Article Text
Suspended Bank. Ludington, Mich., Aug. 17.-The Commercial Savings bank, of this city, suspended business to-day. The officers will say nothing about its condition as yet.
Commercial & Savings Bank (Ludington, MI)
Episode Information
- Episode UID
8949826691136- Episode Type
- Suspension → Closure
- Bank Type
- savings
- Bank ID
-
894982669hash - Start Date
- August 17, 1894
- Location
- Ludington, Michigan (43.955, -86.453)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
743d88f3554d38ce
Response Measures
None
Description
Receiver appointed Aug 24; later report notes president personally made depositors whole.
Events (2)
1.
August 17, 1894
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank had been in a precarious condition for some time; president ordered suspension.
- Newspaper Excerpt
- Suspended Bank. Ludington, Mich., Aug. 17.-The Commercial Savings bank, of this city, suspended business to-day.
- Source
- newspapers
2.
August 24, 1894
Receivership
- Newspaper Excerpt
- Receiver for the Ludington Bank. LUDINGTON, Mich., Aug. 24.-Judge McMahon has appointed Frank Filer, of this city, receiver of the failed Commercial and Savings bank.
- Source
- newspapers
Newspaper Articles (12)
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Up the Flame. LUDINGTON, Mich., Aug. 17.-The Come mercial and Savings bank suspended business to-day by order of President An. tone Carter. The officers will say nothing about its condition yet.
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A BANK SUSPENDS. LUDINGTON, Mich., Aug. 17.-The Commercial and Savings bank of this city suspended today by order of its president, Autoine Cartier. The bank has been in a precarious condition for some time. The officers will say nothing about its condition as yet.
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suspended Business. LUDINGTON, Miob., Aug. 18.-The Com. mercial and Havings bank suspended business to-day by order of the president, Autoine E. Carter. The officers will any nothing about its condition yes.
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LUDINGTON BANK FAILS. Commercial and Savings Institution Has Suspended Payment. Ludington, Mich., Aug. 17.-The Commercial and Savings bank of this city suspended business today by order of its president, Antoine E. Carter. The bank has been in a precarious condition for some time. The officers will say nothing about its condition.
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A Savings Bank Suspends. LUDINGTON, Mich., Aug. 18.-The Commercial and Savings bank, of this city, suspended business Friday by or der of its pre- Ment, Antoine E Cartier. The bank has been in a precarious condition for some time. The officers will say nothing about its condition as vet.
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The Commercial and Savings bank, of Ludington, Mich., suspended business.
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The Week's Failures. "Liabilities of firms failing in the week ended August 9 are a little larger than of late, $3,294,689. of which $1.041,491 were of manufacturing and $1,603,198 of trading concerns. Full returns for July show an aggregate of $11,291,305 The failures this week have been 226 in the United States, against 455 last year, and 45 in Canada, against 27 last year." Ludington Bank Suspends. LUDINGTON, Mich., Aug. 18.-The Commercial and Savings bank of this city has suspended business by order of its president, Antoine E. Cartier. The bank has been in a precarious condition for some time. The officers will say nothing aboutits condition as yet.
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- Ludington Bank Suspends. LUDINGTON, Mich., Aug. 18.-The Commercial and Savings bank of this city has suspended business by order of its president, Antoine E. Cartier. The bank has been in a precarious condition for some time. The officers will say nothing about its condition as yet.
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Article Text
Ludington Bank Suspends. LUDINGTON, Mich., Aug. 18.-The Commercial and Savings bank of this city has suspended business by order of its president, Antoine E. Cartier. The bank has been in a precarious condition for some time. The officers will say nothing about its condition as yet.
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Article Text
Receiver for the Ludington Bank. LUDINGTON, Mich., Aug. 24.-Judge McMahon has appointed Frank Filer, of this city, receiver of the failed Commercial and Savings bank.
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Bank Commissioner's Report. State Banking Commissioner T. C. Shersvood has submitted to Gov. Rich his sixth annhal report of the business of that department. He says that while 1894 was comparatively free from the financial panics of 1893, the shrinkage in values and general depression in business made greater care and watchfulness more necessary than ever before. There were nine new banks incorporated during the year, with a capital of $292,000. There were three failures in the state during the year, but one of which, the Com mercial and Savings bank of Ludington, was under this department's care. The assets of this bank were $178,$21.78, and liabilities $124,749.85, and to A. E. Cartier, the president, is due great honor for his having, personally, made good all loses to depositors. of three state banks in the hands of receivers, the Milford state bank depositors'have received a 15 per cent dividends during the year. Fortyfour per cent in dividends has been paid depositors of the Central Michigan savings bank and $20,480.66 is on band in cash available for a sixth dividend. The bank of Crystal Falls paid three dividends aggregating 40 per cent. Mr. Sherwood thinks there is too much, rather than too little, banking legislation, and makes a few suggestions: To prohibit a director from borrowing from his bank would be imprudent, but they should be barred from using the bank's money to the exclusion of other patrons; private banks should be prohibited from using corporate names such as "city bank" "exchange bank." etc.; building and loan associations should be placed under the supervision of the state banking department. The receipts of the department during the year were $7.769.24. and the expenses, including Mr. Sherwood's salary of $2,500, were $9,312.02.