Article Text
Minnesota Bank Closed St. Paul.—The Farmers' State bank of Claremont, with $10,000 capital and deposits of $240,000, was closed because of "depleted reserve and questionable paper" by the state superintendent of banks.
Farmers State Bank (Claremont, MN)
Episode Information
- Episode UID
75060371500- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
7506037routing - Routing Number
75-0603- Start Date
- December 11, 1924
- Location
- Claremont, Minnesota (44.044, -92.998)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
fbc50d313d5cac0b
Response Measures
None
Events (1)
1.
December 11, 1924
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Closed by state superintendent for depleted reserves and questionable paper (insolvency/poor asset quality).
- Newspaper Excerpt
- The Farmers' State bank of Claremont, with $10,000 capital and deposits of $240,000, was closed because of depleted reserve and questionable paper by the state superintendent of banks.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
News of the Week Cut Down for Busy Readers Washington— Two plain and practical business messages were delivered by President Coolidge on his visit to Chicago. In the first address before the Chicago Commercial club he pointed to the necessity of elevating agriculture to the standard of other business that it might enjoy relatively the same prosperity. Before a gathering at the Stock Yards inn, where he was the guest of officers and directors of the International Live Stock exposition, the President paid a high tribute to the farmer, declaring that his experience with them was that they represented a class that sought only a fair deal; did not want or demand special treatment and class favoritism. The business of farming, he said, had become a profoundly skillful profession. The average length of life in the United States has increased 15 years since 1870, making the average span now fifty-six years, the public health service at Washington reports. Battle lines of all American units in Europe will be accurately marked by monuments, the battle monuments commission reported to congress at Washington. The army world flyers would be promoted and each given $10,000 reward and a congressional medal of honor, under legislation introduced in the house at Washington by Representative Rathbone of Illinois. A national survey of highway traffic was recommended to the highway research board, which met in Washington. Extension of three years to the leave granted to General Butler of the Marine corps to administer the police and fire departments of Philadelphia was requested of President Coolidge by Mayor Kendrick. Federal prohibition forces alone made 68,161 arrests for violations during the last year, Prohibition Commissioner Haynes reported at Washington. Full federal regulation of radio will not receive support of Secretary of Commerce Hoover in the legislation pending in congress, it was announced at Washington. Secretary Hoover suggested in a letter to Chairman White of the house merchant marine committee that at the present time congress should amend only the present statutes, giving the Department of Commerce a degree of control over wireless communication. Domestic— The bottom dropped out of the new 2,000,000-gallon storage reservoir at Talladega, Ala., and a $500,000 water system was put out of commission. It is believed there was an unknown cavern beneath it. Indiana tax officials have notified the executors of the estate of Delavan Smith of Lake Forest, Ill., former publisher of the Indianapolis News, that state inheritance tax would be assessed against all legatees other than charitable and educational institutions. If held valid the tax will be the fourth assessed against the estate. The New York Stock exchange membership of the late Henry Clews, who became a member in 1864, was sold for $97,000. Mr. Clews' membership cost him $3,000. Howard M. Gore, secretary of agriculture and governor-elect of West Virginia, is ill of bronchitis at St. Luke's hospital in Chicago. About $6,000 in cash and $30,000 in negotiable securities was the loot of four men who held up the Berwyn Trust and Savings bank at Berwyn, Ill. Robbers have raided the $3,000,000 hoard of fine liquors stored in the United States army warehouse at Thirty-ninth and Wood streets in Chicago, and removed $800,000 worth of booze, according to information revealed by United States Marshal Robert R. Levy, custodian of seized liquors for that federal district. All the while armed soldiers patrolled the premises. Gov. Len Small was injured, his son, Leslie, suffered a broken collar bone, and two other members of the party were injured when their automobile upset near Pontiac, Ill. Indictments for illegal publication of income tax returns against Walter G. Dickey, owner and editor of the Kansas City Journal-Post, and Ralph Ellis, general managing editor, were quashed in Federal court at Kansas City, Mo., by Judge Albert L. Reeves. William J. Fahy and James Murray, convicted in the $2,000,000 Rondout mail robbery, were denied a writ of supersedeas and release on bail was refused. They were sentenced to 25 years each in the federal prison at Atlanta. According to a letter written to National Commander Drain of the American Legion at Indianapolis, General Pershing, retired, does not desire reinstatement. William S. Silkworth, former president of the Consolidated Stock exchange at New York, was sentenced to serve 90 days in jail for fraudulent use of the mails. Leo Koretz of Chicago, arch-swindler, must serve from one to ten years at Joliet for the $2,000,000 Bayano fraud. Sentenced to imprisonment from one to ten years on three charges, Koretz will be eligible for parole at the end of eleven months. According to doctors who examined Koretz, he is not expected to live long, as he is in poor health. Antonio Corsi, fifty-six, world famous as an artist's model, who posed for Sir John Sargent's "Hosea," the noted "End of the Trail" statue at the San Francisco exposition, and other masterpieces, died at Los Angeles. An increase of 25 cents a ton in the wholesale price of virtually all sizes of prepared anthracite coal has been announced at Scranton, Pa., by a majority of coal companies. Marion A. Cheek of Brookline, Mass., was elected captain of the Harvard football team for 1925. Cheek played quarterback, but was out of the game during part of the season on account of injuries. The Farmers' State bank of Claremont, Minn., with $10,000 capital and deposits of $240,000, was closed because of "depleted reserve and questionable paper" by the state superintendent of banks. Twelve airplanes piloted by members of the first pursuit group of the army air service will attempt a dawn-to-dusk flight from Selfridge field, near Mount Clemens, Mich., to Miami, Fla., in February. Mrs. J. H. Kerr, running on a "clean-up-the-town" platform, was elected mayor of Edmonds, Wash., by one vote over her opponent, M. C. Engels. Mrs. Kerr is the first woman to hold the office of mayor there. Rail traffic is being delayed in various sections of Iowa on account of a snow that varies from three to ten inches in depth and continues to fall. Jewelry and gowns, the appraised value of which was $17,000, were seized from Mrs. Florence Orr Bache, wife of Jules S. Bache, New York banker, for alleged failure to declare the articles. A marked decrease in the number of fatalities in grade crossing accidents has been reported for the first two months of the safety campaign begun by the railroads last June. Waldo R. Clappman, former cashier of the Farmers' bank of Mutual, Okla., was arrested by deputy sheriffs at Los Angeles on a fugitive warrant charging him with absconding with $50,000 of the bank's funds. Personal— Con T. Kennedy, one of America's best-known outdoor showmen, owner of a carnival bearing his name, died at Greenville, Miss., following a short illness. Mrs. Henry B. Harris of New York, who became a theater owner and producer after her husband perished on the Titanic, became a bride the third time four months ago, friends learned. Her husband is L. Marvin Simmons. Dr. Rudolph Menn, former surgeon in the Austrian army, and recently connected with several Chicago hospitals, died in St. Luke's hospital. He is survived by his widow, a son and a daughter. Foreign— More than 800 students, on learning of the remaining terms of the British ultimatum to Egypt, rushed into the quadrangle at Cairo with cries of "revolution." The police prevented further disorder. Brigadier General Balzen of Italy has been appointed chief of the general staff of the national militia, in place of General Sacco, resigned, according to a dispatch from Rome. Three Communists were killed and three policemen wounded during a seige of a house in Reval, Esthonia, in which participants in a recent Communist outbreak took refuge. Mrs. Smith-Wilkinson, the Nottingham woman who a year or so ago caused a world-wide sensation as the "world's best-dressed woman," boasting that she had a thousand dresses and never wore the same one twice, died in a nursing home in London. Three masked bandits held up the staff of the Moosejaw (Sask.) post office and stole $90,000 in registered mail. Communist students clashed with the police in Belgrade, with about 17 persons wounded in the two parties. The British cabinet ministers and many other state officials in London went about their duties accompanied by bodyguards as a precaution against any violation by Egyptian sympathizers.
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Article Text
Minnesota Bank Closed St. Paul.—The Farmers' State bank of Claremont, with $10,000 capital and deposits of $240,000, was closed because of "depleted reserve and questionable paper" by the state superintendent of banks.