Article Text
THE bank of Devil's Lake, Dakota, has suspended; and at last advices the devil had the funds as well as the lake. - a - -
12178. Bank of Devils Lake (Devils Lake, ND)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- January 18, 1886
- Location
- Devils Lake, North Dakota (48.112, -98.876)
Metadata
- Model
- gpt-5-mini
- Short Digest
31ecc1f8
Response Measures
None
Description
The Bank of Devils Lake (Stone, Ferris & Corsett) suspended payment in mid-January 1886 due to insolvency/overdue notes and lack of cash. No run is reported (other local banks prepared for a run but none occurred). A receiver (Reuben Noble) was appointed later in January (around Jan 22), indicating permanent closure/receivership.
Events (3)
1.
January 18, 1886
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Bank insolvent; failed to honor deposited checks, no available cash assets; large overdue notes of the proprietors (Stone, Ferris & Corsett) and alleged mismanagement/insufficient assets relative to deposits (~$25,000 liabilities).
- Newspaper Excerpt
- The Bank of Devil's Lake, Dakota, has suspended; ... The Bank of Devil's Lake, the pioneer banking institution here ... suspended payment Saturday night in a failure to honor checks ... no available cash assets.
- Source
- newspapers
2.
January 22, 1886
Other
- Newspaper Excerpt
- Receiver Appointed. Judge McConnell of Dakota at the request of Attorney John Maher, the22nd appointed Reuben Noble receiver of the failed Bank of Devils' Lake.
- Source
- newspapers
3.
January 22, 1886
Receivership
- Newspaper Excerpt
- Reuben Noble, appointed receiver of the Bank of Devils Lake, Dak., has furnished bonds in $10,000 and qualified. ... A demand was immediately made of the sheriff for the keys of the bank... Monday morning the keys were turned over to Receiver Noble, who took charge of the bank.
- Source
- newspapers
Newspaper Articles (14)
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The Pioneer Institution of Devil's Lake Suspends Without Any Available Cash Assets. Why the Treasurer of Minnehaha County Resigned-First National of Sioux Falls Being Examined. The Fargo Convention as Viewed at the Capita]--Voorhees' Montana Admission Bill. Cleveland to Confer With the South Dakota Officials To-Day--Delegate Gifford's Opinion. A Busted Bank. DEVIL'S LAKE, Dak., Jan. 18.-The Bank of Devil's Lake, the pioneer banking institution here, being started in the spring of 1883, suspended payment Saturday night in a failure to honor checks deposited with other local bank depositors, having claims aggregating over $8,000. The depositors got out writs of attachment at an early hour this morning against A. M. Ferris, president; H. G. Stone, vice president. and O. B. Corsett, cashier. The two former are residents of Stillwater. Minn., and connected with the Northwestern Car company. The total deposits, as far as known, are about $25,000. and no available cash assets. A short time ago a mortgage of $30,000 against H. G. Stone was placed on file here, but very few heard of it. Corsett's property is worth about $3,000, and Ferris is thought to have $10,000 available property here. From these sources the creditors hope eventually to regain something. Until the organization of the First National bank here three months ago a majority of firms of this town did business with this bank, and some few are caught with quite large balances deposited, though not seriously enough to impair the credit. The bank posed as the friend of the farmers, and recently headed a scheme to start a farmers' elevator company as opposed to those of the Millers' association. The Ninth National bank of New York and the First National Bank of St. Paul were among the bank's correspondents. The First National bank and North Shore bank of Devil's Lake were fully prepared for a run on their deposits, but none was made, and no financial panie is expected.
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Wis.; Evan Decastle, Depere, Wis H.N. Cronkrite, Clinton, Wis.: William Brown, Lake Geneva, Wis.: H S. Howell, Watertown, Wis.: Nelson Bruett, Jefferson. Wis.: A. P. Cramer, Avoca, Iowa; E. Thayer, Clinton, Iowa: P. Sheldon, Ames, Iowa: P. D. Minich, Villisia, Iowa; Charles C. Bronson, Manchester, Iowa; J. W. Sherman, Osceola, Iowa; T. H. Edwards, Waterloo, Iowa; A. D. Tinsley, Sibley, Iowa, Francis Baasen, New Ulm, Minn. Charles J. Strunk, Shakopee, Minn.: John R. Parsball, Faribault, Minn.; B. F. McCall, Moorhead, Minn. President Cleveland granted an audience of over an hour's length on the 19th, to a delegation from Dakota. The South Dakota Senators. Edgerton and Moody, with South Dakota Gov. Mellette, delegate Gifford, editor John H. Drake of Aberdeen, Senator Harrison of Ind., and representative Kanouse composed the party. Senator Edgerton was the spokesman and delivered a carefully prepared address urging the division and admission of the territory on the basis of the Huron legislation, which sent there. The president stated that he would give the matter careful consideration and do what he thought was right. The delegation was favorably impressed by the president's utterances. Senator Edgerton of the state of South Dakota says he has called upon Assistant Secretary Jenks about the suspension of patents by Gen. Sparks, and that Mr. Jenks said that if these cases would be appealed he would rule that there must be first an examination by a local land office before there be an arbitrary suspension. It is evident the secretary of the interior intends to modify to some extent the order relative to suspension Gen. Sparks in reference to hostile criticism, provoked by I is rulings against the Northern Pacific's claim of a land grant from Columbia to Puget Sound, that it was good law, as certain as two and two make four. Delegate Gifford and Representative Frederick went before the House committee. Wednesday in support of their bill relating to the admission of Dakota. Congressman Springer says that the committee will report the bill favorably unless there should be a Democratic caucus upon it, in which case the report would be adverse; but there will probably not be a caucus. Senator Voorhees' bill provides for the admission of Montana in the union of states with one representative in congress, until the next general census. D. E. Swan, who as local treasurer of the Northern Pacific R. R., embezzled between thirty and forty thousand dollars, has been pardoned by Gov. Hubbard. He was sentenced to thirteen and one half years imprisonment and had served one year when pardoned. He was in poor health when sentenced and physicians certified that he could not live a month in confinement and but a short time any way. New Richmond, Wisconsin, had a serious fire on Sunday morning. The fire broke out at midnight in Oscar F. Brown's store, and burned that and J. A. Sabin's grocery, and Todd's jewelry store. The post office was in Sabin's store but the contents were mostly saved. Judge Lambin was injured by a falling wall and James Barry was hunt by falling from a building. On the evening of the 16th, a portion of a skating rink roof at Owatonna, Minn., fell in owing to the weight of snow. Most of the skaters were in the center of the room and escaped, but one young gentleman and lady were considerably injured. Senator Voorhees having introduced bills to admit Washington and Montana territories, there IS DOW talk of a compromise between Republicans and Democrats by dividing Dakota and admitting South Dakota and the other two territories also. H. L. Dousman, the well known millionaire, died at his home in Prairie du Chien, Wis., on the 13th. He was 37 years old and leaves a wife and five children, the eldest 13 years old. A bill has been introduced in the Senate granting the right of way through the Devil's Lake Indian reservation in Dakota, to the Jamestown & Northern railroad company. In the libel suit at Moorehead Minn., of Larabee against the Minneapolis Tribune, the jury rendered a verdict against the paper of $1,250. The Bank of Devils Lake, D. T., failed to open for business on the 18th. The capital was $85,000 and there is due depositors $93,000. They are mostly farmers who dedosited with the bank because it opposed the Mill 8' Association and favored an independent elevator. Devils Lake, D. T., is going to send a block of ice to form the corner block of the arch to the main entrance to the St. Paul Ice Dalace, Secretary Lamar has accepted the offer of the Gull River Lumber company to pay for the timber cut from government land. The territorial board of agriculture, in session at Aberdeen, D.T. has decided to hold the next territorial fair at Huron.
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DAKOTA PARAGRAPHS. Rolette county has fixed the liquor license $850. The Ozone printing office burnei Monday last. Loss, $2,000; no insurance. It The Bank of Devils Lake has suspended. was started in 1883, and was the pioneer bank of that place. H. W. Alexander, son of Hen. A. J. Alexan- Florider of Devils Lake, died at Jacksonville, da, on the 4th. Rev. G.N. Ames, of the Baptist church former at Estelline, has sued H. B. Greely, a criminal libel. member of the church, for $5,000 for J. M. Roe, of New Rockford has been started sued $1,600 by parties who claim he grain and buildings. prairie for fire whereby plaintiffs lost their Citizens of Cavalier and western Pembina devise are holding mass meetings to be incounties whereby the Manitoba road section. can duced plans to extend its line into that H. Smith, of Tower City, found was guilty senof Sidney liquor without a license, a fine of selling by Judge McConnell to pay jail thirtydays. tenced $200 and be imprisoned in the county for of Lander, whose election as contested register Thomas deeds of Sargent county on is being the ground of at the of death. fraud by George and stuffing S. Montgomery the ballot box, is lying The point new was Methodist dedicated last Episcopal large Sunday auditorium church by Rev. at Milbank Dr. Ives, of New morning York. and The evening, for. and the there entire was filled indebtedness both was provided the union Dakota comes into It is an open secret W be no more waves When ill that blizzards. the pelar are sent that in the country to out in the the over territory unjustly remind left Bon people cold. out is being Avon, Homme of Dakota of settlers in an abatement the number for loss by hail. county, A have petitioned ground of circumstances, great and if a great hardship. a sent taxes Many the taxes are on in are straitened collected sorcibly it will block be of used the the The to people St. Paul Devils to be Lake of the arch ice to palace of ice the corner block The Manitoba Paul Railroad of to main form entrance company of the transported grounds. it to St. at its anfree The First charge. National officers, bank gave of Fargo, the Lyon, cashier's of Salt poCity, nual election of man, Stephen jovial and handyears, sition to a C.E. new Rebbins, the taking his statud some Lake cashier for and several paying window. of justice at Bismarck and Judge Francis at the receiving from the department up kickers against for endorsers of He calls All inspector was looking Holleinback busifrom received the was Francis first judge tied the jails. of who have the ness succession. men who who had claimed that docket and emp- made Rassians, their have county, leadquarters in and Campbell The A large number in Bon Homme filed on Jand eastern which by up They part will are been they of will up the to go county on in BOW is the being flax spring. entirely very largely taken in now the Notices them. spring. Plaindealer. who have elevators stored and Grand Forks out to farmers Manitoba that they call and must to be being sent the Minneapolis. money theron, the wheat sold. This in a farmers wheat have in borrowed put up margin unquesti or mestionably finanNorthwestern redemptien An in place will have many beyond all hope of Illinois climate, writes impression.it think to cial plight old physician regard in Northern to Dakota the atmospheric health favorable have reto commended of those this sanitary measure. of Dakota United are States. patients, and the tion, and particularization invigora and far as a conditions any part of the number consumption of my prodisposi- climate and I know Dakota, Minnesota by the change." benefitted "I of report Commission or a with said Delof Dakota of that of all have have been examined great the deal "and of care, if I document had no information, an that would honest up a took never a on tion The claim. report an of upon attack honest thousands a as egate other source make homeste believe or filed as men acandalous in and man over think it to liable would Sparks Inter The Ocean: Portland Portland schools, of the able Prof. under Burrows, supervision a by his in are most efficient The reshould public and boy girl who of Hourishing assisted condition. fact, and should every avail offers. themsel those good who have a foran cognize this the time school by It fits fickle of life It can is beat apprecial changing his view. gives dependent or attach education the with post such that may the open to that rob adverse fortune creditors a of him means formellbood and over under almost of this, above pleasconstant of ure dull and hours. lonesome of Sundaste the Masasimore Evidential The Feb eligious or, The ruray Days, begins of Paulina: the of Story First Rome Apostles: Rev. Century," mayeratick, to be which Havening. promises interesting its and intertelle capital, Burmah of Mandalances. Miss acquired her Fanny continues "Dilettaith Days told travel, sketches delightful and pen of aeries very on attractive by papers Prof. W. Architects and Henry Ellioth our Sacred begins, Hustrat
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PERSONAL AND GENERAL. NOTHING has been heard from the overdue steamship City of Nassau, which passed out of the Delaware capes on Christmas morning for Jacksonville, Fla., and beyond doubt she is lost with all hands, seventeen in number, on board. PATTISON, late City Treasurer of Indianapolis, Ind., is short in his accounts over $100,000. Two hundred colored people were rendered homeless by a fire at Washington, D.C., on the 16th. AT a convention of Irish societies of Boston, held on the 17th. it was voted to have parade on St. Patrick's Day, but instead to have a lecture in the evening. THE cabin at the Ruby Trust mine on Mount Sneffles, Col., was carried away on the 17th by a snowslide, burying six men. A call was made on Ouray for help, but before the relief party arrived, the seven men who were fortunate enough to escape had uncovered those who were buried. Martin Pearson and Andy Pearson were killed outright, and the cook for the party, name unknown, was badly injured. CAPTAIN HAYWARD of the United States steamer Quinnebong, who only recently is joined that vessel in the Mediterranean, dead. AT Jersey City, N. J., on the 16th, Geo. H. Desque, a wife-murderer, was sentenced to be hanged March 26th. A MOB went to the jail at Vincennes, Ind., on the night of the 17th and took out Epps, the negro murderer, and hanged him to a tree. A DYNAMITE explosion at the Croton (N. Y.) aqueduct on the 16th caused considerable damage to property, but fortunately only one person was injured. DR. THOMAS W. KEENE, a member of the Virginia House of Delegates, fell dead on the floor of the House just after closing a speech on the 16th. ANDREA DE POLIDO, an Italian, killed his wife at New York on the 18th. The crime was the result of unfaithfulness on the part of the woman. THE standard silver dollars issued during the week ended the 16th amounted to $199,499. LONDON dogs are to be muzzled for a further term of sixty days. AT Danville, Ind., on the 18th, Stephen Campbell was convicted of murdering his wife. IT is said the British Government will introduce a bill in Parliament making boy. cotting a felony. THE Bank of Devil's Lake, Dak., at the place of that name, has suspended. THOMAS CAMPSIE, SR., and his wife were suffocated by coal gas at Adrian, Mich., on the 18th. Mrs. Campsie died and Mr. Campsie's li was despaired of. A DYNAMITE cartridge was exploded at the door of a police magistrate's residence at Orangeville, Ontario, on the 18th, causing great damage to the building, but fortunately injuring no one. COMPTROLLER CANNON will shortly resign to accept a position in a New York bank. EDITOR STEAD was released from prison at London on the 18th, and addressed a meeting of friends and sympathizers in the evening. STEERAGE rates from Europe to America have been raised to twenty dollars, an advance of five dollars. IT has been discovered that a girl named Collins, supposed to have died recently at Woodstock, Ontario, was buried alive. The community was greatly excited over the discovery. tank at Creston, on the 18th, killing two men verely Ia., A RENDERING scalding four others. exploded and sePRINCE ALEXANDER insists that Servia has no right to select the place for conducting negotiations for peace between Servia and Bulgaria. A WOMAN'S rights' convention is to be held at Washington, D. C., on the 17th and 18th of February. THREE HUNDRED men are thrown out of employment by a cave-in at the Tunnel colliery at Ashland, Pa. CHARLES DAVIS, colored, was arrested at Chicago on the 18th and taken to Indianapolis, where he is wanted for murder. A SENSATION has been created in London by the publication of Bismarck's letter to the Pope acknowledging the receipt of the decoration of the Order of Christ. BENJAMIN COOKSON, while trying to rescue his children from his burning residence at Greenbush, Me., on the 18th, was burned to death. PILOT JOE Davis was killed, and the fireman and others seriously injured by the explosion of the boiler of the tugboat Modoc at Pittsburgh, Pa., on the 18th. GEORGE HASLEL, the Englishman thought to have been murdered at Pittsburgh, Pa., has turned up, after having been robbed of $3,000 by his abductors. A LITTLE boy of Seward Applegate, a farmer living near Spotswood, N. J., who was bitten by a dog day before Christmas, died on the 17th with every symptom of hydrophobia. EBERSBERG, the noted Austrian playwright, who has been confined for two years past in the insane asplum at Dobling, near Vienna, died there on the 18th. FIVE members of the Hausmeyer family, at Tarentum, Pa., have died of trichinosis. The fifth, George, aged thirty, died on the 18th. The lives of the remaining members of the family are despaired of THE Senate Committee on Public Lands has authorized Senator Plumb to report back favorably the bill introduced by Senator Wilson, of Iowa, to quiet the titles of settler on the Des Moines River lands in the State of Iowa. Ara meeting in Exeter Hall, London, on the of the of Pall Mall was the evening Gazette, 18th, Mr. Stead, presented editor with a purse of $565, which had been sub-
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FAILED TO OPEN. The Bank of Devils Lake Closes All Its Doors. History of the Firm of Stone. Ferris & Corsett. And Some of Their Personal Characteristics. Corsett Taken Into Custody and Into Court. PRELUDE. Bank of Devils Lake, the pione institution of this its last Saturday financial The doors evening, city, reopened closed and will probably never be of for business. The not yet they the again suspension are real known causes has en- to the public. The INTER-OCRAN but has deavored to get at the facts, than failed to discover anything more "surface indications." Cashier Corsett, he inby the advice of counsel, will not At this writing he is under an examination on 8 before Justice charge going terviewed. Wishart. criminal subject Any he posessor on the bank's condition the to until such time as of information him the keep law pormits his attorneys will allow him to speak Briefly stated, it is the prevailing that the bank was in a bad con dition, opinion owing chiefly to the failure of its proprietors to take up their over-due Notes given by Mesers. Stone, paper. Ferris & Corsett, respectively, for $8000 an aggregate sum of from $6000 to bank's are said to be part of the These notes are be in what sums cannot payments, assets. doll rs overdue, yet them but have been made upon cause assigned for fact that there have stated, is Another the the been The failure cash overopen accounts. said Monday morning ier drafts upon that & he Ferris expected remittances from Stone they the two last days of last week, but did not come. Ferris, in an interview, Stillstates that he sent his check on but bank for $500 on Monday, was too late to avert water that the calamity. property Stone has no unencumbered here, and claims that he had but $500 interest in me nank. 1884. sold out his interest in October, not has some property, but He a deal over his be great Corsett he exemptions. will states that erything he has Some up- of plied to paying the creditors. be exhis personal property that would made empt from execution has been crediover to some of the most needy the Ferris 18 the only member of tors. firm who has any considerable covered amount of property, and that is now with attachments. Ferris' property The to be worth of the bank are estimated liabilities $10,000. considerable more Hian this amount A in of securities/is believed to bank vault, but there is no amount double the proba- be The of there being much money. are scattered creditors bility everywhere, being in this the greater number of them J. L. The largest depositor was & city, Judd, $3200; then comes Wagness $694; Stade with $1400: Hope Bros. Doll, Brunelle, $780; W. A. T. C. Saunders, $500; William $627; Cleveland, Converse $500; & $500; Garner & B. J. McIntire, $400 Stephen DeNoyer, Son, Becker, W.J. Palmer, about others Catharine in and a large number of sums. Thirty-fo have been filed. No each, in smaller all attachments matter be, how it or how small the eums may of is blow to the depositors, and many smaller creditors will large the feel it who most. merchants of the city are the loosers have embarassment. among temporary The sustained There be have only and there will none. have been that Telegrams been no failures, received cast from wholegale merchants in the credit will be extended if necessary Business will go on as usual. THE OTHER LANKS. The First National and the North Shore banks were well prepared Monday to meet heavy run but none Depositors for the most part away from the remained morning occured. banks, ability and even inquire into their This was sensible. to in the country could pay did few pay. banks not But notice. very all their depositors in day without Both of the banks here were prepared evenmeet all demands by Tuesday to ing, having drawn upon their reserves in St. Paul. STONE, FERRIS & CORBETT Oscar B. Coreett, cashier of the defunct bank, came to Dakota from KalaMich., in 1881. He made Grand 1883, mazon, Forks his home until the spring of when he came to Devils Lake with hundreds of others to make a town. Stone & Ferris were also residents of Granu First Forks, Stone being president of the Ferris National bank of that place and a partner in the firm being Arm-trong, wholesale Co. liquor Stone of Bushee & in became associated together 1883, in the real estate with ing & March, Ferris business, headquarters and at bank- Dev- con They entered into a the Devils tract ils Lake. with Lake townsite and company to build twenty stores residences. They were to receive as con-
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THE bank of Devil's Lake, Dakota has suspended. It is a wonder that it has struggled along till now with such an uncanny name.
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Receiver Appointed. Judge McConnell of Dakota at the request of Attorney John Maher, the22nd appointed Reuben Noble receiver of the failed Bank of Devils' Lake. Attorney Maher repre sents claims to the amount of $18.000.
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Receiver Appointed. Judge McConnell of Dakota at the request of Attorney John Maher, the 22nd appointed Reuben Noble receiver of the failed Bank of Devils' Lake. Attorney Maher repre sents claims to the amount of $18,000.
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General News Notes. Gov. Larrabee of Iowa has reinstated auditor Brown. Four thousand more coal miners at Irwin, Pa., threaten to strike. Experts think the damage to Florida's fruit interests will not exceed two million dollars. Reuben Noble, appointed receiver of the Bank of Devils Lake, Dak., has furnished bonds in $10,000 and qualified. Seven brothers in Missouri became raving crazy from losing their money in a bogus silver mine, and all were sent to an asylum. The testimony in the will case of the late Wilbur F. Storey, of the Times, shows that he was scarcely of sound mind when it was signed. The Prohibitionist movement for the impeachment of Judge Kayes of Muscatine, Iowa, will probably result in his renomination and re-election. During the recent session of the South Carolina legislature ten new railway companies were incorporated. These have all received liberal charters and are preparing to begin work. Ex-Gov. B. F. Gue of Des Moines is formulating plans for a rennion of all the liv. ing old legislators of the state of Iowa, the reunion to be held in Des Moines some time during the present winter. S. Corning Judd, one of the trustees ol the Chicago Episcopal Theological seminary, says there is no truth in the report that the Neshota (Wis.) seminary is to be merged in the Chicago establishment. A wonderful meteoric display was recently observed in the Adriondacks. The meteor resembled a ball of fire as large asa barrel, followed by a luminous tail several yards in length, emitting continuous puffs of smoke. The business men of Rapid City, Dak., have organized a milling company, capital sixty-thousand dollars; a gypsum company, capital fifty-thousand dollars, and a street railway company with a capital of onehundred thousand dollars. The jury in the Hopkins-Campbell libel case cameinto court at Fargo after being out for forty hours, and asked for farther instruetions. They weregiven the desired information and again retired. Later they brought in a verdict for the defendant. Moody, the evangelist, wants a largesum of money for Christian work in Chicago. He said: It can never be done with the places of worship and prayer closed six days out of seven. What you want in Chicago is this: First-$250,000. Put50,000 of it into small places of worship all over the city. Put the other $200,000 on interest to make a suporting fund. The grand jury of Brown county, Dak., returned indictments against nearly every saloon keeper in the county. Several cruggists are included. In Aberdeen thirteen saloonists and gamblers and all the keepers of houses of ill-fame were indieted. Groton has three, being saloon keepers charged with keeping gambling rooms, Frederick four or five and Columbia some six or seven indicted parties.
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THE BANK FAILURE. Receiver at Work-Approximate Condition of the Bank. The bank failure has continued to be the sensation from day to day since the last issue of the INTER-OCEAN. When we went to press last Friday evening there was a street rumor that a receiver had been appointed, but the report could not be traced to any reliable source. John W. Maher, attorney for of the to for the purpose seventeen Fargo Thursday creditors, went of hav a receiver appointed.. necessary Saturday ing evening with the He returned documents, Ruben Noble Jr. being named as the receiver. A demand was immediately made of the sheriff for the keys of the bank, but think officer re fused to deliver them until beaud been given an opportunity to examine the papers. Monday morning the keys were turned over to Receiver Noble, who took charge of the bank. An examination of the document shows that Mr. Maher went to Fargo armed with the affidavit of J. B. Eaton setting forth that the bank was wholly insolvent; that numerous papers belong ing to the bank were in the hands of McGee & Morgan, attorneys for the bank; that they (McGee & Morgan) had turned over to the holders thereof about $5000 worth of notes placed with the for & Stade bank (Mr. collection; Wagness that being Wagness sheriff) had attached the property of the bank, and that the assets were in danger of being rapidly dissipated if McGee & not was supling the same. Morgan were This estopped affidavit from handwith the F. Carruthers to the same plemented affidavit effect, with of J. the additional allegation that the bank had sent away its steel vault two months prior to the failure and that the doc uments and valuables of the bank had been,during that time, carried to the & at the of business away office each of day's McGee Morgan and taken close each morning. Accompanying these aftidavits was the bond of Ruben Noble Jr. with P. De Fiore, A. Hope, C. S. Converse, T.T. Lee, and Wm. Brunell as sureties in the sum of $10,000. Miller & Greon of Fargo were employed by Mr. Maher. as associate counsel in the case. A complaint was then drawn with the following plaintiff.: T. T. Lee, Hope Bros. A. H. Maynard & Co., F Carruthers, P. Da Fioro A. M. Powell, S. Converse & Son. J. J. Bell. Wm. Hynes, R. Oleson, S. L. Wineman, A. Roberts, W. A. Doll, James Sullivan. A. all Catherine Stephen DeNoyer, Becker, of Arsland whom and had attached the bank property through Attorney Maher. The defendants in the case are H. G. Stone, A. M. Ferris, and O. B. Corsett, copartners as Stone, Ferris & Corsett and as the Bank of Devils Lake; Eaton & Higbee, L. Council, C. C. Ellis, Garner & Cleveland, Wm. Hurst, Win. Brunelle, J. W. Palmer. Woodward Bros., M. J. McGreig it, Zunich, coroner, Ever Wagness, sheriff, A. Taylor, Wagness & Stade, B. J. McIntire, J. L. Judd, T. C. Saunders, A. Ouelette, John Halverson, J. H. Hover, and McDonald & Ensign. The defendants are cited to make within days of The prayer comservice, answer etc. thirty from of the date that the proceeds the be to the payment assets plaint is, first, applied of of the costs and fees of to the payment expenses, and, second, the accordance receiver, of the claims of the plaintiff in with their respective rights. Cashier Corsett gave Receiver Noble the combination of the vault Monday afternoon, and the work of examining the books and papers was begun. McGee went to Fargo Monday and to Judge McConnell for an order the applied suspending functions show of the receiver until an order to cause could be heard. Judge McConnell held that the receiver being under heavy the order being day) no harm come Saturday bonds and (to could returnable Mr side in that brief period. left for be to McGee either Fargo yesterday made to to present when the return is day on the order appointing a receiver. The statutes relating to attachments are very clear. Any effort which may be made in the direction of attack ing the priorty of attachments will doubtless fail. So far as the copartnership of Stone, Corsett is concerned, the atwith whom we torneys Ferris has have been talked fully agree that it is and ab
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THE BANK MUDDLE. The Latest Phase of a Complicated Affair. Last week the INTER-OCEAN gave the details of the proceedings before Judge McConnell which resulted in the appointment of a receiver for the defunet Bank of Devils Lake. In order that our readers may fully understand the legal movements made in the case since the last issue of this journal, it will be necessary to give a brief resume of its preliminary features. Anorder, based upon affidavits made by certain of the bank's creditors, was issued out of Judge McConnell's court at Fargo at the instance of the attornev of those creditors providing for the appointment of a receiver. and requiring the sheriff to turn the property over to the said receiver. J. F. McGee, the attorney of certain other creditors holding early attachments against the bank property, went before the court and claimed that the order appointing the receiver had been obtained 1 through false representations and false affidavits. Judge McConnell said he would give Messrs. McGee & Morgan sufficient opportunity to substantiate their statement, and if it was substantiated he would take such action as the exegencies of the case and the dignity of the court demanded. Mr. McGee appeared before the court last Saturday with the affidavits of various interested persons in Devils Lake, among them the affidavit of T.C. Saunders, clerk of the court for Ramsey coun7 ty, setting forth that the affidavits of Jas. B. Eaton and J. F. Carruthers reciting that Shoriff Wagness was one of the 1 attaching creditors of the bank, were 1 false, as shown by the records of the court in this city. Whereupon Judge McConnell issued an order removing the receiver and replacing the bank property in the hands of the sheriff. The court also directed Mr. McGee to frame an order citing John W. Maher to show cause on the 4th day of April, 1886, at the court house in this city, why he should not be disbarred and his license as an officer and attornoy canceled. This latter order is based upon the following a gounds: 0 First, for presenting to Judge McConnell "a complaint signed by Maher as r attorney setting forth facts which, if true, would anthorize the appointment of a receiver," and on which complaint the judge was induced to make an order appointing the said receiver, "when he (Maher) knew, or could have learned by Inspecting the records of the office of the ) clerk of the district court of Ramsey county, that the material allegations in said complaint were false and without any foundation in truth or fact." Second, for repeating orally to the judge "the falso statements contained in the said complaint and in the affidavits of the said Eaton and Carruthers; and, further, for imposing upon and decoiving the court in the matter of the ap. pointment of a receiver." Tne order relieving the receiver and turning over the property to the sheriff e was executed Monday evening, the sheriff s taking charge. FIGURES. The News-Democrat, which last week declared that the bank's assets are worthless, charges the INTER-OCEAN with : having inflated the assets. The INTER, OCEAN simply gave the statement made t by Mr. Corsett and verified by Receiver Noble. We did not indorso the statement editorially or misquote Mr. Noble, e but it will require a better affidavit than the kind which are manufactured in the News-Democrat office to convince the public that the statement is not true, or approximately NO.
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Stone in a Stew. Horace Greeley Stone, quite well known in this city on account of his connection with the defunct Bank of Devils Lake, is again in hot water. The Stillwater, Minn., Gazette of the 16th has the following reference to Mr. Stone: It was reported in last Sunday's St. Paul Globe that H. G. Stone, self-styled assistant receiver of the Car company, would resign his position on the 15th inst. We understand from a very reliable source that his discharge was requested by a majority of the creditors of the company, and the request was granted by Mr. Brown, the receiver. Stone, as near as we can ascertain, has a very unenviable record. His transactions at Grand Forks, and his connection with a bank at Devils Lake, D. T., are very well known in newspaper reports in and around Devils Lake; that judgments to the amount of $12,000 have been entered up against him and his co-operators in the bank failure. The principal creditors and stockholders in this locality are very much pleased that he is no longer connected with the management of the Car company affairs. In regard to his trip east, where he is supposed to go to perfect a reorganization of the concern, we understand he has been subpoenaed to attend court here on the 26th inst., and will be given an opportunity to explain some statements made to eastern creditors, and those also lately published in St. Paul and Minneapolis papers.
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WHAT GRAND FORKS PEOPLE WERE DOING THIRTY-FIVE YEARS AGO From Herald. January 18, 1886. Some sensation was caused in business circles by the closing of the Bank of Devils Lake and the suspension of payments. Severa 1 Grand Forks concerns, including The Herald. holding cashier's check, suffered losses. The liabilities of the bank were said to be $25,000. O. B. Corsett was cashier. but was not blamed by the public. Most blame was placed on H. G. Stone, the vice-president, who with the president, A. M. Ferris, was employed in St. Cloud. Hans Midboe and wife were murdered at Park River, according to advices received here by Dr. H. M. Wheeler and C. P. Trepanier. Rev. Arthur L. Gillette delivered a sermon at the Congregational church on "Will Power." James Thurber, while hauling ice from the Red river, nearly lost a $400 team of mules owned by W. S. Little when they crashed through a hole. The team was rescued and taken to the barns where one of the animals kicked and severely injured Thurber while he was blanketing and rubbing it. George Griffith. engineer on the Ontario Store delivery wagon nearly had serious accident at the corner of Third street and DeMers avenue