10919. Second National Bank (Grand Forks, ND)

View Charter #3504 on SPMC

Bank Information

Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
national
Bank ID
3504
Charter Number
3504
Start Date
December 31, 1896
Location
Grand Forks, North Dakota (47.925, -97.033)

Metadata

Model
gpt-5-mini
Short Digest
fcac575d88e2223f

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
99.7%
Date receivership started
1897-01-07
Date receivership terminated
1900-12-01
OCC cause of failure
Losses
Share of assets assessed as good
40.1%
Share of assets assessed as doubtful
56.0%
Share of assets assessed as worthless
3.9%

Description

Multiple contemporaneous newspapers report heavy withdrawals followed by the directors' decision Dec. 31 (reported Jan. 1, 1897) not to open and to suspend. A federal receiver was appointed in early January 1897 and subsequent reporting describes assessments, dividends and litigation β€” indicating the suspension led to permanent closure under a receiver. The immediate trigger cited is the failures of other banks (National Bank of Illinois and Bank of Minnesota) which caused deposit withdrawals.

Events (5)
1. May 17, 1886 Chartered
Source
historical_nic
2. December 31, 1896 Run
Cause
Local Banks
Cause Details
Heavy withdrawals precipitated by effects/failures of the National Bank of Illinois and the Bank of Minnesota, causing about $40,000 shrinkage in deposits.
Measures
Posted notice of suspension; directors decided not to open for business.
Newspaper Excerpt
On account of recent heavy withdrawals of deposits...
Source
newspapers
3. December 31, 1896 Suspension
Cause
Local Banks
Cause Details
Directors suspended because of recent heavy withdrawals and inability to realize on assets, linked to other bank failures.
Newspaper Excerpt
...it has been decided by our board of directors to suspend and the comptroller has been advised of our action.
Source
newspapers
4. January 6, 1897 Receivership
Newspaper Excerpt
E. C. Tourtelot... has been appointed receiver of the Second National bank.
Source
newspapers
5. January 7, 1897 Receivership
Source
historical_nic

Newspaper Articles (21)
1. January 1, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 1, 1897

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YESTERDAY'S FAILURES. Second National Bank of Grand Forks, N. D., Forced to Close. GRAND FORKS, N. D., Dec. 31.-The directors of the Second National Bank of this city to-day decided not to open for business. The following notice was posted: "On account of recent heavy withdrawals of deposits and the impossibility of realizing on our assets it has been decided by our board of directors to suspend and the controller be advised of our action." It is said by the officers that immediately following the failure of the National Bank of Illinois and the Bank of Minnesota the bank has sustained a shrinkage of $40,000. while its deposits amounted to about $17,000 during the past fourteen days. The bank statement at the close of business Dec. 17 showed: Loans and discounts, $158,086; due from national and State banks and approved reserve agents, $9,342.59; due to banks and depositors, $179,749.76; rediscounts, $4,600. The capital stock paid in was $59,000. with undivided profits amounting to $4,000.

2. January 1, 1897 The Morning Times Washington, DC
Article from The Morning Times, January 1, 1897

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Decided to Close. Grand Forks, N.D., Dec. 31.--Ata meeting of the directors of the Second National Bank, this morning, they decided not to open for business The following notice was posted on their doors: "Onaccountofrecentheavy withdrawals of deposits and the impossibility of realizing on our assets, it has been decided by our board of directors to suspend, and the comptroller has been advised of our action."

3. January 1, 1897 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 1, 1897

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North Dakota Bank Closes. GRAND FORKS, N. D., Dec. 31.-The directors of the Second National Bank of this city to-day decided not to open for business. The following notice was posted: "On account of recent heavy withdrawals of deposits and the impossibilities of realizing upon our assets, it has been decided by our board of directors to suspend and the comptroller be advised of our action." It is said by the officers that immediately following the failure of the National Bank of Illinois and the Bank of Minnesota, the bank had sustained a shrinkage of $40,000, while their deposits amounted to about $17,000 during the past fourteen days.

4. January 1, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 1, 1897

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In North Dakota. Grand Forks, N. D., Dec. 31.-At a meeting of the directors of the Second National bank this morning they decided not to open for business. The following notice was posted on their doors: "On account of recent heavy withdrawals of deposits and the impossibility of realizing on our assets, it has been decided by the board of directors to suspend and the comptroller has been advised of our action." The officers of the bank were interviewed, and while not prepared to make any statement until the comptroller and bank examiner could be heard from, the following facts were gleaned from the statement made by one of the bank officers: Immediately following the failure of the National Bank of Illinois and the Bank of Minnesota, the bank had sustained a shrinkage of $40,000, while their deposits amounted to about $417,000 during the past 14 days. On Monday the bank published a statement of their condition at the close of business, Dec. 17, which showed loans and discounts of $158,086.92; due from national and state bands and approved by reserve agents, $9,342.59; due to banks and depositors, $179,749.76; discounts, $4,600; capital stock paid in, $50,000, with undivided profits amounting to $4,000.

5. January 1, 1897 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, January 1, 1897

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ANOTHER BANK CLOSES. St. Paul, December 31.-A Grand Forks, North Dakota, special to the Dispatch says: The directors of the Second National Bank of this city this morning decided not to open for business. The following notice was posted. "On account of the recent heavy withdrawals of the deposits, and the impossibility of realizing upon our assets, it has been decided by our board of directors to suspend. The comptroller has been advised of our action." It is said that after the failure of the National Bank of Illinois and other banks in Minnesota, the bank's deposits sustained a shrinkage of $40,000. The statement of December 17 gave loans and discounts, $158,036; due other banks and depositors, $179,749.76. The capital stock was $50,000; undivided profits, $40,000.

6. January 1, 1897 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, January 1, 1897

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TROUBLES OF THE Y NATIONAL BANKS s Three More Institutions Are Forced to the Wall. b s 1 Two Located in the Dakotas and the Third in the State cf Nebraska. Bondsmen of E. D. Dreyer of Chicago si Will Have to Pay the Banker's Shortages. e 1 GRAND FORKS, N.D., Dec. 31.-At Bank a meeting of the Second National for this morning they decided not to open business. The following notice was posted on the doors: "On account of recent heavy withdrawais of deposits and the impossibility deof realizing on our assets, it has been cided by our board of directors to suspend and the Comptroiler has been advised of our action." The officers of the bank were interviewed and while not prepared to make and any statement until the Comptroller the Bank Examiner could be heard from, following facts were gleaned from the statement made by one of the bank the officers: Immediately following the the Bank of of the failure Bank of Minnesota, Illinois bank while had and their sustained a shrinkage of $40,000, depoists amounted to about $17,000 during the last fourteen days. On last Monday the bank published a statement of this business at the close of business December 17. which showed loans and discounts, $158,086 92; due from national and State banks and approved reserve agents, $9342 due to banks and depositors, $179,749 76; rediscounts, $4600; undicapital stock paid in, $50,000, with vided profits amounting to $4000. CRETE, NEBR, Dec. 31.-The Crete National Bank closed its doors this evening Deand went into voluntary liquidation. posits are only $12,000, and will be paid on demand by the First/ National Bank, where money is deposited to pay them. The Crete National has on hand in cash $57,000. and only closed because the business did not pay. The stock is mostly held by non-resident parties. The bank was organized in 1893, and was capitalized at $50,000. WEBSTER, S. D., Dec. 31.-The new bank recently organized here is already insolvent. T. E. Egge, the moving spirit, collected 50 per cent of the capital stock of and deposited it in the defunct Bank Minnesota of St. Paul and the Columbia National Bank of Minneapolis. The new bank was to be of $20,000 capital and to commence business on or about January 1897. Mr. Egge had collected the the amount 1, above stated and deposited same to his credit, and when the crash came hagave his personal note to each and every stockholder. The total amount involved is $13,500. CHICAGO, ILL., Dec. 31.-Ex-Mayor Hemps:ead Washburne, George Schneider, president of the failed Bank of Illinois, and Philip Henrici, the most prominent German restaurant-owner in the city, who are the bondsmen of the bankrupt banker, West E. S. Dreyer, as treasurer of the Park board, will be formally notified next week that Mr. Drever has failed to acquit a claim of $310,000 in favor of the park board. The bondsmen will be called upon to make the amount good, as they are sure- been for $500,000. This action has attorties decided upon by the board and its ney has been instructed to proceed. Mr. Dreyer is seriously ill at his home his with inflammation of the kidneys, and physician has forbidden any one seeing him to talk over his business difficulties. Because of the banker's physical condition, Bondsmen Washburne and Henrici did not press their inquiries when learn they visited him a few days ago to He how he had invested the park money. admitted, however, that he had sold which park bonds at one time to exceed $50,000, the violation of a promise made at time was a Mr. Henrici signed the bond, accord- He ing to the latter's statement to-day. added "Mr. Dreyer told me he liabili- was worth a million dollars above his ties at the bank. I believed it then, but know better now. I was deceived.' Mr. Washburne says he will not shrink from his obligation. He is also a private banker. At a special meeting of the board of directors of the Dime Savings Bank which elected yesterday Ralph Metcalf was appointed treasurer of the bank, a posi- This tion equivalent to that of manager. from action displaced George W. Reed the treasurership, which he held for years. Mr. Metcalf, to whom the appointment of the a surprise, assumed charge received bank was at noon. He said he had and orders as to the bank's future would no only say the directors had arranged due, meet every dollar of deposits when to before. Interest may be paid January ac2. or The directors are not disposed to to cept any offer of outside business. assistance liquidate or remain in 0 MALLEY KRAIGNED

7. January 2, 1897 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, January 2, 1897

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LAST BANK FAILURES OF THE YEAR One in North Dakota, Another in Nebraska. Grand Forks, N. D., Dec. 31.-The directors of the Second National bank of this city this morning decided not to open for business. The following was posted: "On account of the recent heavy withdrawals of deposits and the impossibility of realizing upon our assets, it has been decided by our board of directors to suspend, and the comptroller has been advised of our action." It is said that after the failure of the National Bank of Illinois and the Bank of Minnesota, bank deposits sustained a shrinkage of $40,000. The statement of December 17 gave loans and discounts of $158,086; due other banks and depositors, $179,749.76. The capital stock was $50,000, undivided profits, $40,000. Bank at Betrice, Neb. Beatrice, Neb., Dec. 31.-The Farmers' and Merchants' bank, a state institution, went into voluntary liquidation today. It is announced that depositors will be paid in full at once.

8. January 7, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 7, 1897

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Receiver for Two Banks. Special to the Globe. GRAND FORKS, N. D.,Jan. 6.-E. C. Tourtelot, receiver of the Grand Forks National bank, has been apointed receiver of the Second National bank.

9. January 7, 1897 River Falls Journal River Falls, WI
Article from River Falls Journal, January 7, 1897

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stove. Near Decatur, Ga., Tom Flanagan, wh e drunk, shot and killed G. W. Allen and wife and Miss Ruth Slack. The doors of the Second national bank at Grand Forks, N. D., wereclosed, with liabilities of $150,000. In Colorado the production of precious metals in 1896 was: Gold, $16,500,000; silver $12,058,000. In Utah the production was: Gold, 93,896 fine ounces; silver, 8,728,705 fine ounces. Hazen S. Pingree was inaugura governor of Michigan. The oldest railroad director in the world, Samuel M. Young, died in Tole do, 0., in his 91st year. In ten days the five children of Ja is Vogel, of Sandusky, O., died from diphtheria. Charles A. Weyrich, aged 24, and Charles D. Carpenter, aged 29, two close friends, ended their lives in the Planter's hotel in St. Louis by taking poison. No cause is known for the deed. Cyclone nearly demolished the town of Mooringsport, La., and killed the four children of Jesse Goodman. Many other persons were injured, some fatally. The Tennessee legislature convened at Nashville for a session to last 75 days. A freight train ran into a landslide near New Haven, Mo., killing Engineer Homar Evans, Fireman Henry Horkup and Brakeman J. E. McQueen. The doors of the State savings bank at Whitehall, Mich., were closed with liabilities of $100,000. In Chicago William A. Hammond, aged 45 years, second vice president of the National Bank of Illinois, that failed recently, committed suicide by drowning himself in Lake Michigan. At Fargo, N. D., the Citizens' national bank suspended payment. At Omaha, Neb., the savings bank closed its doors with liabilities of $850,000; assets, $1,000,000. Flames which started in Lebeck's dry goods store in Nashville, Tenn., destroyed ten buildings, the total loss being $400,000. After 30 years of judicial service Jus. tice R. Rothrock has retired from the supreme court of Iowa. At Devil's Lake, N. D., the Merchants' national bank closed its doors, with liabilities of $50,000. Edward Scofield was inaugurated a3 governor of Wisconsin. Advices from different sections of Michigan say that great damar has been done by heavy rains. In Chicago an ordinance passed by the city council will have the effect of obliterating the high hat in theaters and music halls. Seven miles northeast of Nelson, Neb., three stock men were frozen to teath. Five men were killed by an explosion in a mine at Hartshorne, I. T. The Germania bank in St. Paul closed its doors with liabilities of $1,000,000 and the West Side bank followed suit owing depositors $113,000. Richard Cornelius, cashier of the National farmers' and planters' bank in Baltimore, Md., being a defaulter to the extent of $60,000, committed suicide by drowning himself. Legislatures of California, Montana and Idaho met in their respective capitals. In Montana Robert B. Smith was inaugurated as governor and in Idaho Gov. Frank Steunenberg took the oath of office. Fire destroyed the Wyoming state

10. January 7, 1897 The Durham Recorder Durham, Hillsboro, NC
Article from The Durham Recorder, January 7, 1897

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BANK FAILURES. Big Concerns All Over the Country Closing Down. The McKinley "wave of prosperity" seems to be spreading all over the country and banks and large business concerns are going into liquidation by the score, The following failures were reported over the private wire of E. B. Outhbert & Co., yesterday and they were kindly furnished to the HERALD cry the above named firm: There were two failures in North Dakota yesterday (Saturday) morning The Second National Bank, at Grand Falks, N. D., closed its doors soon after opening. The cause of the failure was on account of heavy withdrawals of de posits and the impossibility of realizing on the assets. Soon after the above failure the Farmers & Merchants bank, at the same place, went into voluntary liquidation. Nebraska also had a failure. At Omaha the Savings Bank closed its doors yes terday morning for the same cause as those given above. The bank was capitalized at $150,000 and had on deposit $1,300,000. The "Lone Star State" does not escape either. Friday evening the large retail dry goods house of Fellman & Grumback, of Galveston, and one of the oldest business firms in Texas announced their inability to continue business. Vesterday the preferences were given to the amount of $195,000. The liabilities, it is said, will be at least one million dollars.

11. January 8, 1897 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, January 8, 1897

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Receiver for Two Banks. GRAND FORKS, N. D., Jan. 7.-E. C Tourtelot, receiver of the Grand Forks National bank, has been appointed receiver of the Second National bank.

12. January 8, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, January 8, 1897

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GOT A STRAIGHT TIP BANKS THAT STOOD FROM UNDER A GREAT FINANCIAL SMASH. Somebody. Nobody Will Tell Who, Told Certain Favored Banks What Was Going to Happen to the National Bank of IIIIneis, Giving Them an Opportunity to Withdraw Their Deposits Which They Were Swift to Improve-Eckles Names Bank Receivers-American National, of Denver Re-opens-Day's List of Failures Chicago, Jan. 7.-It has been ascertained positively that several banks which had deposits in the defunct Natioral Bank of Illinois were warned of what was to come and as a result their money was withdrawn just in time to save them from being carried down with the wreck. Henry W. Austin, president of the Oak Park State bank, made the statement today that he had received information of the dangerous condition of the Illinois National during the week previous to the failure. Acting upon this tip, Mr. Austin says, he immediately took out of the bank the money his bank had there. Five thousand dollars was withdrawn Friday previous to the Monday in December when the National Bank of Illinois failed to open its doors for business. The following day, Saturday, $45,000 more, which constituted the balance due the Oak Park State bank by the National Bank of Illinois was taken out. Hinckley and Tilden, proprietors of the West Side bank, were also warned In time to withdraw their cash from the tottering institution. Mr. Austin refused positively to state who his informant was. He said, however, that he was not a director or official of the Illinois National. BANK RECEIVERS NAMED. Washington, Jan. 7.-The comptroller of the currency has appointed Bank Examiner Blancing temporary receiver of the First National Bank of Sioux City, and Examiner Anheir receiver of the Citizens National bank, of Fargo, N. D. Both of these appointments are temporary, pending resumption. Bank Examiner Turtilot has been appointed rereiver of the Second National, of Grand Forks, N. D. The comptroller has received information that the Commercial National bank of Roanoke, W. Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver. DENVER BANK RE-OPENS. Washington, Jan. 7.-The American National bank of Denver, Colo., which suspended payment April 21, 1896, having complied with the conditions imposed by the comptroller of the currency precedent to resumption, has today been permitted to re-open its doors for business as a national banking association. Denver, Colo., Jan. 7.-The American National bank re-opened today under its old management with $600,000 cash on hand to meet liabilities and conduct business. There remains but $200,000 of liabilities to be provided for out of all other assets of the bank. DAY'S LIST OF FAILURES. New York, Jan. 7.-J. J. Johnston & Co., a corporation, dealers in diamonds, jewelry and silverware, today assigned to John R. Keim, and Arthur H. Masten. The liabilities are reported to be $219,000 and assets about $201,000. St. Paul, Minn., Jan. 7.-A Preston, Minn., dispatch to the Dispatch says: The Bank of Canton, at Canton, and the Citizens bank of Lanesboro, both owned and operated by Field, Kelsey & Co., suspended business yesterday. Lancaster, Pa., Jan. 7.-Schroder, Smith & Schroder's ready-mixed paint works were entirely destroyed by fire today. The origin of the fire is unknown. The members of the firm decline to make an estimate of the loss, but it is thought to be fully covered by insurance.

13. January 8, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, January 8, 1897

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The Insolvent Banks, WASHINGTON, Jan. 8.-The comptroller of the currency has appointed Bank Examiner Blanding temporary receiver of the First National bank of Sloux City, Ia., and Examiner Anheir receiver of the Citizens' National bank of Fargo, N. D. Both of these appointments are temporary, pending resumption. Bank Examiner E. C. Turtelot has been appointed receiver of the Second National bank of Grand Forks, N. D. The comptroller has received information that the Commercial National bank of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the Intervention of a receiver.

14. January 8, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 8, 1897

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RECEIVERS NAMED. Pending the Resumption of Suspended National Banks. WASHINGTON Jan. 7.-The comptroller of the currency has appointed Bank Examiner Blading temporary receiver of the First National Bank, of Sioux City, and Examiner Anheirr receiver of the Citizens National of Fargo, N. D. Both of these appointments are temporary, pending resumption. Bank Examiner Turtilot has been appointed receiver of the Second National Bank, of Grand Forks, N. D. The comptroller has re eived information that the Commercial National Bank, of Roanoke, Va., which suspended some time ago, has raised sufficient funds with which to go into liquidation without the intervention of a receiver. Denver, Col., Jan. 7.-The American National Bank reopened today under new management, with $600,000 cash on hand to meet the liabilities and conduct business. There remains but $200,000 of liabilities to be provided for out of all the other assets of the bank. Eau Claire, Wis., Jan. 7.-The Commercial Bank of Eau Claire, capital $30,000, closed today. The failure is due to the suspension of the Allemannia bank, of St. Paul. President Allen states that the Eau Claire institution will wind up affairs, and that depositors will be paid in full.

15. January 9, 1897 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, January 9, 1897

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DOMESTIC. After a short absence the wife of George Duttera returned to her home near York, Pa., and found her three children burned to death. Joseph B. McCullagh, aged 54, editor of the Globe-Democrat, threw himself from a window in the third story of his residence in St. Louis and was killed. He had been in poor health for a long time. Frank S. Black was inaugurated at Albany as governor of New York. The Collinsville (III.) zine works, owned by Mesker Bros., of St. Louis, were damaged by fire to the extent of *000'001$ Moses Dent and Arthur Clement were drowned at Faribault, Minn., while skatlee. 1414 uo But The total number of persons who committed suicide in the United States during 1896 is 6,520, as compared with 1969' u! 822'9 There were 14,890 commercial failures in 1896 in the United States, against 13,197 last year, with liabilities of about $225,000,000, against $173,196,050 last year. The total number of murders comSEM 9681 "I SEATES United the up 1 em pun 1995' III 009'01 1suinSu total number of hangings was 122, III 133 isuje8u Joseph Betz, wife and child were found dead in bed at Struthers, O., having been asphyxiated by gas from a stove. In a drunken frenzy at his boarding house near Decatur, Ga., Tom Flanagan shot and killed G. W. Allen and wife and Miss Ruth Slack. The Second national bank at Grand Forks, N. D., closed its doors with liabilities of $150,000. As accurately us can be estimated 9681 us lives their 1801 suossed by disaster, accident, epidemic. war and u! The five children of Jacob Vogel, of шол shep nas m parp "O 'Xysupung diphtheria. Two close friends, Charles A. Weyrich, aged 24, and Charles D. Carpenter, aged 29, ended their lives in the Planter's hotel in St. Louis by taking poison. No cause is known for the deed. Ex-Congressman Augustus W. Cutler died at his residence in Morristown, N. J., from the effects of a surgical operaT9 pagn 'won Edward Wright (colored) was hanged at Wilmington, Del., for kiling Ida Crummel (colored), of whom he was 9681 '08 sing по The production of precious metals in Colorado in 1896 was: Gold, $16,500.000; silver, $12,058,000. In Utah the production was: Gold, 93,896 fine ounces; silver, 8,728,705 fine ounces. Helen M. Gougar, of Indiana, the pioneer champion of prohibition and universal suffrage, and a member of the central committee of the national prohibition party, has been expelled from that committee. 'S Hazen Buisurt 01 the 1V Pingree was inaugurated governor of Michigan. The Fiftieth general assembly of Tennessee convened at Nashville for a session to last 75 days. A cyclone struck and almost literally demolished the town of Mooringsport, La., and killed the four children of Jesse Goodman. Many other persons were in. jured, some fatally. The Omaha (Neb.) savings bank closed its doors with liabilities of $850.000: assets, $1,000,000. A Missouri Pacific freight train ran into a landslide near New Haven, Mo., killing Engineer Homar Evans, Fireman Henry Horkup and Brakeman J. E. McQueen. The State savings bank at Whitehall, Mich., closed its doors with liabilities of $100,000. William A. Hammond, aged 45 years. second vice president of the National Bank of Illinois, that failed recently in Chicago, committed suicide by drowning himself in Lake Michigan. The Citizens' national bank at Fargo, papuedsns "GIN The total government receiptsdurlng December were $25,857,114. and the expenditures $23,812,664, which leaves a surplus for the month of $2,044,450. For the six months of the fiscal year a deficit is shown of $87,902,397. The monthly statement issued by the comptroller of the currency shows the amount of national bank notes outstanding at the end of the year to have been $235,576,381, an increase for Deeember of $264,278, and for the 12 months of $21,948,560. Sixteen men perished in the wrecking of the filibustering steamer Commodore, which was sunk about 20 miles off New Smyrna. A fire which started in Lebeck's dry goods store in Nashville, Tenn., de-

16. January 9, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, January 9, 1897

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Lynched an Incendiary. ORANGEBURG, S. C., Jan. 8.-Lawrence Brown, the negro who is generally believed to have been connected with the burning of Robert Wanamaker's barns and stables at Stiliton last week, was lynched during the might. Receiver for Two Banks. GRAND FORKS. N. D., Jan. 8.-E. C. Tourtelot. receiver of the Grand Forks National bank, has been appointed receiver of the Second National bank

17. June 27, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, June 27, 1897

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Assessed Stockholders the Limit. GRAND FORKS, N. D., June 26.-Controller Eckels has ordered an assessment of 100 per cent on stockholders of the suspended Grand Forks National and Second National banks. The capital stock of the former is $20,000 and of the latter $50,000. The entire amount must be paid by July 14 or payments in three monthly installments from that date secured at once.

18. October 2, 1897 The Washburn Leader Washburn, ND
Article from The Washburn Leader, October 2, 1897

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AT GRAND FORKS. The Street Fair to Be a Great SneсСяя and a Unique Feature. Grand Forks, N. D., Special.-One of the most important cases to come up at the next term of the federal court is that of E. C. Tourtelot, receiver of the Second National bank, against Nash Bros., wholesale grocers and fruit merchants of this city. Just before the bank closed Nash Bros. drew a considerable amount from the bank, and the receiver claims the sum as a part of the assets of the institution. Already the merchants of the city are at work on booths for the street fair. Interest in the fair is increasing and it bids fair to be the event of the year in this part of the valley. The county jail is filled to overflowing. and Judge Fisk will convene a term of court Oct. 6 for the purpose of disposing of cases. There are no very important ones in the list, most of them being for evading the liquor law and hold-ups.

19. October 30, 1897 The Washburn Leader Washburn, ND
Article from The Washburn Leader, October 30, 1897

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DITCH TANGLE. Trouble in Grand Forks County Over the Drainage Question. Grand Forks. N. D., Special.-Saturday was the day for letting contracts for the construction of the big drainage ditches in the northern part of the county, but the drainage commissioners were kept SO busy hearing the numerous petitions and protests that nothing was done. Many farmers object to the location of the ditch, as being either too near or too far from their property, while some property owners object to the ditch entirely. The legality of the law providing for the construction of these county ditches has not yet been tested, but suits are about to be started in Cass county in order to decide several disputed points, and it is now probable that no work will be done on the Grand Forks ditch until the courts have passed upon the matter. Controller Eckels has wired Receiver Tourtelot, of the Second National bank, that a dividend of 20 per cent has been declared, and depositors will receive their checks as soon as the necessary work can be done. This will probably require from two to three weeks. This bank suspended in December, 1896, with liabilities of about $150,000. Since that time the stockholders have been assessed 50 per cent on the par value of their stock, but there are many assessments still unpaid. a Deputy Sheriff Collins has closed blind pig in Mekinock, the proprietor of the place being Nels Fosness. The closing was effected by means of the injunction process, which appears to be the most satisfactory method of dealing with offenses against the prohibition law. The evidence in this case was secured by the officers of the state enforcement league. The elevators are just beginning to store a little wheat. Practically all the wheat that has been hauled from the farms has been sold, and the earnings of country elevators from storage have been lighter than usual. An effort will be made to have D. L. Moody, the evangelist, here for one or more addresses some time within a month, as it is learned that there is a possibility of securing him.

20. November 18, 1897 Courier Democrat Langdon, ND
Article from Courier Democrat, November 18, 1897

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BOOKER'S DISAPPEARANCE. Has Created a Lively Sensation in Grand Forks. Grand Forks, N. D. - There was a marked sensation in the federal court here when it was learned that L. E. Booker, late president of the suspended Grand Forks National bank, whe was indicted by the federal grand jury last spring for irregularities, was not present for trial. Judge Amidon ordered that the names of Mr. Booker's bondsmen be called, and that the bondsmen produce him in court. This formality being complied with and Mr. Booker not appearing, his bail bond for $5,000 was decided forfeited, and a bench warrant was issued for his arrest. An officer was sent in search of him, but he could not be found. Mr. Booker is an old resident of the state, having held various offices of trust, among them being that of state treasurer. He has been a prominent figure in business circles, and at one time was possessed of considerable property. He was president of the Grand Forks National bank at the time of its suspension in April, 1896, and, when the deplorable condition of the bank's affairs became known, it was immediately charged that President Booker had been guilty of criminal use of the funds. The subsequent investigation by the government officials resulted in several indictments against him being found. One of these contains forty-seven counts. The principal charges are receiving deposits when the bank was known to be insolvent, making false statements to the controller, and embezzling and misappropriating the funds of the bank. The men who signed the bond are Fred Falley, secretary of state; J. P. Baker, P. C. Remington, Charles Kupitz and Joseph Hair, all residents of Bismarck. Mr. Booker had retained as his attorneys Col. John D. Benton of Fargo and Hon. Alex Hughes of Bismarck. The former withdrew from the case a short time ago, illness being given as the cause of his withdrawal. Mr. Booker seems to have utterly disappeared, and none of his friends will admit having any knowledge of his whereabouts. The general opinion is that he has gone to Canada. H. F. Salyards of Minot is also on trial on charges similar to those against Mr. Booker. At this term there will also be tried cases brought by Receiver Tourtelot against sixteen of the stockholders of the Grand Forks National and Second National banks who have failed to pay the assessments ordered several months ago. Seed Grain Warrants. Chamberlain, S. D.-The last of the warrants to the amount of $14,000, which were issued by the county in the spring of 1895 to purchase seed grain for farmers who had suffered from drouth the previous year. have just been called in for payment by the county treasurer.

21. November 27, 1897 The Washburn Leader Washburn, ND
Article from The Washburn Leader, November 27, 1897

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BOOKER'S DISAPPEARANCE. Has Created a Lively Sensation in Grand Forks. Grand Forks, N. D. - There was a marked sensation in the federal court here when it was learned that L. E. Booker, late president of the suspended Grand Forks National bank, whe was indicted by the federal grand jury last spring for irregularities, was not present for trial. Judge Amidon ordered that the names of Mr. Booker's bondsmen be called, and that the bondsmen produce him in court. This formality being complied with and Mr. Booker not appearing. his ball bond for $5,000 was decided forfeited, and a bench warrant was issued for his arrest. An officer was sent in search of him, but he could not be found. Mr. Booker is an old resident of the state, having held various offices of trust, among them being that of state treasurer. He has been. a prominent figure in business circles, and at one time was possessed of considerable property. He was president of the Grand Forks National bank at the time of its suspension in April, 1896, and, when the deplorable condition of the bank's affairs became known, it was immediately charged that President Booker had been guilty of crimInal use of the funds. The subsequent investigation by the government of ficials resulted in several indictments against him being found. One of these contains forty-seven counts. The principal charges are receiving deposits when the bank. was known to be insolvent, making false statements to the controller, and embezzling and misappropriating the funds of the bank. The men who signed the bond are Fred Falley, secretary of state; J. P. Baker, P. C. Remington, Charles Kupitz and Joseph Hair, all residents of Bismarck. Mr. Booker had retained as his attorneys Col. John D. Benton of Fargo and Hon. Alex Hughes of Bismarck. The former withdrew from the case a short time ago, illness being given as the cause of his withdrawal. Mr. Booker seems to have utterly disappeared. and none of his friends will admit having any knowledge of his whereabouts. The general opinion is that he has gone to Canada. H. F. Salyards of Minot is also on trial on charges similar to those against Mr. Booker. At this term there will also be tried cases brought by Receiver Tourtelot against sixteen of the stockholders of the Grand Forks National and Second National banks who have failed to pay the assessments ordered several months ago.