9326. M. L. Stewart & Co. (Owosso, MI)

Bank Information

Episode Type
Suspension β†’ Closure
Bank Type
private
Start Date
April 15, 1905
Location
Owosso, Michigan (42.998, -84.177)

Metadata

Model
gpt-5-mini
Short Digest
803c7d5d

Response Measures

None

Description

The private bank M. L. Stewart & Co. suspended/closed mid-April 1905 and was assigned to the Detroit Trust Company; a receiver was appointed April 18, 1905. Articles attribute the closure to large unpaid obligations (about $28,000) of the Owosso Carriage Companyβ€”this is bank-specific adverse information, not a depositor run. No reopening is reported; proceedings continued through bankruptcy/receiver and distributions to creditors.

Events (3)

1. April 15, 1905 Other
Newspaper Excerpt
assigned today to the Detroit Trust Company, for the benefit of creditors; 'for the benefit of creditors' and 'in the hands of the Detroit Trust company.' (assignment/trustee appointment reported April 15-17.)
Source
newspapers
2. April 15, 1905 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure due to large unpaid obligations (about $28,000 overdraft and other paper) of the Owosso Carriage Company, a concern in which the banker was a heavy stockholder; bank assigned for benefit of creditors because liabilities exceeded liquid assets.
Newspaper Excerpt
the private bank of M. L. Stewart & Co. of this city, which closed its doors at noon today
Source
newspapers
3. 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. of Owosso, which closed its doors at noon last Saturday.
Source
newspapers

Newspaper Articles (15)

Article from The Saint Paul Globe, April 16, 1905

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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-


Article from Evening Star, April 16, 1905

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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."


Article from The Washington Times, April 16, 1905

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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.


Article from The Madison Daily Leader, April 17, 1905

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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.


Article from Evening Star, April 18, 1905

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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.


Article from River Falls Journal, April 20, 1905

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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.


Article from The Bemidji Daily Pioneer, April 20, 1905

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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.


Article from The Midland Journal, April 21, 1905

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NEWS IN SHORT ORDER. The Latest Happenings Condensed for Rapid Reading. Domestic. The Detroit Trust Company was, in the United States District Court in Bay City, Mich., appointed receiver for the private banking firm of M. L. Stewart & Co., of Owosso, which closed its doors. The Northern Securities Company filed with the Secretary of State at Trenton, N. J., articles providing for the reduction of the capital stock from $395,400,000. James Colin, mate of the steamer Queen City, was arrested at Bellair charged with the murder of Fred Norton, a deck hand, whom he knocked overboard. At a meeting of strikers at San Juan, Porto Rico, an American flag was trampled upon and the mob attacked the police. John Lans tried to shoot his wife and sister-in-law in Somerset. He hit his father-in-law, and then killed himself. Edward Sweders, a member of Edna May's Company, shot his wife and himself in a Philadelphia boarding-house. Chester Bell was fined $25 and costs in Muncie, Ind., for having cigarette paper in his pocket. Suit was instituted to restrain Superintendent of Insurance Hendricks, of New York, from acting on the proposed amended charter of the Equitable Society. New York steamboat inspectors reported that the passenger steamer John H. Starin carried loaded cartridges. The captain's license was taken away. W. H. Worth and Henry King were arraigned in Elyria, O., on the charge of operating bucket-shops at Lorain and pleaded not guilty. The Supreme Court in Philadelphia, by a vote of 4 to 3, decided that Mrs. Catharine Danz must hang for the murder of her husband. The stockholders of the United States Steel Corporation re-elected the eight retiring directors at the meeting in Hoboken, N. J. Thomas C. Haynes, secretary of the Rand-McNally Company, committed suicide at the Marquette Club, in Chicago. William Smith, I6 years old, shot Elizabeth Ohlsen, 16 years old, in New York, because she refused to marry him. A woman was thrown out of a runaway motor car in New York and a boy run over. The nude body of Annie Kintop was discovered near Little Falls, Minn., with every indication of the woman having been murdered after a violent struggle. Posses are searching for two negroes who were seen in the vicinity of the crime. For the first time in six years all places of business in St. Louis, including saloons, restaurants, cigar stands, barber shops and bookblack stands, were closed tightly Sunday. Trustee Lord, of the Miller 520 per cent. syndicate, has brought suit in New York to recover $170,000 left by Edward Schlesinger, one of the syndicate, who died abroad. Mrs. Howard Dunham, of Norristown, Pa., secured a verdict of $10,000 from Miss E. Winnie McMichael for alienating the affections of her husband. In a head-on collision between two freight trains on the Erie Railroad two firemen were killed. The engineers saved their lives by jumping. Dr. Bainbridge delivered a lecture at the New York Skin and Cancer Hospital on "Cancer, Its Growth, Causes and Cure." Governor Folk, of Missouri, has pardoned a young man of 22 years on condition that he give up whisky and cigarettes. After having been in the courts for five years, a suit involving 76 barrels of cider has been settled in Haverhill, Mass. Thomas W. Lawson says he has been planning a company to offer gas at 75 cents to New York consumers. There have been four victims of knockout, drops in Allentown, Pa., within a week. Gen. Fitzhugh Lee, of Virginia, president of the Jamestown Exposition, called upon Governor Higgins, at Albany, and secured his co-operation for New York's participation in the Exposition. Foreign.


Article from The Worthington Advance, April 21, 1905

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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.


Article from The True Northerner, April 21, 1905

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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.


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.


Article from The Irish Standard, April 22, 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.


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


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.


Article from The Owosso Times, June 23, 1905

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THE STEWART EXAMINATION. Considerable Progress Made In the Bankruptcy Case This Week. The inquiry into the petition in bankruptcy of the banking house of M. L. Stewart & Co. before Referee in Bankruptcy Lee Joslyn, of Bay City, began Monday morning at the armory. There were about 300 creditors present. Mr. Joslyn brought two stenographers; J. V. Oxtoby, Mr. Stewart's attorney, and Sec'y Ralph Stone, of the Detroit Trust Co., were also present. Referee in Bankruptcy Lee Joslyn called the meeting to order and spoke as follows: "This is a meeting of creditors called to transact business which the creditors must do. The principal business will be the selection of a trustee, who will turn the property into cash and pay it to you as soon as possible. "No one but creditors can take any part in selecting this trustee. The creditors have a right at this time to examine the bankrupt; any lawyer can ask questions as a creditor or a representative of creditors. As soon as the checks can be drawn a dividend of possibly 15 or 20 per cent-undoubtedly the latter figure-will be paid the 1400 or 1500 creditors who have proven their claims. These checks will be given out in ten days or two weeks. Now, who will you have for trustee?" Rev. C. H. Hanks nominated the Detroit Trust Company, and there were several seconds, and the Trust Co. was unanimously chosen trustee. In the afternoon, all the accounts were read, and Sec'y Stone presented the following report: Cash collected by Detroit Trust Company, receiver, to June 17th, 1905 91,429 74 Cash on deposit Commercial National Bank, Detroit, held as collateral 13,863 43 $105,293 17 Total liabilities $588,707.38 Less secured claims, not entitled to dividends until collateral is exhausted 50,000.00 $538,707.38 Or about $540,000.00 $108,000.00 20 per cent of $540,000 Cash collected by Receiver to and including June 17, 1905 91,429.74 Cash collected upon collateral to secured claims 25,662.97 Total collected $117,092 71 Cash at Commercial National Bank, Detroit 13,863 43