Whitehall State Savings Bank (Whitehall, MI)

Episode Information

Episode UID
5026483491165
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
502648349 hash
Start Date
January 2, 1897
Location
Whitehall, Michigan (43.410, -86.349)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c9897197c9d2a721

Response Measures

None

Description

Closed by bank examiner Jan. 2 and later placed in receivership; insolvency traced to large insider loans.

Events (3)
1. January 2, 1897 Suspension
Cause
Government Action
Cause Details
Bank examiner took possession and closed the Whitehall State Savings Bank on grounds of insolvency/mismanagement.
Newspaper Excerpt
The bank examiner took possession of the Whitehall savings bank today.
Source
newspapers
2. January 14, 1897 Receivership
Newspaper Excerpt
Judge Russell to-day appointed the Michigan Trust Company, of Grand Rapids, receiver of the Whitehall State Savings Bank, which closed its doors a couple of weeks ago.
Source
newspapers
3. March 13, 1897 Other
Newspaper Excerpt
Schedule of assets shows officers and directors owed large sums (I. M. Weston $15,000; H. L. Delano $14,000; L. G. Mason $13,500; Cashier S. H. Lasley $7,000). Receiver estimates less than 20 percent recoverable.
Source
newspapers

Newspaper Articles (14)
1. January 2, 1897 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 2, 1897

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Failures of the Day. aha, Jan. 2.-The Omaha Sav1.60 bank failed to open this morning. The liabilities are $850,000, the assets $200,000 in excess of this. Cleveland, Jan. -Thirty judgments aggregating $85,000 were filed against the Dorner & Dutton Man facturing company and Derner Foundry company, among the largest car wheel manufacturers in the country. A receiver is applied for. Batavia, Ill., Jan. 2.-The Western Paper Bag company, one of von Norwick's plants, was placed in the hands of a receiver by the United States courts. Whitehall, Mich., Jan. 2. -The bank examiner took possession of the Whitehall savings bank today. Fargo, N. D., Jan. 2.-The Citizens' National bank failed this afternoon.

2. January 3, 1897 The Herald Los Angeles, CA
Article from The Herald, January 3, 1897

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THE BEST PRESCRIPTION he receivers acting "The Omaha Savings bank was organ3 to realize all they ized fifteen years ago," said Gen. Manbefore looking into derson, its president. "The bank today $ of the law. owes $750,000 to its depositors and $140,000 to the Commercial bank, making the to) was one of Mr. tal liabilities $890,000. Taking our real timate friends and estate at cost and other securities simply was the last man at their face value, we have nearly $200,nond. Mr. Palmer 000 of assets beyond liabilities. While Hammond' called at the bank is unable at this time to pay Evanston, which is depositors on demand, it is amply solalk from the house vent, and while it will take some time to ammonds, about 8 realize, not a dollar will be lost by any He remained there creditor or depositor. In addition to versation with Mr. the assets, there is also the double lia1 of the future, and bility of the stockholders, which swells to place Mr. Hamthe amount to at least $1,200,000." eet. Mr. Palmer IN NORTH DAKOTA. mmond frequently MINNEAPOLIS, Minn., Jan. 2.-A the general theme, special to the Journal from Fargo, N.D., ) to be entirely obsays the Citizens' national bank failed ce of any one. He this afternoon. an effort to underIN MICHIGAN. g said to him, but WHITEHALL, Mich., Jan. 2.-Bank aw plainly that Mr. Examiner Angell took possession and vas weakened and closed the Whitehall State Savings bank ere weighing more today. No statement is made. The last n had been noticed report showed deposits of $80,000; loans and discounts, $92,000. arrival home he PAID ALL COMERS. s room, and Mrs. CRIPPLE CREEK, Col., Jan. 2.-A run lmost Immediately was precipitated at the First National mbers Mr. Hambank today by a man to whom was rethe room about 2 fused: a small loop, saying the bank eir baby. The supwould not open today. Small depositors ammond left the formed in a line and were paid. No big fter this with only deposits were touched. A special train d a dressing gown was run from Colorado Springs with r his apparel was $50,000 belonging to President J. M. Parapparently as he ker. Parker said: "We have on hand ught by Mr. Palmer a deposit more than enough to pay every went directly to the d'ollar should it be demanded, but only lung himself in the small depositors seem anxious, and busi: said it was his ness men, mining men and personal ond had carried in friends are depositing more than is be: $60,000 of life ining drawn out." er said that ever BETTER FEELING PREVAILS. I of the articles reMINNEAPOLIS, Minn., Jan. 2.-The It he had not been Farmers and Mechanics' Savings bank : he worried about has decided to waive its privilege of des certain. manding sixty days' notice before withHammond is situdrawal of deposits. This is taken to d) boulevard, in indicate a much better feeling in local erected five years banking circles. 55 than $30,000. and

3. January 3, 1897 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, January 3, 1897

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FINANCIAL. Chicago, Jan. . 2.-The Western Paper Bag company, of Batavia, Ill., one of the Van Nortwick plants, was placed in the hands of a receiver at noon today by the United States court. William G. Stevens, of Chicago, agreed upon by the counsel on both sides, was appointed receiver with a bond of $100,000. The defendant corporation admits itself to be insolvent, but without giving a schedule of assets and liabilities. "We cannot tell just how. the concern stands," said Attorney A. W. Green, representing the Van Nortwicks. "A statement is now being prepared and will be finished in a day or two." Omaha, Neb., Jan. 2. - -The Omaha Savings bank failed to open for, business this morning. Ex-Senator Manderson is president of the bank, and J. E. Wilbur, cashier. The bank was established in 1882. Six months ago its deposits were $1,500,000, but withdrawals have reduced them to less than $900,000. The face value of the assets almost reached $1,100,000 and the capital and surplus are $185,000. The clearing house bank declined to assist the bank to the extent required, except on condition that the stockholders of the failed bank would themselves advance $100,000 and take that amount of real estate off the bank's hands. The failure was due to rapid withdrawals of deposits during the past three weeks, caused by excitement resulting from the bank failures in Chicago and elsewhere. The stockholders are men of means and will give the necessary bond to secure the appointment of a receiver of their own selection and pay all depositors in installments. Whitehall, Mich., Jan. 2.-A bank examiner closed the Whitehall State Savings bank this morning.

4. January 3, 1897 Wheeling Sunday Register Wheeling, WV
Article from Wheeling Sunday Register, January 3, 1897

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MEAN KIND OF A Run Started on a Cripple Cre a Man Who Was Refused a Cripple Creek, Colo., January There was a run to-day on National Bank, which the say was caused by the circu report that the bank would to-day, by a man whom 3 tb fused to loan. Small depositors ed in line and were posits were touched. was run from Colorado $50,000. President/Parker deposit "We have on dot enough to pay every be demanded, but itors seem anxious persons mining men and depositing more than is out." A MICHIGAN BANK OR WHITEHALL Mich: January Examiner Angell tool closed the Whitehall to-day. The bank has The last report shawe $80,000; loans and diseout bonds and mortgages, 000 on hand. FARGO BAN MINNEAPOLIS, Min special to the Journa says: The Citizens this afternoon.

5. January 3, 1897 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, January 3, 1897

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TWO FRESH FAILURES. The Omaha Savings Bank Forced to Close Its Doors. OMAHA, NEBR., Jan. 2.-The Omaha Savings Bank, the oldest savings bank in the city and the principal of the two savings banks left in Omaha. closed this morning. Ex-Senator Manderson, president of the bank, has made the following statement concerning the affairs of the institution: "In the fall of 1893 we had about $1,000,000 in deposits, which grew until January, 1896, when there were $1,360,000 in deposits. "On July 9 the German Savings Bank closed its doors and a steady and constant drain was made upon our bank, so our deposits have shrunk to $750,600, showing that we have paid out about $610,000 in a little over five months. The bank owes to depositors $750,000 and to banks $140,000, making the total liabilities $890,000. Taking the real estate at cost and our real estate and other securities at face value, we have nearly $200,000 of assets beyond our liabilities. While the bank is unable at this time to pay its depositors on demand it is amply solvent, and while it will take some time to realize on the assets not a dollar will be lost to any creditor or depositor in the bank. In addition to the $1,100,000 of assets with which to pay depositors there is also the double liability on the stock holders. which will swell the amount to at least $1,200,000." General Anderson also said that an effort would be made by the directors to give a suitable bond to the State Banking Board for the protection of depositors which would enable them to put in their own receiver. This could be done more economically than by an outsider appointed by the board. WHITEHALL MICH., Jan. 2.-Bank Examiner Angell this morning closed the Whitehall Savings Bank. Much excitement prevails. The last report shows $80,000 in deposits, $2000 on hand and loans and discounts $92,000. The officials have made no statement.

6. January 7, 1897 Staunton Spectator and Vindicator Staunton, VA
Article from Staunton Spectator and Vindicator, January 7, 1897

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More Banks Close. The Citizens' National Bank of Fargo, N. D., failed Saturday last. The bank is in the hands of the national bank examiner, Its capital is $100,000. The president is H. F. Miller. Bank Examiner Angell took possession of and closed the Whitehall, Mich., State Savings Bank Saturday. The bank has made no statement. Its last report showed deposits of about $80,000; loans and discounts $92,000; stocks, bonds and mortgages, $4,500. and about $2,000 on hand. The Germania Bank of St. Paul, Minn., closed its doors Monday. Its capital was $400,000, with a surplus of $59,000. The Allemania Bank of the same city also closed its doors on Monday. Its statement on Dec. 27 showed loans and discounts $706,842, cash on hand and due from other banks $192,066, deposits $602,305. The City Bank of Nora Springs, Iowa, suspended Monday. The Savings Bank of Omaha, Neb., failed to open its doors Saturday morning and is in the hands of the State Banking Board. Frank Atkins, president of the Col orado Savings Bank, who was indicted on a charge of having received depos its when he knew the bank was insol vent, was acquitted last Saturday. Henry Durk, cashier of of the First National Bank of Niagara Falls, which recently suspended, was arraigned last Saturday before United States Commissioner Norton, of Buffalo, N.Y., on. the charge of being implicated in the failure of the bank. CHICAGO, Dec. 31-E. S. Dreyer of the banking firm of E. S. Dreyer & Co, which failed as a result of the collapse of the National Bank of Illinois, is very sick with inflammation of the kidneys, and not even the members of his family are allowed to see him. His recent financial trouble have aggravated his condition to such an extent that grave fears are entertained for his recovery. GRAND FORKS, N. D., Dec. 31.-The directors of the Second National Bank of this city today decided not to open for business. The following notice was posted: "On account of recent heavy withdrawals of deposits and the impossibility of realizing upon our assets, it has been decided by our board of directors to suspend and that the comptroller be advised of our action." It is said by the bank's officers that following the failures of the National Bank of Illinois and the Bank of Minnesota $40,000 was withdrawn from the Second National, while its deposits had amounted to only about $17,000 during the past fourteen days.

7. January 7, 1897 Hutchinson Gazette Hutchinson, KS
Article from Hutchinson Gazette, January 7, 1897

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LATE NEWS NOTES. Nashville, Tenn., had a $400,000 fire. During 1896 English railway receipts increased $16,000,000. The health of the crazy King Otto of Bavaria has remarkably improved of late. General Daniel E. Sickles is very ill from the effects of overwork in the recent campaign. As the result of a telephone war Northern Michigan towns are enjoying free telephones. Governor Leedy, of Kansas, will continue the police board system of the cities of the first-class. It is said that Mr. Bryan is using his influence in Kansas for John Atwood for United States senator. The Western Paper Bag company of Chicago, one of the Van Nortwick plants, is in the hands of a receiver. Lord Penrhyn has closed down his state quarries in Wales and thrown 5,000 men out of work rather than give in to the union. Attorney General Boyle of Kansas has appointed George R. Snelling of Anthony, a Silver Republican, assistant attorney general. The Pennsylvania senatorial contest is very warm. Wanamaker and Penrose are the only candidates. Quay is working for Penrose. The increase in the French army is to be offset in Germany by a similar increase in the army and navy at a cost of 50,000,000 marks. Nearly every oatmeal and cereal mill in the United States has just entered into a trust, and prices will be advanced. Jimmy Duffy, a featherweight pugilist, of Boston was killed in a ten round contest with George Justice in New York. Miss Emma Spreckels, daughter of the sugar multi-millionaire, was secretly married to Thomas Watson, a grain broker, of San Francisco. The Omaha Savings bank has failed. Liabilities, $890,000; assets, over $1,000,000. White Hall, Mich., Savings bank failed. Citizens' National bank of Fargo, N. D., failed. It is practically decided that J. T. Lloyd of Shelbyville is to be the Democratic nominee for congress in the First Missouri district to succeed the late R. P. Giles. The six days' international bicycle race was won by Waller, the "Flying Dutchman" by one and one-half laps ahead of Harry Maddox. Waller 874 miles, 5 laps. Maddox 874 miles, 3½ laps. The Illinois Steel company has given notice of a cut in wages, to go into effect on February 1, from the highest salaried employe down to the rawest recruit. The cut is to be from 10 to 50 per cent. The Bayview mills at Milwankee have received similar notice. A canvass of the members of the New York legislature shows that Tom Platt has a walk away for senator. Mr. Hanna has accepted an invitation to attend the dinner in honor of the event on January 26. The New York Tribune charges that the sugar trust has bought up the California legislature and will elect Samuel Shortridge, the counsel of John C. Spreckels, United States senator to succeed Perkins, who was thought to be sure of re-election. Henry Husted, cashier Union County National bank, Liberty, Ind., committed suicide by hanging. His accounts all straight. Nellie Uren, 19 years of age, and Obbie Heath, 18, of Chicago, decided to commit suicide together because their parents opposed their marriage. The boy watched the girl kill herself by drinking carbolic acid, and then backed out at the last minute. On January 1. Missouri had a balance in the treasury of $577,463.05, with a bonded debt of $5,000,000, bearing interest at the rate of 3½ percent and all subject to call at the option of the state. Senator Wolcott of Colorado is going to Europe to confer with bimetallists on the subject of a monetary conference. The silver senators have unanimously decided to oppose all confirmations of appointments to office made in place of silver men who were removed because of their support of Bryan. A Cleveland justice court hasdecided that Chairman Hanna's son must pay his election bets. Burglars blew open the safe of the bank of Alma, Mo., with dynamite and stole $1,800. Two Chinamen were murdered and robbed by unknown parties at Butte, Mont. William G. Park of Duluth committed suicide rather than stand prosecution for stealing $8,000 from the sugar trust. Thomas Kay of Mound City, Kan., got ten years for killing his wife and then burning the body. He is 79 years old. County Teasurer Jenrigan, of Austin, Texas, shot himself. He was $6,000 short. Two negroes are under arrest for causing the Cahaba River, Ala, railroad wreck. Eugene V. Debs has left the Populist party and is now a straight Socialist. The directors of the Dime Savings bank of Chicago saved the institution by paying in an assessment of fifty per cent. The Farmers' and Merchants' bank of Beatrice, Neb., has closed. All depositors will be paid at once in full. The Second National bank of Grand Forks, S. D., has failed on account of heavy withdrawals.

8. January 7, 1897 The Butler Weekly Times Butler, MO
Article from The Butler Weekly Times, January 7, 1897

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The Citizens National Bank of Fargo, North Dakota, and the White Hall Savings bank of White Hill, Mich., suspended Saturday.

9. January 7, 1897 The Globe-Republican Dodge City, KS
Article from The Globe-Republican, January 7, 1897

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LATE NEWS NOTES. Nashville, Tenn., had a $400,000 fire. During 1896 English railway receipts increased $16,000,000. The health of the crazy King Otto of Bavaria has remarkably improved of late. General Daniel E. Sickles is very ill from the effects of overwork in the recent campaign. As the result of a telephone war Northern Michigan towns are enjoying free telephones. Governor Leedy, of Kansas, will continue the police board system of the cities of the first-class. It is said that Mr. Bryan is using his influence in Kansas for John Atwood for United States senator. The Western Paper Bag company of Chicago. one of the Van Nortwick plants, is in the hands of a receiver. Lord Penrhyn has closed down his state quarries in Wales and thrown 5,000 men out of work rather than give in to the union. Attorney General Boyle of Kansas has appointed George R. Snelling of Anthony. a Silver Republican, assistant attorney general. The Pennsylvania senatorial contest is very warm. Wanamaker and Penrose are the only candidates. Quay is working for Penrose. The increase in the French army is to be offset in Germany by a similar increase in the army and navy atacost of 50,000,000 marks. Nearly every oatmeal and cereal mill in the United States has just entered into a trust, and prices will be advanced. Jimmy Duffy, a featherweight pugilist, of Boston was killed in a ten round contest with George Justice in New York. Miss Emma Spreckels, daughter of the sugar multi-millionaire, was secretly married to Thomas Watson, a grain broker, of San Francisco. The Omaha Savings bank has failed. Liabilities, $890,000; assets, over $1,000,000. White Hall, Mich., Savings bank failed. Citizens' National bank of Fargo, N. D., failed. It is practically decided that J. T. Lloyd of Shelbyville is to be the Democratic nominee for congress in the First Missouri district to succeed the late R. P. Giles. The six davs' international bicycle race was won by Waller, the "Flying Dutchman" by one and one-half laps ahead of Harry Maddox. Waller 874 miles, 5 laps. Maddox 874 miles, 3½ laps. The Illinois Steel company has given notice of a cut in wages, to go into effect on February 1, from the highest salaried employe down to the rawest recruit. The cut is to be from 10 to 50 per cent. The Bayview mills at Milwankee have received similar notice. A canvass of the members of the New York legislature shows that Tom Platt has a walk away for senator. Mr. Hanna has accepted an invitation to attend the dinner in honor of the event on January 26. The New York Tribune charges that the sugar trust has bought up the California legislature and will elect Samuel Shortridge, the counsel of John C. Spreckels, United States senator to succeed Perkins, who was thought to be sure of re-election. Henry Husted, cashier Union County National bank, Liberty, Ind., committed suicide by hanging. Ilis accounts all straight. Nellie Uren. 19 years of age, and Obbie Heath. 18, of Chicago, decided to commit suicide together because their parents opposed their marriage. The boy watched the girl kill herself by drinking carbolic acid, and then backed out at the last minute. On January 1. Missouri had a balance in the treasury of $577,463.05, with a bonded debt of $5,000,000, bearing interest at the rate of 3½ per cent. and all subject to call at the option of the state. Senator Wolcott of Colorado is going to Europe to confer with bimetallists on the subject of a monetary conference. The silver senators have unanimously decided to oppose all confirmations of appointments to office made in place of silver men who were removed because of their support of Bryan. A Cleveland justice court hasdecided that Chairman Hanna's son must pay his election bets. Burglars blew open the safe of the bank of Alma, Mo., with dynamite and stole $1,S00. Two Chinamen were murdered and robbed by unknown parties at Butte, Mont. William G. Park of Duluth committed suicide rather than stand prosecution for stealing $8,000 from the sugar trust. Thomas Kay of Mound City, Kan., got ten years for killing his wife and then burning the body. He is 79 years old. County Teasurer Jenrigan, of Austin, Texas, shot himself. He was $6,000 short. Two negroes are under arrest for causing the Cahaba River, Ala, railroad wreck. Eugene V. Debs has left the Populist party and is now a straight Socialist. The directors of the Dime Savings bank of Chicago saved the institution by paying in an assessment of fifty per cent. The Farmers' and Merchants' bank

10. January 15, 1897 New-York Tribune New York, NY
Article from New-York Tribune, January 15, 1897

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BUSINESS TROUBLES. Detroit, Jan. 14.-H. S. Robinson & Co., boot and shoe manufacturers, filed three big trust mortgages this morning, securing creditors for liabilities aggregating $138,365. The Union Trust Company is named as trustee. Muskegon, Mich., Jan. 14.-Judge Russell to-day appointed the Michigan Trust Company, of Grand Rapids. receiver of the Whitehall State Savings Bank, which closed its doors a couple of weeks ago. The receiver was appointed on petition of 115 depositors, representing $45,000 in deposits. Minneapolis, Jan. 14.-At a meeting last night of the depositors in the Northern Trust Company, of this city, which failed recently, it developed that the concern will pay a very small dividend, if any, unless it is received from the stockholders, many of whom live in the East, principally in Philadelphia. It also developed that many of the stockholders have paid only 50 per cent on their stock. Des Moines, Iowa, Jan. 14.-The White Swan Milling and Mining Company, with headquarters here, assigned yesterday. Its mines are at Baker City, Ore. The company has $1,000,000 authorized capital, and failure is attributed to bad management. It is expected the stockholders will buy up the claims and resume business. The creditors are in NewYork and Iowa towns. Streator, III., Jan. 14.-The City National Bank yesterday informed its depositors to come and get their money, as the bank was going out of business. The bank was organized six years ago, with a capital stock of $100,000, all paid. About $40,000 was paid to credito 'S yesterday. Springfield, Ohio, Jan. 14.-Willam W. Wilson began sult here yesterday for a receiver for the firm of Amos Whitley & Co., Wilson, Whitley & Co. and the Whitley Malleable Iron Company. A separate receiver is asked for each concern, which has been closed for two years. The suit is probably part of a plan for the reorganization of the firm's name, with a view of manufacturing steel and Its products by a new method recently discovered by Eimer and "Burt" Whitley, together with their father, Amos Whitley. The latter is a brother of William N. Whitley, known as "the reaper king."

11. January 20, 1897 The Enterprise Wellington, OH
Article from The Enterprise, January 20, 1897

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WEST AND SOUTH. At Muskegon, Mich., on the 14th Judge Russell appointed the Michigan Trust Co., of Grand Rapids, receiver of the Whitehall State savings bank, which closed its doors recently. After several years' idleness the St. Joseph (Mo.) nail mills will be put in operation about February 1 and a large force of men employed. A site for fortifications on the outskirts of Galveston, Tex., has been purchased for the government, It cost $35,000 and fronts on the gulf. Quarters for officers and barracks, etc., costing from $150,000 to $200,000 will be erected on it shortly. The business blocks on the north side of the town of Milan, Mo., were destroyed by fire on the 15th. Loss $70,000; insurance $18,000. The officials of the Bank of Conway, Mo., which has made an assignment, say it is their intention to quit business. It was the only bank in town. Depositors will not lose anything. A long section of a road near Salem Center, Ind., is disappearing into what appears to be a bottomless pit. Several thousand loads of dirt have been dumped on the road, but it gradually sinks into the abyss. One of the largest companies employing convict labor in the Missouri penitentiary, the Standard Shoe Co., has made an assignment. Liabilities $75,000. The gold reserve of the German Insurance bank of Louisville, Ky., amounting to $250,000, is locked up and cannot be reached. President Fischer, who alone knew the combination of the reserve vault, died a short time ago. Experts are at work on the lock. At Indianapolis, Ind., on the 16th the Commercial Wheel Co. made an assignment. Liabilities $100,000; assets supposed to be about the same amount. Frank H. McBride, assistant postmaster of Salt Lake City, Utah, was arrested on a charge of embezzement on the 16th. He confesses having taken $4,000 of the money realized from the sale of stamps since July last. J. W. Cunninton, the stamp clerk, was also arrested. Richard G. Monks, who was convicted at Bay City, Mich., of passing forged checks was on the 16th sentenced to Ionia reformatory for five years.

12. March 13, 1897 The Copper Country Evening News Calumet, MI
Article from The Copper Country Evening News, March 13, 1897

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PROSECUTION MAY FOLLOW. Officers of a Broken Michigan Bank Accused of Mismanagement. Lansing, Mich., March 13.-The schedule of assets of the Whitehall Savings bank, which closed a few weeks ago, filed by the Michigan Trust company of Grand Rapids as receiver with the state bank commissioners of this city, shows what caused the trouble. I. M. Weston, formerly president of the bank and a brother of Charles E. Weston of Milwaukee, a director, is a debtor to the amount of $15,000; H. L. Delano of Muskegon, a director, owes $14,000; L. G. Mason of Muskegon, an ex-director, is down for $13,500, and Cashier and Director S. H. Lasley owes $7,000. The capital stock is only $25,000, and these four men have borrowed a total of $49,500, nearly twice the amount of the entire capital, and besides the direct liabilities are further liable to a considerable amount as indorsers. The deposits amount to about $85,000, and the receiver estimates that it will be possible to pay less than 20 per cent. on the claims, even with the best management. The depositors are mostly poor Swedes, who put money in the bank on wages of $1 to $1.15 per day. Two hundred. of them met Thursday to take steps to prosecute criminally the management of the institution. As a preliminary they will petition Governor Pingree to remove Cashier Lasley from the office of registrar of deeds of Muskegon county, to which he was elected last fall for a second term.

13. March 17, 1897 The True Northerner Paw Paw, MI
Article from The True Northerner, March 17, 1897

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MAY BE PROSECUTED. Officers of a Broken Michigan Bank Accused of Mismanagement. Lansing, March 12.-The schedule of assets of the Whitehall savings bank, which closed a few weeks ago, filed by the Michigan Trust company, of Grand Rapids, as receiver, with the state bank commissioner in this city shows what caused the trouble. I. M. Weston, formerly president of the bank and a brother of Charles E. Weston, of Milwaukee, a director, is a debtor to the amount of $15,000; H. L. Delano, of Muskegon, a director, owes $14,000; L. G. Mason, of Musekgon, an ex-director, is down for $13,500, and Cashier and Director S. H. Lasley owes $7,000. The capital stock is only $25,000, and these four men have borrowed a total of $49,500, nearly twice the amount of the entire capital, and besides the direct liabilities are further liable to a considerable amount as indorses. The deposits amount to about $85,000, and the receiver estimates that it will be possible to pay less than 20 per cent. on the claims, even with the best of management. The depositors are mostly poor Swedes, who put money in the bank on wages of $1 to $1.25 a day. Two hundred of them met Monday night to take steps to prosecute criminally the management of the institution. As a preliminary they will petition Gov. Pingree to remove Cashier Lasley from the office of registrar of deeds of Muskegon county, to which he was elected last fall for a second term.

14. March 19, 1897 The Owosso Times Owosso, MI
Article from The Owosso Times, March 19, 1897

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PROSECUTION MAY FOLLOW. Officers of a Broken Michigan Bank Accused of Mismanagement. Lansing, Mich., March 13.-The schedule of assets of the Whitehall Savings bank, which closed a few weeks ago, filed by the Michigan Trust company of Grand Rapids as receiver with the state bank commissioners of this city, shows what caused the trouble. I. M. Weston, formerly president of the bank and a brother of Charles E. Weston of Milwaukee, a director, is a debtor to the amount of $15,000; H. L. Delano of Muskegon, a director, owes $14,000; L. G. Mason of Muskegon, an ex-director, is down for $13,500, and Cashier and Director S. H. Lasley owes $7,000. The capital stock is only $25,000, and these four men have borrowed a total of $49,500, nearly twice the amount of the entire capital, and besides the direct liabilities are further liable to a considerable amount as indorsers. The deposits amount to about $85,000, and the receiver estimates that it will be possible to pay less than 20 per cent. on the claims, even with the best management. The depositors are mostly poor Swedes, who put money in the bank on wages of $1 to $1.15 per day. Two hundred of them met Thursday to take steps to prosecute criminally the management of the institution. As a preliminary they will petition Governor Pingree to remove Cashier Lasley from the office of registrar of deeds of Muskegon county, to which he was elected last fall for a second term.