Multiple contemporaneous newspaper accounts (April 18, 1893) report a run on the Central Michigan Savings Bank triggered by the embarrassment (mortgaging of assets) of the Lansing Lumber Company and Lansing Iron & Engine Works; the State Banking Commissioner Sherwood took possession and closed the bank the same day. Subsequent reports (May 6–10, 1893) show a receiver (George W. Stone) was appointed, indicating permanent closure. Dates corrected/standardized from newspaper datelines.
Events (3)
1.April 18, 1893Run
Cause
Local Shock
Cause Details
Run was triggered by the mortgage/embarrassment of two large local firms (Lansing Lumber Company and Lansing Iron & Engine Works) whose paper the bank held.
Measures
Bank paid out roughly $65,000 in withdrawals before the State Banking Commissioner took possession and closed the doors.
Newspaper Excerpt
A run commenced on the Central Michigan Savings bank this afternoon as a result of the embarrassment of the Lansing Lumber Company and Lansing Iron and Engine Works
Source
newspapers
2.April 18, 1893Suspension
Cause
Government Action
Cause Details
State Banking Commissioner Sherwood took charge and closed the bank to protect depositors after heavy withdrawals.
Newspaper Excerpt
Banking Commissioner Sherwood, in anticipation of a panic, took possession and closed the doors for the protection of the depositors.
Source
newspapers
3.May 9, 1893Receivership
Newspaper Excerpt
Judge Person has appointed ex Auditor General Stone as receiver of the Central Michigan Savings bank. He will be required to give a $100,000 bond. (May 9–10, 1893 reports.)
Source
newspapers
Newspaper Articles (25)
1.April 19, 1893Daily Kennebec JournalAugusta, ME
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A HEAVY FAILURE At Lansing. Mich. Involving Two Business Companies and a Bank. LANSING, Mich., April 18.-The Lansing Lumber Company and the Lansing Iron and Engine Works today executed to Orlando M. Barnes mortgages on all their property to secure their paper, of which he is a large endorser. All the assets of the two concerns, aggregating $1,800,000. were placed in his hands. It is said the liabilities will not exceed more than half that sum. The embarrassment of the two institutions was caused by the stringency in the money market. The state banking commissioner today took charge of the Central Michigan Savings Bank of this city. There was a run on the I ank all today owing to the uneasy feeling on account of the embaraassment of the Lansing Lumber Company and Lansing Iron and Engine Works. A statement of the bank's condition has not been made public.
FAIL URES. NEW York, April 18.-The announcement of the failure of Thomas M. Barr & Co., of 107 Front street, coffee brokers, was made on the coffee exchange shortly after noon today. Upon the announcement prices weat off considerably. Barr & Co. acted as brokers for George Kattenlach, the big European plunger, whose corner in coffee collapsed a few days ago, The liabilities are between $275,000 and $300,000. LANSING, Mich, April 18.-The e Lansing Lumber company and the Lansing Iron and Engine works have given mortgages to O. M. Barnes on all their property, to secure him as indorser upon most of their outstanding paper. This action is the result of a conference of all the creditors. The assets are stated at about $1,800,000, with liabilities at about $1,000,000. A run commenced on the Central Michigan Savings bank this afternoon as a result of the embarrassment of the lumber company and the iron works and the feverish excitement attendant. After $65,000 had been paid out Banking Commissioner Sherwood took possession an d closed the doors for the protection of the depositors. O. M. Barnes, the mortgagee. announced that, with his private fortune in addition to the property transferred to him, he will have $2 for each 81 of liabilities.
3.April 19, 1893The Record-UnionSacramento, CA
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IN FINANCIAL TROUBLE. A Lumber Company and Iron Works Mortgage Their Property. LANSING (Mich.), April 18.-The Lansing Lumber Company and Lansing Iron and Engine Works given mortgages to O. M. Barnes on all of their property, to secure him as indorser on most of their outstanding paper. The assets are stated at about $1,800,000, with liabilities of about $1,000,000. A run commenced on the Central Michigan Savings this afternoon as a result of the embarrassment of the lumber company and iron works, and feverish excitement was attendant, but after $65,000 was paid out Banking Commissioner Sherwood, in anticipation of a panic, took possession and closed the doors for the protection of depositors. O. M. Barnes, the mortgagee, announces that with his private fortune, in addition to property transferred to him, he will have $2 for each dollar of liabilities. The President of both embarrassed firms is Orlando F. Barnes, son of O. M. Barnes, and he is President of the bank upon which the run was made.
4.April 19, 1893The Portland Daily PressPortland, ME
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TROUBLE IN MICHIGAN. Assignment of Large Concerns Causes a Run on a Bank, LANSING, Mich., April 18.- The Lansing Lumber Company and Lansing Iron and Engine Works today executed to Orlando M. Barnes mortgages on all their property to secure their paper, of which he was a large endorser. All the assets of the two concerns, aggregating $1,800,000, were placed in his hands. It is said the liabilities will not exceed more than half that sum. The embarrasment of the two institutions was caused by the stringency of |the money market. The state banking commissioner today took charge of the Central Michigan savings bank in this city. There was a run on the bank all today, owing to the uneasy feeling on account of the embarrassment of the Lansing Lumber Company and Lansing Iron and Engine works. The statement of the bank's condition has not been made public.
5.April 19, 1893The Morning NewsSavannah, GA
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A BIG CONCERN HARD UP. The Fact Causes the Suspension of a Bank at Lansing. LANSING, MICH., April 18.-The Lansing Lumber Company and the Lansing iron and engine works this afternoon executed to Orlando M. Barnes mortgages upon all their property, both real and personal, to secure their paper, of which he is a large indorser. All the assets of the two concerns, aggregating $1,800,000, are placed in his hands. It is said that the liabilities will not exceed more than half that sum. The embarrassment of the two institutions was caused by the stringency of the money market for the past few weeks. At 3 o'clock this afternoon State Banking Commissioner Sherwood took charge of the Central Michigan Savings Bank of this city. There had been a quiet run on the bank all day owing to an uneasy feeling on account of the embarrassment of the Lansing Lumber Company and the Lansing irou and engine works. A statement of the bank's condition has not yet been made public.
6.April 19, 1893The Morning CallSan Francisco, CA
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SECURED HIS SON. A Michigan Panic That Amounts to Little or Nothing. LANSING, Mich., April 18.-The Lansing Lumber Company and the Lansing Iron and Engine Works have given mortgages to O. M. Barnes on all their property to secure him as the indorser upon most of their outstanding paper. The assets are stated at about $1,800,000, with liabilities of about $1,000,000. A run was commenced on the Central Michigan Savings Bank this afternoon as the result of the embarrassment of the lumber company and the Iron works, and a feverish excitement was attendant upon it,
7.April 19, 1893The Daily Morning AstorianAstoria, OR
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FINANCIAL STRAITS. Lumber and Iron Companies and a Bank Embarrassed. Lansing, Mich., April 18.-The Lansing Lumber Company and the Lansing Iron and Engine Works have given mortgages to o. M. Barnes on all their property to secure him as endorser on the most of their outstanding paper. The assets are stated at about $1,800,000 and the liabilities about $1,000,000. A run commenced on the Central Michigan Bank this afternoon as a result of the embarrassment of the Lumber Company and Iron Works. and a feverish excitement attended it, but after $65,000 had been paid out Banking Commissioner Sherwood, in anticipation of a panic took possession and closed the doors for the protection of depositors.
8.April 19, 1893Fort Worth GazetteFort Worth, TX
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HEAVY MICHIGAN FAILURE. Lansing, Mich., April 18.-The lumber company of the Lausing Iron Englue works have given mortgages to O. M. Barnes on all property to secure him as endorser upon most of their outstanding paper. This no. tion Is the result of a conference of all creditors. The assests are stated to be $1,800,000, with liabilities of about $1,000,000. A. run commenced on the Central Mehigan Savings bank this afternoon as a result of the embarrassment of the number company and iron works and feverish exeitement was attendant. After $65,000 had been paid the bank commissioner, who were on the ground in anticipation of a panic, took possession and closed the doors, for the protection of depositors. It is reported that it will be somewhat problematical whether the doors of any of the banks will open tomorrow, acting under advice of the commissioner, whose opinion, 11 is that the time for banks to close is before a PUBL begins, which gives It the ad. vantage of possessing all its funda Intact to aid in quieting excitement O. M. Barnes, the mortgagee announces that with his private fortune in addition to property trausferred to him he will have two dollars for each dollar due.
9.April 19, 1893The Seattle Post-IntelligencerSeattle, WA
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BUSINESS TROUBLES. Three Big Failures at Lansing, Mich.A Chicago Suicide's Embarrassment. LANSING, Mich., April 18.-The Lansing Lumber Company and Lansing Iron and Engine Works have given mortgages to O. M. Barnes on all their property to secure him as indorser upon most of their outstanding paper. The assets are stated to be about $1,800,000, with liabilities about $1,000,000. A run was commenced on the Central Michigan bank this afternoon as a result of the embarrassment of the lumber company and iron works, and feverish excitement attended it, but after. $65,000 had been paid out Banking Commissioner Sherwood, in anticipation of a panic, took possession of the bank and closed the doors for the protection of depositors. O. M. Barnes, the mortgagee, announces that with his private fortune in addition to the property transferred to him, he will have $2 for each dollar of liabilities. He was president of both embarrassed firms. Orlando F. Barnes is a son of O. M. Barnes and president of the bank upon which the run was made. CHICAGO, April 18.-The remarkable suicide of wealthy Horace O'Donoghue, supposed to be due solely to a sudden insane impulse on hearing his wife read the. account of the death of Elliott F. Shepard, it was revealed today was probably the result of large financial embarassments involving a number of Chicago publishing houses. The failure last week of H. J. Smith & Co., subscription book publishers; the Melbourne Publishing Company and the Smith Publishing Company have, it is stated, put a different face upon the affair. It seems they have been doing business with O'Donoghue's house for years and he frequently accommodated them and gained such friendship in the business world that when he wanted an accommodation he found no difficulty in getting it. In fact, his accommodation notes are said to have reached an aggregate of $100,000. These notes coming due, he could not pay them, and could not face his friends and tell them. The worry caused a temporary mental derangement and he cut his own throat. It is believed his estate will be found sufficient in time to take care of all his indebtedness, but the demands of the banks upon the indorsers of his accommodation notes are making the best of them squirm at the present time. O'Donoghue had real estate valued at $300,000, on which there is an incumbrance of $100,000, and his printing and binding plant is worth $150,000.
10.April 19, 1893Rock Island Daily ArgusRock Island, IL
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Works Forced to Execute MortgagesRun On a Savings Bank Caused by the Difficulty, Results in Closing the BankAll the Institutions Alleged To Be Perfectly Solvent. LANSING, Mich., April 19.-There has been a considerable flurry of excitement in central Michigan during the past two the days caused by the embarrassment of Lansing Iron and Engine works and the Lansing Lumber company, two leading manufacturing firms of this city. A crisis has been reached and the institutions named have filed mortgages upon their real and personal property to the amount of $701,000 in favor of Orlando M. Barnes, who has indorsed a large amount of their paper. A feeling of insecurity at once arose among the depositors of certain banks which have been calling in the paper of the companies mentioned, and a sudden and wholly unexpected run was made upon the Central Michigan Savings bank. Forced to Close Its Doors. After meeting all the demands of depositors for severol hours, Cashier Bradley, upon the advice of State Banking Commissioner Sherwood, closed the doors of the bank. The state banking commissioner is now in charge. The managers of the bank maintain that the institution is perfectly solvent and in a few days its doors will reopened. They say that no bank in the state could be expected to withstand a run of this kind, as any one familiar with the business knows how impossible it would be for any bank to pay all the depositors within a few hours. The utmost confidence in the ability of the bank to proceed to business is expressed by citizens and business men generally, many of whom continued to make their daily deposits while the run was in progress. Business Men Very Nervous. There is, however, considerable nervouson all sides and Lansing has never before, ness even when James M. Turner failed, witnessed such a financial convulsion. O. F. Barnes is the president of both the Lansing Iron and Engine works and the Lansing Lumber company. Both are extensive manufacturing concerns and the latter has large interests at Dodge and Clare, in Clare county, Mich. Hon. Orlando M. Barnes is the father of President Barnes, of this institution, and a gentleman of extensive wealth, rare business experience and strong influence. 1n 1878 he was the Democratic candidate for governor of the state and at present is a member of the central board of prison inspectors. Assets Double the Liabilities. He became indorser upon the paper of the institutions of which his son is president, and the latter becoming involved the mortgages were filed and the property placed in his hands as the best possible solution of the difficulty. Mr. Barnes now has in his hands as security for the debts of these two companies upon whose paper he is indorser available property aggregating in value from $1,600,000 to $1,800,000. His own personal estate is worth in the neighborhood of $1,000,000. The liabilities which he assumes are not thought to exceed $900,000, which constitutes his entire indebtedness. The largest portion of the paper upon which Mr. O. M. Barnes is indorser is held by the banks of this city, the most being held by the Central Michigan Savings bank, which closed its doors. The Savings Bank Perfectly Solvent. From a hasty examination of its affairs by Bank Commissioner Sherwood, that gentleman expresses the belief that the institution is perfectly solvent and will be able to meet its obligations without permanent embarrassment. The other banks of the city are considered perfectly safe and only limited amounts of the Barnes paper are held by them. Unless the depositors, who have no just reason for alarm, persist in losing their heads and precipitate another run no further trouble is expected. Report About the Missouri Pacific. ST. LOUIS, April 19.-The Chronicle prints a sensational story to the effect that the Missouri Pacific railway is approaching receivership or a complete reorganization scaling down of the interest
11.April 19, 1893The Indianapolis JournalIndianapolis, IN
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Financial Troubles in Michigan, LANSING, Mich., April -There has been a considerable flurry of excitement in financial circles in central Michigan during the past two days, caused by the embarraesment of the Lausing iron and engine works and the Lansing Lamber Company, two leading manufacturing institutions of this city. A crisis was reached today when the institutions named filed mortgages upon their real and personal property to the amount of $701,000 in favor of Orlando M. Barnes, who has indorsed a large amount of their paper. A feeling of insecurity at once arose among the depositors of certain banks which have been dealing in the paper of the companies mentioned, and a sudden and wholly unexpected run was made upon the Central Michigan Savings Bank. After meeting all the demands of depositors for several hours, Cashier Bradley, upon the advice of State Banking Commissioner Sherwood, at 3 o'clock this afternoon, closed the doors of the bank. The State Banking Commissioner is now in charge. Richmond Dry-Goods Merchant Fails. Special to the Indianapolis Journal. RICHMOND, Ind., April 18.-W. E. Ballen. ger, a prominent dry-goods merchant. failed this evening for $26,000. Overpurchases and light trade 18 the cause assigned. The preferred creditors are the Second National Bank of this city, for $12,000, and the Union National Bank for $8,500. This eve ning mortgages to secure these some were filed, and the keys of the store turned over to the banks. There are a number of other creditors, but the amount of unsecured indebtedness is not yet known. The assets are estimated at $35,000.
12.April 19, 1893The Salt Lake HeraldSalt Lake City, UT
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HEAVY LIABILITIES. A Michigan Lumber and Iron Firm Embarrassed. LANSING, Mich., April 18.-The Lansing Lumber company and Lansing Iron and Engine works have given mortgages to o. M. Barnes on all their property to secure him as endorser upon most of their outstanding paper. The assets are stated at $1,800,000 with liabilities of about $1,000,000. A run commenced on the Central Michigan Savings bank this afternoon as a result of the embarrassment of the lumber company and iron works and a feverish excitement was attendant, but after $65,000 was paid out Banking Commissioner Sherwood, in anticipation of a panic, took possession and closed the doors for protection of the depositors. o. M. Barnes, the mortgagee, announces that with the private fortune in addition to the property transferred to him he will have $2 for each dollar of liabilities. The president of both embarrassed firms is Orlando Barnes, son of o. M. Barnes, and president of the bank upon which the run was made.
13.April 20, 1893Grand Rapids HeraldGrand Rapids, MI
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HAD A SMALL PANIC Run on the Ingham County Bank Yesterday SAVED BY THE 90-DAY LIMIT The Crisis of the Laneing Banks Has Been Passed and Confidence le Restored. LANSING, Mich. April 19.- The condition of bank affairs this morning was little changed from last evening. Most ridiculous rumore had been net affoat, and they assumed gigantic proportions during the night. and early this forenoon women and workingmen could be seen hurrying to the respective banks with their bank books. bound to withdraw their deposits. The Ingham County Savings bank sustained the worst siege, and at the time of opening a largecrowd had gathered. The Central Michigan, whose doors were closed yesterday. had but a few applicants for admission. However, the banks had all made provision for this emergency. Last evening the directors of all the banks met at the Downey house to dis cuss and consider the situation. Bank Commissioner Sherwood and some Detroit capitalists were present. It was decided to take advantage of the law. and the ninety day limit was instituted. so that no savings deposits will be paid until the expiration of that time. only commercial and certificate business be ing done. This action was considered necessary and best by all concerned, as the savings depositors had become feightened and no bank could stand the result. Condemns Moffat. Yesterday afternoon a run of some $20,000 was made on the Ingham County Savings bank. The panic this morning seemed to touch the Ingham County bank especially, and even the commercial depositors began to draw heavily. In fact the bank became crowded. and many were waiting on the street. Bank Commissioner Sherwood was notified. and soon arrived at the bank. He mounted a chair and began to address the people. assuring them that there was no need for alarm. and that for the good of the city and themselves they had better go home and attend to their business. He strongly condemned the action of the vice president of the bank. who yesterday drew out several thou. sand dollars and at the same time tendered his resignation. The crowd. with cheers for Sherwood and groans for Moffat. the vice president, went away evidently satisfied. The Crisis Passed. The commissioner and his assistants are now busily engaged in examining books of the Central Michigan Savings bank. and are preparing a statement which is now impossible to obtain. The bank has a capital stock of $165,000 and a surplus of $100,000. The last state. ment made by this bank on December 16. 1892. showed that its resources and liabilities amounted to $920,601.01. It is believed now that the crisis is passed and that no further bad effects will be felt from the failures announced yesterday. There is not a riffle of ex eitement this afternoon. The action of J.S. Moffat. who, as vice president of the Ingham County bank. withdrew his funds and thereby created the impression that depositors had better get in out of the wet. is thoroughly condemned on all sides. The bank commissioner expects to conclude his examination of the Central Michigan tomorrow. and not until then will the assets and liabilities be known.
14.April 22, 1893Perrysburg JournalPerrysburg, OH
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FINANCIAL FLURRY. The Failure of Two Leading Industries at Lansing, Mich., Causes a Bank to Close Its Doors, LANSING, Mich., April 19.-There has been a considerable flurry of excitement. in financial circles in central Michigan during the past two days, caused by the embarrassment of the Lansing Iron and Engine Works and the Lansing Lumber Company, two leading manufacturing institutions of this city. A crisis was reached yesterday when the institutions named filed mortgages upon their real and personal property to the amount of $701,000 in favor of Orlando M. Barnes, who has indorsed a large amount of their paper. A feeling of insecurity at once arose among the depositors of certain banks which have been dealing in the paper of the companies mentioned and a sudden and wholly unexpected run was made upon the Central Michigan Savings bank. After meeting all the demands of depositors for several hours, Cashier Bradley, upon the advice of State Banking Commissioner Sherwood an o'clock Tuesday afternoon, closed the doors of the bank. The state banking commissioner is now in charge. The managers of the bank maintain that the institution is perfecty solvent and in a few days its doors will be reopened.
15.April 28, 1893Grand Rapids HeraldGrand Rapids, MI
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DOLLAR FOR DOLLAR. The Central Michigan Savings Bank will Pay All Obligations LANSING, Mich., April 27.-The state banking commissioner tonight completed his examination of the Central Michigan Savings bank, which closed its doors last week after u lively run. caused by the embarrassment of the Lansing Lumber company and iron and engine works A statement made by the commissioner tonight indicates that the bank will be able to meet all its ob ligations. dollar for dollar. even though the paper of the institutions named should prove utterly worthloss, a contin. gency not at all probable.
16.April 28, 1893Weekly ExpositorYale, MI
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MR. BARNES OF LANSING. A Distinguished Citizen's Fortune Seriously affected. Lansing has had such a fright over financial matters as would almost turn its citizens' hair gray. For sev eral days it had been noised about that a crisis was imminent in the affairs of the Lansing Lumber company and Iron and Engine Works, both of which institutions Orlando F. Barnes is president. The climax was finally reached when both companies gave Orlando M. Barnes, father of Orlando F. Barnes, mortgages upon all their property, real and personal, to secure their paper, upon the greater portion of which he is the sole indorser. The two mortgages therefore secure a total indebtedness of $701,000, which approximately represents the total liabilities of the two companies. By this arrangement, which was effected with the consent of all the Lansing banks which held a large proportion of the paper, O. M. Barnes practically assumes the ownership of both properties involved, and will combine his personal fortune, which will reach $1,000,000, with the assets of the companies, which represent an additional $800,000, for the purpose of meeting liabilities which will not exceed $900,000. Mr. Barnes is entirely confident that he will be fully able to meet the emergencies and says that every dollar of indebtedness will be paid. He will give the business of both concerns his personal attention. The fact that O. F. Barnes was also president of the Central Michigan Saving Bank precipitated a run on that institution and in a short time $29,000 in saving deposits was withdrawn. After consulting with Bank Commissioner Sherwood, who is in the city, Cashier Bradley decided that it was unfair to the majority of the depositors to permit the run to continue and SO closed his doors. Commissioner Sherwood at once took possession and the bank will remain closed pending his examination of its affairs.
17.May 6, 1893Rock Island Daily ArgusRock Island, IL
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A Lausing Bank Assigns. LANSING, Mich., May 6.-The efforts of the directors of the Central Michigan Savings bank to increase the capital stock and effect a reorganization with a view to resuming busn ess have proved unavailing. Commissioner Sherwood has petitioned the circuit court for the appointment of a receiver.
18.May 10, 1893Grand Rapids HeraldGrand Rapids, MI
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Stone the Receiver. LANNING, Mich., May 9.-Judge Per. son has appointed ex Auditor General Stone as receiver of the Central Michigan Savings bank. He will be required to give a $100,000 bond.
19.May 10, 1893New-York TribuneNew York, NY
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A MICHIGAN SAVINGS BANK FAILS. Lansing, Mich., May 9.-George W. Stone, of this city, who was Auditor-General of Michigan under the late Democratic Administration, was last night ap pointed receiver of the Central Michigan Savings Bank by Judge Rerson. Bonds were fixed at $100,000.
20.May 11, 1893Audubon County RepublicanAudubon, IA
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Receiver for the Lansing Bank. LANSING, Mich., May 10.-Circuit Judge Person last night settled the matter of a receiver for the Central Michigan Savings Bank by appoint ng George W. Stone of Lansing, ex-Auditor-General of the State, to that position,
21.May 20, 1893The Washburn LeaderWashburn, ND
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General News. A wolf was captured in the street at Monmouth, Ill. R. A. Havenor, a grocer at Harlem, N. Y., has failed for $80,000. The reported killing of Lieut. Plummer by Indians is denied. Trolley men at Baltimore will strike for more pay. G. W. Stone is the receiver of the Central Michigan Savings Bank of Lansing. The United States will send a warship to Nicaragua, owing to revolutionary troubles. The water works at Alton, Ill., have been sold to the New England Water company. G. W. Crouch, Jr., a lumber dealer at Rcchester, N. Y., has failed. Assets, $100,000; liabilities, $75,000. The United States Trust company has taken a mortgage for $2,000,000 upon the New York & Susquehanna road. Henry Villard is figuring on a collateral trust loan of $15,000,000 to clear the debt of the Northern Pacific: The Philadelphia, Honesdale & Albany and the Philadelphia, Honesdale & Albany railroads have been consolidated. Lieut. W. M. Williams, Nineteenth cavalry, will be tried at Fort Wayne, Ind., by court martial, for failing to pay his debts. The manager of an English firm at the world's fair sells exhibits which were entered free of duty, and is arrested. A very romantic story comes from Tacoma regarding a former English army officer and his wife, once lady in waiting to the queen. George Rose of Liberty, Ind., quit chewing tobacco and used paper as a substitute. He died from poison in printing ink. J. H. E. Waters, a well known mining engineer, was found dead in bed at Denver. He was for years in the employ of the Japanese government. The city of Pueblo, Col.. proposes to save $100,000 a year by discharging half the numbers of the fire and police departments. Dr. H. J. Marks, a prominent St. Louis physician, died of blood poisoning incurred in performing a surgical operation. Heirs to land at Homestead, Pa., on which a part of the Carnegie works is located, are suing for the property on an old government deed. The tools of non-union teamsters and graders in Columbus, Ind., were destroyed. The union men, who are on a strike, deny any connection with the matter. Heirs of James Guthrie, ex-secretary of the treasury, have donated property in Madison, Ind., valued at $20,000, to the Southern Baptist Theological seminarr at Louisville, Ky.
22.June 13, 1893Grand Rapids HeraldGrand Rapids, MI
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Depositors Proving Claims. LANSING, Mich., June 12 Governor Rich has called a meeting of the new board of control of the school for the blind for Thursday, when an organization will be effected. About 1,300 of the 3,000 depositors of the Central Michigan savings bank have proved their claims with Receiver Stone, who says that the first rush is now over, and be is pre pared to take care of those who have been waiting for a lull in the proceed ings.
23.August 26, 1893Grand Rapids HeraldGrand Rapids, MI
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MORTGAGED HIS PROPERTY. O. M. Barnes Gave $315,000 Security for His Son. LANSING, Mich., Aug. 25.-The Hon. O. M. Barnes of this city today mort. gaged $315,000 worth of property to a trustee to secure the indebtedness of his son, Orlando F. Barnes, and the Lansing Iron and Engine works. The Cen tral Michigan bank, now in the hands of a receiver, is the chief creditor named in the mortgage. The bank will declare a dividend of $75,000 September 1.
24.August 6, 1894The HeraldLos Angeles, CA
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HE'S PULLING LEGS NOW. Dr. Goorss and His Diamonds Have Evidently Forsaken Dentistry. The Lansing, Mich., Journal has the following about a new fake: "Dr. Goerss, a thriving physician who pulled teeth a couple of years ago in Lansing at a lightning gait to a musical accompaniment, is evidently in another line of business in the far west. "The Central Michigan Savings bank today received a letter from Homer G. Taber of San Diego, California, inclosing a sight draft for $1 upon the Chaulmogra Medicine company of Lansing, Dr. Goeres, manager. "Attached to the draft is an affidavit setting forth that the affient has taken three months' treatment for catarrh, and that the medicine purchased by him has been of no value as a cure. It was a condition of the purchase of the catarrh cure that if the purchaser was not cured the Chaulmogra company would pay a sight draft of $1, provided the draft was accompanied by the lid of the box containing the cure. "The name of the Central Michigan Savings bank is neatly printed in the draft, along with the date 1894, which indicates that the scheme is of recent birth. Of course it goes without saying that there is a 'sucker' born every minute, and that Mr. Taber of San Diego is one of them." Relative to the above, the HERALD is in receipt of a letter from Geo. W. Stone, receiver of the savings bank referred to above, who corroborates the newspaper item. He says that a draft for $1 is enclosed in each box of their medicine and also a statement that if the medicine fails, the "sufferers" should sign the draft and send it to the bank. He eays that no arrangements have ever been made with the bank to pay the drafts, and that there is no such company in Lansing as the Chaulmogra Medicine company. Mr. Stone says their medicines may be all right but their drafts are not. Quite a number of drafts have been received from Los Angeles and neighboring towns, showing that Goerss has worked the city and section very well. It is useless to send the drafts to the bank, as they will not be paid. Mr. Stone says the medicine is handled through F. W. Braun & Co., of Los Angeles. This is a large wholesale and retail house, and they probably handle it as they do hundreds of proprietary medicines, and of course have nothing to do with the slick work of the Michigan dentist.
25.October 12, 1894The TimesOwosso, MI
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# POSTPONED AGAIN.
Case of Nelson Bradley of Lansing To Be Tried in January.
LANSING, Oct. 10.-In the circuit court the case of ex-Cashier Nelson Bradley, who is charged with making a false report to Commissioner Sherwood of the condition of the Central Michigan Savings bank' was continued until the January term of court.
Prosecutor Gardner reported that he had commenced a thorough investigation of the condition of the bank previous to its suspension. It has not yet been completed, owing to the pressure of other business. The prosecutor said that it would not be necessary to invoke the aid of the grand jury, and that if he found that any one should be prosecuted, he would experience no trouble in securing persons to make the necessary complaints.
