Contemporary articles (Dec 30–31, 1896) report the Northern Trust Company of Minneapolis applied for a receiver, suspended payment and had a receiver (Daniel Fish) appointed. The suspension is attributed to the depressed financial condition and the recent suspensions of other Minneapolis banks which had some of its available funds, i.e., distress of other local banks. No independent run on Northern Trust is described. Receiver appointment indicates permanent closure/receivership rather than a temporary suspension-and-reopening.
Events (2)
1.December 30, 1896Suspension
Cause
Local Banks
Cause Details
Company said depressed finances and recent suspensions of some Minneapolis banks, in which were deposited some of its available funds, embarrassed its ability to realize upon loans and securities and transact business.
Newspaper Excerpt
The Northern Trust company, through its president, George Maxwell, applied to a district court this morning for a receiver. The company suspended payment in 1893, but afterwards resumed.
Source
newspapers
2.December 31, 1896Receivership
Newspaper Excerpt
Daniel Fish has been appointed receiver for the Northern Trust Company ... both of which suspended yesterday.
Source
newspapers
Newspaper Articles (21)
1.December 30, 1896Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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MORE BUSINESS DISASTERS Commercial National Bank of Selma, Ala., Failed to Open Its Doors This Morning. SITUATION EASIER AT MINNEAPOLIS Two Failures Scarcely Cause a Ripple in Business Circles-Grain Operators Go to the Wall in Wisconsin-Assignment in Texas. Birmingham, Ala., Dec. 30.-The Commercial National bank of Selma, Ala., failed to open to-day. It was established in 1880, has a paid up capital of $300,000 and undivided profits of $50,000. R. M. Nelson, president of the Commercial, has for years been prominent in financial circles. GETTING USED TO FAILURES. Minneapolis.-The financial situation is much easier to-day. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple, as the institution is small with only $30,000 capital. A run has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money, but preferred to await the bank examiner's advice before making further payments. The Northern Trust company applied to the district court this morning for a receiver. It suspended payment in 1893, but afterward resumed. GRAIN DEALERS ASSIGN. West Superior, Wis.-The Anchor Grain company, operating on the Superior board of trade, assigned this morning. AN ASSIGNMENT IN TEXAS. Austin, Texas.-N. A. Bahn, Austin's leading jeweler, made an assignment this morning, naming preferred creditors to the amount of $300,000. MINOR FAILURES. Fort Wayne, Ind.-The retail dry goods firm of M. Frank & Co. has failed. The firm's indebtedness to local creditors amounts to $70,000. There is also a heavy indebtedness to eastern creditors. Cincinnati, Ohio.-Frank Duhme and Herman Duhme, jr., trading in jewelry and silverware as the Duhme company, have failed. The concern has issued stock since its organization four years ago amounting to $440,000. The assets and liabilities are not known, but the company's affairs are said to be badly involved.
2.December 30, 1896Deseret Evening NewsSalt Lake City, UT
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Easter Financially. MINNEAPOLIS, Minn., Dec. 30.-The financial situation 18 much easter today. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple as the Institution 18 small with only $30,000 capital. The run on this bank has taken $85,000 from it in three weeks. Cashier Field declared he had plenty of ready money but preferred to await the band examiner's advice before making further payments. The Northern Trust company, through its president, George Maxwell, applied to a district court this morning for a receiver. The hearing was postponed a week. Ex-Governor A. R. McGill to president. The company suspended payment in 1893 but afterwards resumed.
3.December 30, 1896Alexandria GazetteAlexandria, VA
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Bank Failures. MINNEAPOLIS, Minn., Dec. 30.-The Bankers' Exchange Bank suspended payment to-day. It is a small concern, and its officers claim that they have money enough to pay every depositor and stockholder. The Northwestern Loan and Building Association to-day made an application Ifor the appointment of a receiver for the Northern Trust Company, of this city, alleging that it is insolvent. Its capital is $500,000 with a guaranty fund of $100,000. Its liabilities are said to be about $500,000. The run on the Farmers' and Mechanics' Bank continues this mording. The bank has taken advantage of the rule which enables it to demand sixty days' notice before paying a depositor. There is also a slight run on the Hennepin County Savings Bank. It has deposits of $1,200,000.
4.December 31, 1896Richmond DispatchRichmond, VA
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GOES INTO EXAMINER'S HANDS. Bankers' Exchange Bank, of Minneapolis-General Bank Situation. MINNEAPOLIS, MINN. December 30.The Bankers' Exchange Bank went into the hands of Bank-Examiner Kenyon this morning Depositors have drawn out about $35,000. the past few days, and President Field concluded to close. though he had in the vaults nearly 30 per cent. of all the money on deposit. The bank is less than a year old, having been incorporated last year. Its loans and discounts are $68,000; its capital, $30,000. and its deposits are about $40,000. Depositors will be paid in full. and a fair sum will be left for the stockholders. George Maxwell, vice-president of the Northern Trust Company, made application this morning for a receiver for the company. A. R. McGIII. ex-Governor of Minnesota, is the president of the organization. The following statement was issued by the company: "This company has for some time been seeking to realize upon its loans and securities, and has until now been able to maintain Itself without difficulty. but the depressed condition of finances is such that it has been unable to realize, as it had hoped and the suspension within two or three days of some of the banks of the city, in which was deposited some of its available funds, has somewhat embarrassed It in the transaction of its business. Independent of its assets, the company has a list of responsible stockholders, who are abundantly able to make good any deficiency that may result from depreciation in the value of its assets, 80 that the creditors of the company need have no apprehension as to the ultimate result. Their claims will all be paid in full, even if the company is not permitted to immediately resume. as is now hoped." The liabilities of the company are about $500,000. Jamason issued restraining or-
5.December 31, 1896The Madison Daily LeaderMadison, SD
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SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The anmouncement that the Bankers' Exchange bank had sust nded payment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 carital. There had been a run on the bank which has taken $35.000 from it in three weeks. Cashier Fie d declared that he had plenty of ready money in the van.t but preferred to await the bank examiner's advice before making furcher payments. The Northern Trast company. through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president It suspended payment during the panic of 1893 but afterwards resumed bus.ness.
6.December 31, 1896The Madison Daily LeaderMadison, SD
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SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.- The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcemeut that the Bankers' Exchange bank had sust nded payment for a few days caused scarcely a ripple, as the institution is a very small one, with eniv $30,000 cavital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Fie d declared that he had plenty of ready money in the van't but preferred to await the bank examiner's advice before making further payments. The Northern Trast company. through its rice president, George H. Maxwell, applied to the distritt court for a re. ceiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president It suspended payment during the panic of 1893 but afterwards resumed bus. ness.
7.December 31, 1896Birmingham State HeraldBirmingham, AL
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TWO MORE BANKS -Throw Up the Sponge in MinneapolisDepressed Financial Conditions the Cause. Minneapolis, Minn., Dec. 30.-The Bankers' Exchange bank went into the hands of Bank Examiner Kenyon this morning. Depositors have drawn out about $35,000 the past few days and President Field concluded to close, though he had in the vaults nearly 30 per cent. of all the money lon deposit. The bank is less than a year old, having been incorporated last year. Its loans and discounts are $68,000, its capital $30,000 and its deposits are about $40,000. Depositors will be paid in full and a fair sum will be left for stockholders. George Maxwell, vice-president of the Northern Trust company, made application this morning for a receiver of the company. The following statement was issued by the company: "This company has for some time been seeking to realize upon its loans and securities, and has until now been able to maintain itself without difficulty, but the present depressed condition of finances is such that it has been unable to realize as it had hoped, and the suspension within two or three days of some of the bank's firms of the city in which was deposited some of its available funds has somewhat embarrassed it in the transaction of its business. "Independent of its assets, the company has a list of responsible stockholders, who are abundantly able to make good any deficiency that may result from depreciation in value of its assets, so that the creditors of the company need have no apprehension as to the ultimate results, their claims will all be paid in full, even if the company is not permitted to immediately resume business, as is now hoped." The liabilities of the company are about $500,000. Judge Jamison issued a restraining order returnable at 10 o'clock tomorrow morning. Judge Beldon signed an order this morning appointing Judge A. Ueland receiver of the Washington bank under a bond of $200,000. The petition recites that the bank has $27,774 more liabilities than assets. Deputy Controller Coffin is still in charge of the Columbia National bank, awaiting the arrival of Bank Examiner Cooke. The Farmer's and Mechanic's bank issued a notice this morning requiring all depositors to give sixty days' notice before being permitted to draw deposits. The bank issued a statement saying it had $800,000 in its vaults. The clearing house association held a meeting and resolved to stand by all of the ten banks which are members of the organization. There was a heavy run on 'the St. Anthony Falls bank this afternoon. All demands were paid and the excitement quieted down.
8.January 1, 1897The Morning TimesWashington, DC
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QUIET AT MINNEAROLIS. Excitement Over Recent Bank Failure Has Subsided. Minneapolis, Minn., Dec. 31.-Excitement over the recent bank failures in this city has entirely subsided and all is quiet again. There were no runs ofeonsequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust Company and A. B. Derelieus for the Bankers' Exchange Bank, toth . . of which suspended yesterday.
9.January 1, 1897Birmingham State HeraldBirmingham, AL
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QUIET IN MINNEAPOLIS. Minneapolis, Dec. 31.-Excitement over the recent bank failures in this city has entirely subsidedand all is quiet again. There were no runs of consequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust company, and A. B. Derellous for the Bankers' Exchange, both of which suspended yesterday.
10.January 1, 1897The Morning NewsSavannah, GA
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MINNEAPOLIS OVER THE SCARE. The Situation in Banking Circles Has Calmed Down. Minneapolis, Minn., Dec. 31.-Excitement over the recent bank failures in this city has entirely subsided and all is quiet again. There were no runs of consequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust Company, and A. B. Derelius for the Bankers' Exchange Bank, both of which suspended yesterday.
11.January 1, 1897Little Falls Weekly TranscriptLittle Falls, MN
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SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcement that the Bankers' Exchange bank had suspended pay. ment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 capital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money in the vault but preferred to await the bank examiner's advice before making further payments. The Northern Trust company,through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president. It suspended payment during the panic of 1893 but afterwards resumed business.
12.January 1, 1897Richmond DispatchRichmond, VA
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THE EXCITEMENT SUBSIDES. All Is Quiet in Minneapolis-No Runs of Consequence. MINNEAPOLIS, MINN., December 31.The excitement over the recent bank failures in this city has entirely subsided, and all is quiet again. There were no runs of consequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust Company, and A. B. Derelieus for the Bankers' Exchange Bank, both of which suspended yesterday.
SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 capital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money in the vault but preferred to await the bank examiner's advice before making further payments. The Northern Trust company,through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president. It suspended payment during the panic of 1893 but afterwards resumed business.
14.January 15, 1897New-York TribuneNew York, NY
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BUSINESS TROUBLES. Detroit, Jan. 14.-H. S. Robinson & Co., boot and shoe manufacturers, filed three big trust mortgages this morning, securing creditors for liabilities aggregating $138,365. The Union Trust Company is named as trustee. Muskegon, Mich., Jan. 14.-Judge Russell to-day appointed the Michigan Trust Company, of Grand Rapids. receiver of the Whitehall State Savings Bank, which closed its doors a couple of weeks ago. The receiver was appointed on petition of 115 depositors, representing $45,000 in deposits. Minneapolis, Jan. 14.-At a meeting last night of the depositors in the Northern Trust Company, of this city, which failed recently, it developed that the concern will pay a very small dividend, if any, unless it is received from the stockholders, many of whom live in the East, principally in Philadelphia. It also developed that many of the stockholders have paid only 50 per cent on their stock. Des Moines, Iowa, Jan. 14.-The White Swan Milling and Mining Company, with headquarters here, assigned yesterday. Its mines are at Baker City, Ore. The company has $1,000,000 authorized capital, and failure is attributed to bad management. It is expected the stockholders will buy up the claims and resume business. The creditors are in NewYork and Iowa towns. Streator, III., Jan. 14.-The City National Bank yesterday informed its depositors to come and get their money, as the bank was going out of business. The bank was organized six years ago, with a capital stock of $100,000, all paid. About $40,000 was paid to credito 'S yesterday. Springfield, Ohio, Jan. 14.-Willam W. Wilson began sult here yesterday for a receiver for the firm of Amos Whitley & Co., Wilson, Whitley & Co. and the Whitley Malleable Iron Company. A separate receiver is asked for each concern, which has been closed for two years. The suit is probably part of a plan for the reorganization of the firm's name, with a view of manufacturing steel and Its products by a new method recently discovered by Eimer and "Burt" Whitley, together with their father, Amos Whitley. The latter is a brother of William N. Whitley, known as "the reaper king."
15.January 21, 1897The Daily Morning Journal and CourierNew Haven, CT
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Youths' Temple of Honor Assigus. Minneapolis, Jan. 20.-The Youths' Temple of Honor, an insurance organization, assigned to-day. It is said to have been embarrassed by the suspension of the Northern Trust_company. The liabilities may reach $100,000; assets will be small.
16.January 21, 1897The TimesRichmond, VA
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BUSINESS TROUBLES. A Life Insurance Organization Assigns Other Failures. MINNEAPOLIS. MINN., Jan. 20:-The Youth's Temple of Honor, a life insurance organization to-day made a voluntary deed of assignment to Dr. Russell T. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust Company. A statement of condition is being prepared.
17.January 21, 1897The Morning NewsSavannah, GA
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INSURANCE COMPANY FAILS. The Youths Temple of Honor Makes a Voluntary Assignment. Minneapolis, Minn., Jan. 20.-The Youth's Temple of Honor, a life insurance company, to-day made a voluntary deed of assignment to Dr. Russell T. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust Company. A statement of the condition is being prepared." The liabilities may reach $100,000; the assets will be small.
18.January 22, 1897Daily Kennebec JournalAugusta, ME
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# CONDENSED DISPATCHES.
The steamer L'Oriflamme at London om Philadelphia for Rouen, arrived in Havre roads, Jan. 18, and is reported shore at the entrance to the harbor of Honfleur, France. She lies in a dangerous position. Three tugs have failed to float her.
The commissioner of navigation reports that American vessels built and documented during the first six months of the seal year number 384 of 113,572 tons, compared with 328 of 88,390 tons, in the first six months of the previous fiscal year, indicating the largest annual output within the last 14 years, except that of 1890 and 1891.
The Youth's Temple of Honor, a life insurance organization, at Minneapolis, Minn., assigned, Wednesday. It is said to have been embarrassed to some extent by the suspension of the Northern Trust Co. The liabilities may reach $100,000; assets small.
Private letters from Miss Mary Daniels of Franklin, Mass., missionary at Harboot, Turkey, indicate that there is considerable unrest in that locality, although there has been no recent outbreak. Some time ago, it was feared that there might be another massacre similar to the one a year previous, but the danger was averted. Distressing accounts continue to be received from other parts of Armenia.
Judge Slack rendered a decision at San Francisco, Wednesday, in the case of Lillian Ashley against F. J. (Lucky) Baldwin for $75,000 damages for seduction, during the trial of which the plaintiff's sister shot at Baldwin in court. The decision is adverse to the woman, but holds that Baldwin is the father of her child, and is bound by all laws of morality to support it.
The representative of the United Associated Presses in Vienna telegraphs that the employes in the rolling mills at Anina, Hungary, having become discontented with the new pension scheme, became riotous, Wednesday, and made a fierce attack upon a force of gendarmes sent to restore order. The officers attempted to disperse the rioters, but the latter stood their ground and a desperate fight ensued. The gendarmes finally fired upon the mob, and 12 rioters were seriously wounded. A number of officers were severely wounded during the melee. A dispatch from Vienna to the London Central News says that eight riotous workmen were killed and many wounded in the fight.
19.January 25, 1897San Antonio Daily LightSan Antonio, TX
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# YOUTH'S TEMPLE OF HONOR SUSPENDS.
Minneapolis, Minn., Jan. 25.-The Youth's Temple of Honor, a life in-surance company, has made a voluntary deed of assignment to Dr. R. T. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust company. A statement of its condition is being prepared. The liabilities may reach $100,000; assets will be small.
20.December 25, 1897The Saint Paul GlobeSaint Paul, MN
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MINNEAPOLIS GLOBULES.
The Joannin Hanson company, sash, door and blind manufacturers, has made an assignment to Charles W. Brown.
Judge McGee yesterday morning issued an order requiring the creditors of C. A. Carstensen to file releases by Jan. 20, 1898.
Charles T. Leonard, manufacturer of tents and awnings, made an assignment for the benefit of credit rs yesterday, to S. T. Hauser. No figures are given.
Detective Hicks arrested Onie and Richard Reardon yesterday morning for burglary. It is alleged that they entered William Groves' residence at 802 Girard avenue north on two separate occasions, and each time secured a watch. Onie Reardon has been under arrest before.
In spite of the opposition of holiday time, etc., "At Piney Ridge" is being greeted with good sized audiences at the Bijou. Everybody who sees this interesting Southern drama votes it one of the best productions ever seen here. It is a play of natural scenes, natural story and natural players. Christmas matinee this afternoon at 2:30.
A report has been filed by the assignee of James McNair showing receipts of $4,370 and disbursements of $735, leaving $3.635 on hand. The assignee estimates the value of the stock still on hand at $5,000, and states that it is doubtful if the real estate and the book accounts will realize anything at all.
Lieut. Falk, inspector of rifle practice of the National Guard, is to be banqueted Wednesday evening at the Commercial club by the boys of Company I. There will be music and a programme of toasts. The lieutenant is one of the most popular, as well as one of the most efficient, officers in the service.
Daniel Fish, receiver for the Northern Trust company, has filed a supplementary report showing receipts since Dec. 2, $1,620.79; disbursements, $1,223.27, and cash on hand, $4,360.59. With the report are statements of accounts of Biddle & Ward, attorneys of Philadelphia, $813.30, and E. B. Bennett, of Hartford, Conn., $903.35.
Theater goers look for something quite out of the ordinary at Christmas time, and those who patronize the Metropolitan today will not be disappointed, as "The Heart of Maryland," the very excellent drama by David Belasco, which Mrs. Leslie Carter and a splendid company have been presenting this week, is in every sense a capital holiday attraction.
21.April 9, 1898The Daily Morning Journal and CourierNew Haven, CT
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# COURT RECORD.
In the superior court yesterday Judge G. W. Wheeler handed down a decision overruling the plaintiff's demurrer to the answer in the case of Daniel Fish, receiver of the Northern Trust company of Minneapolis, against Henry Rogers of this city. There are similar suits brought by Receiver Fish against the estate of Ebenezer Gilbert of East Haven and Andrew H. Smith of this city.
