Farmers State Bank - Radium, MN

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: July 1, 1918*
Location: Radium, Minnesota (48.229, -96.614)

Metadata

Model: gpt-5-mini
Short Digest: 83c5ec70

Response Measures

Capital injected, Books examined

Other: Bank was purchased by new owners following run; cashier resignation mentioned.

Description

Article (Warren Sheaf, 1918-07-17) states the Farmers State Bank was run and was subsequently purchased by O. H. Taralseth and Mr. Melgard of Warren. The piece also notes the cashier E.O. Huset resigned and a state bank auditor was examining affairs, indicating bank-specific trouble. The article does not explicitly say the bank suspended payments, but the sequence (run → sale and audit) implies suspension and permanent change of control; I therefore classify as run leading to closure/sale. Date approximated to July 1918 based on publication.

Events (2)

1. July 1, 1918* Other

Newspaper Excerpt: The Farmers State Bank ... has been purchased by O. H. Taralseth and Mr. Melgard of Warren.
Source: newspapers

2. July 1, 1918* Run

Cause: Bank Specific Adverse Info
Cause Details: Cashier E. O. Huset resigned and a state bank auditor from St. Paul was extremely busy checking up, indicating bank-specific trouble and loss of confidence leading to withdrawals.
Measures: State bank auditor from St. Paul examined the bank; change of ownership by purchase.
Newspaper Excerpt: The Farmers State Bank which wa run and partly owned by Mr. Drak and Ballard has been purchased b: O. H. Taralseth and Mr. Melgard o Warren.
Source: newspapers

Newspaper Articles (1)

1. July 17, 1918 Warren Sheaf Warren, MN

Article from Warren Sheaf, July 17, 1918

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Article Text

RADIUM (Last week.) Christ Eskildsen left Monday for Warren to consult a doctor in regard to his health. Miss Maria Stroble and the Schant zen boys went to Warren each day of last week, for the purpose of taking Catechism instruction. at the Catholic church. They will be confirmed the 21st of this month. Miss Myrtle Thomas, of Thief River Falls arrived Tuesday morning to spend the remainder of the week with the Loen girls. Mr. Eskildsen received orders from the doctor that he should take a res and on Tuesday evening he departed for Strandquist to stay until Saturday with his family. He has been unable to do but a small amount of work il his blacksmith shop. Mrs. E. O. Huset returned home from the hospital in Warren on Thursday We are all glad to have her back with us once again. J. H. Loen departed Wednesday eve ning for Gonvick to visit with his daughter and family who are visiting with Mrs. Perry Austin. A carload of stock was shipped from Radium Saturday. Mr. W. F. Loesli went in charge. (This week's news.) Carl Loen returned Tuesday fron the Dunwoody Institute where he ha gone to take up training as a sailor He left Friday evening again for the Dunwoody Institute. Owing to th fact that he had forgotten some im portant papers he was obliged to re turn. Miss Myrtle Thomas, Miss Doroth Loen accompanied by Mrs. Carl Loei left for Thief River Falls Wednesda: evening. Carl returned here on th following morning. Mr. Wm. Anderson and Miss Jensor of Angus spent Sunday with Mr. and Mrs. Henry Walhoupt. Mr. Anderso is a nephew of Mr. Walhoupt. Mrs. J. H. Loen and daughter, Char lotte, returned home from Gonvicl Saturday. There was an invitation farewel party given at the home of Mr. and Mrs. Joe McGregor in honor of Mr. E O. Huset, who left Sunday evenin; from Warren for the Dunwoody In stitute to take up training in the Signa Corps. There was a large crowd pres ent. The evening was spent in dancing the music being furnished by Emil Po tucek, Emil Schiebal, Mr. Watowa and the Potucek girls. At midnight a de licious lunch was served by Mrs. Mc Gregor, Mrs. Williams, Mrs. Torgeson Misses Helma Hegstrom and Lilly Lull After the lunch very appropriat speeches were made by P. J. Bauer and Joe McGregor after which all shool hands with Mr. Huset wishing hir the best of success in his new caree as one of Uncle Sam's men. Mr. and Mrs. McGregor™ certainly make splendid host and hostess. Miss Dorothy Loen arrived Monda; morning from Thief River Falls. Mr. Joe McGregor can well be prou of the fine large barn which he ha erected on his farm. It certainl; makes a valuable improvement to th farm. Fred- Monroe has also built : large new barn on his farm south o town which adds to the appearance o the place. The Farmers State Bank which wa run and partly owned by Mr. Drak and Ballard has been purchased b: O. H. Taralseth and Mr. Melgard o Warren. Mr. Tompkins, of St. Paul, a state bank auditor, has been extremely busy checking up ever since E. o Huset's resignation. Just who will be our next cashier in the bank has no as yet been ascertained. A large number of people from Ra dium went to Warren Sunday evening to see E. O. Huset before he boarde the train for Minneapolis. Mr. ano Mrs. Huset and daughter of Elbow Lake, parents and sister of Mr. E. o and Oscar Huset, who has been her since Friday. July 5, to spend the time