First National Bank (Stillwater, MN)

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Episode Information

Episode UID
151401013
Episode Type
Run Only
Bank Type
national
Bank ID
15140 national
Charter Number
1514
Start Date
May 12, 1884
Location
Stillwater, Minnesota (45.056, -92.806)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
47fad7737fa558ef

Response Measures

Accommodated withdrawals, Public signal of financial health

Events (2)
1. August 9, 1865 Chartered
Source
historical_nic
2. May 12, 1884 Run
Cause
Local Shock
Cause Details
Failure/complications of the Northwestern Car Company whose paper the bank held (about $340,000), prompting depositor withdrawals.
Measures
All demands were met; the run was checked after about $25,000 was paid out.
Newspaper Excerpt
A run was made on the First National bank this morning growing out of the car company's complications; the run was soon checked when all demands were met.
Source
newspapers

Newspaper Articles (10)
1. May 13, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 13, 1884

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Article Text

THE NORTHWESTERN CAR COMPANY. A RUN ON THE BANK AT STILLWATER-SENATOR SABIN'S RETURN-EASTERN CREDITORS. MINNEAPOLIS, May 12.-A special to The Journal from Stillwater says: A run was made on the First National Bank this morning growing out of the car company's complications, but it was soon checked. When all the demands had been met only about $25,000 had been paid out. The car company's hands and the Townshend Milla are still at work. Senator Sabin is expected home to-morrow night. He will leave Washington this afternoon. ST. PAUL, May 12.-Dispatches were received from Senator Sabin to-day, saying that he would leave Washington for St. Paul to-night. Until he arrives It will be difficult to secure a statement as to the exact standing of affairs. Townshend & Co. have not suspended and say they can make no statement as to their condition until Senator Sabin returns, as they do not know themselves how they stand, nor how deeply Senator Sabin, who is a partner, is involved. Rumors concerning the condition of the Firet National bank alarmed several depositors this morning and a small run was made on the bank, but the scare was short lived, as it became known that the bank holds $340,000 of the car company's paper, and is perfectly sound. It not

2. May 13, 1884 Daily Republican Wilmington, DE
Article from Daily Republican, May 13, 1884

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Article Text

Bank Affairs. The Comptroller of the Currency yesterday recieved a letter from Mr. Scriba, the Examiner in charge of the Marine National Bank of New York, saying that the bank is insolvent, and should be placed in the hands of a receiver. A receiver will be appointed by the Comptroller as soon as the report of the Examiner is received. Mr. Seriba expresses the opinion that the depositors will receive from 75 to 80 per cent. of their deposits, "and that in case the estates: of Mr. Fish and Grant and Ward are profitably managed the deposits may be paid in full." This statement is, naturally, regarded at the Comptroller's office !" as a clear indication that the capital, surplus and earnings of the bank are gone." There was a slight run on the First National Bank of Stillwater, Minnesota, yesterday morning, owing to the suspension of the Northwesten Car Company, but it was soon checked, all demands being met.

3. May 13, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, May 13, 1884

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Article Text

Run on a Bank. MINNEAPOLIS, Minn., May 12.-The Journal's Stillwater special says: "A run was made on the First National bank this morning growing out of the Car company complications. The run was checked when all the demands were met. The Car company crew and the Townsend mills are still at work. Senator Sabin is expected home to-morrow.

4. May 13, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, May 13, 1884

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Article Text

failure. Senator Sabin has been east sever times lately making sales of stock and negotiating loans. It is not many months since a leading firm hold nearly $200,000 of his stock and paper. NEW YORK, May 13.-Reports are current here that there are heavy losses in New York on account of the failures in Minnesota. No information confirming these reports is obtained, and they are believed to be erroneous. Wayland Trask, an intimate friend of Senator Sabin, says no one in the east will be hurt by the failure of the Minnesota firm, and that there are no failures here to justify the heavy decline in wheat reported in Chicago dispatches. LATER. MINNEAPOLIS, Minn. May -The Journal's Stillwater special says a run was made on the First National bank, growing out of the car company's complications. The run was soon checked when all demands were met. Only about $25,000 were checked out. The car company's crew and the Townsend mill are still at work. BOSTON, Mass, May 13.-Fogg Bros, bankers, held some paper of the Northwestern Car company, but decline to say how much, and a leading banker says that Sabin's car company's stock is in about every bank in Boston, and held all over New England, but nobody is going to lose anything. His assets are abundant. He did not believe that Sabin borrowed much money except at low rates. WORCESTER, Mass., May 18.-Paper of the Northwestern Car company is held by the banks here, but not in amounts to cause inconvenience. At the City bank # is stated that all the paper they held is amply protected by sound securities. The stock of the company has been sold here to some extent, the agents being Messrs. Rice & Whiting. It is thought that not more than 2,000 shares were placed here. A Stillwater special dispatch says: The feeling here is much better. Receiver Brown has entered upon his duties, and announced his intention of continuing operations. Until Senator Sabin arrives it will be difficult to secure a statement as to the exact standing of affairs. Townshend & Co. have not suspended, and say they can make no statement as to their condition until Mr. Sabin returns, as they do not know themselves how they stand or how much Mr. Sabin, who is a partner, is involved. It is not thought any further disasters will result here.

5. May 13, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, May 13, 1884

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Sabine's "Settler" SR. PAUL, May 12-Receiver Brown, of the Northwostern Car company, will begin the work of obtaining an inventory of All the concern without delay. This property embraces small lots of machinery scattered throughout the country in the hands of numerous agents, RB well as commercial paper held by the company, and the enormous plant of a large amount of material on hand at the works. Mr. Brown says be will pay off on Thursday, the 15th of the present month, and the shops will then be shut down for a few days to facilitate taking the inventory. Senator C. D. Gilfilan, first vice-president of the car company, says the intention is to contiaue operations under the receiver for ten months, after which time it is thought the company will be in a condition to continue under a management of its own. The senafor says there has been mismanagement. but still believes the creditors will be paid in full. NEW YORK, May 12.-Nothing is learned at the office of Grant & Ward this morning, end Ward had not arrived at 11 o'clock. The report of the bank examiner will be forwarded to Washington shortly, and not until then will it be made public. No official statements of the bank affairs can be obtained. New ORK, May 12.-A special dispatch from Stillwater, Minnesota, says: The feeling here is much better to-day than yesterday. Receiver Brown enters upon his duties. He has announced his intention of continuing operations. A telegram has been received from Senator Sabin. He leaves Washington for St. Paul to-night. Until he arrives it will be difficult to secure a statement as to the exact standing of affairs. Townsend & Co. have not enspended and say they can make no state. ment until Sabin returns, as they do not know themselves how thev stand and how stands Sabin, who is a partner and 18 involved. MINNEAPOLIS; May 12. - The Journal's Stillwater special says: A run has been made on the First National bank this morning, growing out of the car company complications. The run was soon checked when all demands were met. Only about $25,000 was checked out. The car compaoy's crew and Townsend mil's are still at work. Sabin is expected home to-night He leaves Washington this afternoon.

6. May 13, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 13, 1884

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Article Text

Run on a Bank. MINNEAPOLIS, May 12.-The Journal's Stillwater special says a run was made on the First National bank this morning, growing out of the car company complications. The run was soon checked, when all demands were met. Only about $25,000 were drawn out.

7. May 15, 1884 Daily Yellowstone Journal Miles City, MT
Article from Daily Yellowstone Journal, May 15, 1884

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TELEGRAPHIC POINTERS. The bark Theresa, with survivors of the wrecked steamer State of Florida, has arrived at Quebec. It is generally acknowledged that the steamship City of Rome refused assistance. Captain Hauser, of the Theresa, states as follows: "The steamship City of Rome was sighted Wedne-day, April 23. The sea was smooth and the weather clear. She passed so near you could have heaved a bescuit, she was within three ship's lengths. We hung the ensign upside down, the usual signal of distress. She hoisted an answering pennant, but never slowed, but proceeded on her way." On the other hand the captain of the steamer City of Rome states that a full rigged ship was observed two or three miles distant, displaying signals meaning ship wrecked, but no urgency signal was displayed, nor was the name or nation of the ship given. The Northwest Car & Manufacturing company, of Stillwater, have been borrowers in New York, Boston and other money gathering points. The Railroad Transfer company, which operated in connection with the Car company, will probably go into the hands of a receiver this evening. S. R. Stimson will be appointed. The Union Water company, of Stillwater, is expected to yield. Seymour, Sabin & Co. have gone and the C. N. Nelson Lumber company will follow. J. H. Townshend & Co., millers of Stillwater. have gone clear down the flume. Senator Sabin, chairman of the National Repulican committee, is pestered with inquiries for tickets of admision to the Republican convention at Chicago. The delegates will be provided with engraved tickets for reserved seats. List of seats for newspaper men will be made by John C. New, but the weeklies will be shut out altogether. The members of the national committee from each state and territory will have charge of tickets for his state or territory, and are the proper ones to whom to apply. A run was made on the First National bank of Stillwater, on Monday morning. Twenty-five thousand dollars was drawn out by workingmen, but the bank stood it nicely, and had no trouble. There was a little excitement also at the Lumberman's bank, but it has died away.

8. May 15, 1884 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, May 15, 1884

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A Run on a Bank. MINNEAPOLIS. May 12.-The Journal's Stillwater special says a run was made on the First national bank this morning, growing out of the car company complications. The run was soon checked when all demands were met. Only about $25,000 was checked out.

9. May 21, 1884 Watertown Republican Watertown, WI
Article from Watertown Republican, May 21, 1884

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Little Run for a Cent. The failure of the Northwestern Car Company, created some excitement at Stillwater, Minn., and a run was inaugurated on the First National Bank. The run was checked after $25,000 had been paid out.

10. May 22, 1884 Turner County Herald Hurley, SD
Article from Turner County Herald, May 22, 1884

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Article Text

Little Run for a Cent. The failure of the Northwestern Car Company, created some excitement at Stillwater, Minn., and a run was inaugurated on the First National Bank. The run was checked after $25,000 had been paid out.