9409. National Bank (Sturgis, MI)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
3276
Charter Number
3276
Start Date
August 7, 1893
Location
Sturgis, Michigan (41.799, -85.419)

Metadata

Model
gpt-5-mini
Short Digest
0178f3be

Response Measures

None

Description

Directors of the National Bank of Sturgis suspended payment Aug. 7–8, 1893 after steady withdrawals and general uneasiness (related to other bank failures/scare). Assets reported about three times liabilities. The bank was permitted to reopen in early September 1893. No explicit discrete run on this specific bank is described in the articles (more a steady withdrawal/uneasiness), so classified as suspension with later reopening.

Events (4)

1. December 22, 1884 Chartered
Source
historical_nic
2. August 7, 1893 Suspension
Cause
Local Banks
Cause Details
General uneasiness and steady withdrawals in Sturgis tied to a broader scare from other bank failures/assignments (e.g., Greene County Bank, Exchange Bank), prompting directors to suspend payments temporarily.
Newspaper Excerpt
STURGIS, Mich., Aug. 7.-The directors of the National Bank of Sturgis met today and decided to suspend payment for a short time. The assets will pay liabilities three to one, and the bank will probably reopen soon.
Source
newspapers
3. September 9, 1893 Reopening
Newspaper Excerpt
The National Bank of Sturgis, Mich., which suspended payment August 7, 1893, having complied with the conditions imposed by the controller of the currency, and its capital stock being unimpaired, has been permitted to reopen its doors for business.
Source
newspapers
4. July 1, 1931 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (13)

Article from The Herald, August 8, 1893

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EMBARRASSED BANKS. Suspicious Depositors Cause Trouble at Wheeling and Other Towns. WHEELING, W. Va., Aug. 7.-Ae the result of the scare created by the assignment of the Exchange bank, a run began on several other banks this morning, but it did not last long. Large deposits were made which counteracted the withdrawals by emall depositors, and the run immediately ceased. STURGIS, Mich., Aug. 7.-The directors of the National Bank of Sturgis met today and decided to suspend payment for a short time. The assets will pay liabilities three to one, and the bank will probably reopen soon. SPRINGFIELD, Mo., Aug. 7.-The Greene County bank failed this morning. A heavy run on all the other banks resuited, and continued until the close of business, but abated during the afternoon. It is thought confidence will soon be restored.


Article from The Morning Call, August 8, 1893

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SCARCITY OF MONEY. That Is the Condition That Now Confronts Wall Street. Believed to Be Even More Serious Than the Reputed Evil of the Sherman Law. Special to THE MORNING CALL NEW YORK, Aug. 7.-Aside from the meeting of Congress and its probable action on the silver question, together with the probable effect of that action on business in general and the stock market in particular, the principal subject of discussion to-day was the continued scarcity of all forms of currency, notes and specie. In fact, according to well-imformed bankers, that was in some respects the most serious question of the dav. Money-brokers today were paying as high as 1/2 to 1 per cent for currency and were getting as high as 31/2 for it in big lots. One peculiar feature in connection with this scarcity of cash was that money-brokers were bidding from 1/2 to 5/4 to 1 per cent for gold to arrive, notwithstanding that the rate of foreign exchange did not warrant the importation of gold. Sight sterling was in demand in consequence of the offering of a premium for gold. At the sub-treasury to-day it was said that there was an abundant supply of currency on hand which banks can have in exchange for its equivalent. The Clearinghouse loan committee issued $1,015,000 more loan certificates, making the total amount now outstanding $36,065,000. Gold in the treasury is daily increasing. It stands to-day $102,291,395, or $2,291,395 above the reserve. The net balance in the treasury, however, from the Treasurer's statement issued to-day, shows a decrease, attributed largely to the falling off in customs receipts. The fact that customs receipts are falling off. while it affects the Government revenue from that source, has an opposite bearing upon the general prosperity of the country, as it shows that less money is being expended abroad for imported merchandise. Offers of silver to-day aggregated 565,000 ounces, and of this amount 21,000 ounces were purchased at .726 and the same price tendered for the remainder. CHICAGO, Aug. 7.-The Chicago Iron and Steel Company of East Chicago, Ind., has failed. There is DO statement. The plant was nearly new and cost $250,000. It is claimed the liabilities are less than $100,000. SPRINGFIELD, Mo., Aug. -The Greene County Bank falled this morning: no statement. A run on all the other banks resulted. PHILADELPHIA, Aug. 7.-A receiver was appointed for the Chestnut Hill Iron Ore Company. It is hopelessly insolvent. It was once one of the largest manufacturers of pigiron in Eastern Pennsylvania. CLEVELAND, Ohio, Aug. 7.-The National Vapor Stove Company has made an assignment. The assets are $125,000 and the liabilities $90,000. WHEELING, W. Va., Aug. 7.-As a result of the scare created by the assignment of the Exchange Bank, a run began on several other banks this morning, but it did not last long. Large deposits were made, which counteracted the withdrawals by smaller depositors, and the run inmediately ceased. STURGIS, Mich., Aug. 7.-The directors of the National Bank of Sturgis met today and decided to suspend payment for a short time. The assets will pay the liabillties three to one, and the bank will probably reopen soon. NASHVILLE, Tenn., Aug. 7. - Attilla Cox of Louisville was to-day appointed receiver for the Louisville, Sr. Louis and Texas Railway by United States Judge Lurton upon the application of Post, Martin & Co. of New York.


Article from The Seattle Post-Intelligencer, August 8, 1893

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The National bank of Sturgis, Mich, suspended payment on Monday. Assets nearly triple the liabilities, but can not be converted into cash.


Article from The Sun, August 8, 1893

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More Bank Failures. WASHINGTON, Aug. 7.-Comptroller Eckels is informed that the National Bank of Sturgis, Mich.. capital $55,000, closed its doors to business this morning. Bank Examiner Caldwell has been placed in charge. SPRINGFIELD, Mo., Aug. 7.-The Greene County Bank. the oldest in the city, assigned today. Liabilities $137,242: assets $252,251. There is some excitement. but no other bank seems to be involved.


Article from The Salt Lake Herald, August 8, 1893

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TELEGRAPHIC BRIEFS. Allessandria, Italy, is officially declared to be freer from cholera and the epidemic is declining in Naples. At Springfield, Mo., the Greene county bank failed. No statement. A run on all the other banks resulted. At Cleveland, O., the National Vapor Stove company has made an assignment. Assets, $125,000; liabilities, $90,000. Cholera is spreading in Roumania and Galicia. Several cases have been reported in Lemberg, the capital of Galicia. The Illinois Central railway has declared a dividend of 2½ per cent. in cash on its capital stock payable Sept. 1, 1893, to stock of record Aug. 9. In New York Chancellor McGill has announced that he has decided to give the receivers of the National Cordage trust till Sept. 5 to make their report. Postmasters appointed yesterday were: William Mayfield at Plymouth, Utah, vice Hess, resigned; Israel Cannon at Walters, Ida., vice Walter, resigned. Gaudaur has again challenged Stansbury, the Australian oarsmen. If the challenge is not accepted by Sept. 5, Gaudaur will claim the championship of the world. Solly Smith and George Dixon were practically matched last to fight before the Coney Island Athletic club. The contest has been set for sometime in September. A receiver has been appointed for the Chestnut Hill Iron Orecompany of Philadeiphia. It is hopelessly insolvent. It was once the largest manufacturer of pig iron in east Pennsylvania. The Chicago Iron and Steel company of East Chicago, Ind., has failed. No statement. The plant is nearly new and cost a quarter of a million. It is claimed that the liabilities are less than $100,000. It is reported that William Whitman, the alleged robber of the American Express company at Springfield, Ills., is at the Valley of Palms, Lower California. It is claimed he spent two weeks in San Diego. The directors of the National bank of Sturgis, Mich., met yesterday and decided to suspend payment for a short time. The assets will pay liabilities three to one, and the bank will probably reopen soon.


Article from The Herald, August 12, 1893

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EMBARRASSED BANKS. Suspicious Depositors Cause Trouble at Wheeling and Other Towns. WHEELING, W. Va., Aug. 7.-As the result of the scare created by the assignment of the Exchange bank, a run began on several other banks this morning, but it did not last long. Large deposits were made which counteracted the withdrawals by small depositors, and the run immediately ceased. STURGIS, Mich., Aug. -The directors of the National Bank of Sturgis met today and decided to suspend payment for a short time. The assets will pay liabilities three to one, and the bank will probably reopen soon. SPRINGFIELD, Mo., Aug. 7.-The Greene County bank failed this morning. A heavy run on all the other banks resulted, and continued until the close of business, but abated during the afternoon. It is thought confidence will soon he restored.


Article from Watertown Republican, August 16, 1893

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ERNEST LACOXE is under arrest at Joliet, charged with assauiting and murdering the girl Ellen Byron. Lynching is threatened. GENERAL passenger agents of Eastern lines have recommended an advance in rates and the managers will probably follow their advice. THE Madison Square Bank at New York has failed. ELLEN Byron, 14 years old, was found murdered near Joliet, Ill. She had been assaulted. WHILE the doors of the jail at Findlay, O., were open the prisoners made a break for liberty and all escaped. THE village of Snow Hill, Md., burned. Only two stores and a few dwellings were saved. The loss is about $300,000. DIRECTORS of the Lehigh Valley road have dissolved the lease to the Reading Company because of default on bills due. AMERICAN sealing vessels report ill success off the Japanese coast. The catch will be 30 per cent. less than was expected. COMMISSIONERS will be appointed by Gov. Lewelling to solicit seed wheat or money for the destitute farmers of Western Kansas. WILLIAM STEWART struck Charles Crockett with a brick at Lima, O., killing him. Crockett had refused to lend Stewart some money. This caused the assault. Stewart was arrested. WITNESSES at Providence, R. 1., in the Mrs. Barneby murder case, have agreed to attend the second trial of Dr. Graves, to be held at Denver in October. GOVERNMENT officials are making no preparations for the reassembling of the international monetary conference. Dissolution of the Latin Union would have no special effect in this country. GAS has been struck at Stronghurst, III. CHOLERA is extinct in Alexandria, Italy. THE National Bank of Sturgis, Mich., has failed. E. L. HENNING, a banker at Plano, III., assigned to J. M. Sears. C. E. BLONDELL, groceryman at Spencer, Ia., assigned to M. E. Griffin, banker. HUNDREDS of acres of tobacco were destroyed in Pennsylvania by a hail storm. A GIRL named Crookshanks died at Oakland, III., of the bite of a rattlesnake. THE New York Central will cut the working time of all employes 10 per cent. a dav.


Article from The Washburn Leader, August 19, 1893

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CLOSED TEMPORARILY. Sturgis, Mich., Aug. 8. - There has been a general uneasiness in banking circles in Sturgis for thirty days, and a steady withdrawal of funds from the National Bank of Sturgis. To-day the directors met and thought it best to suspend payment for a short time. The bank is one of the strongest in Southern Michigan. Its assets will pay its liabilities three to one. It will probably reopen soon.


Article from Evening Star, September 9, 1893

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A Bank Resumes. The National Bank of Sturgis, Mich., which suspended payment August 7. 1893, having complied with the conditions imposed by the controller of the currency, and its capital stock being unimpaired, has been permitted to reopen its doors for business.


Article from The Star, September 13, 1893

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FINANCIAL AND COMMERCIAL. he first national bank of Nashville, Tenn., which suspended August 10, has resumed. The national bank of Sturgis, Mich., has been permitted to reopen its doors.


Article from The Middleburgh Post, September 14, 1893

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Financial and Commercial. The first national bank of Nashville Tenn., which suspended August 10, has re sumed. The national bank of Sturgis, Mich., has been permitted to reopen its doors.


Article from The Weekly Tribune, September 15, 1893

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GLAD TIDINGS. That business is picking up and that the industrial depression will soon be dissipated by an era of business activity will be seen by the following notices: A notice has been posted at the Carnegie Steel works at Duquesne that all departments of the works would be put in operation Monday Sept. 11. Two thousand men will be given employment. The mill prospect in Troy, N. Y., and vicinity continues to improve. Curtis & Co., collar manufacturers, resumed, putting 400 men to work on full time. The Diamond knitting mill at Waterford will resume Monday, Sept. 11, with 200 hands, and the collar factory of Miller, Hall & Hartwell of this city will start up on the same day. The Orkney knitting mill, 100 hands, and the Himes knitting mill, 200 hands, will be started on Monday, Sept. 11. The officials of four local savings banks at Hartford, Conn., met this morning and decided to resume paying depositors without notice on Monday, September 11. They consider that confidence has been restored. Deputy Comptroller Tucker has authorized the national bank of Sturgis, Mich., which suspended Aug. 7, to resume business. Leroy & Sons' large mill at Cohoes, employing several hundred hands, will resume Monday, Sept. 11. The Great Northern shops at St. Cloud, Minn., which recently let out nearly one hundred employes and reduced the time of those remaining. started up with a full force and will not only run on full time. but work an extra night crew beginning Monday, Sept. 11. An abundance of new work and repairs at the shop made it necessary. The First National bank of Nashville, Tenn., which suspended Aug. 10, gave notice that it would resume Monday Sept. 11. Bank Examiner Foster received a telegram from the controller of the currency authorizing him to turn the First National bank over to its officers, The bank will resume business on Monday, Sept. 11. A few red-letter days like Monday, September 11, would soon lift the gloom that has settled over the country. The next thing in order would be to call off the financial doctors that are tinkering with the white metal.


Article from Weekly Expositor, September 15, 1893

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MICHIGAN STATE ITEMS. Chelsea fair October 11, 12 and 13. Tailors strike at Jackson ended. Employers grant raise. Not a scholar turned up when school opened at Hillman. Edward Water, of Saginaw, was killed by a train at Hamilton, Ont. The shops of the Gale Manufacturing company, at Albion, have started up. Michigan's Free Will Baptist State association convention, Nov. 7-10 at Reading. Henry Shetterly, of Utica, was dan gerously wounded while fooling with an old gun. A chemical works for the manufacture of wood alcohol will be started at Mancelona. Marquette has started on an elegant city hall. It will be three stories high and 92x72 feet in size. St. John's Lutheran school at Adrian closed on account of scarlet fever. Ten cases in one week. William Horan, a prominent Tekonsha farmer, dropped dead while doing chores. Heart disease. Fifteenth Michigan infantry reunion; Monroe; October 4. First Michigan cavalry; Romeo; October 19. A large tract of land has been purchased by the Orchard Lake military academy for a parade ground. Traverse City's flowing well, with a capacity of 1,200 barrels a day, has increased its flow to 3,000 barrels a day. Ed. Culver, a Pittsford farmer, fell astride a hay sieve and received painfull injuries that may result in his death. Most all the lumber in Oscoda county has been destroyed by the recent forest fires. Gen. Alger has lost 11,000,000 feet. National bank of Sturgis which suspended August 7, has received permission from the comptroller of currency to resume business. Fire at Flat Rock destroyed Charles Sherbean's blacksmith and wagon shop with their contents. Loss, $3,000, with no insurance. Fred Russell, judge-elect of the Fourteenth district wants a convention of judges of the state to be held at Lansing. Good idea. William Stapleford was arrested at Bayport for shooting Henry Stabus during a charivari at that place. Stabus is in a critical condition. State convention of the Y. M. C A. at Battle Creek from Oct. 12 to Oct 15. Gen. R. A. Alger and Rev. Dr. D. D. MacLaurin, of Detroit, are among the speakers. Congress has awarded a silver lifesaving medal to George B. Dean for saving the life of Ralph Caldwell, of Cincinnati, at Gratiot Beach, Lake Huron, on July 17 last. The tri-county fair at Petoskey under the auspices of the Petoskey Driving Park association, Sept. 19, 20 and 21. Premiums offered exceed $10,000, largely for speed contests. A mob at Hickory Corners came near treating a local minister to a coat of tar and feathers for marrying Mabel Scudder and the Negro Mahoney, who eloped from Calhoun county. The new mill of Ross, Bradley & Company, West Bay City, is running with 80 men. Ultimately 200 men will be employed. The mill will have a capacity of 40,000,000 feet per year. C. H. Welton, agent of the New York Life Insurance company was arrested at Grand Rapids for embezzling $215 from A. S. Davis. The money was paid to Welton as a premium on a policy. Four suits were commenced at Grand Rapids against Nelson Matter & Company, who filed mortgages amounting to $214,000. The company made an assignment to the Michigan Trust company. A barn burned in Jonesville and in view of the fact that Jonesville is a local option town, the discovery of SO many bottles of beer in the barn made a sensation. The quenchers of the fire put the hellish stuff out of the way in a hurry. Fire destroyed two barns, tools, hogs, poultry, 500 bushels of wheat, 300 bushels of oats, product of 9 acres of beans and 50 bushels of rye, the property of Frank Mc Donough and brother near Howell. No insurance; cause unknown. John O'Gara's attempted suicide at Saginaw was the result of cigarette smoking instead of love-sickness as at first reported. He has been taken to his home at Nashville, Tenn., by his mother. His mind is unbalanced by excessive cigarette smoking. Thos. Stoltz, Jr., and his father were shooting blackbirds on Saginaw river when the younger Stoltz received a charge of shot in the neck from the gun of a stranger who carelessly shot at flock of birds between the two boats. The stranger escaped without being identified. The new $12,000 Deaconess home at Grand Rapids was dedicated by the Methodists. It is named in honor of Rev. W. J. Aldrich, who originated the idea, and is the only building of the kind in Michigan. Mr. Aldrich's widow and eight other women have devoted themselves to the work. A collision on the race track at a matinee at Tekonsha between two competitive horsemen resulted in the death of Arba Wilkinson, a farmer of Clarendon. A wheel to his sulky was torn off, throwing him to the ground and against a post, crushing his skull.