Wells & Garrettson - Fairfield, IA

Episode Information

Episode UID: 6578072191121
Episode Type: Suspension → Reopening
Bank Type: private
Bank ID: 657807219 hash
Start Date: May 29, 1893
Location: Fairfield, Iowa (41.009, -91.963)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 06c20d192a36f170

Response Measures

None

Description

Temporary suspension to await collections; senior partner absent in California.

Events (1)

1. May 29, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspended payments temporarily to await collections on matured paper; liquidity/collection issue despite assets exceeding liabilities.
Newspaper Excerpt: Wells and Garretson, private bankers, at Fairfield, have suspended payment, to await result of collections.
Source: newspapers

Newspaper Articles (1)

1. May 30, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, May 30, 1893

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Article Text

AN IOWA BANK SUCCUMBS. Wells and Garretson, at Fairfield, Close Their Doors. OTTUMWA, Ia., May 29. - Wells and Garrettson, private bankers, at Fairfield, have suspended payment, to await result of collections. Total liabilities, about $50,000, and assets over $80,000. The senior member of the firm, C. A. Garrettson, is a millionaire, formerly of Muscatine and Sioux City, and now of San Diego, Cal. He has no immediate part in the management. Wells says they will probably resume payment as soon as a reply can be had from Garrettson, or sooner if collections can be made on matured paper in bank.