gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8e091ada81e2872b
Response Measures
Borrowed from banks or large institutions, Fed/other loan, Full suspension, Books examined
Description
Known receivership date (1904-11-28) used as authoritative; articles describe limited access to vaults later but bank remained in receivership.
Events (6)
1.August 29, 1863Chartered
Source
historical_nic
2.November 26, 1904Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by rumors and publicity about large loans to Mrs. Cassie L. Chadwick and suit against her.
Measures
Officials said arrangements had been made with a New York bank for $300,000 expected Tuesday to cover withdrawals.
Newspaper Excerpt
On Saturday there was a run on the bank. The run continued during the late afternoon and evening.
Source
newspapers
3.November 28, 1904Receivership
Source
historical_nic
4.November 28, 1904Receivership
Newspaper Excerpt
The comptroller of the currency ... appointed National Bank Examiner Levi L. Miller, receiver of the Citizens' National Bank, of Oberlin, Ohio, which closed its doors yesterday morning in consequence of a run on the bank on Saturday last, caused by the suit entered against Mrs. Cassie L. Chadwick ...
Source
newspapers
5.November 28, 1904Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank after the run and disclosures about Chadwick loans led to examination and suspension.
Newspaper Excerpt
This bank will not open this morning nor until further notice. The bank is in charge of the national bank examiner for examination.
Source
newspapers
6.December 3, 1904Other
Newspaper Excerpt
The doors of the bank were opened during the day for the first time since the suspension and people who have had papers and valuables in the private safety vaults were allowed to secure them.
Source
newspapers
Newspaper Articles (21)
1.November 28, 1904Alexandria GazetteAlexandria, VA
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Bank Closed. Oberlin, O., Nov. 28.-The Citizens' National Bank closed its doors this morning, and the following notice was posted on the door: "This bank will not open this morning, nor until further notice The bank is in charge of the national bank examiner for examination." C. G. Beckwith is president-of the institution. No statement furth than that on the door has been is The bank was founded in 185° the only national bank ir There is great excitemen' business men, Beckwith made a st er ing to the effect Shear made a he e ago on whathe termed nrity." On SatThe loan falls due e bank. The urday there was a run run continued during the late afternoon and evening. The calls for de₁ osits depleted the cash on hand, the officials admit. They say arrangements have been made with a New York bank for $300,000, which is due here Tuesday. By the receipt of this the bank may be opened.
2.November 28, 1904The Fairmont West VirginianFairmont, WV
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GREAT EXCITEMENT Due to Closing of the Only National Bank in Oberlin. (By Publishers' Press.) OBERLIN, O., Nov. 28.-The Citizen's National Bank closed its doors this morning. The following notice was posted on the door: "This bank will not open this morning nor until further notice. The bank is in charge of the National Examiner for examination and inves tigation." C. G. Beckwith is president of the institution. No statement further than that on the door has been issued. The bank was founded in 1858, and is the only national bank in Oberlin. There is great excitement here. President Beckwith made a statement this morning to the effect that he and Cashier Shear made a heavy loan some time ago on what he termed "gilt edged security." This loan falls due January 1. On Saturday there was a run on the bank. Officials of the bank admit that the institution is to a small degree involved in the Chadwick case loans. The run continued during the late afternoon and evening. The calls for deposits depleted the cash on hand, the officials admit. They say arrangements have been made with a New York bank for $300,000, which is due here Tuesday. By the receipt of this. the bank may be opened.
OHIO BANK SUSPENDS. Sald to Carry Mrs. Chadwick's Notes for Large Amount. Oberlin, O., Nov. 29.-The Citizens' National bank of this place was closed during the morning. The action was taken as a result of a meeting of the board of directors. The following notice was posted on the bank door: "This bank will not open until further notice. The bank is in charge of the national bank examiner for examination and investigation." C. G. Beckwith is president of the institution. The bank was founded in 1858. It is generally understood that the bank carried notes of Mrs. Cassie Chadwick of Cleveland to a large amount. On Saturday there was a run on the bank as a result, it is said, of a rumor that Mrs. Chadwick had borrowed largely from the institution.
4.November 29, 1904The Fairmont West VirginianFairmont, WV
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SUIT AGAINST WOMAN CREDITOR WAS THE CAUSE OF THE FAILURE OF THE OBERLIN NATIONAL BANK. (By Publishers' Press.) WASHINGTON, D. C., Nov. 29.-The comptroller of the currency this morning gave out the following statement regarding the failure of the Citizens' National Bank, of Oberlin: "The comptroller of the currency yesterday appointed National Bank Examiner Levi L. Miller, receiver of the Citizens' National Bank, of Oberlin, Ohio, which closed its doors yesterday morning in consequence of a run on the bank on Saturday last, caused by the suit entered against Mrs. Cassie L. Charwick, of Cleveland, who was a heavy borrower of the bank." The resources and liabilities of the bank as shown by its last report of conditions to the comptroller, November 10, were $588,335.18 each.
5.November 30, 1904The Watchman and SouthronSumter, SC
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EXPLANATION OF OHIO BANK FAILURE. Comptroller of Currency Makes a Statement of Why the Doors Were Closed. Washington, Nov. 28.-The Comptroller of the Currency this morning gave out the following statement regarding the failure of the Citizens National Bank of Oberlin, Ohio, "The Comptroller of the currency yesterday appointed National Bank Examiner Miller receiver of the Citizens National Bank of Oberlin, Ohio, which closed its doors yesterday morning in consequence of a run on the bank on Saturday last, caused by a suit entered against Mrs. Cassie L. X. Chadwick, of Cleveland, who was a heavy borrower in the bank." The -resources and liabilities of the bank as shown by its last report of conditions to the Comptroller on November 10th were $588,385.18 each.
CARNEGIE PAYING THE CLAIMS. Rumor at Oberlin, O., Anent the Chadwick Case. Oberlin, O., Dec. 3.-Reports from New York that Mrs. Chadwick held a long conference with the attorneys of Andrew Carnegie have inspired the directors of the closed Citizens' National bank here with a renewed hope that their claim will be liquidated. The directors express the belief that if the Newton case is settled it means that all the claims against Mrs. Chadwick will be paid. L. L. Miller, who was at first named receiver for the closed Citizens' National bank, has been recalled to Washington and Rob ert Lyons has succeeded him in charge of the bank's affairs. The doors of the bank were opened during the day for the first time since the suspension and people who have had papers and valuables in the private safety vaults were allowed to secure them.
CARNEGIE PAYING THE CLAIMS. Rumor at Oberlin, O., Anent the Chadwick Case. Oberlin, O., Dec. 3.-Reports from New York that Mrs. Chadwick held a long conference with the attorneys of Andrew Carnegie have inspired the directors of the closed Citizens' National bank here with a renewed hope that their claim will be liquidated. The directors express the belief that if the Newton case is settled it means that all the claims against Mrs. Chadwick will be paid. L. L. Miller, who was at first named receiver for the closed Citizens' National bank, has been recalled to Washington and Robert Lyons has succeeded him in charge of the bank's affairs. The doors of the bank were opened during the day for the first time since the suspension and people who have had papers and valuables in the private safety vaults were allowed to secure them.
8.December 3, 1904The Providence NewsProvidence, RI
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# PROVIDENCE MAN LEFT
# INSURANCE POLICY TO OBERLIN
Oberlin, O., Dec. 3.-Oberlin college has received a gift of $7150, being the pro-ceeds form an insurance policy assigned to the college by the late William C. Chapin of Providence.
The money will be used for endowment purposes. Mr. Chapin died in Andover more than a year ago. He became interested in Oberlin 39 or 40 years ago and desired to help it. The college was not affected by the failure of the Citizens' National bank.
9.December 5, 1904The Birmingham Age-HeraldBirmingham, AL
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Bank Officials Arrested. Cleveland, O., December 4.-As the result of the extended conference between the United States district attorney and bank examiners who have been looking into the affairs of the failed Citizens' bank of Oberlin and their council, President T. C. Breckwith, and Cashier Spear of that bank were placed under arrest late tonight by United States Marshal Chandler of Cleveland at their homes in Oberlin. The arrests of the two men are in connection with the Chadwick case. The Citizens' bank is an alleged creditor to the extent of $240,000 of Cassie L. Chadwick, whose financial affairs during the past week have been the cause of a great deal of publicity. The bank is capitalized at but $60,000. Since the disclosure of the bank's dealings with Mrs. Chadwick, the president, cashier and directors have held conferences and meetings frequently. All the time there has been expressed by PresIdent Breckwith at least a hope of reimbursement of the bank's loan to Mrs. Chadwick, but so far as known no remittance has been received. President Breckwith has been in a state bordering on physical colapse for nearly a week, and for the past three of four days has been confined to his bed. He has expressed the most sincere regret over the outcome of the bank's dealings with Mrs. Chadwick, but has given no intimation as to why such great sums of money have been loaned from the bank to Mrs. Chadwick. The warrants on which Breckwith and Spear were arrested charge them with violation of the federal banking laws. Nathan Loeser, receiver for Mrs. Chadwick's property, said tonight that he would qualify in that office tomorrow morning.
10.December 6, 1904The Cairo BulletinCairo, IL
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Cleve'and Bankers Assert They Saw and Recognized It RECEIVER GIVES BOND WHICH TIES UP ALL OF MRS. PROPERTY CHADWICK'S OBERLIN BANKERS PLAC. UNDER ED $10,000 BOND EACH. By the Asociated Preas. Cleveland, O., Doe. 5.-There were aumercus new angles developed to day in connection with the affairs of Mrs. Cassie L. Chadwick and iron bles cf the closed Citizens' National bank of Oberlin, O., President Hock with and Cashier Spear of the latte: institution, were brought here from Oberlin by United States officers and arraigned before United States Com missioner Starek. Both pleaded not guilty and waived preliminary hear ing. Commissioner Starek fixed the ball a $10,000 in each case and boun the two men over to the grand jury
11.December 6, 1904Alexandria GazetteAlexandria, VA
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THE CHADWICK CASE. Developments in the strange drama of high finance in which Mrs. Cassie L. Chadwick is playing the leading role materialized with great rapidity yesterday Subpoenas will be issued for Andrew Carnegie and Mrs. Chadwick in connection with the Oberlin, Ohio, bank case. The rumor that two notes, aggregating $750,000, that bear the name of Andrew Carnegie, were among the assets of the defunct Citizens' National Bank of Oberlin was confirmed by U S. District Attorney Sullivan, of Cleveland. Cashier Beckwith then volunteered the information that there was a third Chadwick note bearing the alleged signature of Andrew Carnegie. It is for $500,000, making the total of these notes $1,250,000. He says Mrs. Chadwick has this note. He also says "I am either an awful dupe or a terrible fool. I guess there is no doubt of my being a fool. Iknow I have done wrong, and although crushed to the earth myself I do not propose to be made a scapegoat to shield the sins of others. Andrew Carnegie entered a second denial of all and any knowledge of Mrs. Chadwick. President Beckwith and Cashier Spear, of the defunct Oberlin bank, were arraigned in Cleveland. They pleaded not guilty and werereleased under bonds. Nathan Loeser, appointed receiver for Mrs. Chadwick, took possession of her properties. Emil Chadwick, the woman's son, arrived in Cleveland, adhering strenuously to the policy of silence his mother has
12.December 8, 1904Iowa County DemocratMineral Point, WI
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a. DUPED BANKER 1n EXPOSES CASSIE 1ot TELLS HOW MRS. CHADWICK HOODWINKED HIM. of di CARNEGIE'S NAME FORGED 3. 1, e Name of Great Steel Maker on Secur. ities Accepted as Good-Woman it Took Solemn Oath as to Genuine S Character of Millionaire's Signa1. ture-Had No Suspicion. 1d Cleveland, Ohio, Dec. 6.--President Beckwith of the failed Citizens' Na tional bank of Oberlin yesterday after r noon told the story of the bank's n transaction with Mrs. Cassie L. Chadwick. He said he knows he did wrong, and "although crushed to earth myself I do not propose to be made a 1scapegoat to shield the sins of r others," and declared "others also must be called to the bar to answer for their part in this terrible affair and one of those whose answer must be had is Mrs. Cassie L. Chadwick." His acquaintance with Mrs. Chadwick began three years ago. The attorney for Herbert D. Newton, the Brookline, Mass., banker, have stated that their t client loaned Mrs. Chadwick money f only after a note signed Andrew Car1 negie had been endorsed by the president and cashier of d national bank. 1 The men who endorsed the note were
13.December 12, 1904The Seattle StarSeattle, WA
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GRAND JURY AT WORK CLEVELAND, O,, Dec. 12.-The grand jury investigation of the Chadwick case was resumed this morning. Receivers Lyon, of the Oberlin Citizens National bank, testifled that the $500,000 and $250,000 alleged Carnegie notes were held by the bank and that the would be placed in evidence.
14.December 13, 1904The Cairo BulletinCairo, IL
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STUDENTS LOST $25,000. By the Associated Press. Oberlin, O., Dec. 12.-So many students have been embarrassed by the failure of the Citizens' National bank that the faculty has sent a reque to Receiver Lyons to do all in his power to enable the students to romain in college. About seventy-five students had an aggregate of $25,000 in the bank at, the time it closed.
STUDENTS ARE DISTRESSED. Funds Tied Up in the Defunct Bank at Oberlin, Ohio. Oberlin, O., Dec. 12.-So many students have been embarrassed by the failure of the Citizens' National bank of this city that the faculty of Oberlin college has sent a request to Receiver Lyons of the bank to do all in his power to relieve them. The receiver has promised to do all he can to enable the students to remain in college. About 75 students had an aggregate of $25,000 in the bank at the time it closed. President Beckwith of the Citizens' Natonal bank has determined to make a vigorous fight against the charges of misappropriation of the bank's funds. "I have not misappropriated the funds," he declared tonight, "and I will fight the thing to a finish."
16.December 14, 1904Daily Kennebec JournalAugusta, ME
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BECKWITH WILL FIGHT. Declares He Didn't Misappropriate Funds of Bank. Oberlin, O., Dec. 13.-President Beckwith of the Citizens' National Bank, has determined to make a vigorous fight agàinst the charges of misapplication of the bank's funds. "I have not misapplied the funds," he declared, tonight, "and I will fight the thing to a finish." So many students have been embarrassed by the failure of the Citizens' National Bank of this city that the faculty of Oberlin College has sent a request to Receiver Lyons of the bank, to do all in his power to relieve them. The receiver has promised to do all in his power to enable the students to remain in college. About 75 students had an aggregate of $25,000 in the bank at the time it closed.
17.December 16, 1904Little Falls HeraldLittle Falls, MN
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SAID TO BE WORTHLESS. Chadwick "Securities" Afloat Aggregate $13,750,000. Cleveland, Dec. 10.-The Plaindealer says: When the contents of the mysterious "securities" held for Mrs. Cassie L. Chadwick by Iri Reynolds of the Wade Park bank are revealed to the outside it will be found that the signature of Andrew Carnegie has apparently been forged on notes and other papers to the total amount of $13,750,000. The securities held by Reynolds, together with those that were held by the Citizens' National bank of Oberlin and have already been made public, aggregate this amount. The mysterious "securities" held in trust by Reynolds, concerning which there has been SO much futile speculation during the past two weeks, consist of the following items: First-A note for the sum of $5,000,000, signed "Andrew Carnegie." Second-A certificate of trusteeship which states that Andrew Carnegie has in his possession stocks and bonus to the amount of $7,500,000 held by him in trust for Mrs. Cassie L. Chadwick. This paper also is signed with Mr. Carnegie's name. These securities, supposed to represent the vast amount of $12,500,000, have been for the past three years the principal basis on which Mrs. Chall wick has conducted her financial S,S. tem and on which she has borrowed sums which, it is conceded, run up into the millions and are positively known to exceed $1,000,000. And these same "securities" are the rock which has wrecked the Oberlin bank and caused the ruin of hundreds of families and losses to business men almost without number. For it is the frankly expressed opinion of reputable lawyers who have examined these papers that they are not worth 1 cent.
18.December 28, 1904Daily Kennebec JournalAugusta, ME
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DOUBLE LIABILITY. Stockholders of Citizens National Bank Make Up Deficit of $60,000. Cleveland. O., Dec. 27.-Receiver Robert Lyon of the closed Citizens' National Bank of Oberlin, O., has notified the stockholders of the latter concern hat they must stand double liability on heir stock. It is estimated that abou 60,000 will be secured by the receiver in this manner.
A 40 Per Cent. Dividend for Creditors. Oberlin, O., Feb. 14. - -Receiver Lyons, of the Citizens' bank, announced yesterday a 40 per cent. dividend to all creditors of the defunct institution. The checks which were made out here some time ago and sent to Washington for the signature of the controller arrived Monday and are now being paid out.
20.November 9, 1905The Manitowoc PilotManitowoc, WI
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MRS. CHADWICK NOT TO GET NEW TRIAL. ONLY HOPE OF CLEVELAND WOMAN IS IN UNITED STATES SUPREME COURT. Unless Rehearing Is Granted She Will Have to Serve Ten Years on Fraud Charges. CINCINNATI, O., Nov. 7.-Mrs. Cassie' L. Chadwick has lost her last hope for a new trial unless the supreme court of the United States shall consent to allow a rehearing. The United States circuit court of appeals today refused her application for a new trial. The lengthy opinion of the court was read by Judge Lurton. Mrs. Chadwick is now in the jail at Cleveland, under sentence to the Ohio penitentiary for ten years, having been indicted and convicted of conspiring to defraud under the national banking law, the specific case involving the wrecking of the Citizens' National bank at Oberlin, O., whose president has died since the exposure of the matter. The case was brought to the United States circuit court of appeals on a writ of error, sentence was suspended pending the decision of the appeal and the case was expedited. Of the large number of errors claimed by Mrs. Chadwick's attorneys, this court found that the lower court did not err in a single one. Judge Lurton declared that Mrs. Chadwick ought to have known it was wrong to draw checks on a bank when she knew she had no money on deposit there, and that the inference drawn by the jury in the trial court that she did the acts with intent to defraud was a proper one. CLEVELAND. O., Nov. 7.-Mrs. Chadwick was in consultation with her attorney. Jay P. Dawley, when the news of the decision was brought to her. She made no demonstration. however. and scarcely no comment, allowing Mr. Dawley to speak for her. "This means that they have beaten us," said Mr. Dawley. "It would scarcely be advisable for us to say anything concerning the decision at the present time. What the next step will be I cannot tell now."
Death of Robert Lyons.
Washington, March 21.-Robert Lyons, the national bank examiner who served as receiver for the Citizens' National bank of Oberlin, O., wrecked by the late Cassie Chadwick several years ago, died here. He was born in Cambridge, Ohio, and was forty-eight years old.
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.
