Farmers & Mechanics Bank (St Paul, MN)

Episode Information

Episode UID
7061455990966
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
706145599 hash
Start Date
June 25, 1880
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ff4a7455f3fec3ae

Response Measures

None

Description

Directors made an assignment and the bank's affairs were to be wound up; assignee later referenced in suit.

Events (2)
1. June 25, 1880 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to realize on securities on hand; could not pay a $10,000 check drawn by the city treasurer.
Newspaper Excerpt
The Farmers' and Mechanics' Bank suspended on the 25th inst. The immediate cause was inability to pay a check for $10,000 drawn by the City Treasurer.
Source
newspapers
2. June 26, 1880 Receivership
Newspaper Excerpt
It was concluded to make an assignment of the assets of the bank for the benefit of its creditors, and the process of winding up the affairs of the institution will commence at once.
Source
newspapers

Newspaper Articles (13)
1. June 26, 1880 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, June 26, 1880

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Article Text

Bank Suspension. Sr. PAUL, Minn., June 24-The Farmers' and Mechanics' Bank suspended today. Cause: The failure to realize on on the security on hand. The immediate cause was the presentation of a check for $10,000, drawn by the City Treasurer, which the bank could not pay. The assets are said to be $102,000, and the liabilities $45,000. It is only temporarily. LATER- At a meeting of directors tonight. It was concluded to make an assignment of the assets of the bank for the benefit of its creditors, and the process of winding up the affairs of the institution will commence at once. Jno Farmington, president of the bank, is prostrated will illness by the failure.

2. June 28, 1880 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 28, 1880

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Article Text

Bank Failure Sr. PAUL, MINN., June 25.-The Farmers' and Mechanics' Band suspended today: cause, failure to realize on security on land. The immediate cause was the presentation of checks for $10,000, drawn by the city treasury, which the bank could not pay, The assets are said to be $102,000 and the liabilities $45,000. The suspension is believed to be only temporary. Last night, at a meeting of the directors it was concluded to make an assignment of the assets of the bank for the benefit of the creditors, and the process of winding up the affairs of the institution will commence at once. John Farmington. President, is prostrated with illness by the failure.

3. June 28, 1880 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 28, 1880

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Article Text

Bank Failure at St. Paul. ST. PAUL, Minn., June 26.-The Farmers' and Mechanics' Bank suspended yesterday. Cause, failure to realize on securities on hand. The immediate cause was tho presentation of a check for $10,000, drawn by the city treasurer, which the bank could not pay. Assets $102,000; liabilities $45,900. The suspension is believed to be temporary.

4. June 28, 1880 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, June 28, 1880

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Article Text

MINNESOTA. Suspension. Sr. PAUL, June 26. The Farmers and Mechanics bank has suspended. Cause, failure to realize on securities on hand. The immediate cause was the presentation of a check for $10,000 drawn by the city treasurer, which the bank could not pay. Assets $102,000, liabilities $45,000.

5. June 30, 1880 Watertown Republican Watertown, WI
Article from Watertown Republican, June 30, 1880

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Article Text

Bank Failures, The Reno savings bank of San Francisco, Cal., suspended payment on the 24th inst. It had been too accommodating to friends of the concern, and the recent hard times on the coast hastened the collapse. There are said to be abundant assets to meet all liabilities. The Farmers' and Mechanics' bank, St. Paul. Minn., suspended on the 25th inst. Assets said to be $102,000; liabilities $45,000. The affairs of the institution are to be wound up at once. The immediate cause of the collapse was the presentation of a check for $10,000 drawn by the city treasurer, which the bank could not pay.

6. July 1, 1880 Mower County Transcript Austin, Lansing, MN
Article from Mower County Transcript, July 1, 1880

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Article Text

Bank Failures. The Reno savings bank of San Francisco, Cal., suspended payment on the 24th inst. It had been too accommodating to friends of the concern, and the recent hard times on the coast hastened the collapse. There are said to be abundant assets to meet all liabilities. The Farmers' and Mechanics' bank, St. Paul, Minn., suspended on the 25th inst. Assets said to be $102,000; liabilities $45,000. The affairs of the institution are to be wound up at once. The immediate cause of the collapse was the presentation of a check for $10,000 drawn by the city treasurer, which the bank could not pay.

7. July 1, 1880 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, July 1, 1880

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Article Text

LATER. UN Bradlaugh's release from imprisonment on the 25th, he took a seat outside the bar of the House of Commons. A notice was given that a motion would be made to reconsider the vote excluding him. THE German Bundesrath has refused to entertain the proposition to restore the double coin standard. THE steamer Dessouk, with the Egypt:an obelisk on board, sailed from Gibraltar for New York on the 25th. THE British House of Commons has voted, by 153 ayes to 117 noes, to close all saloons on the Sabbath. THE Secretary of War on the 25th suspended the recommendation of the West Point Academy Board that Cadet Whittaker be dropped on account of deficiency in his studies. This will give him an opportunity of demanding a court-martial in his caseif he desires to vindicate himself. If he should be dismissed now, he would have no chance of being further heard. THE excess of exports from over imports into the United States during the twelve months ended May 31, 1880, was $162,183,693. THE appeal of the Tichborne claimant to have the two sentences passed on him for perjury made concurrent, instead of consecutive, has be denied by the British Court of Appeals. THE bill legalizing marriage with a deceased wife's sister was defeated on the 25th by the British House of Lords. THE Farmers and Mechanics' Bank, a State institution at St. Paul, Minn., failed on the 25th, with liabilities of about $95,000 and assets of $102,000. A FIRE in Tarport, Pa., a town of two thousand inhab tants, on the afte: noon of the 25th destroyed two hotels and twenty-nine stores. Loss, about $30,000. On the same day thirty-five houses were destroyed by fire at Kendall, a suburb of Bradford, Pa. The fire was caused by the explosion of a gas stove. Loss estimated at $70,000. Two MEN were killed and two fatally injured by a falling wall at a fire in Elizabeth, N. J., on the night of the 24th. THE population of Columbus, O., has been ascertained to be 51,337, which is a gain of 20,063 in ten years. T. H. HOLMES, a Lieutenant-General in the Confederate service, del recently at Fayetteville, N. C., aged seventy-six. THREE boys, Gustave Ohr, George Mann and John Sammet, under twenty years of age, were hanged at Canton, Ohio, on the 25th, the first two for the murder of an old farmer, and the last for the murder of a man who was a witness against him in a burglary case. Hyde Brown, who murdered his motherin-law, was also hung at Huntsville, Mo., on the 25th. Brown's wife shot herself a few days before, in pursuance of a mutual promise to commit suicide, and died. Brown took a large dose of morphine, was discovered, pumped out and hung as stated.

8. July 1, 1880 The Milan Exchange Milan, TN
Article from The Milan Exchange, July 1, 1880

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Article Text

THE Farmers' and Mechanics' Bank at St. Paul, Minn., suspended on the 25th. The immediate cause was inability to pay a check for $10,000 drawn by the City Treasurer. The suspension is believed to be only temporary.

9. July 3, 1880 American Citizen Canton, MS
Article from American Citizen, July 3, 1880

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Article Text

COMMERCE AND INDUSTRY. THE new census returns give the following population in round numbers to th cities named: Chicago, 474,404; Philadelphia, 842,000; Pittsburg and Allegheny, 232,000; Nashville, 43,377; Brooklyn, 555,000; Milwaukee, 130,000; Springfield, III., 20,000; Peoria, 27,500; Quincy, 29,000; Aurora, 12,000; Galesburg, 12,000; Joliet, 11,000. THE Farmers' and Mechanics' Bank at St. Paul, Minn., suspended on the 25th. The immediate cause was inability to pay a check for $10,000 drawn by the City Treasurer. The suspension is believed to be only temporary.

10. July 8, 1880 Iron County Register Ironton, MO
Article from Iron County Register, July 8, 1880

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Article Text

THE Farmers' and Meehanics' Bank at St. Paul, Minn., suspended on the 25th. The immediate cause was inability to pay a check for $10,000 drawn by the City Treasurer. The suspension is believed to be only temporary.

11. July 10, 1880 The Superior Times Superior, WI
Article from The Superior Times, July 10, 1880

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Article Text

Bank Failures. The Reno savings bank of San Francisco, Cal., suspended payment on the 24th inst. It had been too accommodating to friends of the concern, and the recent hard times on the coast hastened the collapse. There are said to be abundant assets to meet all liabilities. The Farmers' and Mechanics' bank, St. Paul. Minn., suspended on the 25th inst. Assets said to be $102,000; liabilities $45,000. The affairs of the institution are to be wound up at once. The immediate cause of the collapse was the presentation of a check for $10,000 drawn by the city treasurer, which the bank could not pay.

12. August 10, 1880 Daily Globe Saint Paul, MN
Article from Daily Globe, August 10, 1880

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Article Text

FARMERS AND MECHANICS BANK. Reply to the Suit for an Accounting-Denial of the Alleged Fraud. The answer to the complaint in the case of Mrs. Eve Lamprey, Mrs. John R. Irvine and others, against the directors of the Farmers and Mechanics' bank, in which suit was brought for an accounting as stockholders, was filed by Davis, O'Brieu & Wilson, yesterday afternoon. The answer admits that the bank was a legally organized institution, the death of Morris Lamprey and the proceedings in regard to his estate. It is admitted that Morris Lamprey was one of the qualified directors of the bank to the time of his death. It denies any belief that Morton, Wharton, Culver & Farrington ever unlawfully or fraudulenty conspired to divert any of the assets of the bank, or appropriate the same to their private uses or speculations. It is averred that the bank loaned large sums of money by discounting paper and that at the time such loans were made the persons were of undoubted solvency. The same allegations are made in regard to money loaned Culver and his survivors. It is admitted that on June 25th the bank was indebted to deposits in the sum of $58.150. That most of the above was due the city and county, well secured, and that $12,000 was due the defendant Wharton. It is admitted that defendants, including Culver, were once indebted to the bank to the extent of $87,000, and avers that $26,000 was secured on real property in Ramsey county, and $5,200 on the Metropolitan hotel, of this city. It is admitted that said notes have not been paid. Itis averred that when the bank failed it had between three and four thousand dollars in cash. and collectable bills receivable to the amount of $4,000. It admits that if all due the bank had been paid, the failure would not have taken place and that of its debts $61,000 is due from defendants. It denies that the assignment was made to carry out any fraudulent design, but that the assignment was regularly made in all respects. That Mr. Kirk, assignee, did not qualify. and that defendant, C. D. Brien, was duly qualified by Judge Wilkin, and gave bonds in the sum of $207,000. It is averred that all necessary and legal means have and are now being employed to collect what is due the bank, and that plaintiffs have never applied for any relief. It is denied that C. D. O'Brien was ever appointed assignee at the instance of Morton, Wharton. or any of the defendants. Defendant, C. D. O'Brien, denies that he ever had any knowledge of the affairs of the bank prior to the time of his appointment. He avers that he is a proper person to administer the trust and the effects of said bank. It is denied that any member of the firm of Davis, o' Brien & Wilson was ever or is now the legal advisor of Morton, Wharton, Farrington or Culver, or that they knew of or advised the assignment or that the advice of said firm or any of its members was ever asked or given. It avers Morris Lampney, from the date of its organization to the time of his death, well knew the condition of the bank. As to the disposition Wharton, Morton & Farrington made of their property defendants have no knowledge or belief. It is denied that a receiver should be appointed to take charge of the property or etfects of the bank. He denies that plaintiffs have not been allowed to inspect the books or papers of the bank, but that said books are subject to inspections of the stockholders. It is averred that plaintiffs brought the suit in bad faith for the purpose of embarrassing the defendant in the execution of his trust. It is averred that since becoming the assignee of the bank defendant has diligently performed all his duties in the premises, and that if he is permitted to perform his duty as assignee the debts of the bank to its depositors will be paid in full.

13. September 9, 1880 Daily Globe Saint Paul, MN
Article from Daily Globe, September 9, 1880

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Total The committee to whom was referred the matter of purchasing wood for the county reported that they had awarded the contract for said wood to Griggs & Foster at $4.25 for 200 cords of oak wood, and $5.85 for 400 cords of maple wood. Report accepted and adopted. The report of the board of directors of the alms house and hospital for the month of August, 1880, was received and referred to the committee on ways and means. Commissioners Wagner, Grace, Rene and Bohland, a committee appointed to examine the proposed change in the line of the White Bear, Mounds View and Minnespolis road, reported in favor of changing the line of said road as asked for and indicated in the petition therefor. The report of the committee was adopted. Resolved, That the several banks of the city of St. Paul heretofore designated as depositories of county funds by the Board of Audit of Ramsey county, be, and they are hereby requested, to present at the next meeting hereof, new bonds for approval of this board, securing the payment of any and all monies deposited with them by the County Treasurer, pursuant to chapter 38 of the general statutes of the State for the year 1873. Adopted. Ayes-Grace, Rene, Hoyt, Fink, Bohland, Wagner and Mr. Chairman. Resolved, That the sum of eight hundred dollars be, and the same is hereby appropriated by the board of directors of the alms house and hospital for the support of the poor alms house and hospital for the month of September, 1880. Adopted. Ayes-Grace, Rene, Hoyt, Fink, Bohland, Wagner and Mr. Chairman. Resolved, That the County Attorney be directed to commence suit upon the bond of the Farmers & Mechanics' bank for balance of county deposits remaining unpaid at the time of said bank failure. Adopted. Ayes-Grace, Rene, Hoyt, Fink, Bohland, Wagner and Mr. Chairman. Resolved, That the County Attorney be directed to proceed forthwith against all persons selling spirituous, vinous, malt or fermented liquors in Ramsey county without a license. Adopted. Ayes-Grace, Rene, Hoyt, Fink, Bohland, Wagner and Mr. Chairman. The following bills were allowed: J. B. Cook, $6; L. W. Rundlett, $53; Joseph Spiel, $50; W. D. Cornish, $45; C. W. Griggs, $57; Wm. Dawson, $60; John Grace, $60; John Wagner, $51; St. Paul Gas company, $20.13; Otto Dreher, $1.50; Jas. Davenport, $1; Pioneer Press company, $9.65; Mrs. Conlon, $20.25; Summer & Baugh, $12.50; C.C. Miles, $3; Jas. Davenport, Jr., $79.80; Lindekes, Warner & Schurmeier, $155 99; E. H. Milham, $34.50; J. F. Hoyt, $60; Thos. Grace, $45; Henry Bohe, $2.70; A. M. Lowell, $4; Daily Globe, $607.89; Jas. King, $299.10; L. Breidert, $6.15; E. F. Lehmke, $7.50; McCarthy & Donnelly, $16.80; F. O. Olivier, $5; J. Kahlert, $2.50; Dispatch company, $5.25; Ed. McKinney, $5; "The Wanderer," $1.75; 4. H. Cavender, $2; St. Paul Water company, $22.60; John G. Hinkel, $20; Ed. McKinney, $6; H. M. Rice, $6; Wrn. Gross, $21; Griggs & Foster, $13; J. B. Olivier, $7; Pollock, Donaldson & Ogden, $4.75; Averill, Russell & Carpenter, $6.50; Chas. Fallon, $50; John Corcoran, $50; J. F. Warnlund, $50; J. A. Brown, $50; Wm. Welch, $60: Gas Company, $20.11; Wm. Rhodes, $60. Bills of Jas. King, for $105.20; Jas. King, $124.20; A. R. Kiefer, $30; August Baer, $6.80; Dennis Murphy, $3.65; A. R. Kiefer, $36 50; Thos. McMahon, $4.05; Jas. King, $236 60; Jas. King, $33.10, allowed when the same shall have been approved by the County Attorney. Bills of Municipal Court for $46.55; Stevens County for $15.94; and Mrs. Conlon for $4.92, were disallowed. Adjourned until Wednesday, September 15th, 1880, at 10 o'clock A. M. S. LEE DAVIS, County Auditor.