Springfield National Bank (Springfield, OH)

Episode Information

Episode UID
262001479
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
26200 national
Charter Number
2620
Start Date
March 6, 1923
Location
Springfield, Ohio (39.924, -83.809)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9950f758227dd4d3

Response Measures

None

Receivership Details

Depositor recovery rate
63.1%
Date receivership started
1923-04-05
Date receivership terminated
1926-12-10
OCC cause of failure
Fraud
Share of assets assessed as good
86.1%
Share of assets assessed as doubtful
11.0%
Share of assets assessed as worthless
2.9%

Description

Failure followed large admitted embezzlement by the cashier; receiver appointed in early April (articles report Apr 6 appointment; known receivership date Apr 5).

Events (4)

1. January 23, 1882 Chartered
Source
historical_nic
2. March 6, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after discovery of large shortage/defalcation by cashier A. H. Penfield (missing Liberty bonds, attempted suicide by cashier).
Newspaper Excerpt
closed Tuesday night
Source
newspapers
3. April 5, 1923 Receivership
Source
historical_nic
4. April 5, 1923 Receivership
Newspaper Excerpt
John A. Best of the currency comptroller's bureau was named by Comptroller Crissinger as receiver for the Springfield National bank of Springfield, O., which recently closed its doors.
Source
newspapers

Newspaper Articles (24)

Article from Springfield News-Sun, March 7, 1923

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COUNTY FUNDS ARE NOT IN CLOSED BANK There are no county funds involved in the Springfield National, closed Tuesday night, County Auditor W. C. Mills, said Wednesday. All county funds are being handled through the First National bank he said. The county depository is determined by competitive bidding.


Article from The Des Moines Register, March 8, 1923

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BANK EXAMINERS HUNT FOR $600,000 MISSING BONDS Springfield, O., March 7.—(International News)—With the Springfield National bank closed and in charge of federal bank examiners today, authorities were planning a search of the records of the Cincinnati and Cleveland brokerage offices in the hope of locating $600,000 found missing from the Liberty loan bonds owned by the bank. Bank officials expressed the belief that the bonds had been used as collateral in stock dealings, and they believed that in this case the securities would prove easily traceable. The bank was closed last night following an attempt at suicide made by A. H. Penfield, the cashier, late yesterday. Penfield went to his garage, slashed his wrists with a penknife, and then attempted to asphyxiate himself with gas fumes from an automobile.


Article from Daily Kennebec Journal, March 8, 1923

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Bank's Stockholders Must Repay Losses Springfield, Onio, March 7.-After A. H. Penfield, cashier of the Springfield National Bank, had confessed, according to his 1ather-in-law, Dr. D. K. Gotwald, that he was guilty of defalcations extending over the past 10 years, T. S. Thomas, national bank examiner, announced that the institution, which closed yesterday after a shortage of $600,000 was found. would open its doors only if its stockholders made good the lass. Otherwise, he said, a receiver would settle the accounts with what assets remain.


Article from The Zanesville Signal, March 9, 1923

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Is Prisoner in His Home Springfield, O., March 9—With the home of Dr. D. K. Gotwald, father-in-law of A. H. Penfield, cashier of the closed Springfield National bank, under guard, and Penfield formally charged with before U. S. Commissioner Floyd Johnson. His bond was fixed at $25,000, which he was unable to furnish, although it was expected that arrangements would be made today for this purpose.


Article from The Journal News, March 9, 1923

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BONDS MISSING FROM SAFETY BOXES Springfield Cashier Used Duplicate Key — Under $25,000 Bond SPRINGFIELD, O., March 9.—Intimation that the loss in the closing of the Springfield National Bank may reach over a million dollars was current here today with the bank examiners continuing their investigation. Reports also were current that more arrests are imminent, but officials refused to comment on either this or the increased shortage. SPRINGFIELD, O., March 9.—The possibility that A. H. Penfield, defaulting cashier of the defunct Springfield National Bank, took bonds from the safety deposite boxes of the bank by the use of duplicate keys and did not confine himself to the manipulation of bonds handed to him by depositors, was learned today from reliable sources. It was stated that $250,000 in bonds were missing from the safety deposite boxes and that it was expected that more would be discovered lost. Operatives from the United States Department of Justice, who have been here for several days, first entered actively on the case today when the hunt was begun for the bonds stolen from the bank. Penfield, whose shortage in the bank's liberty bond fund will total over $800,000 probably will furnish today the $25,000 bond set at his bedside arraignment last night by U. S. commissioner Floyd Johnston. Penfield was arraigned on charge of embezzlement of $600,000 of the banks funds. Suit to determine the ownership of funds derived from the sale of $50,000 worth of liberty bonds which were sold by Penfield was filed against the directors of the local bank yesterday by the Fifty-Third Bank of Cincinnati. The petition of the Cincinnati bank says that Feb. 27, $50,000 in Liberty bonds were shipped to the local bank with a sight draft for $49,905.07 attached. The draft was detached from the bonds by the cashier of the Springfield bank, the petition says and the bonds were sold by him, for the sum of $49,822.78 without the draft to the Cincinnati bank having been paid. The Cincinnati bank says that the sale of the bonds by Penfield was without its knowledge and in direct violation of the terms of its sale. The Fifty-Third Bank asks that the sale price of the bonds be returned to it and that the local bank be enjoined from paying out that sum until its claim is satisfied.


Article from Springfield News-Sun, March 9, 1923

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STATEMENT IS MADE BY DIRECTOR Sparks Quotes Examiner: "All Will Come Out in Due Time." BULLETIN That it was absolutely impossible for A. H. Penfield to have accomplished the looting of the Springfield National Bank by himself was the opinion voiced among government officials Thursday. Working on this theory, it would not be surprising to see other arrests soon. An accomplice whose name bank examiners refuse to make public is being sought in connection with the case of A. H. Penfield, defaulting cashier of the defunct Springfield National bank. That Penfield must have had an aid in his manipulations of the bank's bonds which resulted in the loss of more than $600,000 has been admitted. In an interview granted to The News Friday morning, during which he expressed his greatest regret that the depositors of the bank would have to lose one penny of their money through Penfield's dishonesty, A. F. Sparks, vice president of the Springfield National bank, said: "He (Penfield) must have had an accomplice, but I do not know his name, and the bank examiners refuse to tell the board. They tell us that it will all come out in due time." Mr. Sparks declared that he was certain that the accomplice was a person from some other city. He was emphatic in his statement that no one but Penfield connected with the bank was involved in the case. "The bank directors knew nothing of the affair until the examiners informed us," said Mr. Sparks. "Even the men who were closest to him in the bank did not have the slightest suspicion that Gus Penfield could be capable of such a thing. It hurts to think that he would rob his best friends, a man who has grown up in the bank and whose father was the original cashier. "But he could not have done what he did without some help. He fooled the bank examiners and the board of directors for ten years. Of course, I suppose that some people will criticise us, but no board of directors would think of going into a bank and nosing through all the books and saying to the cashier: 'Here, where is the key to your strong box. We want to look at those bonds.' You simp- (Continued on Page 11, Column 3.)


Article from Springfield News-Sun, March 9, 1923

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PENFIELD THOUGHT TO HAVE HAD AN ACCOMPLICE STATEMENT IS MADE BY DIRECTOR Sparks Quotes Examiner: "All Will Come Out in Due Time." BULLETIN That it was absolutely impossible for A. H. Penfield to have accomplished the looting of the Springfield National Bank by himself was the opinion voiced among government officials Thursday. Working on this theory, it would not be surprising to see other arrests soon. An accomplice whose name bank examiners refuse to make public is being sought in connection with the case of A. H. Penfield, defaulting cashier of the defunct Springfield National Bank. That Penfield must have had an aid in his manipulations of the bank's bonds which resulted in the loss of more than $600,000 has been admitted. In an interview granted to The News Friday morning, during which he expressed his greatest regret that the depositors of the bank would have to lose one penny of their money through Penfield's dishonesty, A. F. Sparks, vice president of the Springfield National bank, said: "He (Penfield) must have had an accomplice, but I do not know his name, and the bank examiners refuse to tell the board. They tell us that it will all come out in due time." Mr. Sparks declared that he was certain that the accomplice was a person from some other city. He was emphatic in his statement that no one but Penfield connected with the bank was involved in the case. "The bank directors knew nothing of the affair until the examiners informed us," said Mr. Sparks. "Even the men who were closest to him in the bank did not have the slightest suspicion that Gus Penfield could be capable of such a thing. It hurts to think that he would rob his best friends, a man who has grown up in the bank and whose father was the original cashier. "But he could not have done what he did without some help. He fooled the bank examiners and the board of directors for ten years. Of course, I suppose that some people will criticise us, but no board of directors would think of going into a bank and nosing through all the books and saying to the cashier: 'Here, where is the key to your strong box. We want to look at those bonds.' You simp- (Continued on Page 11, Column 3.) JOHN A. MCMAHON, PROMINENT DAYTON ATTORNEY, IS DEAD Former Congressman Succumbs at His Home at Age of Ninety-one Years. DAYTON, March 9.—Dayton citizens today were mourning the loss of one of its most prominent citizens, following the death at 9:15 o'clock last night of John A. McMahon, former congressman, attorney, and prominent in business and industry in Dayton for many years. He succumbed at his home 127 N. Perry st. at the age of 91 years. He had suffered serious injuries in a fall, last August, from which he never recovered. Mr. McMahon's son, J. Sprigg McMahon, and his daughter, Miss Louise McMahon, with whom he made his home, were at the bedside when death came. Mrs. McMahon died in 1906. The son and daughter are the only surviving relatives. Judge McMahon was a member of the bar association which planned to meet today and make arrangements for attending the funeral in a body. Funeral services are to be held at the home Monday afternoon at 2 p. m. with burial in Woodland cemetery. John A. McMahon was born in Frederick county, Maryland, Feb. 19, 1822. His father, John V. L. McMahon, practiced the law profession in the city of Baltimore, and is still remembered for his eloquence and for the extraordinary talents which distinguished him during the most brilliant period in the history of the Maryland bar, of which he was a leader in his day. At an early age Mr. McMahon was sent to St. Xavier's college, in Cincinnati, where he pursued a general course and was graduated in 1849, at the age of 16, with the degree of bachelor of arts. His ability attracted the notice of his professors, and he was retained as an instructor in the college during the following year, until June, 1850. Having meanwhile determined upon the pursuit of a legal career, he removed to Dayton in 1852, for the purpose of entering the office of the celebrated Clement L. Vallandigham, who had married a sister of Mr. McMahon, Sr. By diligent study under the distinguished supervision of the great lawyer, young McMahon managed to pass his examination with satisfactory grades, and in 1854, was admitted to the Ohio bar. Despite the extreme youth of his (Continued on Page 8, Column 3.) FORD TO PAY ALL MADE TO CREDITORS Henry Ford Personally Meets Claims Against Lincoln Motor Car. Co. DETROIT, MICH., March 9.—All creditors of the Lincoln Motor Car Co., purchased last year by Henry Ford at a receiver's sale, have been reimbursed in full by Mr. Ford, it was officially announced today. The sum needed to pay all claims in full was approximately $4,000,000. Mr. Ford took the step, it was announced, despite the fact that he was not required to do so under the terms of his purchase. The announcement was made by Ralph Stone, president of the Detroit Trust company, receiver for the Lincoln company. All creditors of the concern, it was announced, will receive 100 cents on the dollar as a result of Mr. Ford's action. They previously had received 47 1/2 per cent, all that remained of the proceeds of the sale after preferred claims were paid. The $4,000,000 given by Mr. Ford pays the remaining 52 1/2 per cent. Checks were mailed yesterday. In addition to paying the claims of about 900 merchandise creditors, Mr. Ford also re-imbursed the seven former directors of the company who had endorsed papers held by the banks against the Lincoln company. Among the seven were some of Mr. Ford's friends of many years standing, including Henry B. and Wilfred C. Leland, founders of the Lincoln company. Mr. Ford paid $8,000,000 for the Lincoln company at the receiver's sale last year. Out of this sum were paid a number of preferred claims, including one of the government for alleged overpayment on war contracts. This item of the government was greatly reduced, being finally settled for $1,550,000. The federal claim originally amounted to more than $8,000,000, the former sum being agreed upon at a conference between the receiver and government officials. COMPTROLLER ASTOUNDED BY REVELATIONS Recent Transactions by Cashier Could Not Possibly be Covered Up, Officials Say. By CHARLES E. MORRIS DAILY NEWS BUREAU 44 Post Building, Washington, March 9. The originally reported shortage of $600,000 in the Liberty Bond account of the Springfield National Bank has now grown to $800,000, all of which is admitted by Cashier A. H. Penfield, according to the detailed report of Inspector A. B. Faris, filed with Comptroller of the Currency Crissinger. How much greater Penfield's defalcation may have been or how much of the Liberty Bond amount may be recovered, where it may have been placed as collateral, cannot be known until after extensive examination, it is reported. In this, the disposition of Penfield to make a clean breast of the entire affair, will be of utmost help to the officials to the bank and to himself. The affair is so involved that Comptroller of the Currency Crissinger wants more detailed information before appointing a receiver. He has the man, a Columbus man, picked for the place, and has counseled with others as to his fitness in all respects, but before placing him in charge, wants to have a clearer outline of the bank condition, now said to be badly muddled. Meantime the bank examiners have called in the aid of operatives of the department of justice to aid in their investigations and particularly to ascertain where there may be bank assets misappropriated by Penfield, which may be seized. Every effort will be made to save the bank as a going institution. Directors and stockholders have offered complete cooperation, and while the bank's assets and double liability of stockholders will not meet obligations to depositors, it is not thought the latter will suffer any loss. No decision is expected until after Crissinger has further conversations by long distance telephone with Chief Inspector Thomas, who is in charge of the bank and in touch with the board of directors. The fact that the private safety deposit boxes may have been tampered with, and that Penfield may have received many bonds from customers without any showing on the books of the bank adds to the difficulty of arriving at the total amount of shortage, which may reach even a million dollars. While the examination is going on at present the comptroller is anxious to find out how it is possible Cashier Penfield could have carried on his defalcation over a period of years as he has without his discovery from the examination standpoint. There is no astonishment at the Liberty bond shortage, any more than there might have been had the bank been robbed by thugs. But the continued looting by an official running for a long period during which constant examinations have been made is the cause of official wonder. There is no intimation of any wrongdoing on the part of any other official of the bank, by collusion of protection, everything pointing to the fact that Penfield took advantage of a great trust on the part of business and social friends, to pull off alone the most successful one-man job the banking department has met in years. By direction of the comptroller's department, a guard has been placed over Penfield. The most surprising thing connected with the actions of Cashier Penfield in the view of Comptroller Crissinger is the boldness with which he apparently operated, but this is held due in part to the fact that he, having grown up with his business associates and being important socially, he knew his honesty was not being questioned. His last transaction, the purchase of eighty thousand dollars in bonds from the Ohio National bank, Columbus, for which payment has not yet been made, is inexplicable in the light of past transactions by him because there could be no possible where by the loss would not be discovered. Another transaction of forty thousand with another bank on the last day Penfield was in the bank was even more bold and is held to indicate the action of desperation. The large outstanding issue of Liberty and other recent bonds has caused endless trouble to the comptroller's department since there is no means of checking on them, and this is causing most confusion in the muddled situation at Springfield. As a result of the Springfield break, Comptroller of Currency Crissinger will recommend to the coming session of congress a law which will make impossible the receipt by banks of bonds for safekeeping save on registry and report to the department, for which a fee will be charged. The act will be in effect to prevent bailment, which means that handling of bonds for favor, which in the Springfield case has perhaps resulted in much individual loss, since Cashier Penfield, well known and trusted as he was, apparently received simply as caretaker hundreds of bonds of large and small denominations. Until some semblance of approximate total defalcation is reached and checked, no receiver will be appointed, Comptroller Crissinger said, explaining that it would be necessary first to know what there is to receive.


Article from Springfield News-Sun, March 9, 1923

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MAY REMOVE PENFIELD TO COUNTY JAIL Defaulting Cashier Held At Home Under Guard—Bond Is Placed At $25,000. An effort to have A. H. Penfield, defaulting cashier of the defunct Springfield National Bank, committed to jail is to be made by United States Marshal Michael Devanney, the marshal said Friday afternoon. Dr. William B. Quinn will be called to Penfield's bedside to make an examination to determine whether the man is sufficiently recovered from loss of blood in his attempt at suicide, to warrant taking him to jail. In event the physician says that Penfield is strong enough to be moved, the marshal says he will seek a mittimus for his commitment. Whether or not he will be taken to the Clark county jail is for United States Commissioner Floyd Johnston to determine, the marshal said. It was said Friday that Penfield is still very weak from loss of blood and that he is not yet out of danger. Penfield, who was placed under arrest Thursday at his home, 505 N. Fountain av., on a charge of "embezzling approximately $600,000 of the bank's funds," was being held under guard Friday at his home. A temporary mittimus has already been issued in his case, the marshal said. Immediately following his arrest, Penfield was arraigned before United States Commissioner Floyd Johnston who held court at the accused man's bedside, and through his attorney, John M. Cole, entered a formal plea of not guilty. The case was continued until 2 p. m. March 20, and a temporary bond fixed at $25,000, which was not furnished. Federal investigators are said to be pursuing investigations now in New York city, Pittsburgh, Cleveland and other cities in an attempt to trace the bonds the accused (Continued on Page 11, Column 1.)


Article from Springfield News-Sun, March 9, 1923

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STATE FUNDS ON DEPOSIT IN DEFUNCT BANK COLUMBUS, March 9.—State Treasurer Harry S. Day made a demand upon the Springfield National bank of Springfield, O., for the withdrawal of $200,000 of state funds on deposit in that institution, the doors of which were closed while national bank examiners were checking the books for an alleged shortage of $600,000. Day said that $100,000 in insurance funds and a like amount of adjusted compensation funds were on deposit in the Springfield bank. He said the state of Ohio could not suffer any loss as the deposits were covered by a surety bond of 5 per cent more than the amount of the state funds.


Article from Springfield News-Sun, March 9, 1923

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CONFIDENCE IN BANKS EXPRESSED BY MERCHANTS At the regular monthly meeting of the Merchants' association, which was held at the Chamber of Commerce Friday at noon, the members expressed their faith in the soundness of the local financial situation, and a belief in the solidarity of Springfield's banking institutions. "Our banks rank with the best in the state," said Fred A. Remsberg, president of the association, "and they are ably and conservatively managed and worthy of the support and confidence of every citizen of Springfield and Clark county. "The Merchants' association has endorsed the action of the banks of Springfield in offering their services and funds to take care of individuals or firms temporarily embarrassed by the closing of the Springfield National bank," he said. "In our way we will co-operate by extending credit to any of the embarrassed depositors of this bank until it is convenient for them to pay."


Article from Buffalo Courier Express, March 11, 1923

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CASHIER IS ARRESTED Held in connection with $800,000 bank shortage. Springfield, O., March 10.—A. H. Penfield, defaulting cashier of the Springfield National Bank which closed its doors last Tuesday, after an $800,000 shortage had been discovered, today was taken to the Montgomery county jail at Dayton by federal officials. He is awaiting a hearing on a federal charge of embezzlement. Penfield declared today that he had no accomplices in the affair but had taken all of the missing Liberty bonds himself. Department of Justice agents were said to be tracing Penfield's transactions in an attempt to ascertain whether it was possible to salvage any of the bonds taken from the institution.


Article from The News-Messenger, April 6, 1923

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DOINGS IN OHIO Prisoners Use Dynamite. Warren, O., April 6.—Three prisoners were badly hurt when they tried to escape from the jail here by blowing up the walls with dynamite. None of the prisoners got away. The victims are: Pete Dragich, held on a charge of suspicion in connection with the murder of Joe Dobenich; Jake Buhle, Cleveland, arrested at Newton Falls on a charge of nonsupport, and Fred Hunter, Warren, sentenced to seven years in the Mansfield reformatory after conviction on a charge of automobile stealing. The dynamite had been smuggled into the jail by friends of one of the prisoners. Veterans Receive $500,000. Columbus, April 6.—Claims for adjusted compensation amounting to $504,671.82 were settled during the month of March by the state department of adjusted compensation for veterans of the late war, bringing the total number of settlements up to 200,004. The average payment per claim has been $134.31. The total fund available for payment of claims is now $1,473,435.18 and the amount paid out to date is $26,873,391.85. Loss May Reach $1,000,000. Springfield, O., April 5.—Losses caused by the alleged defalcations of A. H. Penfield, formerly cashier of the Springfield National bank, will reach $1,000,000, Attorney George Dial, a director of the bank estimated. "Recently many depositors have reported to the examiners that Penfield had asked them to bring their liberty bonds in to have them registered," Dial said, "and then didn't return the bonds."


Article from The News-Messenger, April 6, 1923

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Bank Receiver Named. Springfield, O., April 6.—Comptroller of the Currency Crissinger appointed John A. Best, one of the receivers of the bureau of the comptroller, to take charge of and administer the affairs of the Springfield National bank, which recently failed. Best's bond was fixed at $50,000.


Article from Eagle River Review, April 12, 1923

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Springfield (0.) Bank Gets Receiver. Washington, April 6.-John A. Best of the currency comptroller's bureau was named by Comptroller Crissinger as receiver for the Springfield National bank of Springfield, O., which recently closed its doors.


Article from The Waterloo Press, April 12, 1923

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Springfield (O.) Bank Gets Receiver. Washington, April 6.—John A. Best of the currency comptroller's bureau was named by Comptroller Crissinger as receiver for the Springfield National bank of Springfield, O., which recently closed its doors Cairo, April 5.—The earl of Carnarvon died here. He was conscious almost to the end. His death was due to blood poisoning caused by the bite of an insect, with the later development of pneumonia.


Article from The Journal News, April 14, 1923

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Bank Failure Gives Rise To Talk Of Government Guarantee To Depositors Washington, April 14. Out of the sensational failure of the Springfield National bank of Springfield, Ohio, there has come a new agitation for legislation providing for the government guarantee of bank deposits. Using the Springfield debacle as an object-lesson, citizens of that city have appealed to Senator Frank B. Willis for his support of legislation of this character. The senator has taken the matter under consideration, but is not yet convinced that the benefits of the plan outweigh the objections to it. E. Hebrank, president of the (savings), thereby causing considerable criticism as to whether or not they have been earning more than a legitimate profit, it strikes me that legislation should be enacted to prepare the country at large for any future bank failure. Would Bring Out Millions. "My idea along this line would be that in the future if a bank would fail and pay you, say eighty cents on the dollar, that the other twenty cents be made up to the depositor by the federal reserve bank in that district.


Article from The Journal News, April 14, 1923

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pealed to Senator Frank B. Willis for his support of legislation of this character. The senator has taken the matter under consideration, but he is not yet convinced that the benefits of the plan outweigh the objections to it. H. E. Hebrank, president of the Mad River National bank of Springfield, has placed before the senator a proposition that reflects the view of those who would have congress pave the way for a guarantee of deposits. President Hebrank's statement is as follows: "Due to the recent failure of the Springfield National bank, I have been giving some serious thought along this line and have about arrived at a proposition that, while I do not claim perfection, I do believe would be the nucleus for some legislation of more than average importance. "Owing to the fact that federal reserve banks in different sections of the country have been investing an enormous amount of their surplus in granite monuments (build-


Article from The Dayton Herald, April 27, 1923

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Receiver and S. D. Crissinger Report 60 Per Cent Return May Be Made. SPRINGFIELD, O., April 27.—Sixty per cent of deposits will probably be paid depositors in the Springfield National bank, according to suggestion made Friday following the filing of the report of Receiver F. A. Best with D. R. Crissinger, comptroller of currency.


Article from Dayton Daily News, July 25, 1923

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DECLARE DIVIDENDS Springfield Bank to Mail Checks Sept. 1. SPRINGFIELD, July 25.—Declaration of first dividends of the Springfield National bank following the embezzlement of its funds by A. H. Penfield will be made before Sept. 1. The affairs of the bank were recently placed in the receivership of John A. Best, who is now completing the work incident to making out dividend checks.


Article from Evening Star, August 28, 1923

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BIG DIVIDEND PAID TO BANK CREDITORS By the Associated Press. SRINGFIELD, Ohio. August 28.-A first dividend" of 331/3 per cent to creditors of the Springfield National Bank, which closed last March fol. lowing the defalcations of Cashier A. H. Penfield. was announced today by Receiver John A. Best. Penfield's defalcations totaled . approximately $1.000,000. He confessed to embezzlement and is now serving a twentying one-year sentence in the federal penitentiary at Atlanta, Ga.


Article from Springfield News-Sun, April 25, 1924

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SUIT IS FILED Bank Receiver Seeks to Recover on Note. DAYTON, O., April 25.—John A. Best, receiver for the Springfield National bank, today filed suit in federal district court here against Lydia Miller of Springfield for recovery on a note for $1,000 held by the bank, which he alleges is overdue, and that the security is only worth about $100. He asks judgment for $900 and costs.


Article from The Urbana Daily Citizen, September 11, 1924

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$250,000 WILL BE DISTRIBUTED 12 1/2 PERCENT DIVIDEND PAID TO BANK DEPOSITORS. Bank Opened Wednesday Judgments Granted Receiver in The Federal Court At Cincinnati. Springfield, Sept. 10.—Vouchers calling for the payment of a third dividend of 12 1/2 per cent or approximately $250,000, were placed in the mail Tuesday night for depositors and creditors of the Springfield National bank, Receiver John A. Best announced. The Springfield National bank rooms were open at 9 a. m. Wednesday for the transaction of business covering the payment of this dividend. The usual banking hours will be observed. The fourth and final dividend will not be paid for sometime, it is stated. Mr. Best declined to estimate what the final dividend will be. Other bankers predicted that it will be between 5 and 10 per cent. Mr. Best said the exact amount of the fourth dividend cannot be determined until matters pending in court are all adjusted. The affairs of the Springfield National bank are tied up with the settlement of the Houston bank at South Charleston affairs. The dividends authorized by the comptroller of currency for payment to depositors of the Springfield National bank are as follows: first, 33 1-3 per cent; second, 10 per cent; third, 12 1/2 per cent. Bankers say that the total amount to be paid by Receiver Best will be about 55 per cent. The payments authorized by the comptroller are approximately as follows: first, $600,000; second, $200,000; third, $250,000, or $1,050,000. JUDGMENT GRANTED. Dayton, O., Sept. 10.—Judgment for more than $15,000 was secured in United States district court here today by John A. Best, receiver for the Springfield National bank, from several debtors. Judge Smith Hickenlooper authorized the bank to sell 11 shares of Victor Rubber Co. stock, valued at $100 per share, in order to pay a judgment of $902.66 secured against Lydia Miller. Judgments secured by the receiver were from: John N. Garver, A. G. Strawsburg and W. Earl Anderson, $750.90; John N. and Helen B. Garver, $4,039.68; John N. Garver, $3,769.64; Petticrew Real Estate Co. and Stanley Petticrew, $5,694.56; and Earl L. Morris and John N. Garver, $434.64. The case against T. J. McCormick was dismissed upon a motion of the defendant.


Article from Springfield News-Sun, September 24, 1924

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States district court by John A. Best, receiver for the Springfield National Bank. The defendants and the amounts of the judgments asked are: Wilbur Yeazell, Springfield, $234.23; Emma Uhle and Robert J. Bauer, $1,113.57; Dennis Watts and Nellie Watts, $93.33; Roy F. Anderson, Esther Anderson and Garrett Shilt, $438.89.


Article from Dayton Daily News, December 21, 1924

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NOTE SUIT FILED Bank Receiver Would Recover $3776 by Action. John A. Best, receiver for the Springfield National bank, filed a petition in U. S. District court here Saturday asking judgment of $3776.57 against Wallace E. Miller and Laura Miller, both of Springfield. He alleges the amount to be due on three notes held by the bank.