First National Bank (Minneapolis, MN)

View Charter #710 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Reopening
Start Date
October 1, 1893*
Location
Minneapolis, Minnesota (44.980, -93.264)
Bank Type
national
Charter Number
710
Alt. names
First & Security National Bank; First National Bank & Trust Company

Metadata

Episode ID
Bank ID
City ID
270655030
Model
gpt-5-mini
Short Digest

Notes

Articles state the bank had false statements and assessments and was among banks that failed but later said to have resumed, but chronology and formal receivership details are incomplete.

Events (4)
1. January 12, 1865 Chartered
Source
historical_nic
2. October 1, 1893* Suspension
Cause
Bank Specific Adverse Info
Cause Details
False statements to comptroller, depleted surplus and profits, large shareholder assessment indicating insolvency
Newspaper Excerpt
In October, 1893, this bank made a false statement to the comptroller ... its surplus and profits are gone, and the stockholders have been assessed $800,000
Source
newspapers
3. December 6, 1894 Other
Newspaper Excerpt
Henry G. Sidle ex-president of the First National bank of Minneapolis, has made an assignment.
Source
newspapers
4. * Other
Newspaper Excerpt
Listed among concerns that have failed but later said to have resumed: In First National, Minneapolis. $33,647.09
Source
newspapers

Newspaper Articles (2)
1. December 6, 1894 Iowa County Democrat Mineral Point, WI
Article from Iowa County Democrat, December 6, 1894

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Article Text

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

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

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Article Text

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