9245. Ingham Savings Bank (Lansing, MI)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: April 19, 1893
Location: Lansing, Michigan (42.733, -84.556)

Metadata

Model: gpt-5-mini
Short Digest: ae43d1d6

Response Measures

Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Partial suspension, Full suspension, Books examined

Other: Bank was placed in hands of Commissioners of Banking; petition for receiver filed but not granted immediately.

Description

A run began April 19 (panic tied to failures of local firms), the bank closed/suspended April 27 and was placed in hands of the banking commissioner, then reopened in early May after additional capital subscriptions and reorganization. The provided bank name ('Ingham Savings Bank') appears as 'Ingham County Savings Bank' in the articles; I used the latter as it matches the reports. Suspension cause combines inability to realize on securities and refusal of the Peninsular (Detroit) to advance funds (correspondent support withdrawn).

Events (3)

1. April 19, 1893 Run

Cause: Local Shock
Cause Details: Run precipitated by uneasiness from failures/financial difficulties of local firms (Lansing Lumber Company and Lansing Engine Works) whose paper the bank held.
Measures: Management invoked the legal provision requiring ninety days' notice on savings deposits (three-month/90-day limit) to stem withdrawals.
Newspaper Excerpt: Owing to uneasiness created by the financial difficulties of the Lansing Lumber Company and the Lansing Engine Works a run was precipitated on the Ingham County Savings Bank this morning; the doors of the bank have been besieged all morning.
Source: newspapers

2. April 27, 1893 Suspension

Cause: Correspondent
Cause Details: Officials unable to realize on securities and the Peninsular Savings Bank of Detroit refused/failed to advance promised funds or protect checks, leaving the Ingham short of ready money; directors closed the bank and it was taken into the commissioner's hands.
Newspaper Excerpt: The Ingham County Savings bank closed this morning, and is in the hands of the Commissioners of Banking. The closing of the bank was due to the inability of the officers to realize on some securities. ... caused by the failure of the Peninsular Savings Bank of Detroit to keep its agreement to furnish the Ingham Bank with sufficient currency to do business.
Source: newspapers

3. May 7, 1893 Reopening

Newspaper Excerpt: The Ingham County Savings Bank, which closed a couple of weeks ago ... will resume business this week. Fifty thousand dollars additional capital has been subscribed ... gives a working capital of $150,000.
Source: newspapers

Newspaper Articles (22)

1. April 20, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, April 20, 1893

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HAD A SMALL PANIC Run on the Ingham County Bank Yesterday SAVED BY THE 90-DAY LIMIT The Crisis of the Laneing Banks Has Been Passed and Confidence le Restored. LANSING, Mich. April 19.- The condition of bank affairs this morning was little changed from last evening. Most ridiculous rumore had been net affoat, and they assumed gigantic proportions during the night. and early this forenoon women and workingmen could be seen hurrying to the respective banks with their bank books. bound to withdraw their deposits. The Ingham County Savings bank sustained the worst siege, and at the time of opening a largecrowd had gathered. The Central Michigan, whose doors were closed yesterday. had but a few applicants for admission. However, the banks had all made provision for this emergency. Last evening the directors of all the banks met at the Downey house to dis cuss and consider the situation. Bank Commissioner Sherwood and some Detroit capitalists were present. It was decided to take advantage of the law. and the ninety day limit was instituted. so that no savings deposits will be paid until the expiration of that time. only commercial and certificate business be ing done. This action was considered necessary and best by all concerned, as the savings depositors had become feightened and no bank could stand the result. Condemns Moffat. Yesterday afternoon a run of some $20,000 was made on the Ingham County Savings bank. The panic this morning seemed to touch the Ingham County bank especially, and even the commercial depositors began to draw heavily. In fact the bank became crowded. and many were waiting on the street. Bank Commissioner Sherwood was notified. and soon arrived at the bank. He mounted a chair and began to address the people. assuring them that there was no need for alarm. and that for the good of the city and themselves they had better go home and attend to their business. He strongly condemned the action of the vice president of the bank. who yesterday drew out several thou. sand dollars and at the same time tendered his resignation. The crowd. with cheers for Sherwood and groans for Moffat. the vice president, went away evidently satisfied. The Crisis Passed. The commissioner and his assistants are now busily engaged in examining books of the Central Michigan Savings bank. and are preparing a statement which is now impossible to obtain. The bank has a capital stock of $165,000 and a surplus of $100,000. The last state. ment made by this bank on December 16. 1892. showed that its resources and liabilities amounted to $920,601.01. It is believed now that the crisis is passed and that no further bad effects will be felt from the failures announced yesterday. There is not a riffle of ex eitement this afternoon. The action of J.S. Moffat. who, as vice president of the Ingham County bank. withdrew his funds and thereby created the impression that depositors had better get in out of the wet. is thoroughly condemned on all sides. The bank commissioner expects to conclude his examination of the Central Michigan tomorrow. and not until then will the assets and liabilities be known.

2. April 20, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, April 20, 1893

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WILL SAVE THEM. A Provision of Law Fortunate for Savings Banks. LANSING, April - Owing to uneasiness created by the financial difficulties of the Lansing Lumber Company and the Lansing Engine Works a run was precipitated on the Ingham County Savings Bank this morning, and the doors of the bank have been besieged all morning. Finally the managers decided to avail themselves of the legal provision allowing them to require ninety days' notice on savings deposits. The State Bank Examiner is satisfied the Crown Bank is perfectly sound and nobody will lose anything. O. M. Barnes, to whom the lumber and engine companies gave mortgages yesterday, announces he can take care of the paper he indorsed, and that other creditors will lose nothing. The Central Michigan Savings Bank closed yesterday. It will, it is said. have ample funds to meet all demands. The deposits aggregate $500,000. All the savings banks have decided to take advantage of the ninety days' clause in order to tide over the panic. Late this afternoon it was believed that the crisis had passed and that no further bad effects would be felt from the failures announced yesterday. All the excitement has quieted down. The Bank Commissioner expects to conclude his examination of the Central Michigan to-morrow, and not until then will its assets and liabilities be known.

3. April 20, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, April 20, 1893

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A RUN ON THE BANKS. Lansing, Mich., April 19.-Owing to uneasiness created by the financial difficulties of the Lansing Lumber Company and Lansing Engine Works, a run was precipitated on the Ingham County Savings Bank this morning. The doors of the bank have been beseiged all the morning. Finally the management decided to avail themselves of the legal provision allowing them to require ninety days' notice on savings bank deposits. This gave decided relief. The Central Michigan Savings bank closed yesterday, and, will, it is said, have ample funds to meet all demands. The deposits aggregate half a million.

4. April 20, 1893 The Waco Evening News Waco, TX

Article from The Waco Evening News, April 20, 1893

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A RUN ON A SAVINGS BANK. Caused by Two Heavy Failures of Large Companies. By Associated Press to The News. DETROIT. April 19 A special dispatch from Lansing, says: The Ingham County Savings bank ex perienced a lively ruu today. it began when the doors opened this morning and has kept up without Nurraption ever since, with a large crowd of d positors rly besieging the bank The run was caused by the feelfeeling prevalent around town that the bank was not any too strong, and that it was affected by the d fli culties of the Lansing Lamber company and the Lansing Eagine works. e The officers availed themselves of the provision allowing them ninety 1 days' notice before permitting the withdra at of savings deposits. and e no money 18 being paid out of the y savings deposits, while commercial e depositors are calling for and re ceiving very little. b State Bank Examiner Sherwood, e in a speech before the assembled 8 depositors, assured them the bank was sound, and not a dollar would t be lost 8 M. Barnee. who has taken charge e of the lumber and engine companies, which are indebted to him. and , which yesterday give him mortgages I amounting to $701,000, announces d that he can easily take care of the f paper be endorsed and other creditors of the two concerns and 8 will lose nothing. He has a fortune :estimated at $2,500,000 to $3,000.n 000, and there is no doubt expressed e that he can pay dollar for dollar f should things 80 shape themselves. . The Ann Arbor Strike Settled. d Special to the News. d TOLEDO April 19 - The famous e Ann Arbor strike will be settled by e it tomorrow morning. The advisory committee of the Brotherhood of t Lecomotive Engineers spent today y a in aijusting matters. Negotiations d to this end were begun by the Brotherhood The negotiations progressed. and the agreement is substantially that which was made in March by Railway Commissioner Kirkley and rejected by the men. h The old men who desire work are d. to make regular application to Su. y. perintendent Conners at Owesso. iAs many as are needed will be put e. to work at once, and the others are e to have places at fast as vacancies t, occur or need arises. No hitch CCst curred in settlement of these cases, y and none is apprehended, and the Ann Arbor strike will be declared off in the morning.

5. April 20, 1893 New-York Tribune New York, NY

Article from New-York Tribune, April 20, 1893

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A RUN ON LANSING BANKS. THE CITY'S FINANCIAL CIRCLES RUDELY SHAKEN. THE INGHAM COUNTY BANK TAKES ADVANTAGE OF THE THREE MONTHS' LAW-0. M. BARNES'S ASSETS AND LIABILITIES. Lansing, Mich., April 19.-A millionaire who yesterday did not owe a dollar in the world is to-day likely to lose a large part of his fortune. This is the paradox in financiering which Lansing presents this mornInc. Representatives of the commercial agencies. lawyes and others who have swarmed into the city in consequence of the embarrassments of the Lansing Iron and Engine Works and the Lansing Lumber Company, describe the situation as one of the most remarkable which has ever come under their observation. Since January 10 O. M. Barnes has been sacrificing his personal fortune in an effort to hold up the two big concerns which financial disaster has at last overtaken. Up to yesterday he had paid from his private means obligations incurred by the two corporations aggregating nearly $125,000. and yesterday he pledged the remainder of his private fortune for the payment of further liabilities exceeding $700,000, taking in return a mortgage covering all the property of the two firms. Mr. Barnes took this action to save the credit and business honor of his son. o. F. Barnes, president of the iron works and the lumber company. Lansing banking and business circles have never been so rudely shaken in the city's history. Nearly $400,000 of the two firms' paper is held by local banks, the largest holders being the Central Michigan Savings Bank, $200,000, and the Ingham County Savings Bank. $81,500. Between $65,000 and $70.000 worth of the firms' paper Is also held by Detroit banks. The closing of the Central Michigan Savings Bank yesterday afternoon was caused by the lack of confidence resulting when it became known that the institution was weighted down with $200,000 of the Insolvent companies' obligations. It was an anxious night at the capital. Bank directors and leading business men were holding secret conferences in various portions of the town. the directors of the Ingham County Savings Bank continuing in session until midnight. On account of a run on it this morning the Ingham County Savings Bank closed its doors for ninety days to savings depositors, under a provision of its charter and the State law entitling it to that time. There were 100 people outside the bank when it opened this morning. Commercial depositors were promptly paid, but the legal three months' notice was required on saving deposits. President Humphrey announced confidently that the bank would be able to meet all Its obligations. But the crowd was uneasy and anxious. About 10 o'clock Bank Commissioner Sherwood made a speech to the crowd. A number of people retired reassured, and there was a perceptible decrease in the withdrawal of deposits. Deposits are being withdrawn from other banks. but at no other were anxious crowds present. The statement is given out that O. M. Barnes's private assets, together with the assets of the two embarrassed companies, aggregate $1,693,000. Every effort is being made to restore confidence, but there is a panicky feeling in many quarters. Every one ascribes the cause of the troubles to the poor business methods of O. F. Barnes. O. M. Barnes, who has taken charge of the Lansing Lumber and Engine companies, announces that he can easily take care of the paper he had indorsed, and that the other creditors of the two concerns will lose nothing. He has accumulated a fortune esttmated at from $2,500,000 to $3,000,000, and there

6. April 20, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, April 20, 1893

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MICHIGAN FAILURES, Runs Are Precipitated in Lansing Banks Owing to Lumber Assignments. LANSING, Mich., April 19. -Owing to uneasiness credited by the financial difficulties of the Lansing Lumber company, and the Lansing Engine works, a run was precipitated on the Ingham County Savings bank this morning. The doors of the bank have been beseiged all morning. Finally, the management decided to avail themselves of the legal provision allowing them to require ninety days' notice on savings deposits. This gave a decided relief, as commercial depositors were calling for very little. The state bank examiner assured them that the Crown bank was perfectly sound and nobody would lose anything. O.M. Barnes, to whom the lumber and engine companies gave mortgages yesterday, announces that he can take care of the paper he endorsed, and that other creditors will lose nothing. The Central Michigan savings bank closed yesterday. It wili, it is said, have ample funds to meet all demands. The deposits aggregate half a million. All the savings banks have decided to take advantage of the ninety days' clause in order to tide over the panic. Late this afternoon it is believed the crisis is passed and no further bad effects will be felt from the failures announced yesterday. All excitement has quieted down. The bank commissioner expects to conclude his examination of the Central Michigan tomorrow, and not until then will the assets and liabilities be known.

7. April 28, 1893 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, April 28, 1893

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Ingham County Bank of Lansing. Mich Closes Its Doors. LANSING, Mich., April 27.-The Ingham County Savings bank is closed and in the hands of the commissioners of banking Very little is known of the cause, the bank officers being very reticent, It is said the closing was caused by the failure of the Peninsular Savings Bank of Detroit. to keep its agreement to furnish the Ingham Bank with sufficient currency to do business. The closing of the bank was due to the inability of its officers to realize on some securities. The bank commissioner claims there was no necessity for the suspension.

8. April 28, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, April 28, 1893

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CLOSED ITS DOORS The Ingham County Ravings Bank Formal to Suspend LANNING, Mich., A pril 27. The Ing. ham County Savings bank closed this morning. It is the bank on which the run began on Wednesday, A pril 19. The closing of the bank is due to the inability of the officers to realize on some of the securities The Peninsular Havings bank of Detroit held $137,000 worth of these, and at the time of the run, it in and promised the Ingham County Savings bank to advance $50,000 in money to tide over the difficulty, Since then $10,000 has actually been paid over. Vesterday the cashier dr w a draft on a New York bank for 67,000 and telegraphed the Peninemiar bank to place that amount to their credit no New York. Cashier Moure telegraphed back that the Ingham county bank bed reached its limit and that he was not disposed to advance any more money,

9. April 28, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, April 28, 1893

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LACKED READY MONEY. Failure of Two Eastern BankingHouses. Additional Complications Arising From the Sioux City Assignments. Short in His Accounts. Special to THE MORNING CALL. LANSING, Mich., April 27.-The Ingham County Savings Bank closed this morning, and is in the hands of the Commissioners of Banking. The closing of the bank was due to the inability of the officers to realize on some securities. The directors attribute the present difficulty to the unsatisfactory condition of the money market. The Bank Commissioner says the closing was without his advice. He would have advised against it. All the bank-directors of the city are in conference. The situation is extremely critical. PONCA, Neb., April 27.-The First National Bank did not open its doors this morning. All the information that could be obtained in regard to the failure was contained in the following notice posted on the bank door: "Owing to the recent failures in Sioux City and elsewhere, and being called on for money due we are compelled to close temporarily. Depositors will be paid as soon as matters can be adjusted." Business men believe the depositors will be paid in full. PHILADELPHIA, April 27.-The liabilities of Clark & Keene, the violin manufacturers, who assigned yesterday, will amount to about $100,000, exclusive of the amount due Charles J. Webb, to whom they confessed judgment for $80,403. The assets consist of a plant valued at $150,000, and a large quantity of manufactured goods. SIOUX CITY, April 27.-The Boston Investment Company this morning, on a judgment obtained last December for $58,544, levied on thecharter and franchises and all the other property of the Pacific Short Line Bridge Company and its successor, the Missouri River Bridge Company. It is understood this action is merely precautionary, in view of the recent failures here. Ed Haskinson, president and treasurer of the failed Sioux City Dressed Beef Company and president of the Park-street Railway Company, made individual assignments to-day. The assets and liabilities are yet unknown. Nashua, N. H., April 27.-A number of the citizens of Nashua are affected by the closing of the doors of the Union Loan and Trust Company at Sioux City. It is said $200,000 of the company's stock is held here. The belief here is that the suspension is temporary and no losses will result. NDIANAPOLIS, April 27.-Charles R. Haseley, secretary of the South Side Building Association, is short $20,000 in his accounts and a fugitive in South America. The association made an assignment this afternoon.

10. April 28, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, April 28, 1893

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THE SIOUX CITY FAILURES. They Brought a String of SuspensionsOther Business Troubles. PONCA. Net., April 27.-The First National bank did not open its doors this morning. All the information that could be obtained in regard to the failure is contained in the following notice posted on the bank door: Owing to recent failures in Sioux City and there and being called on for money due, weate compelled to close temporarily. Deposbe paid as soon as matters can be ad. justed Business men believe that depositors will be paid in full. Storx CITY, Is., April 27.-Ed Haakinon. president and treasurer of the failed Sionx City Dressed Beef Company, and president of the Washington Park Street Railway Company, made an individual assignment today. His assets and liabilities are yet unknown. NASHUA, N. H., April 27.-A number of citizens of Nashua are affected by the closing of the Union Loan and Trust Company. of Sioux City, It is said that $200,to of the company's stock is held here. The belief here is that the suspension is and that no loss will result. BOSTON, April 27 .-The Sioux City Inmement Company this morning, on a judgment obtained last December for $58.is levied on the charter franchises and all other Bridge property of the Pacific Short Line and the River It IS Missouri Company Bridge its Company. successor, understoad that this action is merely precautionary. in view of the recent failures here LANGING. Mich. April 27.-The Ingham County Savings bank closed this morning, and is in the bands of a commissioner of banking Little is known of the cause, the bank officers The failare said to are is have been are reticent. caused by the failof the Peninsular of to an to furnish tros. keep agreement Savings bank, De- the Ingham County bank enough currency to the do business closing The was bank without commissionersays his advice. Rewould have advised against it. All'the bank directors in the city are in confersace The situation is extremely critical.

11. May 4, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, May 4, 1893

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TROUBLE IN THE BUSINESS WORLD. The Ingham County Savings Bank, of Lansing, Mich., is still closed. A bond of $100,000 as security was not forthcoming. The United Paper Company, known as the Tissue Paper Trust, has been put in the hands of F. K. Day, of New Jersey, as receiver. Under the fraudulent debtors' act these three attachments were issued against Clark & Keen, insolvent Philadelphia wool manufacturers: For the Springfield Worsted mills, $20,543.62; Howland Croft, Sons & Co., $15,012.09; S. C. Wilson & Co., $2,395.31.

12. May 4, 1893 Arizona Republican Phoenix, AZ

Article from Arizona Republican, May 4, 1893

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BANK TAKES HASTY ACTION. Doors of a Lansing Financial Institution Needlessly Closed. LANPING, Mich, May 3.-[Associated Press.]-Financial circles were again excited yesterday to find hanging upon the door of the Ingham County Savings Band the following placard: This bank is in the hands of the bank commissioner." The institution was organized in 1885, and has a capital stock of $50,000 and a surplus of a like amount. The last statement also showed undivided profits of $5,000. The savings and commercial deposits amount to $250,000, although $70,000 has been withdrawn since the Lansing Lumber Company failure and the incipient run on the bank last week. The action today was precipitated by the refusal of the Peninsular Savings Bank of Detroit to comply with its promises to protect the Ingham and keep it supplied with currency for daily demands. The credit of the Ingham with the Peninsular was only $40,000, but the cashier has promised $100,000 if necessary. Forty-three thousand dollars of this credit had been drawn, and yesterday the Ingham issued $7,000 in checks on the Hanover Bank of New York and requested the Peninsular to protect them, which it refused to do. A meeting of the directors was called and it was decided to close the doors without even consulting the commissioner of the bank, who hae been almost constantly upon the ground to meet any financial emergency that might arise. He denounces the action of the bank officials as hasty in the extreme. He says the Peninsular had $132,000 in collaterals of the Ingham County Bank, and although the former had preferred to supply funds, other Laneing banks could have relieved the Inghain from temporary embarrasement. Other banks of the city have not yet been affected by the suspension, but an uneasy feeling prevails.

13. May 5, 1893 The Iola Register Iola, KS

Article from The Iola Register, May 5, 1893

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THE mayoralty of Maroa, III., was decided by flipping a coin. The vote had been a tie. THE Illinois and Sangamon rivers near Virginia. III., have flooded thousands of acres. SYLVESTER GORBY, state geologist of Indiana, has been afflicted with dementia. THE railway ticket brokers have won their habeas corpus case at Chicago, which means that the law against "scalping" is unconstitutional. a O., took on of the house of porch ter CLAUDE of Shawnee, WILSON, Methodist his poison betrothed, minis- the with whom he had quarreled. AT the Transmississippi conference Gov. McConnell, of Idaho, was elected president after a spirited contest with A. C. Fisk. GEN. ROBERT SMITH, aged 86, died recently at Hamilton, Ill. WILLIAM C. GOUDY, a leading democrat and lawyer of Chicago, dropped dead at his desk. . THE Ingham County Savings bank at Lansing, Mich., has suspended. THE financial embarrassments at Sioux City, Ia., extended until most of the business firms was affected. THE International Y. W. C. A. is in session at Toledo, O. AN expert, by order of the railroad board, is examining Ann Arbor engines which recently exploded. THE Western Baseball league has been formed, to commence play May 20. There are six clubs, representing Denver, Pueblo, Wichita, Omaha, Topeka and Kansas City. THE Transmississippi congress took a vote on the silver resolution. passing it by a vote of 230 for free coinage and 40 against, the opposition coming largely from California and Missouri. THE 71st birthday anniversary of Gen. Grant (April 27) was celebrated at Galena, III., by a public demonstration and a speech by Gov. McKinley. THERE is great excitement in southern Oregon over the discovery of rich gold fields in the Willow Springs district. FROM latest reports from the terrible storm in Oklahoma it is believed that not less than seventy-five persons were killed. NINE log rollers were killed by the breaking of a at jam Menominee, Mich. A RECEIVER has been applied for at Toledo, O., for the Ann Arbor-road THE Liberty bell arrived in Chicago all and was a great right received with demonstration. THE Navajo Indians located in northern New Mexico, are on the warpath. Eight settlers have already been killed and more bloodshed is feared. Troops have been ordered to the scene. THE chess tourney at Kokomo, Ind.. ended in the victory of Lasker over Showalter. Ten games were played, Lasker winning 6 and Showalter drawn, 2. JAMES ROTHFORD, a fifteen-year-old was killed at Canon a ton, boy, III., by falling London circular mills, saw. THE bar at Bloomington, III., gave Minister James S. Ewing a farewell banquet. WILLIAMCOWAI of Monmouth, III., a veteran of the Seminole war, has just been granted a pension. CHARLOTTE L. TIMMERMAN, of Chicago, who was saved from drowning, stabbed herself and then jumped headlong from a window. Her neck was broken. THE Transmississippi congress at Ogden, before it adjourned resolutions in passed Utah, just favor of the admission of Arizona, New Mexico and Utah as states. RED river has been out of its banks in Minnesota and thousands of acres have been covered. Many farmers lost everything and will not be able to put in crops.

14. May 5, 1893 The Times Owosso, MI

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SCARED INTO IT. The Ingham County Savings Bank, at Lansing, Closes Its Doors. Confidence of the Directors Shaken Because of Troubles a Week or So Ago -They Brace Up and Declare That They Will Resume. SUSPENDED BUSINESS. LANSING, April 28.-The Ingham County savings bank has closed its doors. This is the bank on which the run began April 19. At that time Bank Commissioner Sherwood made a speech which calmed the excitement for the time. The closing of the bank was due to its inability to realize on securities, and to the severe shock given the confidence of the directors by last week's trouble. The directors met on Wednesday night and decided that it would be best to close the bank for a time. They attribute the bank's difficulties to the unsatisfactory condition of the money market as much as to the Barnes failure. The directors declare that the bank is entirely solvent and there is ample evidence that this is so. None of the other banks have experienced any difficulties or unusual experiences of any kind during the day. The Ingham county bank had, according to its last report, made December 9, last, a capital of $50,000, surplus of the same amount, and $50,000 in undivided profits. Its deposits Wednesday night approximated $26,000. Notwithstanding the bank's action there was no excitement in local banking circles. The citizens have confidence in the solvency of all the financial institutions of the city. The directors of the Ingham county bank realize that their decision not to open for business Thursday was entirely unwarranted, and are perfecting arrangements which will enable the bank to resume business not later than Thursday of next week. The bank has not rediscounted a dollar's worth of its paper, and with $250,000 worth of gilt-edged securities will probably experience no difficulty in securing the necessary currency. Commissioner of Banking Sherwood has completed his examination of the Central Michigan savings bank, which closed its doors last week, and his statement shows the assets are sufficient to pay depositors in full, even though the Barnes paper should be wholly worthless, a contingency in no wise probable. LANSING, May 2.-Owing to the failure of the directors of the Ingham County savings bank to deliver to Banking Commissioner Sherwood, in trust for the depositors, a bond for $100,000 as additional security, the bank was not reopened Monday morning, although the requisite money was secured Saturday

15. May 6, 1893 Chicago Eagle Chicago, IL

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ANOTHER CRASH AT LANSING. The Ingham County Savings Bank Forced to Close Its Doors. The Ingham County Savings Bank at Lansing. Mich.. closed its doors Thursday morning. This is the bank on which the run began April 19. At that time Bank Commissioner Sherwood made a speech which calmed the excitement for the time. The closing of the bank is due to its inability to realize on securities. The directors met and decided that it would be best to close the bank for a time. They attribute the bank's difficulties to the unsatisfactory condition of the money market as much as to the Barnes failure.

16. May 8, 1893 New-York Tribune New York, NY

Article from New-York Tribune, May 8, 1893

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A WESTERN BANK TO RESUME. Lansing, Mich., May 7.-The Ingham County Savings Bank. which closed a couple of weeks ago under pressure from a run caused by the failure of the Lansing Iron and Engine Works and the Lansing Lumber Company, will resume business this week. Fifty thousand dollars additional capital has been subscribed, which. with a surplus of $50,000, gives a working capital of $150,000. The closing was the result of a panic among the directors. as the bank was entirely solvent. having ample cash and giltedged securities in the vaults at the time.

17. May 9, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, May 9, 1893

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TROUBLE IN THE BUSINESS WORLD. The Bufford Lithographic Company, of Boston, has failed for $12,500, with unknown assets. The Soldiers' World's Fair Association, of Chicago, assigns, with assets and liabilities of $12,000. Owing $14,000 and having $10,000 assets, the Consolidated Copy Company, of Chicago, has failed. Robert A. Hevenor, grocer of New York city, has given a bill of sale to three cred itors to cover $25,000 due them. His liabilities are from $50,000 to $80,000. The Ingham County Savings bank, at Lansing, Mich., which closed a couple of weeks ago under pressure, has resumed business. Additional capital has been subscribed, which, with a surplus of $50,000, gives a working capital of $150,000. The closing was a result of a panic among the directors, as the bank was entirely solvent, having ample cash and gilt-edged securities in the vaults at the time.

18. May 9, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, May 9, 1893

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A Michigan Bank Resumes. LANSING, Mich., May -The Ingham County Savings bank, which closed a couple of weeks ago, will resume business this week, The closing was the result of a panic among the directors, as the bank was entirely solvent, having ample cash and giltedged securities in the vaults at the time,

19. June 5, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 5, 1893

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REGROANIZING A SUSPENDED BANK. Lansing, Mich., June 4.-The stockholders of the Ingham County Savings Bank, which closed Its doors five weeks ago. and has since then been in the hands of the Bank Commissioner, have agreed upon a plan which will enable them to reopen in the course of

20. June 14, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 14, 1893

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WESTERN CITIES-FINANCIAL FLURRIES IN OMAHA. KANSAS CITY AND DETROIT. Omaha, Neb., June 13.-There was a run on every savings bank in the city this morning cipitated by the failure of the McCague Savings Bank yesterday, followed by the downfall this morning of the American National Bank, in which the McCagues are largely interested. It was unofficially stated yesterday that the Clearing House Association would stand by its members, of which the American National is one. but when the assets of the American National Bank came to be examined, they were pronounced not good enough. and the aid of the associated banks was withheld. The ominous sign appeared on the door this morning, and the crowd which had collected became greatly excited. The McCagues tried to reassure the depositors, telling them that every account would be paid in full. At the Omaha Savings Bank, the German Savings Bank. the American Savings Bank, the Globe Loan and Trust Company and other institutions there was a steady drain of deposits all morning. Cash was paid out as soon as called for, and there was no apparent limit to it Toward noon the lines had dwindled until they appeared no larger than upon any day of business. Bank Examiner Griffith. who took charge of the American National for the Controller this morning, could not say much about the assets. A great deal of paper, which is thought not to be first-class, figures in the resources of the bank. The talling of in deposits amounted to nearly $200,000 since May 4. and this has badly crippled the institution. The Dime Savings Bank compellid its depositors to give sixty days' notice of withdrawal. This action. together with the promittness with which the other banks met all demands, is believed to have stopped what almost promised to be a panic. The last statement of the American National Bank, on May 4. showed a capital stock of $200,000: loans and discounts, $531,690: surplus, $16,000; undivided profits, $5,161 : due depositors. 8577,526. The American Savings Bank took advantage of the sixty-day rule and refused to pay depositors. The Globe and Trust Company paid off 50 per cent of the deposits and held the balance under their rules. The run on the Omaha Savings Bank continued in force this afternoon. and hundreds of depositors crowded the bank and the street in front Senator Manderson and Vice-President Kimball. of the Union Pacific. directors of the bank. made extended speeches to the crowd, and announced that the bank was prepared to pay every dollar, but the run continued Kansos City, JULC 16.-As a result of the aus. pension vesterday of the People's Savings Bank, an insignificant institution with deposits of only $25,000. a run was started this morning on the Kansas Safe Deposit and Savings Bank. The bank took advantage of that clause of its bylaws requiring depositors to give thirty days' notice of the withdrawal of deposits. That checked the run, and at noon it was practically a over. None of the other banks experienced run. Just why the Kansas City Safe Deposit and Savings Bank should have been selected for a run is a mystery. If is the largest and one of the soundest institutions of the kind in the whole State, and has the confidence of the banks and merchants generally Nankato. Kan., June 15.--The Bank of Bur Oak. Jewell County. closed its doors yesterday merning. The bank was owned by Halbert Brothers. and the liabilities are placed at $35,000 The assets are practically nothing. C. D. Hulbert. one of the proprietors of the institution, has fled The depositors are greatly incensed, and if he should return. either of his own accord or to answer to a criminal charge, there being some inclination among the depositors of preferring such a charge. he would be roughly dealt with Lansing, Mich., June 3.-State Bank Commissioner Sherwood yesterday applied to the Circuit Court for the appointment of a receiver for the Ingham County Savings Bank, which failed several weeks ago. An order was made to show cause why such action should not be taken. returnable June 24. The bank officers yet hope to obtain necessary subscriptions to the capital to warrant a reopening Advices have been received by Mr. Sherwood from Crystal Falls, Upper Michigan, that the State Bank of Crystal Falls has suspended payment. The bank was organized about a year ago with a capital of $25,000. it had deposits of $60,000. The cause of the failure was the suspension of the Plankinton Bank of Milwaukee Detroit, June 13.-For some time there has been an uneasy feeling in the banking atmosphere of this city occasioned by the numerous failures in savings institutions that have recently occurred throughout the country, especially in the West. Although until this morning there had not been a decided run on any of the savings banks of Detroit, considerable money has been withdrawn in a quiet way. and to forestall any movement that might result disastrously to them. and as an act of mutual protection, the officers of these institu. tions met last night and adopted the following notice to depositors: There has recently been developed in our city an un. easiness among savings de positors. which has been (without cause) directed against some of our -trongest banks To stop the needless withdrawal of deposit. and the lock. ing ⑉2 of currency in time of financial stringency. the undersigned banks respectfully decide. in the event of unusual demands upon them, and to insure equal protection to all their depositors, to require the notice provided for in the by-laws of the several banks We would, there. fore, ask our depositors to review the situation calmly, and accept with patience our action. which is taken in our mutual interest and for the benefit of this community at large. PEOPLE'S SAVINGS BANK. MICHIGAN SAVINGS BANK. DETROIT SAVINGS BANK. CITIZENS' SAVINGS BANK. HOME SAVINGS BANK. CITY SAVINGS BANK. WAYNE COUNTY SAVINGS BANK. CENTRAL SAVINGS BANK. DETROIT RIVER SAVINGS BANKA PENINSULAR SAVINGS BANK. DIME SAVINGS BANK. GERMANAMERICAN BANK. AMERICAN BANKING AND SAVINGS ASSOCIATION STATE SAVINGS BANK. When the doors of the People's Savings Bank,

21. June 26, 1893 Grand Rapids Herald Grand Rapids, MI

Article from Grand Rapids Herald, June 26, 1893

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will Have No Receiver. LANSING, June 25. Judge Person yes. terday adjourned the hearing on the petition of Banking Commissioner Sherwood for the appointment of a receiver for the Ingbam County Savings bank until July 10. There is practically no doubt that a receiver will not be appointed and that the bank will resume business by that time.

22. September 29, 1893 The Times Owosso, MI

Article from The Times, September 29, 1893

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Trying to Reorganize. LANSING, Sept. 26.-In the circuit court Monday the hearing on Banking Commissioner Sherwood's application for the appointment of a receiver of the Ingham county Savings bank was postponed one week. A determined effort to reorganize the bank, with J. A. May of Howell as cashier, is being made, with every prospect of success. The depositors generally are signing an agreement to take 10 per cent of their deposits per month until the amount is paid. In all probability the bank will resume business within 10 days.