


Article from Bryan Morning Eagle, September 12, 1903

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Article Text

Failed to Open. Willoughby, O., Sept. 11.-The Bank of Willoughby failed to open Thursday. The suspension is said to be a direct result of the failure of the Mexican Clay Manufacturing company for which a receiver was appointed late in Cleveland. The bank held much of the Mexican company's paper. No statement has been given out. The Citizens Savings and Trust company of Cleveland was appointed receiver.


Article from The New Dominion, September 16, 1903

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Article Text

Ohio Bank Suspends. Willoughby, O., Sept. 11.-The bank of Willoughby has suspended. The Citizens Savings and Trust company, of Cleveland, has been appointed receiver. It is estimated that the assets amount to $250,000 and liabilities $200,000. The bank was a privato concern, owned by S. W. Smart.


Article from The Hocking Sentinel, September 17, 1903

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Article Text

Ohio Bank Closes With Debts of $1,000,000. The Bank of Willoughby, Ohio, failed to open its doors Friday, and a notice of public suspension was posted on the door to the banking room. The suspension is said to be a direct result of the failure of the Mexican Manufacturing company for which a receiver was appointed with debts aggregating $1,000,000. The bank held much of the Mexican company's paper. No statement of the bank's assets and liabilities has as yet been given out. The Citizens' Savings and Trust company, of Cleveland, has been appointed receiver.


Article from The Aberdeen Democrat, September 18, 1903

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Article Text

THE NEWS IN BRIEF. For the Week Ending September 12. Two severe earthquake shocks were felt in Portland, Ore. France has ordered a squadron to prepare to sail for Turkish waters. All but 14 buildings in the village of Eustis, Me., were destroyed by fire. A carload of powder exploded near Beaumont, Kan., killing three men. The McKinley memorial statue at Adams, Mass., will be unveiled October 3. Mr. and Mrs.J. C. Bennett, prominent people, were killed by the cars at Cleveland, O. Earthquake shocks were felt in Bowlder, Loveland, Longmont and Fort Collins, Col. Weekly reviews of trade say there is increasing activity in nearly all lines of business. A special train on the Baltimore & Ohio road made a run of 128 miles in 125 minutes. Rear Admiral Casey has been retired on account of age, after nearly 47 years active service. The bank of Willoughby, 0., failed with estimated liabilities of $200,000 and assets of $250,000. A cyclone wrecked several houses at Quincy, III., and Mrs. John Schnelzle was fatally injured. Tolstoi celebrated his seventy-fifth birthday with his family at Tula, Russia, in good health. Representatives of 100,000 organized railway employes have begun movement for increase in wages. Maj. Delmar, king of geldings, broke his own record at Syracuse, N. Y., trotting a mile in 2:0041/4. Secretary Shaw is having prepared a "blacklist" of national banks that are reducing their circulation. Olin Knight, pugilist, died from injuries received in a six-round bout with Grif Jones at Philadelphia. The fifty-third anniversary of the admission of California in the union was observed throughout the state. Arthur Amioson, a Pittsburg (Pa.) private banker, is missing, and depositors claim they are out $40,000. At Lincoln, Neb., Cresceus, the trota ting stallion, broke all records for half-mile track, going a mile in 2:081/4. A United States gunboat seized three islands off the coast of British North Borneo and England raises objection. New York athletes captured the national championship of American Amateur Athletic union at the Milwaukee meet. A ten-inch wire gun in a trial at Sandy Hook fired shots at a velocity of 2,500 feet a second, practically the world's record. Ohio democrats opened the state campaign at Akron, Tom L. Johnson, candidate for governor, being the principal speaker. Fire which originated in the large stable of the Allegheny (Pa.) Transfer company caused a loss of $263,000. Sixty horses were cremated. Mayor Seth Low has been selected to leaad the fusion fight against Tammany Hall in New York, and the old fusion ticket was nominated. "Uncle" Finney, an ex-slave, over 90 years old, who lived on a farm near Richmond, Va., was charged with being 1 sorcerer and shot to death. The government crop report for September 1 indicates an increased yield of corn and a decline in the percentage of condition of wheat and oats. It is proposed to elevate the American legation at Constantinople to an embassy, in order to avoid delays in treating with the sultan of Turkey. The schooner Fielding rescued seven men and one woman from the bottom of an overturned ship near Port au Prince. Nine of their companions were drowned. Miss Alice Roosevelt, daughter of the president, went down in the submarine boat Moccasin at Newport, being the only woman 80 far known to do so. Forty-five New Jersey corporations, with a total capitalization of over $80,000,000, are reported to have passed into the hands of receivers during the last year. The home of Fred Roher, editor of the Berne (Ind.) Witness, was almost entirely demolished by dynamite. Roher's paper has been leading the opposition to licensed saloons. THE MARKETS


Article from Shiner Gazette, September 23, 1903

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Article Text

EVENTS OF EVERYWHERE. George W. Coleman killed David A. Calvin near Selma, Ala. Bulgarian elections for the sobranfe (national assembly) will be held October 18. Unless Oklahoma acts soon she may lose her share of the national irrigaiion fund. W. B. Newman's gin near Winkler, Navarro County, was destroyed by fire a few days ago, Fire destroyed the Bradley-Burr company's carriage and wagon works at Chicago, with a loss of $30,000. An explosion in the electric light plant at Sherman damaged property of the company, but injured no one. Four negroes are in jall at Tyler on a charge of ordering Mrs. J. V. Carter of that place to cook them their din ner. Macedonian insurgents routed 600 Turkish troops in an engagement at Yettehe, in the Perim district of Row melia. The Bank of Willoughby at Willoughby, O., has closed its doors. The Citizens' Savings and Trust Company of Cleveland was appointed receiver. Judge Thompson denied the Danville rioters A new trial and sentenced them to the Chester penitentiary, ex. cept Bessie Armstrong, who was sent to Joliet. Archbishop Ireland was the labor day orator at St. Paul. One point made by the noted speaker was that labor unions have no right to impost opinions by force. Mead D. Detwiler, of Harrisburg Pa., and Thomas F. McNulty, of Baltimore, are the new trustees of the Elks National home at Bedford, Va. Rufus Connella, the Guthrie banker has been bound over to await the action of the grand jury under $3000 bond. Connella had five banks in Southern Oklahoma Ohio Democrats opened their eam. Daign at Akron Wednesday night. Thirty thousand persons attended and speeches were made by Tom Johnson and John H. Clark. The Mexican Clay Manufacturing company, having offices in Cleveland, O., and the City of Mexico, has passed Into the hands of a receiver. Total indebtedness $1,000,000. Motor cyclists met at Manhattan Beach and organized a national protective association under the name of the Federation of American Motor Cyclists. Miss Cloyette Brownlow, daughter of Congressman Brownlow of Jonesboro, Tenn., eloped with Mark E. Pritchett, a liveryman. Miss Brownlow made her debut in Washington society last winter and was a favorite. At Belgrade, a mob made a great demonstration against the newspapers which defended the army officers recently arrested. The crowd attempted to proceed to the Turkish legation, but was dispersed by the police. The weather bureau's weekly erop report is not favorable to cotton, except in Florida. Corn is maturing rapidy. In cotton, the two Carolinas, Oklahoma and portions of Mississippi make the best showing. Leopold J. Stein, who was indicted several weeks ago for complicity in alleged fraudulent contracts for furnishing letter carriers' satchels to the government, has been located at Tor onto, Canada. It is admitted by all concerned that war is inevitable between Bulgaria and Turkey. Macedonia rebels are forcing Bulgarians to take the field everywhere and whole districts have been devastated in the most fortile sections of what is known as Turkey in Europe. According to official statements from the Yucatan Government there were 128 cases of yellow fever during the month of August, of which fifty proved fatal. In Progreso there were nine cases, but no deaths. Father M. J. Ward, pastor of St. Thomas Roman Catholic church, Beloit, Wis., refuses to give absolution