9650. First National Bank (Lake City, MN)

View Charter #1740 on SPMC

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 1740
Charter Number: 1740
Start Date: December 28, 1885
Location: Lake City, Minnesota (44.449, -92.267)

Metadata

Model: gpt-5-mini
Short Digest: 1b0f4d6f

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: Receiver appointed; stockholders discussed reorganizing under new charter to pay depositors.

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1886-01-04
Date receivership terminated: 1886-06-01
OCC cause of failure: Losses
Share of assets assessed as good: 36.7%
Share of assets assessed as doubtful: 58.7%
Share of assets assessed as worthless: 4.7%

Description

Contemporary articles report a heavy run Dec. 28, 1885, followed by the bank failing to open (temporary suspension) and placement in the hands of an examiner and later a receiver (F. H. Ross appointed Jan. 18, 1886). Stockholders repeatedly stated they would pay depositors dollar for dollar and intended to reorganize/resume (articles Jan. 14–23), but final confirmed resumption is not shown in the provided articles — hence outcome is uncertain.

Events (7)

1. November 29, 1870 Chartered

Source: historical_nic

2. December 28, 1885 Run

Cause: Rumor Or Misinformation
Cause Details: Rumors that the bank was not in sound condition/failure circulated and precipitated heavy withdrawals.
Measures: Bank paid out many thousands of dollars during the day; larger depositors were paid in part and asked to wait while funds were called in.
Newspaper Excerpt: Considerable excitement was created Saturday by rumors that the First National bank of Lake city had failed, and consequently there was a large run on that institution.
Source: newspapers

3. December 28, 1885 Suspension

Cause: Rumor Or Misinformation
Cause Details: Directors closed the bank because the run (triggered by rumors) made it impossible to realize securities quickly enough to meet withdrawal demands.
Newspaper Excerpt: This morning the bank failed to open, and the following placard appeared on the door: Owing to the run precipitated upon this bank and the impossibility of realizing upon our securities rapidly enough to satisfy the demand ... the directors have directed that it be temporarily closed.
Source: newspapers

4. January 1, 1886 Other

Newspaper Excerpt: The First National bank of Lake City, Minn., is still in the hands of the examiner. ... It is admitted however that a Minneapolis man was allowed to largely overdraw his account but this could not have alone caused the run on the bank.
Source: newspapers

5. January 4, 1886 Receivership

Source: historical_nic

6. January 18, 1886 Receivership

Newspaper Excerpt: The comptroller of the currency to-day appointed Frank H. Ross to be receiver of the First National bank of Lake City, Minn.
Source: newspapers

7. January 22, 1886 Reopening

Newspaper Excerpt: Various stockholders of the First National bank ... indicate that they intend to pay the depositors dollar for dollar, and it is expected the new organization will assume the liabilities of the old bank, paying off all indebtedness ... the shareholders are now planning to organize under a new charter.
Source: newspapers

Newspaper Articles (18)

1. December 29, 1885 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, December 29, 1885

Click image to open full size in new tab

Article Text

NUB OF THE NEWS. Ex-Gov. Ramsey talks reservedly on Mormon matters. An ex-convict at Stillwater threatens Warden Reed's life. The Irish National league have postponed their convention. A French riding master eloped with a fair New York maiden. St. Paul fire commissioners awarded con tracts for new hose. Veterans of the Second Minnesota held a reunion in St. Paul. An aged Maryland bridegroom went crazy during the honeymoon. Jack Burke knocked Mike Cleary out in three rounds in Chicago. The Delta Lawn Tennis club's ball at the Ryan was a brilliant affair. Most of the committee chairmen have been selected by Speaker Carlisle. Texan partisans of a defeated mayor are organizing a raid into Mexico. Charles Martin of Monte Christo fame has left the city for the city's good. The proposed British protective tariff threatens American interests. William Mavis was run over by an engine near Hinckley and badly injured. Vandals mutilated valuable oil paintings in St. Elizabeth's church, Chicago. The First National bank of Lake City has closed on account of a run on it. St. Paul and Minneapolis capitalists have urchased the Duluth street railway. An Alabama negro was burned at the stake for a felonious assault upon a woman. Box-makers in Chicago are on a strike against the use of nailing machines. A government steamer will be sent to search for the missing whaler Amethyst. Warner Miller is receiving decided opposition in the New York senatorial contest. Commissioner Sparks claims to have the unqualified indorsement of the president. Allequippa coal miners refuse to leave the settlement of their troubles to arbitration. The contract for the Cascade tunnel is absorbing the interest of railroad contractors. A St. Paul printer named Milton Lescher was knocked down on the street with a slungshot. The St. Paul chamber of commerce is investigating the question of who owns the levee. J. C. Litzelman, a Newton, Ill., contractor, fied the town, leaving thousands of dollars of de ts. Mary Dowd, a Cleveland grass widow, com-

2. December 29, 1885 St. Paul Daily Globe Saint Paul, MN

Click image to open full size in new tab

Article Text

The First National bank of Lake City has closed on account of a run on it.

3. December 29, 1885 St. Paul Daily Globe Saint Paul, MN

Click image to open full size in new tab

Article Text

The First National Bank of Lake City Closes Its Doors, But Declares Depositors Will be Paid. The Duluth Street Railroad Company Sells Out to St. Paul and Minneapolis Parties. Citizens of Brown's Valley Voice Their Sentiments on the Canal Scheme. News From Various Points of the Northwest Gleaned by Globe Correspondents. A Bank Closes. Special to the Globe. LAKE CITY, Minn., Dec. 28.-Considerable excitement was created Saturday by rumors that the First National bank of Lake city had failed, and consequently there was a large run on that institution. The bank remained open and transacted its usual business until the close of the day. Many thousands of dollars were paid out, and many thousands of dollars of deposits were received during the day. Several of the larger depositors applied for their money and were paid in part, and were requested to wait a short time until funds could be called in, and they acceded to the request. This morning the bank failed to open, and the following placard appeared on the door: Owing to the run precipitated upon this bank and the impossibility of realizing upon our securities rapidly enough to satisfy the demand of all our creditors on presentation, the directors have directed that it be temporarily closed. All depositors will be paid. A meeting of the directors was held this morning to determine the course of action, but as the United States inspectors did not arrive, they did not come to a satisfactory conclusion. But the stockholders claim that they themselves will be the only losers, as the depositors will in every case be paid their full amount of deposits.

4. December 31, 1885 River Falls Journal River Falls, WI

Article from River Falls Journal, December 31, 1885

Click image to open full size in new tab

Article Text

but C. H. Upham the present incumbent refuses to recognize the new appointment. The ground of the refusal is that while the appointment was made during the congressional recess, Dr. Eberhard did not qualify until after Congress met and hence must be confirmed before he can be installed. The First National Bank of Lake City, Minn., did not open its doors on the morning of the 28th. There had been quite a run on Saturday previous and the directors posted a notice that they wanted time to realize on their securities but that depositors would be paid in full. The last published statement showed $125,000 in deposits. $14,000 was paid depositors the last day the bank was open. Gov. Hubbard has pardoned Thos. J. McAfee alias Gerald Moore, bigamist, sent from Ramsey county about a year ago. Two years of his sentence were unexpired. One of his wives is in Minneapolis, and the other in St. Paul, neither divorced, and it IS a legal problem if he can live with either without liability. $500 reward is offered for the recovery ofex-Treasurer Pease's ledger, by the county authorities at Valley City, D. T. The book disappeared between Dec. 1 and 15, and contained important evidence connected with the alleged Pease defalcation. Miss Kat ie Welch fatally injured Frank Woods, at Dubuque, Iowa, on the evening of the 28th. by throwing a can of vitriol in his face. Both eyes were burned out and he will die. Miss Kate claims that he wrouged her and then married another girl. Fred Webber, (formerly a St. Paul pugilist,) a brakeman on the C. M. & St. P. R. R., jumped from a train at La Crosse, catching a foot in a switch frog, and was run over, his leg being crushed so as to require surgical amputation. Samuel Hill and Thomas Lowry of Minneapolis, Thos. P. Wilson of St. Paul, A.S. Chase and G. G. Hartley of Duluth, have purchased for $100,000 the Duluth street railway. Four miles of extensions are promised at once. John Hutchinson, who shot Lockey McLain, at East Grand Forks, last September, has been convicted of murder at Crookston, Minn, and sentenced to be hung. The day of execution is to be fixed by the governor. The Methodist church at Taylors Falls has been placed in charge of Prof. E. E Edwards, formerly of the Colorado Agricultural college, and for the last three years principal of the academy at Olney, III. A. T. Flectwood, late postmaster at Sioux Falls. D. T., is missing. He left about three weeks ago to visit friends in Wisconsin and was last heard of at Milwaukee, where he left his trunk at a hotel. Samuel B. Strong of Jackson, Minn., the oldest Mason in the state and one of the oldest in the country, died Dec. 24th. He was born April 30th, 1798. The Wabasha county (Miun.) tax list shows the valuation of real property to be $3,957,660, personal property $987,907; total valuation $4,945,567. Prof. Heaton, of Winoxa, who accepted a call to the State Normal school at Weston, Oregon, has arrived at that place, accompanied by his wife, J. M. Bowman, a prominent merchant of Jamestown, D. T., died on the 28th, of apo-

5. January 1, 1886 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, January 1, 1886

Click image to open full size in new tab

Article Text

In the Hands of the Examiner. W ASHINGTON, Dec.31.-The comptroller of the currency has received information of the suspension of the First National bank of Lake City, Minn. The bank has been placed in charge of Bank Examiner Taylor, and his report is awaited to disclose the condition of the institution,

6. January 1, 1886 Savannah Morning News Savannah, GA

Article from Savannah Morning News, January 1, 1886

Click image to open full size in new tab

Article Text

FAILURES OF 1885. A Decrease of 3 ₽ er Cent. in Number and 50 Per Cent. in Liabilities. NEW YORK, Dec. SL-R.G. Dun & Co.'s Mercantile Agency report that the total number of business failures in the United States during 1885 was 10,637, with liabilities of a little more than $124,000,000, as compared with 10,968 failures in 1884, with liabilities of $226,000,000. While the failures for 1885 are only 3 per cent. less in number than 1884, the liabilities have decreased nearly 50 per cent. The number of traders reported in business in 1885, was 919,990. Of these I in every 86 failed. In 1878, with 674,000 traders. 1 in 64 cameto grief. The average amount of liabilities of each failure in 1885 was $11,678, against $20,632 in 1884, and 22,369 in 1878. It is seen from these figures that while the business casualties have decreased but slightly in number they are far less significant 111 amount and importance. SUSPENSION OF A BANK. W ASHINGTON, Dec. 31,-The Comptroller of the Currency has received information of the suspension of the First National Bank of Lake City, Minn. The bank has been placed in charge of Bank Examiner Taylor, and his report is awaited to disclose the condition of the institution. SUGAR DEALERS ASSIGN. NEW ORLEANS, Dec. 31.-Hansell & Webster, dealers in sugar and molasses, to-day made an assignment of their property to their creditors. The liabilities are about $200,000. The nominal assets are reported to be somewhat in excess of the liabilities. WEST INDIA MERCHANTS FAIL. LONDON. Dec. 31,-Eugene Scharrer & Co., West India mer hants. have become bankrupt. Their liabilities are reported at $500,000, and their assets are said to be hadowy. DEPOSITORS 2T TO LOSE. LAKE City, MINN. Dec. 31-The First rational Bank will go into liquidation. No depositors will lose as the stockholders are amply able to meet all demands. The suspension was caused by a run.

7. January 1, 1886 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, January 1, 1886

Click image to open full size in new tab

Article Text

A Bank Suspends. The Controller of the Currency has received information of the suspension of the First National Bank of Lake City, Minn. Unpleasant Surprises for the New Year.

8. January 1, 1886 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, January 1, 1886

Click image to open full size in new tab

Article Text

General and Personal. Special to the Indianapolis Journal. WASHINGTON, Dec. 31.-Harry Fry, of Union, who was here several months prior to September, seeking an appointment, and who was given a position by W. R. Brownlee, of Anderson, appointed United States Land Register at Larned, Kan., has returned here to renew his claims for an appointment. He says the place given him by Brownlee was not good enough, and he demands something better. Commissions have been issued for the following Indiana postmasters: William H. Thomas, at Clunette: Henry Secrist. at English Lake; James Wilson, at Fulton; James A. Sappenfield, at Greenville; Peter H. Ring. at Holman Station; George H. Sitterding, at Shields. Changes have been ordered in the time-schedule of the star mail routefrom Bowling Green to Coal City, Owen county, as follows: Leave Bowling Green on Mondays, Wednesdays and Fridays at 10 A. M.; arrive at Patricksburg by 12 M.; leave Patricksburg on Mondays, Wednesdays and Fridays at 7 A. M.; arrive at Bowling Green by 9A. M. There was recently presented to the Attorney. general, on behalf of William S. Warner and his brother-in-law, J. Henry Work, a proposition to refund to the creditors of the Marine Bank the full amount of the checks upon which their present indictment was found, namely, $152.800. The government has declined the proposition, and both accused will have to stand their trials. Secretary Manning holds that the sinking fund for the current fiscal year requires $48,000,000. He said that it would not do to call that amount at once, and hence he had to begin with a call of $10,000.000 only. This would indicate that between Feb. 1 and June 30 there will be four bond calls of $10,000,000 each. The United States Treasurer to-day mailed 42,745 checks, amounting to $6,054,385, in payment of the interest on registered United States four-per-cent. consols of 1907, and 1,387 checks, amounting to $1,938,705, in payment of interest of bonds issued to the Pacific railway companies. Treasurer Jordan will assume charge of the New York sub-treasury on Saturday morning, and immediately begin to count the cash, aided by several employes in his office. James W. Wallace, of Tennessee, and John G. Townshend, of. Maryland. have been appointed special examiners in the Pension Office. George A. Howard, of Dixon Spring, Tenn., has been appointed chief of the stamp division of the Postoffice Department. R. W. Gurley, chief of the free-delivery service in the Postoffice department, has resigned, and Col. John F. Bates, of Dubuque, Ia., was appointed to fill the vacancy. The Comptroller of the currency has received information of the suspension of the First National Bank of Lake City, Minn. The bank has been placed in charge of Bank Examiner Taylor, and his report is awaited to disclose the condition of the institution.

9. January 6, 1886 The Bozeman Weekly Chronicle Bozeman, MT

Article from The Bozeman Weekly Chronicle, January 6, 1886

Click image to open full size in new tab

Article Text

The First National Bank of Lake City Miun., is still in the hands of the examiner. There were rumors that some of the bank funds had been used for speculative purposes but this is emphatically denied. It is admitted however that a Minneapolis man was allowed to largely overdraw his acount but this could not have alone caused the run on the bank. It is believe that will the exercise of due care and prudence, the depositors will all be paid in full and a large balance left over.

10. January 7, 1886 The Stark County Democrat Canton, OH

Article from The Stark County Democrat, January 7, 1886

Click image to open full size in new tab

Article Text

The Lake City Bank. RED WING, Minn., Jan. 5.-A short time ago rumors were afloat that the First National bank of Lake City was not in a sound condition financially, This started a run on the bank and it was closed. The directors promise that all depositors will be paid. Bank Examiner H. W. Knox has taken possession and is looking up the aocounts. The last published statement of the bank showed the deposits to be $125,000Rumors of wheat speculations by the stockholders and of extensive real estate deals are current.

11. January 14, 1886 River Falls Journal River Falls, WI

Article from River Falls Journal, January 14, 1886

Click image to open full size in new tab

Article Text

NORTHWESTERN NEWS. The cold wave has given the St. Paul Ice Palace a big boom and the inhabitants of the city are so happy over it that they turned out with a military and torchlight parade to lay the corner block. The weather was so cold that the words of the speaker on the occasion broke in chunks as they were spoken, and the reporters for the daily papers only had to stand and eatch the ice sentences in a bucket and taking them to their offices thawed them out and thus had a complete transcript of the "unpremeditated remarks" of the orator. The palace is to be opened with great festivities on the evening of Monday, Feb. 1. The Duluth chamber of commerce building was formally dedicated on the 6th. Representative business men from St. Paul, Minneapolis, Fargo, Chicago, Milwaukee, New York and many other points being present. At the evening banquet, Gov. Hubbard of Minn., and Gov. Pierce of Dakota responded to toasts and were followed by Gen. J. H Baker. railroad commissioner of Minn., Mayor Moore of Duluth, J.J. Hill of the St Paul & Manitoba railroad and many others. The building has a frontage on Superior street of 55 feet and 115 feet on Third avenue west and has been erected at a cost of $85,000. The body of the late J. B. Raymond of Fargo, D. T., was buried in Rock Creek cena etery at Washington on the 11th. The re mains of his wife who was buried in Washington last spring were removed to a family burial lot and they were both interred together. There were no funeral services save the brief ceremony at the grave. Sen. ator Sabin, with whom Mr. Raymond's daughters are living, had charge of the burial. The Secretary of the Interior recommends the beginning of a suit against the Gull River Lumber company of Minneapolis and also the Clearwater and Red River Lumber companies for trespass on government timber lands The amount involved is a little over $25,000. J. H. Dolchy, alias, J. H. Laine, the business manager of the Cal. Wagner minstrel troupe, has been arrested at Stillwater Minn., and confined in jail for deserting his wife and child. the wife having followed him from New Jersey to prosecute. U.S. Marshall Denny of Minnesota, has tendered his resignation, all charges against him having been withdrawn. His term would have expired Feb. 20th. His successor will probably be W. M. Campbell of Litchfield. Roller rinks seem to be especially inflammable this winter. Almost every paper contains an account of the destruction of one some where. La Moure, D. T., contributed her quota on the 9th, by the burning of the Opera roller rink. The Merchants National Bank has been organized at Duluth with $150,000 capital. The President is A. W. Wright who is a millionaire capitalist from Saginaw, Mich. Oswald, who shot McWeeney at Devils Lake, has been held on preliminary examination for murder and is confined in jail without ball. A cold wave with the mercury from 15 to 38 degrees below zero swept over the Northwest on the Sth, 9th, and 10th. The suspended National Bank at Lake City, Minn., is expected to resume in about two weeks. F. H. Ross of Bushnell, Iowa, has been appointed receiver of the First National Bank at Lake City. In the trial of Wm. Streeter for murder, at Duluth, the jury failed to agree. The St. Paul & Omaha railroad depot at Superior, Wis., burned on the 9th. The Eagle foundry at Eau Claire. Wis., burned on the 11th. H. L. Dousman, of Prairie du Chien, Wis, is dangerously ill. E. T. Silverson, a merchant at Fargo, has failed.

12. January 15, 1886 Iowa County Democrat Mineral Point, WI

Article from Iowa County Democrat, January 15, 1886

Click image to open full size in new tab

Article Text

NOMINATIONS CONFIRMED. WASHINGTON, Jan. 18.-The senate in executive session to-day confirmed a large number of nominations, including: Geo. A. Jenks, assistant secretary of the interior. Henry T. Muldrow, first assistant secretary of the interior. Wm. G, McLean, first deputy commissioner of pensions. Joseph J. Bartlett, second deputy of pensions. Rebt B. Vance, assisstant commissioner of patents. James W. Whelpley, of New York, assistant treasurer of the U.S. Wm. E. Smith, of New York, assistant secretary of the treasury. Conrad N. Jordan, of New Jersey, treasurer of the U.S. Col. Juo. Gibson to be brigadier general. Col. Absalom Baird to be inspector general with rank of brigadier general Capt. Henry J. Farnsworth to be inspector general, with rank of major. First Lieutenant Francis B. Jones to be assistant quartermaster with the rank of captain. Second Lieutenant Sidney E. Stewart to be first lieutenant in the ordinance department. C. A. Dougherty, of Pennsylvania, to be secretary of the legation at Rome. POSTMASTERS. Chas. Doerr, Ft. Madison, Iowa. C.C. Colloto, Carroll, Iowa. Albert Snyner, Cheyenne, Wyo. APPOINTED RECEIVER. WASHINGTON, Jan. 18.-The comptroller of the currency to-day appointed Frank H. Ross to be receiver of the First National bank of Lake City, Minn.

13. January 15, 1886 Little Falls Transcript Little Falls, MN

Article from Little Falls Transcript, January 15, 1886

Click image to open full size in new tab

Article Text

The original Misfit parlors at St. Paul were closed by the sheriff. At Watertown, Dak., at 7 a. m. on the 8th inst., the mercury stood 38 below. A. L. Lewis was elected president of the reorganized West St. Paul Citizen's union. At St. Vincent the mercury was 35 below zero a few days ago, and the wind blew a thirty-mile rate. Mrs. Behner, at Winona, shot her husband and then attempted to kill herself. Neither is seriously injured. Attorney General Hahn decides that original owners may redeem land twice sold for taxes. The thermometer ranged from 85 below at Devil's Lake early Friday morning the 8th inst., to 15 below at noon. The senate committee reported adversely on the appointment of Posmaster Hallat Preston. Melchor Knudent of Crookston has applied for a writ of habeas corpus in the United States court. He is in jail charged with using themails for an illicit purpose. Unknown parties cut down and carried away several rods of the telephone wire between Princeton and Elk River. Mrs. Margaret M. Becker, mother of Mrs. R. S. Burdick, and Mrs. S. E. Coots of St. Paul, and Mrs. A. D. Ross of Litchfield, died at the home of Mrs. Ross, Litchfield, aged 79years. The Lakeside mills at Bingham Lake were destroyed by fire. Several people sleeping in the building narrowly escaped with their lives. Loss not stated. Insured for $10,000. The will of the late Dr. John Steele, of St. Paul, was probated recently. The real estate in appraised at $163,500, and personal property at $86,296; total $249,796. The fee for probating this will was $1,000, the largest fee ever paid in theprobate court. It is very likely that the suspended First National bank of Lake City, will resume business in & couple of weeks, or a little later. One of the stockholders, J. C. Hassinger, living in California, is expected there soon. Most of the stockholders have signified a disposition to respond promptly to such an assessment as may be necessary to put the bank on a good footing again. The Lake Side mills at Brigham Lake, a small station four miles east of Windom, were burned. Loss about $15,000 on building and machinery and $5,000 on stock. The stock was owned by David Heibert, of Mountain Lake, and Haycock & Neidhardt owners of the mill. Fourteen son3 of Harvard University held a banquet at St. Paul. Twenty-six years had intervened between the time the youngest and oldest man had graduated, and there were stories and songs which covered the whole period. Asa Farnum, at Owatonna has failed with liabilities of $2,300; assets $1,700. At the annual meeting of the Anoka Agricultural society. Hon. Jared Benson was elected/president. Gladstone's Hall, Red Wing, burstedirom an accumulation of snow. The Gladstone block was owned by James Lawther and was in an unfinished condition, the walls laid, the roof on and the windows boarded up, he intending to finish it in the spring. On Monday, Dec. 28, there was a brilliant assembly of Minnesotians at the Wilkins house, Santa Cruz, Cal. They met there. to the number of 101, to organize a Minnesota association, composed of former Minnesotiansnow resident in Santa Cruz and vicinity. An appetizing supper was served, after which Dr. C. L. Anderson, formerly of Minneapolis, delivered a highly entertaining address of welcome, which was responded to by Mrs. L. Wheeler of Minneapolis, A permanent organization was offected with Dr. Anderson for president, Rev. O. C. Tillotson, secretary, and Mrs. D. C. Sherman, treasurer. William Denning of St. Paul and Miss Maggie Foley of Clermont, Iowa, weremarried at the cathedral by Rev. Father Shanley. News has reached Minneapolis of the par. doning of Jennic McPherson, a woman well known thereabouts, who was sentenced to Sing Sing for five years for forgery. The details of the woman's checkered career are sufficiently familiar. She was sentenced July 5. 1885, and is now about thirty years old. It is said she will return to Minneapolis. A. R. Helmer, a tramp. attempted to commit suicide in the police station at St. Paul. The pressure on Vilas was too great and Postmaster Hall Preston will be relieved. Jacob Morganatern, a wholesale jeweler at St. Paul has iniled.

14. January 20, 1886 Mower County Transcript Austin, Lansing, MN

Article from Mower County Transcript, January 20, 1886

Click image to open full size in new tab

Article Text

Receiver Appointed. Controller Carman of the U. 8. treasury, has appointed F. H. Ross of Illinois, receiver of the suspended First National Bank of Lake City, Minn., pending the ac tion of the stockholders as to resuming bus iness.

15. January 21, 1886 The Iowa Plain Dealer Cresco, New Oregon, IA

Article from The Iowa Plain Dealer, January 21, 1886

Click image to open full size in new tab

Article Text

Receiver Appointed. Controller Carman of the U. S. treasury, has appointed F. H. Ross of Illinois, re ceiver of the suspended First National Bank of Lake City, Minn., pending the action of the stockholders as to resuming bus iness.

16. January 21, 1886 The Worthington Advance Worthington, MN

Article from The Worthington Advance, January 21, 1886

Click image to open full size in new tab

Article Text

Receiver Appointed. Controller Carman of the U. S. treasury, has appointed F. H. Ross of Illinois, receiver of the suspended First National Bank of Lake City, Minn., pending the action of the stockholders as to resuming bus iness.

17. January 23, 1886 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, January 23, 1886

Click image to open full size in new tab

Article Text

The First National Bank of Lake City to Pay Dollar for Dollar and Resume Business. A Ranchman Near Bozeman Suspects His Wife of Infidelity and Kills Himself With a Razor. Nelson's Chippewa Bill Reported Favorably--A Lookout for Cannon's Successor. Walker on the Upper Mississippi-Accidental Killing at Rochester-The Fire Record. On Its Feet Again. Special to the Globe. LAKE CITY, Minn., Jan. 22.-Various stockholders of the First National bank of this city indicate that they intend to pay the depositors dollar for dollar, and it is expected the new organization will assume the liabilities of the old bank, paying off all indebtedness as rapidly as possible. In response to inquiries regard.ng the cause of the suspension of the First National bank of Lake City, President Young has the following to say: No one is to blame, as far as my knowledge goes, for the troubles of the First National bank of this city, except the cashier. who allowed Willis Baker to overdraw his account too largely unknown to the other directors and contrary to their orders. I stood ready before the doors of the bank were closed, and now stand ready to pay my proportion to all depositors within a few hours' notice. We had hoped that permission would be granted by the comptroller to allow us to continue business under the old charter, and we were planning to resume business within a week or two, but we learn that it cannot be done. The shareholders are now planning to organize under a new charter. How soon this can be brought about, and if it is practicable for all purposes, I cannot tell at this moment.

18. January 28, 1886 River Falls Journal River Falls, WI

Article from River Falls Journal, January 28, 1886

Click image to open full size in new tab

Article Text

the supreme court of Dakota. Postmasters- N. E Ives. Marion. Iowa: Paul Dow lin. Greenfield, Iowa: S. L. Childs, Atlantie, Iowa: F S. Brokawa, Mount Vernon, Iowa: Annie Brennock, Dunlap, Iowa: J. Bak, Red Oak, Iowa; L. M Thomas, Watertown, Dakota: M. P Stattery. Bismarek, Dakota: J. D. Pratt, Ipswich, Dakota: G. C.Laskell, Larimore, Dakota: E. W. Carr, Woonsocket, Dakota: F.G. Wharton, El endale, Da ota: P.B. Brod, Li-bon, Dakot : W P. Carr, Sioux Falls, Dakota: J.F. Ryan, Anaconda. Mont. The house committee on territories on the 25th, heard arguments from Messrs. Thompsou and Johnson, two prominent citizens of Dakota, in favor of the admission of the entire Territory of Dakota as a state and against division. They said the interests of the entire territory were identical. and that the state's resources should be kept together. They cannot think that the northern portion of state should cut off Mr. Johnson said the north and south division was a political scheme gotten up by Judge Moody to send bimself to the senate. The state, if divided at all, should be divided from east and west: and they claimed that such was the sentiment of the people of Dakota. with the exception of Judge Moody and a few others. The Senate committee has decided favor ably on the comfi mation of the following officers: Col Sheafe, register at Watertown, Dsk G W. Warner, register at Tracy, Minu Capt. Marble, register at Dututh: William Smith. register at Crookston: D.T. Bramble receiver atertown, Dak. M. D McHenry, receiver at Des Moines, and P. K. Wesser, receiver at Tracy, Minn. A locomotive boiler explo ded in the Milwaukee & St. Paul round house at Madison, Wis.. on the evening of the 22d. killing ne man instantly, injuring to others fatally and seven more considerably The engine had been fired up to go out and the valve which allowed the escape of steam failed to work. The building WAS badly damaged and the loss is $15,000 to $20,000. Toe board of directors of the Northern Pacific, have authorized the letting of the tunnel, two miles in length, through the Cascade mountains, to Nelson Bennett of Dear Lodge, Mont The tunnel will cost something under $800,000, and is to be completed by May, 1888. 3 The Minnesota State Agricultural society met at the capitol in St. Paul on the 26th President N P Clarkedeliveredan address showing a gratifying financial condition The society was out of debt and had $350,000 worth of property. Mr Clark having declined the presidency, Horace W Pratt, of Faribault, Rice county was elected. R. C. Judson of Farmington, was re-elected secretary. The Northern Pacific committee having charge of the settlement of accounts with the Oregon Transcontinental, have found matters so complicated, owing to the Villard system of bookkeeping, that the whole affair has been turned over to expert accountants. Corsett, the cashier of the Devil's Lake, D. T., bank, whowas arrested for receiving deposits when the bank wasin a shaky condition, has had an examination before a justice and been discharged. Reuben Noble has been appointed receiver of the bank. Congressman Rankin of Wisconsin, died in Washington at noon on the 24th, after an illness of long duration. For several weeks he was not expected to live from day to day. The President of the First National bank of Lake City, Minn, charges the failure to the cashier allowing over drafts, one man being allowed to overdraw his account $50,000. W. R Smith's book store at Fergus Falls, Minn., burned during the night of the 22nd. The mercury was 38 below zeroand the firemen suffered badly. Loss $5,000. Two car loads of cattle were frozen to death last week on a blockaded freight train, on the Iowa & Dakota division of the Milwaukee & St. Paulroad. Gov. Larabee of Iowa, has reinstated State Auditor Brown, who was foreibly ejected from his office last March by Gov. Sherman. Four prisoners broke out of jail at Alma, Wis., on the 23d, and three of them were captured at Winona, Minn., on the 24th. President Baseom of the Wisconsin State University announces that he will resign on the 1st of June, 1887. E. W. Warding of Plainview, Minn., dropped dead of apoplexy at Fargo, D. T., on the 23d. The city hall at St. Peter, Minn., burned on the 21st. Loss $6,000.