9603. Bank of Farmington (Farmington, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 19, 1883
Location
Farmington, Minnesota (44.640, -93.144)

Metadata

Model
gpt-5-mini
Short Digest
c530102d

Response Measures

None

Description

Newspapers from Oct 19-20, 1883 report the Bank of Farmington has assigned (an assignment to Dennis Fellett of Hastings). This indicates a failure/closure with an assignee/receiver rather than a temporary run; articles give assets and liabilities and say assets sufficient to pay depositors. No run or depositor agitation is reported in these excerpts.

Events (1)

1. October 19, 1883 Suspension
Cause Details
Bank made an assignment to an assignee (Dennis Fellett) — effectively a failure/closure; assets reported ~$50,000 and liabilities ~$30,000.
Newspaper Excerpt
The bank of Farmington has assigned to Dennis Fellett, of Hastings. It IS reported the assets are sufficient to pay depositors.
Source
newspapers

Newspaper Articles (2)

Article from Daily Globe, October 19, 1883

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Article Text

Sergeant Signal Corps, U. S. A. WO-DAY'S WEATHER. WASHINGTON, Oct. 19, 1a. m.-Indications for the upper Mississippi valley, fair weather, northwesterly winds, rising barometer, stationary or slight fall in temperature; for the Missouri valley, generally fair, north to west winds, rising barometer, stationary of lower temperature. CITY GLOBULES. David Hoar, who escaped from the workhouse a few days ago, was captured yesterday. The sale of property for delinquent taxes by the city treasurer yesterday realized $11,592. The three Indians, charged with selling liquor to their tribes, were discharged yesterday by Judge Nelson. The case of John Carr, indicted for counterfeiting, is still on trial in the United States district court. The hewers of stone are preparing more new stone flagging for Wabashaw street between Sixth and Seventh streets. Some one will get burned on low gas jets burning in front of stores and extending a few inches over the sidewalks. The bank of Farmington has assigned to Dennis Fellett, of Hastings. It IS reported the assets are sufficient to pay depositors. Gov. Hubbard received patents from the the United States government yesterday for 79,917 additional acres of swamp lands in-the Daluth district. Ho was somewhat oppressed with Apolonaris water yesterday and staggered into the market house and inquired which was the woolen blanket counter. Tuesday evening last Richard Madden died suddenly, and yesterday the remains were baried from the undertaking rooms of Mesors. McCarthy & Donnelly. Maj Brackett visited Stillwater yesterday having in custody Chambers and McGovern, the counterfeiters, sentenced to five years each in the penitentiary. Stat Auditor Braden holds state land sales at Fairmont October 19, Jackson October 20. Redwood Falls October 25, Beavor FALLS October 26, Breckenridge October 30. During Wednesday nightburglars forced an entrance into Burkhardt's store, No. 138 Wabashaw street, and got away with from $40 to $50 worth of forks, scissors, spoons and notions. The St. Paul fire department held a meeting on Wednesday evening and appointed committees to perfect arrangements for holding itsannual ball at Market hall on Wednesday evening, Nov. 28. Because the seats at the Opera house were put at a higher price on the opening night of the present week's opera many people fail to know the fact that since the first night the best seats have been placed at $1.25 only. Mr. Thos. D. O.Brien got out a writ of habeas corpus yesterday for release of Thos. Wells and John Eidridge, who were arrested on the charge of selling mortgaged wheat at Hallock. The application will be heard by Judge Simons to-day. The directors of the Catholic orphan asylum held a meeting last evening at the residence of the Bishop and made the final arrangements for the orphan's fair that is to be held at Market hall next week. This fair is to surpass anything of the kind ever held in this city. United States Marshal Denny ordered Sheriff Gorman yesterday to release four United States prisoners from the county jail. They were Chas. Proule and F. Pellieur. under arrest for land smuggling, and two Indians, Ahwasaygesting and Waynaloson, detained as witnesses. The case of Andrew Willard, administrator of Columbus Germain, VS. H. B. Germain and others, occupied most of the session of the general term of the District court yesterday, and was still being heard when the court adjourned. The suit is brought against the parties for money claimed to be due the estate on a wheat elevator at Renville. The ward committees of the Parnell fund of the National Land league met at Sheriff O'Gorman's office on Wednesday evening and adjourned to meet at Hibernia hall next Sunday at three o'clock where the reports of the amounts collected in the several wards will be reported and St. Paul's contribution will at once be forwarded to the proper authorities. Yesterday afternoen the police arrested an old man named L. Weingartner on the charge of receiving stolen property, and a boy named Emil Korsmiller on the charge of larceny. The latter was employed at Shultz's millinery store on Third street. and he is charged with stealing plumes, feathers and artificial flowers to the extent of from $300 to $500. The stolen goods were sold to the old man for a nominal sum and he disposed of them. Where is the commissioner on "cruelty to animals?" The exhibition yesterday morning on the old Jackson street grade, below the Merchants, in which a single span of already overworked mules were forced to pull, half the time on their knees, a load of several tons weight up the steepest part, was one of excrutiating oruelty, and caused most indignant protests by even strangers who witnessed it, and yet just such scenes are of almost daily occurrence. Yesterday, a GLOBE reporter was accorded the inspection of a nnmber of old and valuable coins in the possession of Mr. A. F. Nordin, of Collector Bickel's office. The coins were recently brought from Sweden by Mr. Nordin's father, the most enrions being piece of stamped


Article from New-York Tribune, October 21, 1883

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Article Text

BUSINESS EMBARRASSMENTS, OHIO IRON MANUFACTURERS IN TROUBLE-A BANK FAILURE. CINCINNATI, Oct. 20.-The paper of the Union Iron Company, of Portsmouth, Ohio, went to protest some weeks ago and the affairs of the company have since been put into the hands of trustees. The liabilities are estimated at $500,000, and their assets at much less. John Campbell, of Ironton, Ohio, one of the heaviest creditors, has made an assignment to H. S. Neal. These embarrassments have been kept quiet, but they affect eight or nine of the largest furnaces in Southern Ohio. Mr. Campbell claims that he can pull through unless his creditors force a sale, in which case, he says, they will not get more than 50 per cent. Mr. Campbell is an old citizen, and has always been regarded as one of the wealthiest coal and iron dealers in Southern Ohio. It is understood that he holds $150,000 of the stock of the Union Iron Company and has indorsed their paper to the extent of $200,000. CHICAGO, Oct. 20.-A St. Paul special reports that the bank at Farmington, Minn., has made an assignment. The assets are placed at $50,000; liabilities, $30,000, principally to depositors. PHILADELPHIA, Oct. 20.-The suspension of Frederick Bain, a stock broker, whose business is supposed to be small, was announced to-day. He is understood to have been "short" of the market and recently became long."