gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d9b4d37a046aa4aa
Response Measures
None
Receivership Details
Depositor recovery rate
85.0%
Date receivership started
1934-03-13
Share of assets assessed as good
30.3%
Share of assets assessed as doubtful
61.5%
Share of assets assessed as worthless
8.3%
Description
Statewide eight-day banking holiday (Feb 1933) applied to this bank; conservator then receiver appointed, leading to permanent closure.
Events (7)
1.March 24, 1906Chartered
Source
historical_nic
2.February 14, 1933Suspension
Cause
Government Action
Cause Details
Governor Comstock's statewide eight-day banking holiday/moratorium closing all Michigan banks.
Newspaper Excerpt
Every bank and financial institution in Michigan was closed today under a sweeping, eight-day suspension order issued ... by Governor William A. Comstock.
Source
newspapers
3.February 23, 1933Reopening
Newspaper Excerpt
Michigan's banks opened today for limited business ... allowing depositors to withdraw 5 per cent of their deposits on the depository percentage basis laid down in the governor's second proclamation issued Tuesday.
Source
newspapers
4.March 24, 1933Other
Newspaper Excerpt
A conservator, at the request of the directors of the Capital National bank, has been named for that institution. It is his job to conserve all the assets ... A committee has been named by the directors of the former Capital National bank ... to bring about the formation of new National bank here.
Source
newspapers
5.March 13, 1934Receivership
Source
historical_nic
6.March 14, 1934Receivership
Newspaper Excerpt
Joseph W. Gleason ... named the Capital National bank Tuesday according word received from Nathan Hull, who served conservator the closed bank since March. Mr. Gleason took over his new the Wednesday ... Order from Comptroller ... appointed receiver signed O'Connor, comptroller of the currency.
Source
newspapers
7.May 7, 1934Other
Newspaper Excerpt
BANK RECEIVER WINS SKIRMISH IN ACTION ... the plaintiff in suit against the Capital National bank ... Judge Kelley ... held that the court has no power to compel Joseph receiver the Capital National produce sought by the plaintiff; subpoena quashed.
Source
newspapers
Newspaper Articles (19)
1.May 11, 1932Lansing State JournalLansing, MI
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Article Text
BANKER TELLS JUNIOR C. OF ECONOMY NEED
(Concluded Page adopted for sale. The Capital tional made no profit this transThrough the City National board of several the Capital National against any working with the Capital City board handling the of the old City pay tribute to those men put up their personal protect their good name. To those men equally much credit for depositors as is due the Capital co-operation, their sincerity, the steps they took difficult when, vitation the National bank, bank, years and Olds, Harry Harper, and Scott. He reviewed the steps taken by the federal government endeavor restore confidence bring country Washington last which attended by prominent bankers and President Hoover laid them plan designed down the hurricane which was sweeping over the "Sold" on Hoover
The bankers went to that conference gloomy spirit more less disgruntled Lord said. They out of the conference the Hoover plan helpful. step plan was the organization Credit corporation subscripthe to loan to banks need of help. Michigan banks the speaker said fund two large groups in troit the First About 100 made in the After Credit corporaforthcoming in the the nance Mr. said. made available two billion dollars the government banks, building loan companies, mortgage firms. same committee which handled the the National Credit poration the Finance said, the addition William Alden Smith of Rapids. This tional Credit corporation and the construction Finance stopped the steady run of bank
Tells Glass Bill Provisions The adoption bill vides federal banks broader powers in the making the he the the Hoover plan Glass designed to make paramount depositors, and to aid the the bill, he has four loans period Mr. believes will federal liquidating Money finance include the United States treasury. equal one fourth the surplus federal reserve about and sum member of the federal reserve within office, banks must the the federal closing the CapNational here and to loaned than taken out here deposited Detroit,' said.
2.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
BY LESLIE D. HARROP
United Press Staff Correspondent
DETROIT, Feb. 14.—Every bank and financial institu-
tion in Michigan was closed today under a sweeping, eight-
day suspension order issued in the early hours of the morning
by Governor William A. Comstock.
The closing order brought to a standstill the financial
affairs of Detroit, the nation's automobile capital, and
halted similar activity in scores of farming and industrial
communities of the state, which has a population of more
than five million.
Immediate necessity for the unprecedented moratorium
was created, Governor Comstock declared, by a crisis in the
3.February 14, 1933The Indianapolis TimesIndianapolis, IN
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Article Text
Possibility that the eight-day banking holiday "might be modified in a day or so, after the banks get straightened out," was mentioned by Governor Comstock this morning, as he prepared to return to the capital.
Banking officials estimated the holiday paralyzed approximately $1,410,978,629 in banks and $144,407,139 in trust companies. These amounts virtually are "frozen" during the suspension period.
# Citizenes Are Bewildered
Approxmately 420 state banks and 120 national banks were closed by the Governor's proclamation.
Banks will retain skeleton staffs on duty, during the holiday period, to advise as to the credit of those wishing to check on funds on deposits.
Reichert, ill with influenza at Ann Arbor, left early today by motor for the state capital against the advice of his physician.
Stunned by the suddenness of the Governor's proclamation, citizens everywhere went about customary duties bewildered as to the outcome.
Stores generally opened as usual and most announced that they had available funds for today or longer. What will be the outcome toward the end of the week, when pay rolls fall due, was not known.
# Money Rushed by Truck
Banking department officials were positive in asserting that, despite the legal closing of the banks, arrangements must and would be made to allow small withdrawals for necessary current funds to operate fundamental businesses.
The actual plan that will be adopted was to be announced later in the day.
Western Union telegraph rushed orders to offices in nearby states to ship currency into Michigan by armored truck. A. A. Burr, Detroit superintendent, said they had available cash for today and would secure funds to cash any and all money orders of the company that might be presented.
4.February 15, 1933The Indianapolis StarIndianapolis, IN
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Article Text
BANK RELIEF SEEN IN MICHIGAN CRISIS
CONCLUDED FROM PAGE ONE. branches of facilities for making reguhours of safe deposit departAmong the industrial concerns plans meeting pay rolls in cash were the General Motors Corporation, Ford Motor Company and the Chrysler Corporation.
Text of Statement. The text of the clearing house statement "The Detroit Clearing House Association today to reguladesigned the ience the bank holithe day by the Governor last night. The arrangements which of considerable benefit the Acting upon the supplemental the Detroit arranged Thursday morning excess depositors, both checking and savings, may withdraw for purposes not in excess per cent the net on the of Feb. Such withdrawals made counter which will be paid in
Safe Deposit Vaults Open. "2. All banks branches will maintain facilities for making change deposit departments will be open and will on the regular Arrangements are being made with many the large life insurance companies whereby for premiums will be order that the policies not
Not in Bad Shape, View. "Let assure you, the Governor said in statement to the public, "that the banks Michigan, generally speaking, are not in bad The late reterms earlier that are "not as bad they might appear do not think there will the holimuch day as generally the Governor merely an emerthe gency of the banking struc-
Period of Feb. 14 to Feb. 23. The closing, the banks was for the period Feb. 14 to Feb. 23. Although all banks in the lower peninsula the proclamation, stitutions in the upper peninsula, which the the Federal Minneapremained The Detroit Stock Exchange closed but were accepting selling orders made on exchanges outside Detroit Trading of any sort in Detroit bank stocks startled populace first order moved this morning when extras issued newspapers in the larger Immediately tion began afford relief to citizens.
Plight for Farmers. Milk distributors planned extend credit temporarily but said they didn't know how farmers would get paid "when they can't checks Retail stores main. to cash during the day Groceries held determine and many reported they policy, would extend credit to regular tomers. Many gasoline did likewise Mayor Frank Murphy Detroit citizens to "be calm." and said resources the city government would be thrown into relief work, needed. At first, dazed by suddenness the action, the citizens adopted the main an apathetic Many, dollars' cash their planned message friends outside the funds to be sent in by for until the closing order lifted. companies said Telegraph cash money were orders for any "reasonable amount. Millions in Gold Received. $15,000,000 and Between shipped into the city gold today from the Federal Reserve bank Chicago, consigned to the Detroit Federal reserve bank branch the Accompanied by detail fifteen was transported to the detectives, vaults of Detroit any part the state Banks kept small staff on hand for and officials reported work depositors at any of the financial At resolution praising "courageous statesmanship in proclamation.
Prevented Crash, Assertion. State Representative Vernon Brown, Republican, in supporting the resolution, said he convinced that the Governor had not declared there crashes in the history of the coun-
The resolution had no legal stand bills were introduced but two the House which would force banks and trust One the during declare banking holidays and that banks and 'shall not trust The other during designates Feb and 21 as legal holidays and in Michigan
May Shorten Holiday introduced The measures after some of the messages received by the during the day challenged his authority order holiday said there was The Governor holiday might possibility full cancelled United that Moran agents had eviobtain the spreading relating information arrest therefor responsible Chapin Goes Back to Capital. people of The urged the local the state report secret any fice of the the spreading false Chapin of the Secretary Commerce Department Ballentine Saturday confer on ington returned to the banking being straighten this out possible moment In these the steps the Federal the secretary of the treasury are
5.February 15, 1933Steuben RepublicanAngola, IN
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Article Text
MICHIGAN BANKS ORDERED CLOSED
Proclamation Provides for Eight Day Holiday
Nearly 600 banks the lower peninsula state Michigan ordered Governor Comstock Tuesday morning of the ment the Union Guardian Trust Company of which with large of branch banks tions the state Unable their the bank meet steady demands made on Conferences called with state officials leading of including the heads of the General Motors. Chrysler Ford The former companies while the Ford company deposits excess of and claims have supported the bank with exceeding request made Ford company interests to those of smaller depositors and of Finance Corporation which already made loans the bank This port which they had already the bank Fearing bank panic after conference with leading and and state officials holiday decided upon until adjustments could made whereby all banks of the state would prepared withstand demands usually follow such financial upheaval Much citizens over the and particularly the large cities such Detroit denied made Wednesday ing. permitted withdraw per their relief and that perfected many the banks of again full before expiration of the eightday appreciable effect the Indiana cities by the the Michigan banks Banks of this county had with Michigan local bankers state that they amply able to render full their and depositors that he knew the general banking condition good. that the plan adoptwith approval struction Finance Corporation simply calculated to maintain steadiness an unstable financial situation.
6.February 15, 1933Daily NewsNew York, NY
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Article Text
THE MICHIGAN MORATORIUM
The Governor of Michigan has closed all the banks and trust companies in his State for eight days. It is the same thing, on a larger scale, as has happened in many small towns in the Middle West and West during Shutdowns the course of this depression. It has happened all over Michigan for the same reason, Vs. Runs which appears to us to be a good reason. This reason simply is that the gold standard dollar has been growing more and more un-get-atable. It is better to freeze money in the banks and go on a scrip basis temporarily than to permit bank runs, which might produce bank failures. We think Gov. Comstock of Michigan has acted wisely and with true prudence. As we see it, the Michigan moratorium is another argument for cheapening the dollar so that people can get it more easily to buy goods, pay debts and keep business in motion. President Hoover told us Monday night in solemn tones that if we go off the gold standard we shall have economic disaster. What does he think we're having now, while we still cling to the gold standard?
7.February 17, 1933Angola HeraldAngola, IN
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Article Text
Michigan Recovering from State Wide Bank Holiday Order
Nearly 600 banks in the lower peninsula of the state Michigan ordered closed by proclamation of Governor Comstock Tuesday morning because of the embarrassment of the Union Guardian Trust Company of Detroit which with large of branch banks was one of the largest banking institutions in the state. Unable to convert their the bank was able to meet the steady demands made on its reserve. Conferences were called with state officials and with some of the leading industrialists of Detroit. including the heads of the General Motors. Chrysler and Ford Corporations. The two former companies were depositors. while the Ford company had deposits in excess of and claims to have supported the bank with investments exceeding request was made that the Ford company subordinate their interests to those smaller depositors and of the Reconstruction Finance Corporation. which had already made heavy loans to the bank This the Ford company refused to do in view of the heavy investment support which they had already given the bank Fearing general bank panic after conference with leading financiers and government and state officials the proclamation for an holiday was decided upon until could be made whereby all banks of the state would be prepared to withstand demands usually follow such financial upheaval. Much inconvenience was occasioncitizens over the entire state, and particularly in the large cities such Detroit when banking privileges were denied them. Arrangements were made Wednesday morning. however. whereby depositors were permitted to withdraw five per cent of their deposits as emergency relief. and is predicted that will be perfected whereby many of the banks of the state again be in full operation before the expiration of the eightday holiday. Much cash was poured into Michigan from outside sources on Wednesday and Thursday and it appeared Thursday that would available for circulation in than in the during the boom times Many banks were expecting to resume operations by Friday in limited and reported that in view of the expected recovery from the situation that state banking department would leave at discreation of the banks the matter of reopening before the expiration of the holiday set.
8.February 19, 1933The Atlanta JournalAtlanta, GA
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Article Text
WEEK'S
SURPRISE SHOCKS WELL RESISTED BY PRICES IN GENERAL and
CHARLES F. SPEARE BY Consolidated Leased Journal. Feb. The episodes in our unexpected business life and with all of their implications, could not have failed to produce certain liquidation securities fact that they did not The create an even greater degree of of this that stocks meaning have The liquidated group of values. other the most reother developments the subtract from what be encouraging appeared had The present average being the lowest since Octhe confitober, dence that has taken place since that time rather than conditions. measuring a The world was unprepared statewide banking moratorium in Michithat greeted it Tuesday morning some months been assured was sound the and that that while might be weaknesses in that will have supported, the crisis in last banking was there was distinct shock in the spectacle an entire one state, the country largest having its banking entirely withdrawn order to prewhose assets the extent of over per cent were invested in real the heart of this situation is of investing large banking portions the those paper that are not marketable and, while profitable fair weather. are liability disturbed public sentiment. realized now in many that the value of their banks little and henceforth is with the of The Michigan incident recalls the credited the Fidirectors that no major trouble would be permitted banking This might be supported the while no institution Detroit deposits over 500 banks and aggregating have been for prescribed period. That there on the part Corporaassist instiand that toward deinflation apparent each Report Scanned This the report of committee to the opinions and where the ing in mat in the past ters some promoted the investitransportation keen for if they the would of in the frank has closely follow Salt Lake City and Louis railroad conagain the position of the the bondhave abused their and up deearly must be accepted There for continuto railroads that handicapped ratio embarrasses such propreasonable financial the for the railroad sitsituations must an the market totheir the Reconstruction Finance Corporation to additional railroad practically defaulted price
Firmer Some banking dismarket, with weakness has developed year suggestion fiinapparent exchanges Japan's credit rest quest for greater considerable loans by the the the foreign trade outlook in South republics the inColomCongress Still Lagging during been helpful legisthe fears the would been an institute what are termed and part in the shrinkage now the general not the time to They the betterment of the situinvolved listenrecital of the Insull vandal may have York Stock ago utterly immediate good and distraught people and farm sidetracked Pressuspend congress abruptly Comstock stopped the
9.February 23, 1933Belleville Daily AdvocateBelleville, IL
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MICHIGAN'S BANKS OPENED TODAY FOR LIMITED BUSINESS gan's banks opened for restricted business today. some of them for the first time since Governor William A. Comstock's emergency closing order ten days ago. Rudolph E. Reichert state banking said that most banks were "doing business in the best possible way," and congratulated the state's bankers on their cooperation during the emergency. He said that most banks were cashing checks that had not already been cleared, on the depository percentage basis laid down in the governor's second proclamation issued Tuesday. Generally, the banks were following the plan under operation for the past week in Detroit, allowing depositors to withdraw 5 per cent of their deposits. In Detroit at the opening hour there were no lineups outside the banks and few instances of unusual numbers of customers inside.
10.February 24, 1933Star TribuneMinneapolis, MN
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NEWS
Page. Movie Reel Editorial Movies Markets Winchell Ads Folly Island. Weather Radio Sports 16 Plans started for early pres. the west farm relief proposal. Page The United States general ruling on the proper of assembling to vote repeal. Page The senate banking heard charge the City control the mar ket for its stock. Page Senator assailed he clared control by New York Page The senate did some expense paring and then wiped added Page
Mrs. Theodore Roosevelt belated apology from health officer. Page Senator Thomas Walsh sailed for Cuba to marry sugar grower's Page President Roosevelt appointed Representative Douglas of Arizona as budget director. Page Michigan banks reopened. Page 2.
Dr. Charles urged cational guidance for employed adults. Page The repeal proposal was put Page The city council committee recommended the department personnel cut Page The park board had natural goldfish bowl Birch at Page Presidents of state teachers' col. united against the proposed curtailment of the state sys. tem. Page Northwest Feed Dealers told unregulated trucks affected their business. Knowledge of school subjects was called not the essential of education of girls by Dr. Malcome Mc. Lean. Page Miss Helen Wilson, former resident of Minneapolis, died Tre mezzio, Page 6. Patrick 79. deputy sheriff, fell dead. Page Two suspended Paul policemen were sentenced for larceny. Page
SINCE prohibition went effect several states which were dry have shown wet sentiment. map and story indicate the Page President-elect Roosevelt has decided he'll rely on service agents guard him the inanguration. He told Arlayne Brown, world champion revolver shot. offered that she won't be needed. Page The intelligence that gets marks not the only from educator. Dr. Malcolm college rector the University of urged education that will fit life. Page
The big Japanese drive in Jehol started. Page The Mount Everest plane party from Sicily after five Page WOMEN'S NEWS. Evon Nollette describes garments designed for double duty. Page 13. for Swedish meat balls by Kate Smith. Page 13. Restlessness is Elsie Page 13. Jessie DeBoth presents Sunday dinner menu. Page 13. SPORTS. Mickey shaded Frankie Knauer the six-round of the boxing Page 16. The city high school basketball will wind up today. Page 16 Page 17. Alexandria's quintet was elimi nated by the St. Paul Flyers in the feature of the amateur basketball the Ascen sions, Holy Cross and Belle Plaine also won. Page 17.
MARKETE
Bullish vanished in the Minneapolis pit; Chicago tumbled. Page 18. Stock values slumped to new low averages on large turnover. Page 19. Bonds suffered the worst relapse since the first the 19. Page 19. Dog and lamb trade advanced in South St. Paul: cattle prices mained unchanged. Page
11.February 25, 1933The Kokomo TribuneKokomo, IN
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OPEN DEMAND OF MICHIGAN BANKS
Mich. Feb. and busimerchants Seventy-five Michiof southwestern ness men the capitol today came state gan Governor William demand Comstock newly ac. to force powers quired bankers open of the normal business governor group require banks, should afteight-day closing an commercial restrictions while continuing checking accounts with around savings safeguards
Church Pentecostal 2445 The Pentecostal street holding North Kennedy studies, conducted series of Bible on Sunday Elder Irvin Bradley, by subject bo "What Sin Unto The form an open take study Herman Basore, Mr. and sing the afterBeech noon and evening services.
Resigns as Ambassador Feb. Hoover today accepted President Reuben Clark, the resignation Mexico, effective ambassador immediately. The ambassador told days Presithe after he would submit his resignation.
Restrict Withdrawals the Lima First American Trust Company meeting night placed restriction withdrawals of effective today resolution, directors limit of two per cent on
12.March 8, 1933Imperial Valley PressEl Centro, CA
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By CLAUDE J. MARKLE United Press Staff Correspondent (Copyright 1933 by United Press) LANSING, Mich., March 8. (U.P.) -The man who three weeks ago in the dim dawn of early day penned the preface to one of the most crucial chapters in American financial history firmly believes he took the only possible course. "I would do the same thing over again," Governor Wm. A. Comstock said today. At 2 a. m. on February 14, seated in the massive directors' room of the Union Guardian Trust company in Detroit, Governor Comstock signed a drastic eight day holiday proclamation that marked the beginning of the present nationwide period. Governor Comstock believes that the developments of the last 21 days which have seen state after state--and finally the federal govPernment-follow the lead of Michigan into restricting of banking activity will quicken the pulse of economic recovery and will place the nation's financial structure on a firmer foundation. "I faced the most difficuit decision of my life three weeks ago this morning, just before I signed the proclamation which closed Michigan banks during an eightday moratorium," he told the United Press today. "Since then there have been moments when I have flinched at the thought of the results of that act. I have always, however, been able to calm that feeling with the assurance that I was merely an impersonal agent of government. "Consider what would have happened had the moratorium not been declared. One of the large financial houses of Detroit, a part of a powerful group operating throughout the state, would have closed its doors. Foresaw Panic "The rest of the day would have seen bank after bank in Michigan stripped of its cash and liquid reserves by panicky customers and turned into empty shells contain-
13.March 24, 1933Lansing State JournalLansing, MI
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The Bank Situation in Brief
Since the issuance of the governor's proclamation of February 14, followed by that of the President on March the banking situation in Lansing and throughout nation has been in state of unrest. Individual and business depositor has borne the curtailments with that spirit of complete accord and co-operation which should redound to the eternal credit of the American citizenship whole. All, of every class and creed, have found themselves on the same level, and all have worked together in an effort to piece together the shattered financial structure, and build anew system far more stable than the nation has ever known. The events taking place in Lansing Friday are but this community's part in the great task that confronts. The situation is simple one in the statement of facts concerning it. It is tedious and difficult one in reaching its ultimate Stated in brief, is simply this: A conservator, at the request of the directors of the Capital National bank. has been named for that institution. It is his job to conserve all the assets of that banking house so that depositor receive the ultimate amount of percentage of his deposit. He is not receiver. He the sole dictator there, subject only to orders from the United States government and the law governing his duties. committee has been named by the directors of the former Capital National bank, and is already at work to bring about the formation of new National bank here. That bank will be chartered by the federal authorities. It will open with capitalization of half to be supplied locally and half by the Reconstruction Finance corporation. Both subscriptions have already been arranged for. The new bank, once its charter is will immediately enter into negotiations with the conservator of the Capital National bank in order to effect quickly possible the transfer of such liquid assets as are agreed upon. The completion of this transfer will immediately release percentage of the deposit of each individual depositor. This release will be in addition to the percent formerly set aside for depositors by the Capital National. The frozen assets of the Capital National will then be liquidated speedily as is possible by the conservator, additional dividends being paid to depositors as this is done. Just how soon the new bank will be ready for operation depends wholly on Washington. Just how any deposits be released pends on the completion of negotiations between the officials of the new bank and the conservator. These are expected to be speeded so that there will be little delay as possible in the resumption of normal banking conditions in the city. The outlook, it presents itself, is brighter for Lansing than has been in many day. The uncertainty of everything has been dispelled. Bankers, depositors, industrial leaders and the citizenship whole. now know the common ground of endeavor on which the city's financial structure is to be rebuilt. That rebuilding will require time. It will require patience. It will further forbearance and further sacrifice. But it will be complished with the greatest possible speed. And once is perfected the will find within its midst banking facilities of the most complete city sort, organized along lines laid down by government, and supported by the complete confidence all
14.March 24, 1933Lansing State JournalLansing, MI
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Committee of Business Leaders Works To Organize Institution Taking Over Old Liquid Assets; Lucas East Lansing Conservator
Definite steps for the formation of new national bank in Lansing to supplant the Capital National bank, taking over its liquid assets, were in progress Friday in Lansing. This action followed appointment of Nathan P. Hull, Lansing, as conservator for the Capital National bank, an action which had been requested by directors of the institution.
Other conservators announced Friday afternoon for central Michigan state banks include the following: Herman S. Lucas, East Lansing State bank; Frank J. Stevens, Chesaning State bank; R. Teeters, Shiawassee County Bank of Durand; Carl O. Derby, Maynard-Allen State bank of Portland; E. Mills, Loan and Deposit Bank of Grand Ledge: Riches, Exchange State Bank of Mt. Pleasant; E. H. Fox, St. Charles State bank.
Officers Connections Mr. Hull director the Detroit branch of the federal reserve system, and also member of the board directors of the Capital tional bank The conservator announced that officers, directors and employes the bank had severed their relations with the institution immediately upon appointment Miles Grant, former assistant was named first assistant Hull Friday morning. Several additional employes rehired, Hull pointing out that engaging his force he selecting some those best acquainted with the of the bank and had taken consideration that the bank will employ many of the old employes. He said that changes the personnel would be made work progresses. Working Comptroller The formation the new bank, planned by local expected to completed within the days rules regulations laid down the comptroller the currency Washington. Immediately upon receipt of its conferences the conservator former Capital bank the taking the tion, percentage first available the depositors temporary reorganization comof Olds, ident Olds Harper. the tor Wheel corporation: president the Michigan Supply company: president the Insurance company: Bates, secretarytreasurer the Motor Car Ballard the Silsby. Ballard, and the MichScrew company Mr. chairman of the board the Capital National bank. that since the holiday directors the bank have been endeavoring to bring about bank from the Union Group. and bank, necessary to organize institution. In order accomplish this the the Capital bank requested comptroller currency point conservator. whose selection was announced Friday morning.
To Inventory Assets
Mr. Hull declared Friday morning that serve the assets, follow the law and co-operate with the and industrial life of Lansing far sible under the He said that first step make an inventory assets Capital National With exception making change payments bank pended Friday morning. Mr. Hull the comptroller of currency permission trust accounts. sage granting this permission pected later the Other Aides Employed
Other the conservator's the bank announced shortly Friday follows: Marshall Westfall, Goodell John Nelligan. Mabel Towner. Karlyle GansGeraldine Balcom. Myra Clark, John Bella Mark VanFrank. George David Timmons, John Kenneth Brodberg. Edna Robert Conklin, Harold Edward Georgiana Dool. Darlyne Marofsky. Arda Frieda Harold Catlin, Kenneth Ernest Deacon, Otto Marquart George Wyatt. Mr. Hull announced that the disthe branch ployes those institutions not determined.
15.May 30, 1933The Herald-PalladiumBenton Harbor, MI
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ASKS NEW CHECKUP OF LANSING BANK
Associated Press) LANSING, May petition was filed with Nathan Hull, conserMonday new examination of the assets the Capital National bank here. Chairman Richard Scott, of depositors' committee filing the petition, the request made in view rising commodiprices within the last weeks. last check-up made March after which the conservator was appointed.
The name God omitted from the Book Esther in the Bible.
16.March 14, 1934Lansing State JournalLansing, MI
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BANK
Gleason Supplants Hull in Charge of Affairs of Old Institution
Joseph W. Gleason, alderman from the second ward and president of the Silver Lead Paint named the Capital National bank Tuesday according word ceived from Nathan Hull, who served conservator the closed bank since March Mr. Gleason took over his new the Wednesday the ferred Mr. The newly had statehis plans the he first acquainted the For least, memstaff will main their present jobs. Order from Comptroller
The from Tuesday night by Hull declared part term conthe Capital National Michigan, terminates Joseph W. Gleason appointed receiver signed O'Connor, comptroller of the currency. Mr. prominent the the party in this the
17.May 7, 1934Lansing State JournalLansing, MI
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RECEIVER
Judge Admits Power Lacking To Force Production of Records in Suit
The defense won an important skirmish Monday morning the filed against the Capital National bank Harry former National securities depos. the former took over assets of the City Na. tional Judge Kelley of St Johns who presiding the trial Ing. county court held that the has no power pel Joseph receiver the Capital National produce sought by the plaintiff motion Edmund Shields, attorney for receiver the quashing directing produce court the ground rules the United treasury prohibit the receiver from divulging his records upon the fedcomptroller the currency Calls S. Rule "Astounding"
Alva counsel the opposed the the indicated the Cummins asserted that tounding to think that any government that not compel of testimony which does not involve state secret find it difficult to explain my indignation the attitude of the ernment, the government has liberately taken attitude which might this lawsuit the plaintiff the resproperty which claims rightfully his, Cummins "There order the the receiver records has not here that the department has adopted ceiver's producing in court Would Block Any Suit
"Such procedure and that feel that should that The state Michigan have because order comptroller of the currency Cummins that such position would prevent the bank had lost suing his deposit and would leave the fate of the depositor in the hands the comptroller of the Judge Searl ruled. that had power compel (Continued Page Column
18.May 7, 1934Lansing State JournalLansing, MI
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BANK RECEIVER WINS SKIRMISH IN ACTION
(Concluded from page 1) DICTIONARY official do things asked in the subpoena and ordered the subpoena COUPON quashed Frank E. president This of the bank and now tionary uted was the first by the bound dark plaintiff the by the court Moore his suit against Clip 3 Coupons the Capital National bank that his curities should be returned him beNational did not paper cause Capital 98c with (plus sale tax) pay depositors the City National alleged have contemplated National over by the Capital National also was such the belief that were turned the Capital National was solvent at the time Several other individuals and corbrought inally as defendants filed answers in which they support the position of the plaintiff number of prominent attorneys are appearing in case in behalf of MAIL ORDERS the various The plaintiff represented by Charles Cummins with his father postage to Alva M of The 150 for Capital National bank greater ask the law firm Shields, Silsbee postmaster for your Jennings rate lbs. The other defendants and their atfollows: Estate Benjamin Davis former City National Cummins estate Joseph W. Knapp. Allan R. Black and Alva Cummins: Motor Car Special bound pany, Foster & Cameron: Richard H. Scott Fred Warner: Motor extra corporation and Wilford. Harold Martin Charles E. Ecker,
19.November 10, 1934Lansing State JournalLansing, MI
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BANK RECEIVER WINS SUIT TO KEEP ASSETS
(Concluded Page for the best inand for the benefit in Lansing The bank and others the of 26 of and in and them charged other than the highest motives their endeavor prevent run the banks in Lansing when were that immediate action prevent the must be disposed of
Judge Takes Middle Ground
The chief point involved the apparently that hinging whether not "complete novasubstituting one for had been the Moore and City not been off the Capital failed its part the ment which, to protect Capital Moore and others sought return of their Counsel for the Capital National bank bank merely agreed perform the ligations of depositors Judge Searl did not entirely agree in this He four elements being: assent of tion old contract, validity of principal inquiry in this the question the positors, whether not they accept the Capital bank Judge Searl's He Capital by $500 the National display advised all other arrangement, notice could call the Capital National bank and get his money Depositors Agreed to Terms
Judge Searl out that during Capital National bank percent of the City National bank their the complete novation, impliedly accepted substitution of debtor for and have claim the the bank, the the the cannot now be and prove against National Searl the case the percent the inactivity of could not legal proof of Moore other could not discharge the Capital was but forced by the United see reason why the be the Capital National bank now involuntary liquidation, the opinion read on this point. The guarantors turned over 000 in securities to the Capital National bank, and time deposits of protect that bank. Besides Moore, plaintiffs were: the late Davis, then president of the City National bank: Richard Reo Motor Car company; M. Katherine Knapp, widow the late Joseph W. James W. Ransom Motor Car company, and the Motor Wheel corporation.
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.
