Germania Bank (St Paul, MN)

Episode Information

Episode UID
4602067291164
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
460206729 hash
Start Date
December 22, 1896
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1e993643b5e2402d

Response Measures

None

Events (5)
1. December 22, 1896 Run
Cause
Local Banks
Cause Details
Withdrawals began after the Dec. 22 closing of the Bank of Minnesota, producing a nearly two-week run on Germania.
Measures
Paid out large sums to depositors ($225,000–$335,000 reported) while trying to meet withdrawals.
Newspaper Excerpt
the bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed, December 22.
Source
newspapers
2. January 4, 1897 Suspension
Cause
Local Banks
Cause Details
Directors made an assignment/closed to stop the drain caused by the run triggered by other banks' failures (Bank of Minnesota).
Newspaper Excerpt
did not open for business today, but announced its assignment to Peter M. Kerst
Source
newspapers
3. March 6, 1897 Other
Newspaper Excerpt
asks for the appointment of a receiver ... suit begun to enforce double liability of stockholders and asking removal of Mr. Kerst as assignee; asking appointment of a receiver for the bank.
Source
newspapers
4. May 12, 1897 Other
Newspaper Excerpt
committee of depositors and reorganization measures being taken; reorganization to be pushed with all possible speed.
Source
newspapers
5. August 16, 1897 Reopening
Newspaper Excerpt
final order authorizing the reopening of the Germania bank next Monday morning was signed and filed by Judge Otis; title of property will be transferred back and bank has $200,000 unimpaired capital and at least $200,000 cash on hand for transaction of business; reopening next Monday morning (after Aug 13).
Source
newspapers

Newspaper Articles (24)
1. January 4, 1897 Evening Star Washington, DC
Article from Evening Star, January 4, 1897

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DECIDED TO ASSIGN. Doors of the Germania Bank of St. Paul Closed. ST. PAUL, Minn., January 4.-The Germania Bank, a state institution, capital stock $400,000, did not open for business today, but announced its assignment to Peter M. Kerst, who for the last year or two has been its cashier. The announcement stated that this action was taken after full consideration of all the phases of the situation, as it was deemed best for all concerned that this step be taken. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed, December 22. The last official statement of the condition of the bank was made December 17, 1896, and was as follows: Resources-Loans and discounts, $975,420.33: overdrafts, secured and unsecured, $2,355.70; stocks and bonds, $87,890.36; banking house, $253,847.10; furniture and fixtures, $10,328; other real estate, $40,158.47; current expenses, $13,742.54; taxes paid, $2,131.50; due from other banks, $59,259.78; checks and cash Items. $2,535.73; exchanges for clearing, $27,607.46; currency, $42,399; nickels and cents, $244.59; gold, $103,560; silver, $4,347.25; total, $1,625,768.01. Liabilities-Capital stock, $400,009; surplus and undivided profits, $58,797.27. Dividends unpaid, $2; bank building loan, $75,000; individual deposits subject to check, $345,191.44; demand certificates of deposit, $7,899; time certificates of deposit, $633,019.70; certified checks, $11,450.02; cash creditors' checks, $4,305.41; due to banks, $90,103.17; total, $1,625,768.01. The Germanla Bank has been organized for many years, ex-Gov. Alex. Ramsay being for a long time president and Wm. Bickel cashier. A few years ago Gov.Ramsay retired and Mr. Bickel became president, but last spring Mr. Bickel retired from the bank, becoming vice president of the reorganized Allemania Bank. He was succeeded by Gustav Willius as president of the Germania, T. H. Menk being vice president and P. M. Kerst cashier. The directors are Gustav Willius, Wm. Bickel, Albert Spangenberg, Jos. Haag, J. B. Hermann, E. F. Berrisford, T. H. Menk, O. E. Holman, C. L. Hurst, Adam Beywr, W. H. Harris, P. M. Kerst, John Klein and Wm. Schornztien. The change in the official head of the bank last year is believed to have caused a shifting of accounts.

2. January 4, 1897 El Paso Daily Herald El Paso, TX
Article from El Paso Daily Herald, January 4, 1897

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TELEGRAPHIC NEWS, WIRED BY THE UNITED PRESS TO THE HERALD. Overtures of Peace; Senator Money Still Missing; French Elections and Other Happenings. Banks Closed. ST. PAUL, Minn., Jan. 4.-The Germania bank of this city, closed its doors this morning. Its capital was $400,000. Surplus $59,000. On December 17th, its loans and discounts amounted to $975,000 and its deposits were $1,091,968. The announcement has been made by officials of the bank that if assigned to Peter M. Kearst, the cashier, the directors decided it all concerned for best was they close. The bank stood a run for nearly two weeks, its depositors beginning to withdraw when the bank Minnesota closed December 22. ST. PAUL, Minn., Jan. 4.-The Allemania bank of this city has closed its doors. The Allemania bank which closed its doors noon had a capital stock of $400,000. Loans and discounts, $706,842. Deposits, $602,305. MINNEAPOLIS, Jan. -The West Side bank of St. Paul closed its doors today, caused by the failure of the Allemania bank. There was a heavy run on the Minnesota State Savings bank today, which took advantage of sixty days notice. DUBUQUE, Ia., Jan. 4.-City bank of Nora Springs, Iowa, suspended today.

3. January 4, 1897 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 4, 1897

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More Bank Failures. ST. PAUL, Minn., Jan. 4.-The Germania Bank of this city closed its doors this morning. Its capital was $400,000, with a surplus of $59,000. December 17 the loans and discounts amounted to $975,000 and its deposits to $1,091,968. The Allemania Bank, of this city, closed its doors today. Its statement on December 17 shows as follows : Loans and discounts, $706,842; cash on hand and due from other banks, $192,066; deposits, $602,305. It held on January 1 St. Paul city funds to the amount of $51,000 and State funds aggregating $35,302. DUBUQUE, lowa, Jan. 4.-The City Bank of Nora Springs, Iowa, suspend. ed to-day.

4. January 4, 1897 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, January 4, 1897

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ANOTHER BANK. St. Paul, Minn., Jan. 4.-The Germania bank, a state institution, capital $400,000, did not open for business this morning, but announced an assignment to Peter M. Kerst, cashier of the bank. The liabilities of the bank are given at $1,625,768 and its resources at $1,625,788. The bank had been oragnized for many years ex-Governor Alex Ramsey being for a time its president, and Wm. Bickel, cashier. President Williams said to an Associated Press reporter today that the closing was the résult of the unreasonable panic, and that the bank would be opened for business as soon as people regained their usual good sense. The bank, as a result of the panicky feeling. had paid out to depositors $335,000 in the last nine days, and as they saw what continuation of this would lead to the directors decided to close for the present. Mr. Williams said he fully expected to have the bank open ready for busi ness by the last of March.

5. January 5, 1897 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, January 5, 1897

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THREE BANK FAILURES In St. Paul Due to the Runs Caused by the Closing of the Bank of Minnesota. ST. PAUL, Minn.. Jan. 4.-The Germania Bank, a state Institution, capital $400,000, did not open for business to-day, but announced its assignment to Peter M. Kerst, who for the past year or two has been the cashier of the bank. The announcement stated that this action was taken after full consideration of all the phases of the situation, as it was deemed best for all concerned that this action be taken. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed on December 22. The Germania bank has been organized for many years, ex-Governor Alex Ramsey being for a long time president, and William Bickel cashier. A few years ago Governor Ramsey retired from the bank, becoming vice president of the newly organized Allemania Bank. He was succeeded by Gustav Willius, as president of the Germania: T. H. Menk being vice president, and P. M. Kerst cashier. The Allemania bank, capital $400,000 and having a clientage similar to that of the Germania, closed its doors soon after the other bank had announced its assignment. The Allemania bank was organized last year, being the successor of the Commercial bank, William Beckel, formerly president of the Germania bank, joining forces with Albert Scheffer, of the Commercial, to organize the new bank, of which Mr. Scheffer was made president, and E. D. Barnett, cashier. The Commercial had formerly been a national bank. but after its failure in the spring of 1892, it was re-organized a state bank and became merged last spring in the present Allemania bank. This bank was also a sufferer by the panicky feeling after the Bank of Minnesota had closed. President Scheffer, of the Allemania, said at noon that they had been suffering from the panic, the failure being due to the combined withholding There and withdrawing of deposits. had for some time been a gradual drain on the bank, and it seemed to gain added force as soon as the announcement of the Germania failure was announced. A crowd of depositors goon gathered, demanding their money and at 11 o'clock it was decided to close at once, State Bank Examiner Kenyon being called in and taking possession of the bank. President Willius told an Associated Press reporter to-day that the closing was the result of an unreasonable pan1c, and that the bank would be opened for business just as soon as the people regained their usual cool sense. The bank, as a result of the panicky feeling. had paid out to depositors $335,000 in the last nine days and as they saw what the continuation of this would lead to, the directors had decided to close for the present. Mr. Willius says he fully expects to have the bank re-opened and ready for business by the last of March. At a few minutes before 2 o'clock the West Side Bank organibed in 1886, with a capital of $100,000, closed its doors, The president, C. F. Staples. told the Associated Press representative that the bank cleared through the Allemania and had its clearings returned today because of the closing of the bank. This was but one of the causes that led to the closing of the West Side Bank, which had sufféred considerably from the general condition of affairs. The West Side bank has not closed finally, but in view of the panic created by the sudden closing of the Germanla and Allemania. and because of the summary return by the latter of the West Side bank's clearings It was decided to close pending action by the bank's directors. who are now in session. The bank is considered strong. though small, and loss to depositors is not thought possible.

6. January 5, 1897 The Copper Country Evening News Calumet, MI
Article from The Copper Country Evening News, January 5, 1897

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ST. PAUL BANKS CLOSED. The Germania, Allemania and West Side Suspend Payment. St. Paul, Jan. 5. - The Germania bank, a state institution, capital $400,000, did not open for business Monday, but announced its assignment to Peter M. Kerst, who for the past year or two, has been the cashier of the bank. The announcement stated that this action was taken after full consideration of all phases of the situation, as it was deemed best for all concerned that this action be taken. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Illinois closed on Dec. 22. The Allemania bank, capital $400,000. and having a clientage similar to that of the Germania, closed its doors also soon after the other bank had announced its assignment. A few minutes before 2 o'clock the West Side bank, organized in 1886, with a capital of $100,000, closed its doors. The president, C. F. Staples, told the Associated Press representative that the bank cleared through the Allemania, and had its clearings returned because of the closing of the bank. This was but one of the causes that lead to the closing of the West Side bank, which had suffered considerably from the general shaky condition of financial affairs. Public funds were on deposit in all three of the closed banks. The state had $10,546.05 in the Germania; $35,302.54 in the Allemania, and $3,646.63 in the West Side bank. The county treasurer had deposited $9,635.35 in the Germania; $26,215.35 in the Allemania, and $7,554.84 in the West Side bank. City Treasurer Horst had on deposit city funds in the Germania $49,793.82; in the Allemania, $151,455.50, and in the West Side bank, $21,894.50.

7. January 5, 1897 Wheeling Register Wheeling, WV
Article from Wheeling Register, January 5, 1897

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spring in the Allemania bank. This bank was also a sufferer by the panicl feeling after the Bank of Minne at the close of business Decen had closed. The last official stat want 1896, was as follows: ats, Resources-Loans and $706,842.48; sundry bonds, 5,750; overdrafts, $1,798.19; bank building, $60,000; furniture and fixtures, $13,372.32. Due from other banks, $32.392.59; gold, $42,500; currency, $25,000; silver, nickels, etc., $4,467.85; cash items, $10,173.87; exchanges for clearing house, $11,114.28; demand loans, $62,881.40; total resources, $1,061,009.97. Liabilities--Capital stock paid in, $400,000; undivided profits, less expenses, $58,764.60; individual deposits, $329,789.27; interest certificates, $187,253.23; call certificates, $8,354; due banks and bankers, $66,740.52; cash creditors' checks, $6,023.11; certified checks, $4,145.24; Total liabilities, $1,061,009.97. President Scheffer of the Allemania, said at noon to-day that they had been suffering from the panic, the failure being due to the combined withholding and withdrawing of deposits. There had been for some time a gradual drain on the bank and it seemed :O gain added force as soon as the announcement of the Germania failure was announced. A crowd of depositors soon gatherea, demanding their money and at 11 o'clock it was decided to close at once. State Bank Examiner Kenyon being called in and taking possession of the bank. NEW YORK January 4.-The Hanover National Bank is the New York correspondent of the failed Germania Bank, of St. Paul. The latter has been in the habit of carrying a fair account here. but it is stated that whatever indebtedness may be due the Hanover bank is amply secured. St. Paul, Minn., January 4.-At a few minutes before 2 o'clock the West Side Bank, organized in 1886, with a capital of $100,000. closed its doors. The president, C. F. Staples, told the Associated Press representative that the bank cleared through the Allemania, and had its clearings returned to-day because of the closing of the bank. This was but one of the causes that lead to the elsing of the West Side Bank, which had suffered considerably from the general condition of affairs, The West Side Bank has not closed finally, but in view of the panic created by the sudden closing of the Germania and Allemania, and because of the summary return by the latter of the West Side Bank's clearings it was decided to close pending action by the bank's directors. The bank is considered strong, though small, and loss to depositors is not thought possible.

8. January 5, 1897 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, January 5, 1897

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St. Paul, Minn., Jan. 4.-The Germania bank, of this city, closed its doors this morning. The capital was $400,000. Dec. 17 the loans and discounts amounted to $975,000, and its depisits to $1,091,968. The iannouncement was made by the officers of the bank that the institution had been assigned to Peter M. Kerst, who for the past year or two, has been the cashier of the bank. The announcement stated that the action was taken after full consideration of all the phases of the situation, the directors having decided it was best for all concerned that they should close. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed on Dec. 22.

9. January 5, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, January 5, 1897

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ANK TROUBLES IN ST. PAUL ermania Bank and Allemania Bank Close Their Doors. HE WEST SIDE BANK CARRIED DOWN. uns on the Institutions Were the Cause of Suspension-Other Financial and Commercial Affairs. St. Paul, Minn., January 4.-The Gertania bank, a State institution. capital 00,000, did not open for business this iornéns, but announced its assignment Peter M. Kerst, cashier of the bank. he bank stood a run of nearly two weeks, depositors starting to withdraw their ccounts at the time of the suspension of Bank of Minnesota. The last official statement of the bank December 17, 1896, and showed re. ources of $1,625,763.01. Liabilities: Capital tock, $400,000; surplus and und.vided prof. $58,797.27: dividends unpaud, $2000; bank aliding loan, $75,000; individual deposits rbject to check, $345,191.44: demand certifiof deposit. $7899: time certificates of eponits. $633,019.70; certified checks, $11,0.02: cash oneditors' checks, $4305.41; due banks, $90,103,17: total, $1,625,768.01. The Germania bank has been organized many years, ex-Governor Alexander lamsey being for a long time president Walliam Bickel cashier. A few years Governor Ramsey retired and Mr. lickel became president, but last spring Ir. Bicked retired from the bank, becomvice president of the newly organized l'emania bank. He was succeeded by ustave Willius as president of the Ge.ana. The change in the official head the bank is beLeved to have caused a

10. January 5, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 5, 1897

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Suspension of the Germania, the Allemania and the West-Side, the Latter a Small Concern. DEPOSITORS WERE PANICKY AND THE BANKS LACKED CASH TO MEET SUDDEN DEMANDS. Officers Confident of Reopening When Assets Are Realized On-A Devil's Lake Bank Closed. ST. PAUL, Minn., Jan. 4.-As a direct reselt of the closing of the Bank of Minnesota, two weeks ago, which created new distrust among bank depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks-the Germania, the Allemania and the West Side, none of them national institutions, and all closely associated-to-day closed their doors, one being now in the hands of the state bank examiner and the others making assignments. During the time that has intervened since the closing of the Bank of Minnesota, the Germania Bank paid out $225,000 to frightened depositors, and early to-day the directors concluded that they would stop the drain, and made an assignment to the cashier. Peter M. Kerst. The Allemania Bank, which, like the Germania, had a large clientage among the Germans, and whose vice president had formerly been president of the Germania, then became the target for as lively a run as could be seen during panic times anywhere. People crowded about the doors and fairly fought for a place in the line before the paying teller's window. The bank officials realized fully what such a run meant, and promptly called on Bank Examiner Kenyon to take possession of the bank, and that official is now in charge. The West Side Bank. a small but possibly stronger bank, cleared through the Allemania, and to-day its clearings were returned by the latter institution. Following this there was a decided run inaugurated on the bank, and at 2 o'clock this afternoon the bank officials closed the doors and called a meeting of the directors to decide what action to take. Their decision was apparent late in the afternoon, when they filed a deed of assignment to Charles F. Staples, the president of the bank. Considerable public money is tied up in the three institutions, but there is an ample supply for all immediate needs in the other banks of the city. The assignment of the Germania and West Side banks has brought up a somewhat new question in the banking laws of the State, and the courts will be called on to settle it. The state bank examiner doubts their right to assign. holding that they should have, under the law. turned over their assets to him. The attorney general intimates that he will bring action to test the matter as soon as the papers can be prepared. During the day numerous reports of trouble among the other banks were current, and a few banks suffered runs of greater or less intensity, but the savings banks were protected by the law that allows them to require sixty days notice before paying out deposits, and the national banks are in a strong condition and have no fear of anything of the sort. THE GERMANIA BANK. The Germania Bank stood a run of nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed, on Dec. 22. The last official statement of the condition of the bank was made Dec. 17, 1896, and was as follows: -Resources

11. January 6, 1897 Arizona Weekly Journal-Miner Prescott, AZ
Article from Arizona Weekly Journal-Miner, January 6, 1897

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CHICAGO, Jan. 2. - W. A. Ham mond, vice president of the National Bank of Illinois, was missing this morning, and some of his effects were found on the lake front, at Dempster street pier, near his home at Evanston. Hammond retired as usual last night. This morning the members of his family found his room empty. At Dempster street pier were found private papers in Hammond's hand writing. This convinced the searchers that he had probably committed suicide by jumping into the lake. The life saving crew was notified and began searching for the body. A tug was also sent from Chicago for the same purpose. The body was found at the foot of Church street, five blocks north of where be is supposed to have jumped into the lake, by two boys, who informed the police. NEW YORK, Jan. 4.-James Duffy, the Boston pugilist who collapsed at the conclusion of the ten round boxing match with George Justin at the Breadway athletic club Sat orday night, died today without having regained consciousness Dick Roane, referee, and Tom O'Rourke, manager of the club. are under arrest. KANSAS CITY, Jan. 4.- This morning dectives working on the Blue Cut train robbery case brought in another suspect who made a full confession. His name is Jim Flinn. He is a farmer and lived in the vicinity of Blue Cut for fifteen years. Flinn implicated engineer. Kennedy, who is under arrest and another man who doubtless will soon be captured. MADRID, Jan. 4.-Private telegrams from Havana say it is possible that Maximo Gomez and other influential Cubans will surrender to the Spanish authorities. WASHINGTON, Jan. 4.-News has been received that the Spanish government has positively determined to recall Captain General Weyler, Sr. Paul, Minn., Jan. 4.-The Germania Bank assigned today to Cashier Karst.

12. January 7, 1897 New-York Tribune New York, NY
Article from New-York Tribune, January 7, 1897

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THE WESTERN BANK TROUBLES. Minneapolis, Jan. 6.-Most of the depositors in the defunct Columbia National Bank, of this city, have joined in a telegram to Controller Eckels, asking for the appointment of F. B. Dodge, of Minneapolis, as receiver. It was stated at the meeting of the depositors that Charles Kittelson, president of the bank, is indebted to the bank to the amount of $60,000. The capital of the bank is $200,000. St. Paul, Jan. 6.-At a special meeting of the Board of Directors of the Germania Bank, held yesterday, It was unanimously resolved that a committee of seven stockholders, of which the president shall be ex-officio chairman, shall be appointed by him for the purpose of taking measures for the speedy reorganization of the bank. The January meeting of the directors of the Second National Bank yesterday declared a semiannual dividend of 7 per cent. Omaha, Neb., Jan. 6.-The Omaha Savings Bank, which closed Its door's last Saturday, owing depositors $150,000. after paying out $600,000 in six months previously, has given an approved bond to pay dollar for dollar within four years, and its officers are again in charge to wind up the affairs of the bank. This course has given renewed confidence in banking circles, and the'slight runs on one or two institutions that followed the closing of the savings bank have ceased. Chicago, Jan. 6.-Mark Streicher, senior member of the firm of Mark Streicher & Co., wholesale jewellers, at No. 203 Madison-st., filed a bill in the Superior Court this afternoon against his partner, Ignatius Schwartz, asking that a receiver be appointed. He alleges that the firm has always done a good business, but the assets, amounting to $50,000. have unaccountably disappeared. The firm was formed in 1888.

13. January 7, 1897 The Princeton Union Princeton, MN
Article from The Princeton Union, January 7, 1897

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BANKS GO UNDER THREE MORE FINANCIAL INSTITUTIONS CLOSE THEIR DOORS. The Germania Bank and a Branch and the Recently Organized Allefania Bank Suspend as the Result of a Run-Runs Are Made on Other Banks, but It Is Thought That No More Failures Will Occur. St. Paul, Jan. 6. - The Germania Bank of St. Paul, a state institution, capital $400,000, did not open for business to-day, but announced its assignment to Peter M. Kerst, who for the past two years has been cashier of the bank. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed on Dec. 22. The last official statement of the condition of the bank was made Dec. 17, 1896, and was as follows: Resources - Loans and discounts, $975,420.53; overdrafts, secured and unsecured, $2,355.70; stocks and bonds, $87,890.36; banking house, $253,847.10; furniture and fixtures, $10,328; other real estate, $40,158.47; current expenses,$13,742.54; taxes paid, $2,131.50; due from banks, $59,259.78; checks and cash items, $2,535.73: exchanges for clearing, $27,607.45; currency, $42,339; nickels and cents, $244.59; gold, $103,560; silver, $4,347.25; total resources, $1,625,768.01. Liabilities - Capital stock. $400,000; surplus and undivided profits, $58,797.27; dividends unpaid, $2; bank building loan, $75,000; individual deposits subject to check, $345,191.44; demand certificates of deposit, $633,019.70; certified checks, $11,450.02; cashier's checks, $4,305.41; due to banks, $90,103.17; total liabilities, $1,625,768.01. President Willius told an Associated Press representative to-day that the closing was the result of an unreasonable panic and that the bank would be opened for business just as soon as the people resumed their usual cool senses. The bank, as a result of the panicky feeling, has paid out to depositors $250,000 in the last nine days, and as they saw what the continuation of this would lead to, the directors had decided to close for the present. Mr. Willius says he fully expects to have the bank reopened and ready for business by the last of March. The Allemania Goes. The Allemania bank, capital $400,000, and having a clientage similar to that of the Germania bank, closed its doors also soon after the other bank had announced its assignment. The Allemania bank was organized last year, being the successor of the Commercial bank. This bank was also a sufferer by the panicky feeling after the Bank of Minnesota had closed. Its last official statement at the close of business Dec. 17, 1896, as follows: Resources - Loans and discounts, $706,842.28; sundry bonds. $86,750; overdrafts, $1,978.19; bank building, $6,000; furniture and fixtures, $13,12.31; due from other banks, $35,929.59; gold, $42,500; currency, $25,000 silver, nickels, etc., $4,467.85; cash items, $10,173.87; exchanges for clear ing house, $11,114.28; demand loans $62,881.40; total resources, $1,061, 009.97. Liabilities - Capital stock paid in $400,000; undivided profits, less ex

14. January 8, 1897 The Jersey City News Jersey City, NJ
Article from The Jersey City News, January 8, 1897

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BANKS BRACING UP. St. Paul and Minneapolis Concerns Recovering from Last Week's Shock ST. PAUL, Minn., Jan. 8, 1837.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the past two weeks. The assets of the Germania Bank of St. Paul have been found in excellent shape and the reorganization will be pushed with all possible speed. The committee appointed by depositors of the/Bank of Minnesota to look after their interests while a reorganization is being perfected has met Wm. Dawson, President, and Wm. Dawson, Jr., Cashier of the bank, and obtained from them detailed accounts of the actual condition of the bank as they could furnish. This committee represents depositors who had on deposit more than $1,000,000, and are willing to act together in the matter of reorganization through the committee, It expects to have a plan to present to the depositors shortly by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county is to do for funds with which to carry on the current business. In round figures there is tied up in the city and county funds in the four suspended banks $300,000, of which $247,000 belongs to the city and $53,000 to the county.

15. January 9, 1897 The Times Richmond, VA
Article from The Times, January 9, 1897

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MINNESOTA BANKS RECOVERING, Reorganization to Be Pushed Forward Speed. ST. PAUL, MINN., Jan. 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the past two weeks. The assets of the Germania Bank of St. Paul have been found in excellent shape and the reorganization will be pushed with all possible speed. The committees appointed by depositors of the Bank of Minnesota to look after their interests while the reorganization is being perfected, has met Wm. Dawson, president, and Wm. Dawson, Jr., cashier of the bank, and obtained from them as detailed accounts of the actual condition of the bank as they could furnish. This committee represents depositors who had on deposit more than $1.000,000, and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors shortly by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county is to do for funds with which to carry on business. In round figures there is fied up in city and county funds in the four suspended banks $300,000. of which $247,000 belongs to the city and $53,000 to the county

16. January 9, 1897 The Morning News Savannah, GA
Article from The Morning News, January 9, 1897

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ST. PAUL BANK CIRCLES SERENE. The Situation in Minneapolis Also Improving Rapidly. St. Paul, Minn., Jan. 8.-The banks of St. Paul and Minneapolis are recovering much more rapid than was expected from the shock of the past two weeks. The assets of the Germania Bank of St. Paul have been found in excellent shape, and the reorganization will be pushed with all possible speed. The committee appointed by the depositors of the Bank of Minnesota to look after their interests while a reorganization is being perfected has met William Dawson, president, and William Dawson, Jr., cashier, of the bank, and obtained from them as detailed accounts of the actual condition of the bank as they could furnish. This committee represents depositors who had on deposit more than $1,000,000, and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors shortly by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county is to do for funds with which to carry on the current business. In round figures, there is tied up in city and county funds in the four suspended banks $300,000, of which $247,000 belongs to the city and $53,000 to the county.

17. January 9, 1897 The Sun New York, NY
Article from The Sun, January 9, 1897

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WESTERN BANKS TO REORGANIZE. A Better Outlook in St. Paul and Minneapolis. Sr. PAUL, Minn., Jan. 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the last two weeks. The assets of the Germania Bank of St. Paul have been found to bein excellent condition, and the reorganization will be pushed with all possible speed. The committee appointed by depositors of the Bank of Minnesota to look after their interests while a reorganization is being perfected has met William Dawson. President, and William Dawson. Jr., cashier of the bank. and obtained from them detailed accounts of the condition of the bank. This committee represents depositors who had on deposit more than $1,000,000. and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors soon by which they eventually will receive dollar for dollar. A serious question now being agitated is what the city and the county are to do for funds with which to carry on current business. In round figures there is tied up in city and county funds in the four suspended banks $300,000. of which $247,000 belongs to the city and $53,000 to the county.

18. January 9, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 9, 1897

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ST. PAUL BANKS RECOVERING. Reorganization Proceeding - Question as to Public Funds. ST. PAUL, MINN., January 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the past two weeks. The assets of the Germania Bank of St. Paul have been found in excellent shape, and the reorganization of the institution will be pushed with all possible speed. The committee apppointed by the depositors of the Bank of Minnesota to look after their interests while reorganization is being perfected has met William Dawson, president, and William Dawson. Jr., cashier of the bank, and obtained from them as detailed accounts of the actual condition of the bank as they could furnish. This committee represents depositors who had on deposit more than $1,000,000 and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors shortly, by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county are going to do for funds with which to carry on current business. In round figures, there is tied up in city and county funds in the four suspended banks $300,000, of which $247,000 belongs to the city, and $53,000 to the county.

19. January 14, 1897 Eagle River Review Eagle River, WI
Article from Eagle River Review, January 14, 1897

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St. Pan! Bank Fails. The Germania Bank of St. Paul did not open for business Monday, but announced its assignment to Peter M. Kerst, who for the last year or two has been its cashier. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their deposits at the time the Bank of Minnesota closed.

20. January 21, 1897 Warren Sheaf Warren, MN
Article from Warren Sheaf, January 21, 1897

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Amending penal code relating to destruction of property. Providing for the registration of municipal bonds by the cities of this state. Prohibiting confinement of fish in boxes or traps in inland lakes. Appointments. Governor Clough has made the foltendent of Public lowing appointments: Instruction State Superin- W. W. Muehlberg, Pendergast, Military Adjutant Storekeeper General W. S. Converse and State Librarian Charles A. Gilman were all renamed for their respective offices. On the state board of and field, of corrections Faribault, charities. and C. P. J. McGinnis, B. Wakeof St. Louis were apfor terms of years pointed county, three Folwell again for each, and Professor W. W. two As a new years. Paul, member, given Conde Hamlin, of St. was a commission for two of Mower was six county, years; reappointed O. W. Shaw, for as a member of control of the state Anyears public the schools; board for of thony Kelly, of Minneapolis, five years on the board of the state for defectives; institute directors of Mcof St. years on the of reCaffery, board managers Paul, for of six the state and five formatory. Frank Temple for of the years on the board of managers state prison. W. P. Dunnington, of Redwood county, and ex-Governor L. P. Hubbard have just completed terms as trustees of the soldiers' home at Minnehaha and both were given new commissions, expiring in 1903. Wards of the State. Hart of the state board of his Charities Secretary and Correction. institutions has for issued Decemreport for state ber, 1896. There were 3,023 of insane as hospitals compared inmates with the same an increase of 192. year, 2,831 month the The preceding number in the Soldiers' Home was 384, an increase of 85. There are 220 pupils in the school for the deaf, 12 more than in the are in the institute feeble mates preceding year. There for the state 518 inan inerease of 61; re140, a state formatory, minded, school, decrease increase of 2; of public 204, an 26; school for the blind, 61, a 6; state's 508, an 52; prison, increase decrease of of United States a of The total increase 18. prisoners, 15, of population decrease in all state institutions was 380 over the same month in 1895. Tropical Vegetation. Professor D. T. McDougal, of the State has been appointed of a to a location for an chairman upon University, commission international decide botanical in He J. M. Colter, and Professor laboratory the the tropics. of the Uniof are principal of the promoters versity Chicago, scheme, of which develop- has now reached such a stage ment that its development that its success is assured. The leading scientists of America and England have heartily endorsed the plan. Brief State Items. Senator Davis and Representative have been as of Tawney the reception committee named to members the inaugural ball. Theresa Weinhundler, a domestic in St. Paul, blew out the gas when she retired and was killed. Ed Ballinger, a convict, made his escape from the Stillwater prison while marching to breakfast. Five U. S. mail boxes were robbed in one night in Minneapolis. John Wold, aged years. while catching rides on in passing sleighs ground Minneapolis, was thrown to the and killed. The misellaneous cash receipts of the prison for the month of December amounted to $19,499. Papers in a libel suit against Banker Asa of for been out Paine, filed, growing Carlton, made $20,000, of charges Paine have alleged to have been by Martin, the auditor on the against county republican candidate ticket. for The suit nas been threatened ever since election. the train on the Great Northern was As passenger pulling into it Donaldsou struck station, with two engines, a big snow engine off the track. drift, throwing Endgineer the front Luke was buried in was so that he is not expected Jewell injured the debris. He to recover. Efforts are being made to reorganize the suspended Germania bank of St. Paul.

21. March 7, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, March 7, 1897

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Asks for a Receiver. ST. PAUL, Minn., March 6.-William P. Jewett and Alexander M. Drake as trustees for land grant bondholders of the Sioux City & St. Paul Railroad company, have begun suit against the Germania bank of St. Paul, which failed January last, cashier and assignee, Peter M. Kerst, and all the stockholders of the bank to enforce the double liability of stockholders and asking the removal of Mr. Kerst as assignee on the ground that he was the cashier who received a deposit of $10,000 from the railroad company, knowing the bank to be insolvent, and that as cashier he was ineligible to serve as assignee. The petition further asks the appointment of a receiver for the bank.

22. May 12, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, May 12, 1897

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# SKARDA BROS. ALLEGE IMPROPER TRANSFER OF CERTAIN BILLS RECEIVABLE # BY THE GERMANIA BANK. # PLACED TO SEGURE THEODORE HAMM FOR SERVING ON A BOND OF THE BANK. # AMOUNT SOMETHING OVER $40,000. # Action Begun in the District Court to Have Them Placed as Assets of the Bank. John Skarda and Frank Skarda, co-partners as Skarda Bros., the West Seventh street grocers, began an action in the district court yesterday, through their attorney, Frank A. Hutson, against the Germania bank, P. M. Kerst, as assignee of the bank, Gustave Willis, P. M. Kerst, Theodore Hamm, William Hamm, the National German-American bank and J. W. Lusk, to have replaced among the assets of the Germania collateral to the amount of $42,491, alleged to have been given by the Germania to secure Theodore Hamm for serving as a surety on an indemnity bond. The complaint alleges that May 23, 1896, Gustave Willis and P. M. Kerst entered into an agreement whereby certain bills receivable, then the property of the Germania, were delivered to William Hamm in trust for Theodore Hamm to secure and indemnify Theodore Hamm and save him harmless against any liability under certain bonds later described in the complaint. The complaint further recites that previous to February, 1896, Theodore Hamm was a director in the Germania and that while a director he became a surety in certain indemnity bonds given to Ramsey county and St. Paul to secure payment of moneys deposited with the Germania bank. During February, 1896, the complaint continues, Mr. Hamm resigned as a director of the bank, and his resignation was accepted. Some months after, May 23, the complaint says, the contract referred to was made and certain property mentioned later was wrongfully and unlawfully delivered by the Germania bank to William Hamm for securing the pre-existing liability of Theodore Hamm on bonds with the intent to give him unlawful preference over other creditors. It is further alleged that the contract was made without any valid consideration and is therefore an unlawful preferment to Theodore Hamm. That all the bills receivable transferred and all the moneys are lawful assets and creditors of the Germania are entitled to have the proceeds applied to the payment of their claims. The complaint goes on to say that soon after the bills receivable had been delivered to Mr. Hamm, he delivered the same to the National German-American bank, or J. W. Lusk, for collection, and that about $10,000 have been collected out of the total of $42,491. The complaint says that, as Assignee Kerst would not proceed to secure the return of this money and paper for the benefit of the creditors of the bank, the plaintiffs on behalf of themselves and as many other creditors as may care to join in the action, began this suit. In conclusion the complaint asks that the contract, sale and transfer of the bills receivable be declared unlawful by the court, but that they be constituted as a part of the Germania bank's assets and asks further that somebody be appointed to collect the balance and turn it all over to the receiver of the bank. The contract referred to, a copy of which has been made an exhibit of the complaint, says that when Mr. Hamm had resigned from the directorate of the bank he had desired to be released from the bond given to the county and city, but the bank did not want to give new bonds at that time and offered to secure Mr. Hamm against any possible liability that might occur. This it did in the manner mentioned. It was further understood that Theodore Hamm should collect the bills given him and apply to the payment of any sums he might be required to pay on account of any liability. The bills receivable, mentioned in the exhibit, which, as herétofore stated, purports to be a copy of the agreement entered into between the Germania bank and follows:

23. August 13, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, August 13, 1897

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GERMANIA BANK COMPLIES WITH ALL THE CONDITIONS OF REORGANTZATION COURT'S FINAL ORDER MADE. MAKES THE BASIS OF REOPENING CLEAR AND WELL DEFINED. CITY DEPOSIT IS TO BE PAID. Fees of the Assignee and Receiver Are Allowed-Has $200,000 Unimpaired Capital. The final order authorizing the reopening of the Germania bank next Monday morning was signed and filed by Judge Otis yesterday. The plan of reorganization, which has frequently been set forth by the Globe, was approved by the court, and all the required conditions as to capital stock, cash on hand, etc., have been complied with. The title of all the bank's property in the hands of Assignee P. M. Kerst, will be transferred at once back to the bank. Upon the assignee making a proper showing that he has so turned over the property to the bank, the court will formally discharge him from his trust. By agreement, the board of directors have decided to allow Assignee Kerst $2,500 and his attorney, O. E. Holman, $3,500 for their services since the suspension of the bank last January. Upon the reopening of the bank next will Monday, the city of St. Paul receive its deposit in full, amounting to $51,874.50, with interest, from Jan. 1, at 2 per cent per annum. The final order, after declaring the terms on which a number of unsecured creditors shall be paid, according to the agreement made with them, proceeds: Each and all of the unsecured creditors of said Germania bank be and each of them is hereby enjoined and restrained from in any manner inforcing, or attempting to enforce payment or collection of any of their respective claims or demands against said bank, except as default shall be made in the payment thereof, under, and in accord with said plans, terms and conditions of reorganization and adjustment That the Germania bank has placed in the hands of its present assignee, Peter M. Kerst, for the parties respectively entitled thereto the certificates covering all of its unsecured indebtedness, except that to be paid in cash on the reopening of said bank, and made and executed in the form and manner, and in accordance with the requirements of the order of July 1st, to be held by said assignee for and delivered to said parties respectively on demand, and upon the surrender by them to said assignee, for said bank, of such evidences of indebtedness as they now respectively hold. That said Germania bank now has an unimpaired capital stock of $200,000, paid up in cash, and approved evidence of indebtedness; and that this fact has been certified, and said evidence of indebtedness approved by the superintendent of banks of the state of Minnesota. by certificate now on file with the clerk of this court in this proceeding. That said Germania bank has on hand for the transaction of business, cash to the amount of at least $200,000, and that this fact has been certified by the said superimtendent of banks by certificate now on file with the clerk of this court in this proceeding. That the Germania bank is pleged to a careful, conservative and economical administration of its affairs, and that until said certificates of indebtedness are paid in full, the president and cashier of the bank will devote their whole time and attention to such administration at salaries not to exceed in the aggregate $7,000 per annum; and that other officers of the bank: not occupying clerical positions and devoting their entire time thereto. will not receive any compensation for their services; and that this policy and pledge is evidenced by resolution of the board of directors of said Germania bank and the acceptance thereof by its officers, a certified copy of which resolution, with such acceptance, has been filed in this proceeding with the clerk of this court. That the Germania bank, through its board of directors, has agreed with Peter M. Kerst, the assignee, and with his attorney on the amount to be paid said assignee and his attorney by the bank for their fees and expenses in said assignment matter. that the amount has been paid by the bank: and that the assignee is prepared and willing to forthwith account for and turn over to the Germania bank all of the estate, property and effects of the bank in his possession or under his control, when SO ordered by this court.

24. August 20, 1897 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, August 20, 1897

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Now the Northern Pacific railroad has a new president, and he is an Eastern man. The Germania bank of St. Paul, which suspended last winter, has reorganized and is again open for business.