12641. Bank of Wahpeton (Wahpeton, ND)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
June 12, 1889
Location
Wahpeton, North Dakota (46.265, -96.606)

Metadata

Model
gpt-5-mini
Short Digest
2a659338

Response Measures

Full suspension

Other: Assigned to an assignee (J. W. Blanding) and later a receiver (B. L. Bogart) was appointed; assignee initially expected to liquidate and pay depositors in full or near full.

Description

Contemporary reports (June 12, 1889) describe a heavy run followed by suspension/assignment to an assignee and later petition/appointment of a receiver. The bank went into liquidation and fixtures were offered for sale in July, indicating permanent closure. Cause is loss of confidence / bank-specific troubles rather than rumor or wider panic.

Events (3)

1. June 12, 1889 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals over several days due to loss of public confidence in the bank and its president
Measures
Bank closed its doors; president (VanDerveer) proceeded to assign the bank to an assignee (J. W. Blanding) and announced liquidation with promise to pay depositors
Newspaper Excerpt
There had been a quiet run on the bank for some days and few people were really surprised to learn of the closing.
Source
newspapers
2. June 12, 1889 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension followed heavy run and loss of confidence; assignee appointed to liquidate affairs (claiming intent to pay depositors in full or partially).
Newspaper Excerpt
The bank of Wahpeton suspended business this morning, and J. W. Blanding has been appointed assignee.
Source
newspapers
3. July 16, 1889 Receivership
Newspaper Excerpt
Blds will be received for 20 days ... together with the assignment of lease under which the rooms now occupied by the Bank of Wahpeton are held. Dated July 16, 1889. B. L. BOGART, Receiver.
Source
newspapers

Newspaper Articles (11)

Article from The Wahpeton Times, June 13, 1889

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BANK OF WAHPETON CLOSED. The Bank of Wahpeton closed its doors Wednesday morning, J. W. Blanding having been appointed assignee, who with two assistants are at work preparing a statement. There had been a quiet run on the bank for some days and few people were really surprised to learn of the closing. Mr. VanDerveer says that as soon as he realized that he had sustained a loss in public confidence he proceeded to close up, and that he will pay 100 cents on the dollar in sixty or ninety days. Liabilities are said to be about $20,000, but no one has been able to get hold of an estimate of assets. City Treasurer Beatty had some $5,000 of public monies in the bank and we understand an overdraft on his personal account of $2,900 and in the closing of the bank doors and on application of Mr. Beatty VanDerveer deducted this overdraft from his funds and turned out the balance in notes straigtening up with the treasurer, who in turn has turned over his store and every dollar he has in the world to his bondsmen and is now at work to pay them back. Mr. Beatty's bondsmen are greatly pleased at his honorable conduct. School Treasurer Northey made no attempt to get anything out of the bank, but he is backed by good and sufficient bondsmen, so far as that is concerned. The hope is, of course, everywhere expressed that "Van." will be able to do as he promises and pay out of the difficulty in full. The people have a great deal of faith in "Van's" pride of manhood.


Article from Richmond Dispatch, June 13, 1889

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Suspension of & Bank. [By telegraph to the Dispatch.] MINNEAPOLIS, June 12 -The Journal's Wahpeton (Dsk.) special says: The Bank of Wahpeton-W. J. Vandeveer, presidentassigned this morning to J. W. Blanding. There had been a heavy run on the bank. The assets and liabilities are unknown.


Article from Omaha Daily Bee, June 13, 1889

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Bank Failure in Dakota. MINNEAPOLIS, June 12.-The Journal's Wahpeton, Dak., special says the Bank of Wahpeton assigned this morning. There has been a heavy run on the bank. The assets and liabilities are unknown.


Article from St. Paul Daily Globe, June 13, 1889

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GONE INTO LIQUIDATION. The Bank of Wahpeton Gone Into the Hands of a Receiver. Special to the Globe. WAHPETON, N. D., June 12.-The bank of Wahpeton suspended business this morning, and J. W. Blanding has been appointed assignee. President Vanderveer declares that he will pay 100 cents on the dollar, and that he has simply gone into liquidation. Liabilities, $20,000.


Article from The Bottineau Pioneer, June 20, 1889

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General News Items. 4 The body of J. H. Beatty, an Oklahoma boomer of Southwest City. Mo., was found in a clump of bushes near Muskogee, Ind. T. St. Louis advices report the formation of a trust of $25,000,000, which takes in all the plug tobacco manufacturers of the United States. The work of cleaning away the debris in the burnt district of Seattle has commenced in earnest. All the contents in the vaults of the various banks have been found to be in perfect order. All the passenger conductors of the Choctaw and Cherokee divisions of the Missouri, Kansas & Texas railway have been discharged and their places supplied with freight conductors. The Bank of Wahpeton, Dak. W. J. Vanderveer president, suspended payment and as signed to J. W. Blanding. Liabilities about $20,000. Vanderveer claims to be able to pay up all depositors in full. There are no heavy losers except the school treasury, about $3,000. Two weeks ago a stranger named Vogelmann was committed in the county hospitaj in Wauwatosa, Wis., where his case developed into smallpox. Three new cases developed there, two of the patients being female nurses and the third ex-Sheriff John McDonald. The hospitalhas been quarantined. It is confidently asserted that the Illinois Central railroad will build a line from Pierre, S. D., to Puget sound, taking an air line and expecting to pass through the Black Hills near Deadwood. An exploring party left Pierre recently to make a survey. The sum of $60,000 has been placed at the disposal of the expedition, and as soon as the survey is made and the line located the work of construction will begin. The Johnstown relief agentsays that there are great stacks of clothing and provisions still undisturbed there. He thinks that there is ample provisions for the Johnstown people and nothing more should be sent. The money now on hand, he thinks, ought to be retained for future use. He says that alarge number of Johnstown people who lost their houses did not own them, and that in such cases relief will be given in aiding them to replace their furniture. The trouble in the Catholic society at Red Lake Falls, Minn., is growing serious. Father Baluff, of the Irish-German Church, read a letter from Archbishop Ireland excommunicating Father Marcil. the French priest, and all who sided with him. In Father Marcil's church, the archbishop's letter caused the greatest indignation and many indignant citizens stood up and declared they would stand by Father Marcil. The archbishop was sent word that he will personally take possession of the church.


Article from Abilene Weekly Reflector, June 20, 1889

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# MISCELLANEOUS. THE anti-Jesuits' convention met at Toronto, Ont., on the 11th with about 600 delegates present from Ontario. Principal Cavin was chairman. MINISTERIAL riots occurred at Brussels, Ghent and Liege recently. Many of the rioters were wounded in conflicts with the police. THE doctors who performed the autopsy on Mind Reader Bishop have been held in New York in $500 bonds. THE army of Montenegro is to be re-organized and put in readiness for service at the shortest notice. THE destitute about Lockhaven, Pa., have been generally relieved by supplies of provisions from various points in the East. A SENSATIONAL story from Pittsburgh, Pa., that the Chicago Johnstown relief committee had withdrawn $27,000 because of dissatisfaction is denied by the committee. NEWS has been received in Tucson, Ariz., of the killing of ten white men 150 miles southeast of Hermosillo, Sonora, by Apache Indians. THERE is much destitution among the locked-out miners and their families at Spring Valley, Ill. THE bank of Wahpeton, Dak., has assigned as the result of a heavy run. The assets and liabilities were unknown. At the recent meeting of the National Millers' Association in Milwaukee, Wis., a resolution was adopted asking President Harrison to appoint George Bain, of St. Louis, Consul to Glasgow. THE San Francisco Johnstown subscription has reached $50,000. THE other night at Helenwood, Tenn., a mob broke into the jail and took Lloyd and Reynolds, the double murderers, and hanged them to a tree near by. A note was pinned to the bodies threatening vengeance on any informer. Public sentiment justified the act. THE State took control of the relief operations at Johnstown on the 12th, with General Hastings in charge. ALL the sheep and cattle belonging to white men have been removed from the Umatilla Indian reservation in Oregon to the delight of the red men. THE Sangamon river in Central Illinois was reported beyond its bank, had broken four levees and had flooded thousands of acres of farm lands. MRS. G. VAN BECK, the wife of a farmer living near Hulla, Iowa, burned to death while asleep recently, the house having caught fire from a lamp. THE Sioux Indian Commissioners left the Rosebud agency on the 12th for the Pine Ridge agency. Their work at the former place was successful. MICHIGAN dedicated her monuments on the field of Gettysburg on the 12th. General L. S. Trowbridge, Governor Luce and War Governor Austin Blair were the speakers. A BATHER in a creek near Grantsdale, Mont., found several large gold nuggets recently and the town was excited. OVER 400 teamsters of Duluth, Minn., were reported on a strike. The men tried to prevent others from working, but were dispersed by the police. THE Minnesota State prison managers have appointed a committee to investigate the question of making binding twine at the prison by convicts. A DISASTROUS collision occurred near Armagh, Ireland, on the morning of the 12th to a Methodist Sunday school excursion train, causing the loss of 72 lives and the injury of 100. BY the burning of Luchow in China ten thousand persons are said to have lost their lives. GRINNELL, Iowa, was visited by a disastrous conflagration on the 12th. The loss footed up to 2,000. Grinnell was the place visited by the terrible tornado a few years ago. NINE men were thrown from a scaffold at the new power house of the West Side Cable Company at Chicago recently. Some were fatally and the others seriously injured. LOUIS MILLER, fifteen years old, and James Freeman, eleven years old, while out in the harbor at Charleston, S. C., in a sailboat the other day were both knocked overboard by the boom and drowned. PREPARATIONS for the taking of the census of 1890 are assuming shape. The appropriations provide for 175 supervisors, which is an excess of twenty-five over the number employed in 1880. This excess of supervisors will go to the South and West, excepting one each to Oklahoma and Alaska. The bureau estimation of the population is placed at 65,000,000. CAPTAIN DUVERGE, formerly of Baltimore, Md., who shot and killed Vice-Consul Stanwood at Andakale, Madagascar, last fall, has been arrested and will be tried before Consul John Campbell at Tamatave, Madagascar. GOVERNOR HILL, of New York, refused to honor the requisition for Maroney and McDonald, charged with complicity in the Cronin murder at Chicago, on the ground that no direct charges were de.


Article from The Pioneer Express, June 21, 1889

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General News Items. 4 The body of J. H. Beatty, an Oklahoma boomer of Southwest City. Mo., was found in it clump of bushes near Muskogee, Ind. T. St. Louis advices report the formation of H trust of $25,000,000. which takes in all the plug tobacco manufacturers of the United States. The work of clenning away the debris in the burnt district of Seattle has commenced in earnest. All the contents in the vaults of the various banks have been found to be in perfect order. All the passenger conductors of the Choctaw and Cherokee divisions of the Missouri, Kansas & Texas railway have been dis charged and their places supplied with The Bank of Wahpeton, Pak. W. J. Vanderveet president, suspended payment and as. signed to J. W. Blanding. Liabilities about $20,000. Vanderveer claims to be able to pay up all depositors in full. There are no heavy lowers except the school treasury, about $3,000. Two weeks ago a stranger named Vogel manu was committed in the county hospital in Wauwatoea, Wis.. where his case developed into smallpox. Three new cases developed there, two of the patients being female nurses and the third ex-Sheriff John McDonuld. The hospital has been quarantined. It is confidently asserted that the Illinois Central railroad will build a line from Pierre, S.D., to Puget sound. taking an air line and expecting to pass through the Black Hills near Deadwood. An exploring party left Pierre recently to make a survey. The sum of $60,000 has been placed at the disposal of the expedition, and as soon as the survey is made and the line located the work of construction will begin. The Johnstown relief agent says that there are great stacks of clothing and provisions still undisturbed there. He thinks that there is ample provisions for the Johnstown people and nothing more should be sent. The money now on hand, he thinks, ought to be retained for future use. He rays that a large number of Johnstown people who lost their houses did not own them. and that in such cases relief will be given in aiding them to replace their furniture. The trouble in the Catholic society at Red Lake Falls, Minn., is growing serious. Father Baluff, of the Irish-German Church. read u letter from Archbishop Ireland ex f communicating Father Marcil. the French priest, and all who sided with him. In Father Marcil's church. the archbishop's letter caused the greatest indiguation and many indignant citizens stood up and des clared they would stand by Father Marcil. The archbishop was sent word that he wil! personally take possession of the church.


Article from The Hot Springs Star, June 21, 1889

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Bismarck has sent $1,000 to the Seattle sufferers. This was done in answer to a telegram from the chairman of the relief committee, that since the fire the committee has been feeding over seven thousand people. and that fully that number were homeless. The telegram further stated that the work of rebuilding would be commenced within a few weeks, when the laborers will be given employment, but it will be months before the homeless can be housed. -Brookings has disposed of her waterworks bonds at 2 per cent. premium and will put in a complete standpipe system at once. -Now Pierre proposes to have a pontoon bridge across the Missouri. A company has been organized for its construction. -J. K. Davis, of Memphis, Tenn., has been chosen superintendent of the Sioux Falls schools at a salary of $1,5 0 a year. -The Bank of Wahpeton has assigned. There had been a heavy run on the bank. -The machinery for the canning factory at Sioux Falls has been ordered.


Article from The Wahpeton Times, June 27, 1889

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RECEIVER ASKED FOR. Assignee Blanding and assistants have been busy for several days on a statement! of the affairs of the Bank of Wahpeton ; and were just about ready to file a statement, Wednesday, when an injunction was served, asking why a receiver might not belappointed. It is found that the assets are $31,087.05 and the liabilities $30,467.17, which would indicate a possible payment of 50 or 75 per cent., provided the matter could be settled by the assignee; whereas, if the thing is now interfered with as indicated it will undoubtedly prove much more expensive. If there was fraud and dishonesty practiced it was done in the last day and hours of the bank's life, and we do not see how a receiver can get more out of what'is left than an assignee. To say that Blanding would go into collusion with Van Derveer or any one else to defraud the creditors of the bank is a thing which no considerable number of people here can be made to believe. We presume that if anyone cares to go in and examine the books for deceptive practices, leading up to the failure, there would be no objoction SO far as that is concerned. We venture to say that the bank books are today wide open to the world! THE TIMES has never approved of all of Van's" ways, had but little faith in the stability of the bank for weeks prior to the failure, and never had any use for many of his ideas of local political economy, not at all, but now to turn what little there may be left of the creditor's property into a smelling fund at this late day, is, we think, not only questionable economy but an unnecessary thing. Let a committee go in and examine the books if it is thought Assignee Blanding would put up a false report. The latter's bonds are good for any misdemeanor. The hearing is set for Friday at Fargo. P. S.-Since the above was put in type we understand that as a matter of fact under no circumstances could a third party go into the case and do anything in the way of airing certain transactions toward the latter days of the bank's life, without at least a goodly support of assignee or receiver, and it is alleged that some things do not look rightwhich a different man might straighten out. Yet, which he might fail to change, do his best. And since B. L. Bogart is the man asked for it might not prove a hardship to the creditors to appoint him.


Article from St. Paul Daily Globe, June 27, 1889

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BAD FOR CREDITORS. Petition for a Receiver for the Wahpeton Bank. WAHPETON, Dak., June 26.-The assignee of the Bank of Wahpeton was to-day just about ready to file his statement of the assets and liabilities of the bank when an injunction was served upon him asking that cause be shown why a receiver should not be appointed. The hearing was *set for Friday. The liabilities are found to be $30,467.17, and assets $31,087.05. Vanderver's exemptions for $1.500 having been previously taken out. If Assignee Blanding is allowed to go on and settle the matter up he would possibly be able to pay 60 or 75 per cent of the claims, but if a receiver is appointed there will not be nearly as much realized. Six thousand dollars worth of notes had been rediscounted.


Article from The Wahpeton Times, July 18, 1889

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Bank Furniture and Fixtures For Sale. Blds will be received for 20 days by the undersigned, for all of the furniture and fixtures of the Bank of Wahpeton, consisting of 1 brick vault with vault door, 1 vault safe with safety deposit boxes, main and back counters with railing, 8 office desks, 2 office tables, settee and customers' desk, 1 set of bedroom furniture, 2 stoves with pipe, letter press, chairs, ink stands etc., together with the assignment of lease under which the rooms now occupied by the Bank of Wahpeton are held. Said bids to be for said furniture and fixtures as a whole in cash. Dated July 16, 1889. B. L. BOGART, Receiver.