9439. State Bank (White Pigeon, MI)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 1, 1904
Location
White Pigeon, Michigan (41.798, -85.643)

Metadata

Model
gpt-5-mini
Short Digest
621dd13d

Response Measures

Full suspension

Other: Officers issued a statement promising depositors payment in full; bank failed to open following run.

Description

Multiple articles (Aug 1–5, 1904) report a week-long run on the State Bank of White Pigeon following reports that former cashier John G. Schurtz made disastrous investments. The bank failed to open and remained closed in these reports; no reopening is mentioned. Cause is bank-specific adverse information (investments by former cashier). OCR corrections: capitalization figures differ (article 1: $25,000 likely OCR error vs. $251,000 in later articles); I report facts as in articles without inventing receiver assignment (none mentioned).

Events (3)

1. August 1, 1904 Run
Cause
Bank Specific Adverse Info
Cause Details
Run triggered by reports that former cashier John G. Schurtz made a series of disastrous investments, causing depositors to withdraw funds.
Measures
Bank officers issued a statement promising that dollar for dollar would be paid to depositors; no other remedial measures reported.
Newspaper Excerpt
failed to open its doors following a run of a week brought on by reports that John G. Schurtz, the cashier who retired eight months ago, had made a series of disastrous investments.
Source
newspapers
2. August 1, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank did not open after the run caused by reports of the cashier's disastrous investments; officers gave no full explanation but promised payment in full to depositors.
Newspaper Excerpt
The State Bank ... failed to open its doors following a run ... Several hundred depositors assembled when the news spread.
Source
newspapers
3. August 5, 1904 Other
Newspaper Excerpt
Closed Its Doors. The State Bank at White Pigeon, Mich., ... did not open for business Saturday. A statement was issued by the officers ... promising the depositors payment in full. No reason was assigned for the closing of the bank.
Source
newspapers

Newspaper Articles (3)

Article from The Daily Palladium, August 1, 1904

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Article Text

INDIANA MEN CAUGHT Thought to Evade Taxation by Depositing in Michigan Bank. Goshen, Ind., Aug. 1.-The State Bank, one of the oldest institutions in White Pigeon ,Mich., failed to open its doors following a run of a week brought on by reports that John G. Schurtz, the cashier who retired eight months ago, had made a series of disastrous investments. A crowd of several hundred depositors assembled when the news spread, causing great excitement. The bank officers issued a statement which did not explain the embarrassment, but promised that dollar for dollar would be paid to the depositors. The capitalization was $25,000. Schurtz and his friends deny any responsibility for the crash. Among the thousand depositors are many northern Indiana farmers and capitalists who deposited the money in Michigan to avoid Indiana taxation. Several business interests of White Pigeon are paralyzed as a result of the failure.


Article from The Yale Expositor, August 5, 1904

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Article Text

Closed Its Doors. The State Bank at White Pigeon, Mich., capitalized at $251,000, and one of the oldest financial institutions in the southeastern part of the state, did not open for business Saturday. A statement was issued by the officers of the bank promising the depositors payment in full. No reason was assigned for the closing of the bank. Several hundred depositors crowded in front of the bank building and there was considerable excitement for a time. Among its thousands of depositors are many Indiana farmers and capitalists.


Article from The Leader, August 6, 1904

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Article Text

MISCELLANEOUS. Promise has been given by the American Federation of Labor to support the Fall River (Mass.) strikers. On the 1st the Pacific Mail Steamship Co. notified shippers that the company will not receive freight for Yokohama, Japan. at present. The doors of the State bank at White Pigeon, Mich., capitalized at $251,000, and one of the oldest financial institutions in the southern part of the state, have been closed. On the 1st the three plants of the International Harvester Co. at Chicago, closed down, for an indefinite period, and 15,000 workmen are thrown out of employment. Counsel for the Western Federation of Miners, are devising ways and means to enable the deported Cripple Creek (Col.) miners to return to their homes. On the 31st 23 persons were hurt as the result of a rear-end collision between two large trolley cars on the shore line of the Cleveland, Eastern & Painesville railroad near Nottingham, O. The report of the United States geological survey will show that the United States, in 1903, exceeded all previous records in the production of coal. The total amount of the output of the coal mines of the country during that year was 359,421,311 tons, an increase of nearly 58,000,000 tons, or 19 per cent. over the preceding year. As the result of a cloudburst the towns of Douglass and Silver Star, near Sódaville, Nev., are reported to have been swept away. A flood in waves four or five feet deep swept away houses and great property damage was wrought. The packing house strikers, at Chicago, have issued a statement in which they give the cost of killing stock at the yards and many details of the work there, showing by their figures that the packers are able to pay much higher wages than demanded. Dispatches from Mukden, of the 1st, report that Gen. Kuropatkin's army is hemmed ir. by the Japanese armies of Generals Kuroki, Nodzu and Oku, who are pressing him so closely that his capture is imminent. His position near Hai Cheng is no longer tenable. Twelve hundred workmen at the Pullman car works have been laid off since June 1, because of lack of business. On the 1st Edgar G. Bailey, the union hack driver of Kansas City, Mo., convicted of the murder of Albert Ferguson, a strike breaker, was sentenced to be hanged September 17. A dispatch to the Morning Post from Shanghai, on the 1st, said it is-reported that eight reussian torpedoboat destroyers had escaped from Port Arthur, and it was feared that they would prey on shipping. The Japanese are reported to have occupied every position surrounding the besieged fortress of Port Arthur with the exception of Golden hill. Both sides are said to have suffered tremendous lceses in the operation necessary to bring about this state of affairs. On the 1st the cotton mills of the Scott Manufacturing Co. at Lowell, Mass., were shut down for one month, throwing out 1,640 operatives. The suspension of work is due to the dull goods market. Fully a score of persons were injured, two of them fatally, in & headon collision, on the 1st, between two trolley cars on the Boston & Worcester street railway, three miles from Westboro, Mass.