8424. Dilworth State Bank (Dilworth, MN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 24, 1928
Location
Dilworth, Minnesota (46.877, -96.703)

Metadata

Model
gpt-5-mini
Short Digest
2fb8aea411b04eba

Response Measures

None

Description

The articles report that the Dilworth State Bank closed on Dec. 24, 1928 pending reorganization to forestall a run triggered by troubles at the First/Moorhead National Bank. Newspaper copy mentions re-opening plans and that a receiver/organizer was involved; no clear permanent failure or final receivership outcome is described in these pieces, so the most likely classification is a suspension with planned reorganization/reopening. Cause linked to runs/distress at a nearby (Moorhead) bank and widespread false and vicious rumors. OCR errors in the clippings were corrected (e.g., Moorhead National Bank; date Dec. 24, 1928).

Events (1)
1. December 24, 1928 Suspension
Cause
Local Banks
Cause Details
Closed due to fear of a run sparked by continued heavy withdrawals and widespread false and vicious rumors connected with the First/Moorhead National Bank's troubles in nearby Moorhead; some Moorhead officers were directors of Dilworth, prompting concern and withdrawals at Dilworth State Bank.
Newspaper Excerpt
They issued statement declaring that the bank was closed pending reorganization ... in view of the circumstances and to prevent a possible run
Source
newspapers

Newspaper Articles (8)
1. December 25, 1928 Grand Forks Herald Grand Forks, ND
Article from Grand Forks Herald, December 25, 1928

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Article Text

DILWORTH BANK CLOSES DOORS, FEARING RUN Dilworth, Minn., Dec. 24.-(AP) run on the Dilworth State Bank of Dilworth as result of the of the First and Moorhead National Bank of Moorhead directors of the Dilworth indecided to close that bank statement that the bank closed don't owe cent to any Owen M president of the Dilworth State Bank day of the circumstances and prevent possible to close the bank pending Some of the officers of the First and Moorhead National of Moorhead are directors of the Dilworth Re-Opening Plans Talked. for reorganization of the First National bank of closed Saturday by order of the board of are to be taken up immediately. it announced today by bank officials. The bank was closed pending reorganization, due to continued Leavy withdrawais of deposits resulting from "widespread false and vicious rumors,' according to officials The statement of the bank, issued Oct. 3. showed the bank had more than a quarter of million dollars, in quick consisting of Other bonds and securities and cash This statement showed capital surplus and profits with surplus and $1,954.14 in divided Since that time the undivided profits item had to $20 000 and Christmas greeting card published few days before the undivided profits of Bank officers maintain that the bank was and is in good condition. that there has been considerable liquidation this fall of their out standing loans and that the closing was decided upon solely to protect depositors and allow and reopening H. Wray has been placed receiver by Irwin charge Wright, chief bank examiner for this pending re-organization.

2. December 25, 1928 Star Tribune Minneapolis, MN
Article from Star Tribune, December 25, 1928

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Article Text

Dilworth Bank Closed to Allow Reorganization Ing run on the Dilworth State bank of Dilworth as result of the of the First and Moorhead National bank of Moorhead. direct tors of the Dilworth institution de to close that bank today. They issued statement declaring that the bank was closed pending cent to any bank." said Owen Lamb, president of the Dilworth State bank, today. "We however, in view of the circumstances and to prevent a possible close the bank pending re-organization. Some of the officers of the First and National bank of Moorhead are directors of the Dilworth bank.

3. December 26, 1928 Morning Pioneer Mandan, ND
Article from Morning Pioneer, December 26, 1928

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Article Text

DILWORTH BANK FEARING RUN Dilworth, on the Dilworth State fearing Bank Dilworth as result the First National Bank Moorhead, rectors of the Dilworth cided to close that bank today They Issued that the bank closed pending reorganization don't owe cent to any bank" said Owen Lamb, president the State Bank today Dilworth however, in view of the to prevent possible close the bank pending the officers of the Moor Some the Dil head bank bank.

4. December 28, 1928 Mandan Pioneer Mandan, ND
Article from Mandan Pioneer, December 28, 1928

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Article Text

DILWORTH BANK FEARING RUN Minn., 24 fearing run the State Bank Dilworth result the First National Bank Moorhead, rectors of the Dilworth close that bank today They Issued statement declaring that the bank was closed pending reorganization don't cent to any bank" said Owen Lamb, president of Dilworth State Bank today cided, view of the cumstances and to prevent possible run, close the bank pending Some of the officers of the Moor head bank are directors the

5. April 19, 1933 The Decatur Daily Decatur, AL
Article from The Decatur Daily, April 19, 1933

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BEHIND THE SCENES IN DUTCHER BY RODNEY DUTCHER No. 38163 and Convict No. 38155 were cellmates at the Leavenworth penitentiary. They are the office building of the House of Representatives. Convict No. has become Congressman Francis Shoemaker of Minnesota. Convict No. 38155 is the man he chose as secretary after M used to be bank president. They two years ago on the train carrying them to Shoemaker after conviction for "scurrilous matter' through the mail, and Lamb for violation of the banking laws Shoemaker one the four new Farmer-Labor congressmen elected in Minnesota last November. His case still before elections committee on the contention that his conviction took away his citizenship. but the House in March voted 230 to 75 to allow him to take his seat. gray-eyed, medium height. man always anxious to fight for the farmers and wage Lamb white haired plain-spoken man of Like Shoemaker, he doesn't mind admitting that he an ex-convict But he does want it known that he was sentenced only for "technical" violation and that depositors in his bank have been paid off per cent. pretty good rate for busted "Ability," says Shoemaker when asked why he selected fellowconvict to handle his office in Washington. "There's fine man He humanitarian. He spent seven months in France driving an ambulance at the front He used be chemist until his family left him bank. graduate of the University of North Dakota. "He on economics and all about banking problems. He has the confidence the people of his community. They know he's honest and so Shoemaker, radical editor and promoter of municipal power plants, fought the Republican machine in Minnesota for years. He campaigned against CongressAugust Andresen. Republiin 1930 About that time in his paper. Organized Farmer.' he waging campaign against held trusts and unloaded worthless stocks on beneficiaries. He especially one banker who. after being compelled make good in that sort of wrote him mean letter. Shoemaker wrote back. addressing the envelope to Robber of Widows and Orphans." judge whom Shoemaker says he had ferred tool of the power trust,' sentenced him He had the choice of year and day Leavenworth five years of probation. He chose the former So Shoemaker and Lamb met on the train. Shoemaker landed in the chaplain's office and Lamb became clerk Lamb took down the life histories of prisoners. Shoemaker studied the cases and recommended placements within the prison. Today Shoemaker has his prison the tags of his automobile. He went back Minnesota, obtained the nomination against Andresen last year. and elected. Lamb had been president of the Dillworth state bank and director of the larger Moorehead Nationbank in community nearby. There run on the Moorehead bank 1928 and Lamb closed protect depositors. Closing Moorehead bank caused the Dill. worth bank close and Lamb he lost But he was left holding the bag for about $4500 which been left uncovered by an inside deal involving the use of some school warrants. Lamb paid off the $4500 at once and thought was settled, but few days before the statute of limitations ran out he was arrested as result of he calls "political spite work."

6. April 20, 1933 The Courier Waterloo, IA
Article from The Courier, April 20, 1933

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Article Text

CELL-MATES IN CONGRESS Congressman Frank Shoemaker and Secretary Met Inmates Leavenworth Penitentiary. RODNEY DUTCHER No. and Convict No. 155 cellmates at the Leavenstill the office of the house of repreConvict No. 38163 has become Congressman Francis Minnesota. Convict No. 38155 the man he chose his secretary M. Lamb, who used bank president. ago on the them maker for sending mail, and Lamb for violation of the banking laws. Shoemaker one of the four new congressmen elected Minnesota last November. His still before an elections on the contention that his conviction his citizenship, but the in voted 230 to allow to Neither Ashamed. medium height, man always to fight the farmers and wage earners. Lamb man Like Shoemaker, he doesn't mind admitting an But known that sentenced "technical" lation and bank off cent, pretty good for busted banks. says Shoemaker when asked selected fellowconvict to handle Washington. "There's man. He in France driving ambulance the He used his left him bank. graduate the versity of North Dakota. well-posted economics and knows about banking problems. He has the confidence the people of his They honest and so do Tangled with Banker. Shoemaker, radical editor and municipal fought the Republican machine Minnesota years. He campaigned against Congressman August Republican, About that time in his paper, Organized Farmer," was waging campaign against bankers trusts and loaded beneficlaries. He especially attacked one banker who, after being compelled make that wrote mean letter. wrote back, addressing the envelope Robber Widows and Orphans." judge Shoesays had referred trust,' He the choice and day years He chose the So Shoemaker Lamb met the train. landed chaplain's office and Lamb clerk. Lamb took down the life histories thousands prisoners. Shoemaker studied cases ommended placements within the prison Prison Number Car. Today has his prison the tags automobile. He Minnesota, obtained the against Andresen last year, was elected. Lamb been president of the Dillworth State bank and director the larger Moorehead National nearby. There was the bank closed tect Closing bank the bank and Lamb says he lost $70,000. But left holding the bag for about which had been improperly uncovered an inside deal involving the use some school warrants. paid off the $4,500 once thought was few before the statute ran out result what he calls "political leaving Leavenworth he turned he helped in the campaign. Share Progressive Views. Lamb shares Shoemaker's progressive views takes interest in the national banking situaShoemaker an inflationist and and with which says eliminate charge about year and force present holders tax-exempt securities billion year taxes. He amused the house beer bill which barred ex-convicts from selling voted by huge majority me congress, they passed me tending bar or running saloon

7. April 21, 1933 Ironwood Daily Globe Ironwood, MI
Article from Ironwood Daily Globe, April 21, 1933

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Moorehead bank caused the Dillworth bank close and Lamb says he lost $70,000. But he left holding the bag for about $4500 which been left improperly uncovered by an inside deal involving the use of some school warrants. Lamb paid off the $4500 at once and thought was settled, but few days before the statute of limitations ran out he was arrested as result of what he calls "political spite work." After leaving Leavenworth he turned to Minnesota and he helped Shoemaker the 1932 campaign. Share Progressive Views. Lamb shares Shoemaker's progressive views and takes an eager interest in the national banking situation. Shoemaker is an inflationist and favors calling in bonds and paying them off with new currency, which he says would eliminate an interest charge of about billion dollars year and force present holders of tax-exempt curities to pay billion year in taxes. He is amused by the House beer bill which barred ex-convicts from selling beer. "First they voted by a huge majority to let me sit in congress," he says, "and then they passed law prohibiting me from tending or running saloon."

8. April 26, 1933 Progress-Bulletin Pomona, CA
Article from Progress-Bulletin, April 26, 1933

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April 26-Con38163 Convict No. were cellmates at the Leavenworth penitentiary. They still the office building of the House RepConvict No. 38163 become Congressinan Francis Minnesota. Convict No. 88155 the man he chose as his secretary M. Lamb, who used be bank president. They met two years ago on the carrying them Shoemaker after conviction for sending "scurrilous matter" thru the mail. and Lamb for violation banking laws. Shoemaker of the four new congressmen elected Minnesota last November His case still before elections committee on the contention that his conviction away his citizenship, but the House in March voted 230 to to allow him to take his Neither Is Ashamed medium always anxious to fight for the farmers and wage Lamb is haired man of Like he doesn't mind admitting that an But does known that he sentenced violation and that in bank off 75 cent pretty good rate for busted banks. "Ability," Shoemaker when asked why selected convict handle his office Washington. "There's fine man. He humanitarian. He spent months France driving ambulance the front. He used chemist until his family left bank. graduate the University North Dakota. "He on economics and knows about banking problems. He has the confidence people of his community. They know honest and do Tangled With Banker Shoemaker, radical editor and promoter municipal power fought the Republican machine Minnesota for years. He campaigned against Congressman August Andresen, RepubliAbout that time his "The Organized Farmer." waging campaign against bankers held trusts and loaded stocks He especially attacked one banker after being com- pelled to make good in that sort mean Shoemaker wrote back, the envelope Robber of Widows and Orphans." whom Shoemaker says had ferred tool of the power trust." sentenced him. He had the choice and day Leavenworth five years of probation. He chose the former. So Shoemaker and Lamb met the train. Shoemaker landed the chaplain's office and Lamb became Lamb took down the life histories of thousands of prisoners. Shoemaker studied the cases and placements within the recommended Prison Number on Car Today Shoemaker has his prison the tags automobile. He went back nesota, obtained the against Andresen last nomination and elected. president the Lamb been Dillworth state and director of the larger Moorehead bank community neartional There on the Mooreand Lamb closed head bank protect depositors. Closing the Moorehead bank caused the bank to close and Lamb says he lost he left holding the was $4500 which had been left for about by an inside deal involving the use of some Lamb paid off the $4500 once and thought was but days before the statute of limitations ran out he arrested result what "political spite work." After leaving Leavenworth turned Minnesota and he Shoemaker the campaign. Share Progressive Views Lamb shares Shoemaker's progressive views and takes eager interest in the national banking situation. Shoemaker is an inflationist and favors calling in bonds and paying them off with new which he says would elimirency, nate an interest charge of about billion dollars year and force present holders of tax-exempt securities to pay billion year in taxes. He amused by the House beer bill which barred ex-convicts from selling beer. "First they by large majority "and they passed law prohibiting me from tending bar running