9214. Iron National Bank (Ironwood, MI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11469
Charter Number
11469
Start Date
May 25, 1931
Location
Ironwood, Michigan (46.455, -90.171)

Metadata

Model
gpt-5-mini
Short Digest
c3fb31ce

Response Measures

Full suspension

Other: Receiver appointed and bank placed in liquidation/receivership by federal bank department; no reopening reported and litigation over assets continued through 1932-33.

Receivership Details

Depositor recovery rate
87.3%
Date receivership started
1931-05-26
Date receivership terminated
1938-01-25
Share of assets assessed as good
55.5%
Share of assets assessed as doubtful
42.5%
Share of assets assessed as worthless
2.0%

Description

Heavy withdrawals followed reports of the cashier Fred R. Burrell's death; bank failed to open May 25, 1931 and later a federal receiver (Daniel Waite) was placed in charge (by June 1931). No reopening is reported; liquidation/receivership proceeded. OCR in articles had minor errors (e.g., we closed => was closed), corrected when extracting snippets.

Events (5)

1. October 3, 1919 Chartered
Source
historical_nic
2. May 25, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Reports of the cashier Fred R. Burrell's death (and sensational details about a bullet) precipitated heavy withdrawals and panic among depositors.
Measures
None reported beyond public notice; heavy withdrawals occurred and run continued for days.
Newspaper Excerpt
Reports of Burrell's death precipitated a run on the bank which continued through Friday and Saturday.
Source
newspapers
3. May 25, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank closed by board after heavy withdrawals that followed reports of the cashier's death; closure described as by order of the board following the run.
Newspaper Excerpt
The Iron National bank failed to open its doors for business here today after heavy withdrawals... A notice posted on the door advised patrons the institution was closed by order of the board of directors.
Source
newspapers
4. May 26, 1931 Receivership
Source
historical_nic
5. June 12, 1931 Receivership
Newspaper Excerpt
RECEIVER IN-CHARGE OF IRONWOOD BANK Daniel Waite is now in charge of the Iron National Bank as receiver, representing the federal bank department. The records of the bank are now being audited ... Liquidation of the bank's paper will be carried on ... Mr. Waite comes from Duluth ... (Ironwood Times).
Source
newspapers

Newspaper Articles (15)

Article from The Sheboygan Press, May 25, 1931

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Ironwood Bank Closes Doors Ironwood, Mich. (AP) - The Iron National bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell, 49. cashier, found fatally injured in the wreckage of his automobile near Kimball, Wis., Thursday. A notice posted on the door advised patrons the institution was closed by order of the board of directors. B. A. Morgan is president of the bank. An inquest into Burrell's death was ordered when surgeons reported discovery of a bullet in the cashier's head. It was previously reported he was injured when his automobile crashed into a bridge. The inquest will be held Wednesday. No statement regarding the financial condition of the bank was forthcoming. Reports of Burrell's death precipitated a run on the bank which continued through Friday and Saturday. Burrell, former resident of Minnesota, had been cashier of the bank for eight years. He is survived by his widow and two daughters.


Article from Stevens Point Journal, May 25, 1931

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Bank at Ironwood Fails to Open After Heavy Withdrawals The Iron National bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell, 49. cashier found fatally injured in the wreckage of his automobile near Kimball, Wis., A notice posted on the door advised patrons the institution we closed by order of the board of directors B. A. Morgan is president of the bank. An inquest into Burrell's death was ordered when surgeons reported discovery of a bullet in the cashier's head. It was previously reported he was injured when his automobile crashed into a bridge. The inquest will be held WednesNo statement regarding the fi. nancial condition of the bank was forthcoming Reports of Burrell's death precipitated a run on the bank which continued through Friday and Saturday Burrell. former resident of Minnesota, had been cashier of the bank for eight years. He is sur vived by his widow and two daughters.


Article from Marshfield News-Herald, May 25, 1931

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NATIONAL BANK CLOSES DOORS 2-DAY RUN Ironwood, Mich., May The Iron National bank failed open its for business here day after heavy withdrawals the death of Fred Bur49, found fatally injured in the wreckage of his automonear Kimball, Wis., Thursday. notice posted on the door vised the closed by order of the board of directors. Morgan is president of the bank. into Burrell's death An inquest ordered when surgeons reportdiscovery bullet in the head. was ported he was injured when crashed into bridge. will be held WednesThe inquest No statement regarding the financial condition of death run on bank continued through and Saturday. former resident of MinBurrell, had been cashier of the bank for eight years. He survivhis widow and two daughters. by


Article from Kenosha News, May 25, 1931

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Cashier's Death Forces Closing Heavy Runs On Bank Following Strange Death Forces Bank to Close its Doors Ironwood, Mich.-(P)-The Iron National Bank failed to open its doors for business here today after heavy withdrawals which followed the death of Fred R. Burrell, 49, cashier, found fatally injured in the wreckage of his automobile near Kimball, Wis., Thursday. notice posted on the door ad. vised patrons the institution was closed by order of the board of directors. B. A. Morgan is president of the bank. An inquest into Burrell's death was ordered when surgeons reported discovery of a bullet in the cashier's head. It was previously reported he was injured when his automobile crashed into bridge. The


Article from Iron County Miner, June 12, 1931

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RECEIVER IN-CHARGE OF IRONWOOD BANK Daniel Waite is now in charge of the Iron National Bank as receiver, representing the federal bank department. The records of the bank are now being audited as rapidly as possible, and as soon as this work is completed depositors and all others having claims against the institution will be notified to present their claims. Liquidation of the bank's paper will be carried on as rapidly as the best interests of the creditors permits, and payments will be made as soon as this can well be done. There are many wild rumors as to what the depositors in the bank will receive, but, as matter of fact, no one will know for some time, what this will be, nor be able to make even a good guess at the final outcome. Undoubtedly, having closed in this time of business depression, the bank carried considerable amount of securities which are much below their normal worth at this time, but this may be handled in such a way that the loss on them will be small. The process of liquidation will probably be slow, in order that undue loss may be avoided, and it may possibly be year before the bank's affairs are nally settled. Mr. Waite comes from Duluth, and hence has knowledge of the people and affairs of this part of the country, which should aid him in the task he has Ironwood Times.


Article from Ironwood Daily Globe, July 1, 1931

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National Bank's Are in Excess of Its Liabilities. The Iron National bank on the date of its suspension, May assets and liabilities announced day by Daniel Waite, receiver for the bank, who made public densed statement report comptroller currency. Waite issued the statement, said, in order that all interested persons be advised of the dition. The statement based the face value of the assets the bank shown its books, would impractical this time for the to make any statement what the assets would collectable full. Urges Payments. Mr. Waite expressed himself being "quite hopeful results" and suggested that persons are indebted to the bank will make settle their may possible make an early and stantial distribution the deposiHe said he would "appreciate much the co-operation of the business men in Ironwood stitute large percentage of the borrowers of bank's funds. pecially prompt payment of these accounts distress that been caused among depositors." The statement the condition the Iron National bank the suspension. issued today Waite, follows: Assets: Bills receivable Cash hand 12,493.50 Assets other than bills and cash on hand 279,627.12 Total Liabilities: Liabilities unsecured Deposits secured by pledge assets the bank gregating $108,689.92 collateral 82,660.00 Rediscounts secured pledge of assets the aggregating $9,000 collateral 9,000.00 payable secured by pledge assets bank aggregating $19,413.00 collateral 15,294.81 Due Federal reserve overdraft, assets collateral 23,965.64 Total


Article from The Ironwood Times, July 3, 1931

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Bank Receiver Reports. Daniel Waite, receiver for the Iron National Bank, has made a statement of the condition of the bank to the comptroller of the currency. Mr. Waite is quite hopeful of gratifying returns to the depositors in the institution, but of course, what the return will be cannot be stated, until it is determined what collections can be made. The statement of the condition of the bank on the day of its suspension follows: Assets: Bills Receivable $373,012.60 Cash on hand 12,493.50 Assets other than bills receivable and cash on hand 279,627.12 Total Liabilities: $665,133.22 Liabilities unsecured $395,678.90 Deposits secured by pledge of assets of the bank aggregating $108,689.92 as collateral 82,660.00 Rediscounts secured by pledge of assets of the bank aggregating $9,000 as collateral 9,000.00 Bills payable secured by pledge of assets of the bank aggregating $19,413.00 as collateral 15,294.81 Due Federal reserve bank, overdraft, assets held as collateral $88,898.41 23,965.64 Total $526,599.35


Article from The Wakefield News, July 4, 1931

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RANGE RANGINGS Joseph L. Gotta has been named temporary succeed the late John Holland. Mr. Gotta is at the present time city clerk Bessemer. Leo Miller and Charles Duda were other candidates for the position. The temperature was the highest the history of the station Ironwood Monday. When the cury registered 99 Peterson has had charge of the station for many years: Andrew Strand, pensioner of the Oliver Mining company and resident of Ironwood for 41 years, died at the family home in that city Monday afternoon. He is survived by four sons and daughter. The head frame of the Ashland mine at Ironwood has been purchased the Michigan Scrap Iron company. The M. Hanna company holds the lease on the Ashland and Germania mining Several years ago an extensive undertaken at the Ashland. No development of the property has followed, sufficient encouragement given the mining campany continue holding the operating leases. Ironwood township will raise $50,000 by the sale of bonds for highway improvement purposes according the result of special election held Tuesday. Assets of the Iron National bank Ironwood about more than the liabilities. according to made public this week by Daniel Waite, receiver for the bank. The bank was closed last month after run about the bank's funds followthe death of Fred Burrell, The assets of the bank total and the liabilities $526,599.35. Funeral services the for late Charles Petranek were held Tuesday morning at Bessemer. Solemn requiem mass was celebrated by son, the Rev. Carl Petranek, with the assistance of other members of the Catholic elergy on the range. Petranek was the father of Mrs. Chester Rydeski, of this city. Eight candidates are in the field for election to the board of education in Ironwood township. Five members are to be elected due to the resignation of four members of the old board last winter as result of an investigation by the state department education. Miss Viola Hanson, prominent member of the Daughters of Rebekah order of Wakefield, has been elected district president of the order. About 80 members from lodges between Ironwood and Sidnaw attended the meeting. The convention next year will be held at Trout Creek. A list of 16 questions have been asked members of the board of education of Bessemer by two members meeting Wednesday evening. The questions were all relative to the the addition the high school building. A public


Article from Iron County Miner, July 10, 1931

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Statement of Bank's Assets Assets of the Iron National bank of Ironwood are about $135,000 more than the liabilities, according to a statement issued last week by Daniel Waite, receiver for the bank. The bank was closed last month after a run on the bank's funds, following the death of Fred Burrell, cashier. The assets of the bank total $665,133.22 and the liabilities $526,599.35.


Article from The Ironwood Times, July 17, 1931

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THE From Page Commissioner Wick: Do consider this would be profitable Mr. Sears: would not be profitable, From business no. standpoint would not be advisable. Wick. This being supposed to be an efficient business how can recommend it? you Mr. Sears: When man has sewer and toilet facilities he almost has to have water from sanitary standpoint. Commissioner Wick: Have you money enough to go around for this improvement? Mr. Sears: We cannot finish the that program have with the reduc. tion taxes. Commissioner Wick: You knowing that, why do you recommend work? Mr. Sears: If this is done, some thing else will have to be cut out. This recommendation is made from sanitary standpoint, water being neces- Commissioner Wick: This does seem to be the proper proceedure, but any like to way see people have water and sewer to their homes, and will offer resolution that this work be granted on the strength of the City Manager's but when the City Manager knows there no appropriation for the work he should not bring in ommendation of that kind. by Commissioner Schnelder. Roll call: Ayes, Com. missioners Patrick, Wick, Larson. None. Resolution adopted. Honorable City Commission, July 13th, ordinance At the last introduced.: meeting of the city commission the revised appropriation would respectfully recommend that be passed at this time. Yours truly, DOW SEARS, City Manager. By Commissioner Wick, seconded by Commissioner Schneider: that the revised appropriation ordinance as submitted the by City Manager be approved and adopted. Roll call: Ayes, Commissioners Patrick, Wick, Larson. Nays, None. Resolution adopted. Honorable City Commission, Ironwood, Michigan are wish in need to bring to the attention of your honorable body the fact that of auxiliary engine. Our present Sterling engine installed in 1920 and was one of the first of this type built by this company. at present to worn such gency. liable and cannot be depended upon to give condition steady service that in very an During the past month lightning has struck the power line at the tion and put the electric pumps out of order. Fortunately this was repaired in time avoid the use of the engine. We have taken this matter with the Sterling Engine Company they have offered us Dolphin eight cylinder engine exchange our present unit for $3,000.00 Buffalo. This will new unit fit engine base and The total pump. cost, including freight and bor will approximately Our present engine cost believe this necessity as an emergency unit in case of an interuption in the electric power and would respectfully recommend that the chase of this unit be allowed. Yours truly, DOW SEARS, City Manager. By Commissioner Wick, seconded by Resolved, being the of the City Manager that necessary to purchase this pump at this time to protect the citizens case the current should be shut off for use, that the City Manager be authorized enter into contract with the Sterling Engine Co. to place this gasoline engine at the earliest possible time, and that payment for same be made or about March 1st, 1932. Roll call: Ayes, Patrick, Schneider, Wick, Larson. Nays, None. Resolution adopted. Honorable City Commission, Ironwood, Michigan July In the larger paving of Suffolk and Arch Streets deemed advisable to concrete paver than the owned one by the city. The sack paver Nickel was rented for per day and the entire paving laid in days actual pouring. Nickel has offered this mixer to the city time payments. throughly discussing this matter with Mr. Nickel, he price $1200.00 in four five or yearly installments which would also include the rental of $100 the Suffolk on and Arch Streets This good used shape and miles cost of paving. $6,500.00 when job. new. It mixer has only been believe be an exceptional buy, and as our present mixer too small for street paving, feel that would be to the advantage of the city to purchase this machine. could be purchased four plan on deferred payments making the payment $300.00 this year. would respectfully recommend that be authorized to purchase this Smith paver from Mr. Nickel. Yours truly, DOW SEARS, City Manager. Commissioner Wick: Do you consider that paver to be in good condi- Mr. Sears: Yes. is working very good. We had to shut down twice for clutch trouble, but that to be expected with machine standidle long. Of course, recommendation submitted with the that the will continue policy of laying certain amount paving each If we do not do any we would not have any use for machine. Commissioner Resolved, Wick, seconded by Commissioner Schneider: that the City Manager negotiate with Mr. Nickel him offering price of for this and if paver agreeable to Mr. Nickel made cash on or after March 1st, 1932 without any interest, and that Mr. Nickel deliver the to the paver City between him and the City has been further, that the purchase price be placed the budget for next and year, that consideration the purchase Mr. Nickel also issue to the City Ironwood receipt for $100.00 in full of the payment rent of paver the on Suffolk and Arch paving project. Roll call: Ayes, Commissioners Patrick, Schneider, Wick, Larson. Nays, None. Resolution adopted. July Honorable City Commission, Ironwood, Michigan Attached hereto communication from Mr. Smith of Great Northern Utilities Inc., the regarding purchase of the Ironwood gas plant. Yours truly, DOW SEARS, City Manager. LaSalle St., Randolph 4050. Chicago, Mr. Dow Sears, City Manager, Ironwood, Michigan Dear Mr. expect you have been wondering why have not answered sooner, has taken time make to up the report and get shape on Gas Company, and am now putting in the hands of interested with You days. may tell the council that they may expect to hear from me in few (Signed) Hyde Park Hotel, Chicago. By Commissioner Wick, seconded Commissioner by Patrick: Resolved, that the be received and file. Res. placed on olution adopted, all voting Honorable Mayor and City Commission, July 3rd, 1931. the last regular meeting of your Honorable Body turned over to for attention list 150 approximately delinquent personal property tax payers of the City of Ironwood taxes covering for the years 1928, 1929 and 1930, the $10,338.24. total of delinquent taxes for the years in question totaling the Under and by virtue of the laws tax of the State Michigan, the urer has which to levy and sell property for the of taxes, said levy and sale be made under and virtue the turned to the County prior to the time that said delinquent tax over Treasurer attention the 1st day of March each and every calendar The year. purpose this letter tions from Honorable your Body as to how far to proceed the lection the taxes. Since said matter has been turned over for me tention, have had personal calls well as telephone calls, from various delinquents with statements that due to the present financial dition unable to pay their taxes that they wished to make rangements pay their taxes the installment plan, and other stories. For that reason desire from Honorable Body (1) Whether you desire the Treasurer to levy on and sell the person- property under and by virtue of his tax warrant. Whether authorized to garnishee, commence such sue, leaction deem might be collect said delinquent necessary taxes. (3) Whether am simply authorized to write letters to the delinquents requesting them to pay their taxes. action your Honorable Body should take in this matter, would suggest that notice be published in the official of the City proceedings, the time limit within which the delinquent taxes would have be paid and that thereafter such action would be taken in accordance with instructions that you give me in the premises. remain, Yours very truly, WM. CLOON, City Attorney. Commissioner Wick: will offer resolution that the City Attorney proceed he was instructed notify the delinquent personal tax payers that they be given until December 1st, 1931 to remit in full to the City. Schneider: would the resolution support with amendment that you make September 1st. Wick: are up against stringent times and those who in arrears would like to them time. some Commissioner Schneider: Some them had since 1928. think they have to scratch as hard on December 1st as on September 1st. Commissioner Patrick: that less than six weeks Is not time Commissioner Wick think we could give them to December 1st. Commissioner Patrick: will support the resolution. Resolution adopted, all voting aye. Honorable City Commission, Ironwood, Michigan Gentlemen:Attached hereto for your consideration is list of the delinquent water and gas accounts as requested by your honorable body at the last meeting. Yours truly, DOW SEARS, City Manager. By Commissioner Patrick: Resolved, that the communication from the City Manager with the list of delinquent and water accounts gas be received and placed file on publication. second. Schneider: If there is no support, will offer resolution that the list be kept on record the Memorial Building and that the City each and every one statement that delinquent to the effect that they will be given until the first of August pay up in full, or make charter. arangements to pay up, otherwise we will proceed according to the Commissioner Wick: You mean the ordinance. Commissioner Schneider: The ordinance pertaining to the gas and departments. Commissioner Wick: It true there has been great amount of laxon the part of the city officials collect water bills and gas bills, and really disgrace, in my opinion, under the efficient that are to have, to allow many delinquent in water and bills. As know from this list, not in favor of forcing these people to pay up all this by money 80 there too many of them, or probably all them, unable to do would support resolution if an extension farther into the be cause looking up the names of some of these people that year in arrears given, would cause them hardship to raise the money and pay these delinquents. you will amend your motion that the City Manager see to that all gas and water bills from date and be collected in full from these delinquents and give them until December 1st to pay up their delinquency, will support your resolution, Mr. Schneider. Commissioner Schneider: will compromise with you and make Oc. tober 1st. Commissioner Wick: will make November 1st. Commissoner Larson: What do you say, Mr. Patrick? Commissioner Patrick: November 1st. Commissioner Schneider: All right, go ahead, make November 1st. Roll call: Ayes, Commissioners Patrick, Schneider, Wick, Larson. Nays, None. Resolution adopted. July Honorable City Commission, Ironwood, Michigan Gentlemen:Attached hereto are communications from the Gogebie National Bank quested. and the Merchants Miners National Bank regarding depository bonds In regard to the interest rate 1% now paid wish to advise honorable body that the respective bank cashiers have that they will continue the interest deposits until on our September 1st, 1931, but cannot pay any after that date. In regard the Treasury notes proposed to be furnished by the Gogebic National Bank, believe accept them lleu surety bonds provided this procedure meets with the approval of the city attorney. Honorable City Ironwood, Michigan Yours truly, DOW SEARS, City Manager. 1931. your honorable body that we are receipt of Surety bonds from the Merchants and Miners National Bank the amount of $100,000. These are being held, the advise of the upon city attorney, for additional data before being presented to your body for approval. Yours DOW SEARS, City Manager. By Commissioner Wick, seconded by Resolved, that the two communications from the City Manager, togethwith the letters from the banks, be received, made part of the minutes this meeting, and that we accept the bonds tendered by the two banks, subject to the approval the City Attorney, and that the matter of Interbe by the City Commission at some later meeting prior to September 1st, 1931. Roll call: Ayes, Commissioners Patrick, Schneider, Wick, Larson. Nays, None. Resolution adopted. GOGEBIC NATIONAL BANK Mr. Dow Sears, City Manager, Ironwood, Michigan Ironwood, Michigan, July 10th, 1931. Complying with your request for bids on the $100,000 deposit of the City Ironwood, wish that will deposit Treasury notes due December 15, 1932, bearing interest security for this dewith some approved Trust Company in the State of said deposit to this bank to be subject check and not to bear interest. Yours truly, (Signed) SKINNER, Cashier. MERCHANTS MINERS NATIONAL BANK Mr. Dow Sears, City Manager, Ironwood, Mich., Ironwood, Michigan July 10th, 1931. Dear connection with your request for depository bonds covering city funds, pleased advise you that we will deposit you depository posited bonds dated July 10th, 1931, on condition that this money be subject to check without interest. Yours very truly, (Signed) Vice Pres. Cashier. July 1931. Honorable City Commission, Ironwood, Michigan accordance with the instructions from your honorable body we have made preliminary investigation of the proposed storm water sewer Suffolk and Ayer streets to the Montreal the Soo Line After carefully estimating the approximate from the area affected appears that inch sewer be adequate. This will with connect the present sewers Suffolk and Lowell on St. in such manner that they will relieved excess from pressure storm water but under conditions will continue to act as sanitary sewer. This vent any the outlet of the sewer at the Soo Line on the Montreal Due the pavement and trackage encountered in the first 700 feet west from Ayer street Suffolk street was deemed advisable use the paved corrugated pipe while from Lowell street west to the river reinforced pipe seems to be the most advantageous. The estimate submitted based hand labor the entirely except item 3,000 of earth which will be necessary entirely remove from the north side the right-of-way for distance feet. depth of the average approximately 10 feet with minimum feet and maximum of 14 feet. Due the to depth will be use sheeting bracing. Before this the of the believe It would be advisable for your honorable body to decide whether or not we should proceed further. Attached hereto is an approximate estimate of the cost which may be somewhat revised upon further infestigation. Attached also 18 print showing the prepared location of the storm water sewer. Yours truly, DOW SEARS, City Manager. estimate as $11.79 per By Commissioner seconded Commissioner Patrick: Resolved, that the from the City and the estiManager mated cost submitted the Commission, be received that the matter be discussed the at some later date. Resolution adopted, all voting Honorable City Commission, 1931. July 11th, Ironwood, City Assessor, asked to and the prepare present meeting of your Honorable Body on July 13, 1931, form of Tax Warrant to attached to the Tax Roll for the collection of City of Ironwood taxes, the tax year 1931, view the fact that under the City Charter, taxes for city will be collected ferent time than taxes for State, County and School purposes. The Tax Warrant heretofore used not applicable to the situation hand. at Herewith attached form of Tax Warrant which would recommend be signed by the Mayor, City Assessor and Chairman of the Board of Review, dated day subsequent to the day that the Annual Appropriation Bill becomes effective, said Tax Warrant then to be affixed to the Tax Roll. remain, Yours very truly, WM. CLOON, City Attorney. By Commissioner Patrick, seconded by Commisioner Wick: that the communication from the City Attorney be received, made part of the proceedings, and that the Tax Warrant recommended by him be approved by this commission. Resolution adopted, all voting Honorable Mayor City Commission, July 11th, Michigan course the last few days, Dow Sears, City Manager, and myself from Honorable Daniel Receiver of the Iron Bank of Michigan, Receiver's Certificate of Proof Claim No. 152, in the amount of $62,986.59, running in the name the City Ironwood, the amount of said certificate being the exact and identical amount of the claim by said City of Ironwood against said Iron National Bank. Wish further state that on the occasion of obtaining the Receiver's Certificate of Proof of Claim, arrangements were made with the Receiver that upon the assignment by said City of Ironwood such proportionate amount of the claim of said City of Ironwood against said National Iron Bank in favor of the several bonding and surety companies municipal deposits said Iron National Bank, the Receiver would Issue and distinct certificates in the name of the several and surety in accordance with the several interests of said companies as forth the on the part of the City of Ironwood, and that original certificate No. 152 would be taken up and cancelled by the Receiver. connection with the subject matter, wish to state that the letter of July 8th, last past, of Standard Accident Insurance Company, one of the municipal depositories of funds in the Iron National Bank, received Sears, City Manager, and thereto was Release and Assignment to be executed the City of Ironwood for and in behalf of said Standard Accident Insurance In other the form in tion was prepared the Standard Accident Insurance form in respect and would suggest that like form be used with respect to the bonding and surety companies with spect to the Iron Bank matter. view of the complications that might arise Release and Assignment executed as to part but not all of the bonding and surety companwould suggest that the various Releases and Assignments covering the subject matter deposited in either the Gogebic National Bank or Merchants Miners National Bank this city, with instructions that the same are be held by said bank until all of the bonding and surety companies have their checks warrants as payment full of the claims against the several companies by the City Ironwood That after the checks said been received said bank in that the City escrow, take the Receiver's Certificate of Proof of Claim bearing No. to Honorable Daniel Waite, Receiver said Iron National Bank, purposes cancellation and tain in Heu thereof certificates running the several names the several surety companies to the extent their several interests, delivered to said designated escrow bank in turn to be delivered by said bank to the several companies. connection with the entire subject matter, herewith attached Releases and Assignments for of execution purposes order close mat full with respect to the bonding and surety recommend that said severally executed by the Mayor, City Clerk, City Treasurer and City Further, herewith attached Resolution will satisfy the needs of the situation and of which recommend adoption. You will note that the Release and Assignment as prepared by the Standard Accident Insurance Company releases said from and all liability as to any and all depository bonds which have ever been exe. cuted by the said Standard Accident Insurance Company cover funds the City Ironwood, Michigan, deposited in said Iron National Bank, Ironwood, Michigan. believe there is objection no to the execution of such Release the part of the City for the that reason the only claim the City of Ironwood against said Iron National Bank the claim of However, your Honorable Body should the fact that that clause in the Release when acting the on subject matter. attached of letter of Standard Accident copy Insurance of July 8th, together with Release and Assignment herinbefore referred remain, Yours truly, very WM. CLOON, City Attorney. The Honorable Dow Sears, City Manager, Michigan, City of Michigan, July 8th, 1931. Re: Claim National Bank. Depository Bond to the City of Ironwood, Michigan Dear are pleased to inform you that have today ordered release of the Company's check in the amount of in payment of the Standard Accident Insurance Company's share of the amount of deposit of the City Ironwood in the Iron National Bank at the time closed its doors. This check being sent to our agent for delivery and should be received you shortly. We also sending with check our release and assignment, carbon copy which we enclose herewith. We sending this copy to you at this time 80 that may be to presented the Commissioners at their regular meeting on July 13th, and they may, by due lution, authorize execution of Yours truly, ACCIDENT INSURANCE CO., KUHN, Attorney, Bonding Claims Division By Commissioner Wick, seconded by Commissioner Patrick: Resolved, that the communications be received and made part of the minutes. Resolution adopted, all voting RELEASE AND ASIGNMENT KNOW ALL MEN BY THESE PRESENTS, that for and in tion of the money of the United States of America, paid to the City of Ironwood, Michigan by receipt wherehereby acknowledged, the said city of Ironwood has released and forever discharged, and these presents does for itself, successors and assigns, remise, release and forever discharge successors and assigns, of and from and all manner of action and actions, cause and causes of action, suits, debts, accounts, contracts, promises, damages, judgments, claims, and demands whatsoever in law in which equity, against said City ever had, has, or hereafter may have, for, or by the upon, reason of entered into any Depository Bond in behalf of the Iron National Michigan, depository for the City Ironwood, This release is to extend to all depository bonds which have ever been the by cover funds the City of Ironwood, deposited in the said Iron Bank, Ironwood, Michigan. of the foregoing premises, the said City of Ironwood does hereby sell, assign, transfer, and set over unto the successors and assigns, right, title and interest that the said City of Ironwood, any of its departments, employees or officers ever had, has, or hereafter may have sum represented of the amount of all funds which the said City of Ironwood had deposit the said Iron National the time closed its doors or about May 25th, 1931, and the said City hereby covenant with the that there is now due under the terms of this assignment, the that there set-offs counter claims against the said amount; and the said City of Ironwood hereby give the its successors and assigns, the full power and authority, in the name the City of Ironwood or otherwise, but at the and expense of said for the latter's use and benefit, to ask, demand, for, collect, receive, compound, candischarge, and give acquittance for, same part thereof. CITY OF MICHIGAN By Commissioner Patrick, seconded by Commissioner Wick: Resolved, that the form of Release and Assignment be approved by the City Commission, and the proper officers authorized execute the Roll call: Ayes, Commissioners Patrick, Schnelder, Wick, Larson. Nays, None. Resolution adopted. the City of Ironwood has obtained Certificate Receiver's of Proof of Claim bearing No. 152 Honorable Receiver Daniel Walte, of the National Bank Ironwood, Michigan, the sum of $62,986.59 repre(Continued


Article from The Bessemer Herald, June 24, 1932

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Manning Is Made Permanent Receiver F. Manning temporary receiver the Peoples State Bank has been made permanent receiver by decree signed by Judge G. Driscoll of cirHis bond has been placat Manning is former assistant cashier of the Iron National Bank of Irenwood which is now clos. ed.


Article from Ironwood Daily Globe, July 9, 1932

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GIVEN Iron National Bank Not Entitled to Auto Company Stock, Ruling. The defendant, the Iron National bank, not entitled shares stock of the Ironwood Auto Co. the grounds ruled Judge George O. Driscoll circuit court in an opinion handed down today. agree with defendant,' held, "that connection the granting the relief prayed plaintiff the court has the power and should grant defendant decree the plaintiff money Arthur for amounts upon $5,000 and $4,650 notes. Plaintiffs will have full costs to be taxed Involved The suit, started by Arthur and Washburn, against Daniel Waite, receiver of the Iron National bank, involved 189 shares the capital stock Ironwood Service Co. The defendant receiver and himbid 134 of the shares of stock, claiming that they pledged secure payment of executed by plaintiffs the defendant. The then filed suit to restrain the of the called pledge sale, to establish and right possession of the stock and obtain general relief. Reviews History. The opinion reviews history the the contained testimony briefs, and then says: stocks were actually pledged the bank came into its the ordinary course its business Washburn the bank books and ought disclose evidence that effect than appears. Neither discovery these stocks the files coincident to the arrival of bank examiner nor the fact that the examiner was misby finding them there view the other established facts, any argument favor of the defendant stocks are unauthorizedly placed as collateral without their knowledge and consent the owner cannot be bound because the examiner thereby misled not subject to the new federal cent Reynolds said opinion informal. Judge G. Risjord today sentenced Frances Taumain Phillips, accused of violating condition parole, serve one two years the Taycheedah. Joe Jasik, Phillips, facing the sent the Waupun prison for one to three years. Convicted of field, Eldridge Griffin and Clifford Lansdorf sentenced to one two three years pectively in the Green Bay reformatory. Paul Herbst and Hoddy Johnson, accused burglary in Park Falls, were sentenced one three years at Green Bay. Senator Leonard Fons, Milwaukee today announthat he will seek Republican for attorney Progressive ticket the September primary. AttorGeneral John Reynolds, has declined for re-election Fons will be opposed in the primary by Levi Bancroft, disattorney and the conservative Republican candidate that to reductions salaries Manager Henry Traxler today letters library, school and vocation school boards urging substantial in budgets. Traxler urged the tax reduced from $18 Serious financial stringency expected Jan when city take activities now paid for Rock county, Traxler said. accusof liquor law violations were arraigned today United Commissioner Cate. All furnisned bonds released pending preliminary hearings Aug Bond for Fred Martin, Sawyer county, set at $1,000. Anton Hopp, Sawyer county, and Tom Hayward, furnished bonds of $500 each. C. Nelson, candidate for congress from the new eighth district, members of the Door county at here last night that that Wisconsin, whole, regained its prestige in is time." he said, "that the eighth some the benefits that the federal adpass that we and get what be state not the laughing stock of nation." Nelson outlined activities which expects will the nomination for him over George Schneider, who Door congress for county tions. years.


Article from Ironwood Daily Globe, July 19, 1932

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Legals Legal Notices 91 May Aug. NOTICE OF MORTGAGE SALE Whereas, Simon and Simon, CounState Michigan, executed Indenture Mortgage, bearing date 26th Iron National the State gage recorded the Register Deeds Gogebic 35, Michigan, the day June, claimed mortgage south interest thereon the May, 1930, which the ($347.71) Dollars, attorney's foreclosure and proceedinstituted remaining secured Receiver The Receiver National Ironwood, Michigan the United States Comptroland statutes provided entitled the privileges said The Iron National Bank: New payment the mortgage the has Notice that virtue and The such case the said the Circuit being Circuit the City Bessemer Gogebic and that being The August, the forenoon the premises contained mortgage follows: Three (3) Sixteen the original Village file the office follows, ed the line lot distance the credited said thence twenty direction distance less the line less the west line thence Gogebic place serving served various instruments conDATED: May 6th, DANIEL Receiver The National Bank of Ironwood, Michigan, Mortgagee. WM. CLOON, Attorney Receiver of said The Iron National Bank, Business


Article from Ironwood Daily Globe, October 28, 1932

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REHEARING DENIED TO BANK RECEIVER Judge Refuses to Reopen Case of A. D. Washburn Versus Waite. (By Staff Correspondent) Bessemer, Oct 28-A rehearing requested by the defendant in the suit started in May by Arthur D Washburn, et al against Daniel R Waite, receiver of the Iron National bank of Ironwood, was refused this week when Circuit Judge George O Driscoll denied Mr Waite the privilege of introducing further testimony This spring Mr and Mrs Washburn sought to iecover 134 shares of Ironwood Auto Service Co stock which Mt Waite had sold when he claimed the stock had been pledge d as collateral on loans of $5 000 and $3 650 made by the Washburns It however that the shares had been placed with Fred R Burrell deceased bank cashier to be delivered to stock customers of the auto In giving his opin on on the hearing Judge Discoll decided in favor of the plaintiffs when he stated that if the auto stock had actually been pledged to the bank the bank records should have dis closed more satisfactors evidence to that effect was his decision that the receiver had had no right to sell the stock Mr Waite was granted a money decree however at that time for the amounts due upon the nores for the borrowed money


Article from Ironwood Daily Globe, April 3, 1933

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AID AT DETROIT Bank Receiver to be Absent From City Short Time. Daniel Waite, receiver of the fornier Iron National bank of Ironwood and the Hurley National bank Hurley has been called Detroit by the comptroller of the currency of the United States assist the receivership of the First National bank of Detroit. Mr Waite expects to return to Ironwood within week or two.