Bank of Preston (Preston, MN)

Episode Information

Episode UID
1192839291185
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
119283929 hash
Start Date
September 1, 1898
Location
Preston, Minnesota (43.670, -92.083)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a8a6b5ff58986db9

Response Measures

None

Description

Articles report the bank as 'wrecked' after cashier's large defalcations; no reopening mentioned.

Events (1)

1. September 1, 1898 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier M. R. Todd's defalcations said to amount to $115,000, wrecking the bank.
Newspaper Excerpt
M. R. Todd, cashier of the wrecked bank at Preston, Minn., was lodged in jail after a mob had gathered to lynch him.
Source
newspapers

Newspaper Articles (3)

Article from Warren Sheaf, September 1, 1898

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Article Text

MINOR NEWS ITEMS. The banking department of Low's exchange in London has suspended. A jury in Mexico consists of nine men. A majority makes the verdict If the nine are unanimous there is nc appeal. The cost of site and building for New York's new Christian Science temple will aggregate $250,000, and will be the finest one extant. Great Britain has intimated to China that any failure by the Peking government to observe the wishes of Great Britain will be accepted as a casus belli. M. R. Todd, cashier of the wrecked bank at Preston, Minn., was lodged in jail after a mob had gathered to lynch him. His defalcations are now said to amount to $115,000. The electric locomotive headlightinvented by L. J. Wooley, of Springfield; Ill., has proved a success and is now in use on the Big Four, New York Central, and other railroads. Lyman Curtis, who died in Utah, was one of the men who planted the first crops in that state and was one of Brigham Young's most valuable assistants in the constructive work of the pioneers. Miss Alice Serber, the first Russian girl to be admitted to the practice of law in this country, was sworn in recently before Justice Van Brunt, in the appellate division of the New York supreme court. A contract has been signed by the Italian Colonizing society and the government of Venezuela, under the terms of which the company will send 3,000 families of agriculturists to Venezula in three years. Mrs. Harriet Scott. of Muncie, Ind., sued for a divorce from James Scott, demanding $3,000 alimony. The couple have been married three times and divorced twice, Mrs. Scott securing big alimony both times. The world's record for high kite flight was broken at Blue Hill, Mass., one of a tandem of kites reaching an altitude of 12,124 feet above the sea level, a height 277 feet greater than any kite has reached heretofore. President McKinley has received a letterfrom the Thirteenth club, of New York, congratulating him on the fact that he signed the peace protocol on a Friday and proclaimed it to the world on the 13th of the month


Article from Condon Globe, September 22, 1898

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Article Text

Minor News Items. The banking department of Low's exchange in London has suspended. The electric locomotive headlight invented by L. J. Wooley, of Springfield, III., has proved a success and is now in use on the Big Four, New York Contral, and other railroads. M. R. Todd, cashier of the wrecked bank at Preston, Minn., was lodged in jail after a mob had gathered to lynch him. His defalcations are now said to amount to $115,000.


Article from The Corvallis Gazette, September 23, 1898

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Article Text

Minor News Items. The banking department of Low's exchange in London has suspended. The electric locomotive headlight invented by L. J. Wooley, of Springfield, Ill., has proved a success and is now in use on the Big Four, New York Central, and other railroads. M. R. Todd, cashier of the wrecked bank at Preston, Minn., was lodged in jail after a mob had gathered to lynch him. His defalcations are now said to amount to $115,000. The cost of site and building for New York's new Christian Science temple will aggregate $250,000, and will be the finest one extant. Lyman Curtis, who died in Utah, was one of the men who planted the first crops in that state and was one of Brigham Young's most valuable asistants in the constructive work of the pioneers. Miss Alice Serber, the first Russian girl to be admitted to the practice of law in this country, was sworn in recently before Justice Van Brunt, in the appellate division of the New York supreme court.