9412. Peoples Bank (Tecumseh, MI)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 25, 1882
Location
Tecumseh, Michigan (42.004, -83.945)

Metadata

Model
gpt-5-mini
Short Digest
eae4a738

Response Measures

None

Description

Multiple contemporaneous newspaper items (Jan 25–28, 1882) report the Peoples Bank of Tecumseh, Mich., as suspended/failed and that the bank made an assignment (insolvent). Articles attribute failure to reckless speculations in pork and grain and note the president absconded. No explicit contemporaneous report of a depositor run is given; sequence indicates suspension/failure and assignment (closure).

Events (3)
1. January 25, 1882 Other
Newspaper Excerpt
The failure of the peoples' bank at Tecumseh, Mich., inflicts a loss of about $80,000 ... The president slipped out to Mexico, leaving the cashier to face the small army of victims.
Source
newspapers
2. January 25, 1882 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reckless speculations in pork and grain led to losses and insolvency; president fled to Mexico according to reports.
Newspaper Excerpt
Peoples bank of Tecumseh, Mich., has suspended.
Source
newspapers
3. January 26, 1882 Other
Newspaper Excerpt
People's Bank of Tecumsel, Mich., made an assignment last week. (assignment indicates insolvency/closure/receivership).
Source
newspapers

Newspaper Articles (4)
1. January 25, 1882 Mower County Transcript Austin, Lansing, MN
Article from Mower County Transcript, January 25, 1882

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Article Text

Failed. The panic on the Paris bourse continued on the 21st inst., and the branch of the Union Generale Bank, at Lyons, was besieged. Many noblemen of Rome have suffered in the crisis, and it is reported that a considerable portion of the Papal fund is investei in shares of the imperiled banking-house. A Paris dispatch says that thousands of families have been ruined by the panic on the bourse, and the news comes from Vienna that many persons have become insare over their losses. The failure of the peoples' bank at Tecumseh, Mich., inflicts a loss of about $80,000 on poor clerks, women, mechanics and farmere. Reckless speculations in pork and grain involved the concern. The president slipped out to Mexico. leaving the cashier to face the small army of victims. A sudden drop in securities created a panic on the bourse at Paris and Lyons, France. on the 19th inst. At the latter point the failures aggregated £610,000. The following suspensions were announced on the 19th inst.: Alphons Marcotte, dry goods, McGivern, Tucker & McDonnell, lumber and Wm. McLaren & Co., boots and shoes, all at Montreal; total liabilities $400,000. At New Orleans, Seymour & Stevens, with liabilities of $100,000. At Baltimore, Eccle3 & Thomas, sugar refiners, with liabilities of $67,000. The assets in all the above cases were quite large.

2. January 25, 1882 Watertown Republican Watertown, WI
Article from Watertown Republican, January 25, 1882

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Article Text

Failed. The panic on the Paris bourse continued on the 21st inst., and the branch of the Union Generale Bank, at Lyons, was besieged. Many noblemen of Rome have suffered in the crisis, and it is reported that a considerable portion of the Papal fund is invested in shares of the imperiled banking-house. A Paris dispatch says that thousands of families have been ruined by the panic on the bourse, and the news comes from Vienna that many persons have become insane over their losses. The failure of the peoples' bank at Tecunseh, Mich., inflicts a loss of about $80,000 on poor clerks, women, mechanics and farmers. Reckless speculations in pork and grain involved the concern. The president slipped out to Mexico, leaving the cashier to face the small army of victims. A sudden drop in securities created a panic on the bourse at Paris and Lyons, France, on the 19th inst. At the latter point the failures aggregated £610,000. The following suspensions were announced on the 19th inst.: Alphons Marcotte, dry goods, McGivern, Tucker & McDonnell, lumber and Wm. McLaren & Co., boots and shoes, all at Montreal; total liabilities $400,000. At New Orleans, Seymour & Stevens, with liabilities of $100,000. At Baltimore, Eccles & Thomas, sugar refiners, with liabilities of $67,000. The assets in all the above cases were quite large.

3. January 26, 1882 The Stark County Democrat Canton, OH
Article from The Stark County Democrat, January 26, 1882

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Article Text

NEWS IN BRIEF. Condensed Items of Interesting News. Peoples bank of Tecumseh, Mich., has suspended. W. H. McLaughlin, Boston, resisted police officers and was shot dead. The Senate passed the bill Thursday to retire Justice Hunt on full pay. Hon. Clarkson A. Potter died Monday morning at his residence in New York city. December production of the Bradford oil field shows a daily decrease of 2400 barrels. Small-pox is spreading in Chicago Seven tramps assisted in spreading the disease. A New York dispatch says that "failures are on the increase all over the United States.' House Committee on Banking and Currency report in favor of extending National Bank charters. The woolen mill at Carthage, Mo., was burned Tuesday night. Loss, $80,000; insurance, $20,000. Fitzsimmons & Co., proprietor of the People's Bank of Tecumsel, Mich., made an assignment last week. Friends of Sergeant Mason, who shot at Guiteau, says he is insane, but General Sherman says he will be tried. John Coyle, Jr., is to be hanged March 24th, for the murder of Emily Myers a: Coyles Ferry, Pa., last summer. Jack Chapman, colored, sentenced to be hanged Friday for a murder at Bellevue, La., escaped from jail and is still at large. the had 400 at a year and If special Commissioner agents $1,400 of pensions expenses he thinks he could eliminate pension frauds. Congress bill to increase the efficiency of the life-saving service makes 28 stations, increases the number and pay of men, and provides for pensions. In East Des Moines, Iowa, two little boys, aged three and four years, of Mr. Clear, were burned to death. The mother was at a neighbor's gossipping. Centennial birthday of Daniel Webster celebrated in Washington, Wednesday of last week, and arrangements made for the erection of a monument. Signal service now comprises a brigadier-general, a captain, four lieutenants and 700 privates. Bill before Congress to create more officers for the small army. Senate Committee thanked the man suffragists and added for that their speeches woThursday, the subject will be given the consideration it demands. Fred Newburgh, the forger in jail at Columbus, led his thirty fellow prisoners in an attempt to escape by overpowering the Sheriff on Monday night but failed. House Committee on Elections will reportin favor of giving Mormon Cannon his seat. The fact that he is a bigamist in no way disqualifies him for a Congressman. Annette and Miland Tilden were secretly married in 74in New York. Husband now has a fortune of $500,000, and wants to back out, saying he was duped and drugged. The wife is much the older. Robert C. Bailey, teacher of Public at was School by Red Bud, III., a killed Friday one of his pupils named McBride. Bailey undertook to chastise McBride, when the latter with a knife stabbed him to the heart. corWitne: sses testified to the oner tha t if the brakeman had started back in time the Spuyten Duyvil accident would not have happened. Engineer als said the precident was due to tampering with the air-brakes. Old "Run About Six" a prominent chief, tor Delaware was a party of Indians, Delaware ing with of the Indian nation, formerly got drunk, solici- huntthe fire, a on he was burned him, laid down and by to log death. rolled In 1790 Congress agreed that Uncle Sam should pay State Revolutionary war debts, and the Committee on Claims have just reported on a bill to and accumulated giving interest $35,555.42 favorably Georgia, since principal 1777. entered the Joseph Four robbers Hiller, Georgetown, house of near O., Friday evening, with cocked revolvers. and was a hatchet. less Hiller with resisted They knocked then secured sense$4,000, took a buggy and two horses and left. The name of the Cleveland, Mt. VerRailroad to Akron with at changed lumbus non & Railroad, Columbus the Cleveland, headquarters has & been CoAkron. Mr. N. Monsarat takes the place of General Jones as Superintendent, with headquarters at Akron. colored J. A. Emerson, treasury clerk, SWore yesterday that Secretary Sherman gave him two months' leave of absence in the summer of '80, and sent him South to work up a Sherman Presidential boom. Says he found the sentiand worked for being ment for Grant, of the him, one 306 at Chicago. Was

4. January 28, 1882 The Superior Times Superior, WI
Article from The Superior Times, January 28, 1882

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Article Text

# Failed. The failure of the peoples' bank at Tecumseh, Mich., inflicts a loss of about $80,000 on poor clerks, women, mechanics and farmers. Reckless speculations in pork and grain involved the concern. The president slipped out to Mexico, leaving the cashier to face the small army of victims. A sudden drop in securities created a panic on the bourse at Paris and Lyons, France, on the 19th inst. At the latter point the failures aggregated £610,000. The following suspensions were announced on the 19th inst.: Alphons Marcotte, dry goods, McGivern, Tucker & McDonnell, lumber and Wm. McLaren & Co., boots and shoes, all at Montreal; total liabilities $400,000. At New Orleans, Seymour & Stevens, with liabilities of $100,000. At Baltimore, Eccles & Thomas, sugar refiners, with liabilities of $67,000. The assets in all the above cases were quite large.