Article Text
More Bank Failures, JAMESTOWN, N. D., July 10.-Lloyd's National Bank suspended to-day. Deposits about $220,000. The assets are double the amount of the liabilities.
Lloyds National Bank (Jamestown, ND)
Episode Information
- Episode Type
- Suspension → Closure
- Start Date
- July 10, 1893
- Location
- Jamestown, North Dakota (46.911, -98.708)
- Bank Type
- national
- Charter Number
- 4561
Metadata
Receivership Details
- Depositor recovery rate
- 55.5%
- Date receivership started
- 1893-09-14
- Date receivership terminated
- 1896-01-22
- OCC cause of failure
- Fraud
- Share of assets assessed as good
- 38.1%
- Share of assets assessed as doubtful
- 46.1%
- Share of assets assessed as worthless
- 15.8%
Notes
No clear contemporaneous depositor run is reported; suspension cited as due to financial stringency and inability to realize securities.
Events (4)
1.
May 4, 1891
Chartered
- Source
- historical_nic
2.
July 10, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Bank suspended citing the 'financial stringency' (wider 1893 panic) and inability to realize on its securities promptly.
- Newspaper Excerpt
- This morning Lloyd's National Bank announced that, owing to the financial stringency and inability to realize on its securities, the bank would suspend business.
- Source
- newspapers
3.
September 14, 1893
Receivership
- Newspaper Excerpt
- John D. Benton, of Fargo, has been appointed receiver of the Lloyds' bank temporarily.
- Source
- newspapers
4.
September 14, 1893
Receivership
- Source
- historical_nic
Newspaper Articles (24)
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A North Dakota Bank Closed. Jamestown, N. D., July 10.-Floyd's National Bank suspended to-day. The deposits are about $220,000. The assets are double the amount of the liabilities.
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Failure of n Jamestown, N. D., Bank. JAMESTOWN. July 0.--This morning Lloyd's National Bank announced that. owing to the financial stringency and inability to realize on its securities. the bank would suspend business. The capital stock is $100,000. The deposits are said to be about $220,000. with assets double the liabilities nt greatly depreciated values. It is believed that the bank will pay depositors in full. Citizens took measures to protect the other bank here to-day by calling is meeting of depositors.
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The Examiner in Charge. Special to the Globe. JAMESTOWN, N. D., July 11.-G. G. Thorne, national bank examiner for Minnesota and Wisconsin districts, arrived today, and at once proceeded to inquire into the condition of Lloyd's national bank, which suspended payments yesterday. Considerable uneasiness was evinced yesterday lest depositors would not be paid, but today, as the smatter is considered, confidence is expressed in the integrity and ability of the Messrs. Lloyds to pay all. Besides the bank the Lloyds own or control the Jamestown electric light plant, the Gladstone hotel and the opera housethe finest in the state-besides being largely interested in real estate.
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John Syverson went to Valley City Monday morning on business. Dr. E. M. Johnson will make his next regular visit here July 18 to 20. Lloyd's National Bank of Jamestown, N. D., closed its doors and suspended business last Monday, July 10th.
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SUSPENDED. Jamestown, N. D., July fl.-This inorning Lloyd's National bank announced that owing to the financial stringency and inability to realize on its securities promptly the bank would have to suspend business. The capital stock is $100,000. The deposits are said to be about $220,000, with assets double the liabilities at greatly depreciated values.
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DAKOTA BANKS. Washington. July 15.-Directors of the suspended national bank at Hot Springs. S. D., have notified the controller of the currency that they are making an effort to reorganize, and will probably succeed. They will be given every reasonable opportunity by Eckles. Ernest Schwellenbach. Jamestown, N. D., has applied for the appointment as receiver of Lloyd's National Bank of Jamestown.
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THE LLOYDS' BANK. Conditions Under Which It Will Be Allowed to Resume. Special to the Globe. WASHINGTON, July 22.-Lloyds' National bank. at Jamestown, N. D., will be allowed to resume business under conditions laid down by Comptroller Eckels today as follows: First, all moneys owed the bank by directors or officers must be paid or secured at once; second, enough money must be paid in to carry the bank ninety days and enable it to meet all demands from depositors who do not agree to continue their deposits for a time. This money must not be borrowed by the bank, but paid in by the sharehiolders-new capital, in other words. The probabilities are that the bank will resume with a change of management or not at all. In the latter case a receiver will shortly be named.
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BANK NOTES. Depositors ask for a Longer Time for Resumption of Business. Prospective Re-opening. General Good Conditon of State Banks. A Bit of Bank History in Connection With the Carrington Bank. Mr. Harry Lloyd of the state bank at LaMoure, furnishes the cheerful news that at a meeting of the principal stockholders of that bank Saturday, it was decided to protect the bank if it would reopen, and arrangements have SO far been made as to practically warrant the statement that the bank will be open again for business in about ten days. This action will be very gratifying to all in LaMoure county, and the home officers, who closed the doors simply to prevent a run and further complications, The people who have always done businees at the LaMoure bank have great faith and confidence in the management, and are willing and anxious to help in getting the institution again on its feet. It is understood that the general business of the bank has been conservative, and successfully conducted, and that there are parties-willing to go ahead as if nothing had occurred, and deposit their funds as heretofore. Concerning the Lloyde bank at Jamestown, the following dispatch, sent out from Washington to the northwestern papers is of interest: The Lloyds National bank at Jamestown, N.D., will be allowed to resume business under conditions laid down by Comptroller Eckele, as follows: First, all moneys owed the bank by directors or officers must be paid or secured at once; second, enough money must be paid in to carry the bank ninety days and enable it to meet all demands from depositors who do not agree to continue their deposits for a time. This money must not be borrowed by the bank, but paid in by the shareholders-new capital, in other words. The probabilities are that the bank will resume with a change of management or not at all. In the latter case a receiver will shortly be named. In reference to the above dispatch it is learned that it is not autbentic and is probably a garbled report of several messages, adjusted to suit the occasion. Mr. Thorne, the bank examiner, says that Comptroller Eckele has been in telegraphic communication with the bank on the subject of resuming business, but that the above dispatch is not authentic, and that nothing concerning the bank's affairs has yet been authoratively published by the comptroller.
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THROUGHOUT THE STATE. INTERESTING NEWS FROM ALL PARTS OF THE STATE. A Condensed Record of the Important Hapenings of the Week in North Dakota, Aranged for Rapid Reading. Thursday, July 27. An effort is being made to arrange for opening the suspended Lloyd's bank at Jamestown again. Gov. Shortridge and family and State Auditor Porter and family will camp out at Spiritwood lake for the next few weeks. William Patterson was instantly killed while riding on the trucks of a stock train at Dickinson. His mother and sister live at Ottawa, Out. A large force of convicts at the state prison are making brick for the addition to the state capital. Auditor i'orter estimates that the cash outlay for bricks thus made will not exceed $2.50 per 1,0000.
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BENTON MADE RECEIVER He Is to Take Hold of the Lloyds' Bank. Special to the Globe. JAMESTOWN, N. D., Sept. 13.-John D. Benton, of Fargo, has been appointed receiver of the Lloyds' bank temporarily. This appointment will facilitate adjusting many things not within the power of the examiner. Gilbert Thorne, bank examiner, will remain here until further notice to assist in adjusting the affairs of the suspended bank. Benton will arrive tomorrow. It is understood. at the request of Examiner Thorne, that William Lloyd today confessed judgment for the amount of his indebtedness to the bank in the sum of $26,344.42.
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Monday, Sept. 1. Charles Lock is wanted by Edward Kennedy of Eureka for selling mortgaged property. Theib Keiser, a farmer near Valley City, was arrested for assault and battery with intent to rape Mrs. John Keim, and fined $40. Another mineral water spring has been discovered near Edgely. North Dakota is certain to be a healthy resort. Barney Lovejoy, a child seven years of age, who lives in Grafton, broke his collar bone while playing with some other children. Wild ducks and geese are congregating on the Little Missoudi river one month earlier than in former years. It is looked upon by some as an indication of a hard winter. The committee of depositors appointed to examine into the condition of Lloyd's National bank, Jamestown, recommends that the bank resume business. Martin Hovde, son of Lars Hovde of Hillsboro, who was killed in a threshing machine accident some days ago, has become insane from grief and been taken to the asqlum. Six Mayville hobos went over to Portland the other night and robbed four Portland hobos who were reposing in a box car, securing a silver watch and $7.37 in cash. The miners at the Plenty mine in Mercer county have been discharged and the mines closed down for the season. The sinking of the first barge, S which was loaded. was too great a drawback to be overcome this year. By the decision of the United States circuit court at St. Paul, the receiver of e the Northern Pacific Elevator company will be required to distribute to farmers the wheat they have delivered to the company, upon return of the company's receipt.
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Monday, Sept. 4. Charles Lock is wanted by Edward Kennedy of Eureka for selling mortgaged property. Theib Keiser, a farmer near Valley City, was arrested for assault and battery with intent to rape Mrs. John Keim, and fined $40. Another mineral water spring has been discovered near Edgely. North Dakota is certain to be a healthy resort. Barney Lovejoy, a child seven years of age, who lives in Grafton, broke his collar bone while playing with some other children. Wild ducks and geese are congregating on the Little Missoudi river one month earlier than in former years. It is looked upon by some as an indication of a hard winter. The committee of depositors appointed to examine into the condition of Lloyd's National bank, Jamestown, recommends that the bank resume busiuess. Martin Hovde, son of Lars Hovde of Hillsboro, who was killed in a threshing machine accident some days ago, has become insane from grief and been taken to the asqlum. Six Mayville hobos went over to Portland the other night and robbed four Portland hobos who were reposing in a box car, securing a silver watch and $7.37 in cash. The miners at the Plenty mine in Mercer county have been discharged and the mines closed down for the season. The sinking of the first barge, which was loaded, was too great a drawback to be overcome this year. By the decision of the United States circuit court at St. Paul, the receiver of the Northern Pacific Elevator company will be required to distribute to farmers the wheat they have delivered to the company, upon return of the company's receipt.
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AND now Hon. John D. Benton has been appointed receiver for the Lloyd's bank at Jamestown. Ten dollars a day for this job in addition to a like sum as receiver for the Mears institution in Fargo, is not so bad-in fact it is about as good as being United States senator -unless a man wants honor for pay.
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AN INJUNCTION SERVED. Legal Proceedings to Prevent the Transfer of Certain City Property. The Flickertail State Hasa Day at the World's Exposition. The Program. A Cinch Club Organized with Thirty Members.-County Finances. An injunction was served Friday in the matter of an assignment of sheriff's certificate of sale by Lloyd's National bank to Kate E. Glaspell, involving certain city lots in Jamestown and other property. The injunction is issued from the office of Clerk Montgomery of the United States court, in an action entitled Jno. D. Benton, receiver, vs. S.L. Glaspell and Kate E. Glaspell, defendants, and was served by Depaty U. S. Marshal Hurst of Devils Lake. It is to restrain and prevent the transfer of any of said property pending a hearing of issues pertaining to it. Another matter of interest in connection with the bank affairs is the filing of the bond in the amount of $50,000 of F. B. Fancher, to whom W. M. Lloyd recently made a general assignment of property for the benefit of the bank's creditore; also the publication of the inventory of Mr. Lloyd's assets and liabilities. This inventory is given as follows:
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After a Bank. JAMESTOWN, N. D., Oct 11.-Bank Examiner Thorne has received instructions from the government to commence proceedings against the officers of Lloyd's National bank, which suspended July 12, here. The examiner has gone to Fargo with the books and papers of the bank for the purpose of introducing them as evidence before the United States grand jury, now in session there. It is understood that District Attorney Camp has received instructions to secure the indictments if the evidence warrants.
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After a Bank. JAMESTOWN, N. D., Oct 11.-Bank Examiner Thorne has received instructions from the government to commence proceedings against the officers of Lloyd's National bank, which suspended July 12, here. The examiner has gone to Fargo with the books and papers of the bank for the purpose of introducing them as evidence before the United States grand jury, now in session there. It is understood that District Attorney Camp has received instructions to secure the indictments if the evidence warrants.
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Small Returns for Securities. Special to the Globe. JAMESTOWN, N.D., Nov. 19.-Yesterday Receiver Johnson, of the Lloyds National bank, sold at auction to the highest bidder for cash chattel mortgage securities amounting to about $2,700, and $367 was realized, but from this amount must be deducted about $100, the costs of foreclosure. The securities sold consisted principally of decrepit bronchos, dehorned COWS and dilapidated farm machinery.
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Lloyds' Bank Report. JAMESTOWN, N. D., Jan. 13.-Hon. C. C. Johnson, receiver for Lloyds' National bank, has forwarded his report, upon receipt of which at Washington a dividend to the creditors will be paid. The first dividend will be about 10 per cent.
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Lloyds' Bank Report. 81 JAMESTOWN, N.D., Jan. 13.-Hon. C.C. Johnson. receiver for Lloyds' National bank, has forwarded his report, upon receipt of which at Washington a dividend to the creditors will be paid. The first dividend will be about 10 per cent.
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Get Fifteen Per Cent. Special to the Globe. JAMESTOWN, N. D., Jan. 19.-Receiver Johnson, of Lloyds' bank, has received notice from Comptroller Eckels of a 15 per cent dividend, which has been declared for depositors of that bank. The amount is larger than depositors supposed the first payment would be.
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STOCKHOLDERS CAUGHT. They Must Pony Up for Lloyd's National. JAMESTOWN, N. D., Feb. 24.-Comptroller Eckels has ordered an assessment of the shareholders of Lloyd's National bank in the amount of $100,000. Those holding stock at the time of the failure of the bank are assessed $100 each for each share of the stock of the institution. The assessment it to be ratably, and due on or before the 19th of March. The receiver is appointed to take all the necessary steps to enforce the collection to the extent of the individual liability of the shareholders.
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Will Proceed to Collect. Special to the Globe. JAMESTOWN, N. D., Feb. 26.-Under instructions from Comptroller Eckels, Receiver Johnson is calling on the stockholders in Lloyd's National bank for the full amount of their double liability.
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Lloyds Bank Matters. In the transaction in which the intereet of the Lloyds bank in the lots on Fifth avenue was bought by S. R Kitchell Saturday, the purchaser paid the bank $100 in addition to $910 at 12 per cent interest for one year, the total amounting to $1,119.20 for which the receiver assigned the certificate of purchase held by the bank. This was done on consultation with creditors, and on account of the uncertainty of partition, held to be a good trade. As mentioned in The Alert yesterday Mr. Kitchell is desirous of getting full title to other property in which the bank creditors are interested. Another item of interest to depositors was learned to day. D. McK. Lloyd of Pitteburg, has evidently decided to fight the suit brought against him by the Lloyds bank, and has filed an answer in which he says he sold his interest in the bank and surrendered the notes on which suit has been brought, prior to the bringing of the snit. This means no doubt, an extended litigation. The bank's attorneys were hopeful that their care was of such strength as to secure a settlement without further recourse to the courts. The comptroller of the currency bas of late been declaring 5 per cent dividends in a number of banks, and it may be that such action will shortly be taken with this bank. There are at present about $13.000 to the credit of the bank in Washington. The dividend mav not. on the other hand be declared until further disposition is made of real estate on which the bank has a claim.