9998. First National Bank (Wabasha, MN)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 3100
Charter Number: 3100
Start Date: September 4, 1884
Location: Wabasha, Minnesota (44.384, -92.033)

Metadata

Model: gpt-5-mini
Short Digest: e907f309

Response Measures

Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined

Other: Directors resolved to withdraw papers of the implicated director (Lawrence) and replace with cash; business men examined books to restore confidence.

Description

Multiple articles (Sept 4-5, 1884) report a run on the First National Bank of Wabasha triggered by the failure/assignment of the Mazeppa Mill Company and Minnesota Elevator Company and the connection of director James G. Lawrence. The run drew out ~$30k–$32k; payments were suspended for an hour or two but the bank resumed payment the same day and directors took measures (assurances, replacing Lawrence-related paper with cash, increase surplus). OCR variants of 'Wabashaw' appear; corrected to Wabasha.

Events (5)

1. December 29, 1883 Chartered

Source: historical_nic

2. September 4, 1884 Reopening

Newspaper Excerpt: payment was resumed in the afternoon...the bank opened its doors at the usual hour and did their regular business all day. Confidence had by this time been almost fully restored.
Source: newspapers

3. September 4, 1884 Run

Cause: Bank Specific Adverse Info
Cause Details: Run triggered by news of assignment/failure of the Mazeppa Mill Company and Minnesota Elevator Company and the large involvement of director/stockholder Senator James G. Lawrence (bank had discounted some company paper, raising depositor fears).
Measures: Directors publicly assured depositors; examination by local business leaders; directors resolved to replace papers made by Lawrence/related companies with cash, increase surplus and 'make the stock perfectly sound'; depositors returned funds.
Newspaper Excerpt: Yesterday morning a run began on the First National Bank...by noon all the ready money of the institution, some $30,000, had been drawn out
Source: newspapers

4. September 4, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Temporary suspension occurred during the run because ready money was drawn out; related to fears about connections to failing local firms and Lawrence's liabilities.
Newspaper Excerpt: payment was necessarily suspended for an hour or two, but more currency was got in some way, and payment was resumed in the afternoon
Source: newspapers

5. May 3, 1941 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (10)

1. September 4, 1884 The Evening Critic Washington, DC

Article from The Evening Critic, September 4, 1884

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MORE BUSINESS TROUBLES. Mazeppa, Minn., Now Comes in for a Financial Crush. WABASHA, MINN., Sept. 4.-Yesterday it became known that the Mazeppa Mill Company, owning and running extensive flouring mills at Mazeppa in this county, had failed with large liabilities, and that the Minnesota Elevator Company had made an assignment. It is asserted that Senator James G. Lawrence, who is president of the Elevator Company, is in serious financial difficulties. Yesterday morning a run began on the First National Bank, of this place, of which Lawrence is a director and one of the largest stockholders, and by noon all the ready money of the institution, some $30,000, had been drawn out and payment was necessarily suspended for an hour or two, but more currency was got in some way, and payment was resumed in the afternoon. It is believed the bank is solvent and will have no further trouble. Senator Lawrence's liabilities are thought to be heavy, but no estimate can now be given. Considerable amount of his paper is held here and in banks at Lake City, St. Paul and Milwaukee, and some in Eastern cities, especially in Hartford and Syracuse. Other failures are likely to follow.

2. September 5, 1884 The Daily Cairo Bulletin Cairo, IL

Article from The Daily Cairo Bulletin, September 5, 1884

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FAILING FIRMS. Temporary Suspension of a Minnesota Bank. Wabasha, MINN., September 4.-Yesterday itbecame known that the Mazeppa Mill Company, owning and running extensive flour mills at Mazeppa, in this county, had failed, with large liabilities, and that the Minnesota Elevator Company had made an assignment. It is asserted that Senstor James G. Lawsence, who is President of the Elevator Company, is in serious financlal difficulties. Yesterday mornIng a run commenced on the First NaNonal Bank of this place, of which Mr. Lawrence is a director and one of the largest stockholders, and by noon all the ready money of the institution, some $30,000, had been drawn out, and payment was necessarily suspended for an hour or two, but more cursency was got in some way and payment was resumed in the afterIt is believed that the bank is,

3. September 5, 1884 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, September 5, 1884

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BUSINESS DIFFICULTIES. The Minnesota Elevator Company Compelled to Make an Assignment. ST. PAUL, Sept. 4.-The Minnesota Elevator Company, of Red Wing, organized about a year ago, made an assignment yesterday to Judge E. T. Wilder. The company owned between thirty and forty elevators, situated on the branches of the Milwaukee & St. Paul railroad, running east and west from Reed's Landing and Wabasha respectively. The liabilities are said to be $295,000. Among the stockholders are Governor Hubbard and State Senator J. G. Lawrence; also C. B. Hotchkiss and B. S. Hurd, of Bridgeport, Conn., and J. W. Watts, of Scranton. Pa. The cause of the failure is not definitely known, though 1t is rumored that the firm has been caught on wheat deals. The news of the assignment caused a run on the First National Bank, of Wabasha, which, it is understood, had discounted some of the company's paper. The bank suspended payment for a few hours, but later in the day resumed, and announced its ability to meet all obligations promptly.

4. September 5, 1884 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, September 5, 1884

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Interviewed in St. Paul, Mr. C. F. Rogers, vice president, and Mr. Bruce Flower, cashier of the First National bank of Wabashaw, were in the city yesterday and during the day they were questioned as to the run on their bank last Wednesday. In response to inquiries it was ascertained that the run had been due to the fact that the Minnesota Elevator company had endorsed $57,000 of the Mazeppa Mill company paper, although the run was in reality nothing more than the upshot of a scare, the fact being that the bank did not carry a dollar of paper belonging to the Minnesota Elevator company. The run commenced at 10 o'clock and lasted about two hours during which $32,000 in deposits were drawn out. By this time the excitement had partially subsided, and as a matter of fact the bank never closed its doors. A meeting of the directors of the bank was held yesterday at which it was decided to make the stock perfectly sound and increase the surplus if necessary. In conversation Mr. Rogers said that the stock was all amply secured, and that the affairs of the bank were in a more satisfactory condition than ever before. He said, moreover, that the bank did not solicit a particle of aid, and that all it wanted was the confidence of the public, which in a great measure had been restored as the money commenced to come back yesterday. In this connection the many friends of Senator Lawrence of the Wabashaw mill will be pleased to learn that his concern is in a more prosperous and flourishing condition than ever.

5. September 5, 1884 St. Paul Daily Globe Saint Paul, MN

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EMBARRASSED Gov. Hubbard Carried Down In the Financial Maelstrom. The Assignment of the Minnesota Elevator Company. And the Coming Assignment To-day of the Mazeppa Mill Company. Run on First National Bank of Wabashaw Which Soon Terminated. [Special Telegram to the Globe.| Wabashaw, Minn., Sept. 4.-The news of the suspension of the Mazeppa Mill company was received here Tuesday morning and that of the assignment of the Minnesota Elevator company in the afternoon, which when taken together with the fact that Senator Lawrence as president of the Minnesota Elevator company was one of directors of the First National bank here and-has large business transactions with the batik caused an uneasy feeling amongst its depositors as to the amount it had become involved through his connection with the elevator company. On Wednesday morning a run was made and from 9 to 11 a. m. the cashier had paid out $30,000. There was no outward excitement among the depositors each very quietly drawing out their money without a word passing between depositor and cashier. In the midst of the run Vice-President C. F. Rogers and one of the principal stockholders stood beside the cashier and told depositors that the bank was perfectly solvent and no depositor would lose a dollar, and that the bank would be kept open for business notwithstanding the run. The bank temporarily suspended payment before noon but resumed immediately after one o'clock and paid all demands, which was small, as the excitement had subsided, and some depositors returned their money to its vaults being convinced that the bank was solvent. In the afternoon, Thomas Irvine, secretary of the Beef Slough boom and Mississippi River Logging companies, accompanied by his head bookkeeper, arrived from the Slough. Mr. Irvine was a depositor to the amount of $10,000, and, after looking over its books, at the request of the bank officers, said he was satisfied of the bank's solvency, and told them that they had is sued some checks upon the bank, but would send exchange and cash to pay them, and immediately made a deposit of some $300. He also stated that if necessary they could call upon him for $15,000 more. Confidence had by this time been almost fully restored. Thursday morning a delegation of business men attended a meeting of the bank directors and made an examination of its securities, the uncertainty of which caused the run, and became satisfied that the bank was solvent and so reported. The directors at their meeting passed a resolution to withdraw from the bills receivable held by the bank all papers made by Mr. Lawrence and any of the companies in which hewas interested, and replace it with cash. Everything has been quiet all day and depositors have nearly all replaced their money and confidence has been fully restored. The bank opened its doors at the usual hour and did their regular business all day. The closing of the bank doors would have been a calamity, in addition to the failure of the elevator and mill companies, and everybody is thankful that such a crisis has been avoided. In the matter of the cause of the assignment of the Minnesota Elevator company upon interviewing Mr. Lawrence he says the failure of that company was caused by the inability of the Mazeppa Mill company to pay for a large amount of wheat they had purchased of the Elevator company, and at the time of assignment the Ma zeppa Mill company owed the Elevator company over $50,000. Mr. Lawrence was not the manager of the Elevator company, nor does he charge any blame for the failure to the Red Wing management, The farmers along the line of the company's elevators will be no sufferers, as all wheat in store has been paid for or has been held subject to receipts and would be duly honored on presentation. The failure of the elevator and mill companies does not affect any interest here ex cept that of Mr. Lawrence. The Wabashaw Mill company, of which Mr. Lawrence is president and manager, to-day declared a dividend of ten per cent. and is in a

6. September 5, 1884 St. Paul Daily Globe Saint Paul, MN

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EMBARRASSED Gov. Hubbard Carried Down In the Financial Maelstrom. The Assignment of the Minnesota Elevator Company. And the Coming Assignment To-day of the Mazeppa Mill Company. Run on First National Bank of Wabashaw Which Soon Terminated. [Special Telegram to the Globe. Wabashaw, Minn., Sept. 4.-The news of the suspension of the Mazeppa Mill company was received here Tuesday morning and that of the assignment of the Minnesota Elevator company in the afternoon, which when taken together with the fact that Senator Lawrence as president of the Minnesota Elevator company was one of directors of the First National bank here and has large business transactions with the bank caused an uneasy feeling amongst its depositors as to the amount it had become involved through his connection with the elevator company. On Wednesday morning a run was made and from 9 to 11 a. m. the cashier had paid out $30,000. There was no outward excitement among the depositors each very quietly drawing out their money without a word passing between depositor and cashier. In the midst of the run Vice-President C. F. Rogers and one of the principal stockholders stood beside the cashier and told depositors that the bank was perfectly solvent and no depositor would lose a dollar, and that the bank would be kept open for business notwithstanding the run. The bank temporarily suspended payment before noon but resumed immediately after one o'clock and paid all demands, which was small, as the excitement had subsided, and some depositors returned their money to its vaults being convinced that the bank was solvent. In the afternoon, Thomas Irvine, secretary of the Beef Slough boom and Mississippi River Logging companies, accompanied by his head bookkeeper, arrived from the Slough. Mr. Irvine was a depositor to the amount of $10,000, and, after looking over its books, at the request of the bank officers, said he was satisfied of the bank's solvency, and told them that they had issued some checks upon the bank, but would send exchange and cash to pay them, and immediately made a deposit of some $300. He also stated that if necessary they could call upon him for $15,000 more. Confidence had by this time been almost fully restored. Thursday morning a delegation of business men attended a meeting of the bank directors and made an examination of its securities, the uncertainty of which caused the run, and became satisfied that the bank was solvent and so reported. The directors at their meeting passed a resolution to withdraw from the bills receivable held by the bank all papers made by Mr. Lawrence and any of the companies in which hewas interested, and replace it with cash. Everything has been quietall day and depositors have nearly all replaced their money and confidence has been fully restored. The bank opened its doors at the usual hour and did their regular business all day. The closing of the bank doors would have been a calamity, in addition to the failure of the elevator and mill companies, and everybody is thankful that such a crisis has been avoided. In the matter of the cause of the assignment of the Minnesota Elevator company upon interviewing Mr. Lawrence he says the failure of

7. September 5, 1884 St. Paul Daily Globe Saint Paul, MN

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8. September 6, 1884 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, September 6, 1884

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THE MAZEPPA FAILURES. Hopes That Senator Lawrence May Bridge the Disaster. Universal Sympathy With Gov. Hubbard and Mr. Brown. Assignee's Statement Preparing--Limited Effect in Wabashaw and Red Wing. Special Telegram to the Globe. WABASHAW, Minn., Sept. 5.-The excitement caused by the run on the First National bank on Wednesday has subsided, and confidence in the stability of its financial standing has taken the place of the uneasiness caused by the suspension of the Elevator and Mazeppa Mill companies. As the suspension of these companies effects none of the business interests here except that of Senator Lawrence and those which he represents, the only cause for uneasiness is the uncertainty as to how much the failures will affect him. He has a large number of friends throughout the country, and it is confidently hoped and asserted that he will be able to bridge the crisis. Had the Mazeppa company been able to pay for the wheat bought of the Elevator company, the latter would not have been compelled to make this assignment, as it had been doing a good business and was in a prosperous way of increasing its assets. As it is, the officers yet assert that they will be able to pay all its liabilities in full. [Special Telegram to the Globe. RED WING, Minn., Sept. 5.-The assignment of the Mazeppa Mill company was completed this morning. Mr. W. H. Putnam, the assignee, went down to Wabashaw and filed the assignment as required by law. Mr. W. P. Brown came up on the evening train yesterday and will return to Mazeppa at once and assist in taking an inventory. Until an inventory is taken it will be difficult to state any more definitely than has already been done the amount of assets. This the law requires the assignors to make in ten days. The assignment is a very great misfortune and will seriously injure the fortunes of Gov. Hubbard and W.P. Brown, of this city, who have always been hard workers and shrewd, careful business men. It was thought at first that the banks here would not be losers, but it is thought now that some loss besides wiping out the property cannot be avoided, though it will not cripple either of them in the least. They have known pretty well the condition of the companies, since January at least, and while treating them most liberally have been on their guard and prepared to meet any such calamity should it come. In the streets here there IS nothing but expressions of sympathy, with the unfortunate gentlemen in trouble. The failure affects business here but very little, for while the general office was located here and one warehouse. the bulk of the employes as well as the business was at Mazepa, where the mills are located, and along the line of the Midland railroad. Some five or six book keepers will be thrown out of employment in this city and the banks will be slight losers. Aside from that, business here will not suffer loss. The business of both companies was transacted in the same office and the book keepers are faithfully at work to make out a statement of affairs of the Elevator company which are extended and much more complicated than of the Mill company. The statement that has somehow got in circulation in some qnarters as the statement of Gov. Hubbard, was not made by him. He was not in charge of the business, and had no means of making such a statement. The figures given were by other parties and should never have been credited to him. It is very possible that in this, as in nearly all such cases, the careful final statement will show some change in the figures. It would be strange, with a business so extended and complicated, if it should be otherwise. But whatever may be made to appear, it is evident that there has been no attempt at concealment, and there will be nothing to shake the firm confidence of the community, everywhere manifest throughout the : state, in the honor and integrity of the gentlemen whose fortunes have been swept away by the calamity.

9. September 6, 1884 St. Paul Daily Globe Saint Paul, MN

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THE MAZEPPA FAILURES. Hopes That Senator Lawrence May Bridge the Disaster. Universal Sympathy With Gov. Hubbard and Mr. Brown. Assignee's Statement Preparing--Limited Effect in Wabashaw and Red Wing. [Special Telegram to the Globe. Wabashaw, Minn., Sept. 5.-The excitement caused by the run on the First National bank on Wednesday has subsided, and confidence in the stability of its financial standing has taken the place of the uneasiness caused by the suspension of the Elevator and Mazeppa Mill companies. As the suspension of these companies effects none of the business interests here except that of Senator Lawrence and those which he represents, the only cause for uneasiness is the uncertainty as to how much the failures will affect him. He has a large number of friends throughout the country, and it is confidently hoped and asserted that he will be able to bridge the crisis. Had the Mazeppa company been able to pay for the wheat bought of the Elevator company, the latter would not have been compelled to make this assignment, as it had been doing a good business and was in a prosperous way of increasing its assets. As it is, the officers yet assert that they will be able to pay all its liabilities in full. [Special Telegram to the Globe.] RED WING, Minn., Sept. 5.-The assignment of the Mazeppa Mill company was completed this morning. Mr. W. H. Putnam, the assignee, went down to Wabashaw and filed the assignment as required by law. Mr. W. P. Brown came up on the evening train yesterday and will return to Mazeppa at once and assist in taking an inventory. Until an inventory is taken it will be difficult to state any more definitely than has already been done the amount of assets. This the law requires the assignors to make in ten days. The assignment is a very great misfortune and will seriously injure the fortunes of Gov. Hubbard and W. P. Brown, of this city, who have always been hard workers and shrewd, careful business men. It was thought at first that the banks here would not be losers, but it is thought now that some loss besides wiping out the property cannot be avoided, though it will not cripple either of them in the least. They have known pretty well the condition of the companies, since January at least, and while treating them most liberally have been on their guard and prepared to meet any such calamity should it come. In the streets here there 18 nothing but expressions of sympathy, with the unfortunate gentlemen in trouble. The failure affects business here but very little, for while the general office was located here and one warehouse. the bulk of the employes as well as the business was at Mazepa, where the mills are located, and along the line of the Midland I' Broad. Some five or six book keepers will be thrown out of employment in this city and the banks will be slight losers. Aside from that, business here will not suffer loss. The business of both companies was transacted in the same office and the book keepers are faithfully at work to make out a statement of affairs of the Elevator company which are extended and much more complicated than of the Mill company. The statement that has somehow got in circulation in some quarters as the statement of Gov. Hubbard, was not made by him. He was not in charge of the business, and had no means of making such a statement. The figures given were by other parties and should never have been credited to him. It is very possible that in this, as in nearly all such cases, the careful final statement will show some change in the figures. It would be strange, with a business SO extended and complicated, if it should be otherwise. But whatever may be made to appear, it is evident that there has been no attempt at concealment, and there will be nothing to shake the firm confidence of the community, everywhere manifest throughout the state, in the honor and integrity of the gentlemen whose fortunes have been swept away by the calamity.

10. September 10, 1884 Delta Chief Delta, CO

Article from Delta Chief, September 10, 1884

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First National Bank of Portiano, Oregon, nas been arrested in New York for stealing $7,000 from the bank. The flouring mill and elevator at Waterloo, III, belonging to Kehler Bros. of St. Louis, burned on the 1st. Loss, $200,000; insurance, $100,000. An attempt was made at St. Paul, Minnesota, to shoot Sitting Bull. The Indian is now closely guarded to prevent another attempt on his life. The new freight house of the Santa Fe railroad at West Kansas City burned on the 31. Loss, $50,000 to the contractors, who have no insurance. The Marine National Bank, of New York, has obtained a judgment against Grant & Ward for $713,495 for money loaned. No defense was offered. A cholera panic prevails throughout Italy, and the local measures for protection have caused a condition of anarchy in many parts of the kingdom. The striking miners in southern Ohio killed one mine guard, on Saturday night and wounded two others. The Governor has been appealed to for troops. Frank Woolly, who is in jail at Loe gan, Ohio, charged with killing one (of the coal mine guards, has confessed and named a number of his associates. In 1 riot between the strikers at the f wire mills in Joliet, III., on the 3d, and the e workmen, many persons, including the chief of police, were severely injured. a One Redmond, alias Texas Tom, is r under arrest at St. Lou for trying to poison the racing mare, Lady of the Lake, at the e race course. He admits his guilt. b The State Veterinarian of Kansas recommends that that State quarantine against ! the world until all the localities in which pleuro S pneumonia exists are made public. The Minnesota Elevator Company of Red Wing, Minnesota, has made an assignment. Liabilities, $290,000. The failure caused a run on the First National Bank of Wasbasha. The Inspector of the Canadian cattle y quarantine urges the Government to declare an absolute embargo upon American cattle to prevent the introduction of pleuro-pneumonia. y An unknown man, who was arrested for an attempt at burglary, hanged himself in the station house at Avondale, near Cincinnas ti. Letters were found on him addressed to Thomas Graham, Minneapolis. r An excursion party of laundrymen t from New York killed the bar-keeper on the boat, because he knocked down one of their e number whom he detected in the act of steal⑆ ing sandwiches. The affair ended in a free fight. At Sharon, Pennsylvania, on the 3d. o it one man was fatally injured and five others seriously Burned by a premature explosion of giant powder, which they were using to clear a stackin the Valley furnace of a huge mass of 6 iron. The brig Resolver, from Harbor , Grace for Labrador, was found deserted at n sea with the appearance of having been in collision with an iceberg. It is feared that her d crew and passengers, numbering thirteen persons, are lost. , It is reported that United States Minister Morton has, with the knowledge of g Prime Minister Ferry, intimated to the gove ernment at Washington that the time is opportune for American mediation between n France and China. d Andrew Jackson, a wealthy resident of Saratega County, New York, was found on e tae railroad track with both legs cut off and a D deep cut in his head. He stated that he had been thrown under n train. He died in an v hour. Two arrests were made. y The State department has taken cognizance of the dispute between the Austrian , Consul at Pittsburg and the Chief of Police, and has directed the Governor of Pennsylvania d to recognize the Consul's treaty rights, which e are superior to state and municipal regula tions. -