State Bank - Alvarado, MN

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: November 1, 1922*
Location: Alvarado, Minnesota (48.194, -96.996)

Metadata

Model: gpt-5-mini
Short Digest: f0be2da1

Response Measures

Full suspension

Description

Article (Warren Sheaf, 1922-11-15) reports depositors withdrew funds as bank couldn't realize farm products and collect outstanding paper; depleted reserves led the Superintendent of Banks to close the State Bank of Alvarado 'on Monday this week' temporarily until affairs are straightened out. Suspension is by banking superintendent (government action); the piece indicates a temporary closure (likely reopening) but no definite reopening date is provided.

Events (2)

1. November 1, 1922* Run

Cause: Local Shock
Cause Details: Poor crop prices and inability to obtain cars for shipping produce left farmers unable to realize crops; bank couldn't collect on outstanding farm paper, prompting deposit withdrawals.
Newspaper Excerpt: has caused depositors to withdraw funds, while the bank has been unable to make collection of its outstanding securities.
Source: newspapers

2. November 13, 1922 Suspension

Cause: Government Action
Cause Details: Superintendent of Banks closed the bank because depleted reserves (after heavy withdrawals and inability to collect loans).
Newspaper Excerpt: The State Bank of Alvarado was closed by the Superintendent of Banks on Monday this week on account of depleted reserves.
Source: newspapers

Newspaper Articles (1)

1. November 15, 1922 Warren Sheaf Warren, MN

Article from Warren Sheaf, November 15, 1922

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Article Text

WARREN, MARSHALL COUNTY, MINNESOTA, WEDNESDAY, NOVEMBER 15, 1922. STATE BANK OF SUNDAY SCHOOL ALVARADO IS CLOSED CONVENTION HELD Depletion of Reserves Cause State Good Talks by Persons Interested Banking Department to Close In Sunday School Institution Work The State Bank of Alvarado was The Marshall County Sunday School closed by the Superintendent of Banks association held a meeting at the M. on Monday this week on account of E. Church in this city on Sunday afdepleted reserves. Owing to the poor ternoon, when an interesting program crops last year the bank was. unable was presented dealing with Sunday to collect on its outstanding paper School work. Roy E. Luttrell, presiand since then has been hard pressed. dent of the association, presided and This year, altho the crops were good, C. F. Pihlstrom led the singing. the low price coupled with the inRev. B. E. Williams spoke on the ability to obtain cars for shipping out topic, "The Objectives of the Sunday and thus realize on the farm products School.". He said that the great obthat have been raised, has caused dejective in Sunday School work was positors to withdraw funds, while the to learn to know and love the Bible bank has been unable to make colas the inspired word of God, and to lection of its outstanding securities. be able to defend it against those who Confronted with such a condition the want to undermine one's faith in its KNUD bank was forced to close, temporarily teachings. Mrs. Victor Johnson spoke Congressman-el at least, or until its affairs can he of the needs of Bible study in the straightened out. The bank is ow Sunday School. One point she made Warrenton ed principally by farmers, there bewas that greater stress should be laid ing some ninety stockholders. and unon learning Bible verses by heart by Bur til about a year ago it did a large the children. Prof. C. E. Sjostrand and profitable business. The present told about the "Cradle Roll" and how The Warrenton president is Peter Nordlund and the it may serve to interest the little held its monthly cashier is J. W. Sands. The stockchildren in the work of the Sunday HENRIK SHIPSTEAD evening, Nov. 10th holders are all well-to-do farmers, or School and often may serve as a U. S. Senator-elect. ballot to meet tw were SO- before the present agricullever to bring the whole family into the winter. The tural depression. Their farms are the church. Mrs. H. G. Kramer of was then enjoyed. very valuable, located as they are in ew Books At Radium spoke of Home Influences in Song, "America the most fertile part of the Red River connection with the Sunday School the club. Valley, and many of the farmers and urged greater interest and coWarren Library Recitation, "TI have their granaries filled with wheat, operation on the part of parents in Diedrch. which they are unable to ship or The following new books have been the religious education of their chilProse selection, turn into money. In a few weeks dren. She told incidentally how the ded to the Public Library and have Instrumental SO financial conditions may improve so placed on the one-week shelf: Sunday School that was organized at Talk, "My Trip that the stockholders can come to"Flouring Gold," Beach. Radium about a year ago has exerted A. J. McCartney gether, levy and pay their assessa refining and ennobling influence on "Spell Binders," Banning. vivid description ments, and put the bank. on its feet the children and the entire communi"Saint" Teresa," Harrison. the west was V again. At least it is thought that no "Carnac's Folly," Parker. ty. C. F. Pihlstrom told about the interesting. How depositor will have to lose any money "Americanization of Edward Bok." values of Teachers meetings in the months of touring by the closing of the bank. With deconduct of a successful Sunday School. "To Let," Galsworthy. as they approach flation and falling values all banks, They will give definite direction to "Certain People of Importance," ren, no city on especially in all-grain sections, have ris. the work, help the teacher in prebetter to her. a hard struggle in these times. "Prairie Schooner Princess," Maule. senting the truth of the lesson and The noxt meetis