Central Michigan Savings Bank (Lansing, MI)

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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.

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TROUBLE IN MICHIGAN

Assignment of Large Concerns Causes a Run on a Bank, LANSING, Mich., April 18.- The Lansing Lumber Company and Lansing Iron and Engine Works today executed to Orlando M. Barnes mortgages on all their property to secure their paper, of which he was 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 embarrasment of the two institutions was caused by the stringency of |the money market. The state banking commissioner today took charge of the Central Michigan savings bank in this city. There was a run on the bank all today, owing to the uneasy feeling on account of the embarrassment of the Lansing Lumber Company and Lansing Iron and Engine works. The statement of the bank's condition has not been made public.

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A BIG CONCERN HARD UP

The Fact Causes the Suspension of a Bank at Lansing. LANSING, MICH., April 18.-The Lansing Lumber Company and the Lansing iron and engine works this afternoon executed to Orlando M. Barnes mortgages upon all their property, both real and personal, to secure their paper, of which he is a large indorser. All the assets of the two concerns, aggregating $1,800,000, are placed in his hands. It is said that the liabilities will not exceed more than half that sum. The embarrassment of the two institutions was caused by the stringency of the money market for the past few weeks. At 3 o'clock this afternoon State Banking Commissioner Sherwood took charge of the Central Michigan Savings Bank of this city. There had been a quiet run on the bank all day owing to an uneasy feeling on account of the embarrassment of the Lansing Lumber Company and the Lansing irou and engine works. A statement of the bank's condition has not yet been made public.

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SECURED HIS SON

A Michigan Panic That Amounts to Little or Nothing. 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 the indorser upon most of their outstanding paper. The assets are stated at about $1,800,000, with liabilities of about $1,000,000. A run was commenced on the Central Michigan Savings Bank this afternoon as the result of the embarrassment of the lumber company and the Iron works, and a feverish excitement was attendant upon it,

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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.

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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.

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EXCITEMENT IS ABATING

Lausing is Getting Over its Financial Flurry. LANSING, April 20.-The excitement which has prevailed in this city and throughout central Michigan over the financial embarrassment of the Lansing iron and engine works and the Lansing Lumber company, is greatly diminished. The Central Michigan Savings bank is still in the hands of the state banking commissioner, and its exact standing has not been determined. The Ingham County State Savings bank has also suffered an exciting run which was happily sidetracked by the soothing assurances of the state banking commissioner. Confidence is now nearly restored and the danger to the banks is probably over.

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A Bank In Trouble

LANSING, Mich., April 19.-The Central Michigan savings bank closed its doors yesterday, after having paid all the depositors who presented their books. The embarrassment is only temporary. The run on the bank was caused by the embarrassment of the Lansing iron and engine works and the Lansing lumber company.

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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.

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RUN ON A BANK

Uneasiness in Financial Circles in Michigan. LANSING, Mich., April 19.-Owing to the 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 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 decided relief. The Central Michigan Savings Bank closed yeaterday, but will, it is said, have ample funds to meet all demands The deposits aggregate half a million dollars.

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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.

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Ask a Receiver

LANSING, Mich., May 6.-The Central Michigan Savings bank directors and Bank Commissioner Sherwood have jointly requested the circuit judge to appoint M. L. Coleman, of this city, receiver. The reorganization scheme is off.

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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.

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A MICHIGAN SAVINGS BANK FAILS

Lansing, Mich., May 9.-George W. Stone, of this city, who was Auditor-General of Michigan under the late Democratic Administration, was last night ap pointed receiver of the Central Michigan Savings Bank by Judge Rerson. Bonds were fixed at $100,000.

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Receiver for the Lansing Bank

LANSING, Mich., May 10.-Circuit Judge Person last night settled the matter of a receiver for the Central Michigan Savings Bank by appoint ng George W. Stone of Lansing, ex-Auditor-General of the State, to that position,

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Will Pay a Dividend

LANSING. Aug. 29.-Receiver Stone of the Central Michigan Savings bank will pay a dividend of 12 per cent Sept 1.

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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.

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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.

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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.

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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.

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THE NEWS IN BRIEF.

A fierce fire raged in the fields six miles west of Beloit, Wis., and 100 men worked all night to subdue the flames. Over 100 acres were burned over.

John Beecker, who killed his wife and five children, and wounded a sixth child at Carroll, Ia., died without recovering consciousness.

A fire consumed a row of livery barns at Nappanee, Ind. Lady Z. (2:19½) was fatally burned.

Mrs. Emil Michaux of Anderson, Ind., got a 20,000 franc draft from France in settlement of an estate. She did not know she was heir to any estate.

Charles Nocks, a barber, drank a pint of toilet water containing alcohol and died in an hour at Akron, O.

The baby of Mrs. Louis Heythaler of St. Clair, Mich., was burned to death and Mrs. Heythaler was also so badly burned that she is expected to die.

A large elevator and flour mills at New Ross, Ind., were destroyed by fire. The loss is $10,000.

Receiver Stone of the Central Michigan Savings bank at Lansing, who has already paid dividends aggregating 55 per cent., expects to pay 75 per cent. in all.

The strike at the American plate glass factory at Elwood, Ind., has been settled.

The date of meeting of the National Prison association, which had been fixed for October, in Austin, Tex., has been changed to Dec. 2 to 6, inclusive.

Mrs. Joseph Ross of Cedar Rapids, Ia., was burned to death in her bed. A lamp in her room exploded.

Murray & Watt, dry goods, at Akron, O.. have assigned. Assets, $75,000; liabilities, $90,000.