Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1886-01-23
FAILED TO OPEN.
The Bank of Devils Lake Closes
All Its Doors.
History of the Firm Of Stone,
Ferris & Corsett.
And Some Of Their Personal
Characteristics.
Corsett Taken Into Custody
and Into Court.

- PRELUpE.
Tho Bank Of Devils Lake, the piones r
financial institution Of this city. closed
its doors last Saturday evening, and
they will probably never be reopened
again for business. Tho real causes of
the suspension are not yet known to
the public. Tho INTER OCEAN has on.
deavored TO get at the facts, but has
failed to discover anything more than
Surface indications" Cashier Corsett,
by the advice Of counsel, will not he in
terviewed. At this writing he is under.
going an examination on criminal
charge before Justice Wishart. ANY
information he possesses on tho subject
Of the banks condition the law permits
him to keep until such time as his at.
torneys will allow him to speak.
Briefly stated. it is the prevailing
opinion that the bank was in bad con.
dition, owing chiefly to the failure Of its
proprietors to take up their overdue
paper. Notes given by Messrs. Stone,
Ferris T. Corsett, respectively, for an
aggregate sum OF from $1,000 TO $500
doll rs are said to be part Of the bank 5
assets. These notes are overdue, but
payments, in what sums cannot yet be
stated, have been made upon them.
Another cause assigned for the failure.
is the fact that there have been over
drafts upon open accounts. The cash.
ier said Monday morning that he ex-
pected ramittances from Stone L. Ferris
the two last days Of last week, but they
did not come. Ferris, in an interview,
states that he sent his check on a Still
water bank for $500 on Monday, but
that was too late to avert the calamity.
Stone has no unencumbercd property
here, and claims that he had but $500
interest Ill Iue Oank. rerrla :i,ai,Is that
he sold out his interest in October, 1854.
Corsett has some property, but not q
great deal, over his exemptions. He
states that everything he has will be up-
piled to paying the creditors. Some of
his personal property that would be ex.
empt from execution has been made
over TO some Of the most needy crcdi.
tors Ferris Is the only member Of the
firm who has any considerable amount
Of property, and that ia now. covered
with alta chments. Ferris property is
estimated to be worth $4,000. The
liabilities Of the bank. are more~4haH
double this amount A considerable
amount Of securitieYis believed to be in
the bank vault, but there is no proba.
bility Of there being much money. The
creditors are scattered everywhere, the
greater number Of them being in this
city, Tho largest dcpositor was j. l..
Judd, 5000; then comes Wagness &
S,ade with s140O: Hope Bros. $694;
William Brunclle. $3.50; w. A. Doll,
s627; T. C. Saunders. $500; Converse &
Son, $500; Garner e. Cleveland, $500;
W. j. Palmer, B. j. McIntire, Catharine
Becker, Stephen DeNoyer, about s4O0
each, and large number Of others in
smaller sums. Thirty.tour attachments
in all have been filed. No matter how
large or how small the sums may be, It
is blow to the depositors, and many oi
the smaller creditors will feel it most.
The merchants OF the city who are
among tho loosers have sustained only
temporary embarrassment. There have
been no failures, and there will be none.
kilograms have been received from
Wholesale merchants in the cast that
credit will be extended if necessary.
Business will 60 on as usual.
THE OTHER RANKS.
The Pirst National and the North
Shore banks were we'll prepared Monday
morning to meet heagy run but none
occurred. Depositors for the most part
remained away from the banks, and
did not even inquire into their ability
to pay. This was sensible. But very
few banks in the country could pay all
their depositors in a day without notice.
Both Of the banks here were prepared
to meet all demands by Tuesday even.
ing, having drawn upon their reserves
in St. Paul.
STONE, FERRIS coRsErT.
Oscar B. Corsett, cashier Of the de.
funct bank, came to Dakot: from Kal..
nazoo, Mich, in 1881. He made Grand
Forks his home until the spring Of 1883,
when he came to Devils Lake with hun.
dreds of others to make town. Stone
& Ferris were also residents Of Granu
Forks, Stone being president Of the Firs,
National bank Of that place and Ferris
being q partner in the wholesale liquor
firm Of Armstrong, Bushre & Co. Stone
& Ferris became assotisted together i'll
March, 1853, in the real estate and bank.
ing business, with headquarters at Dew.
lis Lake. 1hey entered into a con
tract with the Devils Lake town.ite
company to build twenty stores and res.
idenoes. They were TO receive a. con-