Article Text
The First National bank of Lake City has closed on account of a run on it.
First National Bank (Lake City, MN)
Episode Information
- Episode UID
174001032- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
-
17400national - Charter Number
- 1740
- Start Date
- December 26, 1885
- Location
- Lake City, Minnesota (44.449, -92.267)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
bd8feae33691c236
Response Measures
Capital injected, Full suspension, Books examined
Receivership Details
- Depositor recovery rate
- 100.0%
- Date receivership started
- 1886-01-04
- Date receivership terminated
- 1886-06-01
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 36.7%
- Share of assets assessed as doubtful
- 58.7%
- Share of assets assessed as worthless
- 4.7%
Description
Used official receivership date (1886-01-04) consistent with bank records and articles.
Events (5)
1.
November 29, 1870
Chartered
- Source
- historical_nic
2.
December 26, 1885
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Rumors of unsound condition and inability to realize bank securities plus large cashier overdraft prompted heavy withdrawals.
- Measures
- Bank closed its doors; officers cited suspension; examiner took possession later.
- Newspaper Excerpt
- The First National bank of Lake City has closed on account of a run on it.
- Source
- newspapers
3.
December 28, 1885
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Officers cited impossibility of realizing on securities and insolvency as reason for suspension.
- Newspaper Excerpt
- The First National bank of Lake City, Minn., did not open its doors, Monday the 28th. A run was started on the bank the preceding Saturday.
- Source
- newspapers
4.
January 4, 1886
Receivership
- Source
- historical_nic
5.
January 4, 1886
Receivership
- Newspaper Excerpt
- The comptroller of the currency to-day appointed Frank H. Ross to be receiver of the First National bank of Lake City, Minn.
- Source
- newspapers
Newspaper Articles (19)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
A Bank Suspends. The Controller of the Currency has received information of the suspension of the First National Bank of Lake City, Minn. Unpleasant Surprises for the New Year.
Click image to open full size in new tab
Article Text
Closed Its Doors. The First National bank of Lake City, Minn., did not open its doors, Monday the 25th. A run was started on the bank the preceding Saturday. This, together with the alleged impossibility of realizing upon the bank securities is given as the reason for the suspension by the officers The officers claim that the bank is as insolvent now as at any time since its organization, that depositors will be paid and in full.
Click image to open full size in new tab
Article Text
The First National Bank of Lake City Miun., is still in the hands of the examiner. There were rumors that some of the bank funds had been used for speculative purposes but this is emphatically denied. It is admitted however that a Minneapolis man was allowed to largely overdraw his acount but this could not have alone caused the run on the bank. It is believe that will the exercise of due care and prudence, the depositors will all be paid in full and a large balance left over.
Click image to open full size in new tab
Article Text
Closed Its Doors. The First National bank of Lake City, Minn., did not open its doors, Monday the 25th. A run was started on the bank the preceding Saturday. This, together with the alleged impossibility of realizing upon the bank securities is given an the reason for the suspension by the officers. The officers claim that the bank is as insolvent DOW as at any time since its organization, that depositors will be paid and in full.
Click image to open full size in new tab
Article Text
The Lake City Bank. RED WING, Minn., Jan. 5.-A short time ago rumors were afloat that the First National bank of Lake City was not in a sound condition financially, This started a run on the bank and it was closed. The directors promise that all depositors will be paid. Bank Examiner H. W. Knox has taken possession and is looking up the aocounts. The last published statement of the bank showed the deposits to be $125,000Rumors of wheat speculations by the stockholders and of extensive real estate deals are current.
Click image to open full size in new tab
Article Text
Closed Its Doors. The First National bank of Lake City, Minn., did not open its doors, Monday the 28th. A run was started on the bank the preceding Saturday. This, together with the alleged impossibility of realizing upon the bank securities is given as the reason for the suspension by the officers. The officers claim that the bank is as insolvent now as at any time since its organization, that depositors will be paid and in full.
Click image to open full size in new tab
Article Text
The Lake City Bank. Bank Examiner Taylor of St. Paul, commenced an examination the 30th, into the affairs of the First National Bank of Lake City, which closed its doors the Friday before. A telegram from Wabasha says the bank had about $4,500 of county money when it suspended.
Click image to open full size in new tab
Article Text
Receiver at Lake City. WASHINGTON. Jan. 12.-The comptroller of the currency to-day appointed Frank H. Ross to be receiver of the First National bank of Lake City, Minn.
Click image to open full size in new tab
Article Text
The Lake City Bank. Bank Examiner Taylor of St. Paul, commenced an examination the 30th, into the affairs of the First National Bank of Lake City, which closed its doors the Friday before. A telegram from Wabasha says the bank had about $4,500 of county money when it suspended.
Click image to open full size in new tab
Article Text
NORTHWESTERN NEWS. The cold wave has given the St. Paul Ice Palace a big boom and the inhabitants of the city are so happy over it that they turned out with a military and torchlight parade to lay the corner block. The weather was so cold that the words of the speaker on the occasion broke in chunks as they were spoken, and the reporters for the daily papers only had to stand and eatch the ice sentences in a bucket and taking them to their offices thawed them out and thus had a complete transcript of the "unpremeditated remarks" of the orator. The palace is to be opened with great festivities on the evening of Monday, Feb. 1. The Duluth chamber of commerce building was formally dedicated on the 6th. Representative business men from St. Paul, Minneapolis, Fargo, Chicago, Milwaukee, New York and many other points being present. At the evening banquet, Gov. Hubbard of Minn., and Gov. Pierce of Dakota responded to toasts and were followed by Gen. J. H Baker. railroad commissioner of Minn., Mayor Moore of Duluth, J.J. Hill of the St Paul & Manitoba railroad and many others. The building has a frontage on Superior street of 55 feet and 115 feet on Third avenue west and has been erected at a cost of $85,000. The body of the late J. B. Raymond of Fargo, D. T., was buried in Rock Creek cena etery at Washington on the 11th. The re mains of his wife who was buried in Washington last spring were removed to a family burial lot and they were both interred together. There were no funeral services save the brief ceremony at the grave. Sen. ator Sabin, with whom Mr. Raymond's daughters are living, had charge of the burial. The Secretary of the Interior recommends the beginning of a suit against the Gull River Lumber company of Minneapolis and also the Clearwater and Red River Lumber companies for trespass on government timber lands The amount involved is a little over $25,000. J. H. Dolchy, alias, J. H. Laine, the business manager of the Cal. Wagner minstrel troupe, has been arrested at Stillwater Minn., and confined in jail for deserting his wife and child. the wife having followed him from New Jersey to prosecute. U.S. Marshall Denny of Minnesota, has tendered his resignation, all charges against him having been withdrawn. His term would have expired Feb. 20th. His successor will probably be W. M. Campbell of Litchfield. Roller rinks seem to be especially inflammable this winter. Almost every paper contains an account of the destruction of one some where. La Moure, D. T., contributed her quota on the 9th, by the burning of the Opera roller rink. The Merchants National Bank has been organized at Duluth with $150,000 capital. The President is A. W. Wright who is a millionaire capitalist from Saginaw, Mich. Oswald, who shot McWeeney at Devils Lake, has been held on preliminary examination for murder and is confined in jail without ball. A cold wave with the mercury from 15 to 38 degrees below zero swept over the Northwest on the Sth, 9th, and 10th. The suspended National Bank at Lake City, Minn., is expected to resume in about two weeks. F. H. Ross of Bushnell, Iowa, has been appointed receiver of the First National Bank at Lake City. In the trial of Wm. Streeter for murder, at Duluth, the jury failed to agree. The St. Paul & Omaha railroad depot at Superior, Wis., burned on the 9th. The Eagle foundry at Eau Claire. Wis., burned on the 11th. H. L. Dousman, of Prairie du Chien, Wis, is dangerously ill. E. T. Silverson, a merchant at Fargo, has failed.
Click image to open full size in new tab
Article Text
The original Misfit parlors at St. Paul were closed by the sheriff. At Watertown, Dak., at 7 a. m. on the 8th inst., the mercury stood 38 below. A. L. Lewis was elected president of the reorganized West St. Paul Citizen's union. At St. Vincent the mercury was 35 below zero a few days ago, and the wind blew a thirty-mile rate. Mrs. Behner, at Winona, shot her husband and then attempted to kill herself. Neither is seriously injured. Attorney General Hahn decides that original owners may redeem land twice sold for taxes. The thermometer ranged from 85 below at Devil's Lake early Friday morning the 8th inst., to 15 below at noon. The senate committee reported adversely on the appointment of Posmaster Hallat Preston. Melchor Knudent of Crookston has applied for a writ of habeas corpus in the United States court. He is in jail charged with using themails for an illicit purpose. Unknown parties cut down and carried away several rods of the telephone wire between Princeton and Elk River. Mrs. Margaret M. Becker, mother of Mrs. R. S. Burdick, and Mrs. S. E. Coots of St. Paul, and Mrs. A. D. Ross of Litchfield, died at the home of Mrs. Ross, Litchfield, aged 79years. The Lakeside mills at Bingham Lake were destroyed by fire. Several people sleeping in the building narrowly escaped with their lives. Loss not stated. Insured for $10,000. The will of the late Dr. John Steele, of St. Paul, was probated recently. The real estate in appraised at $163,500, and personal property at $86,296; total $249,796. The fee for probating this will was $1,000, the largest fee ever paid in theprobate court. It is very likely that the suspended First National bank of Lake City, will resume business in & couple of weeks, or a little later. One of the stockholders, J. C. Hassinger, living in California, is expected there soon. Most of the stockholders have signified a disposition to respond promptly to such an assessment as may be necessary to put the bank on a good footing again. The Lake Side mills at Brigham Lake, a small station four miles east of Windom, were burned. Loss about $15,000 on building and machinery and $5,000 on stock. The stock was owned by David Heibert, of Mountain Lake, and Haycock & Neidhardt owners of the mill. Fourteen son3 of Harvard University held a banquet at St. Paul. Twenty-six years had intervened between the time the youngest and oldest man had graduated, and there were stories and songs which covered the whole period. Asa Farnum, at Owatonna has failed with liabilities of $2,300; assets $1,700. At the annual meeting of the Anoka Agricultural society. Hon. Jared Benson was elected/president. Gladstone's Hall, Red Wing, burstedirom an accumulation of snow. The Gladstone block was owned by James Lawther and was in an unfinished condition, the walls laid, the roof on and the windows boarded up, he intending to finish it in the spring. On Monday, Dec. 28, there was a brilliant assembly of Minnesotians at the Wilkins house, Santa Cruz, Cal. They met there. to the number of 101, to organize a Minnesota association, composed of former Minnesotiansnow resident in Santa Cruz and vicinity. An appetizing supper was served, after which Dr. C. L. Anderson, formerly of Minneapolis, delivered a highly entertaining address of welcome, which was responded to by Mrs. L. Wheeler of Minneapolis, A permanent organization was offected with Dr. Anderson for president, Rev. O. C. Tillotson, secretary, and Mrs. D. C. Sherman, treasurer. William Denning of St. Paul and Miss Maggie Foley of Clermont, Iowa, weremarried at the cathedral by Rev. Father Shanley. News has reached Minneapolis of the par. doning of Jennic McPherson, a woman well known thereabouts, who was sentenced to Sing Sing for five years for forgery. The details of the woman's checkered career are sufficiently familiar. She was sentenced July 5. 1885, and is now about thirty years old. It is said she will return to Minneapolis. A. R. Helmer, a tramp. attempted to commit suicide in the police station at St. Paul. The pressure on Vilas was too great and Postmaster Hall Preston will be relieved. Jacob Morganatern, a wholesale jeweler at St. Paul has iniled.
Click image to open full size in new tab
Article Text
Receiver Appointed. Controller Carman of the U. 8. treasury, has appointed F. H. Ross of Illinois, receiver of the suspended First National Bank of Lake City, Minn., pending the ac tion of the stockholders as to resuming bus iness.
Click image to open full size in new tab
Article Text
Receiver Appointed. Controller Carman of the U. S. treasury, has appointed F. H. Ross of Illinois, re ceiver of the suspended First National Bank of Lake City, Minn., pending the action of the stockholders as to resuming bus iness.
Click image to open full size in new tab
Article Text
Receiver Appointed. Controller Carman of the U. S. treasury, has appointed F. H. Ross of Illinois, receiver of the suspended First National Bank of Lake City, Minn., pending the action of the stockholders as to resuming bus iness.
Click image to open full size in new tab
Article Text
The First National Bank of Lake City to Pay Dollar for Dollar and Resume Business. A Ranchman Near Bozeman Suspects His Wife of Infidelity and Kills Himself With a Razor. Nelson's Chippewa Bill Reported Favorably--A Lookout for Cannon's Successor. Walker on the Upper Mississippi-Accidental Killing at Rochester-The Fire Record. On Its Feet Again. Special to the Globe. LAKE CITY, Minn., Jan. 22.-Various stockholders of the First National bank of this city indicate that they intend to pay the depositors dollar for dollar, and it is expected the new organization will assume the liabilities of the old bank, paying off all indebtedness as rapidly as possible. In response to inquiries regard.ng the cause of the suspension of the First National bank of Lake City, President Young has the following to say: No one is to blame, as far as my knowledge goes, for the troubles of the First National bank of this city, except the cashier. who allowed Willis Baker to overdraw his account too largely unknown to the other directors and contrary to their orders. I stood ready before the doors of the bank were closed, and now stand ready to pay my proportion to all depositors within a few hours' notice. We had hoped that permission would be granted by the comptroller to allow us to continue business under the old charter, and we were planning to resume business within a week or two, but we learn that it cannot be done. The shareholders are now planning to organize under a new charter. How soon this can be brought about, and if it is practicable for all purposes, I cannot tell at this moment.
Click image to open full size in new tab
Article Text
the supreme court of Dakota. Postmasters- N. E Ives. Marion. Iowa: Paul Dow lin. Greenfield, Iowa: S. L. Childs, Atlantie, Iowa: F S. Brokawa, Mount Vernon, Iowa: Annie Brennock, Dunlap, Iowa: J. Bak, Red Oak, Iowa; L. M Thomas, Watertown, Dakota: M. P Stattery. Bismarek, Dakota: J. D. Pratt, Ipswich, Dakota: G. C.Laskell, Larimore, Dakota: E. W. Carr, Woonsocket, Dakota: F.G. Wharton, El endale, Da ota: P.B. Brod, Li-bon, Dakot : W P. Carr, Sioux Falls, Dakota: J.F. Ryan, Anaconda. Mont. The house committee on territories on the 25th, heard arguments from Messrs. Thompsou and Johnson, two prominent citizens of Dakota, in favor of the admission of the entire Territory of Dakota as a state and against division. They said the interests of the entire territory were identical. and that the state's resources should be kept together. They cannot think that the northern portion of state should cut off Mr. Johnson said the north and south division was a political scheme gotten up by Judge Moody to send bimself to the senate. The state, if divided at all, should be divided from east and west: and they claimed that such was the sentiment of the people of Dakota. with the exception of Judge Moody and a few others. The Senate committee has decided favor ably on the comfi mation of the following officers: Col Sheafe, register at Watertown, Dsk G W. Warner, register at Tracy, Minu Capt. Marble, register at Dututh: William Smith. register at Crookston: D.T. Bramble receiver atertown, Dak. M. D McHenry, receiver at Des Moines, and P. K. Wesser, receiver at Tracy, Minn. A locomotive boiler explo ded in the Milwaukee & St. Paul round house at Madison, Wis.. on the evening of the 22d. killing ne man instantly, injuring to others fatally and seven more considerably The engine had been fired up to go out and the valve which allowed the escape of steam failed to work. The building WAS badly damaged and the loss is $15,000 to $20,000. Toe board of directors of the Northern Pacific, have authorized the letting of the tunnel, two miles in length, through the Cascade mountains, to Nelson Bennett of Dear Lodge, Mont The tunnel will cost something under $800,000, and is to be completed by May, 1888. 3 The Minnesota State Agricultural society met at the capitol in St. Paul on the 26th President N P Clarkedeliveredan address showing a gratifying financial condition The society was out of debt and had $350,000 worth of property. Mr Clark having declined the presidency, Horace W Pratt, of Faribault, Rice county was elected. R. C. Judson of Farmington, was re-elected secretary. The Northern Pacific committee having charge of the settlement of accounts with the Oregon Transcontinental, have found matters so complicated, owing to the Villard system of bookkeeping, that the whole affair has been turned over to expert accountants. Corsett, the cashier of the Devil's Lake, D. T., bank, whowas arrested for receiving deposits when the bank wasin a shaky condition, has had an examination before a justice and been discharged. Reuben Noble has been appointed receiver of the bank. Congressman Rankin of Wisconsin, died in Washington at noon on the 24th, after an illness of long duration. For several weeks he was not expected to live from day to day. The President of the First National bank of Lake City, Minn, charges the failure to the cashier allowing over drafts, one man being allowed to overdraw his account $50,000. W. R Smith's book store at Fergus Falls, Minn., burned during the night of the 22nd. The mercury was 38 below zeroand the firemen suffered badly. Loss $5,000. Two car loads of cattle were frozen to death last week on a blockaded freight train, on the Iowa & Dakota division of the Milwaukee & St. Paulroad. Gov. Larabee of Iowa, has reinstated State Auditor Brown, who was foreibly ejected from his office last March by Gov. Sherman. Four prisoners broke out of jail at Alma, Wis., on the 23d, and three of them were captured at Winona, Minn., on the 24th. President Baseom of the Wisconsin State University announces that he will resign on the 1st of June, 1887. E. W. Warding of Plainview, Minn., dropped dead of apoplexy at Fargo, D. T., on the 23d. The city hall at St. Peter, Minn., burned on the 21st. Loss $6,000.
Click image to open full size in new tab
Article Text
COMPTROLLER CANON decides that Bank, which went into the receiver's hands a few days ago, cannot resume the Lake City (Minn.) First National business as they have applied to do. He holds that when a national bank's doors are once closed that ends it, and the stockholders must organize anew if they wish to continue business.
Click image to open full size in new tab
Article Text
Capture of a Cashier. ST. PAUL, MINN., April 3.-Cashier Van Viet, late of the Lake City National Bank, which is now in the hands of a receiver, was brought to St. Paul this afternoon. The exact nature of the charges against him are unknown.