Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1886-01-23
sideraslon title to forty town lois. Stone
l. Ferris put W. fifteen Of the twenty
bulldings,a land subsequently, Obtained title

l. Ferris put W. fifteen Of the twent,
buildings, and subsequently Obtained title
to the forty lots. Among the build
ings they erected was the one IN which
the Bank o. Devils Lake was subsequent.
" started. The bank commenced busi.
ness under the firm name Of Stone, Fer.
ris e. Corset, but contest soon ensuet,
between the firm and Messrs. Prescott,
& Burnett oyer the name Of the bank.
Prescott 4 Burnett were also starting I,
bank. They had chosen the name
"Bank Of Devils Lake." Stone 4 Co.
claimed that tn, y had also adopted this
name. The outcome Of the affair way
that Stoue & c.. secured q charter for
the Bank Of Devils Lake. This gave
them a'slight advantage. and Messrs.
Prescott & Burnett opened business az
the North Shore bank. But for this con.
flict between the two institutions the
the Bank Of Devils Lake would never
have applied for charter. The firm
continued as Stone, Ferris & Corset, and
for aught the public knows, the charter
was never again called into requisition.
Corsett had no share in the real estate Of
Stone Il Ferris, but owned an interest in
the bank. He was made cashier, and
with the exception Of three months in
the fall Of 1884, has been IN the institu.
ton ever since 1t was organized.
1t can be truthfully said that no man
in Devils Lake ever had more friends
than 0. B. Corsett And there is some
thing remarkably h this fact. Bankers,
as a rule, have many enemies. They
are frequently compelled to refuse credit
to some Of the best men in the COM
munity, and in making collectors a
great deal of bitterness arises. Corsett
had hut few real enemies, and their en-.
nifty WAS intense, growing out Of causes
other than those surrounding the busi.
ness Of banking. Stone & Ferris hao
but few warm friends in Devils Lake
Stone, in fact, had none. Ferris won
some friendships through tho exercise o.
an acquired sauv,ty that was sometime.
painful to his intimate associates and ex.
tremely debilit"ting to Ferris, s,physically,
on account Of the mental strain neces.
sary to sustain the delusion. He could
Sing and dance, and tl,esc accomplish.
mcnts, together with his remarkable
plausibiity made him all agreeable com.
panion. There WIS nothing real mean
about him, however, aud he could not
"lay up a g.udge."
Cnr.rl,'s mannyement Of the h,:l>
was ili many respects very ren,arka lie.
His capacity for business, considering
his physical condition, WAS marvellous
Possessed Of great will power, ever on
the alert ready to to parry Il word thrust,
no matter from whom it came; being
we'll read, and having II good memory,
he could talk intellixcntly, between his
gasps for breath to feed hi. wasting
lung,-.nd altogether he was generally
expected to be ION deck" in business or
in argument.
That he WAS compelled to close the
bank for lack Of funds TO meet demands
scarcely need he stated. That he never
could have closed it at time when the
consequences would have been less dis.
astrous to creditors is probably true. II
there has been any infrac ion Of the law
all good citizens will demand that the
law be applied, no matter upon whom,
the blame may fall. II Mr.. Corset can
vindicate himself we know OF no cit.
izen Of Devils Lake who would have il
otherwise. IfStOne & Ferris wa, vindi
cation, the only way open to them is tc
pay the creditors in full. They were
the principal moeuls behind the bank
and should share its sorrows rs they
have participated in its fortunes. The
whole transaction has an ugly look. We
trust that In future developments may
be found the means Of recompense fol
those who have suffered, yindication for
those who deserve 1t, and punishment
for those who should be puniy iyhcd.
Tuesday evening Sheriff Wagness in.
y;ted several OF the creditors TO be
present at the opening Of the bank
vault. There NO . present Messrs
South. Converse, Eaton, ,Christie
Thompson, McGce. Powell, Corsett and
the scribe of this journal. Mr.. Corsett
opened the vault and the sheriff brought
out the books, but there being no FIRE in
the bank, it was decided not to look
over tho accounts until tho next day,
Mr.. Corsett said if it was the desire oi
the sheriff he would be present the mex.
morning TO balance the accounts Of those
depositors who might bring their books
for that purpose. Quite number Of
the creditors were on hand Wednesday
morning, but Mr.. Corsett did not put in
an appearance. The fact soon devel
oped that he had taken the train for
Saltwater. Minn., for the purpose ofcon
ferring with Stone e. Ferris in the in.
terrest Of the depositors. Here stree,
rumor got in its work to the effect tina,
Corsett was on his road to C.nada.
Search MAS made for 4 danositor XhO