Merchants & Farmers Bank (Fairmont, MN)

Episode Information

Episode UID
5080344291285
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
508034429 hash
Start Date
January 22, 1907
Location
Fairmont, Minnesota (43.652, -94.461)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
062db3092c857d86

Response Measures

None

Description

Contemporary reports show suspension (Jan 22, 1907) but no clear evidence of reopening or receivership; further local follow-up could confirm ultimate disposition.

Events (1)
1. January 22, 1907 Suspension
Cause Details
Articles report suspension of payments; no explicit cause given in available texts (cashier suggested depositors may be paid if time is given).
Newspaper Excerpt
The Merchants and Farmers' Bank of Fairmont, Minn., has suspended payment.
Source
newspapers

Newspaper Articles (10)
1. January 22, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, January 22, 1907

Click image to open full size in new tab

Article Text

SHORT NEWS ITEMS. The Merchants and Farmers' Bank of Fairmont. Minn., has suspended payment. The liabilities are $77,974 At Fergus Falls, Minn., the recent storm was the worst of the season. Two passenger trains remained in the yards 14 hours, waiting for the track to be cleared. In consequence of protests received at the navy department from organiz. ed labor, the secretary has telegraphed the commandants of the Boston, New York and Norfolk navy yards to suspend all extra work on warships in course of construction. It is said the men were working more than eight hours a day.

2. January 22, 1907 The Washington Times Washington, DC
Article from The Washington Times, January 22, 1907

Click image to open full size in new tab

Article Text

FINANCIAL GOSSIP. Directors of the Pullman Company have declared the regular quarterly dividend of 2 per cent, payable February 15. Application has been made to the Stock Exchange by the Mackay companies to list $50,000,000 preferred stock and $41,380,400 common stock. The Merchants and Farmers' Bank, of Fairmont, Minn., has suspended payment. The cashier says depositors may be paid in full if time is given. The liabilities are $87,000. It is generally expected that the Comptroller of the Currency will issue a call for the condition of national banks during the present week. The call last January was of date the 29th. New York city will sell, on February 1, $30,000,000 1 per cent stock and bonds, of which $23,000,000 will be corporate stock for various municipal purposes, payable 1956. The members of the New York Cotton Exchange held a meeting Monday to consider amendments to the bylaws looking to a change in the contract system on January next, and thereafter. After discussion it was agreed to ballot on the proposed amendments tomorrow. Present indications point to a Treasury surplus for January of $7,000,000. Receipts are running $4,000,000 ahead of last January, and expenditures nearly $2,000,000 behind. For the fiscal year the surplus is $30,000,000, while last year at this time there was a deficit of $5,000,000. The West India Electric Company, which runs the tramways and lighting companies in Kingston, Jamaica, is owned almost entirely in Montreal. It has a capital of $800,000 and $600,000 of bonds. Cable dispatches indicate that the power houses and lighting plants of the company have been entirely destroyed. The Russo-Chinese Bank, which has a paid-up capital and reserves of $16,500,000 and assets of approximately $160,000,000, has established an agency in New York. This institution, whose head office is in St. Petersburg, has fifty banks and agencies throughout Russia, China, and Japan, and also branches in Paris, London, Calcutta, and San Francsico.

3. January 22, 1907 The Washington Times Washington, DC
Article from The Washington Times, January 22, 1907

Click image to open full size in new tab

Article Text

The Merchants and Farmers' Bank, of Fairmont, Minn., has suspended payment. The cashier says depositors may be paid in full If time is given. The liabilities are $87,000.

4. January 25, 1907 The Ely Miner Ely, MN
Article from The Ely Miner, January 25, 1907

Click image to open full size in new tab

Article Text

Minnesota Bank Suspends. Mankato, Minn., Jan. 22.-The Merchants and Farmers bank of Fairmont has suspended. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia. Cecil Sharpe, the cashier, in a published statement says the liabilities are $77,974, with assets of $87,906.

5. January 25, 1907 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 25, 1907

Click image to open full size in new tab

Article Text

Minnesóta Bank Suspends. Mankato, Minn.-The Merchants' and Farmers' bank of Fairmont has suspended. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia.

6. January 25, 1907 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 25, 1907

Click image to open full size in new tab

Article Text

Minnesota Bank Suspends. Mankato, Minn.-The Merchants' and Farmers' bank of Fairmont has suspended. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia.

7. January 26, 1907 Richmond Planet Richmond, VA
Article from Richmond Planet, January 26, 1907

Click image to open full size in new tab

Article Text

a WEEK'S NEWS CONDENSED Thursday, January 17. Edward F. Brassen was arrested in Jersey City, N. J., charged with the murder of his wife in Jackson, Mich. Mrs. Selina Abraham, the first Jewess born west of the Allegheny mountains, died at Cincinnati, aged 84 years. The annual reunion of the Blue and the Gray was held at Fort Fisher, N. C., and was attended by 300 survivors on both sides. A ton of dynamite exploded in a stone quarry near Monroe, Mich., killing one man, fatally injuring another, and the concussion was felt for 15 miles. Friday, January 18. Elmer Demster, a negro, was hanged at Washington, Pa., for killing Mrs. James Pearce and her three children. In a quarrel over a legacy of several thousand dollars Alec Balanec at Barton. O., killed his wife, daughter and himself. General Quincy O. Gilmore, commander of the Second Brigade, National Guard of New Jersey, resigned on account of ill health. Nine persons, seven children and two policemen, bitten by a mad dog at Norfolk, Va., have been taken to Richmond for the Pasteur treatment. John D. Rockefeller has been reelected superintendent of the Sunday school of the Euclid avenue church in Cleveland. in which capacity he has served for 25 years. Saturday, January 19. James Ward, a negro, was hanged at Richmond, Va., for the murder of Carrie Meekins. also colored. The United States senate passed a resolution instructing the secretary of commerce and labor to investigate the "lumber trust." Frederick Seegman, 15 months old, fell from a chair into a bucket of boiling water at his home in Philadeiphia and was fatally scalded. A fire caused by the explosion of a lamp occurred in the Virginia Military Institute at Lexington, Va., but was extinguished with small loss. The Countess of Yarmouth, sister of Harry K. Thaw, arrived in New York from England to attend his trial for the murder of Stanford White. Monday, January 21. Mrs. Florence Maybrick is about to go on the lecture stage, and will tour the country. General Robert E. Lee's 100th birthday was celebrated generally through. out the south Saturday. The battalion of the 25th infantry (colored), now at Fore Reno, Okla., will sall for the Philippines on March 15. Twenty-five deaths have occurred at Konowa, I. T., from a strange disease somewhat resembling spinal meningitis. Eight prominent society women were seriously poisoned by drinking pineapple punch at a dance at Norfolk, Va. Tuesday, January 22. William C. Ashwell, a prominent New York stock broker, was struck by a street car and killed. P. H. Fitzerald, a wealthy lawyer, of Indianapolis, pleaded guilty of using the mails to defraud, and was fined $1000. The Merchants' and Farmers' bank. at Fairmont, Minn., has suspended payment. Liabilities, $77,974; assets, $87,906. Emperor William has conferred the Red Eagle order of the first class on Baron Speck von Shentberg, the German ambassador at Washington. Rev. Dr. W. H. McClauflin, of Minneapolis, has been elected general superintendent of the Universalist Church, the highest position in the denomination. Wednesday, January 23. The Alabama legislature has re elected United States Senators John T. Morgan and E. W. Pettus for another term. Francis S. McAvoy was elected recorder in New York to succeed John W. Goff, who has been elected to the supreme bench. Clarendon Henri was sentenced to four years' imprisonment at Cincinnati, Ohio. for stealing a famous picture from the art museum. David S. Reeder, of Centreville, Md., for 31 years an engineer on the Delaware railroad. was stricken with apoplexy on his engine at Townsend, Del., and died in a few moments.

8. January 31, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, January 31, 1907

Click image to open full size in new tab

Article Text

Bank Fails Owing $77,974. The Merchants and Farmers' bank of Fairmont, Minn., has suspended payment to depositors. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia. Cecil Sharpe, the cashier, in a published statement says the liabilities are $77,974, with assets of $87,906.

9. January 4, 1908 The Huttig News Huttig, AR
Article from The Huttig News, January 4, 1908

Click image to open full size in new tab

Article Text

3an. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Teb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. -F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. B-Citizens' State bank of Firth, Neb., closed by state. 88-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. XI-Bank of Conception, at Clyde, Mo., ordered closed. 9-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 08-Fort Dallas National bank of Miami, Fla., closed. 80-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. Receivers appointed for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 9-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 12-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 33-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 04-Three minor banks in New York rforced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 3-Six more minor banking institutions Voniin Ne

10. January 9, 1908 Meade County News Meade, KS
Article from Meade County News, January 9, 1908

Click image to open full size in new tab

Article Text

Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 5-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. -Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced. three years in penitentiary. -Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. M-Receivers appointed-for Pope Mfg. Co., of Hartford, Conn.; failure ascribed to stringency of money market. ep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. ct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. I-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. -New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. -Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. -Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. M-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. M-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. -California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed. United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 22-Merchants National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. B-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 7-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers® National bank at North Attleboro, Mass., in hands of receiver.