12102. Bowesmont State Bank (Bowesmont, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 17, 1910
Location
Bowesmont, North Dakota (48.690, -97.178)

Metadata

Model
gpt-5-mini
Short Digest
82fd6616

Response Measures

None

Description

Bank was closed by the state bank examiner in mid-January 1910 for insolvency caused primarily by three successive crop failures making loans worthless; subsequently placed in receivership and cashier arrested for falsifying reports and misappropriation. No run is mentioned in the articles.

Events (3)

1. January 17, 1910 Suspension
Cause
Local Shock
Cause Details
Closed by state examiner for insolvency after three successive crop failures left the bank's paper practically worthless.
Newspaper Excerpt
placed in charge of the Bowesmont State bank at Bowesmont...This bank was closed by the state examiner recently because of its insolvent condition. Three successive crop failures in that locality...is the cause of the trouble.
Source
newspapers
2. February 24, 1910 Other
Newspaper Excerpt
Ralph C. Sowle, formerly cashier of the Bowesmont State bank, was placed in jail at Pembina accused of forgery in connection with falsifying reports to the state bank examiner. The shortage in bills receivable is alleged to be $1,600...amount of personal overdraft is charged to be $3,000...When the bank was closed recently...there was $125 cash in the institution.
Source
newspapers
3. February 24, 1910 Receivership
Newspaper Excerpt
When the bank was closed recently by the state bank examiner there was $125 cash in the institution. The true condition of the bank will not be known until Receiver Thompson makes his report.
Source
newspapers

Newspaper Articles (3)

Article from The Fargo Forum and Daily Republican, January 17, 1910

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Article Text

ON CHARGE OF CLOSED BANK. John Vallely, Director of Bowesmont Institution Till Received Is Named. Grand Forks, N. D., Jan. 17.-Deputy State Bank Examiner John Vallely of Grand Forks has been placed in charge of the Bowesmont State bank at Bowesmont, this state. and will continue to direct its affairs until a receiver has been appointed. Application has already been made for the appointment of a receivor, but it has not been granted. This bank was closed by the state examiner recently because of its insolvent condition. Three successive crop failures in that locality, leaving considerable of the bank's paper practically worthless, is the cause of the trouble. The bank's deposits amounted to about $20,000 and it is understood that the loss to the depositors will not be very great.


Article from Courier Democrat, February 24, 1910

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Article Text

IN NORTH DAKOTA News of the Week From Various Parts of the State. BANK CASHIER IS ARRESTED Accused Falsifying Reports to Bank Examiner. Ralph C. Sowle, formerly cashier of the Bowesmont State bank, was placed in jail at Pembina accused of forgery in connection with falsifying reports to the state bank examiner. The shortage in bills receivable is alleged to be $1,600, the amount of personal overdraft is charged to be $3,000, while the amount of alleged misappropriation of bank funds is not known, but may reach several thousand dollars. When the bank was closed recently by the state bank examiner there was $125 cash in the institution. The true condition of the bank will not be known until Receiver Thompson makes his report. Cashier Sowle has resided at Bowesmont for about five years, his former home being in Minneapolis. His wife has resided there for the past year or so and is there at present. State's Attorney Brynjolfson stated that in all probability further arrests would be made. Officials are at a loss to explain the uses to which the missing funds were put, as Sowle did not gamble nor drink. It is generally believed that his unfamiliarity with the banking business is responsible for his present situation.


Article from The Fargo Forum and Daily Republican, May 25, 1910

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Article Text

NEWS OF THE NORTHWEST WE'LL QUALIFIED BOWESMONT BANK A BODY BLOW FOR NOW IN GOOD SHAPE THAT DEAR HUBBY APPEARS EVIDENT THAT DEPOSIWIFE HAS HUSBAND PLACED IN TORS WILL NOT LOSE OUTCUSTODY ON CHARGE OF CHARGE MAY BE DROPPED. INSANITY WHEN He ASKS DIVORCE. Grand Forks, N. D., May 24.-There are splendid prospects at the present Minot, N. D., May 25. - Mrs. time for a satisfactory settlement of Peter Sandvick, of Max, countered with telling effect upon her husthe affairs of the Bowesmont State band Peter Sanvick, who wants a bank, the institution which was some divorce from her in this city Saturday, time since closed by order of the state when she lodged an information of bank examiner after which its affairs insanity against him and had him arwere placed in the hands of a receiver. rested and placed in the county jail. Not only have the financial conditions This morning Sandvick was before been greatly strengthened by realizaJudge Davis. If he is insane he has tion on certain assets supposedly withhis lucid intervals and while he seemed out value, but such good progress has all right mentally this morning, Mrs. been made that there is no reason to Sandvick says she can show the court believe that the charge preferred that he is not and an adjournment was against Ralph C. Sowle, the cashier of taken in the matter until tomorrow, when the testimony of several witnessthe institution, may be dropped. es will be taken to show that Peter When the bank was closed several Minot Independent: Frank Henry of goes off his trolley mentally at times. months ago, there was on deposit over Sandvick is looking for a divorce Valley City, candidate for the repub$20,000. At first it was claimed that from his wife upon grounds which are lican nomination for secretary of state there was a shortage in the bank of sufficient if he proves them. They are was in the city for a few days this between $6,000 and $7,000, but this has sensational to say the least and there week in the interests of his campaign. been greatly reduced and today a are several gentlemen of more or Mr. Henry is at present clerk of the member of the bank examining force less prominenec in Ward county namdistrict court of Barnes county, a postates that there is every reason to ed by Sandvick as being accessories believe that more settlements would sition he has filled for the past four before the crime. son be reached which would result in terms, each time running without opSandvick was here Saturday looking position, from any faction, which the depositors receiving almost everyafter his affairs when he was arrested. speaks volumes for his popularity in thing they have coming. His wife charges that the statements his home district. Ralph Sowle, the accused cashier. he has made in his effort to get loose He is also captain of Company G. of is very confident that everything will from the irksome ties of matrimony the National guard, an organization be straightened out in a satisfactory are sufficient to prove him insane. This he has made one of the best in the manner. He has been making his seems to be the burden of her case. home in Grand Forks for some time North Dakota regiment. The Sandvicks were married at Though a young man, Frank Henry past. The charge against him is Jackson, Minn., July 5, 1905. Sandhas all of the qualifications which lodged in the Pembina county and if the vick asks the custody of three minor make him an excellent man for the affairs of the bank are cared for in children. office which he seeks and his host of the manner now hoped for, it very friends all over the state will use every probably will be withdrawn. KEPT MARRIAGE SECRET A YEAR effort to see him land.