9596. Bank of Fairfax (Fairfax, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 31, 1892
Location
Fairfax, Minnesota (44.529, -94.721)

Metadata

Model
gpt-5-mini
Short Digest
ff53c04a

Response Measures

None

Description

The bank suspended on or about Dec 31, 1892 and was placed in receivership (remained defunct). Articles from 1894–1895 refer to an assignee/receiver paying dividends and ongoing suits. There is no mention of a depositor run in the provided articles. Evidence also references indictments of President Beard and Cashier Gray, supporting a bank-specific adverse failure.

Events (3)
1. December 31, 1892 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended payment Dec. 31, 1892; president Beard and cashier Gray were later indicted, indicating bank-specific malfeasance/insolvency led to suspension.
Newspaper Excerpt
On that date the money was demanded but payment was refused... before the bank suspended payment.
Source
newspapers
2. April 5, 1894 Receivership
Newspaper Excerpt
The assignee of the bank of Fairfax is paying a dividend of 14 per cent to creditors.
Source
newspapers
3. March 14, 1895 Other
Newspaper Excerpt
The Defunct Bank of Fairfax is Sued... The defendants are the Bank of Fairfax, Joseph A. Beard and Finley A. Gray, a firm that ceased doing business about the time the bank suspended and President Beard and Cashier Gray were called upon to answer certain indictments of the grand jury of Renville county.
Source
newspapers

Newspaper Articles (3)
1. April 5, 1894 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, April 5, 1894

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Article Text

NEWS IN MINNESOTA. Joe Matuska was killed by a runaway at Jackson. Application has been made for a receiver for the St. Paul Daily News. Thomas B. Reed will make a speech in Minneapolis the coming summer. The gold find reported near Fairfax proves to be pyrites of iron, or "fool's gold." The assignee of the bank of Fairfax is paying a dividend of 14 per cent to creditors. Captain George Hayes, a well k 1' W 1 steamboat and river man, died Tuesd y at St. Paul. The motorman and several passengers were seriously injured in a street car wreck at St. Paul. The trial of Benjamin Miller, the third of the St. Paul bank r obers S in progress this week. Captain Anson Northup, aged 86, and a resident of the Northwest since 1838, died Tuesday at St. Paul. The Monarch elevator at Graceville, Minn., burned Wednesday. It contained 10,000 bushels of wheat. Van Heest and Gardner fought 41 rounds at Minneapolis Thursday night. The fight was declared no contest. The St. Paul Title Insurance and Trust company has been appointed receiver for the St. Paul Daily News. The monthly report of State Treasurer Bobleter shows cash in the state treasury amounting to $1,939,232.27. Thomas E. Bowen, formerly state senator, has been installed as editor of J. Adam Bede's paper, The Budget, at Tower. Ransom Metcalfe has been appointed postmaster at Biwabik, St. Louis county, and Louisa Haefer at Hanover, Wright county. The state pine land investigating committee expects to recover $100,000 for the state from suits already begun for the illegal cutting of pine. Hause Rege, an accomplice of Andrew Seuswald in the murder of Henry Holstad at Northwood, was caught at Norman, Ia., and is now in jail. Milton Cutting and John Frost, while blasting in the latter's pasture near Jackson, discovered what experts pronounce to be a rich find of gold ore. Senator Washburn has introduced the Altamont (Duluth) Water company bill, allowing them to dam the St. Louis river on the Fond du Lac Indian reservation. Considerable excitement has been aroused by the find of a pronounced vein of silver near Virginia City, which is about 50 miles from the Rainy Lake gold fields. Mayor Eustisof Minneapolis publishes statistics to show that as a result of his treatment of the saloons, drunkenness in the city has decreased more than one half in a year. A fine body of ore containing at least 2,000,000 tons has been shown up by test pits on the Mesaba range not far from Evelett. The property is owned by the McInnis Iron company. Citizens of Merriam Park and Midway, St. Paul suburbs, banquetted the Twin City Press clubs Tuesday night Governor Nelson, Mayor Eustis of Minneapolis and other notables were present. The nucleus of an association of the jewelers of the state met at the Merchants hotel, St. Paul, last week, for the purpose of forming an organization of the trade in Minnesota, the object of which shall be to compel the manufacturers to confine their sales to legitimate dealers. Another meeting will be held April 12 at the same place. Governor Nelson has received from Washington the award granted to the state for its fisheries exhibit at the world's fair. The award consists of a typewritten description of the exhibit which is described as very complete and attractive. The photographic views of the fish hatcheries are mentioned as especially worthy of commendation. The annual report of the gross earnings of railroads in Minnesota has been completed by the state railroad and warehouse commission. The report shows a falling off of $3,990,880.74 from 1892, which, while it is large, is less than that of many other states. The earnings for 1893 were $33, 417.221.67.

2. March 14, 1895 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, March 14, 1895

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Article Text

THE BANK SUED. The Defunct Bank of Fairfax is Sued for Over Three Thousand Dollars. Bregel & Frank Want Judgment Against J. A. Beard and F.A.Gray. The papers in an interesting set of civil cases were served on the defendants last Saturday. The defendants are the Bank of Fairfax, Joseph A. Beard and Finley A. Gray, a firm that ceased doing business about the time the bank suspended and President Beard and Cashier Gray were called upon to answer certain indictments of the grand jury of Renville county. It will be remembered that the Bank passed into the hands of a receiver. A large number of the creditors participated in the benefits arising from the receivership, which benefits practically amounted to nothing. The plaintiffs in this case did not participate for the reason that they saw that their claims would amount to hardly nothing and they preferred to remain on the outside, secure judgment against Beard and Gray, and keep them from holding attachable property for the rest of their earthly existence, or else settle claims against them. The plaintiffs are Frank Bregel and Wenzel Frank. They sue separately in two cases and jointly as partners as Bregel & Frank in two cases. One of the cases is commenced by Wenzel Frank individually against Beard's bank, and cites that on Dec. 31, 1892, and two years prior thereto he deposited various sums in the bank. That on Dec. 31, 1892, he demanded his balance of $33.87. The payment was refused. He also demanded $156 for wheat stored in the Fairfax Mills,controlled by the bank, but payment on this was also refused. He sues for the two amounts and interest at the rate of seven per cent from the above date until fully paid. A second suit is brought by Bregel & Frank against F. .A.Gray. It is to recover on a note for $200 and interest from March 20th, 1893. A third suit is brought by Bregel & Frank against the bank. It alleges that between March 15th, 1892, and Dec. 31, 1892, the firm deposited in the aggregate in the bank $11,480.95, of which it checked out all but $1,957.86 before the bank suspended payment. On that date the money was demanded but payment was refused. They demand judgment for the amount, together with interest at the rate of seven per cent per annum until fully paid. The fourth suit is by Frank Bregel against the bank. seeking to recover $819.36 and interest from Dec. 5, 1892, and $48.30 for wheat stored in the mill owned or controlled by the bank. The two men are hardware merchants at Fairfax. They built up a prosperous business and were making money and when the bank collapsed it carried with it in the neighborhood of $3,000 of the firm's money, and almost drove it to bankruptcy. But with remarkable pluck they kept their heads above water and have practically recovered from the effects of the suspension. McConnell & Tiffts, two of the best attorneys in Glencoe, have taken the cases for the firm. Fred Frank, a brother to the junior was over partner, and served the Saturday papers and the Sun- deday, on fendants on Saturday. When they were handed to Beard he coldly remarked that he would look the matter up and see whether it was worth while to in an answer. sarput He smiled he castically at Mr. Frank as made the statement. See

3. June 6, 1895 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, June 6, 1895

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Article Text

O. W. McMillan and J. G. Butler were in Renville Monday and Tuesday. H. C. Ackmann left Tuesday for Faribault, where he will attend the State Episcopal convention. Revenue Inspector J. A. Henry came New Ulm He rumors the investigated up from regarding yesterday. alleged non-stamping of boxes. of cigars, The members of the gun club went out for a little practice just south of tracks last all did some exafternoon. the Northwestern They Monday cellent scoring. H. B. Whipple is constructing a fine front to his residence on Wyoming streets. The old buildand has East ing been moved to the rear to give place to the new and handsomer addition. The exercises attending the graduating of the seven girls from the high at the Methodist school church to-morrow night will commence sharply at All those who eight o'clock. desire to attend should be in seats before that time. Col. James C. Bleeker of Minneapolis, St. and divers and sunother cities Cloud, of Minnesota, dry representing the tannery and hide firm of & Co., was Jas. McMillan smiling on various acquaintances on the streets of Redwood Falls last Monday and Tuesday. Next Wednesday evening is the entertainment under the auspices of the Catholic church society of this city Rev. Fr. Cleary, an eminent speaker, will lecture. After the lecture a comedy will be presented. It is entitled "That Rascal Pat." Herb. Baldwin, Misses Pentony and Birdie O'Hara, T. Cummins and W. J. McLeod will supply the roles. An item in the Lake Benton News says that J. P. Peterson, a farmer a of met a last Tuesliving with few frightful miles accident north town, day. When his team from a took and ran pulverizer they unhitching fright over him, one of the knives passing over his head and cutting clear through the skull. Dr. Wakefield was sent for and dressed the wound, and at last accounts the wounded man as as of and was doing with fair well prospects could be expected, recovery. Had the knife penetrated but slightly further death would have been instantaneous. Chief Justice Start of the Supreme a last Horatio Court Monday handed afternoon down holding decision Werring and William Welter responsiole to Renville county for $1,743.30 which the county had on deposit in the defunct Bank of Fairfax, Beard & Gray, at the time of the suspension. Werring and Welter were two of the four bondesmen of two got out the loss Beard of paying and Gray. their The share other of by without increased claim:ing after that they the bond signed, had been their knowledge or consent. The court holds that they cannot be held but that Werring and Welter must make up the deficiency. The Y. P. S. C. E. District Convention to be held at Marshall from the 28th to 30th was a fertile theme of conversation at the "Aequaintance" social in the Presbyterian church on Monday evening. The circular of invitation reads: "The homes of Marshall will be opened wide for your coming and all the delegates will be royally entertained." Judge D. C. Stuart was appointed to read a paper on Lulu a on Porter "Politics paper and Temperance Religion, and Juliet Brooks and Fanny Everett to give an account there of the religious and secular sides respectively of the Redwood society. Rev. J. Sinclair and Allie Bigham will bring back reports of the convention. a letter from THE Mr. GAZETTE Julius is R. in Hitchcock receipt of of Hamline University, requesting our presence at the exercises of commencement week of that institution comminm adin