First National Bank (Minneapolis, MN)

View Charter #1830 on SPMC View balance sheet

Episode Information

Episode UID
183001079
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
18300 national
Charter Number
1830
Start Date
November 19, 1889
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
da2c93c6ace7d011

Response Measures

None

Description

Articles reference receivership(s) and suspension(s) across multiple years; chronology ambiguous.

Events (5)
1. May 31, 1871 Chartered
Source
historical_nic
2. January 31, 1881 Voluntary Liquidation
Source
historical_nic
3. November 19, 1889 Receivership
Newspaper Excerpt
The receiver of the bank, Mr. McNeir, after much hard work, was enabled to get Mrs. Nell's consent to this arrangement.
Source
newspapers
4. October 1, 1893* Suspension
Cause
Bank Specific Adverse Info
Cause Details
False financial statements and insolvency concerns leading to heavy assessments of stockholders
Newspaper Excerpt
In October, 1893, this bank made a false statement to the comptroller ... the stockholders have been assessed $800,000
Source
newspapers
5. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had disposed of notes and was in desperate straits leading to suspension
Newspaper Excerpt
When the bank suspended the note makers approached the receiver ... and then learned for the first time that the notes had been disposed of.
Source
newspapers

Newspaper Articles (5)
1. November 30, 1889 Pullman Herald Pullman, WA
Article from Pullman Herald, November 30, 1889

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Article Text

Mrs. Nell's Property. A dispatch dated Anoka, Minn., November 19 says that Mrs. Maria B. Nell has turned over all her property to secure the creditors of the First National bank of Minneapo is, for the sum of over $40,000, for the notes she signed for P. F. Pratt. She has signed over all her property, with the exception of her homestead in Dayton, to Judge Seagrave Smith, to hold in trust for her creditors. This property consist of a 40 acre tract in Minneapolis, and another tract of the same size in St. Paul, the two being worth probably $200,000. Both pieces are now in litigation, suit having been brought some time ago by her son in the district courts of Minneapolis and St. Paul. In both courts Mrs. Nell secured verdicts in her favor. The son has taken an appeal from the Minneapolis court and the matter will have to go before the supreme court before the property can be sold. No appeal has yet been taken from the decision of the St. Paul court, and those familiar with the nature of the case say there is not more than one chance in a thousand of Mrs. Nell being defeated. The receiver of the bank, Mr. McNeir, after much hard work, was enabled to get Mrs. Nell's consent to this arrangement. As soon as the suits are decided, and if in Mrs. Nell's favor, the property will be sold, or enough of it to pay the notes, which will amount to something over $50,000 all told. This will enable the receiver to close up the accounts of the bank, and will probably relieve the stockholders from an assessment to pay depositors of the bank. In case the suits go against Mrs. Nell the bank will have to stand the loss of the paper indorsed by her. Mrs. Nell is over 80 years of age and is entitled to a great deal of sympathy in this matter. Of this large sum of money which she is called upon to pay she had never received a dollar, it all going 80 P. F. Pratt, the ab. sconding cashier of the bank, in whom Mrs. Nell had the utmost confidence, and who made a will leaving all her property to Pratt. The raseal overreached himself, losing more by his dishonesty than he could have had and remain an honest and respected citizen. The trust deed was given by Mrs. Nell some two weeks ago, but was kept secret by the bank officers at Mrs. Nell's request. The matter was divulged by the lady herself while on & visit to Elk River and was fully confirmed by Receiver McNeir, when interviewed.

2. December 6, 1894 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, December 6, 1894

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Article Text

The forest and prairie fires in the Okaw River bottoms have finally been got under control. Fire caused by a defective flue destroyed a block of dwellings in Kansas City. The loss will reach $100,000. Public meetings of all kinds have been prohibited in Sandwich, III., owing to the prevalence of smallpox. Three-fourths of the winter wheat sown in the western third of Kansas has been ruined by the drought. A new plot of General Manigat to overthrow the Haytian government was discoverd by President Hippolyte. Burglars blew open and robbed safes in Buttsville, N. J., and Ridgefield, Conn. Ferryboat Netherlands crashed into a ship in New York harbor and twenty of her passengers were injured. Five students of a medical college at Kansas City, Mo., were arrested while robbing a grave in a neighboring town. Henry G. Sidle ex-president of the First National bank of Minneapolis, has made an assignment. Robert McCullough, Frank Bleshenship and Charles Patton are under arrest at Ashley, III., for postoffice robberies. The salary of General Master Workman Sovereign of the Knights of Labor was reduced at his own request from $3,500 to $2,500. The application for a receiver of the St. Joseph, Mo., Loan and Trust company has been granted. The liabilities are about $135,000; assets $195,000. Charles F. Atkinson, theatrical manager and lessee of the Bowdoin Square thea v, Poston, filed an insolvency per tition. McNeary, Tenn, 11 small town on the Mobile and Ohio railroad, was wiped out by fire. The total loss is about $75,000. Seven business houses and one dwelling were destroyed at Swayzee, Ind. It is feared a woman lost her life. Four candidates are in the field for the short term senatorship in Michigan. It is predicted that the real fight will be between Olds and Burrows. Republican managers of Nebraska decided to abandon the proposed contest of the election of Holcomb, dem.pop. R. F. Nedrow, who committed a mur derous assault on Edgar Scott at Peoria, was freed by a jury and citizens are indignant. A Dubuque, lowa, jury set at naught the testimony of medical experts and gave the widow of Joseph Brunskill a verdiet in a damage suit. Antitrust distillers believe President Greenhut's trip east is for the purpose of securing funds to fight the independents. According to Rev. C. W. Blodgett, the ratio of divorces to marriages is greater in Galesburg, III., than in any city in the country. Alderman Madden, who is manage ing Joseph Medill's senatorial cam paign, Illinois, says there is little doubt of his nomination. Carleton B. Hutchins, inventor of a refrigerator car and a large manufacturer, died in Detroit of heart fail ure. John 11. Sickles, inventor of a hand fire engine, died at his home in Port Chester, N. Y., of paralysis, aged 76 years. University of Illinois football eleven defeated the Wesleyan University eleven at Bloomington by a score of 12 to 5. It is stated that the members of the cabinet are divided on the method for beginning reform in the country's finances. General Casey, chief of engineers of the war department, urges the secur-

3. May 1, 1895 The Representative Saint Paul, Minneapolis, MN
Article from The Representative, May 1, 1895

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Article Text

THE STATE GETS BACK $3,000 BOBLETER COUGHS UP AND IS CAHSVMSLIHM The committee appointed in QJanuary last, has after over three months of silence made its report and as was to be expected brought forth a mouse. With ample powers and a broad field to work on it has deliberately scorned the aid of these who would and could lend assistance in hatching a scheme of villaincy to plunder the state, that has been practiced for years past. The committee has found that Bobletter took gifts for lending state money, but whether the committee would have seen fit to so find had they been certain the evidence had not been seen by others we cannot say, but they did have the grace to collect from Bobleter a part of that which he had taken from the state, even if they do tell what a kind, good, clean, generous, honest fellow Bob is. The committe say: "Our investigations have been "limited to an enquiry, first into the "financial condition of banks having on "deposit funds." The committe then give a list of the banks with amount deposited in each -and closes by stating that "we believe them all to be of good financial standing." We know not from what source the committee has received its information bat evidently from no very reliable source Indeed it seems highly probable that the committe did not seek very diligently after any witnesses who could give the facts, but whether this failure was owing to a premeditaed desire to make a whitewash report or from jealous fear that some witness might secure a part of the lustre to attending the work of the committee we do not attempt to state, but we do say that as the result of our labors the state is over $3,000 better off, for Bobletter, ex-state treasurer, found that we had seen checks bearing his endorsement which he had fraudulently gotten as a rake off for depositing state funds in certain broken banks: hence being caught in the act, Bobletter makes a virtue of necessity and coughs up $3,000, but not until he is caught. Nor until every effort has been made to defeat an investigation. Whereupon the committee gave Bob a clean bill of health and certificate of good moral character. It is well known that we drew the resolution, reader, which the committee voted, yet we were not given a chance to go before the committee at any session, neither was another gentleman who possessed many facts. We furnished-to two members of the committee printed data covering two sides of a newspaper showing the management of certain financial concerns, hence it seems that the committee could have had information if it so desired; hence it is to blame for its whitewahsing report. The committee finds that the state has assets in certain banks, which banks they believe to be in good condition, and convey to them following, to which your attention is asked, in order that you may have certain facts which were or could have been known to the committee: In State Bank Minneapolis $75,445.76 In Bank of New England, Min11.208.35 neapolis In the Farmers' and Merchants Bank, Minneapolis In American Exchange Bank, 18003.91 Minneapolis Total In banks that are busted and are now in the hands of a receiver: In National Geman American, Paul 78 68'629'42 In Commercial, St. Paul In Northern Trust Co., MinneapSII Total In concerns that have failed but later said to have resumed: In First National, Minneapolis. $33,647.09 In October, 1893, this bank made a false statement to the comptroller that it had a capital, surplus and profits of $1,409,101.13, yet today its surplus and profits are gone, and the stockholders have been assessed $800,000 to make good the capital; hence the bank's statement was true minus $1,209, 101.13, while soine DATE 01 pels eq pinom sit JO its stock away. In Union National, Min89 $64,465.68 neapolis This bank reported capital surplus of $579,048 68, which is true lacking $329,048.68, since they have had to levy an assessment of $250,000. In Flour City, Minneapolis. $17,110.36 This bank reported capital and surplus $1,167,017.31, and later from some cause is reported to have reduced its capital $500,000, showing a shrinking in say .10 pay 11 000'009$ J3A0 JO capital some very doubtful mortgages assigned to it by the Metropolitan Trust Co., and we would like to ask whether it is not the holder of considerable of the stock of said Trust company, and which even Kenyon finds to he valueless. We would also like to enquire how much of Tom Walker's unsecured paper it holds, and paper of like value. $57,820.77 Communia, uj A charge was made both to a state official and the legislature that this bank loaned money on Germania Bank stock, though said stock had had no money paid in on it. In view of the fact that this bank is run by Bobletter and Kettelson, one if not both of whom have admitted they got a rake off on state funds, we would like to enquire how much rake off they demand from the bank of which they are officials? Also how much of their own notes have been discounted by said bank? If Bobletter for $3,000 will deposit $131,000 of state funds in busted banks he would hardly seem to be a safe man to entrust with the funds of a bank as cashier. Brown County Bank, New Ulm 1011111'01$ Boon County Bank. New Ulm $10,111

4. December 27, 1904 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, December 27, 1904

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FIRE WRECKAGE DEEP IN SNOW Sioux City's Streets Still Blocked -Heroism of Two Saved Heavier Loss. Special to The Journal. Sioux City, Iowa, Dec. 27.-Driven by a relentless forty-mile gale from the northwest a blizzard raged here all night. The snow was preceded by sleet which coated the streets and made traveling and street car traffic very difficult. The ice also put most of the telegraph and telephone wires out of commission. A 7-below-zero temperature was hammered into the air this forenoon by the wind and it is as bad a blizzard as the city has had for five years. The storm stopped suddenly the work of removing the ruins of last Friday's fire, and, altho three days have passed, five streets are yet blocked, street cars being compelled to run on irregular routes. Yesterday was devoted to recovering safes, nearly all of which were found to contain well-preserved books and money. The City National and First National banks recovered all their goods, together with about $90,000 in cash, and have reopened for business in new quarters. The walls of the seven-story Toy building were pulled down by ropes at 6 o'clock last evening, filling fourth street with great heaps of debris which will require days for removal. It was Minneapolis' disastrous experience with fire walls that induced Mayor Sears to take immediate steps to have all walls torn down at once. The most remarkable story of heroism in Friday night's fire was made public only today and as a result a subscription paper is being circulated for Gus Berg, a fireman, and Addis Bell, an elevator boy. The two dragged a hose to the roof of the seven-story Metropolitan block when its outside woodwork had been ignited. One sat on the other's legs for two hours so the hose could be held out and the front drenched. This alone saved the block from burning, which would have carried the fire across Fourth street and probably doubled the loss.

5. February 13, 1905 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, February 13, 1905

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itors nor stockholders will lose a farthing. Raises Legal Question. An interesting legal question has been raised with regard to certain notes now held by Judge Buckham, which were discounted at the First National bank. It appears that about a year ago Mr. Clement approached Judge Buckham, and representing to him that the bank had several perfectly good notes that for one reason or another it was not in a position to carry induced him to purchase them. Some of these notes were made by depositors who recently in expectation of their maturing had been accumulating money with which to pay them and putting it in the bank, supposing it still held them. When the bank suspended the note makers approached the receiver with the request that their deposits be regarded as an offset against their notes and then learned for the first time that the notes had been disposed of, and that deposits made could not apply upon them. Is Director an Innocent Holder? The paper is, of course, negotiable, and the bank had an undoubted right to sell it, and it is not questioned that it would be collectable in the hands of a third person not connected with the bank. But whether a director under the circumstances can be considered an innocent holder is the question that is now raised. It is argued that the mere fact that the president of the bank attempted to dispose of paper held by it and which was its principal source of income should have been a warning to the director and that it should at least have sufficiently aroused his suspicions to induce him to make such an investigation as could not have failed to reveal the fact that the bank was in desperate straits. It is further argued that where a director fails to direct the affairs of the bank he should not be permitted to profit from his own negligence, and that notwithstanding the fact that Judge Buckham paid the full value of the notes they must still be held to be in possession of the bank at least to such S an extent that any deposits held by the bank must be regarded as an offset to them. Holding this view it is stated that makers of notes now in the hands of Judge Buckham will refuse to pay them unless they are credited on them with the amount of their deposits in the suspended bank. e Resigns a Trusteeship. p Mr. Clement has resigned the trusteeship of the Polar Star Electric company. At the suggestion of the president of e the First National ban of Minneapolis, which holds the company's bonds to the par value of $29,000, the Minnesota d Loan & Trust company has been named as Mr. Clement's successor. L-