gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7de368f48ad65fcb
Response Measures
None
Events (4)
1.February 14, 1921Run
Cause
Rumor Or Misinformation
Cause Details
Newspaper accounts/sensational headlines about meetings and organizers precipitated heavy withdrawals beginning the Monday before Feb. 17, 1921.
Measures
Directors ordered the bank closed and called the state bank examiner; cashier summoned O. E. Lofthus.
Newspaper Excerpt
run which began Monday after newspapers appeared in the street, giving an account of the meeting
Source
newspapers
2.February 17, 1921Suspension
Cause
Rumor Or Misinformation
Cause Details
Board of directors ordered the bank closed as a result of the run triggered by press reports.
Newspaper Excerpt
The Peoples State bank, closed its doors shortly after noon. The action was forced as result of a run
Source
newspapers
3.May 26, 1922Reopening
Newspaper Excerpt
Reorganization Of Bank Is Considered... the People's State Bank... may be re-opened within the next few months.
Source
newspapers
4.June 14, 1922Receivership
Newspaper Excerpt
NOTICE TO CREDITORS... The Peoples State Bank of Grand Forks, North Dakota... JOHN VALLELY As Receiver of The Peoples State Bank of Grand Forks, North Dakota.
"Well, won't you tell me why you closed?" he was asked. "A run." "When did it begin?" "As soon as your paper got out with its sensational headlines," he replied. Mr. Knutson was no more communicative. He said a run did it, and the run was caused by The Herald. "No bank can stand a run," he said. "I don't care whether it's a state bank or a national bank, it can't stand a run." "Won't you make some kind of a. statement? something that will give an intelligent, fair account of the matter?" he was asked. "I won't give The Herald any statement." he said. "It wouldn't be used correctly anyhow." "You write out a statement and sign it. and I'll guarantee that it will go in The Herald just as you write it, providing you write the facts," The Herald representative informed Mr. Knutson. but he absolute.y refused to say anything. The People's State bank was organized three years ago. Thomas Allen Box and John Hastings, who at that time were organizing banks under the direction of A. C. Townley, as they later testified in the Valley City bank investigation, got a commission of about $7,500 for organizing it. The bank was organized with the idea of filling an alleged need which other banks in Grand Forks did not cover. Members of the board of directors are: C. O. Swenson, Northwood; E. H. A. Fisher, Kellys; J. P. Hemmingsen. Niagara; Jonas Lenz, Reynolds; T. G. Thompson, Thompson; B. O. Sorbo and H. O. Brenna of Grand Forks.
2.February 17, 1921The Bismarck TribuneBismarck, Mandan, ND
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Article Text
PEOPLES BANK IN FORKS CLOSES DOORS TODAY Directors Shut Up Institution and Call Lofthus to Take Charge RUN GIVEN AS REASON No Statement Made Regarding Deposits on Hand by Cashier Grand Forks, Feb. 17.-Following a meeting this morning of the directors, the Peoples State bank, closed its doors shortly after noon. Cite Report. The action was forced as result of a run which began Monday after newspapers appeared in the street, giving an account of the meeting between Townley and the bankers, say the directors. They refused to say how much money was withdrawn and how much North Dakota money State bank has on deposit. Order Bank Closed. The directors ordered the bank closed and immediately after the cashier ordered O. E. Lofthus, state bank examiner.
WAS NOT MEMBER OF THE CLEARING HOUSE; RUN BEGAN MONDAY Did Not Owe a Cent to Other Banks in Grand Forks. OWES STATE BANK $50,000 ABOUT Disagreement on Directorate Othv Made Impossible For er Banks to Help. organized The People's State by Thomas bank, who, Allen then. Box three years ago Hastings, Nonpartine and John the employ J. doors of the at o'clock toard this afternoon were league. in closed by its order of the of directors. it apowed closed. When the $200,000 bank to depositorswear borrowed in and money. surplus $11,000. Approximately proximately Its capita $100,000 The was gross $75,000 assets are listed at Bank $390,000. of North in the Dakota People's had institu- State in 600 The on besides re-deposit which the institution local about $40,000 tion bank owed borrowed the state money. Draft Made. two days draft for $1,500 of North made closing Dakota toby the have Bank forced bank the refused say 10 believed.to ago to the to day. Officials statement of except Monday demake any which began bank that a run, closing. Savings it was much said. caused the made the to run, state how during the positors Officials refused withdrawn be less than money had it been is believed to not of the week. but bank was Clearing a $ 0,000 The People's State Grand Forks member banks Grand mber sociation. banks The in East throughhelp including House showed two a willingne gness the People's prop, Forks. the week to made definite out, would State out bank. and if carried A disagree osition. which the bank of open. directors, how out ever, the plan. ment have kept made on the it board impossible to carry the bank Wires Lofthus. of cashier state bank and miner to 60 the charge mand Ole wired c. Gordon O. E come Lofthus to tank. Grand Knutson. Forks man any to make The MO Get bank representation refused that of the "statements They to a simply run said which head- was Herald caused "gensation by cleans was by Herald. F. B. the Feetham. closing and lines" procipitated in for the The bank "because said of a shortof direcwas an of ready members cash. of are the known board as mem- held The of whom league. and decided 1008 all of the Nonpartisan this morn ng the folwas a beis meeting to close. here At placed o'clock, on the door diClosed rectors. o lowing the notice bank by order of the board of the of week. Differences on officers Board of the During the various embers bankers bank and conferred with bers of the erything Clearing was 10 done for senting buard association he mem and out. but it was to House help the the bank directoral there Apparently, the on impossible ii some said. differences some time. for have agree been of directors after the for annual were meeting reports board media in ately January was there reported who for pre- in of trouble. It Gle Knumber of use the of stance. that had been a elected board. beca When the report, no was viously heard opposition was not on the officials of such the statetisked said about that there prove their had 1 thank upoble and, that to Mr. of Knutson the bank of He dibeen nts. chosen said member manage of the board of not H. however with the it closing is interthis In State bank, bank indebt- is the People's to note that city which Dakota. is The ing in the of North Northwest Savonly to one the Bank bank the First owe yur National National the bank Northern the the State Bank bank of lash and a cent to other Grand from not Dakota. have The no redeposits under no obNorth Porks banks bank and are bank. did More- not s.ate the state bank Forks the the Grand gations to people's State other Grand Forks a cent to the East business con lanks or to being no The member associabanks. there whatever. House however. Little nections the Clearing every State effort, bank agree but did make People's reach any 1.011 to help possible the to. meni. Excitement. or No caused no trouble Shortly aft de The closing the bank. several and timent at closed. hall the doors appeare were red Mr. in the Knutson directors ex plained the closed mositors to get in that the that the De asked to them bank and of the member Fund emmission behing Lositora places banks tank Guaranty state guarantee which are Inside men which deposits in commission of director vers all of of the the board groups. each Those other in members found were in two talking to wore sitting were group in the other thinking made vilent. Herald to get the end one those but inparently. represe ntative a statement bank The attemption Iron the cashier veral and Gordon. he refuse officials. facts Mr to first, but no mor appealed will make name he said was tements reply. over my 10 Continued on Page
4.February 18, 1921The Washington TimesWashington, DC
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Article Text
RUN ON NORTH DAKOTA BANK SHUTS ITS DOORS GRAND FORKS, N. D., Feb. 18.The People's State Bank, of Grand Forks, has closed its doors by order of the board of directors, following a run on the bank which began Monday. The bank owes approximately $200,000 to depositors and approximately $100,000 in borrowed money. Its capital was $75,000 and surplus $11,000.
5.February 18, 1921The Bridgeport Times and Evening FarmerBridgeport, CT
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Article Text
BANK CLOSES ITS DOORS. Grand Forks N. D.-The People'h State Bank, of. Grand Forks, has closed its doors by order of the board of directors following a run on the bank which began Monday. The bank owes about $200,000 to depositors and approximately $100,-
EXAMINATION OF LOCAL BANK BEGINS TODAY Deputy Examiner Here Today to Take Charge of People's State Bank. Complete List of Stockholders Given-F. B. Wood Holds Eighteen Shares. O. E. Bergstrom, deputy bank examiner, arrived in Grand Forks this morning to take charge of the People's State bank, which closed its doors last Thursday. Mr. Bergstrom began his examination this afternoon. He said he would be unable to make any kind of a statement until the examination is completed. This will take at least a week, he said. He was unable to say what steps would be taken toward settling the affairs of the bank. The question of asking for a receiver will be up to O. E. Lofthus, state examiner. and he will act only upon the report of Mr. Bergstrom. Under the state law, stockholders of the bank are liable to a 100 per cent assessment on the stock. Stockholders List. A list of stockholders, on file at the office of County Auditor Hans Anderson, shows how the 750 shares of stock are divided. The late K. K. Lageson of Reynolds, N. D., appears on. the list as the heaviest stockholder. According to the July. 1920, report, made about six months after Mr. Lageson's death, he had 40 shares of stock, valued at $4,000. The People's State Bank has a claim of over $4,000 against the Lageson estate, but whether or not this is for the 40 shares of stock is not known. The claim appears in the form of two notes, copies of which are on file in the county judge's office. If the stock is not paid for, heirs of Mr. Lageson are liable not only for the amount of the stock but for an additional $4,000, or a 100 per cent as-
7.February 24, 1921The Miller PressMiller, SD
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AND FORKS BANK CLOSES Caused Trouble, Officials State; About $300,000 Owed. rand Forks, N. D.-The Peoples e bank, organized three years ago Thomas Allen Box and John J. tings, closed its doors by order of board of directors. hen the bank closed it owed apmately $200,000 to depositors and oximately $100,000 in borrowed y. Its capital was $75,000 and as $11,000. Bank of North Dakota had on re-deposit in the People's bank, and the Grand Forks inon owed the state institution $40,000 in borrowed money. ials of the bank refused to any statement, except to say run, which began Monday, the closing.
MORE BANK BUSTING Recently it was announced from Grand Forks that the farmer-owned People's bank in that place would soon resume business .It had been forced temporarily to suspend business because of the big banker conspiracy against state banks, as exposed recently by John Skelton Williams, former comptroller of the currency. But no sooner was it announced that plans for reopening the bank were under way than the I. V. A. thru their press agent in Fargo headquarters, opened an attack on the bank, for the express purpose of preventing a reorganization. Efforts are made to frighten farmers by intimating to them that every farmer-owned bank is mismanaged. These efforts are rather curious, read in connection with the developments in the Beisecker chain of banks, and in the news of
9.August 11, 1921Emmons County RecordLinton, Williamsport, ND
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State Summary PassingGlimpses fLate Events in North Dakota Mandan-Upwards of 1,000 people took part in the tour of inspection of farms of the North Dakota Holstein Breeding circuit at New Salem, listened to the stories of the farmers who have made money despite unfavorable crop condiitons, and inspected their herds. Milk, rich, full creamy cow's milk, was supplied as a thirst quencher at farm after farm. Bismarck-D. C. Poindexter, state ayditor, has directed the auditor of Slope county to proceed against the former county treasurer, J. S. Douglas, to recover about $60,000, the amount of Slope county funds which he deposited in two Amidon banks, without bonds, it is charged. The two banks have closed. Grand Forks-"The elimination of ilteracy by 1924." is the slogan adopted by the state department of public instruction in its campaign for school betterment, Miss Minnie J. Nielson, state superintendent, announced here at a special convocation of the university summer school. Minot-Because Minot's police court has failed to prove a "paying proposition" a special committee has been named to ask Magistrate John Lynch to impose heavier fines on city ordinance violators. Bismarck-Reassessment of property in the towns of Carrington, Brace City, Jaunita, McHenry, Melville, Bordulac, Brantford, Dundas and Barlow has been ordered because of complaints of inequalities. Crosby-Miss Anna Black, Divide county Red Cross nurse, and Miss Lo!s Hatch, deputy clerk of court, were injured when the auto in which they were riding struck a stretch of sand and overturned. Grand Forks-An attempt to reopen the Peoples State bank here is expected as the result of the announcement of $50 assessments levied against stockholders. Grand Forks-The North Dakota Home Builders association is reported to have disposed of a supply of lumber at a loss of 25 per cent to the state. Jamestown-Raising of a $1,000,000 endowment fund for Jamestown college was urged by Pres. Kroeze before the North Dakota synod of the Presbyterian church. Minot-Albert Uchner, former Soo depot agent at Makoti, has been given a 3-year suspended sentence on his plea of guilty to charges of misappropriating $400. Grand Forks-The Grand Forks Salvation Army corps staged a tag day to raise funds to pay indebtedness incurred in organizing and equipping its band. Bowbells-L. L. Hydle, who for several years acted as superintendent of the Bowbells schools, has become affiliated with the First National bank.
B. J. Schoregge Here For Investigation B. J. Schoregge, recently appointed supervisor of receivers of state banks and member of the depositors' guarantee fund commission, arrived in Grand Forks Thursday to make an investigation of the records of the People's State bank of this city, which has been closed for some time.
11.May 26, 1922Grand Forks HeraldGrand Forks, ND
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Reorganization Of Bank Is Considered According to John Valley, receiver, the People's State Bank of Grand Forks, which was closed on Feb. 17. 1921, on an order from the state bank examiner. may be re-opened within the next few months. J. I. O'Donnell of this city is now going over the bank's books and paper, to determine what, if anything can be done
12.June 14, 1922Grand Forks HeraldGrand Forks, ND
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NOTICE TO CREDITORS Notice is hereby given to the creditors of and all persons having claims against The Peoples State Bank of Grand Forks, North Dakota. to present such claims within forty (40) days after the date of the first publication of this notice, to the undersi ned at the Peoples State Bank. Grand Forks. N. D. JOHN VALLELY As Receiver of The Peoples State Bank of Grand Forks. North Dakota. First publication June 14th. 1922. (June 14-21-28, July 5)
13.June 21, 1922Grand Forks HeraldGrand Forks, ND
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NOTICE TO CEEDITOES Notice is hereby given to the creditors of and all persons having claims against The Peoples State Bank of Grand Forks, North Dakota, to present such claims within forty (40) days after the date of the first publication of this notice. to the undersigned at the Peoples State Bank. Grand Forks. N. D. JOHN VALLELY Receiver of The Peoples State Bank of Grand Forks, North Dakota. First publication June 14th. 1922. (June 14-21-28, July 5)
14.November 28, 1922The Bismarck TribuneBismarck, Mandan, ND
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Fargo, N. D.-District Judge Cole, temporarily enjoined state bank board from selling assets of People's State bank of Grand Forks and directing to show cause December 1, why John Vallely should not be removΔd as receiver of the bank.
15.December 15, 1922The Bismarck TribuneBismarck, Mandan, ND
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Dividend Is Paid Depositors Grand Forks, N. D., Dec. 15.-Payment of a twenty per cent dividend to depositors of the People's State bank, closed in February, 1921, was continued today by John Vallely, recevier, about twelve thousand dollars having now been paid, out of a total of some $32,000 available. Arguments on the application of a group of stockholders for an order permanently enjoining the State Banking Board from sale of the as sets of the bank and for the rems/al of Mr. Vallely as receiver have been set for December 19 before Judge W. J. Kneeshaw.
BANK CONTINUES MAKING PAYMENTS Receiver John Valley of the People's State bank is continuing to pay 20 per gent on all receiver's certificates held by depositors. he said today. although today's number and
17.January 30, 1923The Bismarck TribuneBismarck, Mandan, ND
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WILL DISCUSS BANK STATUS Judge Kneeshaw to Hear Progress on Reopening Grand Forks, Jan. 30.-District Judge W. J. Kneeshaw of Grafton, before whom the recent injunction hearing of the People's State bank was heard, will be in Grand Forks during the coming week in connection with legal phases of the proposed reopening of the bank, according to information given out by members of the bank finance committee recently. It is expected that some definite plan will be put forward to open the defunct bank at that time, in accordance with the decision rendered by Judge Kneeshaw at the Decem ber hearing, in which he held the matter in abeyance for 40 days in the hope that the stockholders of the bank, John Vallely, receiver, and other interested persons might evolve a plan for reopening the institution. The finance committee, which was appointed soon after the December hearing, has been working on a plan for reopening the bank and it is understood that the plan only needs the confirmation of Judge Kneeshaw as to its legal status, to be put in operation. No definite announcement as to the nature of the proposed plan has been made pub/ lic.
18.January 30, 1923The Bismarck TribuneBismarck, ND
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Judge Kneeshaw to Hear Progress on Reopening
Grand Forks, Jan. 30.βDistrict Judge W. J. Kneeshaw of Grafton, before whom the recent injunction hearing of the People's State bank was heard, will be in Grand Forks during the coming week in connection with legal phases of the proposed reopening of the bank, according to information given out by members of the bank finance committee recently.
It is expected that some definite plan will be put forward to open the defunct bank at that time, in accordance with the decision rendered by Judge Kneeshaw at the December hearing, in which he held the matter in abeyance for 40 days in the hope that the stockholders of the bank, John Vallely, receiver, and other interested persons might evolve a plan for reopening the institution.
The finance committee, which was appointed soon after the December hearing, has been working on a plan.
19.January 30, 1923The Bismarck TribuneBismarck, ND
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Grand Forks, Jan. 30.βDistrict Judge W. J. Kneeshaw of Grafton, before whom the recent injunction hearing of the People's State bank was heard, will be in Grand Forks during the coming week in connection with legal phases of the proposed reopening of the bank, according to information given out by members of the bank finance committee recently.
It is expected that some definite plan will be put forward to open the defunct bank at that time, in accordance with the decision rendered by Judge Kneeshaw at the December hearing, in which he held the matter in abeyance for 40 days in the hope that the stockholders of the bank, John Vallely, receiver, and other interested persons might evolve a plan for reopening the institution.
The finance committee, which was appointed soon after the December hearing, has been working on a plan for reopening the bank and it is understood that the plan only needs the confirmation of Judge Kneeshaw as to its legal status, to be put in operation. No definite announcement as to the nature of the proposed plan has been made public.
20.June 20, 1929Morning PioneerMandan, ND
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SUIT ON BONDS OF TREASURER AGAIN REVIVED
(By The Associated Press) Suit on the bond of Charles Al former treasurer of Grand Forks KS county which has lain dor mant since 1923 may be revived in the future The basis for the original action was the closing of the Peoples State Bank while Allen had coun ty money on deposit in it. The original claim was for something like $9,000 but dividends paid by the bank and other items have reduced this amount until less than $4,000 still is due the
21.June 20, 1929Morning PioneerMandan, ND
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SUIT ON BONDS OF TREASURER AGAIN REVIVED
(By The Associated Press) Suit on the bond of Charles Al len. former treasurer of Grand Forks county, which has lain dor mant since 1923 may be revived in the near The basis for the original action was the closing of the Peoples State Bank while Allen had coun ty money on deposit in it. The original claim was for something like $9,000 but dividends paid by the bank receiver and other items have reduced this amount until less than $4,000 still is due the
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
