M. L. Stewart & Company (Owosso, MI)

Episode Information

Episode UID
4523461291264
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
452346129 hash
Start Date
April 15, 1905
Location
Owosso, Michigan (42.998, -84.177)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0573d055de7a788c

Response Measures

None

Events (3)
1. April 15, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large unpaid obligations (about $28,000 overdraft and other indebtedness) of the Owosso Carriage Company to the bank, and related heavy exposures by bank head C.D. Stewart.
Newspaper Excerpt
the private bank of M. L. Stewart & Co. of this city, which closed its doors today
Source
newspapers
2. April 18, 1905 Receivership
Newspaper Excerpt
The Detroit Trust Company was today in the United States district court here appointed receiver for the private banking firm of M. L. Stewart & Co.
Source
newspapers
3. April 19, 1905 Other
Newspaper Excerpt
Attorneys for Charles D. Stewart ... have prepared a petition in bankruptcy to be presented in the federal court at Bay City.
Source
newspapers

Newspaper Articles (14)
1. April 16, 1905 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, April 16, 1905

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Article Text

Debts Exceed Half a Million OWOSSO, Mich., April 15.-Secretary Ralph Stone of the Detroit Trust company, who is in charge of the private bank of M. L. Stewart & Co. of this city, which closed its doors today, stated tonight that the total deposits of the institution are $480,635. The total liabilities are $559,381, and the assets as shown on the books also total this sum. Discussing the cause of the suspension, Mr. Stone said: "It is due to the relations that existed between the bank and a carriage manufacturing company in which C. D. Stewart, the head of the bank, was a heavy stockholder. The company owes the bank on past due indebted-

2. April 16, 1905 Evening Star Washington, DC
Article from Evening Star, April 16, 1905

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Article Text

owosso BANK FAILURE Statement of Party in Charge of the Finances. owosso, Mich., April 15.-Secretary Ralph Stone of the Detroit Trust Company, who is in charge of the private bank of M. L. Stewart & Co., of this city, which closed its doors at noon today, after forty years of business, causing a sensation in the city, tonight stated that the total deposits of the Institution are $480,635. The total liabilities are $559,381, and the assets, as shown on the books, also total this sum. The bulk of depositors are Owosso people, whose deposits range from a few cents to $15,000. Discussing the cause of the suspension, Mr. Stone said: "It is due to the relations that existed between the bank and a carriage manufacturing company in which C. D. Stewart, the head of the bank, was a heavy stockholder. The company owes the bank on past due indebtedness about $28,000, and also owes further sums, which will be due on May 2. Therefore, for the benefit of all creditors alike, Mr. Stewart decided to suspend business. We shall make an inventory and schedule at once and will report the condition of affairs to the depositors at the earliest possible moment."

3. April 16, 1905 The Washington Times Washington, DC
Article from The Washington Times, April 16, 1905

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Article Text

LARGE MICHIGAN BANK MAKES AN ASSIGNMENT owosso, Mich., April 15.-M. L. Stewart & Co., the oldest banking house in this city, and second largest in the State, assigned today to the Detroit Trust Company, for the benefit of creditors. The wildest excitement prevails. The failure of the bank is due to unpaid obligations, amounting to $28,000, of the Owosso Carriage Company. The deposits of the bank ran at different times from $500,000 to $1,000,000.

4. April 17, 1905 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, April 17, 1905

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Article Text

MICHIGAN BANK CLOSED. Large Private Institution Forced to Suspend Operations. Owosso, Mich., April 17.-The private bank of M. L. Stewart & Co. of this city, one of the largest private banking institutions in the state, closed its doors during the day and posted a notice saying that the bank's affairs were in the hands of the Detroit Trust company. The bank's deposits have been estimated to be over $500,000. The bank accepted deposits during the morning and the closing of the institution caused a sensation. It is alleged that inability of a carriage company to meet $28,000 worth of paper was the cause of the close of the bank. Mr. C. D. Stewart, who has been the head of the bank since the death of M. L. Stewart several years ago, has turned over all of his property without reserve for the benefit of the creditors.

5. April 18, 1905 Evening Star Washington, DC
Article from Evening Star, April 18, 1905

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Article Text

RECEIVER APPOINTED. For the Private Banking Firm at Owosso, Mich. BAY CITY, Mich., April 18.-The Detroit Trust Company was today in the United States district court here appointed receiver for the private banking firm of M. L. Stewart & Co. of Owosso, which closed its doors at noon last Saturday. Referee Joslyn, who acted in the absence of United States Judge Swan, fixed the bond of the receiver at $25,000. The action was taken after a petition had been filed in the court by three citizens of Owosso asking that the banking firm be declared bankrupt and representing that the appointment of a receiver was necessary for the preservation of the assets of the bank.

6. April 20, 1905 River Falls Journal River Falls, WI
Article from River Falls Journal, April 20, 1905

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Article Text

Celebrate Fall of Mukden. Tokio, April 17.-Thirty thousand employes of the arsenal paraded in celebration of the fall of Mukden. They visited the palace and cheered the emperor and afterwards went to the war and navy departments and cheered the ministers and their staffs. MICHIGAN BANK FAILS. Suspension at Owosso of the Second Largest Financial House in the State Causes Surprise. Owosso, Mich., April 17.-M. L. Stewart & Co., the oldest banking house in this city and the second largest in the state, assigned to the Detroit Trust company for the benefit of its creditors. The bank, which was capitalized at $200,000, has $480,000 deposits and $50,000 bills payable. Against this the only "ready assets" were $61,000 cash on hand and cash in other banks, bills receivable amounted to $452,000. The bank is regarded as being so badly crippled as to be practically beyond hope of resurrection. The wildest excitement prevails, as the assignment was entirely unexpected. The failure of the bank is due to unpaid obligations amounting to $28,000 of the Owosso Carriage company. The only statement given out at the bank with the notice of suspension was that it was closed because the carriage company failed to meet its obligations. The Owosso Carriage company is a large manufacturing institution established six or seven years ago with a capital stock of $100,000. Charles D. Stewart is one of the principal stockholders and vice president. A. M. Bentley is president. It is said that it has never been a paying concern. Ralph Stone, of the Detroit Trust company, said that the liabilities were so much greater than the assets that Mr. Stewart could not possibly resume business.

7. April 20, 1905 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, April 20, 1905

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Article Text

MICHIGAN BANK CLOSED. Large Private Institution Forced to Suspend Operations. Owosso, Mich., April 1.-The private bank of M. L. Stewart & Co. of this city, one of the largest private banking institutions in the state, closed its doors during the day and posted a notice saying that the bank's affairs were in the hands of the Detroit Trust company. The bank's deposits have been estimated to be over $500,000. The bank accepted deposits during the morning and the closing of the institution caused a sensation. It is alleged that inability of a carriage company to meet $28,000 worth of paper was the cause of the close of the bank. Mr. C. D. Stewart, who has been the head of the bank since the death of M. L. Stewart several years ago, has turned over all of his property without reserve for the benefit of the creditors.

8. April 21, 1905 The Worthington Advance Worthington, MN
Article from The Worthington Advance, April 21, 1905

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Article Text

MICHIGAN - BANK FAILS. Suspension at Owosso of the Second Largest Financial House in the State Causes Surprise. Owosso, Mich., April 17.-M. L. Stewart & Co., the oldest banking house in this city and the second largest in the state, assigned to the Detroit Trust company for the benefit of its creditors. The bank, which was capitalized at $200,000, has $480,000 deposits and $50,000 bills payable. Against this the only "ready assets" were $61,000 cash on hand and cash in other banks, bills receivable amounted to $452,000. The bank is regarded as being so badly crippled as to be practically beyond hope of resurrection. The wildest excitement prevails, as the assignment was entirely unexpected. The failure of the bank is due to unpaid obligations amounting to $28,000 of the Owosso Carriage company. The only statement given out at the bank with the notice of suspension was that it was closed because the carriage company failed to meet it obligations.

9. April 21, 1905 The True Northerner Paw Paw, MI
Article from The True Northerner, April 21, 1905

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Article Text

Stewart Petition in Bankruptcy. Owosso, Mich., April 19. - Attorneys for Charles D. Stewart, head of the private bank of M. L. Stewart & Co., which was closed Saturday, have prepared a petition in bankruptcy to be presented in the federal court at Bay City. In the petition Stewart asks to be declared a bankrupt and that a receiver be appointed for the bank, which is at present in the hands of the Detroit Trust company as trustee.

10. April 21, 1905 The True Northerner Paw Paw, MI
Article from The True Northerner, April 21, 1905

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SORRY FOR STEWART Owosso People Sympathize with the Banker Whose Bank Has Closed Its Doors. CREDITORS HOPE FOR THE BEST Profits in Wolf Hunting Two Students Missing - Grewsome Thing in a Box. Owosso, Mich., April 18. - Charles D. Stewart, head of the suspended banking firm of M. L. Stewart & Co., which closed its doors so unexpect dly Saturday noon, after receiving deposits up to the last moment almost, is confined to his home and is said by his physician and friends to be a complete nervous wreck. There is much sympathy expressed for him, as it is believed that he was "conscientious in his business dealings and closed his bank to give all creditors an equal chance rather than struggle along for a time to the disadvantage of some. Promised Help Was Missing. It is asserted that Stewart broke down a day or two ago when support promised in time of need was refused! A close friend of Stewart says that the banker had been assured some time ago by A. M. Bentley, pres dent of the involved Owosso Carriage company, that when the time came for assistance he stood ready to support him to the extent of $150,000. One day last week Stewart sent word to Bentley that the time had come for his aid. but, as the friend expressed it, "he was turned down cold." Carriage Company Not Insolvent. It islearned that within a year Stewart has taken $60,000 out of the OwosSO Carri. ge company. There have been times when the bank held as high as $140,000 of the paper of the carriage company. and at the time of the suspension held about $75,000. including the $28,000 overdraft. A. M. Bentley says that the Owosso Carriage company is not insolvent. Better Outlook for Creditors There is a better feeling among the business men. A paper is being circulated expressing confidence in Stewart. and it is felt that if the Owosso Carriage company can only be pulled through Stewart may again get on his feet and his creditors be protected.

11. April 22, 1905 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, April 22, 1905

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Article Text

Michigan Bank Fails. Owosso, Mich., April 17.-M. L. Stewart & Co., the oldest banking house in this city and the second largest in the state, assigned to the Detroit Trust company for the benefit of its creditors. The bank, which was capitalized at $200,000, has $480,000 deposits and $50,000 bills payable.

12. April 26, 1905 Vernon County Censor Viroqua, WI
Article from Vernon County Censor, April 26, 1905

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DOMESTIC. Frost killed fruits in Illinois and adjacent states. President Roosevelt shot his second bear from the saddle after a four mile chase. Four men robbed a bank at Chumbusco, Ind., of $8,500 and terrorized the town. President Roosevelt brought down a superb 500-pound bear on his first day's hunt. The condition of Joseph Jefferson, actor, changed for the worse. The doctors are losing hope. Four newsboys were crushed in a theater panic in Indianapolis, caused by a false alarm of fire. In the Belasco suit A. L. Erlanger testified that the syndicate controlled more than 65 theaters. James H. Hyde of Equitable Life Assurance society failed to prove his charges against Alexander. The next annual session of the farmer's national congress will be herd in Richmond, Va., Sept. 12-22. The plant of the West Ware Paper company at West Ware, Mass., was destroyed by fire. Loss, $75,000. At St. Joseph. Mo., Cassius Brown. colored, was convicted of the murder of Mrs. Nancy Gay last November. The conspiracy charge against Nan Patterson was dismissed. thus shutting the grand jury records to her lawyers. Peter Nelson, engineer for the Beloit Electric company. was killed while at his work in the engine-room. The private bank of M. L. Stewart & Co., of Owosso, Mich., closed its doors because of loans to a carriage firm. Parker Atkins shot and instantly killed his stepfather. Albert Rea, at Zeigler, III., in a quarrel over a boara bill. At Freeport robbers looted the store of Edward A. Blust of 100 pieces or silk valued at $1,000 and took nearly $200 in cash. At Stockton. Cal., William Mohr, from San Joaquin county, killed his brother, George, with a rifle and then killed himself. At Minneapolis John Pardula is dead and Peter Stopa and George Pardula are in the city hospital as a result of a cutting affray. At St. Paul Governor Johnson of fered a reward of $500 for the murderes of Annie Kintop, who was killed near Little Falls. The Cecil Rhodes scholarship for Tennessee has been awarded to Bernadotte Every Schmitt of the Univer sity of Tennessee. At Lincoln, III., Charles Easting was stabbed and killed in a altercation with C. R. Shyer at Latham. Both parties had been drinking. John Manier, marshal of Pretoria, Ga., was shot and killed by Pete

13. April 27, 1905 The Cooperstown Courier Cooperstown, ND
Article from The Cooperstown Courier, April 27, 1905

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Michigan Bank Fails. Owosso, Mich., April 17.-M. L. Stewart & Co., the oldest banking house in this city and the second largest in the state, assigned to the Detroit Trust company for the benefit of its creditors. The bank, which was capitalized at $200,000, has $480,000 deposits and $50,000 bills payable.

14. December 1, 1906 Charlevoix County Herald East Jordan, MI
Article from Charlevoix County Herald, December 1, 1906

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Many n man's good fortune is due to the will power of a deceased relative. A new hotel is promised Pontiac by the Merchants & Manufacturers' Hotel Co., which is soon to be incorporated and will sell stock at $10 per share; $45,000 will be raised. The last dividend which creditors of the bank of M. L. Stewart & Co., of Owosso, which failed 18 months ago, will be paid soon after January 1. It will make a total of 58 per cent paid. Shiawassee county farmers are afraid of investing this year in western sheep on account of the high price of feed. B. C. Calkins and Johnson Bros., however, have bought 1,600 sheep to feed over winter. The chief of police of Kalamazoo declares he will close Sunday theatera if they try to run. S. D. Pitcher, a traveling man of Oshkosh, Wis., sat a corpse in a chair in the lobby of a Menominee hotel for several minutes before it was discovered that he was dead. His fingers clasped a cigar, and there was nothing to indicate that he had expired. Jack Johnson, of Sault Ste. Marie, disposed of his Devil's Rock property at Cobalt for $30,000. His only investment was labor. Johnson was offered $60,000 soon after he had sold. Now he has enough to keep him for the rest or his days for a few weeks' work