gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
00387cdd198a7bc7
Response Measures
None
Description
Run triggered by failure of local firm Wheelock & Wheelock which were major backers; bank did not reopen and went into receivership.
Events (4)
1.January 12, 1914Run
Cause
Local Shock
Cause Details
Failure/dissolution of Wheelock & Wheelock, large local stockholders, triggered depositor panic and heavy withdrawals.
Measures
Bank officials withstood rush until after noon then suspended payments; called state bank examiner who took charge.
Newspaper Excerpt
Following the failure of Wheelock & Wheelock ... a run on the Medina State bank ... Monday, caused that institution to suspend payment on its paper.
Source
newspapers
2.January 12, 1914Suspension
Cause
Local Shock
Cause Details
Suspension followed depositors' demands after news of Wheelock & Wheelock's insolvency and receiver appointment.
Newspaper Excerpt
As soon as the doors opened Monday morning the depositors began flocking to the bank, demanding their money... then were compelled to suspend payment.
Source
newspapers
3.January 15, 1914Other
Newspaper Excerpt
Bank Examiner S. G. Severtson has taken charge of the Medina State bank, at least temporarily, the result of a run on the institution ... State Bank Examiner Severtson is still in charge ... hopes to bring about the reorganization of the institution. The bank closed during a run ... .
Source
newspapers
4.February 23, 1914Receivership
Newspaper Excerpt
Judge Coffey has appointed Michael Murphy of Jamestown as receiver of the Medina State bank which recently closed its doors.
MEDINA STATE BANK SUSPENDS ITS PAYMENTS Ruo OO Bank Follows Crash of Wheelock and Wheelock Knowledge That Insolvent Fargo Firm Backed It Caused Panic Medina, N. D., Jan. 12.-Following the failure of Wheelock & Wheelock, real estate dealers, Fargo, Saturday, a run on the Medina State bank, in which they were heavy stockholders, Monday, caused that institution to suspend payment on its paper. Saturday proceedings were instituted to have a receiver appointed for the real estate firm. This was taken by business men as an indication that the firm was insolvent. The announcement of this action when it reached Medina caused a feeling of uneasiness on the part of the bank depositors who knew that Wheelock & Wheelock were back of the local concern. As soon as the doors opened Monday morning the depositors began flocking to the bank, demanding their money. Till after BOOR the officials of the bank withstood the rush, then were compelled to suspend payment. H. H. Wheelock was president of the bank. C. L. Campbell, vice president; A. W. Schroeder, cashier, and H. D. Crosby, assistant cashier. The deposits in the bank were reported as $52,306.57.
RUN ON MEDINA BANK FOLLOWS DISSOLUTION Wheelocks Interested in Concern and Naming of Receiver Causes Alarm. Medina, N. D., Jan. 14.-Following the failure of Wheelock & Wheelock, real estate dealers, Fargo, a run on the Medina State bank, in which they were heavy stockholders, Monday, caused that institution to suspend payment on its paper. Saturday proceedings were instituted to have a receiver appointed for the real estate firm. This was taken by business men as an indication that the firm was insolvent. The announcement of this action when it reached Medina caused a feeling of uneasiness on the part of the bank depositors who knew that Wheelock & Wheelock were back of the local concern. As soon as the doors opened Monday morning the depositors began flocking to the bank, demanding their money. Till after noon the officials of the bank withstood the rush, then were compelled to suspend payment. H. H. Wheelock was president of the bank, C. L. Campbell, vice president; A. W. Schroeder, cashier, and H .D. Crosby, assistant cashier. The deposits in the bank were reported as $52,306.57.
SEVERTSON IN CHARGE OF BANK State Examiner Assumes Control of Institution at Medina, N. D. Bismarck, N. D., Jan. 15.-Bank Examiner S. G. Severtson has taken charge of the Medina State bank, at least temporarily, the result of a run on the institution, which followed the failure of the firm of Wheelock & Wheelock of Fargo. H. H. Wheelock of the Fargo firm is president of the Medina bank and the failure of the land concern acused uneasiness in Medina and the demand by depositors for their cash. Considerable money was paid out when the bank officers closed the institution and called on the examiner. The exact status of affairs at Medina is not definitely determined yet. The bank had about $52,000 deposits.
4.January 16, 1914The Washburn LeaderWashburn, ND
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Article Text
FRIDAY, JAN. 16, 1914 North Dakota State News It is reported that a gopher was trapped a few days ago in this state, also that several full grown snakes in active operation just over the line in Minnesota. Following the failure of Wheel ock & Wheelock, real estate dealers, Fargo, N. D. a run on the Medina Stte Bank, in which they were heavy stockholders, Monday caused that institution to suspend payment on its paper. Steamer Cobequid was racked to pieces on Trinity Rock six miles off the port of Maitland. The wreck occurred Tuesday morning in a heavy blizzard. The hundred and eight persons aboar were snatched from death in a thrilling rescue, which was the most brilliant rescue in the annals of the Atlantic coast. Hundreds are dead in the district about Kagoshima, Japan, through an earthquake and volcanic eruptions and tidal wave Monday. Strip of country 80 miles wide is completely buried in ashes. It is said that animals and birds were suffering from an abnormal uneasiness for several days prior to the disturbances. The annual meeting of the North Dakota Association of County Judges will be held in Jamestown on January 21. The address of welcome will be given by Pierre Blewell, mayor of that city. Judge Hanson of Fargo, president of the association, will give the response. Addresses by several prominent members will complete the program. Miss Kathryn Ensey formerly of Valley City and a graduate of the Normal school at that place sang for Madame Melba when the famous prima donna was at Portland, Ore., and was advised by her to prepareo for grand opera singing. She suggested that Miss Ensey come to Paris next summer, where she wolud be glad to see her and help her all she could. Attorney General Miller says that no error has been made in the commutation of the sentence of Joe Remington and his subse-
SEVERTSON ASKS REORGANIZATION Hopes to Place the Medina State Bank on Firm Foundation. (Times Special Service) Medina, N. D., Jan. 16.-State Bank Examiner Severtson is still in charge of the Medina State bank which closed Monday when it was unable to withstand a run, and he hopes to bring about the reorganization of the institution. In a statement today Mr. Severtson said the prospect. for reorganiation were good. The bank closed during a run, caused by the failure of the firm of Wheelock & Wheelock of Fargo, who are interested in the bank.
6.February 12, 1914The Ward County IndependentMinot, ND
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Article Text
Medina to Have New Bank. Medina.-Medina will have a new bank as the result of the state bank examiner taking charge of the affairs of the Medina State bank, after a run brought on by the failure of Wheelock & Wheelock of Fargo, who were interested in the institution. The new bank will open March 1. It will be known as the Farmers' State bank; the incorporators are S. F. Corwin, A, B. DeNault and H. T. Graves.
7.February 23, 1914The Fargo Forum and Daily RepublicanFargo, ND
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Article Text
Murphy Is Receiver. Medina, N. D., Feb. 23.-Judge Coffey has appointed Michael Murphy of Jamestown as receiver of the Medina State bank which recently closed its doors. He has been here several days. engaged in straightening out the defunct bank's tangled affairs.
MURPHY RECEIVER OF MEDINA BANK Medina, N.D., Feb. 23.-Judge Coffey has appointed Michael Murphy of Jamestown as receiver of the Medina State bank which recently closed its doors. He has been here several days ngaged in straightening out the defunct bank's tangled affairs. ALEXANDER BAND REORGANIZES. Alexonder, N. D., Feb. 23.-The Alexander band has been re-organized with 18 members. E. B. Harkness is president, C. T. Tellefson secretary-treasurer, and Prof. E. J. O'Brien instructor.
RECEIVER NAMED Michael Murphy of Jamestown Takes Charge of Defunct Medina Bank. Medina, N. D., Feb. 25.-Judge Coffey has appointed Michael Murphy of Jamestown as receiver of the Medina State bank which recently closed its doors. He has been here several days engaged in straightening out the defunct bank's tangled affairs.
Judge Coffey has appointed Michael Murphy of Jamestown as receiver of the Medina State bank, which recently closed its doors.
11.April 11, 1914The Fargo Forum and Daily RepublicanFargo, ND
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Article Text
In the Matter of the Receivership of the Medina State Bank, of Medina, North Dakota, an Insolvent Corpora. tion. Receiver's Notice.
12.April 18, 1914The Fargo Forum and Daily RepublicanFargo, ND
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Article Text
this 31st day of March, 1914. MICHAEL MURPHY, Receiver of the Medina State Bank, of Medina, North Dakota. Postoffice address of Michael Murphy, receiver is, Jamestown, North Dakota. JNO. W. CARR, Jamestown, North Dakota, Attorney for said Receiver. (April 4-11-18-25-1914).
BIENNIAL REPORT SHOWS EXPENSES Gunder Olson Tells of Condition of North Dakota Treasury. Bismarck, N. D., Dec. 12-Gunder Olson in his biennial report to the legislature shows that during the past two years the state has paid off $250,000 in bonds, some of them due in 1921 and running from that date to as late as 1926. The report also shows that there is a balance due from the defunct First National bank at Rugby of $3,066.29, this being an item that came to the office from a former administration and which has been cut down some during the past two years as adjustments have been made. The same condition exists as to the Barton State bank with the figures $1,522.87 at the time the report was made. The Medina State bank, the only bank to suspend business in the state during the period, which has not since opened its doors for business had a shortage of $1,394.01, but this amount had been paid by the bonding company by which the state was insured, a short time after the report was published, or to be exact on July 9. so the state did not lose by that failure. In his suggestions to the legislature as to amendment to the laws, Treasurer Olson states that he believes the bonds sold by the state should be of larger denomination as this will save a vast amount of labor not only in the treasurer's office but in the offices of the district town or county, and he alSO believes the county treasurers should be required to send in the interest collected on farm loans the same date it is received.
STOCKHOLDERS ASSESSED. The stockholders of the Medina State bank have been assessed the par value of their stock for the benefit cif the creditors of the defunct banking institution. Receiver Michael Murphy appeared in district court Monday, when his attorney, J. W Carr, supported the petition to the court to assess the sockholders of the bank.
15.September 24, 1915Sioux County PioneerFort Yates, ND
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Article Text
Stock-holders May Have to Pay
Jamestown.—Stockholders in the Medina bank face an assessment of 100 per cent upon their stock, under the order of the district court. The bank went to the wall several months ago, and the bank receiver is launching the actions against the stockholders in an effort to make the institution pay out.
Proceedings were held under a state law that gives the bank receiver power to recover from stockholders in cases where banks fail and depositors face losses.
RECEIVER OF MEDINA BANK PAYS DIVIDEND Of Twenty-five Per Cent. to Creditors of Defunct Institution. Michael Murphy, the receiver of the Medina State Bank of Medina, North Dakota, has recently mailed checks to all of the creditors of the Medina State bank in payment of a 25 per cent. dividend upon claims filed and allowed by the court. This is in addition to full payment of all preferred claims. The total claims filed aggregated about sixty-five thousand dollars. The Medina State bank failed early in 1914, and Mr. Murphy, president of the Farmers & Merchants National Bank of Jamestown, was appointed receiver by the district court to wind up the affairs of the bank, which affairs were found to be in rather a complicated condition. Since that time the receiver and his attorney, John W. Carr, have been endeavoring to straighten matters out and to reduce the assets to cash. Most of the assets of the bank were found to be slow, and it has taken considerable time to reduce them to money. A considerable portion of the assets are still to be realized upon but are of doubtful value. An assessment of 100 per cent. was levied upon all stockholders of the bank and a considerable portion of this has been collected. The total amount to date paid in dividends exceeds $16,000 and the amounts paid creditors range from 39 cents up to $1,260.08, according to the various amounts of their respective claims.
17.May 12, 1917The Bismarck TribuneBismarck, Mandan, ND
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Article Text
HANNA LOSES ROUND IN FAMOUS MEDINA BANK LITIGATION Former Governor L. B. Hanna and the First National bank of Fargo lost a round in the famous Medina bank case litigation this afternoon, when the supreme court of North Dakota reversed the Cass county district court order sustaining a demurrer to the complaint, filed by Receiver Murphy, and remanded the case to the lower court. This means that the case will come up for trial on its merits in the Cass county court. The action arises out of the closing of the Medina bank. The receiver contends that former Governor Hanna and the First National bank of Fargo failed to come to the rescue of the institution as they had planned.
Fargo—With the consent of all parties the famous Medina bank case has been postponed until the January term of district court, it was announced yesterday. This action had been set for December 17. Former Governor L. B. Hanna and several of his associates in the banking business are the defendants in this case, being charged by the receiver of the defunct Medina State bank with having caused the closing of that institution.
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.
