Rushsylvania Bank (Rushsylvania, OH)

Episode Information

Episode UID
8638081091258
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
863808109 hash
Start Date
October 18, 1904
Location
Rushsylvania, Ohio (40.461, -83.670)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
da66b0a906f9e5be

Response Measures

None

Description

Receiver appointed and bankruptcy proceedings followed the suspension; failure driven by bad investments/loan losses.

Events (2)
1. October 18, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Losses from investments (Alta/Union Portland Cement) and bad loans/notes held against Kenyon Brothers led owners to suspend operations.
Newspaper Excerpt
failed to open for business
Source
newspapers
2. October 22, 1904 Receivership
Newspaper Excerpt
The United States court has appointed Lewis Fawcett, of Rushsylvania, as receiver of the Rushsylvania bank, recently failed.
Source
newspapers

Newspaper Articles (8)
1. October 21, 1904 The Bellefontaine Republican Bellefontaine, OH
Article from The Bellefontaine Republican, October 21, 1904

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Rushsylvania Bank Closed And Creditors Will Lose Heavily. BANKRUPTCY Proceedings Have Been Instituted. Failure Caused No Little Excitement in the Enterprising Village. The Rushsylvania bank is the second private institution to close its doors in Logan county in four months. On July 28 the Liberty bank at West Lioerty suspended business. Recently & private bank in Sidney and a bank in Galion failed. county. Another bank failure for Logan Tuesday morning the Rushsylvania by Bank, conducted as a private D. C. and Frank L. Kenyon, concern failed to open for business. When it was learned that the establishment was in financial difficulties there was the greatest excitement among the townspeople and efforts were made to learn the exact condition of affairs The failure means much to Rushsyl vania people. The depositors were principally residents of the town and posits farmers living in the vicinity. Dewere heavy just at this time owing had to the fact that many farmers the deposited the money received from At sale of their season's crops. this hour there are many rumors afloat concerning the circumstances surrounding the failure out it will take dition. some time to ascertain the exact conIt is stated on good authority that parties file will go to Cincinnati at once to matter a petition in bankruptcy. The of will then be placed in the hands a referee and affairs settled up. WILL END THE BANK. The outcome will no doubt result in seem the wiping out of the bank. Matters to be in bad shape, with heavy liabilities turned and but little that can in as assets. The loss to de- be positors will consequently be heavy. THE CAUSE. From what can be leaned today the cause to of the failure can be accredited The a series of business complications. bank had made a number of vestments with the deposits of their in patrons. the Losses were met with the earnings of the bank being small, and crash deposits were eaten up and came. It has been known in the time nancial circles hereabouts for fithat the bank was in a shaky some condition, to be but the end was not thought have so near. The business might ad had been continued for some time of from not the state auditor demanded their every bank in Ohio a report the condition on October 12. This of ad been first time that such a report has Messrs. demanded of private banks, and It Kenyon Brothers, knowing the condition ing of their concern and realizthat a suitable report could made, decided to close business. not be called sequently patrons of the bank Con- who Tuesday morning to make deposits found the doors barred. THE CASHIER. Mr. D. C. Kenyon was known as cashier Mr. of the bank, but his brother, the Frank L. Kenyon, attended to business A and remained behind the desk. the nk dry goods store was at one time ed ducted but in connection with the bank con us this was disposed of some ere ago. The Kenyon Brothers held time it interest and in the Rushsylvania creamery an rihotel the flouring mill, and owned of other building besides some farms the the properties. They have had and the interest of in most every business venture wn the any size that has been started us past ten years. When the fo th Cement Company was organized Alt red Rushsylvania men they were heav by ged stockholders and prominent in is management of the concern. Thi th ia. proposition failed and the bank los issome money in the deal. ch, AMOUNT OF DEPOSITS. ace ing bank In a report made by the Kenyo at posits a year ago last spring their amount were given as $49,000. Thi de is not supposed to have and creased time to any great amount since tha in re, and the loss to the depositors O. chprobably reach from $20,000 to $40, 000 will ONLY BANK. em ad The Kenyon bank was the only aito in Rushsylvania. The citizens banl have the greatest confidence seeme in owners their and felt safe in entrustin it hat money to their charge. but quently any person in the immediat Conse say community it at with money to deposit ich the Kenyon bank. Persons lei tly claim to know, state that the heavies wh red depositor is probably Mr. Wilson Adams, ment Sr. The Union Portland Mc d' company also made deposit Ce there, but had checked out most lle. their cash money when the crash came They do not expect to lose over

2. October 21, 1904 The Bellefontaine Republican Bellefontaine, OH
Article from The Bellefontaine Republican, October 21, 1904

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this banks or other failure. will lose nothing. There are no new developments in the Rushsylvania bank failure today and the matter will probably rest as it is until the creditors meet and elect a trustee in bankruptcy. Attorney Dow Aikin, who represents Mr. Kenyon, has arranged the follow. ing schedule which shows the assets and liabilities. LIABILITIES. $36,669.75 Bank indebtedness proper 2,700.00 Mortgages on real estate 2,500.00 Notes secured by collateral 1,600.00 Other indebtedness Total $43,469.75 ASSETS. Real estate $20,200.00 Union Portland Cement stock 21,250.00 1,382.98 Cash in bank and other funds Notes 18,990.55 Overdrafts 2,490.04 Notes held as collateral by banks 2,727 25 500.00 Bank fixtures Total $67,540.82 MAY PAY OUT. Mr. Aikin, the bank's attorney, has proceeded in a manner by which he hopes to keep down the expense of litigation If the proper course is continued by the creditors he states that he sees no reason why the settlement of the affairs will not result in every obligation being met and creditors escape with little or no loss. IN BANKRUPTCY COURT. The matter has been submitted to the bankruptcy court in Cincinnati but no special action was taken pending the selection of a trustee by the creditors. A meeting of the creditors will no doubt be held at an early date, when some person will be named for the position. Mr. Kenyon, the cashier, 18 anxious to do everything in his power to protect his patrons and cred itors. THE CAUSES. There are several causes given for the failure. The payment of interest on time deposits by other banks in the county compelled Mr. Kenyon to pay such a heavy rate of interest to hold money then in his hands and secure other loans that the best he could do was to pay the interest. Consequently one means of the bank's making money was taken away. As is generally known. the bank lost money through its connection with the Alta Cement company. A suit brought by the Con tractors' Building & Supply company t to which the Kenyon Brothers were t parties, caused them much worry and e took much of Cashier Kenyon's time d from his duties in his store and is the f bank. At this time the store was beS hind and money was needed to S right matters. Three years ago it was d noticed that trouble was bound to e come sooner or later. but Mr. Kenyon decided to put forth his best efforts e and endeavor to weather the gale. Last week a final effort was made to 0 arrange to continue business, but upon the advice of his attorney, Mr. Ken yon decided to suspend operations. NOTES ARE BAD. e A number of the larger notes held by the bank are not expected to bring le face value. There will be consider able of a shrinkage here as well as it the real estate, but there are enough assets to pay nearly all the indebted 10 ness providing the cost of settling tne n affairs does not necessitate unusually y large expenditures. 10 MR. KENYON IMPROVING. d Cashier Kenyon was confined to hi E re bed Tuesday. He was greatly affected by his reverses and no persons, with or the exception of two representatives 0 ta a Bellefontaine bank, were grante y permission to see him. He seems to b y conscientions regarding his feeling fo 1e the welfare of his creditors and it i is said by those who know that the sus st pension was decided upon to avoie payment of some unjust claims tha were being made upon him. on EXCELLENT LAW. The new law which gives the stat auditor power to call for a statemen

3. October 25, 1904 The Bellefontaine Republican Bellefontaine, OH
Article from The Bellefontaine Republican, October 25, 1904

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CASH NEVER COUNTED, The cash was never counted, notes never verified with ledgers and no balances drawn off. The total liabilities of the bank, not including capital stock, amount to $806,771. The liabilities will be reduced, however, to $725,000 allowing for liabilities on discounted paper which will probably be paid to other banks. The appraisers' report shows assets of $240,000 which will be considerably reduced on account of offsets. SPECIALS. Springfield, 0., Oct. 20.-Suits aggregating $50,000 are to be filed against the commissioners of Clark county by relatives of Vernon Middleton, killed in the automobile accident, and by Mrs. Virginia Wilkins, Mrs. Chas. Hundley and Chas. R. Murphy who were injured. Coroner J. D. Thomas' verdict will show that the abutment from which the bridge was removed and over which the party plunged was wholly unprotected. Urbana, O., October 20.-William Miller was shot and slightly wounded tonight by Justice of the Peace George Seibert. The shooting was enacted in front of the court house, and was witnessed by hundreds of pedestrians. Officer Powers ran to the scene and arrested the Justice, who was under the influence of liquor. Urbana, o., October 20.-Rev. John Richardson, the Union Reform candidate for Governor of Ohio several years ago, died here today. Cincinnati, Ohio, October 22.-The United States court has appointed Lewis Fawcett, of Rushsylvania, as B receiver of the Rusheylvania bank, recently failed. His bond is $25,000. Attorney A. Jay Miller, of Bellefontaine, is here in connection with the matter. 8 Kenton, Ohio, October 21.-U. O. d Gerlach has mysteriously disappeared from his home here and cannot be lo0 cated. His wife, who is the sister of Rev. Henry Kotterjohn, is prostrated with grief. Bellecenter, O., October 24-R. H. es Valentine, a local druggist, was fined $100 and costs by Mayor Phillips Monday morning charged with violation of b the local option ordinance. The case

4. October 26, 1904 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, October 26, 1904

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David C. Ring and Miss Vera Dawson, teachers in the East Denver, Col., high school, died from injuries received in a coaching accident at Golden, Col. Crazed, the police say, by drink, Harry Bowles, a town laborer, shot and killed his wife at their home in Brookline, Mass., and a few moments later killed Policeman Joseph MacMurray, who attempted his arrest. The bronze statue of Frederick the Great, presented to the United States government by the present emperor of Germany, has arrived in Washington. The unveiling exercises are to take place November 19. A bandit robbed the Pennsylvania of railroad office at Hegewisch, Ind., $400, after slugging the agent and his helper. The victim of a collision on a New York elevated road was burned to death on the third rail while in a dying condition from injuries sustained in the crash. The one hundred and twenty-seventh anniversary of Sir John Burgoyne's surrender to Gen. Horatio Gates was observed by the dedication of the Saratoga county civil war veterans' monument in the shadow of the lofty Saratoga battle monument. Rev. Washington Gladden, of Columbus, O., has resigned the presidency of the American Missionary association. The immense plant of the Acme Harvester at South Ill., will resume company, immediately, Bartonville, giving employment to 900 men. The plant has been practically closed for a year. A report issued by the interstate commerce commission shows that the total number of casualties to persons on railroads in the United States during the fiscal year ending June 30, 1904, was 55,130, comprising 3,787 killed and 51,343 injured. Plans are being formulated for the erection in New York of a large monument to commemorate The Hague tribunal's mission among the nations. "Helen Keller day," named in honor of Miss Helen Adams Keller, of Boston, who, born deaf, dumb and blind, has acquired national fame through her educational success, was celebrated at the world's fair grounds with exercises parin of ticipated by prominent educators the deaf, dumb and blind from all parts of the United States. An automobile, running at reckless speed in the darkness, plunged over an abutment going up for a new bridge over Mad river, seven miles north of Springfield, O. One man was killed and two women injured. Fire destroyed the works of the Anchor Rubber tire company, at Sotauket, L.I. The loss is estimated at $200,000. A general falling off from the attendance of last year is shown by the official for authorities sity. enrollment The figures attribute Harvard univer- the deextent to of western total crease rivalry to some colleges. the increasing The decrease from last year is 205. St. Louis university, one of the oldest educational institutions in the Louisiana Purchase territory, celebrated its diamond jubilee in Festival hall on the world's fair grounds. The Rushsylvania (O.) bank, owned by Kenyon Brothers, has gone into bankruptcy. Alexander J. Garnett, who shot and killed Maj. J. M. McClung at the Palace hotel in San Francisco, was sentenced to serve 15 years in the penitentiary. The Illinois Bankers' association held its fourteenth annual convention at the world's fair. A movement has been commenced by New York physicians to prevent the spread of pulmonary diseases. Philip Weinseimer, former president of the Building Trades alliance of New York, was found guilty of extorting $2,700 for calling off a strike. Emma Grenell, 15 years old, vasgiven a verdict of $40,000 against the West Chicago Street Railway company for injuries suffered nine years ago.

5. October 28, 1904 The Bellefontaine Republican Bellefontaine, OH
Article from The Bellefontaine Republican, October 28, 1904

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LITTLE OF VALUE. L. W. Fawcett, the receiver of the Rushsylvania bank, after an investigation, has found little less than $600 in cash. Of the $18,000 worth of notes reported in the schedule about $14,000 are against Kenyon Brothers. who are bankrupts, and some of their relatives. Of the balance only about $500 will be gilt edge. It also appears by court house records that the bank property was conveyed to the wife of Kenyon's attorney, J. P. Bowers, on June 10, 1904, and the deed was not presented till Oct. 15, 1904, the same day the Kenyons started to prepare papers of bankruptcy. It is also found by the receiver that liabilities will probably far exceed those given in the schedule while it will be extremely difficult to realize anything like the amount of assets given in schedule.

6. October 28, 1904 The Ely Miner Ely, MN
Article from The Ely Miner, October 28, 1904

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A WEEK'S RECORD All the News of the Past Seven Days Condensed. HOME AND FOREIGN ITEMS of the Industrial Field, Personal News and Political Items, Happenings at Home and Abroad. THE NEWS FROM ALL THE WORLD DOMESTIC. college destroyed Martin female a loss of Fire Tenn., entailing The $40,000, at Pulaski, with $30,000 insurance. cupants all escaped. Ring and Miss Vera Dawson, high David C. in the East Denver, received Col., in a teachers died from injuries Col. school, accident at Golden, drink, coaching the police say, by and Harry killed Crazed, laborer, shot Bowles, a town home in Brookline, his wife at their moments later killed atPoliceman Mass., and Joseph a few MacMurray, who tempted bronze his arrest. statue of Frederick States the The presented to the United emperor of Great, by the present Washington. government has arrived in take The Germany, unveiling exercises are to place November 19. bandit robbed the Pennsylvania A office at Hegewisch, Ind., and his of railroad $400, after slugging the agent New helper. victim of a collision burned on a to The elevated road was dying York the third rail while in a in crash. death condition on from injuries sustained the hundred and twenty-seventh The one of Sir John Burgoyne's was anniversary to Gen. Horatio Gates Sarasurrender observed by the dedication of the monucounty civil war veterans' Sarament toga in the shadow of the lofty battle monument. toga Rev. Washington Gladden, of Colum- of O., has resigned the presidency American Missionary plant of the the bus, The immense association. Bartonville, Acme Harcompany, at South giving vester resume immediately, has employment Ill., will to 900 men. The plant practically closed for a year. been by the interstate comcommission shows railA report issued persons that the on total merce number of casualties to the fisin the United States during 55,130, roads ending June 30,1904, was 51,343 incomprising cal year 3,787 killed and jured. are being formulated for monu- the Plans in New York of a large trierection commemorate The Hague mission among the bunal's ment to nations. in honor Keller day," named "Helen Helen Adams Keller, of Boston, acdeaf, dumb and eduwho, of Miss born through blind, her has national fame at the quired success, was celebrated parcational fair grounds with exercises of world's in by prominent educators all parts the ticipated deaf, dumb and blind from of the United States. automobile, running at reckless over an An in the darkness, plunged bridge over speed going up for a new Springabutment river, seven miles north of and two field, Mad o. One man was killed women injured. destroyed the works of the Anchor L. Rubber Fire tire company, at Sotauket, loss is estimated at $200,000. The general falling off from the attend- official A of last year is shown by the univerance enrollment figures for Harvard the deThe authorities attribute sity. to some extent to the increasing The total rivalry crease of western colleges. decrease from last year s 205. Louis university, one of the oldest educational St. institutions in the Louisiana diaPurchase territory. celebrated its the mond jubilee in Festival hall on world's fair grounds. The Rushsylvania (O.) bank, owned bankby Kenyon Brothers, has gone into ruptcy. The Illinois Bankers' association at held the its fourteenth annual convention world's fair. A movement has been commenced the by New York physicians to prevent spread of pulmonary diseases. Alexander J. Garnett, who shot and killed Maj. J. M. McClung at the sentenced Palace in San Francisco, was 15 years in the Weinseimer, former New hotel to Philip serve penitentiary. president of Building Trades alliance was found guilty for calling off a $2,700 of York, the strike. of extorting given Grenell, 15 years old, was verdict of $40,000 against ina Street Railway company Chicago Emma the for West suffered nine years ago. George D. Ruggles, manager of the several juries Gen. years dead. retired, soldiers' for home in Washington, is Clifford, N. D., the local bank's all and building were safe At wrecked robbers, and it is the money taken. The said, secured $3,500 in cash. The Middleswork home of the Children's Home and Aid society at Shelby- Two ville, Ill., was destroyed by fire. boys lost their lives. Some of the most distinguished attend scholin the world are expected to be ars the Bible convention which is to held in Boston the first week in December. The total number of students enrolled at Yale university is 2,995, this being the largest number in the history of the university. The schooner Melrose foundered off lost. the Florida coast. Seven lives were

7. October 28, 1904 The Bellefontaine Republican Bellefontaine, OH
Article from The Bellefontaine Republican, October 28, 1904

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L. W. Fawcett, receiver for the defunct Rushsylvania bank, came to the city with & large valise Tuesday which contained the bank assets. The funds and papers were deposited in the Commercial & Savings bank. The exact amount of assets would not be divulged by Mr. Fawcett.

8. October 29, 1904 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, October 29, 1904

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A WEEK'S RECORD All the News of the Past Sever Days Condensed. HOME AND FOREIGN ITEMS News of the Industrial Field, Persona and Political Items, Happenings at Home and Abroad. THE NEWS FROM ALL THE WORLI DOMESTIC. Fire destroyed Martin female college at Pulaski, Tenn., entailing a loss o $40,000, with $30,000 insurance. The oc cupants all escaped. David C. Ring and Miss Vera Dawson teachers in the East Denver, Col., high school, died from injuries received in a coaching accident at Golden, Col. Crazed, the policesay by drink, Harry Bowles, a town laborer, shot and killed his wife at their home in Brookline, Mass., and a few moments later killed Policeman Joseph MacMurray, who attempted his arrest. The bronze statue of Frederick the Great, presented to the United States government by the present emperor of Germany, has arrived in Washington The unveiling exercises are to take place November 19. A bandit robbed the Pennsylvania railroad office at Hegewisch, Ind., o $400, after slugging the agent and his helper. The victim of a collision on a Nev York elevated road was burned to death on the third rail while in a dying condition from injuries sustained i) the crash. The one hundred and twenty-sevent anniversary of Sir John Burgoyne' surrender to Gen. Horatio Gates wa observed by the dedication of the Sara toga county civil war veterans' monu ment in the shadow of the lofty Sara toga battle monument. Rev. Washington Gladden, of Colum bus, O., has resigned the presidency o the American Missionary association. The immense plant of the Acme Har vester company, at South Bartonville III., will resume immediately, giving employment to 900 men. The plant ha been practically closed for a year. A report issued by the interstate com merce commission shows that the tota number of casualties to persons on rail roads in the United States during the fis cal year ending June 30, 1904, was 55,130 comprising 3,787 killed and 51,343 in jured. Plans are being formulated for th erection in New York of a large monu ment to commemorate The Hague tri bunal's mission among the nations. "Helen Keller day," named in hono of Miss Helen Adams Keller, of Boston who, born deaf, dumb and blind, has ac quired national fame through her edu cational success, was celebrated at the world's fair grounds with exercises par ticipated in by prominent educators of the deaf, dumb and blind from all parts of the United States. An automobile, running at reckless speed in the darkness, plunged over an abutment going up for a new bridge over Mad river, seven miles north of Spring field, O. One man was killed and two women injured. Fire destroyed the works of the Anchor Rubber tire company, at Sotauket, L. I The loss is estimated at $200,000. A general falling off from the attend ance of last year is shown by the official enrollment figures for Harvard univer sity. The authorities attribute the decrease to some extent to the increasing rivalry of western colleges. The total decrease from last year is 205. St. Louis university, one of the oldes educational institutions in the Louisiana Purchase territory, celebrated its dia mond jubilee in Festival hall on the world's fair grounds. The Rushsylvania (O.) bank, owned by Kenyon Brothers, has gone into bank ruptcy. The Illinois Bankers' association held its fourteenth annual convention at the world's fair. harm