12643. Farmers & Merchants State Bank (Wahpeton, ND)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 12, 1888
Location
Wahpeton, North Dakota (46.265, -96.606)

Metadata

Model
gpt-5-mini
Short Digest
ef451039

Response Measures

None

Description

Bank closed by assignment (made insolvent); assets <$ liabilities. No article describes a depositor run prior to closure. Later (June 30) the former president Carl B. Pinney was arrested on charges of taking deposits while insolvent, confirming bank-specific insolvency/mismanagement. 'Assignment' indicates suspension and effective closure with receiver/assignee.

Events (3)

1. May 12, 1888 Other
Newspaper Excerpt
Several attachments were served before the assignment was made. The heaviest creditors are the National German- ... The Farmers' & Merchants' bank, C. B. Pinney & Co. of Wahpeton, assigned to S. B. Pinney, of Fargo, Friday night. Assets, $30,000; liabilities, $32,000.
Source
newspapers
2. May 12, 1888 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was insolvent: liabilities ~$32,000 vs assets ~$30,000; owner borrowed to make capital showing and discounted purchased paper; mismanagement and inadequate capital led to assignment.
Newspaper Excerpt
The doors of the Farmers and Merchants bank of this city not opening this morning, it was soon learned that the bank was stranded and had made an assignment.
Source
newspapers
3. June 30, 1888 Other
Newspaper Excerpt
Carl B. Pinney, late president of the suspended Farmers' and Merchants' bank, who was arrested on seven separate complaints charging him with receiving deposits in a bank which he knew to be insolvent, appeared before Justice Gregg...
Source
newspapers

Newspaper Articles (4)

Article from St. Paul Daily Globe, May 13, 1888

Click image to open full size in new tab

Article Text

BANK SUSPENSION. Farmers and Merchants Bank at Wahpeton Closes Its Doors. Special to the Globe. WAHPETON, Dak., May 12.-The doors of the Farmers and Merchants bank of this city not opening this morning, it was soon learned that the bank was stranded and had made an assignment. It was opened here a year ago. Its liabilities are $31,000, with $30,000 assets, counting bank fixtures and bills receivable. A few days since, this bank, C. B. Pinney & Co., bought out the Northwestern, White & Kellogg, the latter going out of the banking business proper, with the understanding that Pinney was to have sufficient money to do business, which he showed up at the time he moved into the Northwestern quarters. But it is now learned that Pinney borrowed the money to make the showing, and really undertook to carry on the business without capital. A feature in the deal is the fact that Finney bought $15,000 worth of paper of the Northwestwern, and immediately turned round and discounted it for $10,000. Pinney seems to have shown it great want of knowledge of the banking business. He opened here with a capital of $9,000 a year ago.


Article from Press and Daily Dakotaian, May 14, 1888

Click image to open full size in new tab

Article Text

UNION STOCK YARDS. 1 A. OMAHA, May 12. 1 nCATTLE-Estimated receipts, 709 head. Strong. in Prime steers $4.00@4.40 rChoice fed steers 4.10@4.55 Good to choice 3.75@4.30 Medium 3.50@4.10 Cows 8.00@8.50 Bulls 2.75@3.15 ig HOGS-Estimated receipts 5,100 head. Steady. $5.20@5.40 Heavy shipping -5.10@5.82 Mixed packing Light hogs 5.00@5.00 O. ig DAKOTA CONDENSATIONS. d: n d; The Manitoba is accumulating ma n terial at Beneon for an extension of its d. line from Watertown to Huron. Representatives of the districts of 11 north Datota have about decided to call a summer encampment of the north Da. kota posts G, A. R ed Three hundred delegates are expected 10 to the territorial republican convention tto be held at Jamestown Tuesday and Is Wednesday of this week. is The Black Hills veteran soldiers and e, r sailor's association hold their annual 8meetings in Sturgis July 3 and 4. Three to hundred members are expected. e e Oscar E Rea, of Canton, is said to be 1. booked for the position of register of the the Bismarck land office when the term of John A. Rea shall have expired, some h time in July. of is Arrangements have been perfected by ewhich the Dakota Ruralist. the official eorgan of the Dakota farmers' alliance on company. will be removed from Pierre he to Aberdeen. he he Grace Episcopal church at Huron began a week's mission service Friday under the direction of Dr. Arthur Brooks, of New York city. The mission st will continue until the 16th. George A. Engel of Aberdeen, one of hthe Church impeachers, says the comst mittee to formulate charges against the er governor 18 going right shead with their V. work, and will back it пр with the necesnsary affidavits. de C.J. McLeod, of Warner, the county te A. superintendent of Brown county who ag opposed Superintendent Dyer in the simatter of calling the recent institute, to and was threatened with removal, was t. renominated by Brown county republia, cans. e, he Rev. T. M. Shanafelt, of Michigan, has sibeen appointed missionary for Baptist by nd charches in south Dakota, and is ex-pected to arrive in a few days to enter ns upon his duties. It is expected that ng Huron will be chosen as the reverend ah, gentleman's abiding place. eA fire at Aberdeen Friday caused $1,000 damage in the drug store of John Fireys and dressmaking shop of Mrs. 's Anna Logan, Mrs. Logan filled a isgasoline stove with kerosene by misng take. Fireys' loss 18 $700, fully insured. reMrs. Logan had no insurance. diOwing to continued rains for the past of two weeks and consequent bad roads as boraes in Minnehaha county are becomon ing affected with a disease known as es mud fever, having the origination from he sore hoofs. A large number are affected direand the number is rapidly increasing. ed The Jones Bros.' railroad grading outate fit-nearly one hundred teams-pulled epns on) from Sioux Falls last week to comses plete the grade on the Duluth line in the neighborhood of Pipe Stone, Minn. lly The work of laying iron on this line has 19, been resumed, now that the rainy season is over, The Farmers' & Merchants' bank, C. by B. Pinney & Co. of Wahpeton, assigned to S. B. Pinney, of Fargo, Friday night. vas Assets, $30,000; liabilities, $32,000. Sev ern eral attachments were served before the ing assignment was made. The heaviest nes creditors are the National German-


Article from River Falls Journal, May 24, 1888

Click image to open full size in new tab

Article Text

DAKOTA. W. Grinnell, who lives near Williston, has been in the habit of beating his wife. She warned him if he tried it again she would kill him. Recently he attacked her, when she managed to throw him to the ground and choked him to death. Reports from all over the Territory show a general tendency toward mixed farming. The Farmers' & Merchants' Bank at Wahpeton, C. P. Pinney & Co., assigned to . Pinney, of Fargo, recently. Assets, $30,000; liabilities, $32,000. Charles Herr, near Wessington, had his barn destroyed by fire the other night, together with grain, machinery, etc. Loss, $1,500. It is said the opening of the great Sioux Reservation will be no special advantage to the people at large for several years. It will require the remainder of this year to secure the necessary number of signatures by the Indians. All of 1889 will be required to survey it; most of 1890 will be used in having these surveys put through the United States Land Office. Not until the end of that year can settlers occupy the land, and then only homesteaders can take it. They must live on it four years and then pay fifty cents an aere for it The Dakoto packing-house at Huron was burned the other day. Loss, $20,000. Sioux Falls has guaranteed $50,000 to William Ryan & Sons, of Dubuque Ia., to put in a $150,000 pork-packing house. Lange's clothing-house and Blockwell's billiard hall, at Spearfish was burned recently. Loss, $6,000. At the first Territorial conference of the Knights of Labor, held the other day at Aberdeen, a Territorial Assembly was organized and S.J. Conkling, of Watertown, was elected master workman There are about fifteen hundred Knights in Dakota. John Pletceher was drowned at Ludden recently while attempting to cross the ferry with a load of hay. Last year was a great year for the location of Mineral claims in the Black Hills. This year will be largely devoted to their development. A terrific "fight occurred a few days ago in Hartford township between au insane man named Henry Ehde and A. B. Jones and wife. Ehde's head was pounded into a pulp, but he is expected to recover. Jones and his wife were both badly cut by being struck with an iron bar. A fire at Blunt a few mornings ago destroyed eleven business places, aggregating in value $15,000, with only $2,000 insurance. Several people narrowly escaped with their lives. Several business men are rendered nearly destitute, but all will resume. A proposition for a creamery at Wessington Springs has been received from a praetical creamery man of Chicago. An Olivet justice has decided that an American double-action revolver is not a weapon or a firearm, but bears about the same relation to weapons as a dumb watch does to real timepieces.


Article from Press and Daily Dakotaian, July 2, 1888

Click image to open full size in new tab

Article Text

Arrested on Seven Complaints. WAHPETON, Dak., June 30.-Carl B. Pinney, late president of the suspended Farmers' and Merchants' bank, who was arrested on seven separate complaints charging him with receiving deposits in a bank which he knew to be insolvent, appeared before Justice Gregg, waived examination, and was bound over in the sum of $500 on each complaint to appear and answer at the next term of the district court. He is again under arrest on a new complaint.