Article Text
A Bank Failure. W ASHINGTON, July 18.--The comptroller of the currency has received notice of the suspension of the First National bank of Minot, N. D. The capital of the bank is $50,000.
12467. First National Bank (Minot, ND)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 4009
- Charter Number
- 4009
- Start Date
- July 18, 1896
- Location
- Minot, North Dakota (48.233, -101.296)
Metadata
- Model
- gpt-5-mini
- Short Digest
67982649
Response Measures
None
Receivership Details
- Depositor recovery rate
- 26.0%
- Date receivership started
- 1896-08-12
- Date receivership terminated
- 1899-10-30
- OCC cause of failure
- Excessive lending
- Share of assets assessed as good
- 17.8%
- Share of assets assessed as doubtful
- 52.5%
- Share of assets assessed as worthless
- 29.7%
Description
Multiple contemporaneous newspaper dispatches report the First National Bank of Minot suspended (Comptroller received notice, July 18, 1896) and a receiver was subsequently appointed (Joseph Roach, Aug 12, 1896). No articles describe a depositor run prior to suspension. The bank was placed in receivership and wound up over the following years (receiver replacements and legal actions through 1898), consistent with permanent closure.
Events (9)
1.
April 13, 1889
Chartered
- Source
- historical_nic
2.
July 18, 1896
Suspension
- Cause
- Government Action
- Cause Details
- Official notice received by the Comptroller of the Currency that the First National Bank of Minot had suspended operations; suspension reported to federal regulator.
- Newspaper Excerpt
- The comptroller of the currency has received notice of the suspension of the First National bank of Minot, N. D. The capital of the bank is $50,000.
- Source
- newspapers
3.
August 6, 1896
Other
- Newspaper Excerpt
- the suspension of the First Na bank at Mintot, N. D., $54,000 of deposits are tied up. Of this amount ... said the total assets of the bank to about $90,000, of which portion is covered by gilt-edge ... (OCR corrected: Minot).
- Source
- newspapers
4.
August 12, 1896
Receivership
- Source
- historical_nic
5.
August 12, 1896
Receivership
- Newspaper Excerpt
- Jos. Roach of Northfield, Minn., has been appointed receiver of the First National Bank, Minot, N. D., by Acting Controller Coffin.
- Source
- newspapers
6.
March 25, 1897
Other
- Newspaper Excerpt
- St. Paul ... H. F. Salyards, president of the First National bank, of Minot. Salyards is charged with aiding and abetting in making false entries in the bank books.
- Source
- newspapers
7.
February 4, 1898
Other
- Newspaper Excerpt
- before any action would be taken towards the removal of Receiver Roach from the First National Bank of Minot, a bank examiner will be detailed to make an inspection of the affairs of the bank. Maj. Edwards ... in the interest of Maj. Murphy's candidacy for receiver of the Minot bank.
- Source
- newspapers
8.
July 1, 1898
Other
- Newspaper Excerpt
- Controller Dawes has appointed F. Robinson of West Virginia receiver of the First National Bank of Minot, to succeed the present receiver, resigned.
- Source
- newspapers
9.
July 8, 1898
Other
- Newspaper Excerpt
- After a careful review ... he is convinced that the trust should be closed in from sixty to ninety days. He has therefore determined to send a man from his office, with instructions to close the business and make a final dividend.
- Source
- newspapers
Newspaper Articles (20)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Business Failures. Chicago, July 18.-The Schaefer Plano Company has assigned to F. F. Jennison. No statement of assets and liabilities was filed. The failure of Schaefer was, It is said, the direct result of the failure of the Hallett & Davis Company yesterday. The Schaefer company mapufactured planos and most of their product was handled by the Hallett & Davis Company. The Schaefer Company in selling goods to the other concerns took the notes of the Hallett & Davis Company and used the notes in purchasing material and supplies for its manufacturing business. The Schaefer Company thus became liable on the notes of the Hallett & Davis Company. Those connected with the Schaefer Company place the assets at about $85,000, and the liabilities about $230,000. Boston, July 18.-The Hallett & Davis Plano Company assigned today on account of the failure of the western agents, who owe the company a large amount of money. The liabilities are $175,000. the assets double that amount. Harrisburg, Fa., July 18.-A receiver was today appointed by Judge Simonton for the Middletown Car Works at Middletown, Pa., one of the largest Dauphin county industries. Until the creditors are paid the affairs of the company will be under the supervision of the court. Washington City, July 18.-The comptroller of the currency has received notice of the suspension of the First National bank of Minot, N. D. The capital of the bank is $50,000. Philadelphia, July 18.-Henry 8. Smith, trading as the Historical Publishing Co., has made an assignment. The liabilities will reach $100,000; estimated assets, $300,4 009.
Click image to open full size in new tab
Article Text
National Bank Suspends. WASHINGTON, July 18.-The Controller of the Currency has received notice of the suspension of the First National Bank of Minot, North Dakota. The capital of the bank is $50,000.
Click image to open full size in new tab
Article Text
1201 RIE Minot Bank Closed. WASHINGTON, July 18.-The comptroller of the currency has received notice of the suspension of the First National Bank of Minot, N. D. The capital of the bank is $50,000.
Click image to open full size in new tab
Article Text
Bank Suspension at Minot. W ASHINGTON, July 21.-The controller of the currency has received notice of the suspension of the First National bank of Minot, N. D. The capital of the bank is $50,000.
Click image to open full size in new tab
Article Text
Bank Suspension at Minot. WASHINGTON, July 20.-The controller of the currency has received notice of the suspension of the First National bank of Minot, N. D. The capital of the bank is $50.000.
Click image to open full size in new tab
Article Text
Great Northern and a Japanese company for a line of steamers between Seattle and Tokio. New York bankers say they will stand by the government for the protection of the gold reserve. They deprecate excitement and alarm. The comptroller of the currency has received notice of the suspension of the First National bank of Minot, N. D. The capital of the bank is $50,000. The Schaeffer Piano company, Chicago, has assigned. The failure was, it is said, the direct result of the failure of the Hallet & Davis company in New York. The army worm is working havoc in the oats 10 miles south of Madison, Wis. It is prevalent in Oconto, Marinette and Waukesha counties. Similar reports come from portions of the Red River valley and Eastern Minnesota. Exports of wheat (flour included as wheat) from both coasts of the United States and from Montreal last week amounted to 2,963,000 bushels, against 2,167,000 bushels last week and 1,652,000 bushels in the corresponding week las yeart. Burglars robbed the Catholic church of Macon, Mo., of its silver communion service and other valubles.
Click image to open full size in new tab
Article Text
Northwestern Railway company incorporated. The road wil from Cleveland to Hudson, and the Cleveland, Akron & Co road an entrance into Cleve Thoesen and Stephen Cali prominent farmers, got into ai at Burdick, Ind., and th stabbed Thoesen several times may die. Calichuch is still a is a well-defined rumor afloa Nebraska will present anothe for presdent. J. Sterlin secretary of agriculture, i for the gold democratic can Pierson, in a fit of insanity a Falls, Ia., slashed the throats o father and mother and the his own neck. The father wa riously hurt, but the mother an die. Vorden, the railroad strike with wrecking the railwa near Sacramento two years ag ereby causing the deaths of En Clark and three United State must hang. speeding trucks adapted to th locomotive trucks invented b Holman of Minneapolis, wer on the tracks of the South Jerse and a speed of 94 11-12 mile ttained in a run of 12 1-8 miles. for Dakota harvest hands ar and $2 a day, but in many sec farmers are unable to get help. I that 100 men could find la once along the line of th western railway in Spink county saw mills of the Northwester company at Eau Claire and a ville and Stanly have closed, ow the dullness of business. Th mills are expected to follow suit democrats of Grand Forks coun D., nominated candidates for th ticket. The candidates are Hans Anderson; auditor, G. I clerk of court, C. H. McManus ntendent of schools, Miss Ann Hurley, Wis., fire originated in varehouse, which was destroyed with Uhlman's sale stable saloon, Harrigan's dyehouse boarding stable, Brown's ware and a number of other smalle Peterson committed suicid Windsor hotel, Des Moines. Sh daughter of Mrs. Annie E proprietor of the hotel. The ao he result of a quarrel with he William Peterson. She too Pettigrew of South Dakot caller on Governor Holcomb an populist leaders. He was warm While awaitng an audi with Governor Holcomb, Senato said: "Things are lookin for Mr. Bryan." Hallam, a well-known Arkansa and author of The Diary of a shot and fatally wounde A. Forbes, one of the mos Baptist ministers in th who is at present pastor of at New Lewisville, Ark. Brown and Samuel Miller wer killed in the Wood county field, and C. E. Clark fatall by the explosion of a boile pumping a well. Clark wa agineer and Brown and Mille to be passing at the time. the suspension of the First Na bank at Mintot, N. D., $54,000 o are tied up. Of this amoun belongs to the city and county said the toal assets of the banl to about $90,000, of which portion is covered by gilt-edge
Click image to open full size in new tab
Article Text
Receiver Appointed. Jos. Roach of Northfield, Minn., has been appointed receiver of the First National Bank, Minot, N. D., by Acting Controller Coffin.
Click image to open full size in new tab
Article Text
BRIEF BITS OF NEWS. Less than 1,000 people saw the base ball games of the Western league Tuesday. An English writer holds that "free silver would be the beginning of the end for the United States." The Spanish government is inviting tenders in England for the construction of a floating dock at Havana. Colonel Dick Thompson, the noted Indiana politician, while sitting in his yard was overcome by the heat. Li Hung Chang received an arbitration deputation at London and expressed cordial sympathy with the objects of the association. Dr. A. C. Hickey. aged 65, one of the pioneer organizations of the Grand Army of the Republic, died of heart disease at Kingston, Ont. Mollah Reza, who assassinated the late shah of Persia in May last, was hanged at Teheran in the presence of an immense concourse of people. Deputy Comptroller Coffin has appointed Joseph Roach of Northfield, Minn., receiver of the First National bank of Minot, N. D., recently failed. In the International yacht races at Cleveland, Canada finished first in the 46 foot class, Vivia was first in the 40foot class, and Sybil won the 25-foot class. The entry building at the Iowa state penitentiary at Anamosa was destroyed by fire, including a large library of 3,000 volumes. Loss is estimated at $20,000. E. S. Sanborn & Co., of Lynn, Mass., manufacturers of ladies shoes, have suspended. Liabilities are placed at $75,000; assests between $50,000 and $60,000. Judge Wellborn of the United States circuit court has rendered a decision declaring that the government can fix rates for transportation of troops, mails, etc., over any road. It is believed that the government will save from $45,000,000 to $50,000,000 a year if the decision is sustained.
Click image to open full size in new tab
Article Text
CONDENSED NEWS, Gathered From All Parts of the Country by Telegraph. The democrats of the First congressional district of Missouri, Tuesday nominated Richard P. Giles, of Shelby county, on the first ballot. The mercury at the weather bureau in Detroit only climbed as high as 87 Tuesday. At 8 o'clock Tuesday night it was at 82 and was slowly falling. Acting Controller Coffin has appointed Joseph Roach, of Northfield, Minn., receiver of the First national bank of Minot, N. D., which failed two weeks ago. Maj. George Foster Robinson, paymaster, was placed on the retired list of the army Wednesday, having reached the statutory age limit of 64 years. The hot wave which for 16 days has spread over Kansas City was broken by a rain and the temperature which at three o'clock stood at 96 has dropped to normal. The Kansas republican convention Tuesday nominated E. N. Morrill for governor by acclamation. T. J. Garver was nominated for chief justice on the third ballot. During a thunderstorm Tuesday afternoon S. B. J. Bryant and five-yearold daughter were struck by lightning and killed at his home, one mile north of Rogers, Ark. All chartered banks in Halifax, N. S., announce that beginning next Monday they will charge a discount of five per cent. on American currency at all their offices in maritime provinces. With a view to fusion on the national electors and state officers as well, three parties-democratic, populist and free silver republicans-hold state conventions in Ellensburg, Wash., Wednesday. The single gold standard democrats held a conference at Richmond, Va., Tuesday night, and issued a call for a state convention in this city August 26, for the purpose of electing delegates to the Indianapolis convention. North and Taylor, private bankers, who did business at 959 West Madison street, Chicago, suspended Tuesday. The bank's depositors are workingmen, and the total amount of their savings is placed at $100,000. The firm had a capital of $50,000. All moveables have been transferred from the steamer St. Paul, which grounded on Sunday night last, at Monterey, Cal., and the steamer will be abandoned. The underwriters' inspector states that there is no prospect of saving the hull or machinery. Cashier W. G. Peters, of the Columbia national bank, Tacoma, Wash., charged with falsifying the books and appropriating the funds of the institution, was found guilty. President Henry Oliver, of the Columbia national bank, who is under indictment for embezzlement, will be tried in February next. Mollah Reza, who, on the afternoon of May 1, assassinated Nazr-Ed-Deen, shah of Persia, by shooting the monarch with a pistol as he was entering the inner court of the shrine of Shah Abdul Azim, near Teheran, washanged for his crime Wednesday morning. Immense crowds of people witnessed the execution of the assassin.
Click image to open full size in new tab
Article Text
MINOR ITEMS OF INTEREST. The Spanish government is inviting tenders in England for the construction of a floating dock at Havana. Li Hung Chang received an arbitra. tion deputation at London and expressed cordial sympathy with the objects of the association. Dr. A. C. Hickey, aged 65, one of the pioneer organizations of the Grand Army of the Republic, died of heart disease at Kingston, Ont. Mollah Reza, who assassinated the late shah of Persia in May last, was hanged at Teheran in the presence of an immense concourse of people. Deputy Comptroller Coffin has appointed Joseph Roach of Northfield, Minn., receiver of the First National bank of Minot, N. D., recently failed. In the International yacht races at Cleveland, Canada finished first in the 46 foot class, Vivia was first in the 40foot class, and Sybil won the 25-foot class. E. S. Sanborn & Co., of Lynn, Mass., manufacturers of ladies shoes, have suspended. Liabilities are placed at $75,000; assests between $50,000 and $60,000.
Click image to open full size in new tab
Article Text
BRIEF BITS OF NEWS. The British yacht Valkyrie III, from New York, on July 15, has arrived in / the Clyde. The Second California district Republican convention has renominated Grove L. Johnson. The American Philatetic association is holding a convention at Hotel Lafayette, Lake Minnetonka. Democrats of the Third Minnesota congressional district have nominated H. J. Peck of Shakopee. Floods are doing terrible damage in China. In many places entire towns and villages are submerged. Miss ( ena Rose, a young woman 24 years old, is in jail at Mansfield, O., charged with killing her father, mother and brother with poison. Deputy Comptroller Coffin has uppointed Joseph Roach of Northfield, Minn., receiver of the First National bank of Minot, N. D.. recently failed
Click image to open full size in new tab
Article Text
Sparks from the Wires. Major James C. Worthington, of the U. S. A., died at Louisville, Ky., aged 43. Chairman Holt, of the Indiana Democratie committee, says the free silver men will carry the State by 40,000. A dispatch to the London Daily Telegraph from Rio Janeiro says that the Frias Hermanos, engaged in the cattle trade, have failed with $3,000,000 liabilities. Deputy Comptroller Coffin has appointed Joseph Roach, of Northfield, Minn., receiver of the First National Bank of Minot, N. D., which recently failed. The ratification at Columbus of the Republican ticket and opening of the Ohio campaign was a stupendous affair. It was under the auspices of the State Executive Committee and the Ohio League of Republican Clubs, and there was an immense influx of organized clubs and adherents to the party from all over the State. The features of the day were a parade and a mass meeting under a mammoth tent. Senator Sherman presided and Senator-elect Foraker and Gen. Stewart L. Woodford of New York were among the speakers. Among the passengers on the steamship Peru, which arrived at San Francisco from Yokohama and Honolulu, was Mrs. Sanford B. Dole, wife of the president of the Hawaiian republic. The steamship Etruria of the Canard line, while passing Liberty Island, New York harbor, out bound, struck and sunk a grain elevator. Those on board the elevator were picked up by a tug. According to mail advices from the Orient, the commercial treaty between Japan and Germany has been approved by the privy council. The exchange of ratification, and the subsequent publication of the treaty are expected to take place within sixty days.
Click image to open full size in new tab
Article Text
$258,883 02 In the various suspended banks of the state the treasurer has $65,772.91, as followe: Citizens National bank, Fargo, 847,801 93 30 Grand Forke National bank 9,712 Second National bank, Grand 3,124 95 Forks 2,866 64 First National bank, Minot First National bank, Minot, draft deposited, payment stopped and now in litiga2,267 09 tion Treasurer Nichols says: Each of the above depositories have given bonds to the state of North Dakota for double the amount of deposit, which, in every case is ample security for the amount asked for. I have carefully investigated the bonds of the suspended banks, and am satiefied that the state is well secured and will receive every dollar that is due. SENATE. Among the new bills introduced in the senate yesterday was by Greene: Prescribing duties and obligation of herders. Marshall, providing that pledgee can sell collateral in default. Enger, giving three representatives to sixteenth district, consisting of Steele and Grigge counties. Dunlop, repealing the office of oil inspector. Strom, requiring one-third the available school funds to be invested in farm mortgages. Dunlap, 120 oil test. Haggart, $2,000 for advertising school land leases. House bille passed: Amending the good time law of convicte; allowing witnesses awaiting trials 50 cents 8 day; Twitchel's bail on appeal; Francis' challenges of jurore rec. ommended by judiciary. Little's, counties to pay for transporting conviots and ineane, WAS lost. The one hundrad thousand dollar irrigation memorial was lost. Senate refused to concur in Creel's armory bill. HOUSE. The resolution to investigate the gambling and liquor selling at Bismarck created a good hot debate in the house yesterday. There was bitter opposition to the report, Cole and Hankinson leading. It was alleged by several that there are open violations of the law in Case Richland Weleh and Footer conn.
Click image to open full size in new tab
Article Text
BANK INVESTIGATION. St. Paul, March 25.-A Bismarck, N. D., special to the Pioneeer Press, says: The banking methods of some of the suspended National banks of the state are being investigated by the grand jury now in session. Two indictments have already been found, one against Lee Booker, exstate treasurer and president of Grand Fork's National bank and the other against H. F. Salyards, president of the First National bank, of Minot. Booker is charged with making false returns to the comptroller of the currency. He was arraigned and pleaded not guilty and was held for trial in $5,000 bond. Salyards is charged with aiding and abetting in making false entries in the bank books. He pleaded not guilty and was held in $6,000 bond for trial. The indictment of Booker came as a great surprise to his friends throughout the state. He was state treasurer for three years, entering office in 1894 and has always taken an active part in state politics.
Click image to open full size in new tab
Article Text
Action on a Note. Joseph Roach, as receiver of the First National Bank of Minot, has commenced action against H. F. Salyards to recover $1,000 on a note given the bank. E. M. Prouty & Co. have been garnisheed in connection with the case and a writ of attachment has been issued.
Click image to open full size in new tab
Article Text
Receivers of North Dakota Banks. Washington special says: Senator Hansbrough and W. B. Woods of Grand Forks, called on the controller of the currency in the interests of the latter for the appointment as receivor of the First National Bank at Grand Forks. It is probable that Mr. Woods will receive the appointment. This is one of the few candidates for office in North Dakota who has received the joint indorsement of Senator Hansbrough and Representative Johnson. The controller of the currency said that before any action would be taken towards the removal of Receiver Roach from the First National Bank of Minot, a bank examiner will be detailed to make an inspection of the affairs of the bank. Maj. Edwards of Fargo, who has left for home, was here in the interest of Maj. Murphy's candidacy for receiver of the Minot bank. Maj. Murphy is indorsed by Representative Johnson and will probably secure the place.
Click image to open full size in new tab
Article Text
STATE NEWS. Three burglaries in one night took place at Island Park in Fargo. Washburn will have an appropriate celebration of the fourth of July. James Maloney of Minto died at Jamestown suddenly of apoplexy. Henry Erickson of McHenry county is a candidate for railroad commissioner. An electric line will be built from Devils Lake to the Chautauqua grounds. The Fairmount roller mills were destroyed by fire. The loss is $7,500 with insurance of $6,000. Grand Forks county primaries take place next Saturday and are exciting much interest among republicans there. Geo. Barron of Pembina shipped a car of wheat during the recent bulge in price and received a little over $1,000 net. The Devils Lake kidnappers, who tried to abduct an enforcement league detective, have been held for trial in the district court. At Sverdup in McLean county a boit of lightning struck in the midst of a herd of cattle and seven head of fine cows were killed. The state editorial association meets at Wahpeton July 18 and great pains will be taken by people there to give the editors their fill of pleasure. Jamestown Alert: Hamilton Fish, Jr., killed in the engagement near Santiago last week, was a cousin of Sam and Irma McGinnis of this city. Lightning struck a church that was being dedicated at Minnewaukan and one end of the building was torn out. Two persons were instantly killed and a number of others injured in the ensuing panic. At Grafton it is estimated there were 100,000 acres of grain damaged in Walsh county. most of it thought to be a total loss. The hail was terrific in places. Wherever the storm struck with full force the crops are a total loss. Joe Gilmore, the Minot mail carrier who was shot by Fred Carrow, has died and Carrow is held at Washburn for murder. His preliminary examination will be held at that place July 6. The state is represented by Assistant Attorney General Philbrick. Controller Dawes has appointed F. Robinson of West Virginia receiver of the first National Bank of Minot, to succeed the present receiver, resigned. Mr. Robinson has been doing some work for the controller in his own state, and as the affairs of the Minot bank can be wound up with in two or three months, it was determined to send him there rather than appoint a new man, who might delay final settlement by reason of unfamiliarity with the work. 0 Reports from Park River state that f the storm of last Thursday was wide spread and very destructive to crops and buildings, a strip of about four miles wide starting as near as can be learned at the western edge of Walsh county ran through the entire county apparently spreading out wider toward the Red river. Many farmers have lost their entire crops and buildings have been very badly damaged. The escapes with life were many and close. Resulte over the entire county will not be known for a couple of days yet, but it is though that the losses will be larger than im agined by anyone. The hail insurance companies have been doing a good busi ness near Park River and many of the farmers will partially recoup their losses f in this way. This is the first time tha the Park River country has met with loss of this kind and Walsh county never saw as destructive a storm.
Click image to open full size in new tab
Article Text
will Send a Man. F. W. Robinson of West Virginia, who was offered the receivership of the First National bank of Minot, has declined the position because of the short time he will be employed. Controller of the Currency Daws has received a number of applications for the place. After a carefull review of the situation with reference to the trust in connection with the report of the special examiner, he is convinced that the trust should be closed in from sixty to ninety days. He has therefore determined to send a man from his office, with instructions to close the business and make a final dividend.