Merchants & Farmers Bank (Fairmont, MN)

Episode Information

Episode UID
5080344291285
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
508034429 hash
Start Date
January 21, 1907
Location
Fairmont, Minnesota (43.652, -94.461)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f003ae7403dab198

Response Measures

None

Description

Contemporary reports state suspension (Jan 21, 1907) and call it a failure; later listings repeat the suspension but no clear reopening is reported.

Events (1)
1. January 21, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended with reported liabilities (~$77–87k); cashier said depositors may be paid if time is given, indicating insolvency/financial failure.
Newspaper Excerpt
The Merchants and Farmers' Bank of Fairmont, Minn., has suspended payment.
Source
newspapers

Newspaper Articles (10)
1. January 22, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, January 22, 1907

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Article Text

SHORT NEWS ITEMS. The Merchants and Farmers' Bank of Fairmont. Minn., has suspended payment. The liabilities are $77,974 At Fergus Falls, Minn., the recent storm was the worst of the season. Two passenger trains remained in the yards 14 hours, waiting for the track to be cleared. In consequence of protests received at the navy department from organiz. ed labor, the secretary has telegraphed the commandants of the Boston, New York and Norfolk navy yards to suspend all extra work on warships in course of construction. It is said the men were working more than eight hours a day.

2. January 22, 1907 The Washington Times Washington, DC
Article from The Washington Times, January 22, 1907

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FINANCIAL GOSSIP. Directors of the Pullman Company have declared the regular quarterly dividend of 2 per cent, payable February 15. Application has been made to the Stock Exchange by the Mackay companies to list $50,000,000 preferred stock and $41,380,400 common stock. The Merchants and Farmers' Bank, of Fairmont, Minn., has suspended payment. The cashier says depositors may be paid in full if time is given. The liabilities are $87,000. It is generally expected that the Comptroller of the Currency will issue a call for the condition of national banks during the present week. The call last January was of date the 29th. New York city will sell, on February 1, $30,000,000 1 per cent stock and bonds, of which $23,000,000 will be corporate stock for various municipal purposes, payable 1956. The members of the New York Cotton Exchange held a meeting Monday to consider amendments to the bylaws looking to a change in the contract system on January next, and thereafter. After discussion it was agreed to ballot on the proposed amendments tomorrow. Present indications point to a Treasury surplus for January of $7,000,000. Receipts are running $4,000,000 ahead of last January, and expenditures nearly $2,000,000 behind. For the fiscal year the surplus is $30,000,000, while last year at this time there was a deficit of $5,000,000. The West India Electric Company, which runs the tramways and lighting companies in Kingston, Jamaica, is owned almost entirely in Montreal. It has a capital of $800,000 and $600,000 of bonds. Cable dispatches indicate that the power houses and lighting plants of the company have been entirely destroyed. The Russo-Chinese Bank, which has a paid-up capital and reserves of $16,500,000 and assets of approximately $160,000,000, has established an agency in New York. This institution, whose head office is in St. Petersburg, has fifty banks and agencies throughout Russia, China, and Japan, and also branches in Paris, London, Calcutta, and San Francsico.

3. January 22, 1907 The Washington Times Washington, DC
Article from The Washington Times, January 22, 1907

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Article Text

The Merchants and Farmers' Bank, of Fairmont, Minn., has suspended payment. The cashier says depositors may be paid in full If time is given. The liabilities are $87,000.

4. January 25, 1907 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 25, 1907

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Minnesóta Bank Suspends. Mankato, Minn.-The Merchants' and Farmers' bank of Fairmont has suspended. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia.

5. January 25, 1907 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, January 25, 1907

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Minnesota Bank Suspends. Mankato, Minn.-The Merchants' and Farmers' bank of Fairmont has suspended. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia.

6. January 30, 1907 Willmar Tribune Willmar, MN
Article from Willmar Tribune, January 30, 1907

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The Colorado senate ordered an investigation of Senator Morgan's charge that he was bribed two years ago by a railway. The Arkansas house of representatives refused to indorse President Roosevelt's action in the Brownsville affair. H. M. Berger, a private banker of Viola, Wis., was admitted to bankruptcy. W. M. Robertson, a well known Nebraska politician, died at Norfolk, Neb. At least 23 persons were killed and 35 injured when a carload of powder exploded at Sandford, Ind., just as a Big Four passenger train was passing. The train was blown to pieces and the passengers shockingly mutilated. Revised lists give the dead in the Big Four wreck at Sandford, Ind., as 28, and the injured as 32. In a head-on collision at Fowler, Ind., on the Big Four, 13 persons were killed and many injured. Deep snow covered North Dakota and most of the northwest and put a complete stop to railway traffic. Senator Tillman made fun of the senate, was sharply rebuked by Senators Spooner and Carmack, and apologized. Gov. John S. Little of Arkansas suffered a physical collapse and will be confined to his home for several weeks. The Wabash river levee at Terre Haute broke and the suburb of Taylorville was flooded, hundreds of people being driven from their homes. Indianapolis was selected as the next meeting place of the convention of the United Mine Workers in January, 1908. Thomas Burke, of Illinois, and Patrick Gilday, of Pennsylvania, were elected delegates to the international congress, which will be held next summer in Salzburg, Austria. The long and costly Shea labor conspiracy trial in Chicago came to an unsatisfactory end with the $30,000 jury unable to agree on a verdict. Josiah Flynt Willard, whose experiences as tramp, author, vagabond and sociologist under the name of "Josiah Flynt," gave him a world-wide reputation, died in Chicago. The Merchants and Farmers' bank of Fairmont, Minn., suspended. The report of the legislative committee, finding nothing in the charges against Senator Gamble which reflects upon his personal or official integrity, was adopted by large majorities in both houses of the South Dakota legislature. Republican legislators of New Jersey renominated Senator Dryden, and in Iowa Senator Dolliver was renominated. A large steamer, believed to be the English steamer Arcola, 3,500 tons, grounded on the rocks close to Morro castle, while trying to enter Havana harbor. Paul Fournier and George Cyr, of Quiring, Minn., were arrested on pus Dahl 'O N JO ] JO charges his daughter, Aagot, near Quiring in 1904 April, Fire of unknown origin at Utica, Licking county, Ohio, destroyed the McKittrick business block and the C. W. Jewel hardware store, entailing a loss of $10,000. A midwinter tornado visited Blackwell, Okla., totally demolishing a number of buildings and injuring several people. John Leheman and his wife were found dead near Appleton, Wis., presumably having been chloroformed by burglars. Dr. Thomas F. Mayham, aged 77 years, one of the best known pioneers of Wisconsin and ex-mayor of Fond du Lac, died in his office. Charges of graft by D. E. Potter, former sheriff, and members of the board of supervisors, which, it is predicted, will rival the Dougherty expose 18 months ago, are being investigated by a grand jury at Peoria, III. It is declared that revelations will be made of dishonesty and theft that will involve many county officials. Rev. W. P. McClaufin of Minneapolis, was elected general superintendent of the Universalist church, the highest position in the denomination. Robert Hall, the young farmer who was charged with having murdered Miss Mary Glass, a school teacher, at Whitewater, Kan., died without makconfession e Sup Colder weather and a gale of wind increased the suffering of those thousands who had been made homeless by the flood in Ohio, and a number of buildings that had been weakened by the water went down before the wind. Nicholas Sandstone, 27 years old, a tanner of North Woburn, Mass., was burned to death, and Otto Mietzner was probably fatally burned in a fire that destroyed the boathouse of the Medford Boat club. Joseph N. Good, motorman, was killed and Willard Bradhurst, conductor, was severely injured at Bryan, O. when a passenger car on the Toledo and Indiana Traction line ran into a Car. xoq By the explosion of the boiler of a Reading engine attached to one of

7. January 31, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, January 31, 1907

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Bank Fails Owing $77,974. The Merchants and Farmers' bank of Fairmont, Minn., has suspended payment to depositors. The bank is managed by Percy Wallaston, Jr., who is said to be en route home from a visit to British Columbia. Cecil Sharpe, the cashier, in a published statement says the liabilities are $77,974, with assets of $87,906.

8. January 2, 1908 The Greenville Journal Greenville, OH
Article from The Greenville Journal, January 2, 1908

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FINANCIAL to Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guiltv of embezzlement. 4-First National bank of Scotland, S. D., close by bank examiner. 8-F. D. Gilman, Indiana banker. sentenced to term of one to three years in state prison. 25-Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 2-First National bank of Hicksville, O., closed by comptroller of currency. 5-Fort Dallas National bank of Miami, Fla., closed. 20--Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. it-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 10-H. D. Reynolds' bank of Valdez, Alaska, closed doors. 15-First National bank of Dresden, O., failed. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities; call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors. Union Trust Co., of Providence, R. I., suspended. 26-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. 6-Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., suspended. 18-Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of in'debtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2-Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg, closed. 17-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

9. January 9, 1908 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, January 9, 1908

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FINANCIAL Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. 8-F. D. Gilman, Indiana banker. sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. 14-Virtual panic in Wall street: Secretary Cortelyou relieved the situation. 19-Citizens' State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. 1-Citizens' bank of Eureka Springs, Ark., suspended. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. M-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. 5-Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. 9-Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private Institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York: firm of Otto Heinze & Co., suspended from stock exchange. 19-New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities: call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks. Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. M-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary petition in bankruptcy. 25-Six more minor banking institutions in New York closed doors. Union Trust Co., of Providence, R. I., suspended. Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. $0-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling Interest in Tennessee Coal & Iron Co. -Receiver appointed for Arnold Print works of North Adams, Mass., one of largest textile concerns in country. 12-Merchants' National bank of Portland, Ore., California bank of Oakland, Cal. and Farmers' & Merchants' bank of Bapulpa, I.T., suspended. as Secretary of Treasury Cortelyou ordered issue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving financial situation City National bank of Frederick, Okla., failed. 17-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. -National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. Fort Pitt National bank of Pittsburg, closed. l7-Jewelers' National bank at North Attleboro, Mass., in hands of receiver.

10. January 9, 1908 The Mena Weekly Star Mena, AR
Article from The Mena Weekly Star, January 9, 1908

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FINANCIAL Jan. 21-Merchants' and Farmers' bank of Fairmont, Minn., suspended. Feb. 2-F. D. Gilman, former president suspended Home bank of Goodland, Ind., found guilty of embezzlement. -F. D. Gilman, Indiana banker, sentenced to term of one to three years in state prison. -Disappearance of $173,000 from subtreasury at Chicago made public. Mar. Virtual panic in Wall street; Secretary Cortelyou relieved the situation. 19-Citizens State bank of Firth, Neb., closed by state. 28-Corbin Banking company of New York, assigned; assets, $3,000,000; liabilities, $1,700,000. Apr. 2-Maj. H. W. Salmon of Warsaw, Mo., convicted of illegal banking, sentenced three years in penitentiary. 11-Bank of Conception, at Clyde, Mo., ordered closed. 19-Ex-Judge Smith of Chicago, found guilty of conspiring to defraud stockholders and depositors of Bank of America, of which he was president; penalty, imprisonment and $1,000 fine. Jul. -Citizens' bank of Eureka Springs, Ark., suspended. 5-Fort Dallas National bank of Miami, Fla., closed. 20-Farmers' National bank of Boyertown, Pa., ordered closed. Aug. 3-People's State bank of Brownstown, Ind., closed by state authorities. 14-Receivers appointed for Pope Mfg. Co., of Hartford, Conn.: failure ascribed to stringency of money market. Sep. -Watson & Co., members of New York stock and produce exchanges and of Chicago board of trade, failed. Oct. Union bank of Richland, and Bowman bank of Kalamazoo, Mich., both private institutions, closed doors. 16-Collapse of Heinze corner in copper caused violent slump in stocks in New York; firm of Otto Heinze & Co., suspended from stock exchange. New York clearing house committee declared that the Heinze, Morse and Thomas interests had been eliminated from banking organizations of New York. 22-Knickerbocker Trust Co., New York's second largest financial institution, forced to suspend; great slump in securities: call money at 70 per cent. 23-Secretary of treasury ordered deposit of $25,000,000 of government funds in New York banks Four Westinghouse companies at Pittsburg and one trust company forced into hands of receivers because of financial stringency State Bank and Trust Co., of Carson, Nevada, failed. 24-Three minor banks in New York forced to close Southern Steel Co., of Birmingham, Ala., filed involuntary Detition in bankruptcy 25 Six more minor banking Institutions in New York closed doors Union Trust Co., of Providence, R. I., suspended. 36-Banks in New York and Chicago, and many other cities adopted clearing house loan certificate system to prevent draining of supplies of currency and made withdrawal of savings deposits subject to legal notice. 30-California Safe Deposit & Trust Co. bank, at San Francisco, closed Financial conditions in New York practically normal again. Nov. 4-Three small banks in Kansas closed United States Steel corporation secured controlling interest in Tennessee Coal & Iron Co. e-Receiver appointed for Arnold Print works of North Adams, Mass. one of largest textile concerns in country. 12-Merchants National bank of Portland, Ore., California bank of Oakland, Cal., and Farmers' & Merchants' bank of Sapulpa, I. T., 18- of Treasury dered Secretary suspended. Cortelyou orissue of $50,000,000 of Panama bonds and $100,000,000 certificates of indebtedness as means of relieving finanetal situation City National bank of Frederick, Okla. failed. 27-American Silk Co. capital stock, $11,000,000, which operated mills in several cities, placed in hands of receiver. Dec. 2 Chelsea Savings abnk of Chelsea, Mich., owned by State Treasurer Glazier, closed. 5-National Bank of Commerce, one of largest financial institutions of Kansas City, suspended. 6-Fort Pitt National bank of Pittsburg. closed. 17-Jewelers National bank at North Attleboro, Mass., in hands of receiver.