Le Sueur County Bank (Le Sueur, MN)

Episode Information

Episode UID
1664571191251
Episode Type
Run → Suspension → Closure
Bank Type
private
Bank ID
166457119 hash
Start Date
March 2, 1904
Location
Le Sueur, Minnesota (44.461, -93.915)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
00d7925f3a08b037

Response Measures

None

Description

Failure followed steady withdrawals after another local bank's failure; receiver sought immediately.

Events (4)
1. March 2, 1904 Receivership
Newspaper Excerpt
An application has been made to Referee Flitte, of Mankato, for the appointment of Thomas H. S. Mullen ... as temporary receiver.
Source
newspapers
2. March 2, 1904 Run
Cause
Local Banks
Cause Details
Steady withdrawal of deposits following failure of the Farmers' and Merchants' bank in October 1903.
Measures
None noted other than efforts to obtain receiver; bank continued to close doors.
Newspaper Excerpt
Le Sueur Institution Breaks Under Withdrawals of Deposits.
Source
newspapers
3. March 2, 1904 Suspension
Cause Details
Bank closed its doors and application made for appointment of temporary receiver after heavy withdrawals.
Newspaper Excerpt
The private bank in this city ... closed its doors today. An application has been made to Referee Flitte ... for the appointment of ... temporary receiver.
Source
newspapers
4. July 26, 1906 Other
Newspaper Excerpt
Livingston Quackenbush ... taken to Stillwater, where he is to serve a four-year term for fraudulent banking, his establishment, the Le Sueur County bank, having failed in March, 1904, for over $100,000 ...
Source
newspapers

Newspaper Articles (5)
1. March 3, 1904 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, March 3, 1904

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Article Text

BANK FAILS TO OPEN. Le Sueur Institution Breaks Under Withdrawals of Deposits. Special to The Globe. LE SUEUR, Minn., March 2.-The private bank in this city, owned by L. Quackenbush and run under the title of the Le Sueur County bank, closed its doors today. An application has been made to Referee Flitte, of Mankato, for the appointment of Thomas H. S. Mullen, of this city, as temporary receiver. This was done by Mr. Quackenbush who, without filing a schedule, places his assets and liabilities at $95,000. This institution started business in 1872 and weathered the storm of 1893 when the other bank failed here. The probable cause of the failure was the steady withdrawal of deposits from the bank since the failure of the Farmers' and Merchants' bank here in October, 1903. The county has about $4,500 on deposit in this bank and the city about $4,000. Both are amply secured.

2. March 11, 1904 The Ely Miner Ely, MN
Article from The Ely Miner, March 11, 1904

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Article Text

DOMESTIC. An endowment and equipment of $50,000,000 is the aim of University of Chicago authorities, making it the richest educational institution in the world. As the result of a family quarrel in East Cedar Falls, Ia., Bartlett Stone was shot and killed by his son-in-law, Charles Burns. Young Corbett stopped Dave Sullivan in the eleventh round at San Francisco, the defeated fighter being badly punished. The government's total receipts for February were $45,895,406 and the expenditures $42,654,772, leaving a surplus of $3,240,634. Troops will not be sent to Panama and the marines will be left to guard the isthmus according to the decision of the president and the cabinet. The postmaster at Junction, Ark., resigned his office because of a deadly feud and prepared to flee from the state with his family. The public debt statement issued on the 1st shows that the debt increased $2,972,091 during the month of February. Cash in the treasury, $373,068,505. Total debt, less cash in treasury, $918,034,634. The weather bureau report for February shows an unpromising condition of much of the winter wheat crop. The United States mints turned out 13,928,510 pieces in February; gold, $35,602,500; silver, $1,475,000; minor coins, $22,350. The total circulation of bank notes at the close of business February 29 was $430,324,310, an increase for the year of $47,525,465. The Detroit, (Mich.), common council rejected Andrew Carnegie's offer of $750,000 for public library buildings. Joseph Soultz, editor of the Menominee Leader, was found dead in bed at his home in Marinette, Wis. Heart disease was the cause. Fire destroyed the large plant of the Waterloo (Ia.) Wagon and Omnibus company and several adjoining buildings. Five young men died at Stillwell, I. T., from drinking lemon extract in large quantities as a stimulant. Because of the objection to the negro postmaster at Humphreys, Ark., the office was blown up by dynamite. Charters of 1,000 corporations doing business in Illinois have been canceled by the secretary of state for failure to make annual statements. The United States army transport Sherman sailed from San Francisco for the Philippines, carrying the Twelfth infantry. The Le Sueur (Minn.) county bank, a private institution, closed its doors, with liabilities of $95,000. A large part of Rock Mount, N. C., was swept away by fire. The Farmers' exchange bank at Cleveland, N. Y., and the Parish (N. Y.) Exchange bank, both operated by Potter & Marsden, have suspended business. A Wisconsin legislature committee on capitol is planning for a $2,000,000 capitol building to replace the burned structure. A fierce blizzard with the mercury below zero raged in portions of Wisconsin. Michigan and Minnesota.

3. March 12, 1904 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, March 12, 1904

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Article Text

DOMESTIC. An endowment and equipment of $50,000,000 is the aim of University of Chicago authorities, making it the richest educational institution in the world. As the result of a family quarrel in East Cedar Falls, Ia., Bartlett Stone was shot and killed by his son-in-law, Charles Burns. Young Corbett stopped Dave Sullivan in the eleventh round at San Francisco, the defeated fighter being badly punished. The government's total receipts for February were $45,895,406 and the expenditures $42,654,772, leaving a surplus of $3,240,634. Troops will not be sent to Panama and the marines will be left to guard the isthmus according to the decision of the president and the cabinet. The postmaster at Junction, Ark., resigned his office because of a deadly feud and prepared to flee from the state with his family. The public debt statement issued on the 1st shows that the debt increased $2,972,091 during the month of February. Cash in the treasury, $373,068,505. Total debt, less cash in treasury, $918,034,634. The weather bureau report for February shows an unpromising condition of much of the winter wheat crop. The United States mints turned out 13,928,510 pieces in February; gold, $35,602,500; silver, $1,475,000; minor coins, $22,350. The total circulation of bank notes at the close of business February 29 was $430,324,310, an increase for the year of $47,525,465. The Detroit, (Mich.), common council rejected Andrew Carnegie's offer of $750,000 for public library buildings. Joseph Soultz, editor of the Menominee Leader, was found dead in bed at his home in Marinette, Wis. Heart disease was the cause. Fire destroyed the large plant of the Waterloo (Ia.) Wagon and Omnibus company and several adjoining buildings. Five young men died at Stillwell, I. T., from drinking lemon extract in large quantities as a stimulant. Because of the objection to the negro postmaster at Humphreys, Ark., the office was blown up by dynamite. Charters of 1,000 corporations doing business in Illinois have been canceled by the secretary of state for failure to make annual statements. The United States army transport Sherman sailed from San Francisco for the Philippines, carrying the Twelfth infantry. The Le Sueur (Minn.) county bank, a private institution, closed its doors, with liabilities of $95,000. A large part of Rock Mount, N. C., was swept away by fire. The Farmers' exchange bank at Cleveland, N. Y., and the Parish (N. Y.) Exchange bank, both operated by Potter & Marsden, have suspended business. A Wisconsin legislature committee on capitol is planning for a $2,000,000 capitol building to replace the burned structure. A. flerce blizzard with the inercury below zero raged in portions of Wisconsin, Michigan and Minnesota

4. July 26, 1906 The Princeton Union Princeton, MN
Article from The Princeton Union, July 26, 1906

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Article Text

verdict in the Stearns county district court, where the award of damages was $8,500. James H. Deblois, a passenger, was the party to whom this amount was given, and it was as balm for injuries received in a wreck of the company's road. The company appealed from the award on the ground that the amount was excessive, but the supreme court refuses to regard it as so. The secretary of the interior has vacated the award of contract recently made to D. H. Freeman & Co. of St. Cloud for the construction of Division No. 3 of the main canal of the Lower Yellowstone Irrigation project in North Dakota and Montana and has awarded the contract to Newman & Hoy of St. Paul. Division No. 3 consists of nine miles of canal involving 1,069,800 cubic yards of excavation and furnishing such material and doing such work as may be necessary for the completion of the work. Sheriff Traxler of Le Sueur has arrested Livingston Quackenbush, the former banker and taken him to Stillwater, where he is to serve a four-year term for fraudulent banking, his establishment, the Le Sueur County bank, having failed in March, 1904, for over $100,000, with assets not to exceed 15 cents on the dollar. The bank was a private one and had been running twenty-nine years without inspection or report and it is generally thought that he had used the money in his living. Quackenbush was twice tried for the offense, being acqitted on a technicality the first time, but was convicted last September and sentenced by Judge Morrison to four years in the penitentiary. He appealed to the supreme court from an order refusing a new trial and the supreme court sustained the order and the attorney general, before the decision was made public, directed the sheriff to place Quackenbush under arrest.

5. July 27, 1906 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, July 27, 1906

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Article Text

TAKEN TO PRISON. Livingston Quackenbush Must Serve Term in the Penitentiary. Le Sueur, July 21.-Sheriff John H. Traxler of this county arrested Livingston Quackenbush, the former banker, here yesterday and took him to Le Sueur Center, en route to Stillwater, where he is to serve a four-year term for fraudulent banking, his establishment, the Le Sueur County bank, having failed in March, 1904, for over $100,000, with assets not to exceed 15 cents on the dollar. The bank was a private one and had been running twenty-nine years without inspection or report, and it is generally thought that he had used the money up in his living. Quackenbush was twice tried for the offense, being acquitted on a technicality the first time, but was convicted last September and sentenced by Judge Morrison to four years in the state penitentiary. He appealed to the supreme court from an order refusing a new trial and the supreme court sustained the order and the attorney general, before the decision was made public, directed the sheriff to place the prisoner under arrest. He was arrested at his home and taken away so quickly that his daughter, who was at work in another part of the house, was not allowed to see him or speak with him. Mr. Quackenbush was one of the leading men of Le Sueur for many years. He is a very handsome, imposing, courtly gentleman, always a rich and tasty dresser. Shortly after the failure of the bank and before his arrest, he was advised to fly and hide away from impending prosecution, but he said, "Damn 'em, I'm no runner," and calmly awaited coming events. His nerve and composure have never broken down under the strain and he spent Thursday at a pienic in the woods near here with friends and members of his family, enjoying the antics of his grandchildren and entering gayly and heartily into all their sports.