9164. Michigan Trust Company (Grand Rapids, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
January 29, 1897
Location
Grand Rapids, Michigan (42.961, -85.656)

Metadata

Model
gpt-5-mini
Short Digest
bee6ab06

Response Measures

None

Description

Article (Ocala Banner, 1897-01-29) reports a receiver was appointed for the Michigan Trust Company of Grand Rapids, which suspended. No run is mentioned. Cause of suspension is not specified in the articles. Article 2 (The True Northerner, 1897-02-24) refers to the Michigan Trust Company acting as a receiver in the R. G. Peters case (this describes the trust company performing receivership duties, not the bank reopening).

Events (2)

1. January 29, 1897 Receivership
Newspaper Excerpt
A receiver has been appointed for Michigan Trust Company, of Grand Rapids, which suspended.
Source
newspapers
2. January 29, 1897 Suspension
Cause Details
No cause given in the article; suspension noted with receiver appointment.
Newspaper Excerpt
A receiver has been appointed for Michigan Trust Company, of Grand Rapids, which suspended.
Source
newspapers

Newspaper Articles (2)

Article from The Ocala Banner, January 29, 1897

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Article Text

The goods at Bonham, Tex., given a trust deed. The National Buggy Company, of Cincinnati, Ohio, assigned. The A. C. Witty Mercantile Company, of Rising Star, assigned. The Bell Mill Company, of Everett, Wash., given a chattel mortgage for $15,000. Hirsch and Co., dealers in clothing and dry goods at Sparta, Wis., have been attached. Perry, Oldham and Co., dealers in dry goods at McKinney, Tex. given a trust deed. The Bazzet-Uher Company, dealer in jeweler at Chicago. Ill., assigned. W. D. R. McConnell, dealer in dry goods at Brownwood, Tex., given a trust deed. Hayden and Chester, wholesale dealers in notions at Providence, R. I., assigned. A. J. Christmas and Co., dealers in dry goods at Glasgow, Ky., assigned. A reciver appointed at Muskegon, Mich., for the suspended Whitehall State Saving Bank. The First National Bank of Kentucky., failed. Nils Holm and Co., dealers in clothing at Eau Claire, Wis., chattel mortgage foreclosed. The Auderton and Eberhart Company, dealers in jewelery at Dayton, assigned. Stacy H. Scott, a well known farmer of Burlington county, New Jersey, assigned. The Orange City (Fla.) Bank, a private institution, of which John E. Stillman is president, assigned. Samuel Bongio, wholesale and retail dealer in fruits at Houston, Tex., given a trust deed. Grimshaw Brothers, silk manufacturers, who conduct a plant at Reading, Pa., assigned. A receiver has been appointed for Michigan Trust Company, of Grand Rapids, which suspended. The defunct banks of Martinsburg and Williamsburg, Pa., have avalible assets of $65,864 and $18,615 liabilities respectively. F. B. Gravely and Co., wholesale and retail dealers in groceries and feed at Danville, assigned. P. W. Smith, proprietor of the Kay County Bank, of Newkirk, Ohio, has given a chattel mortgage. for $87,500. The Williamson and Haylett Co., manufacturer of soda water apparatus at Milwaukee, Wis., assigned. Biscoe, Block and Co., wholesale dealers in notions and white goods at Memphis, Tenn., given a trust deed for $30,000. The City National Bank of Streator, Ill.. has notified depositors to withdraw their money, as the bank is going out of business. The Globe Woollen Mills, of Montreal, are seeking a compromise with their creditors on the basis of fifty cents on the dollar. Blackmore Dawson, doing business as Blackmore Dawson and Co., wholesale grocer at Cincinnati, Ohio, assigned, W. F. Park, grocer, at Belleville, Ill., is offering to compromise at 50 cents on the dollar. Been in business twenty years, Gustav S. Kann and Co., shoe commission merchant at Baltimore, Md., ssigned and receiver appointed. The Hionis Paper Company, of Chicago, went fu the hands of a reciever. Assets arent $65,000; liabilities, $60,000. G. C. Keyl, dealear in dry goo Bloomington, Ill., attached for $800. Shea and Prentice, general store at Clifton, Kans., given a chattel mortgage for $14,900. Been in business since 1881. The Comptroller of the Currency has appointed a receiver for the Columbia National bank at Minneapolis, Minn., recently failed. James Bond and Mary G., his wife, both of Philadelphia, have made an assignment for the benefit of creditors to William J. McLaughlin. The Brooksville (Fla.,) State Bank closed dors temporarily on account of the suspension of the Merchants' National Bank of Ocala, Fla. Behringer Bros., grocers, at Perry, Tex., given a trust deed. Have been in business six years, and have a branch store Riesel. The receivers of the Bank of Minnesota, of St Paul, made a statement placing the nominal assets at $3,170,000, and the liabilities at $2,325,000. An application made in Toledo by the Arbuckle Bros. and Thomas J. Kuhn for the appointment of a receiver for the Woolston Spice Company. National Bank Emiminer Escott, closed the doors of the German National Bank, J. M. McKnight, president, of Louisville, Ky. The capital stock of the institutionis $251,500, with a surplus of $31,000. The bank is au old one. The Minnesota Savings Bank of St. Paul, Minn., closed doors and filed a deed of assignment. Richard C. Flower, an insolvent debtor at Boston, filed liabilities ag-


Article from The True Northerner, February 24, 1897

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Article Text

PAYS HIS DEBTS IN FULL. R. G. Peters, of Manistee, Settles All Claims Against Him. Grand Rapids, Feb. 22. - R.G. Peters, the Manistee lumber man, is out of debt and has a million dollars to the good. At the time of the failure a committee of the creditors reported only enough available assets to pay the secured creditors about 50 cents on the dollar. Mr. Peters failed six years ago, and the debts of himself and the R. G. Peters Salt and Lumber company aggregated nearly $2,500,000. It was the biggest failure western Michigan ever knew, and the banks here and in Chicago and Milwaukee were deeply involved. The Michigan Trust company was appointed receiver, and Saturday in the United States court filed its final report and asked for its discharge. As receiver the trust company carried on the lumbering business. The report in the case of the R. G. Peters Salt and Lumber company shows receipts of $6,582,703, the principal items being: Lumber, $3,625,540; salt, $1,009,886; merchandise, $821,654, and shingles, $413,294. The disbursements include $1,226,063, secured and unsecured claims; $522,882 dividends and $1,541.575 wages. In R. G. Pefers' jersonal estate the receipts were $802,971, and $394,699 was paid in claims and interest. All the debts, secured and unsecured. have been paid in full, and Mr. Peters has $1,000,000 worth of assets left.