gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c84ffbea7623801e
Response Measures
None
Description
Bank was transferred to two local banks to protect depositors; a later petition for a receiver was refused.
Events (3)
1.November 18, 1908Run
Cause
Bank Specific Adverse Info
Cause Details
Run followed failures/receivership of associated Municipal Traction company and threats by Johnson's creditors tied to his endorsements; loss of confidence in mayor-owner.
Measures
Transferred control/placed in charge of two local banks to protect depositors and pay them in full.
Newspaper Excerpt
Ever since the defeat of Johnson at the referendum election there had been a steady run on the bank.
Source
newspapers
2.November 20, 1908Other
Newspaper Excerpt
Following this came the transfer to two local banks of the Depositors Savings and Trust company, of which the mayor was president.
Source
newspapers
3.January 15, 1909Other
Newspaper Excerpt
Judge Collister of the common pleas court today refused to appoint a receiver for the Depositors Savings & Trust company.
note of the Johnson character in all the years he has been in the public eye. Today that aggressiveness is gone. Today the mayor is saying nothing, he is suffering in silence so far as the public knows, but that he is suffering no one who catches a glimpse of his face doubts for a minute. It was a bitter moment for Johnson when he was compelled to go to the banks composing Cleveland's clearing house, the very interests which he has been fighting and which have been fighting him for years, and ask that they take charge of his Depositors' Savings and Trust company. Events have been crowding upon Tom L. Johnson with lightning-like rapidity in the last three or four weeks. First there came the rejection of the street railway franchise at the referendum election, October 22, which meant the end, for the present at least, of his municipal ownership idea for street railways and other public utilities. This was followed in short order by the placing of Johnson's Municipal Traction company in the hands of receivers, and today marked the passage from his control of his bank. The Depositors' Savings and Trust company, organized by Johnson two years ago, and which since that time has been closely identified with Johnson's street railway enterprise, was solvent. The trouble was that Johnson himself, not a practical banker, had reached a stone wall over which he did not know how to clamber. Ever since the defeat of Johnson at the referendum election there had been a steady run on the bank. Bankers have no word of criticism for the way in which the Depositors' Savings and Trust company had been managed. The depositors will be paid in full. The stockholders. many of whom are city employes and who bought their stock at 125, will be losers on their investment. Johnson, of course, will be the heaviest loser.
2.November 20, 1908Arizona RepublicanPhoenix, AZ
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ing to foresee the efforts of those who would like to destroy me if the opportunity presented. "I'll never give up. If I had been a coward, if I had run away from the fight for the people of Cleveland, I could have saved my fortune and built it un. But I have chosen my course and I did not have any mind for altering it. "I never made a single penny out of the street railway since I became mayor. I have never spent money in politics. In no campaign have I ever paid more than my assessments, $600, on the $6,000 salary of mayor. "I don't feel discouraged. I am a free man and that means a great deal to me. And I have friends too. "Don't you suppose it would be worth something to me to have my friends realize that I entered the mayor's office rich and left it poor? The realization of what all that means is worth more to me than the money I have lost. "I am going to keep on just as I've started. I'm going to be a candidate for mayor again after this term." The municipal traction company of which Johnson was treasurer passed into the hands of receivers of the federal court several days ago. Following this came the transfer to two local banks of the Depositors Savings and Trust company of which the mayor was president. It is said that this action was precipitated by threats of Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor. It is said that Johnson recently lost approximately $400,000, in connection with his interests at Lorain, Ohio.
TOM JOHNSON'S FORTUNE LOST (Continued from First Page.) I closed up my business affairs and took up civic activity. "And I've been happy, too. The past seven years have been the best of my life, leaving out of consideration the loss of my brother. "I'm going to be happy, too. We may have to go back to a cottage, but that's the way we started, and we can look upon life just as joyfully there as we did in the big house on Euclid avenue. "If I had been a coward-If I had run away from this fight for the people of Cleveland-I could have saved my fortune and built It up. The pursuit of mere dollars doesn't interest me. I suppose I could go down in Wall street now and make some money. I've bought and sold with E. H. Harriman and I suppose I could go and do it again. But I'm not going to do anything of the sort. "I never made a single penny out of the street railways since I became mayor. Nobody else has worked as hard as I, and I haven't drawn a cent of pay from the Municipal Traction company as treasurer. I don't propose to ask for a cent for my work in helping the receivers. "I have never spent money in politics. In no campaign have I ever paid more than my assessment, $600, on the $6,000 salary of mayor." "When I gave up active business affairs. I did it because the requirements of my work didn't square with my principles. "I'm going to keep on just as I've started. I'm going to be a candidate for mayor again when this term is over." The Municipal Traction company, of which Mayor Johnson was treasurer, passed into the hands of receivers in the federal court several days ago. Upon this came the transfer to two local banks of the Depositors' Savings and Trust company, of which Mayor Johnson was president. Tt is said the action was précipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor. It is said Mr. Johnson has recently lost $400,000 in connection with his Interests at Loraine, Ohio.
4.November 20, 1908The Paducah Evening SunPaducah, KY
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TOM JOHNSON HAS LOST ALL His Entire Fortune Gone, and He Must Give Up Home. Effort to Save Properties Left by Brother Partly Responsible for Failure. NO AUTOS FOR HIM NOW. Cleveland. O., Nov. 20. Mayor Tom L. Johnson, for years reputed to be a minionaire several times over, announced that his entire fortune had been lost. He said that he would be compelled to give up this home on Euelid avenue, and also to dispose of his automobiles. He added that a large part of his fortune had been spent in an effort to save the properties left by the late Albert Johnson, his brother. "My efforts to keep up my dead brother's estate for his widow and children have cost me a great deal of money. I don't care to say how much just now," said the mayor. It' stated that Mayor Johnson lost approximately $ 400,000 this year in connection with his interests at Lorain, O. The Depositors' Savings and Trust company, of which Mayor Johnson was president, passed into the hands of two local banking concerns on Mon day last. A few days prior to the bank transfer, the Municipal Traction company, of which Mayor Johnson was treasurer and chief promoter went into the hands of a receiver of the federal court. It is said that the mayor's banking concern was transferred because of threatened suits against him on notes which he had indorsed for various companies in which he was interested It is also understood that a New York financial institution held a $30,000
Cleveland, O., Nov. 21.-In answer to the question if he would give up his office and take up the management of his dead brother's estate, Mayor Johnson said: "I decided that I would not. I had entered the fight in this city with certain ideals before me. I wanted to fight privilege and special interest, and I had already decided to give up working for dollars. So I concluded to stay right here and do what I could to help my brother's children at long distance. "Why did I choose the course I did? I'll tell you. I wanted happiness and nothing else and I closed up my business affairs and took up civic activity. And I've been happy, too. I'm going to be happy yet. We may have to go back to a cottage, but that's the way we started, and We can look upon life just as joyfully as we did in the big house on Euclid avenue. "They tell me my enemies are planning to bring financial trouble upon me. I've been expecting it. My enemies are capable of doing that. One may expect nothing else from special privilege. Let them make any sort of an attack upon me that they choose. I'll never give up and they'll always find me at the front. "If I had been a coward-if I had run away from the fight for the people of Cleveland-I could have saved my fortune and built it up. But I had chosen my course. I haven't been laboring as mayor with the expectation of being rewarded by the gratitude of the people. One cannot count on that. It's the pleasure in doing work I like that has kept me in the fight. "I have never made a single penny out of the street railways since I became mayor. I don't feel discouraged. I'm a free man and that means a great deal to me. Don't you suppose it will be worth something to me to have my friends realize that I entered the mayor's office rich and left it poor? "I'm going to keep on just as I've started. I'm going to be a candidate for mayor again when this term is over." The Municipal Traction Company of which Mayor Johnson was treasurer passed into the hands of receivers in the federal court several days ago. Following this came the transfer to the two local banks of the Depositors' Savings & Trust Company of which the mayor was president. It is said again this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor. It is said Mr. Johnson has recently lost approximately $400,000 in connection with his interests at Lorain, Ohio.
6.November 25, 1908The Yakima HeraldYakima, WA
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HOME AND AUTO GONE Mayor of Cleveland and Municipal Ownership Advocate Now Almost a Bankrupt. CLEVELAND. Nov. 19.-Tom L. Johnson, who for years has been credited with possessing a very large fortune, announced today that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobile and other luxuries because he could no longer afford to keep them. His fortune was wrecked, the mayor said, by his devotion to the affairs of the estate of his dead brother, who was heavily interested in traction companies in the east. The Municipal Traction Co., of which the mayor was treasurer, passed into the hands of receivers several days ago. Following this was the transfer to two local banks of the Depositors Savings and Trust Co., of which the mayor was president. It is said that this action was precipitated by threats of Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor. It is said Johnson recently lost approximately $400,000 in connection with his interests at Lorain, Ohio.
7.November 26, 1908The Mena Weekly StarMena, AR
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MAYOR TOM L. JOHNSON or CLEVELAND, O., DECLARES HE IS A POOR MAN. SAYS THAT HE WILL CONTINUE HIS FIGHT His Fortune Wrecked by Devotion to Dead Brother's Estate and to His Long Fight in Cleveland-His Many Enemies Who Forced Him to Dis. pose of His Bank. Cleveland, Nov. 21.-Mayor Tom L. Johnson, who for years has been credited with possessing a very large fortune, Thursday announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobile and other luxuries because he could no longer afford to keep them. His fortune was wrecked, the mayor declared, by his devotion to the affairs of the estate of his dead brother, Albert, who was heavily interested in traction properties in the east. After Albert's death a question was put up to him whether he should resign his office as mayor and take up the management of Albert's estate. The Municipal Traction company of which Mayor Johnson was treasurer passed into the hands of receivers in the federal court several days ago. Following this came the transfer to two local banks of the Depositors Savings & Trust company of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes indorsed by the mayor. It is said Mr. Johnson has recently lost approximately $400,000 in connection with his interests at Lorain, O.
8.November 26, 1908The Butler Weekly TimesButler, MO
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MAYOR JOHNSON IS "BROKE" All His Fortune is Gone, Says the Cleveland Man. Cleveland, 0., Nov.-Mayor Tom L. Johnson, for years reputed to be 8 millionaire several times over, announced that his fortune had been lost. He said that he would be compelled to give up his home on Euclid avenue and also to dispose of his motor cars. He added that 8 large part of his fortune had been spent in an effort to save the properties left by the late Albert Johnson, his brother. "My efforts to keep up my dead brother's estate for his widow and children have cost me a great deal of money. I don't care to say how much just now," said the mayor. It is said that Mayor Johnson lost approximately $400,000 this year in connection with his interests at Lorrain, O. The Depositors' Savings and Trust company, of which Mayor Johnson was president, passed into the hands of two local banking concerns last Monday. A few days prior to the bank transfer, the Municipal Traction company, of which Mayor John. son was treasurer and chief promoter, went into the hands of a receiver in the federal court. Asked if he really would have to give up his home as a result of his financial troubles, Mr. Johnson said: "Yes, I'm going to move. I can't afford to keep up the big house on Euclid avenue now. As soon as I can find a smaller house that we like we are going to take It. I am going to ride on the street cars, too The motor cars will have to go with the rest." Referring to his efforts to obtain three-cent fares, Mr. Johnson said: "I have never made a single penny out of the street railways since I became mayor. Nobody else has worked so hard as I, and I haven't drawn a cent of pay from the Municipal Traction company as treasurer. I don't purpose to ask a cent for my work in helping the receivers. "I never have spent money in politics. In no campaign have I ever paid more than my assessments, $600 on the $6,000 salary of mayor."
9.November 26, 1908The Bamberg HeraldBamberg, SC
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JOHNSON NO LONGER RICH CLEVELAND'S EXECUTIVE HAS LOST HIS FORTUNE. Mayor Says His Money Was Lost Through Devotion to the Affairs of Others. Cleveland, Ohio, November 19.Mayor Tom L. Johnson, who for years has been credited with possessing a very large fortune, to-day announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobiles and other luxuries, as he could no longer afford to keep them. His fortune was wrecked, the mayor declared, by his devotion to the affairs of his dead brother Albert, who was heavily interested in traction properties in the East. After Albert's death a question was put up to him whether he should resign his office as mayor and take up the management of Albert's estate. "I decided that I would not. 1 had entered the fight in this city with certain ideals before me. I wanted to fight privilege and special interests and I had already decided to give up working for dollars. So I concluded to stay right here and do what I could to help my brother's children at long distance. "Why did I choose the course I did? I'll tell you. I wanted happiness and nothing else when I closed up my business affairs and took up civic activity. "And I've been happy, too. "I'm going to be happy yet, too. We may have to go back to a cottage, but that's the way we started and we can look upon life just as joyfully there as we did in the big house on Euclid avenue. "They tell me my enemies are planning to bring financial trouble upon me. I've been expecting it. "My enemies are capable of doing that. One may expect nothing else from special privileges. Let them make any sort of attack upon me that they choose. I'll never give up and they'll always find me at the front. Could Have Saved Fortune. "If I had been a coward-if I had run away from this fight for the people of Cleveland-I could have saved my fortune and built it up. But I had chosen my course. I haven't been laboring as mayor with the expectation of being rewarded by the gratitude of the people. One can not count on that. It's pleasure in doing work that I like that has kept me. in the fight. "I have never made a single penny out of the street railways since I became mayor. I don't feel discouraged, I'm a free man, and that means a great deal to me. Don't you suppose it will be worth something to me to have my friends realize that I entered the mayor's office rich and left it poor? "I'm going to keep on just as I've started. I'm going to be a candidate for mayor again when this term is over." The Municipal Traction company, of which Mayor Johnson was treasurer, passed into the hands of the receivers in the federal courts several days ago. Following this came the transfer of two local banks of the Depositors' Savings and Trust company, of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor. It is said that Mr. Johnson had recently lost approximately $400,000 in connection with his interests at Lorraine, Ohio.
10.November 27, 1908The Farmville HeraldFarmville, VA
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Tom Johnson Says He's Broke. Tom L. Johnson, the mayor of Cleveland, O., and who for years has been credited with possessing a very large fortune, announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobiles and other luxuries, because he could no longer afford to keep them. His fortune was wrecked, the mayor declared, by his devotion to the affairs of the estate of his dead brother Albert, who was heavily interested in traction property in the east. The Municipal Traction company, of which Mayor Johnson was treasurer, passed into the hands of receivers in the federal court several days ago. Following this came the transfer to two local banks of the Depositors' Savings & Trust company, of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor.
11.November 27, 1908Milford ChronicleMilford, DE
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Tom Johnson Says He's Broke. Tom L. Johnson, the mayor of Cleveland, O., and who for years has been credited with possessing a very large fortune, announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobiles and other luxuries, because he could no longer afford to keep them. His fortune was wrecked, the mayor declared, by his devotion to the affairs of the estate of his dead brother Albert, who was heavily interested in traction pronerty in the east. The Municipal Traction company, of which Mayor Johnson was treasurer. passed into the hands of receivers in the federal court several days ago. Following this came the transfer to two local banks of the Depositors' Savings & Trust company, of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor.
WILL GO BACK TO A COTTAGE Tom L. Johnson Announces He Has Lost Everything and Must Start Anew. Cleveland, Nov. 21.-Mayor Tom L. Johnson, who for years has been credited with possession of a very large fortune, yesterday announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobiles and other luxuries because he could no longer afford to keep them. His fortune was wrecked, the mayor declared, by his devotion to the affairs of the estate of his dead brother Albert, who was heavily interested in traction properties in the East. Wanted Happiness Alone. After Albert's death a question was put up to him whether he should resign his office as mayor and take up the management of Albert's estate. "I decided that I would not. I had entered the fight in this city with certain ideals before me. I wanted to fight privilege and special interest, and I had already decided to give up working for dollars. So I concluded. to stay right here and do what I could to help my brother's children a long distance. "I acted from a purely selfish motive. I wanted happiness and nothing else when I closed up my business af fairs and took up civic activity, and I've been happy, too. "I'm going to be happy yet, too. We may have to go back to a cottage, but that's the way we started, and we can look upon life just as joyfully there as we did in the big house on Euclid avenue. Will Be Candidate Again. "The pursuit of mere dollars does not interest me. I suppose I could go down in Wall street now and make some money. But I'm not going to do anything of the sort. "I have never spent money in politics. In no campaign have I ever paid more than my assessment, $600 on the $6,000 salary of mayor. I don't feel discouraged. I'm a free man and that means a great deal to me. And I have my friends, too. "I'm going to keep on just as I've started. I'm going to be a candidate for mayor again when this term is over." Financial Troubles Pile Up. The Municipal Traction company, of which Mayor Johnson was treasurer, passed into the hands of receivers in the federal court several days ago. Following this came the transfer to two local banks of the Deposits Savings and Trust company, of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes indorsed by the mayor. It is said Mr. Johnson has recently lost approximately $400,000 in connection with his interests at Lorain, Ohio.
13.November 28, 1908Richmond PlanetRichmond, VA
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Tom Johnson Says He's Broke. Tom L. Johnson, the mayor of Cleveland, O., and who for years has been credited with possessing & very large fortune, announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobiles and other luxuries, because he could no longer afford to keep them. His fortune was wrecked, the mayor declared, by his devotion to the af fairs of the estate of his dead brother Albert, who was heavily interested in traction property in the east. The Municipal Traction company, of which Mayor Johnson was treasurer, passed into the hands of receivers in the federal court several days ago. Following this came the transfer to two local banks of the Depositors' Savings & Trust company, of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor.
14.November 28, 1908Democratic MessengerSnow Hill, MD
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Tom Johnson Says He's Broke. Tom L. Johnson, the mayor of Cleveland. O., and who for years has been credited with possessing a very large fortune, announced that he had lost everything and would be compelled to give up his beautiful home on Euclid avenue and move into smaller and less expensive quarters. The mayor also stated that he would give up his automobiles and other luxuries, because he could no longer afford to keep them. His fortune was wrecked, the mayor declared. by his devotion to the affairs of the estate of his dead brother Albert, who was heavily interested in traction property in the east. The Municipal Traction company. of which Mayor Johnson was treasurer passed into the hands of receivers in the federal court several days ago. Following this came the transfer to two local banks of the Depositors' Savings & Trust company. of which the mayor was president. It is said this action was precipitated by the threats of Mr. Johnson's individual creditors to file suits to obtain payment on notes endorsed by the mayor.
15.January 16, 1909Los Angeles HeraldLos Angeles, CA
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Refuses to Appoint Receiver CLEVELAND, Ohio, Jan. 15.-Judge Collister of the common pleas court today refused to appoint a receiver for the Depositors Savings & Trust company, the bank of which Mayor Tom L. Johnson was president. Notice of appeal was given.
REFUSES TO APPOINT RECEIVER. Cleveland, Ohio, Jan. 15.-Judge Collister of common pleas court today refused to appoint a receiver for the Depositors Savings & Trust company, the bank of which Mayor Tom L. Johnson was president. Notice of appeal was given.
17.January 16, 1909The Salt Lake HeraldSalt Lake City, UT
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PETITION TURNED DOWN. Cleveland, O., Jan. 15.-Judge Collister of common pleas court today refused to appoint a receiver for the Depositors' Savings & Trust company, the bank of which Mayor Tom L. Johnson was president. Notice of appeal was given.
18.January 16, 1909The Winchester NewsWinchester, KY
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Refuse Receiver For Bank. Cleveland, O., Jan. 16.-Judge Collister of common pleas court refused to appoint a receiver for the Depositors' Savings and Trust company, the bank of which Mayor Tom Johnson was president.
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.
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Depositors Savings & Trust Company · UID 7991380291307
