Algonac Banking Company (Algonac, MI)

Episode Information

Episode UID
839814291228
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
83981429 hash
Start Date
April 1, 1902*
Location
Algonac, Michigan (42.618, -82.531)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
933fe628d631996c

Response Measures

None

Events (2)
1. April 1, 1902* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Manager J. Will McKenzie disappeared; bank insolvent with liabilities equal to assets.
Newspaper Excerpt
The Algonac Banking Co. closed its doors last week.
Source
newspapers
2. May 2, 1902 Receivership
Newspaper Excerpt
Spain Pearce, of Port Huron, has been appointed temporary receiver of the bank.
Source
newspapers

Newspaper Articles (6)
1. May 2, 1902 The Yale Expositor Yale, MI
Article from The Yale Expositor, May 2, 1902

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Article Text

aunt near Yale. Walter Briggs, proprietor of the Briggs house at Port Huron, which has been 80 notorious lately, has plead guilty to keeping a disorderly place, and his fine wasplaced at $1,000, which is the largest fine ever paid in the county. Briggs paid it before leaving the court house and claims now that he will conduct his hotel in an orderly manner. The Algonac Banking Co. closed its doors last week. J. Will McKenzie and P.J. Kean, of Algonac, are principal stock holders. Liabilities are given at $20,000and assets the same. McKenzie, the manager of the bank, has disappeared and his whereabouts are not known. Spain Pearce, of Port Huron, has been appointed temporary receiver of the bank.

2. May 8, 1902 Belding Banner Belding, MI
Article from Belding Banner, May 8, 1902

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Article Text

WHAT'S DOING IN MICHIGAN Hunting Up the Wrecked Algonac Bank Assets. SAW SON CRUSHED TO DEATH. Ludington Man Struck by Lightning- She Robbed the Mourners-Latest Happenings In all Parts of the State Briefly Told for These Busy Days. The Algonac Bank. The hearing in the Algonac Banking Co.'s receivership, before Referee in Bankruptcy Davock, was held and a number of witnesses examined. Attorney Frank T. Wolcott, for Receiver Lewis T. Bennett, was seeking to elicit information from the witnesses which would tend to discover more property that should be properly added to the assets of the failed institution. The two principal items of that kind are the proceeds of the mortgage executed by Financier McKenzie just before his departure on the Kean farm, upon which a loan of $3,500 was obtained through Attorney Hanna, of Sarnia. and the $16,000 worth of collateral in possession of the Moore Bros.' bank at Marine City, as security for a $9,000 loan. In the mortgage case Attorney George G. Moore asserts that it was executed to save something for the Kean family out of the wreck, and as it is held by the alleged innnocent purchasers, and the money secured thereon has been turned over to Mrs. Kean, its whereabouts will have to be discovered before it can be confiscated. In the matter of the bank's collateral, so much thereof as can be shown to have been received by the bank within the four months prior to the failure, can be recovered back to the receiver under the bankruptcy laws. but upon this question the testimony adduced was very bazy. Charles Doyle, manager of the Marine City Bank, was somewhat uncertain in his evidence, and it was not clearly established how much of the collateral would become subject to the bankruptey laws. Cashier McKenzie was present at the hearing. There was quite a strong array of legal talent present to help unravel the snarl. The examination was adjourned until next Friday.

3. January 1, 1903 The Rich Hill Tribune Rich Hill, MO
Article from The Rich Hill Tribune, January 1, 1903

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Article Text

BUSINESS FAILVRES. Jan. 10-Cleveland. O., Euelid Trust & Savings Co.: $1 1,500,000. II-Painesville, O. People's bank: $173,000 Chirago, Geo. H. Phillips, "corn king, falls for second time in 7 months. 17-Albany, Ga., Commercial bank: $123,000 2-Bellwood. Neb., Platte Valley state bank Feb. 10-Detroit, Mich. City savings bank. on account of shortage of Vice President Frank c. Andrews Il-Belment (0) national bank Burnett Tex., private bank of W. R. Westfall & Co. Mar. 1-Elkhart, III., State bank. II-Wanatah Ind., Julhia Center banker. Americus, Ga., People's bank: $30,000. Apr 4-BL Paul, U. S. Saving & Loan Co.: $800,000. N-Algonaç (Mich.) Banking Co.'s bank; $32,000 Jun. 3-Chicago, John A. & Alexander Davideen. marble contractors $1,891,888. II-Charlesten (S. C.) Exposition Co., placed in receivers' hands: $450,000. as Murdeck, Neb., German state bank: $37,000 Jul. -New York city, M. P. Anderson, real estate operator; $1,580,242 20-Brooklyn. N. X4 Malcolm Brewing Co.: $800.000. Allg 16-Elgin, IIL. Obadlah Bands Butfor corporation, $445,000. 20-Clayeland, O., Forward Reduction Co., beening Texas all: $500.000. 24 Kloora (Ind) bank $10.000. step -New York American bioycle trust. -Treaton. N. In National Balt Ca sell $800,000.

4. January 9, 1903 The Tupelo Journal Tupelo, MS
Article from The Tupelo Journal, January 9, 1903

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BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank; $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, Ill., State bank. 15-Wanatah, Ind., Julius Conitz, banker. 20-Americus, Ga., People's bank; $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich.) Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands; $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank $10,000. Sep. 2-New York, American bicycle trust. 30-Trenton, N. J., National Salt Co. ("salt trust"); $300,000. Oct. 7-Oto Ia., bank of F. H. Cutting & J. T. Willett: $20,000. 16-New York, Gillman, Son & Co's banking house; $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston, Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.

5. January 10, 1903 The Scranton Chronicle Pascagoula, Scranton, MS
Article from The Scranton Chronicle, January 10, 1903

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Article Text

BUSINESS FAILVRES. Jan. 10-Cleveland, O., Euclid Trust & Savings Co.; $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king," fails for second time in 7 months. 17-Albany, Ga., Commercial bank; $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit, Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (O.) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz. banker. 20-Americus, Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.; $800,000. 24-Algonac (Mich, Banking Co.'s bank; $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,838. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands: $450,000. 30-Murdock, Neb., German state bank; $37,000. Jul. 3-New York city, M. P. Anderson, real estate operator; $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.; $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation, $445,000. 20-Cleveland, O., Forward Reduction Co., booming Texas oil; $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. Oct. 7-Oto, Ia., bank of F. H. Cutting & J. T. Willett; $20,000. -New York, Gillman, Son & Co's banking house: $200,000. Nov. 5-Richmond, Va., Leon L. Strause, leaf tobacco; $300,500. 13-Boston, Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.

6. January 10, 1903 The Van Buren Press Van Buren, AR
Article from The Van Buren Press, January 10, 1903

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Article Text

BUSINESS FAILVRES. Jan. 10-Cleveland. O,, Euclid Trust & Savings Co.: $1,500,000. 11-Painesville, O., People's bank: $173,000. 14-Chicago, Geo. H. Phillips, "corn king,' falls for second time in 7 months. 17-Albany, Ga., Commercial bank: $123,000. 28-Bellwood, Neb., Platte Valley state bank. Feb. 10-Detroit Mich., City savings bank, on account of shortage of Vice President Frank C. Andrews. 25.-Belmont (9) national bank. 26-Burnett, Tex., private bank of W. H. Westfall & Co. Mar. 3-Elkhart, III., State bank. 15-Wanatah, Ind., Julius Conitz. banker. 20-Americus, Ga., People's bank: $30,000. Apr. 4-St. Paul, U. S. Saving & Loan Co.: $800,000. 24-Algonac (Mich.) Banking Co,'s bank: $32,000. Jun. 3-Chicago, John A. & Alexander Davidson, marble contractors; $1,391,835. 13-Charleston (S. C.) Exposition Co., placed in receivers' hands: $450,000. 30-Murdock, Neb., German state bank: $37,000. Jul. 3-New York city, M. P. Anderson real estate operator: $1,535,212. 29-Brooklyn, N. Y., Malcolm Brewing Co.: $800,000. Aug. 16-Elgin, III., Obadiah Sands Butter corporation. $445,000. 20--Cleveland, O., Forward Reduction Co., booming Texas oil: $500,000. 24-Elnora (Ind.) bank: $10,000. Sep. 2-New York, American bicycle trust. 30-Trenton, N. J., National Salt Co. ("salt trust"); $300,000. Oct. 7-Oto, la., bank of F. H. Cutting & J. T. Willett: $20,000. New York, Cillman, Son & Co's bankIng house; $200,000. Nov. 5-Richmond. Va., Leon L. Strause, leaf tobacco: $300,500. 13-Boston Central national bank. Dec. 8-Omaha, W. H. Bennett Co.'s. department store.