Marston, Larson & Davis (Lake Crystal, MN)

Episode Information

Episode UID
4323111591124
Episode Type
Suspension → Reopening
Bank Type
private
Bank ID
432311159 hash
Start Date
August 5, 1893
Location
Lake Crystal, Minnesota (44.106, -94.219)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
27b74255c1694174

Response Measures

None

Events (1)
1. August 5, 1893 Suspension
Cause
Correspondent
Cause Details
Closed after correspondent (First National of Mankato) and several nearby banks suspended, prompting depositors to attempt withdrawals.
Newspaper Excerpt
Marston, Larson & Davis, bankers at Lake Crystal, did not open their doors this morning
Source
newspapers

Newspaper Articles (5)
1. August 6, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 6, 1893

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Article Text

THE MANKATO BANKS. They Will Probably Open Up Very Soon. Special to the Globe. MANKATO, Minn., Aug. -The closing of three banks in this city has been the sole topic of conversation today. Everything is quiet, and anxious ones are awaiting developments. John F. Meagher, president of the National Citizens' bank, has received the following telegram from Comptroller Eckels: Washington, D. C., Aug. 5.-To J. F. Meagher, President of the National Citizens' Bank: Your telegram received, and I have instructed E. C. Springer, of St. Paul, to go to Mankato and take charge of the suspended banks. Later I will send him further assistance. I have instructed him to render every assistance looking towards speedy resumption of the banks of your city, and to retain in his employ all necessary help from the various banks. I shall expect the bank officials to aid him in every manner. JAMES H. ECKELS, Comptroller. Marston, Larson & Davis, bankers at Lake Crystal, closed their doors this morning, but are solvent. The Mapleton and St. James banks both closed today. The Mankato Savings Deposit bank is all right, and will likely continue business as heretofore. WASHINGTON, Aug. 5. - E.C. Stringer, of St. Paul, was yesterday appointed to assume charge of the suspended national banks at Mankato. Comptroller Eckets has also notified the banks that he expects them to resume in the near future. He says they are solvent and intimates that their suspension was unnecessary.

2. August 6, 1893 The Sun New York, NY
Article from The Sun, August 6, 1893

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Article Text

Banking Tronbles, LEON. Ia.. Aug. 5.-The Decatur County Banking Association. the oldest concern in southern Iowa, including branch banks at Davis City and Garden Grove, suspended this morning. Assets, $471,000; liabilities. $315,000. T.S. Arnold has been named as assignee. It is believed that the embarrassment is only temporary. and that the depositors will be paid in ull. NEW BEDFORD. Aug. 5.-The New Bedford Safe Deposit and Trust Company closed its doors to-day. It was incorporated in 1888 with capital stock of $200,000. No statement has as yet been given out. It is officially said that depositors will be paid dollar for dollar. SPARTA. Wis., Aug. 5.-M. A. Thayer, operating banks at Sparta and Tomah. made an assignment yesterday. Depositors will receive about 60 cents on the dollar. The Waupaca National Bank is expected to resume in a few days. MANKATO. Minn., Aug. 5.-Marston. Larson & Davis, bankers at Lake Crystal. closed their doors this morning. but are solvent. The Mapleton bank also closed to-day. The Mankato Savings Deposit Bank, the only one left in this city. will likely continue business as heretofore. Comptroller Eckels telegraphed the Presidents of the three national banks to day that he considered their action in closing yesterday unwarranted. E. C. Stringer of St. Paul has been put in charge of them.

3. August 7, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 7, 1893

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Article Text

THE MANKATO BANKS. They Will Probably Open Up Very Soon. Special to the Globe. MANKATO. Minn., Aug. 5.-The closing of three banks in this city has been the sole topic of conversation today. Everything is quiet, and anxious ones are awaiting developments. John F. Meagher, president of the National Citizens' bank, has received the following telegram from Comptroller Eckels: Washington, D. C., Aug. 5.-To J.F. Meagher, President of the National Citizens' Bank: Your telegram received, and I have instructed E. C. Springer, of St. Paul, to go to Mankato and take charge of the suspended banks. Later I will send him further assistance. I have instructed him to render every assistance looking towards speedy resumption of the banks of your city, and to retain in his employ all Decessary help from the various banks. shall expect the bank officials to aid him in every manner. JAMES H. ECKELS, Comptroller. Marston, Larson & Davis, bankers at Lake Crystal, closed their doors this morning, but are solvent. The Mapleton and St. James banks both closed today. The Mankato Savings Deposit bank is all right, and will likely continue business as heretofore. WASHINGTON, Aug. 5.-E.C. Stringer, of St. Paul, was yesterday appointed to assume charge of the suspended national banks at Mankato. Comptroller Eckels has also notified the banks that he expects them to resume in the near future. He says they are solvent and intimates that their suspension was unnecessary.

4. August 11, 1893 Essex County Herald Island Pond, Guildhall, VT
Article from Essex County Herald, August 11, 1893

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Article Text

News in General. In Boone township, Indiana, a large crowd of men went to the home of William and Ed Conrad for the purpose of lynching the two boys, who were suspected of killing their father last winter. The young Conrads. who were well armed. fired into the crowd. killing John Timberlake, William Wiswell. Edward Houston and Isaac Howe, and fatally wounding William May. The Conrads esraped. The Michigan Stove Company has closed its shops and about 1100 men are thrown out of employment. The impossibility of securing currency to pay the men was the cause. Rob't H. Coleman, the "iron king" of Lebanon Valley, Pa., has confessed judgments aggregating $306,500, which, with other liens previously entered. swells the aggregate of his liabilities to $5,604,000. The Chicago Title &Trust Company has been appointed receiver for Badeneich Bros. lumber dealers. The assets are placed at $700,900 liabilities, $500,000. A freight train on the Peoria & Eastern railroad broke in two on a trestle near Danville, III., and the rear portion was run into by another freight. The middle span of the trestle, 25 cars of grain, two cabooses and an engine were destroyed. Loss $100,000 It is asserted that 15 men who were stealing a ride were killed, but only one body, that of a brakeman, has been found. Bank suspensions have been reported as follows: First National Bank of White Sulphur Springs, Mont. : Central National, Greencastle, Ind., Bank of Abington and Exchange & Deposit Bank. Lynehburg, Va.: Exchange Bank, Wheeling, W. V.: Marston. Larson & Davis, bankers at Lake Crystal Minn. Pension Commissioner Loehran has extended until October 10 the period within which pensioners whose pensions have been suspended may make proof of their right to receive them. At McCreery, Ark., a negro killed an old and respectable citizen and wounded Chief Patterson of Woodruff county, Ark. The murderer was arrested, but escaped to the woods. He was pursued by citizens and lynched. The furniture factory of the Judkins Manufacturing Company at Hanson Park, III., was burned. Loss $100,000; partly covered by insurance.

5. August 11, 1893 The Mankato Free Press Mankato, MN
Article from The Mankato Free Press, August 11, 1893

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Article Text

Lake Crystal in Line. LAKE CRYSTAL, Aug. 5.-Marston, Larson & Davis, bankers at Lake Crystal, did not open their doors this morning, but instead, hung out the following card: "Owing to the peculiar financial condition we have decided to close for the present. Depositors will be paid in full." At about 4:00 p. m. on Friday a telegram was received by the above mentioned firm, stating that all the banks in Mankato had suspended payment. It was generally known that the First National of that city was the correspondent of the Lake Crystal bank, and depositors gathered in groups and talked the situation over during the evening. The general sentiment was that each individual would be "on hand" Saturday morning to get what was:due him. To prevent a drain of the bank's cash, which might cripple it for a long time if not permanently, Messrs Marston & Larson decided wisely not to open to-day and depositors will have to wait the turn of affairs the same as in other places. One example of the business situation at Lake Crystal will show the general feeling: A prominent farmer of Butternut Valley drove into town with a veal calf which he offered for sale. No one would buy for cash, but several were ready to give due bills in payment, Mr. farmer did not want a due bill .as he intended to purchase a new wagon. He did buy a new wagon, paid the cash for it, loaded his calf into it and started for home, muttering something about "Democrats running things into the ground sooner than he had expected," etc.