8198. First National Bank (Niles, MI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1761
Charter Number
1761
Start Date
March 8, 1901
Location
Niles, Michigan (41.830, -86.254)

Metadata

Model
gpt-5-mini
Short Digest
540ef18549b7f8f5

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
82.5%
Date receivership started
1901-03-09
Date receivership terminated
1917-06-30
OCC cause of failure
Fraud
Share of assets assessed as good
61.2%
Share of assets assessed as doubtful
26.3%
Share of assets assessed as worthless
12.5%

Description

A rumor (rumor of mysterious origin) triggered a run on March 8–9, 1901; officers closed the bank and a national bank examiner was appointed temporary receiver (March 9, 1901). Subsequent reporting uncovered large forgeries/embezzlements by Cashier C.A. (Charles) Johnson (~$100,000–$195,000), leading to permanent failure and receivership. The bank did not resume normal operations in 1901; a reorganized First National reopened decades later (1933). Dates corrected/standardized from contemporaneous wire reports.

Events (5)

1. January 3, 1871 Chartered
Source
historical_nic
2. March 8, 1901 Run
Cause
Rumor Or Misinformation
Cause Details
A 'rumor of mysterious origin' sparked frightened depositors; about $50,000 paid out before doors were closed.
Measures
Officers closed the doors temporarily; promised to reopen and pay depositors in full; National Bank Examiner took charge.
Newspaper Excerpt
A rumor of mysterious origin started a run on the First National bank here yesterday and after about $50,000 had been paid out the officers of the institution closed the doors temporarily.
Source
newspapers
3. March 9, 1901 Receivership
Source
historical_nic
4. March 9, 1901 Receivership
Newspaper Excerpt
National Bank Examiner Joseph W. Selden has been appointed temporary receiver. ... the directors filed a declaration against Charles A. Johnson, the missing cashier, alleging that forgeries amounting to $100,000 ... The receiver's report indicates defalcation about $195,000 and the comptroller decided to assess the stockholders 100 percent of their holdings.
Source
newspapers
5. March 9, 1901 Suspension
Cause
Bank Specific Adverse Info
Cause Details
While a rumor triggered the initial run, subsequent discovery of extensive forgeries/defalcations by cashier Charles A. Johnson (shortage later reported ~$100,000–$195,000) rendered the bank insolvent and led to suspension and receivership.
Newspaper Excerpt
A telegram was received by the controller of the currency this morning announcing the failure of the First National Bank at Niles, Mich. National Bank Examiner Joseph W. Selden has been appointed temporary receiver.
Source
newspapers

Newspaper Articles (22)

Article from Evening Star, March 9, 1901

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Bank Failure at Niles, Mich. A telegram was received by the controller of the currency this morning announcing the failure of the First National Bank at Niles, Mich. National Bank Examiner Joseph W. Selden has been appointed temporary receiver. The following is a statement of the con. dition of the bank at the close of business on February 5, 1901, as shown by its report to the controller: Capital stock, $100,000; surplus and undivided profits, $24,777; cirou= lation, $100,000; dividends unpaid, $885; in dividual deposits, $387,842; total liabilities, $613,504. Information received at the controller's office gives the cause of the failure as a run on the bank, followed by the cashier closing the doors and leaving.


Article from Richmond Daily Palladium, March 9, 1901

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Bank Failure. Washington, D. C., March 9.-The comptroller of the currency was advised today of the failure of the First National bank at Niles, Mich. The examiner has appointed a temporary receiver.


Article from The Providence News, March 9, 1901

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RUN ON BANK. Doors Closed After $50,000 Had Been Paid Out. Niles, Mich., March 9.-A rumor or mysterious origin started a. run on the First National bank here yesterday and after about $50,000 had been paid out the officers of the institution closed the doors temporarily. promising to reopen next Monday and pay all depositors in full. Business men and local capitalists are confident that the bank is safe.


Article from Deseret Evening News, March 9, 1901

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Niles, Mich, Bank Failure. Washington, March 9.-A telegram was received by the controller of the currency this morning announcing the failure of the first national bank at Niles, Mich. National Bank Examiner Joseph W. Shelden has been appointed temporary receiver. The following is a statement of the bank, at the close of business on February 5, 1901, as shown by its report to the comptroller: Capital. stock, $100,000; surplus and undivided profits, $24,777; circulation $100,000; dividends unpaid, $885; individual deposits, $387,842; total liabilities, $613,504.


Article from The Topeka State Journal, March 9, 1901

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BRIEF TELEGRAMS. Neunkirchen, Rhenish Prussia, March 9. -Baron von Stumm Halberg, Conservative member of the reichstag, is dead. Sofia, March 9.-The Macedoniar committee has summoned an extraordinary congress for March 31 to consider the\complications in Macedonia. Great excitement prevails in Macedonian circles and the expectation is that there will be lively developments in Macedonia. Washington, March 9.-In addition to ex-Senator Carter, whose appointment on the St. Louis exposition commission has been announced, the president has selected for members of the commission ex-Senators J. M. Thurston of Nebraska. William Lindsay of Kentucky and George W. McBride of Oregon. Vancouver, B. C., March 9.-Andrew Carnegie has agreed to give $50,000 for a public library building for Vancouver, the only condition being that the city furnish a suitable site and agree to contribute $5.00 000 annually for the maintenance of the library. Phoenix, Ariz., March 9.-A destructive cloudburst visited Maricopa county, south of Tempe, this morning, carrying away five miles of the track of the Maricopa and Phoenix road. A large force of men was put to work to repair the track, but it will be a week before the train connections are made. Niles, Mich., March 9.-A rumor of mysterious origin started a run on the First National bank here yesterday and after about $50,000 had been paid out the officers of the institution closed the doors and announced that the bank would reopen next Monday and pay all-depositors in full. Sheboygan, Wis., March 9.-Andrew Carnegie has agreed to give Sheboygan $25,000 for a public library conditional upon the city buying a site and appropriating $2,500 annually for support of the library. New York, March 9.-The police raided a gambling room at 1 o'clock this morning in an apartment house at 116 West Forty-second street. Six prisoners were taken. The proprietor of the place, Geo. Brotherson, escaped. A large amount of gamblers' paraphernalia was seized. London, March 9.-The Tien Tsin correspondent of the Standard insists that pamphlets are widely and secretly circulated villifying foreigners and inciting the Boxers to make renewed efforts. Constantinople, March 9-The Sultan has appointed a committee of ministers to devise measures to counteract the additions to the party of young Turkey, whose members are again active. London. March 9.-The Morning Post and the Daily Express publish dispatches from Copenhagen declaring that the negotiations *between Denmark and the United States for the purchase by the latter of the Danish West Indies have been definitely broken off. Boston, March 9.-Rev. Mark Trafton, an eminent Methodist minister and formerly a member of congress from Massachusetts, died today, aged SO years. Davenport, Ia., March 9.-Andrew Carnegie offers to Davenport $75,000 for a free public library provided the city furnish $1,500 annually for its maintenance. The council will agree to the condition. Halifax, N. S., March 9.-The steamer Numadi, with the Strathcona horse on board, arrived in port today from Liverpool. The steamer anchore1 in stream to pay off the men. The soldiers will proceed to Ottawa at once. Providence, R: I.. March 9.-Edward W. Tinker, formerly champion wing shot of the world and a well known hotel keeper of Providence, died here today. Springfield, Ill., March 9.-Andrew Carnegie will give $75,000 to the city of Springfield for a free public library. The city has voted $10,000 a year for maintenance. Washington, March 9.-Mr. Payson, representing Morgan Bros. of Seattle today signed at the navy department the contract for the construction by the firm of the battleship Nebraska. London, March 9.-Consuelo Yznaga, Dowager Duchess of Manchester, and Sir John and Lady Lister Kaye will sail for New York today. St. Petersburg, March 9.-The health of Count Tolstoi, the novelist and social reformer here, is occasioning unusual anxiety. He has grown thin and complains of pains in the kidneys and of liver troubles.


Article from The Indianapolis Journal, March 10, 1901

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BANK CASHIER MISSING / FIRST NATIONAL, OF NILES, MICH., IN HANDS OF THE EXAMINER. Directors Say Its Affairs Are in Sound Condition - Cashier Johnson Said to Be in Chicago. NILES, Mich. March 9.-Great excitement prevails here to-night over the disappearance of C. A. Johnson, cashier of the First National Bank, which closed its doors yesterday after a short run on its funds by scared depositors. None of the officials of the bank seem to know where Johnson is but President W. K. Lacey, who insists that Johnson is in Chicago suffering from a complete mental collapse. All sorts of rumors are going around regarding the missing cashier, but none can be verified. It is alleged that Johnson gambled. The directors of the bank assert that the concern's affairs are in a prosperous condition so far as they know. National Bank Examiner Selden is in charge of the bank's affairs. He said when asked if he was responsible for the Washington dispatch saying that Johnson had absconded: "I simply telegraphed Washington that the bank is closed and cashier gone." The city and county have deposits in the bank amounting to $30,000. None of the business men of the city withdrew their deposits during the run, and if the bank does not resume soon it is said several local business men will be forced to the wall. SOUTH BEND, Ind., March 9.-Charles A. Johnson, cashier of the First National Bank at Niles, which closed its doors yesterday, came to this city shortly before noon yesterday. He said he was en route to Chicago, where he expected to get all the money he needed to open the bank for business. He declared the bank was all right, but had been the victim of unfounded rumors. WASHINGTON, March 9.-A telegram was received by the controller of the currency this morning announcing the failure of the First National Bank, at Niles, Mich. National Bank Examiner Joseph W. Selden has been appointed temporary receiver. Following is a statement of the condition of the bank at the close of business on Feb. 5, 1901, as shown by its report to the controller: Capital stock, $100,000; surplus and undivided profits, $24,777; circulation, $100,000; dividends unpaid, $885; individual deposits, $387,842. Total liabilities, $613,504.


Article from The Saint Paul Globe, March 10, 1901

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ONE MORE BANK GOES UP FIRST NATIONAL BANK OF NILES, MICH., PLACED IN THE HANDS OF A RECEIVER . CASHIER IS REPORTED MISSING Much Excitement Prevails Over the Suspension, and Business Houses May Be Forced to the Wall. WASHINGTON, March 9.-A telegram was received by the comptroller of the currency this morning announcing the failure of the First National bank at Niles, Mich. National Bank Examiner Joseph W. Seldon, has been appointed temporary receiver, The following is a statement of the condition of the bank at the close of business on Feb. 5, 1901, as shown by its report to the comptroller: Capital stock, $100,000; surplus and undivided profits, $24,777; circulation, $100,000; dividends unpaid, $885; individual deposits, $384,342; total liabilities, $613,504. CASHIER OUT OF SIGHT. NILES, Mich., March 9.-Great excite. ment prevails here tonight over the disappearance of Charles Johnson, cashier of the First National bank, which closed its doors yesterday afternoon after a short run on its funds. None of the officers appear to know where Johnson is, but President Norton, who insists Johnson is in Chicago suffering a complete mental collapse. All sorts of rumors are going around concerning the missing mashier. It is alleged Johnson gambled, The directors of the bank assert the bank's affairs are in a prosperous condition, SO far as they know. National Bank Examiner Spalding is in charge of the bank's affairs. He was asked if he was responsible for the Washington dispatch saying that Johnson had absconded and said: "I simply telegraphed Washington that the bank was closed and the cashier gone. The city and county have deposits in the bank amounting to $30,000. None of the business men of the city withdrew their deposits during the run and if the bank does not resume shortly it is feared several establishments will be forced to the wall.


Article from The Salt Lake Herald, March 10, 1901

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FORCED TO SUSPEND. First National Bank of Niles, Mich., Closes its Doors. Washington, March 9.-A telegram was received by the conptroller of the currency this morning announcing the failure of the First National bank at Niles, Mich. National Bank Examiner Joseph W. Shelden has been appointed temporary receiver.


Article from The Salt Lake Herald, March 12, 1901

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Run on a Bank. Arkansas City, Kan., March 11.-The re. port of the failure of the First National bank of Niles, Mich., caused much excitement here today, for C. A. Johnson, the missing cashier of Niles, is president of the Farmers' National bank of this place. The fact became known Sunday morning and when the bank opened this morning there was quite a run on the institution. Cashier A. H. Denton Hane provided over $100,000 in currency and met the excited depositors coolly. The de. posits at the time of the bank's last statement were $292,405, with $107,000 cash on hand.


Article from Manchester Democrat, March 13, 1901

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CASHIER NON EST INVENTUS. Bank Closed, but Its Officers Say It Is in a Prosperous Conditions. Niles,- Mich., March 11.-Great excitement prevailed here Saturday night over the disap arance of C. A. Johnson, cashier of the First National bank, which closed its doors Friday after a short run on its funds by scared depositors. None of the officials of the bank except President W. K. Lacey seem to know where Johnson is, and Lacey insists that Johnson is in Chicago, suffering from a complete mental collapse. It is alleged that Johnson gambled. The directors of the bank assert that the concern's affairs are in a prosperous condition, so far as they know. National Bank Examiner Selden is in charge of the bank's affairs. He said when asked if he was responsible for the Washington dispatch saying that Johnson had absconded, "I simply to'egraphed Washington that the bank is closed and cashier gone." Later.-Mrs. Johnson, wife of the missing cashier, last night returned from Chicago, where her husband is ill at the home of his brother-in-law. The bank officers say that a search of the bank's books shows that not a dollar is missing.


Article from The Savannah Morning News, March 14, 1901

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BANK HOLDS FORGED PAPER. Missing Cashier Johnson Charged With the Crime. Niles, Mich., March 13.-The directors of the suspended First National Bank filed a declaration against Charles A. Johnson, the missing cashier of the bank, alleging that forgeries amounting to $100,000 against leading citizens of this country have been committed by him. It was found to-day that there was a great quantity of forged paper held by the institution. Bank Examiner Selden filed papers with the county clerk at St. Joseph attaching all of Johnson's property, but it will not cover the shortage by many thousands. No trace of Johnson was discovered to-day.


Article from Rock Island Argus, March 14, 1901

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NILES BANK IN A BAD WAY Missing Cashier Now Charged with Forgeries Aggregating $100,000. Niles, Mich., March 14.-The directors of the suspended First National bank yesterday filed a declaration against Charles A. Johnson. the missing cashier of the bank. alleging that forgeries amounting to $100.000against leading citizens of this county have been committed by him. It was found that there was a great quantity of forged paper held by the institution. Bank Examiner Selden filed papers with the county clerk at St. Joseph, attaching all of Johnson's property, but it will not cover the shortage by many thousands. No trace of Johnson has been discovered. Of the forged paper found $20,000 was against T. L. Wilkinson, of St. Joseph, a member of the abstract firm of Dix & Wilkinson, which did a large business with the bank. So many local manufactories and business firms are embarrassed by the suspension that it is vital to the town that the bank's affairs be settled up with all possible speed.


Article from Belding Banner, March 14, 1901

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MINOR MICHIGAN MATTERS. The grand jury cases will be taker T April dn Mendon was visited by a $1,300 fire on the 4th. Every cell in the Oakland county jail at Pontiac is filled. The Rapid Railway Co. has removed its general offices from Detroit to New Baltimore. It is getting about time for some to start the report that the peach buds have been killed. J. W. Martin, the Detroit telephone promoter, has been granted a franchise for a plant in Jackson. Grand Rapids suffered a loss by on the night of the 5th that destroyed $20,000 worth of property. The G. R. & I. has inaugurated new fast freight line between Mackinaw City and Richmond, Ind. Wolves are very numerous in Luce county this winter, and hunters killing large numbers of them. Grand Haven's fine highschool building was destroyed by fire on the night of the 5th, entailing a loss.of $70,000. Philip Helma, of Imlay City, recently sold a porker which weighed pounds, for which he received $32.20. Harry Houghton, of St. Joseph, was awarded $90 damages against Deputy Game Warden Palmer for false imprisonment. Hamilton business men and the farmers of the vicinity have organized a stock company for the establishment of a creamery in the village. Hall & Dunville's lumber camp, Menominee was quarantined one day recently, because of smallpox. Other lumber camps are also under quarantine. The hearts of Watervliet folks have been gladdened by the announcement that the big paper mill, the industrial mainstay of the village, is to resume operation soon. Rumors are again in circulation in Calhoun county that renewed efforts will be made by Battle Creek to secure the removal of the county seat thence from Marshall The Central Normal school at Mt. Pleasant will re-open March 18 and the city schools a week earlier. The health officers believe the smallpox will be all out of the city in that time. At the Prohibition state convention, held at Kalamazoo on the 5th, a resolution was introduced indorsing the work of Mrs. Carrie Nation in smashing saloons in Kansas, but it was almost unanimously voted down. A rain and sleet storm, extending over the southern portion of the state on the 10th. caused much damage to telephone and electric street railway property. The loss is estimated at $25,000, Detroit's share being $15,000. Five cases of smallpox developed Saginaw on the 8th, and many others are suspected. The talk of closing the public school grows. An assistant health officer has been appointed, the cases now require the attention of two physicians. There are at present 207 rural free mail delivery routes in Michigan and 415 applications for routes pending. By June 30 next, when the current propriation expires, there probably will be 4,300 routes in operation in the whole of the U. S. An unexpected run on the First National bank at Niles on the 8th caused *hat instituion to close its doors. It one of the best paying banking institutions in Berrien county, and will reopen very shortly. Had the run been foreseen ample cash would have been on hand to meet all demands. An explosion which jarred the whole village of Plymouth and awoke farmers


Article from The Wisconsin Tobacco Reporter, March 15, 1901

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BANK IS ALL RIGHT. Cashier Goes Insane Over the Strain of the Run, but Is Honest. Niles, Mich., March 12. - W. W. Stevens, the son-in-law of Bank President W. K. Lacy, who is a director and one of the heaviest stockholders in the suspended First National bank, says that Charles A. Johnson, the missing cashier of the First National bank here, is in Chicago. in the care of one of his brothers, and that he is deranged. Johnson went to Chicag) directly after the bank closed to secure funds, but broke down under the strain. On Friday, just as the bank closed, $125,000 arrived from Chicago and was delivered at the bank by the American Express company. The directors of the bank through Stevens declare that the bank's affairs are in perfect condition. They say that when Johnson left for Chicago he took with him securities on which to raise sufficient money to resume business. These securities are safe. Evidence is coming to light which points to a scheme of enemies to close the First National.


Article from Vilas County News, March 18, 1901

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Domestic. Ex-President Harrison's illness is regarded as very serious. Andrew Carnegie gave West Superior $50,000 for a library. The Utah legislature is to pass a law permitting polygamy in the state. Christopher L. Magee, republican leader of Pittsburg, died at Harrisburg. The session of the Delaware legislature ended and no senator was elected. The organization of the senate committees was postponed until December. First National Bank, Niles, Mich., was forced to suspend payment by a run. Gov. Toole of Montana vetoed the bill known as the "change of venue bill." The private bank of J. H. Springer at Oregonia, Kan., was robbed of $6,600. Masked men tortured a negro at Du Quoin, Ill., to extort a confession of theft. Postoffice at West Toledo, O., was wrecked by robbers, who escaped with $700. John D. Rockefeller gave $100,000 for a new residence hall at Vassar college. Experiments of the agricultural department in destruction of weeds by


Article from The Indianapolis Journal, March 19, 1901

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MISCELLANEOUS NEWS. Notes of Departmental Work and Postal Information. First Lieutenant Albert M. Petite, Thirty-ninth Volunteer Infantry, has been honorably discharged from the service. Major Charles Newbold, paymaster, who recently returned from the Philippines, has been ordered to San Francisco to assist in the payment of the volunteer troops returning home from the Philippines. Yesterday's statement of the treasury balances in the general fund exclusive of the $150,000,000 gold reserve, in the division of redemption shows: Available cash balance, $150,643,705; gold, $91,846,694. Lamar C. Quintero, of New Orleans, has advised the War Department that on account of illness in his family it will be impossible for him to accept one of the Supreme Court justiceships of the Philippines. Representative Livingston, of Georgia, who has been confined to his room since Wednesday last with an attack of pneumonia, was reported last night as resting comfortably, with chances favorable to recovery, though the crisis of his illness has not yet passed. The examining board of dental surgeons has reported to Surgeon General Sternberg that Clare E. Lauderdale, of New York, and S. Davis Boak, of West Virginia, have successfully passed the examination for appointment as dental surgeons in the army under the provisions of the army re-organization act. The commissioner of internal revenue has held that when additional warehouse certificates are sold and fully paid for the purchaser thereby obtains all rights that he could by purchase of unconditional certificates for whisky in bond, and the vendor is required to pay special tax as a wholesale liquor dealer. Consul Hughes, at Coburg, informs the State Department that it is reported that English manufacturers are losing their hold on the cotton goods market of Smyrna, Turkey, owing to sharp competition on the part of the Americans. Among other articles which are declining in favor of the Americans are cloths. United States Consul General Bittinger, at Montreal, has forwarded to the Department of State a report of the postal service of Canada. He says that on letters to the United Kingdom and numerous British possessions and protectorates postage has been reduced under the present administration to 2 cents per half ounce, the same rate as to the United States. Consul General Guenther, at Frankfort, reports that on account of the lack of land and the increased taxation the religious sects in the Caucasus have left that country and settled in Canada, and also that the residents of Transcaucasia wish to leave that country to come to North America. The total number of these immigrants, it is said, is about 50,000. A telegram was received at the Navy Department yesterday from the commandant of Norfolk navy yard, stating that the cruiser Dixie, which has just been placed in dry dock, has been examined and found to have sustained no damage to her hull through her recent grounding near Maryland Point in the Potomac river while endeavoring to reach Washington March 2 last. In the case of the secretary and disbursing agent of the Interstate-commerce Commission, the controller of the treasury has held that accounts for telegraph tolls must be accompanied by copies of the telegrams or by a certificate from the commission stating that the telegrams sent were of such a confidential nature that to file them with the auditor would be prejudicial to the public interests. The controller of the currency has received from the temporary receiver of the failed First National Bank of Niles, Mich., a preliminary statement of the bank's condition. From this report it appears that the amount of the defalcation would be ap-


Article from Wood County Reporter, March 28, 1901

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have been fenced in by a company of cattle-men under the name of the American Live Stock company, who are resisting every effort of the government to dispossess them. Three bridges on the line of the Chattanooga, Rome and Southern, between Cedartown and Carrollton, Ga., were burned. It is believed to be the work of incendiaries. An organized band of bridge burners is supposed to be operating in that part of the country. Gen. Harrison's will was filed. The widow gets $15,000 outright, the income of $125,000 and the use of his Indianapolis home; each of his two daughters is to have one-third of his residuary estate, and the other third is to go to Russell Harrison's children. At Kansas, City, Mo., fire destroyed all the buildings in the block bounded by Fifth and Sixth streets and Kansas and Scott avenues in the Armourdale district of Kansas City, Kan. Two fires started simultaneously in two points. The loss is estimated at $50,000. Commissioner of Indian Affairs Jones has instructed Indian Agent Hazlitt, of Fort Defiance reservation. Arizona, to take all necessary steps to bring back Navajo Indians, who the supervisor of the Grand Canon forest reserve reports are now trespassing on that reserve. County Clerk Deane of San FrancisCO has refused the applications of forty Japanese for papers declaring their intention to become citizens of this country. Mr. Deane based his refusal on a United States court decision which held that Japanese could not become citizens. Fire in the leather and harness factory of the Startzman-Milliken company, Baltimore, spread to the adjoining building, occupied by Ferris, North, Stern company, bakers' supplies, and Steppacher & Stern, shirt manufacturers, causing a total damage estimated at $150,000. Under a court order made the publication of the Louisville Dispatch is to be discontinued and the paper sold. It is said that for some time the paper has been running at a loss of $600 a week and has debts of about a $5,000. The assets represented by the = typesetting machines and fixtures are $32,000. The Dispatch was established in 1897. George Graham of Berrien Springs, who came to Niles, Mich., for the purpose of applying to the receiver of the suspended First National bank for $30,000 of negotiable United States bonds which he had placed in a rented strong box in the vault of the bank, d found the bonds missing and they apd pear to have gone with Cashier Johnson. The bank is not responsible for the bonds. At Savannah, Mo., there is a story in circulation that sealed indictments were returned by the special grand jury aginst two men for the murder of Millionaire Frank Richardson, who 0 was killed at the door of his wife's bedroom on the night of Dec. 24. It is said that the indictments will not be r made public until after Mrs. Addie L. Richardson, who was recently indicted for murder in the first degree, has


Article from The Oskaloosa Herald, March 28, 1901

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HAVE YOU A PYRAMID ? Defalcation Nearly $200,000. Washington, March 26.-Mr. Dawes, the comptroller of the currency, has received a report from the receiver in charge, on the condition of the failed First national bank of Niles, Mich. The report will not be made public at present, but it is stated that the indications are that the defalcation of the cashier will amount to about $195,000. The comptroller of the currency Monday decided to assess the stockholders of the bank 100 per cent. of their holdings.


Article from Elmore Bulletin, April 4, 1901

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Michigan Cashier Took Everything in Sight. Mr. Dawes, the comptroller of the currency, has received a report from the receiver in charge on the condition of the failed First National bank of Niles, Mich. The report will not be made public at present, but it is stated that the indications are that the defalcation of the cashier will amount to about $195,000. The comptroller decided to assess the stockholders of the bank 100 per cent. of their holdings.


Article from The Saint Paul Globe, October 15, 1901

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AFTERNOON NEWS CONDENSED Nagasaki-The Japanese steamer Tsuruhiko has been wrecked off Mejima Only one person of those on board was saved. Cape Town-Owing to the restrictions of martial law, the pro-Boer South African news publication. has been obliged to suspend Des Moines, Iowa-Congressman Hull of the committee on military affairs, ill at his home in this city, threatened with bowels. an attack of inflammation of the New York-James Ross, the wealthy Ca. nadian who was reported at Halifax be negotiating for a challenge of the America's cup personally denies that there is any truth in the story, SO far as he is concerned. Stockholm-The postal statistics for the year 1900 show that since international money orders were inaugurated in 1885. the United States sent to Sweden 51,124,000 kroner more than was received in the United States from Sweden. London-A new advance in wireless telegraphy is recorded here. The Daily Telegraph says that Marconi has succeeded in transmitting messages through the air for nearly 350 miles. which is far greater than the maximum distance hitherto reported. Chariton. Iowa-Joseph Buchanan, aged hermit, was found dead in his an cabin near this place, his head having been split open with an ax. He was reputed to have had much wealth stored about his cabin and his murder is supposed to have had robbery as its motive. Vienna-The situation in Albia is evi. dently going from bad to worse. The shadow of authority still retained by the sultan continues to be defied The Turkish troops have not been paid for many months and periodically plunder the villages, seizing all the food and money they can lay their hands on. St. Louis-The thirteenth annual convention of the Order of Railway Telegraphers met here, with President M. M Dolphin in the chair. Over 100 delegates were present, every division of the order being represented. The convention will continue several days, and its sessions will be held behind closed doors. Antwerp-King Leopold has decided to visit New York. He announced this at an interview granted to the burgomaster Saturday His majesty expects, among other advantages, to get in the up United States, making suggestions shipping arrangements, which will prove beneficial to the ports of Belgium. Clifton, Ariz.-An explosion of a boiler in the plant of the Detroit Copper company instantly killed W. W. Morgan and F. A. Adams, firemen. Harry Davidson, converter engineer, and Jose Antiveras, helper on the engine, and several others, were painfully injured by molten metal. but the injuries are not necessar. fatal. ily Mansfield, Ohio-Charles W. Fritz. auditor of Richland county has placed on the tax duplicate against W. S. Kerr and M. M. Parker, as executors of the estate of the late Senator John Sherman, $263,928 back taxes. The amount is said to cover bonds on which no return was made. Treasurer Brumfield will likely bring suit to collect the amount. Grand Rapids, Mich.-William K. Lacey, former president of the First National Bank of Niles, Mich., which was wrecked by the embezzlements of Cashier Johnson, who was indicted by the federal grand jury last week for violation of the national banking law, was released under $10,000 bail. Mr. Lacey had been under arrest since Saturday. Pekin-Pourparlers are proceeding between M Lessas, the Russian minister, and the Chinese envoys for the restitution to the Chinese of the Shan-HaiSinmin Ting railway under conditions which it is expected will be entirely satisfactory. The Chinese hope the railroad will be restored to them within the next fortnight Pinconning. Mich.-The Farmers' bank of this village was attacked by a party of five burglars. The outside door was blown off. and the explosion was SO great that it hurled the door through the front of the building. The explosion aroused the village and the burglars were frightened away before they could secure the steel money box,which contained between $3,000 and $5,000. Chicago-Through his attorney, Robert E. Burke, under indictment for failure to turn over certain funds as city oll inspector, applied for a writ of habeas corpus. The petition avers that the ordinance making the city oil inspector's office a salaried one is Invalid and there is no state law exactly covering Burke's case. Judge Dunn will hear arguments Vednesday. Baltimore-The tenth annual convention of the Master Horseshoers National Protective association began here and will last a week. There are 135 delegates, representing almost every state in the union. This morning's session was devoted to adresses of welcome by Mayor Hayes and local members of the association and responses by the officers. New York-II Novientemo, an Italian newspaper published in Paterson, N. J., makes the statement that scores of Italians have been discharged from the industries of that city because of their nationality since the assassination of the president The paper strongly protests and declares there was nothing in common between the Italians and McKiniey S slayer. Chicago-Mathias Thorsson and his son, Thomas were asphyxiated here. The elder Thorsson was afflicted with partial paralysis. As was his custom, he arose at 3 a. m. to prepare his breakfast. leaving his son asleep in a room adjoining. He turned on the gas, it is thought, but before he could light it was stricken by his malady. Bluffton. Ohio-Burgiars blew open the safe in the office of the Bluffton Milling company here with a large charge of dynamite. The building caught fire and the entire plant was destroyed, causing a loss of $25,000. It is stated the burglars secured nothing, as the safe was empty They fired two shots at Watchman Green, who attempted to turn in an alarm, and made their escape. Auburn, N. -"Absolutely nothing new with Czolgosz" was Warden Mead's reply to a query of an Associated Press representative. "The condemned assassin has not asked for any spiritual adviser whatever. The death warrant has not been read to him as yet. He has not given the least intimation that he would like to make away with himself, contrary reports notwithstanding. Of course, he will not be given the slightest opportunity for this purpose.' Chicago-The mysterious prisoner at Townhall station, accused of many burglaries, and whose name was given as Gibson, is, according to the Tribune, Edward Storey. He was a student he said, at the University of Notre Dame, and one of the athletic stars of the college two years age At that time his family lived in Hyde Park. and the young student was well supplied with money. Storey admits, It is said, that his mother now


Article from Northern Wisconsin Advertiser, October 24, 1901

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An explosion in a mine at Tunnelton, W. Va., injured thirteen miners, five probably fatally. The accident was caused by a miner loading a hole with too much powder. causing the dust from the electric machines to ignite and explode. Jewels valued at $7,000, the property of Mrs. Graeme Harrison of London, were missing for five hours at New York. and after the police had instituted a vigorous search were returned to their owner. The police refuse to give any information. At Philadelphia, Emma Ahn and Anna Derr were arrested on a charge of setting fire to the Magdalen home, on Twenty-first street, above Race street. Both girls admitted that they had planned the act and that they had stared to fire in five different rooms. A. B. Stickney, president of the Chicago Great Western road, made an address before the American Banking association advocating a radical revision of the banking system and the establishment of a central bank. His views were commended by Secretary Gage. William K. Lacey, ex-president of the First National bank of Niles, Mich., which was wrecked by the em bezzlements of Cashier Johnson, who was indicted by federal grand jury for violation of the national banking law, was released at Grand Rapids under $10,000 bail. William Bishop, a Chicago lawyer who lived in Waukegan, was found near Rochester, N. Y., with his throat cut. How he came to his death is a mystery, but it is believed he was murdered. Fifty dollars in money and a quantity of jewelry were found in his pocket. H. C. Henderson, who has been in jail at Dallas, Tex., for a year and a half and who says that he assisted in the kidnapping of "Eddie" Cudahy of Omaha, was sentenced at Dallas to the penitentiary. A year ago he was convicted of swindling and now goes to serve a 13-years' sentence. The Citizens' Bank and Trust company of Franklin, Tenn., has closed its doors. No reason is assigned for the suspension and the status of its financial condition has not been given out. The last statement of the bank shows its liabilities to be over $30,000 and they were fully covered by resources. The Episcopal convention at San Francisco ended with the creation of new missionary dioceses and the reading of a pastoral letter from the bishops. It voted to appoint a joint commission of bishops and deputies to consider a change in the name of the denomination. The divorce canon was rejected. At Cleveland George W. Howe, a well-known business man and army officer and former secretary of the Cleveland National League baseball club, died of kidney disease, aged 69 years. He was a son of George Howe, inventor of the truss bridge, and a cousin of Elias Howe, inventor of the sewing machine. The most disastrous fire in point of property loss known at Bangor, Me., in many years, occurred when the frame building occupied by the Bangor beef company. agents for the Swift dressed beef company of Chicago, the C. M. Conant company and others were burned with a loss of $80,700 and insurance of $22,800. At Scranton, Pa., a crowd of streetcar strike sympathizers assembled at the lower end of the south side line and piled obstructions on the track. As cars came along they were greeted with a fusillade of stones. A pas senger. Mrs. Samuel Jones, and an Italian trackman employed by the company were cut by flying glass. Marquis Ito, accompanied by Consul Frijita and Senator Tsudutki, was the guest of the university of Chicago. He was escorted to the university campus by Prof. Edmund J. James, where he was met by President Harper, who conducted him about the grounds and through the various buildings. He was dined by President Harper. At Leadville, Ed. Dorrington. 16 years of age, was shot and killed instantly; Earl King, 18, was fatally wounded, and James Considine, 14, was shot through the back and hips by Jesse Sherman, who caught the boys paching on his rabbit preserves. Sherman asserts that the gun was accidentally discharged while he was running. The Wisconsin supreme court granted a new trial to Amos Loner-


Article from The Herald-Press, July 22, 1933

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BANK OPEN AUG. NILES. July 22-Reorganized without aid, the new First National Bank of Niles is expected to open by August paying 40 per cent to in the old bank upon opening. in addition to the 10 per cent already paid. Ernest Barber was elected president by the board of directors yesterday. A. Bonner, Buchanan manufacturer. elected Farquhar, formerly of Detroit, elected vice-president, cashier and manager of the bank.