gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7c68eb44f765b958
Response Measures
None
Description
Suspension by state banking commissioner preceded appointment of a receiver; no reopening reported.
Events (3)
1.April 18, 1893Run
Cause
Local Shock
Cause Details
Run triggered by financial embarrassment of Lansing Lumber Company and Lansing Iron & Engine Works
Measures
Bank paid demands for several hours while open; management later closed doors on advice of Banking Commissioner
Newspaper Excerpt
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
Source
newspapers
2.April 19, 1893Suspension
Cause
Government Action
Cause Details
State Banking Commissioner Sherwood took possession and closed the doors for protection of depositors
Newspaper Excerpt
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.
Source
newspapers
3.May 9, 1893Receivership
Newspaper Excerpt
Judge Person has appointed ex Auditor General Stone as receiver of the Central Michigan Savings bank. He will be required to give a $100,000 bond.
Source
newspapers
Newspaper Articles (21)
1.April 19, 1893The Morning CallSan Francisco, CA
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Article Text
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,
2.April 19, 1893The Daily Morning AstorianAstoria, OR
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Article Text
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.
3.April 20, 1893The Daily Morning AstorianAstoria, OR
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Article Text
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.
4.April 20, 1893Rock Island Daily ArgusRock Island, IL
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Article Text
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.
5.April 22, 1893The Weekly IntelligencerLexington, MO
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Article Text
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.
6.April 22, 1893Perrysburg JournalPerrysburg, OH
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Article Text
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.
7.April 28, 1893Idaho County Free PressGrangeville, ID
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Article Text
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.
8.April 28, 1893Grand Rapids HeraldGrand Rapids, MI
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Article Text
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.
9.May 6, 1893The Madison Daily LeaderMadison, SD
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Article Text
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.
10.May 10, 1893Grand Rapids HeraldGrand Rapids, MI
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Article Text
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.
11.May 10, 1893New-York TribuneNew York, NY
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Article Text
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.
12.May 11, 1893Audubon County RepublicanAudubon, IA
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Article Text
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,
13.September 1, 1893The TimesOwosso, MI
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Article Text
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.
14.October 26, 1893Evening StarWashington, DC
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Article Text
Lansing, Mich., was thrown into great excitement yesterday afternoon by the arrest of Nelson Bradley, cashier of the Central Michigan Savings Bank, that last April went into the hands of a receiver.
15.October 12, 1894The TimesOwosso, MI
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Article Text
# 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.
16.January 4, 1895The Yale ExpositorYale, MI
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Article Text
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.
17.March 30, 1895The Diamond DrillCrystal Falls, MI
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Article Text
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.
18.July 4, 1895Crawford AvalancheGrayling, MI
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Article Text
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.
19.November 20, 1895New-York TribuneNew York, NY
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Article Text
A CASE OF MUCH INTEREST TO DEPOSITORS Lansing, Mich., Nov. 19. The day before the Central Michigan Savings Bank closed its doors, in April, 1893, Nelson F. Jenison, one of the leading merchants of this city, withdrew his deposit of $3,000. Receiver Stone is now suing to recover the money on the ground that it was withdrawn because Jenison knew that the bank was insolvent, as did the bank officials, the statute providing that Insolvent banks cannot dispose of their property or prefer creditors. This is a test case, and If the bank wins similar suits will be begun against a large number of depositors who withdrew money during the run which preceded the suspension.
20.December 3, 1895Twice-A-Week Plain DealerCresco, IA
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Article Text
Important Decision. Lansing, Mich., Nov. 30.-The case of Receiver Stone, of the Central Michigan savings bank, which failed in the panic of 1893, against Nelson F. Jennison, to recover a deposit of $2,800 withdrawn from the bank on the day of its failure, was decided by the jury in favor of the defendant. The case was an important one, as $30,000 was withdrawn from the bank on the day of its failure and nearly $175,000 in the three or four preceding days.
21.December 5, 1895River Falls JournalRiver Falls, WI
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Article Text
Important Decision. Lansing, Mich., Dec. 2.-The case of Receiver Stone, of the Central Michigan savings bank, which failed in the pani of 1893, against Nelson F. Jennison, to recover a deposit of $2,800 withdrawn from the bank on the day of its failure, was decided by the jury in favor of the defendant. The case was an important one, as $30,000 was withdrawn from the bank on the day of its failure and nearly $175,000 in the three or four preceding days.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
