Bank of Leonard (Leonard, MI)

Episode Information

Episode UID
3149757691319
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
314975769 hash
Start Date
November 5, 1909
Location
Leonard, Michigan (42.865, -83.143)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
00189867bc883afd

Response Measures

None

Description

Failure tied to cashier M. L. Hagle's defalcations leading to receivership.

Events (2)

1. November 5, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Defalcations by cashier M. L. Hagle left the bank insolvent; creditors met to arrange settlement.
Newspaper Excerpt
proceedings for the appointment of a receiver have been adjourned until Nov. 8 to give time for this settlement... the only available assets... liabilities are...
Source
newspapers
2. December 2, 1909 Receivership
Newspaper Excerpt
Oliver S. Hibler, of Leonard, was appointed receiver of the bank of Leonard, one of the institutions which closed its doors when M. Lee Hagle, its cashier, disappeared. Creditors will get 25 cents on the dollar.
Source
newspapers

Newspaper Articles (2)

Article from The Yale Expositor, November 5, 1909

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Article Text

Will Try to Settle. At a meeting of the creditors of the bank at Leonard, victimized by M. L. Hagle's defalcations, held Saturday a committee was appointed, composed of A. P. Hageman, Jay Secord and William Rowley, to meet with the stockholders and arrange to settle up the affairs of the bank. The proceedings for the appointment of a receiver have been adjourned until Nov. 8 to give time for this settlement. Attorney A. L. Moore, acting for the creditors of the defunct bank, says the only available assets of the institution are $1,527.77 in notes and $60.81 in cash. The liabilities are: Commercial deposits, $2,692.09; certificates of deposits, $6,332.54; savings deposits, $5,847.17.


Article from Belding Banner, December 2, 1909

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Article Text

BRIEF MICHIGAN NEWS. Climax has lost its grain elevator by fire, causing a loss of $5,000. Natali Ragni, single, aged 28, fell down a shaft at the Traders' mine, Iron Mountain, and was instantly killed. George Selman was killed in the woods near Prescott while loading logs on cars. He leaves a widow and two children. Farmers and milk dealers around Rochester are delighted with the new rate for carrying milk, which the su preme court ruled the D. U. R. would have to put into effect. James Clark, of Coldwater, aged 78, a Civil war veteran, cut his throat with a jackknife in the attempt to kill himself. His wife found him in a critical condition on the floor. There is a project on at Muskegon to erect a new $100,000 Y. M. C. A. building. L. E. Buell, state secretary, says that a large amount of money has been pledged for the building. Laingsburg is considering a proposition to have its streets lighted by electricity. Job Naldrett agrees to light 40 corners for $900 per year, and the proposal is meeting with favor. The local optionists of Grand Traverse county at a meeting Sunday admitted themselves outwitted by the supervisors, and decided not to ask the submission of the question until 1911. Arthur Roth, the consumptive whose pitiful case aroused sympathy all over the state through being kicked consecutively out of his boarding house and then out of Saginaw, died last week. While attempting to steal a ride from Toledo to Detroit, Harold Young, 16, a messenger boy, whose home is at Bradford, Pa., was instantly killed by Lake Shore passenger train No. 324. An unknown man was struck and instantly killed by a Chicago & Northwestern passenger train at Negaunee. The body was dragged along the track for half a mile, crushed and mangled beyond recognition. Oliver S. Hibler, of Leonard, was appointed receiver of the bank of Leonard, one of the institutions which closed its doors when M. Lee Hagle, its cashier, disappeared. Creditors will get 25 cents on the dollar. Thirty-two cases of smallpox were reported in Flint last week. and the disease seems to have spread to every part of the city. Manufacturers and employers have been notified to obey the vaccination law to the letter. Thomas Rowley, 48, of Port Huron, was arrested Friday night for striking his wife. When the police arrived the woman was unconscious. Fifteen minutes later Thomas Holbrook, 51, was arrested on a similar charge. Part of an old gypsum mine on the Butterworth road, Grand Rapids, caved in under half a dozen houses and the frightened Polish residents scurried to shelter, leaving their belongings behind. No one was injured. Engineer Graney was slightly injured and his locomotive badly damaged when a Pere Marquette train ran into a handcar loaded with steel rails at Traverse City. The sectionmen leaped from the handcar and saved themselves. A new trial has been asked for George E. Hamilton, the Iron River, Wis., man who was convicted of an attempt on the life of Sheriff Angus Beck, of Houghton, by sending the latter an infernal machine. Hamilton is now serving a life sentence in Marquette prison for the crime. Because the girls didn't appear for supper, going to down-town restaurants instead, the boys of Hope college at Holland went through their rooms and tore things up. The faculty at once investigated the matter and one young man, whose name is withheld, may have to suffer for his share in the work. Eleven Grand Rapids merchants, whose names are withheld, have been arrested on a charge brought by the Ponce de Leon Water Co. The firm alleges that the marchants have been using its bottles to deliver milk, gasoline and other liquids, in violation of the state law which prohibits the use of the bottles for anything but water. Judge Knappen, of Grand Rapids, denied a decree in the divorce suit brought by Rev. Eli Wigle, a Methodist minister who is now without a pastorate, against his wife, Mary, on the grounds of cruelty. The judge took occasion to deliver a scathing lecture, accusing the minister of failing to practice the charity he preached. Market hunters who planned to smuggle 500 pertridges. Milwaukee