9659. Bank of Le Sueur (Le Sueur, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 8, 1893
Location
Le Sueur, Minnesota (44.461, -93.915)

Metadata

Model
gpt-5-mini
Short Digest
64ccfe1e

Response Measures

None

Description

Bank made a voluntary assignment/closed to protect local depositors after demand on president E.R. Smith's personal paper; no run reported. An assignee (Thomas H. Smullen) was named, indicating assignment/receivership rather than a temporary suspension and the bank did not remain merely closed-for-day — classify as suspension leading to closure.

Events (2)
1. July 8, 1893 Receivership
Newspaper Excerpt
Thomas H. Smullen, late cashier of the bank, has been made assignee. The notice posted on the bank door ... the cause of the suspension is the falling due of private papers of E. R. Smith ... made a voluntary assignment this morning for the benefit of their creditors.
Source
newspapers
2. July 8, 1893 Suspension
Cause
Voluntary Liquidation
Cause Details
Voluntary assignment to protect home depositors after demand on E. R. Smith's personal paper used by Eastern parties; liabilities and assets about $225,000.
Newspaper Excerpt
E. R. Smith & Co., owners of the Bank of Le Sueur ... made a voluntary assignment this morning for the benefit of their creditors. ... The notice posted on the bank door this morning at the usual hour for opening was the first intimation ...
Source
newspapers

Newspaper Articles (10)
1. July 9, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, July 9, 1893

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Article Text

FAILURES. LE SUEUR, Minn., July S.-The Bank of Le Sueur made an assignment today to protect its home depositors. The liabilities are $250,000, and the assets about the same. BOSTON, July 8.-Francis F. Morton, dealer in lumber, has assigned. The liabilities will not exceed $72,000 and the assets are about sufficient to insure good dividends. Tower, Wing & Co., shoddy manufacturers, who recently assigned, qwing $95,000, have gone into insolvency. William S. Richardson, a leather dealer, has gone into insolvency. He owes 375,000 and has offered 35 per cent., payable in thirty days. NEW YORK, July 8.-Ex-Congressman Pidcock and his son, John M., of the embarrassed New Jersey Sheep and Wool company, today dissolved partnership. The ex-congressman, speaking of the failure, said to a reporter: "The liabilities will not be more $600,000, while the assets are between $700,000 and $800,000. I shall not make all assignment, but shall try to work it out. I expect to pay my personal debts in full, The stockholders of the State bank will be paid about 80 per cent, while the depositors will be paid in full. BIG RAPIDS, Mich., July 8:-The Northern National bank closed its doors this morning. Withdrawals by depositors caused the suspension. CHICAGO, July 8.-A receiver for the Produce and Cold Storage exchange was applied for today. DENVER, July 8.-Edwin J. Binford, a coal dealer, assigned today for the benefit of his creditors. The assets are placed at $218,000 and the liabilities at $75,800. The money stringency is given as the cause.

2. July 9, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 9, 1893

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Article Text

THE SHUTTERS UP, But Depositors Will Receive Dollar for Dollar. Special to the Globe. Le SUEUR, Minn., July 8.-E. R. Smith & Co., owners of the Bank of Le Sueur and of the Le Sueur Roller mills, made a voluntary assignment this morning for the benefit of their creditors. Thomas H. Smullen, late cashier of the bank, has been made assignee. The notice posted on the bank door this morning at the usual hour for opening was the first intimation any one received of the state of affairs, and came like a flash of lightning in a clear sky. The cause of the suspension is the falling due of private papers of E. R. Smith, which he was unable at this time to secure an extension of. Mr. Smith, when seen today, stated that the liabilities of the firm are about $225,000, with assets of the same amount. The action taken by him was to protect depositors, who, he says, will receive dollar for dollar. The bank was founded in 1869 by George Snow, M. Doran becoming a partner in 1873, and E. R. Smith coming in with M. Doran in 1878. Something like a year ago the interest of Mr. Doran was purchased by Mr. Smith, and his son, R. E. Smith, was given a partnership under the present firm title. E. R. Smith has resided here since 1854,and no man enjoyed the confidence of the public to a greater extent than he. T. e exact amount of the deposits and of wheat tickets out cannot be learned, but nearly every business man in the city finds his surplus cash tied up. The feeling, however, is good, and it is generally expected the trouble will only be temporar y.

3. July 9, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 9, 1893

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Article Text

BUSINESS REVERSES. Failure of the Cold Storage Exchange at Chicago. CHICAGO, July 8.-Application was made to-day for a receiver for the Produce Cold Storage Exchange. The exchange has been carrying on the business of a cold storage warehouse and holds perishable goods valued at $750,000. Should the business be closed up, as is shown to be possible in view of an indebtedness of $11,290 which cannot be met, great loss will be sustained. The corporation has a ninetynine-year lease on the property where it is now doing business, and the leasehold, with the building on it, is valued at $700,000. The indebtedness of the concern amounts to $200,000. BIG RAPIDS, Mich., July 8.-The Northern National Bank closed its doors this morning in consequence of the withdrawal of funds by depositors. LE SUEUR, Minn, July 8.-The Bank of Le Sueur has failed. The liabilities and assets are given each at $225,000. The reason given for closing is to protect home depositors. DENVER, July 8.-Edwin J. Binford, a coal-dealer, assigned to-day for the benefit of his creditors. His assets are $218,770 and his liabilities $76,800.

4. July 9, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 9, 1893

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Article Text

CRIPPLED BANKS AND FIRMS BUSINESS TROUBLES REPORTED FROM VARIOUS PARTS OF THE COUNTRY Wennecome, WIs., July 8.-The Citizens' Bank closed Its doors at noon yesterday. Cashier Varwacter was arrested OII the charge of receiving deposits after he knew the bank to be insolvent. He says that the bank can pay in full. Le Sueur, Minn.. July -The Bank of Le Sneur made an assignment to-day. There was no run on the bank and the reason given is that the bank was closed to protect home depositors. The liabilities are $225,000 and assets about the same. Rapids, Mich. July 8.-The Northern National Big of Bank closed its doors this morning. Withdrawal funds by depositors caused the suspension. Lambertville, N. J., July 8.-At the time of exCongressman J. N. Pidcock's failure the Hunterdon County National Bank of Flemington was carrying his notes to the amount of about $30,000. The teller of the bank said this morning that the full amount was not yet known, but would undoubtedly reach the figures named above. The bank is fully able to meet this loss. Cleveland, July 8.-The firm of Corrigan, Ives & Co. was placed in the receiver's hands yesterday on petition by Judge Stevenson Burke, who charges that the active partners have contracted debts to the extent of $100,000 without the consent of all, contrary to the articles of agreement. The firm is sales agent for twenty-four mines, among them the Pewable, Eureka. Dunn, Cambria, Iron Belt, Mansfield and Buffalo. James Corrigan, the senior partner, says that no difficulty will be experienced In meeting all obligations. Boston. July 8.-Francis F. Morton, dealer in lumber. has assigned. The liabilities will not exceed $75,000 and the assets are sufficient to insure the creditors a good dividend. The cause was the stringency of the money market. Tower, Wing & Co., shoddy manufacturers, who recently assigned owing $95,000, have gone into insolvency. William S. Richardson, leather, has gone into insolvency. He owes $75,000 and offers 35 per cent, payable in thirty days. Chicago, July 8.-A receiver for the Produce Cold storage Exchange was applied for to-day. Semerville, N. J.. July 8.-Excitement can high in this town this morning over the announcement of the failure of the Somerset County Bank. Notice was posted on the door stating that no business would be transacted except to receive payments for paper due. There was a FILL on the bank. and at 10 a. m. a large crowd of depositors elamored for admission and excitedly inquired about their money. Finding that they could get no satisfaction they went away. Several of the largest depositors drew out their money in time to save themselves. The general feeling here is that the worst has not been disclosed as to the condition of the bank.

5. July 10, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, July 10, 1893

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Article Text

Le Sueur Bank Failure. LE SUEUR, Minn., July 10.-Le Sueur was shocked by a notice on the door of the Bank of Le Sueur that it was closed and an assignment made. There was no run on the bank nor was one anticipated.

6. July 13, 1893 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, July 13, 1893

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e Faillites de Banques et autres depuis quelques jours -Edw. J. Binford de Denver,Col., a fait faillite. Passif 218,000 dollars. L. Banque of Lesueur, de Le sueur, Minn., a ferme 8°B portes. Passif 225,000 dollars. La Albuquerque National Bank d'Albuquerque, N. M, a suspendu ses paiements. L'American National Bank de Puibla, Col., a déposé son bilan. Fermée est la Puget Sound Na tional Bank de Everett, Wash. La National Bank of Ashland, Neb., a fait faillite, ainsi que la First National Bank de Winston, N. C. M. Ward banquier de Forestville N, Y. g'est suicidé et il parait que le déposants ne verront ja mais grand chose de leurs 100,000 dollars. La Northern National BaLk de Big Rapids, Mich, a fermé ses portes. La Lloyd's National Bank de Jamestown N. D. a suspendu ses paiements. La "Normania Society" de Min neapolis a fait faillite. Passif 75,000 dollars. John L. Davie, banquier d'Auburn, Ill la Thorton Banking House de Shelleyville, Ill., et la Holt county of O'Neil, Nebraska ont fait faillite. Insolvables sont: L'Arkansas State Bank de Stuttgard. La Farmers et Traders Bank de De Wett, Ark. La Chamberlin Investement Co. de Denver, Col. A. Y. Davidson et Co. banquiers de Philadelphie, Pa. La State Bank de Shurbert Neb. La North Galveston Loan et Investement Association de Galveston Texas. La Kangas City Safe Deposit et Trust Co. de Kansas City, Mo., au capital de 300,000 dollare. Passif 1,700,000 doliars.

7. July 13, 1893 Reporter and Farmer Webster, SD
Article from Reporter and Farmer, July 13, 1893

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Article Text

BANK OF LE SUEUR CLOSES. Le Sueur, Min., July 10.-The Bank of Le Sueur has closed its doors. There was no run on the bank. The closing was voluntary to protect the local creditors. The president said the liabilities were about $225,000 and the assets about the same. The closing was caused by the demand of payment of the personal note of E. R. Smith, president, that had been used by Eastern parties. No trouble is anticipated by the other banks.

8. July 14, 1893 Little Falls Transcript Little Falls, MN
Article from Little Falls Transcript, July 14, 1893

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The people of Le Sueur were surprised Saturday by the closing of the Bank of Le Sueur. There has not been any run and no one suspected that the bank was in any way embarrassed. The first notice that anyone had was that on the doorat 9:30. The President E. R. Smith, on being interviewed, said it was not caused by any local demand but by his individual paper given to Eastern parties falling due and he made the assignment to protect the creditors at home. The liabilities of the firm are about $225,000, assets about the same.

9. July 14, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, July 14, 1893

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Article Text

Another Bank Failure. LE SUEUR, Minn., July 8.-The bank of Le Sueur closed its doors at 9:30 this morning. There was no run on the bank. The closing was voluntary to protect creditors. The president said the liabilities were about $225,000 and assets about the same. The closing was caused by demand of payment of personal note of E. R. Smith. No trouble is anticipated by other banks.

10. July 15, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 15, 1893

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BANK OF LE SUEUR CLOSES Le Scent. Minn., July 10.-The Bank of Le Sueur has closed its doors. There was no run on the bauta The closing was voluntary to proteit the local creditors. The president said the liabilities were about $225,000 and the assets about the same. The closing WIS caused bv the demand of payment of the personal note of E. R. Smith, president, that had been used by Eastern parties. No trouble is anticipated by the other banks.