Farmers & Merchants Bank (Montgomery, MN)

Episode Information

Episode UID
1516018791244
Episode Type
Suspension โ†’ Closure
Bank Type
private
Bank ID
151601879 hash
Start Date
August 1, 1903*
Location
Montgomery, Minnesota (44.439, -93.581)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
79b09fcd9d4b6335

Response Measures

None

Description

Cashier/owner disappeared and the bank subsequently went into receivership the same summer.

Events (2)

1. August 1, 1903* Receivership
Newspaper Excerpt
president of the Farmers & Merchants bank at Montgomery at the time it went into the hands of a receiver last summer, was arrested ... .
Source
newspapers
2. August 14, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier/owner missing and apparent disappearance of funds; liabilities far exceeding known assets led to closure.
Newspaper Excerpt
The Farmers and Merchants' bank of this place was not opened yesterday or to-day, and nothing is known here of the whereabouts of the cashier, B. A. Brainerd.
Source
newspapers

Newspaper Articles (11)

Article from The Minneapolis Journal, August 14, 1903

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Article Text

BANK'S DOORS ARE CLOSED Nn One at Montgomery to Explain the Condition of the Farmers and Merchants. Special to The Journal. Montgomery, Minn., Aug. 14.-The Farmers and Merchants' bank of this place was not opened yesterday or to-day, and nothing is known here of the whereabouts of the cashier, B. A. Brainerd. The bank was owned by George and B. A. Brainerd, and very little is known of its actual condition. The deposits have been running from $50,000 to $60,000 and the liabilities are estimated at $150,000. It is not known what the assets, if any, amount to. B. A. Brainerd took his family on Saturday to Blooming Prairie, where his father is engaged in banking. George Brainerd is away on business and there is no one here to explain the situation,


Article from Arizona Republican, August 15, 1903

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Article Text

A MISSING CASHIER. Montgomery. Minn.. Aug. 14.-The Farmers and Merchants' bank was not opened for business yesterday or today and the whereabouts of Cashier D. M. Brainerd is unknown to the depositors. The deposits run from $50,000 to $60.000. and the liabilities are estimated at $150,000. No one knows the assets.


Article from Waterbury Evening Democrat, August 15, 1903

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Article Text

Bank Closed, Cashier Gone. MONTGOMERY, Minn., Aug. 15.The Farmers and Merchants' bank of this place was not opened for business, and the whereabout of the cashier, B. A. Krainer, is unknown. The deposits run from $50,000 to $60,000, and the liabilities are estimated, at $150,000.


Article from Perth Amboy Evening News, August 15, 1903

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Article Text

Bank Closed. Cashier Gone. MONTGOMERY. Minn., Aug. 15.The Farmers and Merchants' bank of this place was not opened for business, and the whereabout of the cashier, B. A. Krainer, is unknown. The deposits run from $50,000 to $60,000, and the liabilities are estimated at $150,000.


Article from Evening Journal, August 15, 1903

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Article Text

Cashier Missing, Bank Closed. Montgomery, Minn., Aug. 15.-The Farmers' and Merchants' Bank of this place is not open for business, and the whereabouts of the cashier, B. A. Krainerd, is unknown. The deposits run from $50,000 to $60,000 and the liabilities are estimated at $150,000.


Article from The Sun, August 16, 1903

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Article Text

MINNESOTA BANK CRASHES. Four Go Down Because of a Defaleation-Head of Another Missing. DULUTH, Minn., Aug. 15.-The alleged embezzlement of $45,000 of the funds of the Commercial Banking Company, for which E. E. Johnson, a trusted clerk of the bank, is under arrest, has brought about the failure of the Merchants' Bank of Duluth, which blosed its doors after yesterday's business. President Smith, in a statement issued late yesterday, said that the failure was due to a run on the bank resulting from the closing of the Commercial Banking Company's institution. He said that he could not anticipate the extent of the withdrawais, and closed to protect all depositors as much as possible. This is the fourth bank to suspend business as a result of the alleged embezzlement. ST. PAUL, Minn., Aug. 15.-George S. Brainerd, head of the G. S. Brainerd Lumber Company of Minneapolis, and with his brother. B. A. Brainerd, owner of the Farmers and Merchants Bank at Montgomery in this State, has been missing for several days under circumstances which are the cause of much anxiety and alarm among his friends. The bank at Montgomery is closed, with B. S. Brainerd, who is cashier, out of the city, and it is feared that it will not be able to open again. The deposits have been running from $50,000 to $60,000, and the liabilities are estimated at $150,000. Cashier Brainerd, who is also interested in the lumber company, is in Minneapolis assisting in the search for his missing brother, but the greatest energy upon the part of himself and others has failed to develop any important information.


Article from The Madison Daily Leader, August 17, 1903

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Article Text

CASHIER IS MISSING. Private Bank at Montgomery, Minn., Closed. Montgomery, Minn., Aug. 17.-The Farmers and Merchants' bank of this place is closed and nothing is known here of the whereabouts of the cashier, B. A. Brainerd. The bank was owned by George and B. A. Brainerd and very little is known of its actual condition. The deposits have been running from $50,000 to $60,000 and the liabilities are estimated at $150,000. It is not known what the assets, if any, amount to.


Article from Missouri Valley Times, August 20, 1903

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Article Text

BANK CLOSES DOORS. Farmers' and Merchants' of Montgomery, Minn., Suspends. St. Paul, Minn., Aug. 18.-The bank examiner's office was notified that the Farmers and Merchants bank of Montgomery, an institution in which there was $50,000 in farmers' deposits, has closed its doors and its officers have disappeared. B. A. Brainerd, the cashler, is missing, and the president cannot be found. On a writ of attachment the sheriff broke into the institution today and found 600 silver dollars and about $6,000 in notes, part of which are negotiable. The bank had a capital of $11,500 and nas always done a business very largey exceeding its capital. About a week ago it was forced to meet a claim of $16,000 and it is alleged that part of the deposits went to meet this obligation. The president of the bank is also the head of a large lumber company Minneapolis.


Article from Little Falls Herald, August 21, 1903

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Article Text

NEWS IN MINNESOTA A hail storm north of East Grand Forks destroyed much grain. The assessed valuation of Minneapolis real estate and personal property is $128,677,784. Skunks are believed by the state board of health to be largely responsible for the spread of rabies in Minnesota. Former United States Senator W. D. Washburn is at the head of a new Minneapolis firm which will manufacture a new car coupler. Cephias Carpenter, seventy-one years old, well known to Minnesota pioneers, died suddenly of apoplexy at Deadwood, S. D., last week. John A. Kinder, a Northern Pacific brakeman, was run over by a freight train near North Town junction, Minneapolis, and died shortly afterward. Ex-President Grover Cleveland has been invited to visit Minnesota on a hunting trip in the latter part of October and has signified his willingness to come. Hon. Frank M. Eddy of Glenwood, former congressman from the Seventh district, has announced his candidacy for the Republican nomination fcr governor. Chris Stroeh, a wealthy farmer residing a few miles northwest of Lu verne, committed suicide by strangling himself with a piece of binding twine. No cause is known for his deed. An unknown man was killed near Emerado, on the Great Northern, by a Larimore and Duluth train. He was evidently a lumberjack who had come from Bemidji and was going to the woods. On complaint of the pastor of the Methodist Episcopal church warrants have been issued for the arrest of all the saloonkeepers in Tracy, six in number, for violating the screen or dinance. After a tempestuous existence of three years the Farmers' Elevator company of Graceville has wound up its affairs. the Northern Grain company of Minneapolis purchasing the elevator and its belongings. Peter McErlane, passenger conductor on the Great Western, had his left leg crushed by the wheels of his train, under which he fell at Hayfield. He died in a St. Paul hospital after the foot was amputated. At St. Paul James Prendergast was instantly killed and Jack Allen and George Stelzer badly shaken up by the collapse of a half dozen supports of the east end of the Third street bridge which they were tearing down. Within two years Minneapolis will be connected with Shakopee and Anoka by electric cars. Within a few years more the lines will extend as far north as St. Cloud. Franchises for part of the line already have been secured. Miss Maud Espy, aged twenty-five years, daughter of Major and Mrs. John Espy of St. Paul, is dead from a hemorrhage of the stomach, brought on by constant vomiting after eating deadly toadstools, believing they were mushrooms. The estate of the late Isaac Staples the millionaire banker and lumberman of Stillwater, is to be divided after eighteen years of litigation. Judge Williston having appointed Austin Jenks J. J. Eichten and R. S. Parker to make a division of the real estate. In the annual election of officers for the Minnesota Soldiers' home two changes were made, M. L. Williams succeeding Fred Straub as quartermas ter and Dr. Charles N. Norred of Minneapolis succeeding Dr. F. E. Bissel as surgeon. The other officers were re elected. The work on the improvement of the streets of Crookston, apart from the laying of the asphalt pavement, has been suspended owing to the labor famine. The price of labor has ad vanced to such a figure as to be prac tically prohibitive for work on grad ing and sewers. Manager McNaughton of the North western Telephone company at St Cloud met sudden death Friday even ing. An electric light wire had crossed with a telephone wire and in attempt ing to remedy the difficulty McNaugh ton cut the wire and got 2,300 volts from an electric wire. He was killed instantly. Insurance Commissioner Dearth will bring action against Peter Ferguson of La Crescent for writing insurance in companies not authorized to do busi ness in Minnesota. Ferguson wrote $6,000 insurance in unlicensed com panies for a woolen mill at La Cres cent. The mill burned and the insurance has not been paid. J. A. Ennis, bookkeeper and cashier for the Loftus-Hubbard Elevator com pany of St. Paul, is missing and an examination of his books by an expert accountant is said to have brought tc light a shortage of $5,400. Ennis had been in the employ of the firm for over three years and enjoyed the full confidence of his employers. The doors of the Farmers and Merchants' bank of Montgomery, a pri vate institution. have been closed. Persons who have investigated the affairs of the institution have found $604 of cash on hand. No trace has been found of the $30,000 to $40,000 of deposits belonging to farmers and business men of the little town. State Auditor Iverson announces.


Article from Chicago Eagle, August 22, 1903

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Article Text

BANK'S DOORS CLOSED. Leading Minnesota Lumberman and Banker Disappears. George S. Brainerd, head of the G. S. Brainerd Lumber Company of Minneapolis, and with his brother, B. A. Brainerd, owner of the Farmers and Merchants' Bank at Montgomery. Minn., has been missing for several days under circumstances which are the cause of much anxiety and alarm among his friends. The bank at Montgomery is closed, with B. S. Brainerd, who is cashier. out of the city, and it is feared that it will not be able to open again. The deposits have been running from $50,000 to $60,000. and the liabilities are estimated at $150,000. Cashier Brainerd, who is also interested in the lumber company. is in Minneapolis assisting in the search for his missing brother, but the greatest energy upon the part of himself and others has failed to develop any important information. Cashier Brainerd received a note from the missing man a few days ago, and this note contained the first intimation that there was anything wrong with the writer of the message. The note was rather incoherent, but it indicated quite plainly that Mr. Brainerd was in an excited state of mind. There was nothing definite about the note. except that there were intimations that its author was despondent and intended to do something desperate. The trouble appears to be the outgrowth of business worry in connection with some rather heavy deals.


Article from The Redwood Gazette, January 13, 1904

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Article Text

GEORGE BRAINERD UNDER ARREST. LeSueur County Grand Jury Returns an Indictment Against Him. The Minneapolis Times of last Friday says that "George S. Brainerd, a member of the defunct Brainerd, Deckert & Blamer lumber company of this city, and president of the Farmers & Merchants bank at Montgomery at the time it went into the hands of a receiver last summer, was arrested last night by Detectives Smith and Bahan at the request of LeSueur county officials, where he is wanted on charges preferred by the grand jury. "The exact nature of the charge against Mr. Brainerd is not known, but it is supposed to be in connection with the affairs of the bank at Montgomery where the creditors were using all, efforts to collect their dues. "Mr, Brainerd came to this city to appear as a witness in a case which came up before Judge Cray yesterday in regard to the accounts between the Montgomery bank and the Brainerd, Decker & Blamer lumber company of this city, and he expected to go to LeSueur as soon as his presence here was no longer required as he had learned that the officers there had a warrant for his arrest. "But no chances were taken and his arrest occurred last night 1 as he was about to leave the courtn room. The action before Judge Cray was brought by Joseph Haggarty, trustee for the George S. Brainerd estate, and he seeks to have judgment against the Brainerd, Decker & Blamer company to such amount as s the court may determine, claiming that the receiver of the Minneapolis firm has money belonging to the estate of Brainerd. "E. D. Decker is the receiver of the Minneapolis company, and the court is asked to restrain him from paying out any money until the claims of the George S. Brainerd