Vicksburg Exchange Bank - Vicksburg, MI

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 24, 1905
Location: Vicksburg, Michigan (42.120, -85.533)

Metadata

Model: gpt-5-mini
Short Digest: 4cf4d051

Response Measures

None

Description

The articles describe the Vicksburg Exchange Bank closing/suspending operations and a receiver being appointed (June 1905). Coverage attributes the failure to mismanagement/overdue notes and poor securities rather than an isolated rumor-driven run. No clear, discrete run triggered by misinformation is described, although large withdrawals were reported before suspension. Receiver S. B. Monroe was appointed and judgment against President E. L. Page appears later (1907).

Events (4)

1. June 24, 1905 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Failure attributed to president E. L. Page's easygoing methods, many overdue notes and mortgages, poor securities; large withdrawals preceded suspension (about $150,000 paid over the counter).
Newspaper Excerpt: In connection with the closing of the Vicksburg Exchange Bank yesterday ... State Senator Jesse R. Cropsey has gone to Grand Rapids to apply to the United States Court for a receiver for the bank.
Source: newspapers

2. June 25, 1905 Other

Newspaper Excerpt: The village of Vicksburg, Mich., is bankrupt as the result of the closing of the Vicksburg Exchange Bank. There is only $34 in the village treasury, and half of this amount is a check on the closed bank.
Source: newspapers

3. June 27, 1905 Receivership

Newspaper Excerpt: Vicksburg Exchange Bank Is In Hands of a Receiver. ... 'Nothing has yet been found that throws any light upon the bank's troubles,' said Receiver S. B. Monroe of the Vicksburg Exchange bank last night after the first day's work on the books of the institution by four experts.
Source: newspapers

4. April 20, 1907 Other

Newspaper Excerpt: Judgment Against Page. ... judgment was given for $10,000 against Elbert L. Page, former president of the Vicksburg Exchange bank, which failed two years ago. ... A settlement of the affairs of the bank is almost completed.
Source: newspapers

Newspaper Articles (6)

1. June 25, 1905 New-York Tribune New York, NY

Article from New-York Tribune, June 25, 1905

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Article Text

MICHIGAN VILLAGE BANKRUPT. Vicksburg, Mich., June 24.-In connection with the closing of the Vicksburg Exchange Bank yesterday it has developed that the village of Vicksburg is bankrupt. There is only $34 in the village treasury, and half of this amount is a check on the closed bank. The village owes the bank $7,000. C. L. Jep, cashier of the bank, was Treasurer of the village. Upon the closing of the bank Frank Taylor was appointed to succeed Jep as Village Treasurer. State Senator Jesse R. Cropsey has gone to Grand Rapids to apply to the United States Court for a receiver for the bank.

2. June 29, 1905 The Mathews Journal Mathews, VA

Article from The Mathews Journal, June 29, 1905

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NEWS IN SHORT ORDER. The Latest Happenings Condensed for Rapid Reading. Domestic: At Stamford, Ct., D. Herbert Birdsall, 17 years old, accidentally shot Edward Bush, Jr., in the head with a .32-caliber revolver. Birdsall fied into the woods half a mile, lay down beneath a tree and blew out his own brains. He was crazed with horror by the accident. Four men were killed when the three upper stories of an apartment-house in One Hundred and Thirty-sixth street, New York, between Broadway and Riverside Drive, were blown down in a terrific thunderstorm. A score of persons were injured. As the result of a long-standing feud, Lee Schrameck and D. C. Curtis, partners, were shot and killed in Waynesboro, Ga., by L. D. and John D. Hill, brothers. L. D. Hill was fatally wounded. Newspaper publishers of Milwaukee have been cited to appear in the hearing of the case of the federal government against the General Paper Company. A shortage amounting to $16,000 has been discovered in the accounts of the cashier of the Vigo County (Ind.) National Bank. J. Hampton Moore was appointed permanent receiver for the City Trust, Safe Deposit and Surety Company of Philadelphia. At Lewistown, Pa., Ellwood Gamon killed himself in his cell after being convicted of murder in the first degree. Lillian Russell has decided to go into vaudeville. She has received an offer of $30,000 for 10 weeks. Secretary Taft made an address before the Yale Law School. A North Dakota woman gave birth to three girls and a boy. According to Kiogoro Takahashi, Japan might desire another loan to take up the domestic loan made soon after the declaration of war. Paul Morton returned from Washington to New York and resumed his work as chairman of the Equitable Society. The Houston and Texas Central Railroad will sell its lands in Northwest Texas south of the Oklahoma line. The village of Vicksburg, Mich., is bankrupt as the result of the closing of the Vicksburg Exchange Bank. The officials of the Lake Shore Railroad are still investigating the wreck of the Twentieth Century flyer. Assistant Secretary of State Loomis has sailed for Europe on a secret mission for President Roosevelt. Rev. Augustus Rohrlock resigned as secretary of the Evangelical Lutheran General Synod of Missouri. Mrs. Aggie Myers, who was found guilty of murdering her husband, was sentenced to be hanged. The convention of Modern Woodmen at Milwaukee ended with the installation of officers. The Seaboard Air Line will extend its road to the sources of the Big Sandy River. An effort is to be made for the preservation of the home of Paul Revere in Boston. Naval officers witnessed the test of the new gun turret at Bethlehem. A fatal case of bubonic plague OCcurred at La Bocay. Consul General Wynne sailed for England. Another warrant was issued for the arrest of John W. Hill, formerly chief of the Filtration Bureau of Philadelphia, on charges of forgery. Mr. Hill is now under $8,000 bail for trial on similar charges. A condition bordering on slavery has been found to exist in Chicago 11a several cases of children who were transferred from institutions to families who did not raise them properly. The Modern Woodmen, in session at Milwaukee, have indorsed a plan to hold a congress to urge fraternal insurance over old-line insurance. Miss Lillian Moore, of Poughkeepsie, was fatally injured in a trolley collision at Fishkill Landing.

3. June 30, 1905 The Midland Journal Rising Sun, MD

Article from The Midland Journal, June 30, 1905

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NEWS IN SHORT ORDER. The Latest Happenings Condensed for Rapid Reading. Domestic: Frank Ward and Thomas Driscoll, suspected of being implicated in the attempted holdup of the North Coast limited train near Tacoma, were arrested in Seattle, Wash. An unknown chauffeur ran down Eldon Garber, a five-year-old child, and killed it in Philadelphia. The United States Circuit Court in New York decided that the owners of the wrecked steamer La Bourgogne must pay only the amount of the passage and freight money. Former United States Senator McBride, of Oregon, has been named by the Lewis and Clark Exposition management as president of the jury of awards. William F. Wilkins, chief assistant fire marshal in Philadelphia, resigned promptly on the demand of Director of Public Safety Sheldon Potter. President Benjamin Ide Wheeler, of the University of California, delivered an address on "The Abundant Life" before the alumni of Dartmouth. A number of ranchers, together with several women and children, were killed by Yaqui Indians in the Ures district of Sonora. The safe in the Elmer (N.° J.) postoffice was wrecked by dynamite and postage stamps and cash amounting to $800 were stolen. Senator John H. Mitchell did not testify in his own behalf in his trial at Portland for being involved in land frauds. At Stamford, Ct., D. Herbert Birdsall, 17 years old, accidentally shot Edward Bush, Jr., in the head with a .32-caliber revolver. Birdsall fled into the woods half a mile, lay down beneath a tree and blew out his own brains. He was crazed with horror by the accident. Four men were killed when the three upper stories of an apartment-house in One Hundred and Thirty-sixth street, New York, between Broadway and Riverside Drive, were blown down in a terrific thunderstorm. A score of persons were injured. As the result of a long-standing feud, Lee Schrameck and D. C. Curtis, partners, were shot and killed in Waynesboro, Ga., by L. D. and John D. Hill, brothers. L. D. Hill was fatally wounded. Newspaper publishers of Milwaukee have been cited to appear in the hearing of the case of the federal government against the General Paper Company. A shortage amounting to $16,000 has been discovered in the accounts of the cashier of the Vigo County (Ind.) National Bank. J. Hampton Moore was appointed permanent receiver for the City Trust, Safe Deposit and Surety Company of Philadelphia. At Lewistown, Pa., Ellwood Gamon killed himself in his cell after being convicted of murder in the first degree. Lillian Russell has decided to go into vaudeville. She has received an offer of $30,000 for 10 weeks. Secretary Taft made an address before the Yale Law School. A North Dakota woman gave birth to three girls and a boy. According to Kiogoro Takahashi, Japan might desire another loan to take up the domestic loan made soon after the declaration of war. Paul Morton returned from Washington to New York and resumed his work as chairman of the Equitable Society. The Houston and Texas Central Railroad will sell its lands in Northwest Texas south of the Oklahoma line. The village of Vicksburg, Mich., is bankrupt as the result of the closing of the Vicksburg Exchange Bank. The officials of the Lake Shore Railroad are still investigating the wreck of the Twentieth Century flyer. Assistant Secretary of State Loomis has sailed for Europe on a secret mission for President Roosevelt. Rev. Augustus Rohrlock resigned as secretary of the Evangelical Lutheran General Synod of Missouri. Mrs. Aggie Myers, who was found guilty of murdering her husband, was sentenced to be hanged.

4. June 30, 1905 The Yale Expositor Yale, MI

Article from The Yale Expositor, June 30, 1905

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Article Text

Vicksburg Exchange Bank Is In Hands of a Receiver. NO NEW DEVELOPMENTS YET Friends Declare President's Easy. Going Methods Caused Institution's Downfall-Failure. Is Far-Reaching In Effect. Vicksburg, Mich., June 27.-"Noth. ing has yet been found that throws any light upon the bank's troubles," said Receiver S. B. Monrce of the Vicksburg Exchange bank last night after the first day's work on the books of the institution by four experts. The examination is being carried on and will continue until every detail of the financial operations of Page and his associates is probed to the bottom. Monday's work, on the books was confined to a general survey of the situation. Two or three days more will determine where the money of the depositors has gone to. The village has not lost a dollar, ac. cording to President John Hamilton, while the trustees for the $15,000 bonus fund to be paid the Lee Paper Co. say that only $7,000 had been deposited and they think the company will be lenient in its demands for settlement. Do Not Blame Speculation. Those closest to E. L. Page, president of the bank, do not credit the rumors that he ruined the bank by speculation. The statement is made that some parties in Philadelphia were SCliciting Michigan capital for a deal in cotton, and in the strongest way Mr. Page warned his friends not to sink any money in the venture. Many now hold that the crash may have been the result of Page's easygoing methods of financeering. He is said to have accepted many a note without an endorsement, and when the payer failed to liquidate in time and told a hard luck tale he would have compassion on him and tell him to let it rest for a time. Bankers Wouldn't Loan. The statement is made that $150,000 was paid over the countér before the bank suspended. An appeal for help was made by Cashier Keep to the Union. City bank and the Kalamazoo Savings bank, and both of these insti. tutions sent money to aid in prevent. ing a crash, but before parting with It they investigated the securities of the bank, and finding notes and mortgages overdue and some not even paying interest, they left with their grips of money. They said the securities were of such a character that they could not make a quick loan upon them. The checks drawn upon the bank before the failure now arriving for payment are being protested. Three Rivers, Mich., June 27.-The failure of the Vicksburg bank was farreaching in its, effects. Et is reported that several parties in this city have been hit in small amounts. Mr. Flanders, one of the city's most prominent citizens, had several hundred dollars on deposit. William Hutchinson of Park township said this morning "Many farmers near where $ live bai money deposited thère."

5. January 13, 1906 Macon Beacon Macon, MS

Article from Macon Beacon, January 13, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 23-Strauss-Green Co., Toledo, O.; liabilities $115,000. assets $100,000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29-Pan-American bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co. Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 6-Spartansburg Pa. bank: capital, $25,000. 7-Coe Co., Minneapolis; liabilities, $200,000. 31-Citizens' bank, Lorain, O., as result of defalcation. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 16-Owosso, Mich., private bank closes. 23-Merchants' Trust Co., New York, closed. 24-Canton, O., state bank closes Lexington, Okla., First national bank fails. 26-Barberton O., First national bank 27-R. H. York & Co., old Cleveland, O., brokers; liabilities, $40,000. Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in recelver's hands. 21-City Trust Co., Philadelphia, closes doors. 23-Vicksburg, Mich. exchange bank. 26-Knight, Donnelly & Co., Chicago, 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, III., and Toluca, III., national banks close. 6-Hagerstown. Ind., Commercial bank; liabilities, $125,000. 13-Citizens bank, Yellow Springs, O.: liabilities, $50,000. 19-Spring Valley, O., bank closes. 20-City national bank. Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 10-Four Denver, Col., Western bank officials arrested on fraud charge. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot. S. D., national bank closes doors. 27-Johnson & Sloan, Minneapolis, Minn.: liabilities, $200,000 First national bank, Orville, O., closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national bank closed by comptroller of currency Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home SavIngs and Equitable company in liquidation. Local clearing house guarantees payment of $26,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank, Memphis, Tenn. close doors; first named in liquidation.

6. April 20, 1907 Charlevoix County Herald East Jordan, MI

Article from Charlevoix County Herald, April 20, 1907

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Judgment Against Page. In the circuit court at Kalamazoo judgment was given for $10,000 against Elbert L. Page, former president of the Vicksburg Exchange bank, which failed two years ago. The judgment is in favor of S. B. Monroe, receiver of the. bank. The whereabouts of Mr. Page are not known. Immediately after the bank failure, he was admitted to the insane asylum where he remained until last October. For a time after his departure he was in the northern part of the state, but later went south. A settlement of the affairs of The bank is almost completed. It is believed within another year that the last dividend will be paid and the depositors will have secured 80 per cent of the sum they had deposited.