Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1886-01-30
THE BANK FAILURE.

THE BANK TA11uRE.
Recover 1t work-Approximate
Condition cf the Dsuk.
The bank failure has continued to be
the sensation from day to day since the
last issue Of the fxrEs.ocrAN. When
We went tn press last Friday evening
there was street rumof that q receiver
had heen appointed, bit the report
could not be traced to any relis BILE
source. John w. Nsher, attorney for
seventeen of the creditoes, went to
Fargo Thursday for the parpose Of hsv.
ing receiver appointed. He returned
saturday evening with the necessary
documents, Ruben Noble Jr. being
named as the receiver. A demand was
Immediately made Of the sheriff for the
keys Of the bank, but sts omoes re.
fused to:a4liser them ndtit hs lad been
given an opportunity to- examine the
papers. Monday morning the keys
were turned over to Recsiver Noble,
whQ took charge of the bank.
[FAn examination Of the document
shows that Mr.. Mahef. went TO Fargo
armed with the. affidavit pfJ. B. Eaton
setting forth that the bank was wholly
insolvent; that numerous pspers belong.
ing to tho bank wsre 'in,shs hands Of
McGee & Morgan, attorneys for the
bank; that they (Nc0ss + Norgan) had
turned ovet to. the holders thereof
about 5000 worth of'notes placed with
the bank for collections that Wagness
& Stade (Ar. Wsgness beng sheriff)
had attached the property Of the bank.
and that, the assets, wero in danger Of
being rapidly dissipated If McGee &
Morgan were not estopped from hand
ling the same. This. affidavit was sup.
plemented with the affidavit Of J. r.
Carruthers to the same effect, with the
additional allegation that the bank had
sent awav its steel vault two months
prior to tho failure and that the doc.
uments and valuablos of tho bank had
been, during that time, carried to. the
Office of McGee & Morgan at tho close of
each days business and taken away
each morning. Accompanying these
aftidayits was the bond Of Ruben Noble
Jr. with p. DE Fiore, A. Hope, G. =.
Converse, I. T. Lee, and VIM. Brunell
as sureties in the sum Of $4,000. Mil.
Ter e. Grecn Of Fargo were employed by
Mr.. Maher. as associate counsel in the
case. A complaint was then drawn with
the following plaintiffs: T. 7. Lee,
Hope Bros. A. H. Maynard & Co., j. F.
Carruthers, T. Da sFioro A. ". Powell,
g. 8. Converse 4 Son, J. j. Bell, WIN.
Hynes, K. Oleson, 8. L. Wineman, A.
Roberts, w. A. Doll, James Sullivan.
Catherine Becker, A. Arsland and
Stephen DeNoyer, all Of whom had
attached the bank property through At.
torney Maher. Tho defendants IN the
case are Il. g. Stone, A. N. Ferris, and
o. B. Corsett, copartners as Stone, Ferris
d Corsett and as tho Bank Of Devils
Lake; Eaton & Higbee, L. Council, C.
G. Ellis, Garner & Cleveland, VIM.
Hurst, WIN. Brunelle, j. w. Palmer,
Woodward Bros, n. J. McCreig It, G. r.
Z,,nich, coroner, Ever Wagness, sheriff,
A. Taylor, Wag"ess & stade, B. J. Nc.
lntire, J. L. Judd, r. c. Saunders, A.
Oueleste, John Halverson, J. H. Hover,
and Mcdonald & Ensign.
The defendants are cited to make
answer within thirty days from date of
service, etc. The prayer Of the COM
plant is, first, that the proceeds of the
assets be applied to the payment of the
expenses, costs and fees of the receiver,
and, second, to the payment of the
claims of the plaintiff in accordance
with their respective rights.
Cashier Corsett gave Receiver Noble
the combination Of the vault Monday
afternoon, and the work Of examining
the books and papers was begun.
j. F. McGee went to Fargo Monday
and applied to Judge Mcconnell for an
order suspending the functions Of the
receiver until an order 10 show cause
could be heard. Judge Mcconnell held
that the receiver being under heavy
bonds and the order being returnable
Saturday TO day. no harm could come
TO either side in that brief period. Mr..
McGes left for Fargo yesterday to be
present when the return is made to day
on the order appointing receiver.
The statutes relating to attachments
are very clear. ANY effort which may
DO made in the direction of attack
ing the priority Of attachments will
doubtless fail.
So far as the copartnership Of Stone
Ferris & Corset is concerned, the at.
torneys with whom we have talked
fully agree that it is and has been ab