Union Stock Yards Bank (South St Paul, MN)

Episode Information

Episode UID
5710653891164
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
571065389 hash
Start Date
December 22, 1896
Location
South St Paul, Minnesota (44.893, -93.035)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
03e909ba4b0120ef

Response Measures

None

Description

Closed when its correspondent (Bank of Minnesota) was taken by the state examiner; subsequently placed in receivership and wound up.

Events (2)
1. December 22, 1896 Suspension
Cause
Correspondent
Cause Details
Closed because it cleared through Bank of Minnesota whose suspension/examiner takeover forced the branch to close.
Newspaper Excerpt
State Bank Examiner Kenyon to-day took possession of the Bank of Minnesota, and, as a result of the closing of this bank, the Union Stock Yards Bank, at South St. Paul, also closed.
Source
newspapers
2. May 2, 1897 Receivership
Newspaper Excerpt
Receiver M. H. Sullivan, of the Union Stock Yards bank, at South St. Paul, yesterday declared a dividend of 38 per cent.
Source
newspapers

Newspaper Articles (21)
1. December 22, 1896 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, December 22, 1896

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RUN ON A BANK. An Illinois Sayings Concern is EntertainIng One. CHICAGO, Illinois, December 22. Without any apparent cause, except for a general lack of confidence, a heavy run was made on the Illinois Trust and Savings bank in the Rookery : building as soon as the doors opened, this morning. There is not the slightest connection between the failed Na. tional Bank of Illinois and the Illinois trust concern. However, the bank an. ticipated the run to-day and there 18 such a heavy reserve fund of idle money in its vaults, that the president, John J Mitchell, has no mfsgivings as to the ability of the bank to pay out a few millions, if necessary. At the Garden City and the Security Trust company's bank, the run of yesterday has practically subsided. In banking circles, the general opinion is that yesterday's failures will end the present troubles At the failed National Bank of Illinois building, there was a constant crowd of people, but a policeman at the closed gates ad. mitted only one at a time, some not at all. CLOSED THEIR DOORS. ST. PAUL, Minn., December 22.The Union Stock Yards bank, in South St. Paul, and the State Bank of St. Paul, both of which cleared through the Bank of Minnesota, have closed their doors. The Bank of Minnesota closed its doors at 11 o'clock this morning. A lack of ready money was the cause. Details will follow. Excitement prevails. State Bank Examiner Kenyon, this morning, took official possession of the Bank of Minnesota, closing its doors. At a meeting of the clearing house, at noon, the bank was formally suspended. It is said the bank will undoubtedly resume business in a short time The directors are all men of great wealth and have already signified their willingness to meet the requirements of the occasion. The bank was established in 1862 and was capitalized at $600,000. It had deposits of $2.500,000. The stated surplus is $300,000, and the general belief is that as soon as cash can be realized, the institution will be all right The bank was always considered one of the strongest in the west. 1

2. December 23, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, December 23, 1896

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New York, Dec. 22.-After a weak opening and a fractional decline in prices stocks improved on covering of short contracts. The advance outside of Sugar, which moved up about a point was insignificant. The declaration of the usual dividends by the Lake Shore, Michigan Central and New York Central failed to exert any influence on the market. The reduction of the dividend on Canada Southern, however, started a selling movement, which gathered force as the day advančed. The bank failures at the west also had a disturbing effect and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the failure of the State bank of St. Paul and the Union Stock Yarks bank of South St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year and to rumórs that the Long Island company will pass payments on its stock. In the past the Delaware and Hudson has distributed 7 per cent. per annum and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% to 1175/8. Long Island fell 5, New Jersey Central 41/8, Sugar 1%, Canada Southern 2½, Burlington and Quincy 17/8, Chicago Gas 11/4, St. Paul 1%, Rock Island 1½, Consolidated Gas 1½, Louisville and Nashville 1½, Manhattan 23/4, Reading 1, Tennessee Coal 11/4. Rubber 15/8 and Western Union 11/1. Speculation closed weak in tone. Net changes show declines of 4@1% per cent. outside of Delaware and Hudson, Jersey Central and Long Island, which lost 3½ per cent. Tobacco made an exceptional gain of 1 per cent. Considering the shrinkage in prices the dealings were comparatively small, footing up only 156,478 shares, in which Burlington and Quincy figured for 25,000, Sugar for 23,600 and St. Paul for 19,000 shares. Bonds were quiet and steady; sales aggregated $765,000. Money on call easy at 1½2 per cent; last loan at 2 and closing offered at 2. Prime mercantile paper, 31/2@4 per cent. Bar silver, 651/gc. Sterling exchange steady with actual bustiness in bankers' bills at $4.83%@4.84 for sixty days, and $4.87@4.87% for demand. Posted rates, $4.83@4.88. Commercial bills, $4.82@4.83. Government bonds firm. State bonds dull. Railroad bonds easter. Silver at the board was steady. Closing stocks:

3. December 23, 1896 New-York Tribune New York, NY
Article from New-York Tribune, December 23, 1896

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ST. PAUL BANK GOES DOWN THE BANK OF MINNESOTA OBLIGED TO CLOSE ITS DOORS. HARD TIMES OF THE LAST THREE YEARS GIVEN AS THE CAUSE-WEALTHY STOCKHOLDERS WILL PROBABLY REORGANIZE IT-TWO SMALLER INSTITUTIONS ALSO FAIL. St. Paul, Dec. 22.-State Bank Examiner Kenyon to-day took possession of the Bank of Minnesota, and, as a result of the closing of this bank, the Union Stock Yards Bank, at South St. Paul, also closed. The Bank of Minnesota was the oldest bank in St. Paul. It was established by Dawson & Co., in 1859. The other bank cleared through the Bank of Minnesota, and its closing followed as a matter of course. It was stated at the Bank of Minnesota this afternoon that depositors would not lose, and that arrangements would probably be made to carry on the bank's business. This may be done through the efforts of the stockholders, all of whom are wealthy men, who are reported willing to advance the funds necessary to put the institution on a sound basis. The failure was caused by the bank's inability to make collections on which it had depended to meet obligations due at this time. The average deposits of the Union Stock Yards Bank of South St. Paul are $95,000; the capital $25,000, and the average loans and discounts $90,000. The officers of the two suspended banks are follows: Bank of Minnesota-President, William Dawson: vice-president, Robert A. Smith; cashier, William Dawson, jr.; assistant cashier, Robert Miller; directors, William Dawson, Thomas Grace, R. A. Smith, A. S. Stickney, A. Oppenheim, P. Siems, E. W. Peet, Arnold Kallman, P. J. Bowlin, C. W. Copley, William Dawson, jr., and P. S. Harris. Stock Yards Union Bank-President, William Dawson; vice-president, William Dawson, Jr.; cashier, J. J. Flanagan. The Bank of Minnesota, in common with all the other banks in the city, had a share of the deposits of State funds, and at the time of the last statement had between $70,000 and $80,000 of State money on deposit. It was also the depository of the county, and until recently was the main bank through which city business was transacted. R. A. Smith, present postmaster and until last spring Mayor of St. Paul, was for years vice-president of the bank. William Dawson, sr., was president and William Dawson, Jr., was cashier. The Dawsons ranked high among financiers. William Dawson, Jr., was one of the owners of "The St. Paul Globe," in which he became interested eighteen months ago. The closing of the bank was as great a surprise to the officers as it was to the general public. Assistant Cashier Robert L. Miller gave a brief statement as follows: "We had a large retail trade," said he, "which has suffered materially from the hard times for the last three years, during which time our individual deposits have decreased from $1,500,000 to $700,000. Then, in addition to this, there was inability to collect large bills receivable, or notes, and the general depression in money and business all over the country. That really is the story in a few words." Bank Examiner Kenyon was early on the scene and took charge of the bank's affairs. He

4. December 23, 1896 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 23, 1896

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Two Big Banks Are Forced to the Wall. WAS A GREAT SURPRISE BANK OF MINNEAPOLIS IS ONE "MEHL AO The Other the Union Stock Yards Bank, Which Cleared Through the Bank of Minnesota-Promises Are Profuse That No One Will Lose Anything. St. Paul, Dec. 22.-State Bank Examiner Kenyon today took possession of the Bank of Minnesota, and as a result of the closing of this bank the Union Stock Yards bank at South St. Paul also closed. The Bank of Minnesota was the oldest bank in St. Paul. It was established by Dawson & Co. 1859 up The Union Stock Yards bank cleared through the Bank of Minnesota and its closing followed, as a matter of course. It was stated at the Bank of Minnesota that depositors would not lose, and that arrangements would be made to carry on the bank's business. OFFICERS THE The officers of the two suspended banks are as follows: Bank of Minnesota, president, William Dawson; vice-president, Robert A. Smith; cashier, William Dawson, jr.; assistant cashier, Robert Miller; directors, William Dawson, Thomas Grace, R. A. Smith, A. B. Stickney, P. Simms, E. W. Peet, Arnold Kallman, P. J. Dowling, P. G. Cowley, William Dawson, jr., P. S. Harris. Union Stock Yards bank: President, William Dawson; vice-president, William Dawson, jr.; cashier, J. J. Flanagan. The Bank of Minnesota, in common with all the other banks in the citv, had a share of the deposits of state funds, and at the time of the last statement had between $70,000 and $80,7I deposit. uo Лемел state the JO 000 was also the depository of the county and until recently was the main bank through which city business was transacted. R. A. Smith, the present postmaster, and until last spring mayor of St. Paul, was for years vice-president of the bank. The Dawsons rank high among financiers. William Dawson, Jr., is one of the owners of the St. Paul Globe, in which he became interested 18 months ago. The closing of the bank was as great a surprise to the officers as it was to the general public. Bank Examiner Kenyon was early the scene and took charge of the on bank's affairs. He would not give out statement, inasmuch as he had not any completed his examination. He did state, however, that the case will go into court tomorrow, when an application will be made for the appointment receber... e JO CUSTOMERS SURPRISED. Aside from the closing of the South St. Paul bank, which was but a branch of the Bank of Minnesota, no other concerns have closed. When early customers appeared this morning at the bank they were surprised to find upon doors a notice to the effect that the State Bank Examiner Kenyon had officially taken charge of the Bank of Minnesota and its records, books and effects. The news spread with rapidity throughout the city and soon large of men and women made their groups towards the bank building. Some way were present because they were depositors; others came from curiosity. additition sem auo ON The public examiner at once began careful examination of the affairs of a the bank At noon the clearing house met and suspended the bank from the association. The private banking house from which the present bank is an upshot was established under the firm name of Berry, Holland & Dawson. In 1865, the banking firm became known Dawson & company, and did an imas mense business until 1888, when the present Bank of Minnesota was organized. Its capitalization was $60,000; its surplus and undivided profits were given as $300,000. Its last report to the bank examiner was filed Oct. 8 last, and a call for a new report was issued yesterday, which probably hastened The action. corresponding banks in the country, on the last report, number 45, and many of these are small banks in country towns, whose fate may depend the final resumption of the Bank of on Minnesota. The state had given nothat it would withdraw $25,000 tice during the week and the city treasurer also required $15,000 of the public funds! The bank's open account deposits amounted to $650,000 at the time it closed its doors. ALL WILL BE PAID. Although no official statement is obtainable until the examination has been completed, the directors and officers this evening gave out the following "Every statement: depositor will be paid in full, without the least possible delay. William Dawson jr., cashier of the bank, said to a United Associated Presses reporter that this statement was correct. In addition he said: "We have had a very large patronage from the retail business men of the city. The hard times of the past few have reduced our deposits over years one-half. In addition, we have not been able to make collections on bills receivable in large amounts, nor on 7 notes due the bank. This, in short, is story of our closing. We might the for an indefinite time,

5. December 23, 1896 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 23, 1896

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tact for the depositors and creditors of the bank, with a view of making a full settlement." All the directors of the bank are men of wealth and integrity, and they have authorized the statement that they will see to it that every obligation is met. It is the current belief that the suspension is but temporary, and that the bank will resume business in a few days, as soon as arrangements can be made to obtain the needed ready money. Its assets are said to be ample to meet requirements, the only difficulty being a shortage of ready money. The bank officials deny that the Chicago failures had anything to do with the closing of the bank. UNION STOCK YARDS. The Union Stock Yards bank, at South St. Paul, closed its doors simultaneously with that of the Bank of Minnesota. William Dawson jr. was its president, being also cashier of the Bank of Minnesota. The South St. Paul bank was a branch of the other and was capitalized at $25,000. When it made its last report to the bank examiner it showed that the Bank of Minnesota carried $43,000 of its cash on deposit. It had deposits amounting to $90,000, of which $22,000 were public funds. Its fate depends entirely upon the Bank of Minnesota. If the latter resumes, the South St. Paul bank will also be all right again. Frank Seymour, cashier of the Merchants' National bank, was this evening named as receiver of the Bank of Minnesota. An attorney will be named tomorrow.

6. December 23, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, December 23, 1896

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Financial. After a Weak Opening Stocks Improved Yesterday. New York, Dec. 22.-After a weak opening and a fractional decline in prices stocks improved on covering of short contracts. The advance outside of Sugar, which moved up about a point, was insignificant. The declaration of the usual dividends by the Lake Shore, Michigan Central and New York Central failed to exert any influence on the market. The reduction of the dividend on Canada Southern, however, started a selling movement, which gathered force as the day advanced. The bank failures at the west also had a disturbing effect and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the failure of the State Bank of St. Paul and the Union Stock Yards bank of South St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year and to rumors that the Long Island Co. will pass payments on its stock. In the past the Delaware and Hudson has distributed 7 per cent. per annum, and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% per cent., to.117%; Long Island fell 5, to 45; New Jersey Central 41/8, to 99%; Sugar 13/4, to 1091/2; Canada Southern 2½, to 45½; Burlington and Quincy 17/8, to 701/2; Chicago Gas 11/4, to 721/4; St. Paul 1%, to 72%; Rock Island 1%, to 651/2; Consolidated Gas 1½, to 145; Louisville and Nashville 1½, to 47½; Manhattan 23/4, to 863/4; Reading 1, to 25; Tennessee Coal 11/4, to 241/2; Rubber 15, to 24,and Western Union 11/1, to 821/4. Speculation closed weak in tone. Net changes show declines of 1/4@1% per cent., outside of Delaware and Hudson, Jersey Central and Long Island, which lost 31/s@5%. Tobacco made an exceptional gain of 1 per cent. Considering the shrinkage in prices, the dealings were comparatively small. Bonds were quiet and steady. Sales were $765,000. Following are the closing prices reported by Prince & Whitely, bankers and brokers, 46 Broadway, New York, and 15 Center street, New Haven:

7. December 23, 1896 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, December 23, 1896

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THE BANK FAILURE At the West Had a Distressing Effect and Timid Holders Cut Down Their Lines. THE D. & H. SCORED THE HEAVIEST LOSS The Bearish Feeling on the Market Was Aggravated by Rumors of n Reduction in the Dividend of the Delaware and Hudson During the Coming Year. New York, Dec. 22.-After a weak opening and a fractional decline in prices stock moved up slightly on covering of short contracts. The advance outside of Sugar, which moved up about 1 point, was insignificant. A selling movement soon began, however, which gathered force as the day advanced. The bank failures at the West also had a disturbing effect, and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the fallure of the State Bank of St. Paul and the Union Stock Yards Bank of South St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year, and to rumors that Long Island company will pass payments on its stock. In the past Delaware and Hudson has distributed 7 per cent. per annum and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% per cent. to 117%. Long Island fell 5. New Jersey Central,4% Sugar,1%; Burlington and Quincy, 1%; Chicago Gas, 11/4; St. Paul, 1%; Rock Island, 1%; Consolidated Gas. 1½; Louisville and Nashville, 1½; Manhattan, 23/4; Reading, 1; Tennessee Coal, 1½; Rubber, 1%, and Western Union, 1½. Speculation closed weak in tone. Net changes show declines of 1/4@1% per cent. Considering the shrinkage in prices the dealings were comparatively small, footing up only 156,478 shares, in which Burlington and Quincy figured for 25,000, Sugar for 23,600, and St. Paul for 19,000 shares. Bonds were quiet and steady. Sales aggregated $765,000.

8. December 24, 1896 River Falls Journal River Falls, WI
Article from River Falls Journal, December 24, 1896

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LATER NEWS. At Littleton, W. Va., a wire suspension bridge over a creek broke down while crowded and about 30 or 40 people were precipitated into the stream. Wilbert Hammond was killed and a large number injured. The well known Bank of Minnesota, at St. Paul, closed its doors the 22. It has always been considered one of the strongest financial institutions in the West. As a result, the Union Stock Yards Bank at South St. Paul also closed. The Bank of Minnesota had deposits to the extent of about $2,500,000. Near South Branch, Minn, the 22d, John Mootle, a threshing engineer, quarrelled with Henry Joblinski, a farmer, for whom he was working. Mootle procured a revolver, shot and killed the farmer, his daughter, and Charles Joblinski, a son. The rest of the family fled from the house and escaped. Mootle then placed the revolver back of his ear and killed himself. John James, colored, was lynched at Woodstock, Ala., for attempting to assault Fannie Smith, aged 17. It was learned the 22d that the dead bank robber at Ada, Minn., is Charles Mitchell, alias T. Maxfield, well known to the Minneapolis police as a professional criminal. John Madison and Bert Wellman, of Maltown, Ill., drank wood alcohol the 22d and were killed. Gen. Weyler left Havana the 22d to take charge of the Spanish army and. if possible, check the operations of Gomez, the insurgent commander. A special dispatch from Paris the 22d says it is suggested that Great Britain, France and Italy, the three powers most interested, offer their services in the Cuban question in order to prevent a conflict between Spain and the United States and to terminate the revolt. The remains of Kate Field have arrived at San Francisco. They will be cremated and the ashes sent East.

9. December 30, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 30, 1896

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TO THE PUBLIC. The undersigned, commission merchants and business men, doing business at South Saint Paul, Minn., hereby announce to the public in general, and the live stock dealers and shippers in particular that, the temporary embarrassment occasioned by the suspension of the Union Stock Yards bank has been fully adjusted, and that each and all of the undersigned firms have made arrangements for all funds necessary to handle and pay for any live stock that may be shipped to this market. All outstanding checks upon the suspended bank have been paid in full, or will be immediately upon presentation. Come on with your live stock, the market is in good condition, and prompt and immediate payment is absolutely guaranteed. The Saint Paul Union Stock Yards Company. The Charles L. Haas Commission Company. E. M. Prouty & Company (Live Stock Commission Men.) Mallory Sons & Zimmerman Company (Live Stock Commission Men.) Thuet Brothers, (Live Stock Commission Men.) Rogers & Rogers, (Live Stock Commission Men.) Tomlinson Stafford & Company, (Live Stock Commission Men.) Plankinton Packing Company, by E. Moshier, Agent. Cudahy Brothers Co., by W. J. Patton, Agent. J. T. McMillan, by Walter J. Patton, Agent. J. B. Fitzgerald, Cattle Dealer. Slimmer & Evans, Live Stock Buyers. Hankey Brothers, Live Stock Dealers. G. W. Wentworth, Live Stock Buyer. J. E. Bolton, Cattle Dealer. Lytle & Raeburn, Live Stock Dealers.

10. January 5, 1897 Evening Star Washington, DC
Article from Evening Star, January 5, 1897

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PASSING OF THE SCARE. More Confident Feeling in St. Paul Banking Circles. ST. PAUL, Minn., January 5.-In banking circles today it seemed almost as if the scare had gone with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports. Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,500 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota is meeting with the heavier depositors to devise a method of reorganization. Thirty depositors, with $175,000 in the bank, were at yesterday's meeting. The depositors of the Union Stock Yards Bank at South St. Paul are to meet later in the week to consider the subject of reorganization, the receiver's report showing the bank to be in good condition. The January meeting of the directors of the Second National Bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent of its deposits on hand in cash. The other national banks make similar showings. The savings banks, for the protection of depositors, are still requiring the sixty days' notice for withdrawal of deposits, and this, together with the strong showing of the other banks, has had a quieting effect on the general public.

11. January 5, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 5, 1897

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BANK SCARE SUBSIDIES. All is Quiet Today in St. Paul Business Circles. St. Paul, Jan. 5.-In banking circles today it seems almost as if the scare had ended with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces making up the reports. Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,000 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota had a meeting with the heavier stockholders to devise a method of reorganization. Thirty depositors with $175,000 in the bank were at yesterday's meeting. The depositors of the Union Stock Yards bank at South St. Paul are to meet later in the week to consider the subject of reorganization, the receiver's report showing that bank to be in good condition. The January meeting of the directors of the Second National bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent of its deposits on hand in cash. The other national banks made similar showings. The savings banks, for the protection of depositors, are still requiring the sixty days notice for withdrawal of deposits, and this, together with the strong showing of other banks, has had a quieting effect upon the public.

12. January 6, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 6, 1897

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ST. PAUL PANIC ENDED. Depositors in Banks Getting Over Their Fright of Monday. ST. PAUL, Jan. 5.-In banking circles today it seemed almost as if the scare had gone with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports. Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,000 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota is meeting with heavy depositors to devise a method of reorganization. Thirty depositors, with $175,000 in the bank, were at yesteray's meeting. The depositors of the Union Stock Yards Bank, at South St. Paul, are to meet later in the week to consider the subject of reorganization. The receiver's report shows the bank to be in good condition. The January meeting of the directors of the Second National Bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent. of its deposits on hand in cash. The other national banks made similar showings. The savings bank, for the protection of depositors, is still requiring sixty days' notice for withdrawal of deposits, and this, together with the strong showing of the other banks, has had a quieting effect on the general public. John L. Bradley, a banker and creditor of the Germania Bank, came before Judge Bunn to-day with an application for the removal of Peter M. Kerst as assignee of the Germania Bank and the appointment of some other suitable person in his place. Judge Bunn, after reading the application, signed an order to show cause, returnable to-morrow morning at 10 o'clock. Mr. Bradley is understood to be a creditor of the bank to the amount of some $20,000. The ground upon which the application is based is that Mr. Kerst is an officer of the bank. and as such ought not to act as assignee. When the matter comes up for hearing before Judge Bunn it is understood that Mr. Childs, the attorney general, will join in the application in behalf of the State. The latter will ask for the appointment of a receiver. At a special meeting of the board of directors of the Germania Bank, held to-day, the following resolution was unanimously adopted: "That a committee of seven stockholders, of which the president shall be exofficio chairman, shall be appointed by him for the purpose of taking measures for the speedy reorganization of the Germania Bank of St. Paul.

13. January 6, 1897 The Abbeville Press and Banner Abbeville, SC
Article from The Abbeville Press and Banner, January 6, 1897

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ST. PAUL BANKS CLOSED. Bank of Minnesota and Two of Its Branches Fail. State Bank Examiner Kenyon took possession of the Bank of Minnesota at St. Paul, Minn., and as a result of the closing of this bank, the Union Stock Yards Bank and the South St. Paul Bank suspended. The Bank of Minnesota was the oldest bank in St. Paul. It was established by Dawson & Co. in 1859. The other banks cleared through the Bank of Minnesota, and their closing followed as a matter of course. The failure was caused by the bank's inability to make collections on which it had depended to meet obligations due at this time. The average deposits of the Union Stock Yards Bank of South St. Paul are $95,000, the capital $25,000, and the average loans and discounts $90,000.

14. January 6, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, January 6, 1897

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Kansas Pure Food exposition at Topeka on January 25, were allowed. B. F. Winchell, of the Gulf; John Sebastian, of the Rock Island, and Frank Wadleigh, of the Rio Grande Western, were appointed a committee on homeseekers' business. Mr. Wadleigh brought up the question of the joint ticket offices of the Rock Island and the Rio Grande at Pueblo, which virtually gives the Rock Island two offices there, but Chairman Caldwell was not called upon for aruling. The subject of most importance to Colorado, that of Colorado tourist tickets. has not been brought up yet, and it will be referred to a committee. There were several committees at work until late tonight, as all the work must be disposed of in time for the eastern committee meeting, to be held in St. Louis on Thursday. BANKS AT ST. PAUL. St. Paul, Minn., Jan. 5.-In banking circles today it seems almost as if the scare had done, with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports. Maurice Averbach, as receiver, took the place of Bark Examiner Keyton, in charge of the Allemania, his bond for $250,000 being Died this morning. The re-organization committee of the stockholders of the Bank of Minnesota, had a meeting with the heavier stock holders to devise a method of re-organization. Tairty depositors of the Union Stock Yards bank at South St. Paul, are to meet later in the week to consider the subject of re-organization, the receiver's report showing the bank to be in good condition. The January meeting of the directors of the Second National bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent of its deposits on hand in cash. The other national banks make similar showings. The savings banks, for the protection of depositors, are still requiring the sixtydays notice for withdrawal of deposits, and this. together with the strong showing of the other banks, has had a quieting effect upon the public. CALUMET BANK. Chicago, Jan. 5.-A bill for a receiver was filed in the circuit court today against the Calumet State Bank of Blue Island, which made an assignment in the county court last week. The auditor asserts that the assignment was the result of collusion among the officers of the cancern and the assignee, M. C. Eames, who is one of the officers. Assignee Eames of the Calumet bank filed a report today regarding the financial affairs of that institution. It shows total assets of $99,896, upon which, however, he places of value of $74,329. The total liabilities are placed at $70,640. STEEL BILLET POOL. Pittsburg, Pa., Jan. 5.-The ChronicleTelegraph this afternoon says: The special committee appointed to collect data and compile it for the use of the steel billet pool did not agree at the meeting in New York yesterday and no date was fixed for a meeting of the pool. As a result, the market. SO far as steel billets are concerned. will remain open until a meeting is held. LUMBER TRUST BREAKS. Seattle, Wash., Jan. 5.-The Central Lumber company of California, the most stupendous trust ever organized on the Pacific coast, is a thing of the past. No such combine was ever effected for the control of a market on this coast, as it controlled every cargo mill on the coast but three. The projectors, confidently believing that the demand in 1896 would exceed that of 1895, thought that pricecutting would be impossible. But the 01 dn come you PIP рившер the proportion of supply and demand being four instead of three to one, as compared with eighteen months ago. The anticipation of enhanced values prior to the formation of the company, furthermore, caused the piling of great stocks of lumber in San Francisco and other places. Few purchased lumber from the mills, but many sought the small trade in the rid of the stock in the

15. January 6, 1897 Wheeling Register Wheeling, WV
Article from Wheeling Register, January 6, 1897

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ALL SERENE. St. Paul Seems to Have Entirely Recovered from the Financial Flurry. St. Paul, January 5.-In banking cir. cles to-day it seemed almost as if the scare had gone with the blizzard for the banks were very much less wor. ried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon in charge of the Allemania, his bond of $250,000 being filed this morning. The re-organization committee of the stock. holders of the Bank of Minnesota is meeting with the heavier depositors to devise a means or re-organization. Thirty depositors, with $175,000 in the bank, were at yesterday's meeting. The depositors of the Union Stockyards Bank at South St. Paul, are to meet later in the week to consider the subject of re-organization, the receiver's report showing the bank to be in good condition.

16. January 6, 1897 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, January 6, 1897

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SCARE ABOUT OVER AT ST. PAUL. No Failures Announced and No Runs on the Banks. ST. PAUL, Jan. 5.-In banking circles today it seems almost as if the scares had gone with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reorts. Maurice Guerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania bank, his bond for $250,000 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota had a meeting with the heavier stockholders to devise a method of reorganization. Thirty depositors with $175,000 in the bank were at yesterday's meeting. The depositors of the Union Stock Yards bank at South St. Paul are to meet later in the week to consider the subject of reorganization the receiver's report showing the bank to be in good condition. The January meeting of the directors of the Second National bank yesterday declared a semi-annual dividend of 7 per cent. This bank has a large proportion of its deposits on hand in cash. The other national banks make similar showings. The savings banks, for the protection of depositors, are still requiring the sixty days' notice for withdrawal of deposits, and this, together with the strong showing of the other banks, has had a quisting effect upon the public. At a special meeting of the board of directors of the Germania bank, held today, the following resolution was unanimously adopted: "That a committee of seven stockholders, of which the president shall be an ex-officio chairman, shall be appointed by him for the purpose of taking measures for the speedy reorganization of the Gemania bank of St. Paul. John L. Brady, a banker and creditor of the Germania bank, came before Judge Bunn with an application for the removal of President Kerst as assignee of the Germania bank and the appointment of some other suitable person in his place. Judge Bunn, after reading the application, signed an order to show cause, returnable tomorrom morning at 10 o'clock. Mr. Brady is understood to be a creditor of the bank to the amount of some $20,000. The grounds on which the application is based are that Mr. Kerst is an officer of the bank and as such ought not to act as assignee. When the matter comes on for hearing before Judge Bunn it is understood that Mr. Childs, the attorney general, will join in the application on behalf of the state. The latter will ask for the appointment of a receiver.

17. February 3, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 3, 1897

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To Sue the Bondsmen. The South St. Paul council last night ordered suit to be brought on the bond of the Union Stock Yards bank for the recovery of the $16,000 on deposit in the suspended bank. Senator Schaller, the city attorney, will begin suit at once.

18. May 2, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, May 2, 1897

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DECLARES A DIVIDEND. Union Stockyards Bank Ready to Pay 3S Per Cent. Receiver M. If Sullivan, of the Union Stock Yards bank, at South St. Paul, yesterday declared a dividend of 38 per cent. Mr. Sullivan expected to get $12,000 from the Bank of Minnesota as a preferred claim on money deposited the day before the bank failed, but, as the matter is still undecided, he concluded not to wait for it in declaring the first dividend. The total amount of claims is $101,837.37. There is still due the bank $52,000 from the Bank of Minnesota, and $34,000 face

19. July 24, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, July 24, 1897

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KICK ON THE FEES. Depositeors of Stock Yards Bank File a Protest. A meeting of depositors of the Union Stock Yards bank, representing threefourths of the deposits in the suspended bank, was held at South St. Paul yesterday to protest against the bill of Receiver M. H. Sullivan, which will be presented to Judge Williston at Red Wing today. The receiver asks for $300 per month for six and a half months,-$1,950.00, and expenses at $1.50 per day, $143; for his clerk, J. J. Flanagan, $150 per month for five months. Attorney F. N. Crosby's salary, $1,083, and $493.50 expenses. The total bill is $5,230.15, less $1,800 paid on preferred claims. The depositors unanimously passed resolutions requesting the court to make the receiver's salary $150 per month; to disallow expense account; to make Flanagan's salary $100 per month, and to allow the attorney $100 per month and necessary expenses. A motion was also made: to take steps to take the bank out of the hands of the receiver and have the affairs wound up by some one else, preferably the new stock yards bank. It is expected a second dividend of about twenty cents will be paid Aug. 1. There will then remain over $40,000 in the Bank of Minnesota and $23,000 in notes.

20. November 9, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 9, 1897

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STOCK YARDS BANK. Receiver Sues Stockholders to Enforce Liability. M. H. Sullivan, as receiver of the Union Stock Yards bank, of South St. Paul, has brought an action against William Dawson, William Dawson Jr., Robert A. Smith, C. W. Coply, Ansel Oppenheim, Arnold Kalman, John J. Flannigan and W. G. Denny, to determine and enforce their liability as stockholders of the Union Stock Yards bank. The complaint alleges that the capital stock of the bank amounted to $25,000, distributed as follows among the defendants: Ansel Oppenheim, fifty shares of the par value of $5,000; William Dawson, fifty-five shares, of value, $5,500; William Dawson Jr., ninety shares, of value of $9,000; John J. Flanagan, twenty-five shares, of value of $2,500; W. G. Denny, ten shares, of value of $1,000; Robert A. Smith, fifteen shares, of value of $1,500; C. W. Copley, five shares, of value of $500. The complaint alleges that the indebtedness of the bank amounts to $120,500, of which sum the receiver has allowed claims to the amount of $101,937.37, exclusive of offsets. Out of the assets of the bank that have been converted into money, the receiver has paid the creditors whose claims have been allowed, a dividend of 55 per cent. The complaint further alleges that the receiver has on hand with which to pay the remaining 45 per cent, the sum of $17,700, and that therefore it is necessary to enforce the individual liability of all the stockholders of the insolvent bank.

21. February 19, 1898 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 19, 1898

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Verdict for the Receiver. The suit of M. H. Sullivan, as receiver of the Union Stockyards Bank of South St. Paul, against Charles L. Haas and James T. Crosby to recover $1,300 on a promissory note, was tried before Judge Brill and a jury yesterday. On motion of the plaintiff's attorney, the court ordered a verdict in favor of the receiver in the sum of $1,431.96.