Bank of Le Sueur (Le Sueur, MN)

Episode Information

Episode UID
8271193991123
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
827119399 hash
Start Date
July 8, 1893
Location
Le Sueur, Minnesota (44.461, -93.915)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9235125dc5ed1033

Response Measures

None

Description

Assignment was voluntary to protect local depositors; permanent closure inferred from assignment notices.

Events (1)
1. July 8, 1893 Suspension
Cause
Voluntary Liquidation
Cause Details
Voluntary assignment by owners after demand for payment on personal paper of president E. R. Smith used by Eastern parties; closed to protect local depositors.
Newspaper Excerpt
E. R. Smith & Co., owners of the Bank of Le Sueur ... made a voluntary assignment this morning
Source
newspapers

Newspaper Articles (13)
1. July 9, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, July 9, 1893

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FAILURES. LE SUEUR, Minn., July S.-The Bank of Le Sueur made an assignment today to protect its home depositors. The liabilities are $250,000, and the assets about the same. BOSTON, July 8.-Francis F. Morton, dealer in lumber, has assigned. The liabilities will not exceed $72,000 and the assets are about sufficient to insure good dividends. Tower, Wing & Co., shoddy manufacturers, who recently assigned, qwing $95,000, have gone into insolvency. William S. Richardson, a leather dealer, has gone into insolvency. He owes 375,000 and has offered 35 per cent., payable in thirty days. NEW YORK, July 8.-Ex-Congressman Pidcock and his son, John M., of the embarrassed New Jersey Sheep and Wool company, today dissolved partnership. The ex-congressman, speaking of the failure, said to a reporter: "The liabilities will not be more $600,000, while the assets are between $700,000 and $800,000. I shall not make all assignment, but shall try to work it out. I expect to pay my personal debts in full, The stockholders of the State bank will be paid about 80 per cent, while the depositors will be paid in full. BIG RAPIDS, Mich., July 8:-The Northern National bank closed its doors this morning. Withdrawals by depositors caused the suspension. CHICAGO, July 8.-A receiver for the Produce and Cold Storage exchange was applied for today. DENVER, July 8.-Edwin J. Binford, a coal dealer, assigned today for the benefit of his creditors. The assets are placed at $218,000 and the liabilities at $75,800. The money stringency is given as the cause.

2. July 9, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 9, 1893

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THE SHUTTERS UP, But Depositors Will Receive Dollar for Dollar. Special to the Globe. Le SUEUR, Minn., July 8.-E. R. Smith & Co., owners of the Bank of Le Sueur and of the Le Sueur Roller mills, made a voluntary assignment this morning for the benefit of their creditors. Thomas H. Smullen, late cashier of the bank, has been made assignee. The notice posted on the bank door this morning at the usual hour for opening was the first intimation any one received of the state of affairs, and came like a flash of lightning in a clear sky. The cause of the suspension is the falling due of private papers of E. R. Smith, which he was unable at this time to secure an extension of. Mr. Smith, when seen today, stated that the liabilities of the firm are about $225,000, with assets of the same amount. The action taken by him was to protect depositors, who, he says, will receive dollar for dollar. The bank was founded in 1869 by George Snow, M. Doran becoming a partner in 1873, and E. R. Smith coming in with M. Doran in 1878. Something like a year ago the interest of Mr. Doran was purchased by Mr. Smith, and his son, R. E. Smith, was given a partnership under the present firm title. E. R. Smith has resided here since 1854,and no man enjoyed the confidence of the public to a greater extent than he. T. e exact amount of the deposits and of wheat tickets out cannot be learned, but nearly every business man in the city finds his surplus cash tied up. The feeling, however, is good, and it is generally expected the trouble will only be temporar y.

3. July 9, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 9, 1893

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BUSINESS REVERSES. Failure of the Cold Storage Exchange at Chicago. CHICAGO, July 8.-Application was made to-day for a receiver for the Produce Cold Storage Exchange. The exchange has been carrying on the business of a cold storage warehouse and holds perishable goods valued at $750,000. Should the business be closed up, as is shown to be possible in view of an indebtedness of $11,290 which cannot be met, great loss will be sustained. The corporation has a ninetynine-year lease on the property where it is now doing business, and the leasehold, with the building on it, is valued at $700,000. The indebtedness of the concern amounts to $200,000. BIG RAPIDS, Mich., July 8.-The Northern National Bank closed its doors this morning in consequence of the withdrawal of funds by depositors. LE SUEUR, Minn, July 8.-The Bank of Le Sueur has failed. The liabilities and assets are given each at $225,000. The reason given for closing is to protect home depositors. DENVER, July 8.-Edwin J. Binford, a coal-dealer, assigned to-day for the benefit of his creditors. His assets are $218,770 and his liabilities $76,800.

4. July 9, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 9, 1893

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CRIPPLED BANKS AND FIRMS BUSINESS TROUBLES REPORTED FROM VARIOUS PARTS OF THE COUNTRY Wennecome, WIs., July 8.-The Citizens' Bank closed Its doors at noon yesterday. Cashier Varwacter was arrested OII the charge of receiving deposits after he knew the bank to be insolvent. He says that the bank can pay in full. Le Sueur, Minn.. July -The Bank of Le Sneur made an assignment to-day. There was no run on the bank and the reason given is that the bank was closed to protect home depositors. The liabilities are $225,000 and assets about the same. Rapids, Mich. July 8.-The Northern National Big of Bank closed its doors this morning. Withdrawal funds by depositors caused the suspension. Lambertville, N. J., July 8.-At the time of exCongressman J. N. Pidcock's failure the Hunterdon County National Bank of Flemington was carrying his notes to the amount of about $30,000. The teller of the bank said this morning that the full amount was not yet known, but would undoubtedly reach the figures named above. The bank is fully able to meet this loss. Cleveland, July 8.-The firm of Corrigan, Ives & Co. was placed in the receiver's hands yesterday on petition by Judge Stevenson Burke, who charges that the active partners have contracted debts to the extent of $100,000 without the consent of all, contrary to the articles of agreement. The firm is sales agent for twenty-four mines, among them the Pewable, Eureka. Dunn, Cambria, Iron Belt, Mansfield and Buffalo. James Corrigan, the senior partner, says that no difficulty will be experienced In meeting all obligations. Boston. July 8.-Francis F. Morton, dealer in lumber. has assigned. The liabilities will not exceed $75,000 and the assets are sufficient to insure the creditors a good dividend. The cause was the stringency of the money market. Tower, Wing & Co., shoddy manufacturers, who recently assigned owing $95,000, have gone into insolvency. William S. Richardson, leather, has gone into insolvency. He owes $75,000 and offers 35 per cent, payable in thirty days. Chicago, July 8.-A receiver for the Produce Cold storage Exchange was applied for to-day. Semerville, N. J.. July 8.-Excitement can high in this town this morning over the announcement of the failure of the Somerset County Bank. Notice was posted on the door stating that no business would be transacted except to receive payments for paper due. There was a FILL on the bank. and at 10 a. m. a large crowd of depositors elamored for admission and excitedly inquired about their money. Finding that they could get no satisfaction they went away. Several of the largest depositors drew out their money in time to save themselves. The general feeling here is that the worst has not been disclosed as to the condition of the bank.

5. July 10, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, July 10, 1893

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Le Sueur Bank Failure. LE SUEUR, Minn., July 10.-Le Sueur was shocked by a notice on the door of the Bank of Le Sueur that it was closed and an assignment made. There was no run on the bank nor was one anticipated.

6. July 13, 1893 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, July 13, 1893

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e Faillites de Banques et autres depuis quelques jours -Edw. J. Binford de Denver,Col., a fait faillite. Passif 218,000 dollars. L. Banque of Lesueur, de Le sueur, Minn., a ferme 8°B portes. Passif 225,000 dollars. La Albuquerque National Bank d'Albuquerque, N. M, a suspendu ses paiements. L'American National Bank de Puibla, Col., a déposé son bilan. Fermée est la Puget Sound Na tional Bank de Everett, Wash. La National Bank of Ashland, Neb., a fait faillite, ainsi que la First National Bank de Winston, N. C. M. Ward banquier de Forestville N, Y. g'est suicidé et il parait que le déposants ne verront ja mais grand chose de leurs 100,000 dollars. La Northern National BaLk de Big Rapids, Mich, a fermé ses portes. La Lloyd's National Bank de Jamestown N. D. a suspendu ses paiements. La "Normania Society" de Min neapolis a fait faillite. Passif 75,000 dollars. John L. Davie, banquier d'Auburn, Ill la Thorton Banking House de Shelleyville, Ill., et la Holt county of O'Neil, Nebraska ont fait faillite. Insolvables sont: L'Arkansas State Bank de Stuttgard. La Farmers et Traders Bank de De Wett, Ark. La Chamberlin Investement Co. de Denver, Col. A. Y. Davidson et Co. banquiers de Philadelphie, Pa. La State Bank de Shurbert Neb. La North Galveston Loan et Investement Association de Galveston Texas. La Kangas City Safe Deposit et Trust Co. de Kansas City, Mo., au capital de 300,000 dollare. Passif 1,700,000 doliars.

7. July 13, 1893 Burlington Weekly Free Press Burlington, VT
Article from Burlington Weekly Free Press, July 13, 1893

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2:22 Class. Trotting, Purse 8500. J., chg. Trimble Corinne, b m. Cheney 4 Prinsonan. ch Balley and Sheridan.. 6 3 Puritan, D 5. Deinorest 5 3 Caprice. b m. Golden 6 3 Dora Thorne, bm. Livingstone 5 5 Jennie, b m. Kerwick dis. J.M.T. b g. Bowen Time. 2.1794, 2.20. 2.1934 League standing. Per Per Won. Lost. Cent. Won. Lost Cent. .656 Philade'p .500 Cincinnati.ru .6.3 31 .450 Baltimore.27 Boston... 38 .586 24 Cleveland. 31 33 t.Louis. 27 .450 .583 4.9 Brooklyn. 25 Wash'gt'n.26 36 .548 28 .400 Pittsburg. 34 Chicago... 24 33 .459 34 New York.23 .320 Louisville. 16 CONDENSED DESPATCHES. Edwin J. Binford of Denver, Col., coal dealer, has assigned. Assets $218,7 770; liabilitied $76,804. The official sanitary report shows that the health conditions of Hamburg are good, although the beat is intense. to effect a esfrom jail at Ionia, cape In an attempt and Mich., killed. wholesale Monday, three prisoners were shot lord chief was taken suddenly the land, Lord Coleridge, ill justice Tuesday of at EngNewcastle assizes. The court was adjourned. The late Hiram Camp's will, it is understood, will provide handsomely for Mr. Moody's Northfield seminary at Northfield, Mass. Cashier Argaboright of the State bank at Shubert, Neb., has skipped with $21,000 of the bank's funds. The bank has BUSpended. Fatal floods have occurred in the Kulstein and Zillerthal districts in the Tyrol, and it is feared that the damage will be great. The Spanish caravels arrived at Jackson Park Friday. The weather was delightful and an elaborate reception programme was carried out The Bank of Lesueur, Minn., has made an assignment, ostensibly to protect home depositors. Liabilities $225,000; assets about the same. Foxhall Keen's colt El Telegrapho won the world's fair $25,000 stakes Saturday at Washington Park. Five and a half furlongs: time 1:13. At a meeting of directors of the kite track at Old Orchard, Me., Monday afternoon it was voted to offer $6000 in purses for races August 1, 2, 3 and 4. insanity, Sunday, Frank a During Bages, temporary prosperous farmer with of hatchet Wauseon, Ohio, killed his wife a and then shot himself dead. At Richmond, Ind., a carriage containing Mrs. Ganse, her son and daughter, aged and 9, was struck by a train Sunday night and all three were instantly killed. Mrs. Bancroft, the well -known actress, was thrown from a cab in London Monday and run over. She received injuries that necesstiated her removal to a hospital. Michael Burman of Providence, R. I., aged lost his life Sunday evening by the of a boat in which two were rowing on the companions capsizing 23, he Seehonk. of and The Glendon Iron company Easton, Pa., has been forced by the depression in the iron trade to shut down. It will be six months before the fires are lighted again. Word has been received at Topeka, Kan., of the drowning of William Waddell, his wife and four children, while in camp on the border awaiting the opening of the Cherokee strip. On Lake Minnetonka, Minn., Saturday Cornell and Pennsylvania varsity eights rowed a four mile straight way race, and Cornell won by three lengths; time 23:52. Hiram Camp, expresident of the New Haven Clock company, died at his home in Fair Haven late Saturday night. Mr. Camp had been in poor health for a year or more. The last Russian crop report issued by the of agriculture the of winter and summer department prospects indicates wheat that have improved greatly since the beginning of June. Private advices from Rio Grande Do Sul, Brazil, received in New news that Admiral confirm the York Monday of Wandelkolk the night revohas joined his fortunes to those lutionists. D. S. Kreeder, has wife and four children N. D., were murdered Friday by their hired man A are of morning burgh. Cando, posse scouring named the country Bomfor the murderer. There was a terrific rain and lightning storm Saturday, in the vicioity of Lyons, N. Y., rain falling faster than ever known before. Incalculable damage was done, especially, to the crops. Nellie shot and an operator, Sunday night, killed Horton, C. R. Hagan, Hagan, telegraph it Oakland, Cal., motorman. is conjectured, had refused to fulfill his prom ise to marry the girl. There is widespread suffering among the miners in the upper peninsula of Michigan and northern Wisconsin, owing to the abut It is down of iron mines in these regions. estimated that 12,000 men are idle. It has been discovered that Oscar E. Hill, cashier of the Commercial National bank of Ogden, Utah. is a defaulter to the amount of $65,000. The bank will go into liquida tion, but the depositors will lose nothing. The resignations of the following members of the board of pension appeals have been requested to take effect July 31: Isaiah W. Quimby of Ohio, Alvan T. Tracy of Connecticut and Charles L. Wilson of Maryland.

8. July 13, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, July 13, 1893

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BANK OF LE SUEUR CLOSES. Le Sueur, Min., July 10.-The Bank of Le Sueur has closed its doors. There was no run on the bank. The closing was voluntary to protect the local creditors. The president said the liabilities were about $225,000 and the assets about the same. The closing was caused by the demand of payment of the personal note of E. R. Smith, president, that had been used by Eastern parties. No trouble is anticipated by the other banks.

9. July 13, 1893 River Falls Journal River Falls, WI
Article from River Falls Journal, July 13, 1893

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A Minnesota Bank Assigns. LESUEUR, Minn., July 10.-The bank of Lesueur made an assignment Saturday. There was no run, and the reason given is that the bank was closed to protect home depositors. The liabilities are $225,000 and assets about the same.

10. July 13, 1893 Warren Sheaf Warren, MN
Article from Warren Sheaf, July 13, 1893

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Minnesota Bank Assigns. LESUEUR, Minn., July 10.-The bank of Lesueur made an assignment Saturday. There was no run, and the reason given is that the bank was closed to protect home depositors. The liabilities are $225,000 and assets about the same.

11. July 14, 1893 Little Falls Transcript Little Falls, MN
Article from Little Falls Transcript, July 14, 1893

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The people of Le Sueur were surprised Saturday by the closing of the Bank of Le Sueur. There has not been any run and no one suspected that the bank was in any way embarrassed. The first notice that anyone had was that on the doorat 9:30. The President E. R. Smith, on being interviewed, said it was not caused by any local demand but by his individual paper given to Eastern parties falling due and he made the assignment to protect the creditors at home. The liabilities of the firm are about $225,000, assets about the same.

12. July 14, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, July 14, 1893

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Another Bank Failure. LE SUEUR, Minn., July 8.-The bank of Le Sueur closed its doors at 9:30 this morning. There was no run on the bank. The closing was voluntary to protect creditors. The president said the liabilities were about $225,000 and assets about the same. The closing was caused by demand of payment of personal note of E. R. Smith. No trouble is anticipated by other banks.

13. July 15, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 15, 1893

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BANK OF LE SUEUR CLOSES Le Scent. Minn., July 10.-The Bank of Le Sueur has closed its doors. There was no run on the bauta The closing was voluntary to proteit the local creditors. The president said the liabilities were about $225,000 and the assets about the same. The closing WIS caused bv the demand of payment of the personal note of E. R. Smith, president, that had been used by Eastern parties. No trouble is anticipated by the other banks.