Central Michigan Savings Bank (Lansing, MI)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
April 18, 1893
Location
Lansing, Michigan (42.733, -84.556)
Bank Type
savings

Metadata

Episode ID
Bank ID
City ID
261625035
Model
gpt-5-mini
Short Digest

Events (3)
1. April 18, 1893 Run
Cause
Local Shock
Cause Details
Run triggered by embarrassment/financial distress of two large local firms (Lansing Lumber Co. and Lansing Iron & Engine Works).
Measures
Paid out deposits (report of $65,000 paid) while commissioner moved to intervene.
Newspaper Excerpt
There was a run on the bank all today owing to the uneasy feeling on account of the embaraassment of the Lansing Lumber Company and Lansing Iron and Engine Works.
Source
newspapers
2. April 18, 1893 Suspension
Cause
Government Action
Cause Details
State banking commissioner took charge/closed the bank following the run and local firms' embarrassment.
Newspaper Excerpt
The state banking commissioner today took charge of the Central Michigan Savings Bank of this city.
Source
newspapers
3. May 9, 1893 Receivership
Newspaper Excerpt
Judge Person has appointed ex Auditor General Stone as receiver of the Central Michigan Savings bank. He will be required to give a $100,000 bond. (May 9, 1893). A MICHIGAN SAVINGS BANK FAILS. Lansing, Mich., May 9.-George W. Stone ... was last night appointed receiver of the Central Michigan Savings Bank by Judge Person. (New-York Tribune, May 10).
Source
newspapers

Newspaper Articles (21)
1. April 19, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 19, 1893

Click image to open full size in new tab

Article Text

A HEAVY FAILURE At Lansing. Mich. Involving Two Business Companies and a Bank. LANSING, Mich., April 18.-The Lansing Lumber Company and the Lansing Iron and Engine Works today executed to Orlando M. Barnes mortgages on all their property to secure their paper, of which he is a large endorser. All the assets of the two concerns, aggregating $1,800,000. were placed in his hands. It is said the liabilities will not exceed more than half that sum. The embarrassment of the two institutions was caused by the stringency in the money market. The state banking commissioner today took charge of the Central Michigan Savings Bank of this city. There was a run on the I ank all today owing to the uneasy feeling on account of the embaraassment of the Lansing Lumber Company and Lansing Iron and Engine Works. A statement of the bank's condition has not been made public.

2. April 19, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, April 19, 1893

Click image to open full size in new tab

Article Text

TROUBLE IN MICHIGAN. Assignment of Large Concerns Causes a Run on a Bank, LANSING, Mich., April 18.- The Lansing Lumber Company and Lansing Iron and Engine Works today executed to Orlando M. Barnes mortgages on all their property to secure their paper, of which he was a large endorser. All the assets of the two concerns, aggregating $1,800,000, were placed in his hands. It is said the liabilities will not exceed more than half that sum. The embarrasment of the two institutions was caused by the stringency of |the money market. The state banking commissioner today took charge of the Central Michigan savings bank in this city. There was a run on the bank all today, owing to the uneasy feeling on account of the embarrassment of the Lansing Lumber Company and Lansing Iron and Engine works. The statement of the bank's condition has not been made public.

3. April 19, 1893 The Morning News Savannah, GA
Article from The Morning News, April 19, 1893

Click image to open full size in new tab

Article Text

A BIG CONCERN HARD UP. The Fact Causes the Suspension of a Bank at Lansing. LANSING, MICH., April 18.-The Lansing Lumber Company and the Lansing iron and engine works this afternoon executed to Orlando M. Barnes mortgages upon all their property, both real and personal, to secure their paper, of which he is a large indorser. All the assets of the two concerns, aggregating $1,800,000, are placed in his hands. It is said that the liabilities will not exceed more than half that sum. The embarrassment of the two institutions was caused by the stringency of the money market for the past few weeks. At 3 o'clock this afternoon State Banking Commissioner Sherwood took charge of the Central Michigan Savings Bank of this city. There had been a quiet run on the bank all day owing to an uneasy feeling on account of the embarrassment of the Lansing Lumber Company and the Lansing irou and engine works. A statement of the bank's condition has not yet been made public.

4. April 19, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, April 19, 1893

Click image to open full size in new tab

Article Text

SECURED HIS SON. A Michigan Panic That Amounts to Little or Nothing. LANSING, Mich., April 18.-The Lansing Lumber Company and the Lansing Iron and Engine Works have given mortgages to O. M. Barnes on all their property to secure him as the indorser upon most of their outstanding paper. The assets are stated at about $1,800,000, with liabilities of about $1,000,000. A run was commenced on the Central Michigan Savings Bank this afternoon as the result of the embarrassment of the lumber company and the Iron works, and a feverish excitement was attendant upon it,

5. April 19, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, April 19, 1893

Click image to open full size in new tab

Article Text

FINANCIAL STRAITS. Lumber and Iron Companies and a Bank Embarrassed. Lansing, Mich., April 18.-The Lansing Lumber Company and the Lansing Iron and Engine Works have given mortgages to o. M. Barnes on all their property to secure him as endorser on the most of their outstanding paper. The assets are stated at about $1,800,000 and the liabilities about $1,000,000. A run commenced on the Central Michigan Bank this afternoon as a result of the embarrassment of the Lumber Company and Iron Works. and a feverish excitement attended it, but after $65,000 had been paid out Banking Commissioner Sherwood, in anticipation of a panic took possession and closed the doors for the protection of depositors.

6. April 20, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, April 20, 1893

Click image to open full size in new tab

Article Text

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.

7. April 20, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, April 20, 1893

Click image to open full size in new tab

Article Text

EXCITEMENT IS ABATING. Lausing is Getting Over its Financial Flurry. LANSING, April 20.-The excitement which has prevailed in this city and throughout central Michigan over the financial embarrassment of the Lansing iron and engine works and the Lansing Lumber company, is greatly diminished. The Central Michigan Savings bank is still in the hands of the state banking commissioner, and its exact standing has not been determined. The Ingham County State Savings bank has also suffered an exciting run which was happily sidetracked by the soothing assurances of the state banking commissioner. Confidence is now nearly restored and the danger to the banks is probably over.

8. April 22, 1893 The Weekly Intelligencer Lexington, MO
Article from The Weekly Intelligencer, April 22, 1893

Click image to open full size in new tab

Article Text

A Bank In Trouble. LANSING, Mich., April 19.-The Central Michigan savings bank closed its doors yesterday, after having paid all the depositors who presented their books. The embarrassment is only temporary. The run on the bank was caused by the embarrassment of the Lansing iron and engine works and the Lansing lumber company.

9. April 22, 1893 Perrysburg Journal Perrysburg, OH
Article from Perrysburg Journal, April 22, 1893

Click image to open full size in new tab

Article Text

FINANCIAL FLURRY. The Failure of Two Leading Industries at Lansing, Mich., Causes a Bank to Close Its Doors, LANSING, Mich., April 19.-There has been a considerable flurry of excitement. in financial circles in central Michigan during the past two days, caused by the embarrassment of the Lansing Iron and Engine Works and the Lansing Lumber Company, two leading manufacturing institutions of this city. A crisis was reached yesterday when the institutions named filed mortgages upon their real and personal property to the amount of $701,000 in favor of Orlando M. Barnes, who has indorsed a large amount of their paper. A feeling of insecurity at once arose among the depositors of certain banks which have been dealing in the paper of the companies mentioned and a sudden and wholly unexpected run was made upon the Central Michigan Savings bank. After meeting all the demands of depositors for several hours, Cashier Bradley, upon the advice of State Banking Commissioner Sherwood an o'clock Tuesday afternoon, closed the doors of the bank. The state banking commissioner is now in charge. The managers of the bank maintain that the institution is perfecty solvent and in a few days its doors will be reopened.

10. April 28, 1893 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, April 28, 1893

Click image to open full size in new tab

Article Text

RUN ON A BANK. Uneasiness in Financial Circles in Michigan. LANSING, Mich., April 19.-Owing to the 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 were 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 decided relief. The Central Michigan Savings Bank closed yeaterday, but will, it is said, have ample funds to meet all demands The deposits aggregate half a million dollars.

11. April 28, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, April 28, 1893

Click image to open full size in new tab

Article Text

DOLLAR FOR DOLLAR. The Central Michigan Savings Bank will Pay All Obligations LANSING, Mich., April 27.-The state banking commissioner tonight completed his examination of the Central Michigan Savings bank, which closed its doors last week after u lively run. caused by the embarrassment of the Lansing Lumber company and iron and engine works A statement made by the commissioner tonight indicates that the bank will be able to meet all its ob ligations. dollar for dollar. even though the paper of the institutions named should prove utterly worthloss, a contin. gency not at all probable.

12. May 6, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, May 6, 1893

Click image to open full size in new tab

Article Text

Ask a Receiver. LANSING, Mich., May 6.-The Central Michigan Savings bank directors and Bank Commissioner Sherwood have jointly requested the circuit judge to appoint M. L. Coleman, of this city, receiver. The reorganization scheme is off.

13. May 10, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, May 10, 1893

Click image to open full size in new tab

Article Text

Stone the Receiver. LANNING, Mich., May 9.-Judge Per. son has appointed ex Auditor General Stone as receiver of the Central Michigan Savings bank. He will be required to give a $100,000 bond.

14. May 10, 1893 New-York Tribune New York, NY
Article from New-York Tribune, May 10, 1893

Click image to open full size in new tab

Article Text

A MICHIGAN SAVINGS BANK FAILS. Lansing, Mich., May 9.-George W. Stone, of this city, who was Auditor-General of Michigan under the late Democratic Administration, was last night ap pointed receiver of the Central Michigan Savings Bank by Judge Rerson. Bonds were fixed at $100,000.

15. May 11, 1893 Audubon County Republican Audubon, IA
Article from Audubon County Republican, May 11, 1893

Click image to open full size in new tab

Article Text

Receiver for the Lansing Bank. LANSING, Mich., May 10.-Circuit Judge Person last night settled the matter of a receiver for the Central Michigan Savings Bank by appoint ng George W. Stone of Lansing, ex-Auditor-General of the State, to that position,

16. September 1, 1893 The Times Owosso, MI
Article from The Times, September 1, 1893

Click image to open full size in new tab

Article Text

Will Pay a Dividend. LANSING. Aug. 29.-Receiver Stone of the Central Michigan Savings bank will pay a dividend of 12 per cent Sept 1.

17. October 12, 1894 The Times Owosso, MI
Article from The Times, October 12, 1894

Click image to open full size in new tab

Article Text

# POSTPONED AGAIN. Case of Nelson Bradley of Lansing To Be Tried in January. LANSING, Oct. 10.-In the circuit court the case of ex-Cashier Nelson Bradley, who is charged with making a false report to Commissioner Sherwood of the condition of the Central Michigan Savings bank' was continued until the January term of court. Prosecutor Gardner reported that he had commenced a thorough investigation of the condition of the bank previous to its suspension. It has not yet been completed, owing to the pressure of other business. The prosecutor said that it would not be necessary to invoke the aid of the grand jury, and that if he found that any one should be prosecuted, he would experience no trouble in securing persons to make the necessary complaints.

18. January 4, 1895 The Yale Expositor Yale, MI
Article from The Yale Expositor, January 4, 1895

Click image to open full size in new tab

Article Text

George W. Stone, receiver of the Central Michigan Savings bank at Lansing. has resigned. He says he is tired of the kicks of depositors. who think the dividends are not coming in fast enough.

19. March 30, 1895 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, March 30, 1895

Click image to open full size in new tab

Article Text

Another 6 Per Cent. Coming. LANSING, March 26.-Receiver George W. Stone, of the Central Michigan savings bank, announced that on March 30 he will declare another dividend of 6 per cent., which makes a total of 50 per cent. that has thus far been paid upon the debts of the bank.

20. July 4, 1895 Crawford Avalanche Grayling, MI
Article from Crawford Avalanche, July 4, 1895

Click image to open full size in new tab

Article Text

Receiver Begins a Novel Suit. Receiver Stone, of the defunct Central Michigan Savings Bank of Lansing, commenced suit against N. F. Jenison, a business man, to recover a commercial deposit of $2,800, which was withdrawn by the defendant during a run on the bank which caused its failure. It is charged that the defendant withdrew the deposit knowing the bank to be insolvent, and the effort to recover is based on the general banking law, which contemplates that one depositor of a bank shall have no advantage over another. The case is a novel one, and the outcome will be awaited with considerable interest.

21. October 1, 1897 The Copper Country Evening News Calumet, MI
Article from The Copper Country Evening News, October 1, 1897

Click image to open full size in new tab

Article Text

# THE NEWS IN BRIEF. A fierce fire raged in the fields six miles west of Beloit, Wis., and 100 men worked all night to subdue the flames. Over 100 acres were burned over. John Beecker, who killed his wife and five children, and wounded a sixth child at Carroll, Ia., died without recovering consciousness. A fire consumed a row of livery barns at Nappanee, Ind. Lady Z. (2:19½) was fatally burned. Mrs. Emil Michaux of Anderson, Ind., got a 20,000 franc draft from France in settlement of an estate. She did not know she was heir to any estate. Charles Nocks, a barber, drank a pint of toilet water containing alcohol and died in an hour at Akron, O. The baby of Mrs. Louis Heythaler of St. Clair, Mich., was burned to death and Mrs. Heythaler was also so badly burned that she is expected to die. A large elevator and flour mills at New Ross, Ind., were destroyed by fire. The loss is $10,000. Receiver Stone of the Central Michigan Savings bank at Lansing, who has already paid dividends aggregating 55 per cent., expects to pay 75 per cent. in all. The strike at the American plate glass factory at Elwood, Ind., has been settled. The date of meeting of the National Prison association, which had been fixed for October, in Austin, Tex., has been changed to Dec. 2 to 6, inclusive. Mrs. Joseph Ross of Cedar Rapids, Ia., was burned to death in her bed. A lamp in her room exploded. Murray & Watt, dry goods, at Akron, O.. have assigned. Assets, $75,000; liabilities, $90,000.