Central Michigan Savings Bank (Lansing, MI)

Episode Information

Episode UID
9869800791120
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
986980079 hash
Start Date
April 18, 1893
Location
Lansing, Michigan (42.733, -84.556)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
af16b3fa3c8b038d

Response Measures

None

Description

State banking commissioner took charge immediately; later a receiver was appointed.

Events (3)
1. April 18, 1893 Run
Cause
Local Shock
Cause Details
Uneasiness caused by the embarrassment/failure of the Lansing Lumber Company and Lansing Iron & Engine Works whose paper the bank held
Measures
Paid out about $65,000 then closed to further withdrawals on advice of State Banking Commissioner; savings withdrawals later required ninety days' notice
Newspaper Excerpt
a sudden and wholly unexpected run was made upon the Central Michigan Savings bank
Source
newspapers
2. April 18, 1893 Suspension
Cause
Government Action
Cause Details
State banking commissioner took possession and closed the bank to protect depositors
Newspaper Excerpt
Cashier Bradley, upon the advice of State Banking Commissioner Sherwood, closed the doors of the bank. The state banking commissioner is now in charge.
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.
Source
newspapers

Newspaper Articles (23)
1. April 19, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, April 19, 1893

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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 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, April 19, 1893

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RUN ON THE BANK The Central Michigan Savings Bank at Lansing FORCED TO CLOSE ITS DOORS Mortgages Given by the Laming Lam. bee Company and the Engine Works licared Some Depositors LANSING, Mich, April 18-There has been a considerable flurry of excitement in financial circles in central Michigan during the past two days. caused by the embarransment of the Lansing Iron & Engine works and the Laneing Lumber company. two leading manufacturing institutions of this city, A cridis was reached today when the institutions named filed mortgage upon their real and personal property to the amount of $701,000 in favor of Orlando M. Barnes, who has indoreed a large amount of their paper. A feeling of insecurity at once arose among the depositors of on tain banks, which have been dealing in the paper of the companies mentioned, and & sudden and wholly unexpected run was made upon the Central Michigan Savings bank. After meeting all the demande of depositors for several hours. Cashier Bradley. upon the advice of State Banking Commissioner Sher woed, at 3 o'clock this afternoon closed the doore of the bank The state bank ing commissioner is now in charge. The managers of the bank maintain that the institution is perfectly solvent and in a few days its doors will be reopened. Stand by the Hank. They say that no bank in the state could be expected to withstand . run of this kind, as any one familiar with the business knows how impossible it would be for any bank to pay all the depositors within a few hours. The utmost contidence in the ability of the bank to pro ceed to business is expressed by citizens and business men generally, many of them continuing to make their daily de posits while the run wan in progress. There is. however, considerable nervous news on all sides, and Lansing has never before, even when James M. Turner failed, witnessed such a financial con vulsion. O.F. Barnes is the president of both the Lansing Iron & Engine works and the Lansing Lumber company. Both are extensive manufacturing concerns and the latter has large interests at Dodge and Clare, in Clare county. Michigan The Hon. Orlando M. Baruce is the father of President Barnee of these in stitutions, and a gentleman of extensive wealth. rare business experience and strong influence. In 1878 he was the democrat candidate for governor of the state and at present is a member of the central board of prison inspectors What Mr. Narma Carries became indoreor upon the paper of of and the in the president He institutions latter which becoming his son is the were and the in as volved. property mortgages placed his the hands difficulty. filed the best solution of Mr. now has in as for the debts security Barnee possible of three his hands two com whose paper $1,600,000 to available panica upon property $1,800,000. aggregating he is His indoreer. in value own estate is worth of $1,000,000. from borhood personal The in the liabilities neigh assumed are not to which exceed which he $900,000. constitutes thought his entire indebtedness portion paper upon M. Barnee in The largest O. of indoreer the is held banks of this city, amount is held by the by larger which the which while closed Central the its Michigan Savings bank doors this afternoon. a examination of its affairs Comunissioner that gentleman expresses by afternoon From Bank hasty Sherwood this the that the institution is perfectly and will be able to without permanent polvent belief ligations meet embarrass its ob The other banks of perfectly safe considered ment. and the only city lim. are are ited of the Barnes paper held them. Unless by amounts the for alarm. depositors, per who have no just reason eint in losing their heads and precipitate ex another run, no further trouble is pected.

3. April 19, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, April 19, 1893

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BUSINESS FAILURES. / Big Concerns in Lansing, Mich., Go to the Wall. LANSING, April 18.-The Lansing Lumber company and the Lansing Iron and Engine works have given n mortgage to O. M. Barnes on all their property to secure him as endorser upon the most of their outstanding paper. Their assets are stated at about $1,800,000, with liabilities about $1,000,000. A run commenced on the Central Michigan Savings bank this afternoon as n result of the embarrasement of the lumber company and iron works, and the feverish excitement attendant. but after $65,000 were paid out Banking Commis. mioner Sherwood. in anticipation of a panic, took possession and closed the doors for the protection of depositors. O. M. Barnes, the mortgagee. announces with his private fortune, in addition to the property transferred to him, he will have $2 for each dollar of liabilities. The president of both of the embarrassed firms is Orlando F. Barnes, son of O. M. Barnes, and president of the bank upon which the run was made. NEW YORK, April 18. - The failure of the old and well known coffee brokerage house of Thomas Barr & Co. was announced on the coffee exchange this afternoon. The firm are brokers for George Kattenlack, the big European plunger, whose corner in coffee collapsed a few days ago with the result of a big drop of over 200 pointe in prices in the past three days. His failure dragged down his brokers. The firm carried contracts to the extent of 80,000 bags of coffee, besides cotton contracts. Liabilities $309,000. BUFFALO, N. Y., April -George W. Smith & Sons, lumber dealers, also under the firm name of the Niagara Manufacturing company, and also under the name of the Vincent Cycle Manufacturing company, made an assignment for the benefit of creditors. Liabilities $100,000, assets unknown. MILWAUKEE, April 18.--The immense coal yarde and docks of the Lehigh and Franklin Coal company. have been seized by the sheriff on attachments aggregating $68,000. A number of garnishee suits were also begun.

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

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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.

5. April 19, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, April 19, 1893

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HEAVY MICHIGAN FAILURE. Lansing, Mich., April 18.-The lumber company of the Lausing Iron Englue works have given mortgages to O. M. Barnes on all property to secure him as endorser upon most of their outstanding paper. This no. tion Is the result of a conference of all creditors. The assests are stated to be $1,800,000, with liabilities of about $1,000,000. A. run commenced on the Central Mehigan Savings bank this afternoon as a result of the embarrassment of the number company and iron works and feverish exeitement was attendant. After $65,000 had been paid the bank commissioner, who were on the ground in anticipation of a panic, took possession and closed the doors, for the protection of depositors. It is reported that it will be somewhat problematical whether the doors of any of the banks will open tomorrow, acting under advice of the commissioner, whose opinion, 11 is that the time for banks to close is before a PUBL begins, which gives It the ad. vantage of possessing all its funda Intact to aid in quieting excitement O. M. Barnes, the mortgagee announces that with his private fortune in addition to property trausferred to him he will have two dollars for each dollar due.

6. April 19, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, April 19, 1893

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Works Forced to Execute MortgagesRun On a Savings Bank Caused by the Difficulty, Results in Closing the BankAll the Institutions Alleged To Be Perfectly Solvent. LANSING, Mich., April 19.-There has been a considerable flurry of excitement in central Michigan during the past two the days caused by the embarrassment of Lansing Iron and Engine works and the Lansing Lumber company, two leading manufacturing firms of this city. A crisis has been reached and the institutions named have 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 calling in the paper of the companies mentioned, and a sudden and wholly unexpected run was made upon the Central Michigan Savings bank. Forced to Close Its Doors. After meeting all the demands of depositors for severol hours, Cashier Bradley, upon the advice of State Banking Commissioner Sherwood, closed the doors of the bank. The state banking commissioner is now in charge. The managers of the bank maintain that the institution is perfectly solvent and in a few days its doors will reopened. They say that no bank in the state could be expected to withstand a run of this kind, as any one familiar with the business knows how impossible it would be for any bank to pay all the depositors within a few hours. The utmost confidence in the ability of the bank to proceed to business is expressed by citizens and business men generally, many of whom continued to make their daily deposits while the run was in progress. Business Men Very Nervous. There is, however, considerable nervouson all sides and Lansing has never before, ness even when James M. Turner failed, witnessed such a financial convulsion. O. F. Barnes is the president of both the Lansing Iron and Engine works and the Lansing Lumber company. Both are extensive manufacturing concerns and the latter has large interests at Dodge and Clare, in Clare county, Mich. Hon. Orlando M. Barnes is the father of President Barnes, of this institution, and a gentleman of extensive wealth, rare business experience and strong influence. 1n 1878 he was the Democratic candidate for governor of the state and at present is a member of the central board of prison inspectors. Assets Double the Liabilities. He became indorser upon the paper of the institutions of which his son is president, and the latter becoming involved the mortgages were filed and the property placed in his hands as the best possible solution of the difficulty. Mr. Barnes now has in his hands as security for the debts of these two companies upon whose paper he is indorser available property aggregating in value from $1,600,000 to $1,800,000. His own personal estate is worth in the neighborhood of $1,000,000. The liabilities which he assumes are not thought to exceed $900,000, which constitutes his entire indebtedness. The largest portion of the paper upon which Mr. O. M. Barnes is indorser is held by the banks of this city, the most being held by the Central Michigan Savings bank, which closed its doors. The Savings Bank Perfectly Solvent. From a hasty examination of its affairs by Bank Commissioner Sherwood, that gentleman expresses the belief that the institution is perfectly solvent and will be able to meet its obligations without permanent embarrassment. The other banks of the city are considered perfectly safe and only limited amounts of the Barnes paper are held by them. Unless the depositors, who have no just reason for alarm, persist in losing their heads and precipitate another run no further trouble is expected. Report About the Missouri Pacific. ST. LOUIS, April 19.-The Chronicle prints a sensational story to the effect that the Missouri Pacific railway is approaching receivership or a complete reorganization scaling down of the interest

7. April 19, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, April 19, 1893

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CRASH AT LANSING. Two Manufacturing Companies and a Bank in Trouble. LANSING, Mich., April 18. - The Lansing Lumber company and Lansing Iron and Engine works have given mortgages to Hon. O. M. Barnes on all their property to secure him as endorser upon most of their outstanding paper. This action is the result of a conference of all the creditors. The assets are stated at about $1,800,000 with liabilities of about $1,000,000. A run commenced on the Central Michigan Savings bank this afternoon as a result of the embarrassment of the lumber company and theiron works and the feverish exr citement attendant, but aftet $65,000 had been paid ouo Banking Commissioner Sherwood, wh was on the ground in anticipation of a panic, took possession and closed the doors for the protection of depositors. It is reported to be somewhat problematical whether the doors of any of the banks will open tomorrow, acting under advice of the commissioner, whose opinion it is that the time for the bank to close is before a run begins, which gives it the advantage of possessing all its funds intact to aid in quieting the excitement. O. M. Barnes, the mortgagee, announces that with his private fortune, in addition to the property transferred to him, he will have $2 for each dollar of liabilities. The president of both the embarrassed firms is Orlando F. Barnes, a son of O. M. Barnes, and the president of the bank upon which the run was made.

8. April 20, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, April 20, 1893

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BUSINESS TROUBLES. Lansing's Big Failures-The Crisis Supposed to Have Passed. LANSING, Mich., April 19.-Owing to 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 besiege d all morning. Finally the management decided to avail themselves of a legal provision requiring a ninety days' notice from savings depositors. This gave decided relief, as the commercial depositors called for little. The state bank examiner assured the crowd. that the bank was perfectly sound and that nobody would lose anything. O. M. Barnes, to whom the lumber and engine companies gave a mortgage yesterday, announces that he can take care of the paper he indorsed and that other creditors will lose nothing. The Central Michigan Savings bank closed yesterday will, it is said, have ample funds to meet all demands. The deposits aggregate $500,000. All savings banks decided to take ad. vantage of the ninety.day clause in order to tide over the panic. Late this afternoon it is believed that the crisis has passed and that no further bad effects will be felt from the failures announced yesterday. All the excitement has quieted down. The bank commissioner expects to conclude his examination of the Central Michigan bank tomorrow, and not until then will the assets and liabilities be known.

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

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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.

10. April 20, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, April 20, 1893

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Will Tide Over the l'auic. LANSING, Mich., April 19.-Owing to the uneasiness created by the financial difficulties of the Lansing Lumber company, and the Lansing Engine works, run was precipitated on the Ingham County Savings bank this morning. The doors of the bank were besieged all the morning. Finally the management decided to avail themselves of the legal provision allowing them to require ninety days notice on savings deposits. This gave a decided relief as the commercial depositore were calling for very little. The state bank examiner 18 assured that the Ingham bank is perfectly sound and nobody will lose anything. O. M. Barnes, to whom the lumber and engine companies gave mortgages yeste:day, announced that he can take care of the paper he endorsed, and that the other creditors will lose nothing. The Central Michigan Savings bank which closed vesterday. will, it 18 said. have ample funds to meet all demands. The deposits aggregate $500,000. All the savings banks have decided to take advantage of the ninety day clause in order to tide over the panic.

11. April 20, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, April 20, 1893

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HEAVY RUN ON A BANK. The Ingham County Savings Institution Compelled to Seek the Law's Protection. LANSING, MICH., April 19.-The Ingham County Savings Bank is experiencing a lively run to-day. It began when the doors opened this morning, and has continued without interruption ever since. A large crowd of depositors and curiosity seekers have fairly besieged the bank. The run was caused by a feeling prevalent around town that the bank was not any too strong, and it, as well as the Central Michigan Savings Bank, which closed its doors yesterday, was affected by the difficulties of the Lansing Lumber Company and the Lansing Engine Works, whose paper is indorsed by 0. M. Barnes. So strong was the pressure on the bank that the officers soon availed themselves of the provisions allowing them & ninety day notice before permitting the withdrawal of saving deposits, and no money is being paid out of saving deposits, while commercial depositors are calling for and receiving very little. State Bank Examiner Sherwood, in a speech before the assembled depositors this morning, assured them that the bank was sound and not a dollar would be lost. O. M. Barnes, who has taken charge of the lumber and engine companies which are indebted to him and which yesterday gave him mortages amounting to $701,000, announces that he can take care of the paper he had endorsed and that the creditors of the two concerns will lose nothing. The Central Michigan Savings Bank, which was closed up yesterday by the bank examiner, will, it is said, have ample funds to meet all demands. The cause of the run on the Ingham County Bank is now attributed to the fact that on Saturday last the vice president of the bank withdrew $7,000 on deposit there and placed it in another bank. His resignation was demanded, and he is no longer connected with the bank,

12. April 20, 1893 New-York Tribune New York, NY
Article from New-York Tribune, April 20, 1893

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A RUN ON LANSING BANKS. THE CITY'S FINANCIAL CIRCLES RUDELY SHAKEN. THE INGHAM COUNTY BANK TAKES ADVANTAGE OF THE THREE MONTHS' LAW-0. M. BARNES'S ASSETS AND LIABILITIES. Lansing, Mich., April 19.-A millionaire who yesterday did not owe a dollar in the world is to-day likely to lose a large part of his fortune. This is the paradox in financiering which Lansing presents this mornInc. Representatives of the commercial agencies. lawyes and others who have swarmed into the city in consequence of the embarrassments of the Lansing Iron and Engine Works and the Lansing Lumber Company, describe the situation as one of the most remarkable which has ever come under their observation. Since January 10 O. M. Barnes has been sacrificing his personal fortune in an effort to hold up the two big concerns which financial disaster has at last overtaken. Up to yesterday he had paid from his private means obligations incurred by the two corporations aggregating nearly $125,000. and yesterday he pledged the remainder of his private fortune for the payment of further liabilities exceeding $700,000, taking in return a mortgage covering all the property of the two firms. Mr. Barnes took this action to save the credit and business honor of his son. o. F. Barnes, president of the iron works and the lumber company. Lansing banking and business circles have never been so rudely shaken in the city's history. Nearly $400,000 of the two firms' paper is held by local banks, the largest holders being the Central Michigan Savings Bank, $200,000, and the Ingham County Savings Bank. $81,500. Between $65,000 and $70.000 worth of the firms' paper Is also held by Detroit banks. The closing of the Central Michigan Savings Bank yesterday afternoon was caused by the lack of confidence resulting when it became known that the institution was weighted down with $200,000 of the Insolvent companies' obligations. It was an anxious night at the capital. Bank directors and leading business men were holding secret conferences in various portions of the town. the directors of the Ingham County Savings Bank continuing in session until midnight. On account of a run on it this morning the Ingham County Savings Bank closed its doors for ninety days to savings depositors, under a provision of its charter and the State law entitling it to that time. There were 100 people outside the bank when it opened this morning. Commercial depositors were promptly paid, but the legal three months' notice was required on saving deposits. President Humphrey announced confidently that the bank would be able to meet all Its obligations. But the crowd was uneasy and anxious. About 10 o'clock Bank Commissioner Sherwood made a speech to the crowd. A number of people retired reassured, and there was a perceptible decrease in the withdrawal of deposits. Deposits are being withdrawn from other banks. but at no other were anxious crowds present. The statement is given out that O. M. Barnes's private assets, together with the assets of the two embarrassed companies, aggregate $1,693,000. Every effort is being made to restore confidence, but there is a panicky feeling in many quarters. Every one ascribes the cause of the troubles to the poor business methods of O. F. Barnes. O. M. Barnes, who has taken charge of the Lansing Lumber and Engine companies, announces that he can easily take care of the paper he had indorsed, and that the other creditors of the two concerns will lose nothing. He has accumulated a fortune esttmated at from $2,500,000 to $3,000,000, and there

13. April 20, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, April 20, 1893

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MICHIGAN FAILURES, Runs Are Precipitated in Lansing Banks Owing to Lumber Assignments. LANSING, Mich., April 19. -Owing to uneasiness credited 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 have been 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 a decided relief, as commercial depositors were calling for very little. The state bank examiner assured them that the Crown bank was perfectly sound and nobody would lose anything. O.M. Barnes, to whom the lumber and engine companies gave mortgages yesterday, announces that he can take care of the paper he endorsed, and that other creditors will lose nothing. The Central Michigan savings bank closed yesterday. It wili, it is said, have ample funds to meet all demands. The deposits aggregate half a million. All the savings banks have decided to take advantage of the ninety days' clause in order to tide over the panic. Late this afternoon it is believed the crisis is passed and no further bad effects will be felt from the failures announced yesterday. All excitement has quieted down. The bank commissioner expects to conclude his examination of the Central Michigan tomorrow, and not until then will the assets and liabilities be known.

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

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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.

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

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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.

16. May 6, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, May 6, 1893

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A Lausing Bank Assigns. LANSING, Mich., May 6.-The efforts of the directors of the Central Michigan Savings bank to increase the capital stock and effect a reorganization with a view to resuming busn ess have proved unavailing. Commissioner Sherwood has petitioned the circuit court for the appointment of a receiver.

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

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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.

18. May 20, 1893 The Washburn Leader Washburn, ND
Article from The Washburn Leader, May 20, 1893

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General News. A wolf was captured in the street at Monmouth, Ill. R. A. Havenor, a grocer at Harlem, N. Y., has failed for $80,000. The reported killing of Lieut. Plummer by Indians is denied. Trolley men at Baltimore will strike for more pay. G. W. Stone is the receiver of the Central Michigan Savings Bank of Lansing. The United States will send a warship to Nicaragua, owing to revolutionary troubles. The water works at Alton, Ill., have been sold to the New England Water company. G. W. Crouch, Jr., a lumber dealer at Rcchester, N. Y., has failed. Assets, $100,000; liabilities, $75,000. The United States Trust company has taken a mortgage for $2,000,000 upon the New York & Susquehanna road. Henry Villard is figuring on a collateral trust loan of $15,000,000 to clear the debt of the Northern Pacific: The Philadelphia, Honesdale & Albany and the Philadelphia, Honesdale & Albany railroads have been consolidated. Lieut. W. M. Williams, Nineteenth cavalry, will be tried at Fort Wayne, Ind., by court martial, for failing to pay his debts. The manager of an English firm at the world's fair sells exhibits which were entered free of duty, and is arrested. A very romantic story comes from Tacoma regarding a former English army officer and his wife, once lady in waiting to the queen. George Rose of Liberty, Ind., quit chewing tobacco and used paper as a substitute. He died from poison in printing ink. J. H. E. Waters, a well known mining engineer, was found dead in bed at Denver. He was for years in the employ of the Japanese government. The city of Pueblo, Col.. proposes to save $100,000 a year by discharging half the numbers of the fire and police departments. Dr. H. J. Marks, a prominent St. Louis physician, died of blood poisoning incurred in performing a surgical operation. Heirs to land at Homestead, Pa., on which a part of the Carnegie works is located, are suing for the property on an old government deed. The tools of non-union teamsters and graders in Columbus, Ind., were destroyed. The union men, who are on a strike, deny any connection with the matter. Heirs of James Guthrie, ex-secretary of the treasury, have donated property in Madison, Ind., valued at $20,000, to the Southern Baptist Theological seminarr at Louisville, Ky.

19. June 13, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, June 13, 1893

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Depositors Proving Claims. LANSING, Mich., June 12 Governor Rich has called a meeting of the new board of control of the school for the blind for Thursday, when an organization will be effected. About 1,300 of the 3,000 depositors of the Central Michigan savings bank have proved their claims with Receiver Stone, who says that the first rush is now over, and be is pre pared to take care of those who have been waiting for a lull in the proceed ings.

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

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# 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.

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

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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.

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

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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.

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

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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.