Merchants Bank (Lake City, MN)

Episode Information

Episode UID
560957791142
Episode Type
Suspension โ†’ Closure
Bank Type
trust
Bank ID
56095779 hash
Start Date
February 25, 1895
Location
Lake City, Minnesota (44.449, -92.267)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2d9e88976706ed8e

Response Measures

None

Description

OCR variants of the name (Merchant's / Merchants') corrected; president Holmes found to have large self-loans.

Events (5)

1. February 25, 1895 Receivership
Newspaper Excerpt
R. H. Moore has been appointed receiver (public examiner in charge).
Source
newspapers
2. February 25, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
President Holmes had loaned himself between $30,000 and $40,000 of bank funds, rendering the bank insolvent.
Newspaper Excerpt
The Merchants' bank ... is closed and in charge of the public examiner. Proceedings have been taken to annul its charter.
Source
newspapers
3. March 28, 1895 Other
Newspaper Excerpt
Another extension of time has been granted the Merchants bank corporation ... in which to recover its standing without going into the hands of a receiver.
Source
newspapers
4. July 3, 1895 Other
Newspaper Excerpt
R. H. Moore, receiver ... has obtained an order ... for payment of 25 per cent to depositors.
Source
newspapers
5. April 25, 1896 Other
Newspaper Excerpt
R. H. Moore, receiver for the defunct Merchants' bank ... today paid a dividend of 10 per cent to the creditors of that bank.
Source
newspapers

Newspaper Articles (13)

Article from The Wheeling Daily Intelligencer, February 26, 1895

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Article Text

Bank Closed. Sr. PAUL, MINN., Feb. 25.-A Lake City, Minn., special to the Dispatch says: The Merchant's Bank is closed and in the hands of the public examiner. Proceedings have been taken to annul charter. R. ii. Moore has been appointed receiver. No statement has yet been given to the public. No information is obtainable as to the cause of the failure, the stockholders being ignorant un to the last moment of the state of affairs. The bank examiner has found that Prisident Holmes had loaned himself between $30,000 and $40.000, while the capital stock was but $50,000 and the surplus but $40,000. Legally he could/have loaned but $9,000. The bank will be dissolvod.


Article from Wheeling Register, February 26, 1895

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Article Text

NOT A CONSERVATIVE BANKER Lake City, Minn., February 25.The Merchant's Bank is closed and in the hands of the public examiner. Proceedings have been taken to annul its charter. R. H. Moore has been appointed receiver. No statement has yet been given to the public. No information is obtainable as to the cause of the failure. The stockholders being ignorant up to the last moment of the state of affairs. The bank examiner has found that President Holmes had loaned himself between $30,000 and $10,000. while the capital stock was but $50,000 and the surplus but $10,000 Legally he could have loaned but $9,000. The bank will be dissolved.


Article from St. Paul Daily Globe, February 26, 1895

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Article Text

Lake City Crash. LAKE CITY, Minn., Feb. 25. - -The Merchants' bank, of this city, is closed and in charge of the public exeaminer. Proceedings have been taken to annul its charter. R. H. Moore, of this city, has been appointed receiver, and is likely to qualify within a few days. No statement has as yet been given to the public as to the assets or liabilities, and no information is obtainable as to the cause of the failure. The stockholders were ignorant up to the last moment of the state of affairs. Bank Examiner Lonegren had examined into the bank's condition, and it is doubtless on his report that this action is taken.


Article from The Indianapolis Journal, February 26, 1895

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Article Text

Minnesota Bank Closed. LAKE CITY, Minn., Feb. 25.-The Merchants' Bank is closed and in the hands of the public examiner. Proceedings have been taken to annul its charter. R. H. Moore has been appointed receiver. No information is obtainable as to the cause of the failure, the stockholders being ignorant up to the last moment of the state of affairs. The bank examiner has found that President Holmes had loaned himself between $30,000 and $40,000, while the capital stock was but $50,000 and the surplus but $40,000. Legally he could have loaned but $9,000. The bank will be dissolved.


Article from St. Paul Daily Globe, February 26, 1895

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Article Text

Lake City Crash. LAKE CITY, Minn., Feb. 25.-The Merchants' bank, of this city, is closed and in charge of the public exeaminer. Proceedings have been taken to annul its charter. R. H. Moore, of this city, has been appointed receiver, and is likely to qualify within a few days. No statement has as yet been given to the public as to the assets or liabilities, and no information is obtainable as to the cause of the failure. The stockholders were ignorant up to the last moment of the state of affairs. Bank Examiner Lonegren had examined into the bank's condition, and it is doubtless on his report that this action is taken.


Article from Rock Island Argus, February 26, 1895

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Article Text

Bank President Violates the Law. LAKE CITY, Minn., Feb. 26.-The Merchants' bank is closed and in the hands of the public examiner. Proceedings have been taken to annul its charter. R. H. Moore has been appointed receiver. The bank examiner has found that President Holmes had loaned himself between $30,000 and $40,000, while the capital stock was but $50,000 and the surplus but $40,000. Legally he could have loaned but $9,000.


Article from The Madison Daily Leader, February 27, 1895

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Article Text

Lake City Bank Closed. LAKE CITY, Minn., Feb. 27.-The Merchant's bank of this city did not open for business Monday, being in charge of Public Examiner Kenyon, the attorney general kaving taken steps to annul its charter. R. H. Moors . has been appointed receiver and will shortly qualify. Assets and liabilities have not yet been made public.


Article from Alma Record, March 1, 1895

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A bonus of $3,000 is being raised at Grantsburg for Iowa parties, who are to erect a large canning factory. An earthquake shock was felt at St. Louis and in other towns in the vicinity. Itlasted about fifteen seconds. Albert Whipple, who wrecked the Crawford, Neb., bank, is found to have had a remarkable criminal career. The bill taking the health board of Detroit out of the hands of the mayor was passed by the Michigan house. Mrs. Bourke Cockran, the wife of the congressman, died suddenly at her home in New York. She was 31 years old. London friends of Count Castellane, who is to marry Miss Anna Gould, state that he is to receive a dot of $3,000,000. Twenty-five of the leaders of the recent black flag riots in Formosa have been beheaded by order of the emperor. General Joseph B. Carr. who was three times elected secretary of state of New York, died at his home in Troy, aged 66. Skeletons of three men and sixteen horses were found in a five-chambered cave on a farm in Sandusky County, Ohio. California's assembly passed a bill to prohibit the wearing of hats or bonnets at theaters or other places of amusement. Icaria, the community established near Corning. Iowa, by French socialists a century ago, has passed into a receiver's hands. Woman suffrage was defeated in the North Dakota house, the vote being 31 to 25. The new divorce bill was also beaten. Recent violent snowstorms have rendered citizens of eastern Colorado destitute and they have appealed for immediate aid. Six hundred French troops were surprised by rebels in Africa. Three hunpred were killed and the survivors surrounded. The bill forbidding a display of foreign flags on public buildings has passed the New York Senate and gone to the Governor. Gen. John A. McCiernand, the veteran soldier, is again confined to bed at Springfield, III., with grip. His case is serious. All the men in the building trades in New York have been ordered to strike to aid the electrical workers to carry their point. A receiver has been appointed for the Merchants' bank of Lake City, Minn. whose president had borrowed $40,000 of its funds. Judge Pugh, of Columbus, O., has decided the various express companies to be corporations and amenable to the excise tax. An eyewitness of Mooshir Pasha's "march of blood" through Armenia says 7,293 lives were sacrificed and many villages burned. C. W. Knapp, of the St. Louis, Republic, was elected president of the American Newspaper Publisher's Association at New York. George W. McBride, ex-Secretary of State, was elected on the thirtieth ballot as United States senator of Oregon to succeed Dolph. London Statist says the high rate of interest asked for United States bonds is due to the belief that further loans will soon be needed. Of ninety-seven republican members o the Kansas legislature ho expressed their presidential preferences forty-nine favored McKinley. George W. Burton, who, helpless from paralysis, was frozen to death in a cabir near Dubuque, Iowa, left a pathetic rec ord of his sufferings. Paris green was discovered in a well a Plano, Ill., used by several families. The alarm was given before any of the pois oned fluid had been used. New York's Legislature, both branch es, has passed the bill submitting to th people a proposition to bond the Stat for $9,000,000 for canal improvement. A contract for 19,000,000 gallons of win and the lease of six of the largest wine ries in the state has been made by the as sociated wine dealers of San Francisco Harold O. Henderson, of Mason, Mich who suffered imprisonment for burglar in preference to bringing dishonor on woman, has been pardoned by the gov ernor.


Article from The L'anse Sentinel, March 9, 1895

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DOMESTIC. HEILZBERG & Co.'s packing house at St. Louis was entered, the watchman bound and the safe rifled of upward of $1,000. EQUAL pay for equal work was advocated in addresses before the National Council of Women at Washington. Two OF the three men who robbed a bank at Griswold, Ia., were captured by Council Bluffs officers after a fight, in which one on each side was wounded. A RECEIVER was appointed for the Merchants' bank of Lake City, Minn., whose president had borrowed $40,000 of its funds. BRADSTREET'S revised record shows the business failures for 1894 aggregated 12,724, with assets of $83,215,000 and liabilities of $151,548,000. CORDELIA HILL, the colored child who shot and killed her father in defense of her mother at Charlestown, W. Va., was acquitted THOMAS CAVANAGH and his wife were burned to death near Middle Haddam, Conn. GEORGE WEAVER and his wife, living alone on a farm near Trotwood, O., were burned to death in their dwelling. THE reported damage to the orange crop of California by frost was denied. CHIEF BRENNAN issued an order dismissing all but nine of the 220 police officers in Chicago who failed to pass the civil service examination. THE visible supply of grain in the United States on the 26th was: Wheat, 79,476,000 bushels; corn, 12,969,000 bushels; oats, 6,772,000 bushels; rye, 340,000 bushels: barley, 1,522,000 bushels. Ex-PRIEST SLATTERY lectured at Savannah, Ga., and all the police and troops in the city were required to suppress a riot which followed. Several persons were hurt. RIVER miners held a convention at Monongahela City, Pa., and decided to strike for the old sixty-nine-cent rate. MARY L. DICKINSON, of New York, was elected president of the National Council of Women at the session in Washington. TWENTY-ONE indictments for frauds at the fall election were returned by a special grand jury at Kansas City. A STATUE of Gen. Grant will soon be added to the group now in statuary hall at the capitol in Washington. IN a general order Commander in Chief Lawler, of the G. A. R., urges efforts be made to reclaim suspended comrades. CURTIS and William Waltz were killed by the bursting of the boiler in a sawmill near Adelphi, O. THE national dairy congress, consisting of delegates from the various state dairy associations, met in Washington. AN epidemic of grip prevailed at Lynn, Mass., to an alarming extent, there being over 500 cases, and many deaths had occurred. C. FARNHAM &.Son, extensive leather dealers at Providence, R. I., assigned with heavy liabilities. THE remains of Fred Douglass were buried at Rochester, N. Y., after impressive ceremonies in Centra church. A NATIONAL society for boys from the ages of 12 to 18 was incorporated at Indianapolis under the name of the "Princely Knights of Character Castle." The originator is Rev. A. W. Connor. ALFRED DAUGHERTY and Oliver Lockwood were fatally scalded near Nottingham, Ind., by the explosion of an oil pump boiler. MRS. ISAAC REYNOLDS, a society leader of Cleveland, dropped dead in the cloakroom at the art exhibition. CHARLES L. HOBART, a member of the New York produce exchange, was married at noon, and died in the evening while attending a theater with his bride.


Article from Bismarck Weekly Tribune, March 29, 1895

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Granted More Time. LAKE CITY, Minn., March 28.-Another extension of time has been granted the Merchants bank corporation of this city in which to recover its standing without going into the hands of a receiver. A settlement of dfficulties is yet probable.


Article from The Sauk Centre Herald, July 4, 1895

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Depositors but a Dividend. LAKE CITY, M.n., July 3.-D H. Moore, receiver of the Merchants bank of to : city. has obtained an or ier from Judge Gould for is items I syment of 25 per cent to depositors, which will amount to about $40.000.


Article from Bismarck Weekly Tribune, July 5, 1895

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Depositors Get a Dividend. LAKE CITY, Minn., July 3.-R. H. Moore, receiver of the Merchants bank of this city, has obtained an order from Judge Gould for a first payment of 25 per cent to depositors, which will amount to about $40,000.


Article from St. Paul Daily Globe, April 26, 1896

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Second Dividend to Creditors, Special to the Globe. LAKE CITY, Minn., April 25.-R. H. Moore, receiver for the defunct Merchants' bank, of this city, today paid a dividend of 10 per cent to the creditors of that bank. This is the second dividend which has been declared within the past year.