gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
33f05cc0cd209b86
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
39.0%
Date receivership started
1904-12-20
Date receivership terminated
1909-09-30
OCC cause of failure
Fraud
Share of assets assessed as good
23.5%
Share of assets assessed as doubtful
59.6%
Share of assets assessed as worthless
16.9%
Description
Run triggered by unrest over the Chadwick exposures though bank reportedly held no Chadwick paper.
Events (5)
1.April 27, 1886Chartered
Source
historical_nic
2.December 19, 1904Run
Cause
Rumor Or Misinformation
Cause Details
Unrest and rumors following publicity of the Mrs. Chadwick financial exposures led depositors to withdraw despite bank officers' denials of connection.
Measures
Directors held all-night session and announced the bank would not open; hoped to resume in about a week.
Newspaper Excerpt
the First National Bank here ... have closed their doors owing to the recent runs ... there had been a run on the bank ever since the exposure of the Chadwick affair.
Source
newspapers
3.December 20, 1904Receivership
Source
historical_nic
4.December 20, 1904Receivership
Newspaper Excerpt
National Bank Examiner L. L. Miller has been appointed receiver.
Source
newspapers
5.December 20, 1904Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension resulted from runs caused by depositors' unrest over Chadwick-related reports.
Newspaper Excerpt
The First National Bank here and Marine Bank at Conneaut Harbor have closed their doors.
Source
newspapers
Newspaper Articles (17)
1.December 20, 1904The Barre Daily TimesBarre, VT
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Article Text
TWO BANKS CLOSE. Ohio Institutions Were Not Connected With Chadwick Concern. Conneout, O., Dec. 20.-The First Na. tional Bank here and Marine Bank at Conneout Harbor have closed their doors owing to the recent runs, The banks held none of the Chadwick paper but there was a general feeling of unrest on the part of the depositors,
BANK CLOSES. Run-LiabiliCaused By ties and Resources are Equal. Washington, Dec. 20-The comptroll ler of the currency has been advised that the First National bank, Con neaut, O., closed its doors last night on account of a run which occurred yesterday, and National Bank Examiner L. L. Miller has been appointed receiver. The following is a statement of the resources and liabilities of the bank as shown by its report of condition to the comptroller, dated November 10. 1904: Resuorces: Loans and discounts $225,211; overdrafts, $3,470; United States bonds, $12,500; bonds, securities, etc, $21,109; real estate owned, $9,567; due from banks, $11,554; cash and cash items, $17,136; total $300,549. Liabilities: Capital $50,000; surplus and undivided profits, $10,407; circula tion. $12,500; due to banks, $6:355; deposits, $212,286; notes and bills dis counted, $9,000; total $300,549.
3.December 20, 1904Evening StarWashington, DC
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Article Text
Latest Report of Condition. The controller of the currency has been advised that the First National Bank, Conneaut, Ohio, closed its doors last night on account of a run which occurred yesterday, and National Bank Examiner L. L. Miller has been appointed receiver. The following is a statement of the resources and liabilities of the bank as shown by its last report of conditions to the controller, dated November 10. 1904: Resources-Loans and discounts, $225,211; overdrafts, $3,470; United States bonds. $12,500; bonds, securities, etc., $21,109; real estate owned, $9,567; due from banks, $11;554: cash and cash items, $17,136. Total, $300,549. Liabilities-Capital $50,000; surplus and undivided profits, $10,407: circulation, $12,500; due to banks, $6,355; deposits, $212.288; notes and bills rediscounted, $9,000. Total, $300,549.
4.December 20, 1904Alexandria GazetteAlexandria, VA
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Article Text
Bank Closed, Conneaut, Ohio., Dec. 20.-The First National Bank here and the Marine Bank at Conneaut Harbor have closed their doors. A long line of depositors were at the former bank this morning at the time for opening. The directors, after an all night session, announced that the bank would not open. They say business will be resumed in one week Cashier O. C. Lillie made a statement this morning, in which he said there had been a run on the bank ever since the exposure of the Chadwick affair. National Bank Examiner L L. Miller has been appointed receiver. The resources and liabilities of the bank as shown by its last report of condition to the Comptroller, dated Nov. 10, were $300,549,37.
5.December 20, 1904The Guthrie Daily LeaderGuthrie, OK
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Article Text
TWO BANKS CLOSED [By Associated Press.] Conneaut, Onio, Dec 20-The First National bank of Conneaut and the Marine bank of Conneaut Harbor did not open their doors today. The suspensions resulted from runs of the past few days
Suspended Banks May Resume. Conneaut, O., Dec. 21.-Bank inspector Duncan today said he thought the affairs of the National bank of Conneaut might be adjusted within ten days and that it and the Marine bank of Conneaut Harbor would reopen then,
7.December 22, 1904Evening StarWashington, DC
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PIANO COMPANY FAILS. Sequel to Bank Failure Through Chadwick Deals. CONNEAUT, Ohio, December 22-The C. M. Traver Piano Company made an assignment today. The assets and liabilities have not yet been made public. The failure resulted from the closing of the First National Bank, C. M. Traver being president of both the bank and the piano company. President Traver and Cashier O. C. Lillie have turned over all their property to the receiver for the bank.
8.December 22, 1904Evening Times-RepublicanMarshalltown, IA
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Article Text
TRAVER PIANO COMPANY FAILS. Closing of Bank of Which Traver Was President Was the Cause. Conneaut, Ohio, Dec. 22.-The C. M. Traver Piano Co., assigned today. The failure resulted from closing the First National Bank, C. M. Traver being president of both the bank and Piano Co.
9.December 22, 1904Durango Semi-Weekly HeraldDurango, CO
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Article Text
and he rock. t morning of The dirt funeral and was Union, held this of which remains he t and the member. Miners' escorted being the shipped was the a depot. the body where the relatives young to Wash., and other about man's a single here live. He had of years old was and employ ed been most He had years. being Camp Bird. boss, time at of of the to Spokane. parents man, month occu- how that four 26 pied the since the 21. The tempt only the position Dec. first shift Sheriff conever, OURAY. case of Colo., against Telluride. Deputy district is occupying court. the Runnells Runnells attention was Stevens recently of the and cited show to of appear why conbefore Judge be held guilty hand in he should account not of having a Telluride for tempt on miners from attorney indeported John H. Murphy Federation were at whose brought. the Western the proceedings communication the to best the stance set forth in a believed it for concerned court that of he peace and all and stated be but the interests that the case dismissed. that If be. of court his willingness that contempt be so lightly court was an replied offense and took not the to matter under O., Dec. it was dismissed. advisement. TOLEDO. when 21.- A sensation number learncaused today a large to the men of signed when of petition released was ed prominent that the names business of she for was parole had been of Mme. the Devere. Ohio penitentiary 21. Overtures been from YORK. Dec. large number for bankers part of have NEW made for a arrangements the floating here. of Russian a large local at loan least a Bankers block express stock will And a 21. Pa., the belief that market in this city. Dec. of PHILADELI ELPHIA. dethroned pugilistic big Maher, the is to have a benefit champion Peter at the Ireland. Gentlemen's Maher 18 practically the Sporting fact since club penniless. tonight. has earned st withstanding became more than prominent $100. it that he he first decade or two ago. and 000 in the prize ring days a are friends now over to assist His the fighting intention of some his other business. volunthe at the him in going fighters in who have benefit are Among appear Cole. Danny Love, Williams Jack" Dec. Tommy Dougherty, teered to Jack George O'Brien and 21.-Bank "PhilDuncan adelphia CONNEAUT Ohio., today said he National Inspector the affairs of the be adjusted thought of Conneaut could that it and the Marine bank within bank ten days of and Conneaut Harbor conwould reopen then Dec. 21. The Knight, ATLANTA Ga., Albion W. Cathof Cuba secration of St. Phillips' Rev. as Episcopal bishop of to dean this city, cathedral here cereto edral took with place in imposing in the ecclesiastical was crowded The of day edifice Missouri, Bishop of the monial. the doors. presiding bishop Tuttle, and was assisted church, the consecrator of the Episco country acted by pal prominent clergy as from members various parts of the disap known LONDO N. Dec. felt 21.- throughout Great Scot- the when it the land pointment famous was bacame relic of Bible, that beloved had a poet. most Burns, his an family Englishman beaten, for been bought by is not easily has been $7,800. ,for that Bible now acquired by sum the paid has not out so trustees. however far Scotland The Burns Dec. monument 21.-An leaked YORKTOWN, N. of Y. the furniture house sale today old Palmer Westauction marked and fixtures the final of the passing in northern of at the the most old famous hostelery hotel is chester county. The its removal has water been ordered by Croton Dam the and New York City hotel it shed officials. was erected about has been seven- a famous The years ago and of the West party chester e, ty-five meeting Republicans in place 1856. since the Senator the veranda Dewas organized on time he d of the old Assembly, pew was nominated building the first forty-three e I ran for the nearly every year address since years ago, and the hotel and 11 is 21 he ed his has old visited friends and neighbors. Dec. e e WASHINGTON D. C., which began ointernatioal romance, Mrs. Roosevelt. under the a wedding e culminated An auspices in of today. became when the R. de Marees 8. bride of Minister y Miss Elizabeth Swinderen. Jonkeer the Glover from was Van first pre- the W. Miss Glover for the s time Netherlands diplomat at the 's sented at to a tea the given last spring e took se White House. wedding ceremony of the at Today's at noon in the thronged church with a d er y, of the in fashionable Epiphany. place which assemblage diplomatic was that corps included official and re by many addition to the Satterlee r er Mrs. bride's only the members life in Roosevelt. persons Bishop prominent President attendant is and ofsocial ficiated. The Isabella Hanger, Roosevelt who The was Miss secretary of Mrs.
Bank Failure. Washington, Dec. 20.-The Comptroller of the currency has been advised that the First National bank of Conneaut, Ohio, closed its doors last night on acount of a run which occurred yesterday and National Bank Examiner Miller has been appointed receiver.
11.December 24, 1904The Labor WorldDuluth, MN
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BANK CLOSES DOORS. WASHINGTON, Dec. 20.-The comptroller of the currency has been advised that the First National bank, Conneaut, Ohio, closed its doors last night on account of a run which occurred yesterday and National Bank Examiner L. L. Miller has been appointed receiver.
DUE TO MRS. CHADWICK Washington, Dec. 22.-That the sinstor influence of Mrs. Chadwick's financial operations is still affecting the banking world was shown when two more banks closed their doors as the result of unrest following the exposures. The First National Bank at Conneaut, O., and a oo-related bank, the Marine Bank at Conneaut Harbor, are the latest victims to the belief that all has not yet been told concerning the woman's transactions. These two banks have had nothing to do with Mrs. Chadwick, and are not even remotely connected with the affair, which fact has been repeatedly told by the bank's officers to their depositors. Nevertheless, according to the cashier of the National Bank, the unrest has been GO great since the publicity given to the affairs of Mrs. Chadwick that steady withdrawals and finally a run made it impossible for the bank to proceed.
13.December 29, 1904Northern Wisconsin AdvertiserWabeno, WI
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At Conneaut, Ohio, the C. M. Traver Piano Co. assigned. The failure resulted from the closing of the First National bank, C. M. Traver being president of both bank and piano company.
14.December 30, 1904The Black Hills Union and Western Stock ReviewRapid City, SD
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A CHADWICK ECHO. This Time It Is a Piano Company That Goes to the Wall in Ohio. Conneaut, O., Dec. 24.-The C. M Traver Piano company has assigned The failure resulted from the closing 01 the First National bank, C. M. Travel being president of both the bank and the plano company.
15.December 31, 1904The Morning AstorianAstoria, OR
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hold meeting, receiving 154 votes to 132 votes for Bellingham. BANKERS IN TROUBLE. Mrs. Chadwick's Paper Caused a Run and Arrests. Cleveland, O., Oec. 30.-Cashier O. C. Little and President C. M. Traver of the National Bank of Conneaut, O, were arrested today on a warrant charging violation of the national bank ing laws. Little is charged with making a false entry on the books of the bank. Traver is charged as an accomplice. The bank closed its doors two weeks ago after a run, caused by a report that the bank held some of Mrs. Chadwick's paper. The officers deny this report.
16.January 7, 1905Chicago EagleChicago, IL
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OHIO BANK OFFICIALS ARRESTED, President and Cashier of Conneaut Concern Accused of False Entries. Cashier O. C. Lillie and President C. M. Traver of the First National Bank of Conneaut, Ohio, were arrested by United States Marshal Chandler. Mr. Lillie is charged with making a false entry in the bank's books, changing the mum $283,605 to read $223,605. Mr. Traver is charged with being an accomplice of the cashier in the alleged falsification. The bank closed its doors two weeks ago after a run. Traver gave bail in $10,000.
17.April 21, 1909The Washington HeraldWashington, DC
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Equity Suits, No. 28491. Dwight Anderson vs. unknown heirs; quiet title. Attorney, E. L. Wilson. No. 28492. In re George C. Rankin, receiver, First National Bank, Conneaut, Ohio; petition to sell remaining assets. Attorney. Fred W. Weitzel. No. 28493. Annie Daly et al. vs. Harriet A. Sterrett et al.; quiet title. Attorney, c. P. Mo Glue. No. 28494. Annie C. Sullivan et al vs. same; same, same. No. 28496. Florence R. Casey. trustee and examiner; same; same. Attorney, R. S. Hume.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.