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The Crisis Past

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Lansing. April 21.- The greatest financial crisis Lansing has ever experieuced was suecessfully passed Wednesday, and a feeling of confidence and seeurity once more prevails. The run whicb compelled the Central Michigan savings bank to close its doors Tuesday caused the wildest excitement araong the depositors of all the other banks in the city, and it was evident that with the eomrnencement of banking hours Wednesday morning trouble would be ren'ewed. the condition of affairs, the offieers of all tlie other banks fortified themselves against a run by calling in a large aniount of cash and deciding to take advantage of the ninety days' notice relative to savings deposits. When the excitement was at itsheight State Jiank Commissioner Sherwood appeared at the entrance of the bank and assured the crowd that their intereste would be amply protected. that the bank was in bettor condition than it had been ior years and had on hand sufficient cash to pay every dollar of ita demand deposits. He advised tiiem to go about their business and let business proceed quietly. This had the effect of dispersing the crowd, and from that moment the crisis was passed. Not a bank in the city was thereafter disturbed. Commissioner Sherwood has progressed so far in his examination of the Central Michigan savings bank's affairs as to warrant the statement that the bank is entirely solvent and that there is no possibility of the depositors losing a dollar. The directors have decided to effect a reorganization with an increase of capital stock from 505.000 to $300,000. Subscriptions to the stock of the reorganized institution have beea solicited with nattering success. Neither the iron works nor lumber company has prepareda statement of its afïairs for publieation. O. M. Barnes, the mortgagee, is more than ever convinced of his ability to successfully handle their business and pay dollar for dollar, and this belief is shared in by all the ereditors and citizens generally. He has accumulated a fortune estimated at 10,000 to 33,000,000, and there is not a doubt expressed that he can pay dollar for dollar, should thing-s so shape themselves that it may be necessary to put up funds for the several enterprises in which he is interested, and still have a fortune lef t.


Ann Arbor Argus
Old News