Interstate Securities Company

Episode Information

Episode UID: 3060653891503
Episode Type: Suspension → Closure
Bank Type: state
Bank ID: 306065389 hash
Start Date: March 13, 1925
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 22f31fa880a8522a

Response Measures

None

Description

Interstate Securities Company appears to be a securities firm (not clearly a national/state bank); it is described as in receivership.

Events (2)

1. March 13, 1925 Other

Newspaper Excerpt: Joseph U. Barnes...and Eugene B. Barnes...indicted by the grand jury on a charge of grand larceny
Source: newspapers

2. March 13, 1925 Receivership

Newspaper Excerpt: The securities company is now in receivership
Source: newspapers

Newspaper Articles (1)

1. March 13, 1925 The Bismarck Tribune Bismarck, Mandan, ND

Article from The Bismarck Tribune, March 13, 1925

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Article Text

NORTH DAKOTA WOMAN CLAIMS FRAUD IN CASE Charges Result in Two Mill City Men Being Indicated For Fraud WITHHELD MONEY Mortgage Satisfied But Money Is Not Forthcoming, Is Woman's Charge Minneapolis, Mar. 13.-Joseph U. Barnes, President, and Eugene B. Barnes, Treasurer, of the Interstate Securities Company, Minneapolis, indicted by the grand jury on a charge of grand larceny, pleaded not guilty before District Judge Frank M. Nye today and their trial was set for March 19. They asked for separate trials. They were released on bond of $3,000 each. The indictment is based on a complaint signed by Mrs. Katherine Gillick of Minneapolis, who charged that the Company collected $1,600 on a mortgage on North Dakota property for her and then failed to turn the money over to her. The defendants reserved the right to change their plea or enter a demurrer to the indictment before Wednesday. It is alleged in the indictment that a mortgage held by Mrs. Gillick on Billings County, N. D. property was satisfied March 14, 1924 by payment through the Bank of North Dakota and the Midland National Bank of Minneapolis, that the Securities Company officials withdrew the money and placed it to their own account and did not either inform Mrs. Gillick of the satisfaction on the mortgage nor pay the money over to her. Mrs. Gillick is said to charge that the two men continued to tell her in May, 1924 that it was difficult to collect the money because of the hard times in North Dakota, but that they would try to obtain it for her. The securities company is now in receivership and the two officials are already facing charges of violation of the state blue sky laws.