8780. First National Bank (Stillwater, MN)

View Charter #2674 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1514
Charter Number
2674
Start Date
May 12, 1884
Location
Stillwater, Minnesota (45.056, -92.806)

Metadata

Model
gpt-5-mini
Short Digest
dfda55c7455d5297

Response Measures

Accommodated withdrawals

Description

Multiple contemporaneous newspaper dispatches (dated May 12–13, 1884) report a slight run on the First National Bank of Stillwater triggered by the failure/suspension of the Northwestern Car Company. The run was checked after meeting all demands (about $25,000 paid out). No suspension, receivership, or reopening is mentioned for the bank itself.

Events (3)
1. August 9, 1865 Chartered
Source
historical_nic
2. May 1, 1882 Chartered
Source
historical_nic
3. May 12, 1884 Run
Cause
Local Shock
Cause Details
Run was triggered by the collapse/suspension of the Northwestern Car Company and related rumors about the firm's paper being held by the bank.
Measures
All demands were met; payments totaling about $25,000 were made and the run was checked.
Newspaper Excerpt
A run was made on the First National Bank this morning growing out of the car company's complications...the run was soon checked when all demands were met. Only about $25,000 had been paid out.
Source
newspapers

Newspaper Articles (10)
1. May 13, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 13, 1884

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THE NORTHWESTERN CAR COMPANY. A RUN ON THE BANK AT STILLWATER-SENATOR SABIN'S RETURN-EASTERN CREDITORS. MINNEAPOLIS, May 12.-A special to The Journal from Stillwater says: A run was made on the First National Bank this morning growing out of the car company's complications, but it was soon checked. When all the demands had been met only about $25,000 had been paid out. The car company's hands and the Townshend Milla are still at work. Senator Sabin is expected home to-morrow night. He will leave Washington this afternoon. ST. PAUL, May 12.-Dispatches were received from Senator Sabin to-day, saying that he would leave Washington for St. Paul to-night. Until he arrives It will be difficult to secure a statement as to the exact standing of affairs. Townshend & Co. have not suspended and say they can make no statement as to their condition until Senator Sabin returns, as they do not know themselves how they stand, nor how deeply Senator Sabin, who is a partner, is involved. Rumors concerning the condition of the Firet National bank alarmed several depositors this morning and a small run was made on the bank, but the scare was short lived, as it became known that the bank holds $340,000 of the car company's paper, and is perfectly sound. It not

2. May 13, 1884 Daily Republican Wilmington, DE
Article from Daily Republican, May 13, 1884

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Bank Affairs. The Comptroller of the Currency yesterday recieved a letter from Mr. Scriba, the Examiner in charge of the Marine National Bank of New York, saying that the bank is insolvent, and should be placed in the hands of a receiver. A receiver will be appointed by the Comptroller as soon as the report of the Examiner is received. Mr. Seriba expresses the opinion that the depositors will receive from 75 to 80 per cent. of their deposits, "and that in case the estates: of Mr. Fish and Grant and Ward are profitably managed the deposits may be paid in full." This statement is, naturally, regarded at the Comptroller's office !" as a clear indication that the capital, surplus and earnings of the bank are gone." There was a slight run on the First National Bank of Stillwater, Minnesota, yesterday morning, owing to the suspension of the Northwesten Car Company, but it was soon checked, all demands being met.

3. May 13, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, May 13, 1884

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Run on a Bank. MINNEAPOLIS, Minn., May 12.-The Journal's Stillwater special says: "A run was made on the First National bank this morning growing out of the Car company complications. The run was checked when all the demands were met. The Car company crew and the Townsend mills are still at work. Senator Sabin is expected home to-morrow.

4. May 13, 1884 The Rock Island Argus Rock Island, IL
Article from The Rock Island Argus, May 13, 1884

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failure. Senator Sabin has been east sever times lately making sales of stock and negotiating loans. It is not many months since a leading firm hold nearly $200,000 of his stock and paper. NEW YORK, May 13.-Reports are current here that there are heavy losses in New York on account of the failures in Minnesota. No information confirming these reports is obtained, and they are believed to be erroneous. Wayland Trask, an intimate friend of Senator Sabin, says no one in the east will be hurt by the failure of the Minnesota firm, and that there are no failures here to justify the heavy decline in wheat reported in Chicago dispatches. LATER. MINNEAPOLIS, Minn. May -The Journal's Stillwater special says a run was made on the First National bank, growing out of the car company's complications. The run was soon checked when all demands were met. Only about $25,000 were checked out. The car company's crew and the Townsend mill are still at work. BOSTON, Mass, May 13.-Fogg Bros, bankers, held some paper of the Northwestern Car company, but decline to say how much, and a leading banker says that Sabin's car company's stock is in about every bank in Boston, and held all over New England, but nobody is going to lose anything. His assets are abundant. He did not believe that Sabin borrowed much money except at low rates. WORCESTER, Mass., May 18.-Paper of the Northwestern Car company is held by the banks here, but not in amounts to cause inconvenience. At the City bank # is stated that all the paper they held is amply protected by sound securities. The stock of the company has been sold here to some extent, the agents being Messrs. Rice & Whiting. It is thought that not more than 2,000 shares were placed here. A Stillwater special dispatch says: The feeling here is much better. Receiver Brown has entered upon his duties, and announced his intention of continuing operations. Until Senator Sabin arrives it will be difficult to secure a statement as to the exact standing of affairs. Townshend & Co. have not suspended, and say they can make no statement as to their condition until Mr. Sabin returns, as they do not know themselves how they stand or how much Mr. Sabin, who is a partner, is involved. It is not thought any further disasters will result here.

5. May 13, 1884 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, May 13, 1884

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THE ST. PAUL FAILURE. The Receiver Making an Inventory-Extent of Sabin's Business Ventures. ST. PAUL, May 12.-Receiver Brown, of the Northwestern Car Company, will begin the work of making aninventory of all property of the concern without delay. The property embraces small lots of machinery scattered throughout the country in the hands of numerous agents, as well as commercial paper held by the company, the enormous plant and the large amount of material on hand at the works. Mr. Brown says he will pay off all hands on Thursday, the 15th of the present month. The shops will then be shut down for a few days, to facilitate the taking of the inventory. Senator C. S. Gilfillen, first vice-president of the car company, says the intention is to continue operations under the receiver for ten months, in which time it is thought the company will be in a condition to continue under a management of its own. The Senator says there has been mismanagement, but he still believes the creditors will be paid in full. He further says that Senator Sabin has great activity and executive force, but he does business in a loose way. "He is engaged in I don't know how many schemes, and it is not possible that some of them may go down. He is connected with a company which owns 30,000 or 40,000 acres of hard-wood lands back of Hudson, to which a railroad has been built; also with the Duluth iron works, and further with a manufactory near Troy, Wis., which turns out eight to ten tons of iron a day, and which controls 3,000 to 4,000 acres of good land rented as farms. Mr. Sabin promised me, when the car company was formed, that he would stay out of politics. If the affairs of the company prove to be badly in volved. the State will have the prison labor on its hands." A Boston telegram says: "Senator Sabin has been a heavy borrower for the Northwestern Car Company from capitalists of New York, Boston. and many smaller cities of New England. He sold stock in Norwich, Conn., Fitchburg, Lowell, Manchester, Bangor, and other places, and trust funds are said to be largely invested in it. Considerable preferred stock was sold, with half common stock thrown in as a bonus. One firm in Boston is said to hold nearly $100,000 in stock and paper of the car company, but it is not expected the firm will be affected by the failure. Mr. Sabin has been East several times lately, making sales of stock and negotiating loans. Not many months since a leading firm held nearly $200,000 of his stock and paper. Fogg Brothers, bankers, hold some paper of the Northwestern Car Company, but decline to say how much. A leading banker says Sabin's paper is in about every bank in Boston, and is held all over New England, but nobody is going to lose anything, as the assets are abundant. He did not believe Sabin borrowed much money except at low rates." At Norwich, Conn., about $30,000 was invested in the stock of the Northwestern Car Company, but the personal loans are small. Stock of Mr. Sabin's company was sold at Fitchburg, Mass., by Worcester parties, and by President Lawrence, of the Wachuset Bank. Mr. Lawrence says the stock is all held by strong parties, who will not be embarrassed by the company's suspension. He is confident the company will pay all its debts, and that preferred stockholders will lose nothing. A special from Stillwater, Minn., says a run was made on the First National Bank this morning, growing out of thecar company complication. The run was soon checked when all demands were met. Only about $25,000 was cheked out. The car company crew and the Townsend mills are still at work.

6. May 13, 1884 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, May 13, 1884

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Sabine's "Settler" SR. PAUL, May 12-Receiver Brown, of the Northwostern Car company, will begin the work of obtaining an inventory of All the concern without delay. This property embraces small lots of machinery scattered throughout the country in the hands of numerous agents, RB well as commercial paper held by the company, and the enormous plant of a large amount of material on hand at the works. Mr. Brown says be will pay off on Thursday, the 15th of the present month, and the shops will then be shut down for a few days to facilitate taking the inventory. Senator C. D. Gilfilan, first vice-president of the car company, says the intention is to contiaue operations under the receiver for ten months, after which time it is thought the company will be in a condition to continue under a management of its own. The senafor says there has been mismanagement. but still believes the creditors will be paid in full. NEW YORK, May 12.-Nothing is learned at the office of Grant & Ward this morning, end Ward had not arrived at 11 o'clock. The report of the bank examiner will be forwarded to Washington shortly, and not until then will it be made public. No official statements of the bank affairs can be obtained. New ORK, May 12.-A special dispatch from Stillwater, Minnesota, says: The feeling here is much better to-day than yesterday. Receiver Brown enters upon his duties. He has announced his intention of continuing operations. A telegram has been received from Senator Sabin. He leaves Washington for St. Paul to-night. Until he arrives it will be difficult to secure a statement as to the exact standing of affairs. Townsend & Co. have not enspended and say they can make no state. ment until Sabin returns, as they do not know themselves how thev stand and how stands Sabin, who is a partner and 18 involved. MINNEAPOLIS; May 12. - The Journal's Stillwater special says: A run has been made on the First National bank this morning, growing out of the car company complications. The run was soon checked when all demands were met. Only about $25,000 was checked out. The car compaoy's crew and Townsend mil's are still at work. Sabin is expected home to-night He leaves Washington this afternoon.

7. May 13, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, May 13, 1884

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Run on a Bank. MINNEAPOLIS, May 12.-The Journal's Stillwater special says a run was made on the First National bank this morning, growing out of the car company complications. The run was soon checked, when all demands were met. Only about $25,000 were drawn out.

8. May 14, 1884 The Daily Cairo Bulletin Cairo, IL
Article from The Daily Cairo Bulletin, May 14, 1884

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TELEGRAPHIC BREVITIES There was another tumble of three cents in wheat in Chicago. A change of venue is asked in the Murraysville, Pa, murder and riot cases. The New York firm of Kauffman Bros., dealers in picture frames, has failed. George W. Corwin, of Greencastle, Ind., has failed, with liabilities of $20,000. Ross won three of the five bouts with Flagg in the mixed wrestling match at Cleveland. Henry D. Stout, one of the oldest newspaper men of Ohio, is dead. He was seventy-six years of age. Ferdinand Ward has filed an assignment for the benefit of his creditors. George C. Holt is the assignee. J. S. Wilkins, a leading jeweller of Memphis, has assigned, with liabilites of $42,000 and assets of about $10,000. John A. Walsh told the Springer Committee a number of interesting facts during the progress of his examination. In the contested election case of Wallace vs. McKinley, the House Elections Committee has decided in favor of Wallace. The mills of the Kentucky Lumber Company at Williamsburg, Ky., were burned. Loss, $60,000; insurance, $40,000. Senator Sabin was a large borrower in Eastern cities for the Northwestern Car Company, which has just gone under. A Madison County (Ind.) farmer, named Frasier, shot and killed W. H. Hupp, a neighbor, without cause or provocation. A slight run was made on the First National Bank of Stillwater, Minn., growing out of the Northwestern Car Company's failure. The seventh annual regatta of the Mississippi Valley Amateur Rowing Association takes place at Moline, III., on the 10th and 11th of July. Jersey Central Railroad employes will hereafter work only two days a week at the Philipsburg, Odenwerden, Hampton and Elizabethport shops. An unprecedented cut in rates is announced by the agents of the Burlington, Missouri, Union Pacific & Atchison, Topeka & Santa Fe Roads. A servant girl in the family of James B. Lansing of Corry, Pa., was shot in the abdomen by young Lansing, who didn't know his pistol was loaded. Thefts of coupon passenger tickets on the Wabash Road have been going on for months. One of the conductors who was suspected of being implicated got frightened and skipped. At the African Methodist Conference, in session at Baltimore, a resolution passed giving worn-out preachers, $400 a year; widows, $100, and orphans under fifteen years $50. A bill authorizing the construction ofs road from Sioux City westwardly via Niobrars Valley to a point on the Union Pacific Railroad will be favorably reported by the House Committee on Pacific Rafirgade.

9. May 14, 1884 New-York Tribune New York, NY
Article from New-York Tribune, May 14, 1884

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THE NORTHWESTERN car COMPANY. GRAVE RUMORS FROM THE EAST DENIED. A RECEIVER FOR THE SEYMOUR-SABIN COMPANYSENATOR SABIN'S HONOR UPHELD. [BY TELSORAPH TO THE TRIBUNE.) STILLWATER, Minn., May 13.-Financial men are emphatic in declaring that the First National Bank, on which a slight run was made yesterday morning, will not lose a dollar by reason of the recent developments. State Senator C. D. Giffillan, vice-president of the car company, pronounces false the statement made In an Associated Press dispatch from New-York that the far company has paper Lout amounting to $3,000,000. The books only showed $750,000, and if there was any mor3 than this out it was illegal [paper, and he had received no evidence that any such paper had Leen issued. The assertion that a large amount of the car company's paper was held in the West he declared to be untrue. There was not at the most over $100,000 in Chicago, he said, and the amount held in Minnesota was comparatively insignificant. It was impossible to tell by what Eastern banks the paper was held at present, as the notes were all negotiable, but they were made and held in New-York and New-Englan4 banks. Mr. Gilällän was sure that this trouble could not properly be attributed to slow collections, the low price of wheat and general business depression, as the New-York dispatch states. General Manager Stimson, of the car company, denies the statement that $3,000,000 of the paper of the concern is outstanding, and that some of it had been placed on the New-York market. He also denies the rumor* that malfeasance on the part of those connected with the management of the company caused the failure, and the charge that Senator Sabin had drawn heavily from the funds of the corporation for bis private use in his political operations. Stimson asserts his belief that the car company is largely indebted to the Senator, and that the funds will show just the opposite to that which is charged. The assets and liabilities could not be :definitely stated, he said, until the receiver has made an examination and filed a report. Nothing new had developed since the day on which the failure was announced in the way of arriving at a conclusion as to the assets and liabilities, but Mr. Stimson adhered to his first estimate: Assets, $4,000,000; liabilities, $1,100,000. A surprise among the people here second only to that cause1 by the suspension of the car company is the fact just made public that the old lumbering and manufacturing firm of Seymour, Sabit & Co., which it was supposed was merged into the Northwestern Car Company, and had ceased to exist, is still alive with assets of $500,000. George M. Seymour, senior member of the firm, it is expected will be appointed receiver for the flouring mills firm of J. H. Townshend & Co., of this city, which has been embarrassed by the suspension of the car company. The firm is composed of J. H. Townshend, G. M. Brush and Senator Sabin. The mills are known as the Townshend Roller and St. Croix Flour Mills. This is one of the best own of Stillwater's manufacturing institutions. Senator Sabin and Mr. Townshend own a threeeights interest each, and Mr. Brush one-fourth. A POceiver will probably be appointed as soon as Sabin can be communicated with. Sabin is expected here Thursday.

10. May 22, 1884 Turner County Herald Hurley, SD
Article from Turner County Herald, May 22, 1884

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Little Run for a Cent. The failure of the Northwestern Car Company, created some excitement at Stillwater, Minn., and a run was inaugurated on the First National Bank. The run was checked after $25,000 had been paid out.