17673. People's Bank (Painesville, OH)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
January 11, 1902
Location
Painesville, Ohio (41.724, -81.246)

Metadata

Model
gpt-5-mini
Short Digest
318af517

Response Measures

None

Description

The People's Bank in Painesville made a general assignment and closed its doors on Jan 11โ€“12, 1902 following the suspension of its chief correspondent, the Euclid Avenue Trust & Savings Company of Cleveland. Newspapers report a big run was expected but the directors chose to suspend/assign to prevent an anticipated run. The assignment indicates permanent closure (general assignment/receivership).

Events (2)

1. January 11, 1902 Receivership
Newspaper Excerpt
The assignment was made to Harley Barnes, vice president of the Pierce (Pioneer) Trust company of this city / made a general assignment this morning to Harley Barnes ... for the protection of all its creditors.
Source
newspapers
2. January 11, 1902 Suspension
Cause
Correspondent
Cause Details
Closed because its chief correspondent, Euclid Avenue Trust & Savings Company of Cleveland, suspended operations; directors anticipated a run and suspended/assigned to avoid it.
Newspaper Excerpt
The People's bank of this city closed today on account of the suspension of the Euclid Avenue Trust & Savings company of Cleveland.
Source
newspapers

Newspaper Articles (22)

Article from Deseret Evening News, January 11, 1902

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Article Text

"Sympathy" Failure. Painesville, Jan. 11.-The People's bank of this city closed today on account of the suspension of the Euclid Avenue Trust & Savings company of Cleveland. Dr. H. C. Brainerd is vice president and G. H. Stewart a director of the local bank. A big run was expected on the bank this morning which It was thought it would be impossible to meet. The assignment was made to Harley Barnes, vice president of the Pierce Trust company of this city, No statement of assets and liabilities has yet been made. A statement issued by the bank October 1 last showed its total resources to be $230,640 capital stock paid in, $50,000; individual deposits, $173,640: undivided profits, $7,000.


Article from The Butte Inter Mountain, January 11, 1902

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PAINESVILLE, OHIO, INSTITUTION COMPELLED TO SUSPEND. BIG RUN WAS ANTICIPATED Will Pay Every Dollar But Unable to Realize Quickly on SecuritiesWas Connected With Cleveland Bank. (By Associated Press.) Painesville, Ohio, Jan. 11.-The People's bank of this city closed today on account of the suspension of the Euclid Avenue Trust & Saving company of Cleveland. Dr. H. C. Brainerd is vice president and C. H. Stewart, a director of the local bank. A. big run was expected on the bank this morning, which it was thought it would be impossible to meet. The assignment was made to Harley Barnes, vice president of the Pierce Trust company of this city. No statement of assets and liabilities has yet been made. A statement issued by the bank October 1 last, showed its total resources to be $230,640; capital stock paid in $50,000; individual deposits, $173,640; undivided profits, $7000. G. G. Grant, one of the directors of the bank, made the following statement today: "There is no reason why the bank should not pay every dollar. This bank was run Independently of the Cleveland bank and its securities are independent. It is impossible to realize quickly on securities on account of the close connections, but we have less than $500 with the Cleveland bank."


Article from The Evening Times, January 11, 1902

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Article Text

BANK'S DOORS CLOSED. Painesville, Ohio, Institution Affected by Cleveland Failure. PAINESVILLE, Ohio, Jan. 11.-The People's Bank, here. of which Dr. H. C. Brainard, of the Euclid Avenue Bank, is vice president, and C. H. Stewart, director, made a general assignment this morning to Harley Barnes, vice president of the Pioneer Trust Company, for the protection of all its creditors. The action was brought about by the suspension of the Euclid Avenue Trust and Savings Company of Cleveland, which, it is understood, was the chief correspondent. It is not thought that this bank will be badly crippled, as it numbers ameng its stockholders the most stable business men of the town. The directors of the bank worked all night, and finally decided that the course taken was the best, as it would be impossible to stand a run at its time. The news of the Cleveland bank's suspension got to the depositors of the People's Bank last night. and a big run was anticipated this morning, Nothing sensational has developed this morning. "They'll get every dollar," is the expression of the bank people; twe are good for it."


Article from Evening Times-Republican, January 11, 1902

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Article Text

OHIO BANK CLOSES. People's Bank at Painesville Suspended Payment Today. Painesville, O., Jan. 11.-The Peoples' bank of this city closed its doors today on account of the suspension of Euclid Avenue Trust and Savings Company, Cleveland, Dr. H. C. Brainerd, vice president and C. H. Stewart director of the local bank. A big run was expected this morning, which it was thought to be impossible to meet. No statements of assets or liabilities was given out.


Article from Rock Island Argus, January 11, 1902

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Article Text

FOLLOWS THE EUCLID Painesville, Ohio, Bank Closes Its Doors Without Statement. Painesville, Qhio, Jan. 11.-The People's bank, of this city, closed its doors today on account of the suspension of the Euclid Avenue Trust and Savings company at Cleveland. No statement of assets or liabilities is given out.


Article from The Seattle Star, January 11, 1902

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Article Text

GOES UNDER PAINESVILLE, Ohio, January 11. The People's bank of this place made a general assignment this morning, The action was brought about by the suspension of the Fuelid Avenue Bank of Cleveland, which, It is understood, was the chief correspondent. It in not believed that the bank will be badly crippled. The resources of the bank, as


Article from The Savannah Morning News, January 12, 1902

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Article Text

AN OHIO BANK CLOSES. Directors Were Afraid of Run Because of Cleveland Failure. Painesville, O., Jan. 11.-The People's Bank of this city closed its doors today on account of the suspension of the Euclid Avenue Trust and Savings Company of Cleveland. Dr. H. C. Brainerd is vice president and C. H. Stewart director of the local bank. A big run was expected on the bank this morning, which it was thought would be impossible to meet. The assignment was made to Harley Barnes, vice president of the Pioneer Trust Company of this city. No statement of assets and liabilities has yet been made. A statement issued by the bank Oct. 1 last. showed its total resources to be $230,640; capital stock paid in, $50.000: individual deposits, $173,640; undivided profits, $7,000.


Article from The Salt Lake Herald, January 12, 1902

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Article Text

Another Ohio Bank Fails. Painesville, O., Jan. 11.-The People's bank of this city closed today, on account of the suspension of the Euclid Avenue Trust & Savings company of Cleveland. Dr. H. C. Brainerd is vice president, and C. H. Stewart a director of the local bank. A big run was expected on the bank this morning which it was thought it would be impossible to meet. The assignment was made to Harley Barnes, vice president of the Pierce Trust company of this city. No statement of assets and liabilities has yet been made.


Article from The Stark County Democrat, January 14, 1902

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Article Text

CLEVELAND PANIC STRIKES PAINESVILLE People's Bank There'Follows in Wake of the Wrecked Euclid Avenue Savings. (News-Democrat Leased Wire Service ) Fainesville, Jan., 11.-The People's bank here made a general assignment, this morning. The action was caused by the assignment, yesterday, of the Euclid Avenue Trust and Savings conipany, of Cleveland, which was the People's chief correspondent bank. The bank is backed by the best men in the town and the directors state that depositors will get every dollar. The resources of the People's bank are said to be $230,640, with deposits of $173,640.


Article from Griggs Courier, January 16, 1902

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Article Text

FAILURE FOLLOWS FAILURE People's Bank at Painesville, o., Assigns to Prevent an Expected Run. RESULT OF FAILURE AT CLEVELAND. 1 Director Claims Depositors Will Not 8 Lose Anything-The Lake Shore Electric Railway Company, ConI trolled by Everett-Moore Syndicate, Goes Into Hands of Receiver. f Painesville, O., Jan. 13.-The People's bank, of this city, closed its doors Sat1 urday on account of the suspension 1 of the Euclid Avenue Trust and Savings company, of Cleveland. Dr. H.C. Brainard is vice president and C. H. Stewart a director of the local bank. d A big run was expected. on the bank t Saturday morning, which it was thought would be impossible to meet. The assignment was made to Harley Barnes, vice president of the Pioneer Trust company, of this city. No statement of assets and liabilities has yet been made. A statement issued by the bank October 1 last showed its total resources to be $230,640; capital stock paid in, $50,000; individual deposits, $173,640; t undivided profits, $7,000. G. G. Grant, one of the directors of the bank, made the following statee ment Saturday: c "There is no reason why the bank should


Article from The Kootenai Herald, January 17, 1902

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Article Text

Painesville Bank Fails. Painesville, Ohio, Jan. 12.-The People's bank of this city closed today on account of the suspension of the Euclid Avenue Trust & Savings company of Cleveland.


Article from The Ely Miner, January 17, 1902

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FAILURE FOLLOWS FAILURE People's Bank at Painesville, 0., Assigns to Prevent an Expected Run. RESULT OF FAILURE AT CLEVELAND. Director Claims Depositors Will Not Lose Anything-The Lake Shore Electric Railway Company, Controlled by Everett-Moore Syndicate, Goes Into Hands of Receiver. Painesville, O., Jan. 13.-The People's bank, of this city, closed its doors Satfurday on account of the suspension of the Euclid Avenue Trust and Savings company, of Cleveland. Dr. H. C. Brainard is vice president and C. H. Stewart a director of the local bank. A big run was expected on the bank Saturday morning, which it was thought would be impossible to meet. The assignment was made to Harley Barnes, vice president of the Pioneer Trust company, of this city. No statement of assets and liabilities has yet been made. A statement issued by the bank October 1 last showed its total resources to be $230,640; capital stock paid in, $50,000; individual deposits, $173,640; undivided profits, $7,000. G. G. Grant, one of the directors of the bank, made the following statement Saturday: "There is no reason why the bank should


Article from Kootenai County Republican, January 17, 1902

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Article Text

Painesville Bank Fails. Painesville, Ohio, Jan. 12.-The People's bank of this city closed today on account of the suspension of the Euclid Avenue Trust & Savings company of Cleveland.


Article from The Coeur D'alene Press, January 18, 1902

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Painesville Bank Falls. Painesville, Ohio, Jan. 12.-The People's bank of this city closed today on account of the suspension of the Euclid Ave. nue Trust & Savings company of Cleveland.


Article from Pullman Herald, January 18, 1902

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Painesville Bank Fails. Painesville, Ohio, Jan. 12.-The People's bank of this city closed today on account of the suspension of the Euclid Avenue Trust & Savings company of Cleveland.


Article from The Broad Ax, December 27, 1902

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BUSINESS FAILVRES. Jan. 10-Cleveland, 0., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, 0., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.


Article from The Bourbon News, January 2, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for secona time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, Ill., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett; $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boyton. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.


Article from Iron County Register, January 8, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclid Trust & Savings Co.: $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, Ill., State bank. 15-Wanatah, Ind., Julius Conitz. banker. 20-Americus. Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2--New York, American bicycle trust. 30-Trenton, N. J., National Salt Co. ("salt trust"): $300,000. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.


Article from The Kinsley Graphic, January 9, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, 0., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30.000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate. operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank; $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, la., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.


Article from The Forrest City Times, January 9, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclld Trust & Savings Co.: $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," falls for second time in 7 months. 17-Albany, Ga., Commercial bank: $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice Pres!dent Frank C. Andrews. 25.-Belmont (0.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus. Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan โ‚ฌo.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 80-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American blcycle trust. 80-Trenton, N. J., National Salt Co. ("salt trust"); $300,000.


Article from Newport Weekly Independent, January 9, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank: $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank. on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, Ill., State bank. 15-Wanatah, Ind., Julius Conitz. banker. 20-Americus. Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $500,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 80-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, Ill., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. 80-Trenton, N. J., National Salt Co. ("salt trust"); $300,000.


Article from Woodville Republican, January 10, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett; $20,000. 16-New York, Gillman, Son & Co's banking house: $200,000. Nov. 5-Richmond. Va., Leon L. Strause, leaf tobacco: $300,500. 13-Boston. Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.