8601. Scandia Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 28, 1896
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
44c98872c87292dc

Response Measures

None

Description

Multiple contemporary articles (Dec 28–31, 1896 and early 1897) report the Scandia Bank of Minneapolis suspended payment Dec 28, 1896 because it could not realize on real-estate heavy securities; a receiver was later appointed and receivership proceedings were ongoing in early 1897 (orders and claims published, receiver active). No reopening is reported; receivership and creditor actions indicate permanent closure.

Events (2)
1. December 28, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Unable to realize on securities (mostly real estate) leading to suspension of payments on advice of bank examiner; bank heavily invested in real estate and illiquid assets.
Newspaper Excerpt
The Scandia bank closed its doors today. The bank suspended payment at noon upon advice of Bank Examiner Kenyon ... The suspension is due to the inability to realize on the securities, consisting mostly of real estate.
Source
newspapers
2. February 17, 1897 Receivership
Newspaper Excerpt
matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897 ... Luth Jaeger, as Receiver of the Scandia Bank of Minneapolis, vs. ... defendants; notice to creditors to exhibit claims within six months published March 1897 by court order.
Source
newspapers

Newspaper Articles (21)
1. December 29, 1896 The Herald Los Angeles, CA
Article from The Herald, December 29, 1896

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NEWS OF THE MORNING By Telegraph: Rain is likely today with frost at night. Six-day bicyclists get to work at Washington. Governor Budd completes his message to the legislature. The famous Santa Fe receivership case knocked out; railroad notes. Mme. Stambouloff creates a sensation at the trial of her husband's alleged murderers. The state department will act regarding official annoyance of American traders in Colombia. Spain will accept the good offices of the United States to propose conditions to the Cuban insurgents. The number of killed at the Birmingham railroad disaster admitted to be 24, and claimed to be still larger. A serious hitch in the Venezuelan treaty matter; Venezuela insists upon the production of the complete treaty. A Kansas county goes into insolvency. The Scandia bank of Minneapolis fails; other business disasters reported. Paint and dye manufacturers and wine growers have a hearing before the committee on ways and means; each wants more tariff.

2. December 29, 1896 The Laramie Republican Laramie, WY
Article from The Laramie Republican, December 29, 1896

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BANK OF SUPERIOR. Milwaukee, Wis., Dec. 28.-A spe. cial from the Evening Wisconsin from West Superior says: The Bank of Superior, doing business ait the East End, suspended today on account of a run with which they were threatened. An assignment was made by the directors to Henry S. Butler, who has taken possession. The bank had $25,000 capital and $6,000 surplus, which was largely tied up in investments. The big proportional deposit of $100,000 was a constant menace and a slight run was experienced Saturday, which influenced the closing of the institution. The deposits are mostly in small amounts and the bank expects to be able to liquidate in full unless there is a continual decline in assets. The city of Superior has $13,210 in the bank, making nearly $30,000 lost by the city during the past week. MINNEAPOLIS SUSPENSION. Minneapolis, Dec. 28.-The Scandia bank closed its doors today. The bank suspended payment at noon upon advice of Bank Examiner Kenyon. President Sunde says that he believes that the creditors will even. tually be paid in full. Acording to the last report the bank had resources amounting to $432,000. The time and demand deposits amount to over $300,000. The suspension is due to the inability to realize on the securities, consisting mostly of real estate.

3. December 29, 1896 The Roanoke Daily Times Roanoke, VA
Article from The Roanoke Daily Times, December 29, 1896

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McKINLEY PROSPERITY. Some of Its Effects Are Very Disastrous. West Superior, Wis., Dec. 28.-The Bank of Superior. doing business at the East End. suspended to-day on account of a run with which they were threatened on account of the recent failures. The deposits are mostly in small amounts and the bank expects to be able to liquidate in full unless there is a continual declinein assets. A SMALL BANK GONE. Minneapolis, Minn., Dec. 28.-The Scandia Bank suspended to-day. It was one of the smallest banks of the city and was loaded with real estate upon which it could not realize. PRIVATE BANKERS FAIL. Batavia, III., Dec. 28.--William M. and J. S. Van Nortwick, bankers and manufacturers, made an assignment to the Equitable Trust Company of Chicago. This was brought about by the Atlas Bank closing. Their property interests are heavy and they will pay out in full. MILLS SHUT DOWN. Easton, Pa., Dec. 28.-The Lehigh Cotton Mills, of this city, shut down today and will probably remain idle indefinitely. The owners state that the mills might open about the first of May, 1897. THE TELLER_DISAPPEARS. Chicago, Dec. 28.-A special from St. Paul says: Leander Bourch, paying teller of the suspended Bank of Minnesota, has disappeared. There is a small discrepancy in his accounts. VOLUNTARY LIQUIDATION. Kansas City, Mo., Dec.28.-The McCoy Banking Company, of Independence, Mo., went into voluntary liquidation to day in compliance with an order made at a meeting of the board of directors held on December 23. The bank refused to receive deposits this morning and began paying its depositors in full.

4. December 29, 1896 New-York Tribune New York, NY
Article from New-York Tribune, December 29, 1896

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A MINNEAPOLIS BANK SUSPENDS. THE SCANDIA CLOSES ITS DOORS-ITS DEPOSITORS SCANDINAVIANS. Minneapolis, Minn., Dec. 28.-The Scandia Bank, of this city, closed its doors this afternoon. It was organized fifteen years ago by Mons Grinager, a prominent Scandinavian politician of this State, who died in 1893. Its president is R. Sunde, who came to Minneapolis ten years ago from Wilmar, Minn., where he had made a fortune as a moneylender. The last statement of the condition of the bank was made on October 6 last. It showed loans and discounts amounting to $189,288 and deposits aggregating $225,337. Its business has been almost wholly with Scandinavians

5. December 29, 1896 The Evening Tribune Pawtucket, RI
Article from The Evening Tribune, December 29, 1896

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BANKING FAILURES. The Dime Savings bank of Chicago yesterday suspended payments under the 90-day withdrawal notice allowed by state law. The bank is owned by the saine people who conducted the Atlas bank. which has also suspended. William M. and J. S. Van Nertwick, bankers and manufacturers at Batavia, Ills., mde an assignment yesterday. This was brought on by the Atlas National bank closing. Their property interests are heavy, and they will pay in full. The Scandia bank, a small concern of Minneapolis, with a capital of $60,000. suspended payment yesterday noon upon the advice of Bank Examiner Kenyon. President Sunday says that he believes that the creditors will eventually be paid in full. The McCoy banking company of Independence, Mo., went into voluntary liquidated yesterday, in compliance with an order made at a meeting of the board of directors held on Dec. 25. The bank refused to receive deposits and began paying depositors in full. The reason for the bank going out of business is that its president. William McCoy, is too advanced in years to manage its affairs longer. [Advertise you" wants in the TRIBUNE.

6. December 30, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 30, 1896

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MORE MINNEAPOLIS BANKS FAIL. The Columbia National and the Washington-Considerable Burry. MINNEAPOLIS, MINN.. December 29.The Columbia National Bank, whose president is Charles Kittleson, ex-State Treasurer, and whose cashier is Joseph Bobleter, also an ex-State Treasurer, failed to open its doors this morning, and George M. Coffin, Deputy Comptroller of the Currency, who happened to be in the city, took charge. Cashier Bobleter said that the liabilities, not including the capital stock, etc., and including principally deposits, amount to $247,000. while the assets, mostly notes, are $450,000. He said that he had no doubt the depositors would in time be paid in full. The State is creditor to the amount of $16,000. and the county to that of about $5,000. The city had $1,200 on deposit. At the present time, according to Cashier Bobleter, there Is $33,000 cash in he vault, and $100,000 will be collected within the next thirty days. The suspension was ordered for the purpose of protecting the majority of the creditors. The capital is $200,000. The suppension of the Scandia yesterday and the Columbia this morning created consternation among the patrons of the Washington Bank, and such a "run" ensued that the bank was compelled to close its doors about noon. Depositors drew their checks directly at the bank and through the Clearing-House at such a rate that it was evident that the interests of all the depositors demanded suspension. The bank knew that its strength would be sorely taxed to-day, and had made arrangements to get $50,000 in cash. which would have tided it over safely, but the money was not forthcoming this morning, and after a vain attempt to stand the demands, Cashier Brecke telephoned Bank-Examiner Kenyon that the officials had decided to close the bank, and asked him to take charge. Cashierd Brecke stated this afternoon that aside from the matter of cash on hand, the bank was in excellent shape. Exactly what will be done has not yet been determined. It is very likely that the suspension will be only temporary, as the resources of the bank are in such shape that its depositors can be paid in full in a comparatively short time, and 50 cents on the dollar within two months. In round numbers the liabilities are $500,000 and the assets $600,000. Of the latter, only $14,500 is real estate. The bank had some city deposits, $3,000 of State money, and $4,000 of the county's. The bank officials are: President, A. C. Haugan; Vice-President. J. S. Johnson: Cashier, O. E. Brecke. The bank's loans and discounts are $507,145. Its deposits are $458,000, and its capital stock $100,000. The announcement of the failure of the Columbia and Washington banks caused a considerable flurry at nearly all of the other banks of the city. The biggest run was on the Farmers' and Mechanics' Bank. the largest savings institution in the Northwest, with deposits amounting to over $6,000,000. This bank is said to be entirely safe. It stood a run of eight days during the panic of 1893.

7. December 30, 1896 The Morning News Savannah, GA
Article from The Morning News, December 30, 1896

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MONEY MAD IN MINNEAPOLIS. TWO MORE BANKS FORCED TO CLOSE THEIR DOORS. The Columbia National and the Washington Bank the Institutions Involved-The Closing of the Former Precipitated n Run on the Latter-Both Institutions Expect to Pay Their Creditors in Full-Failures in Other Cities. Minneapolis, Minn., Dec. 29.-The Columbia National Bank, whose president is Charles Kittleson, ex-state treasurer, and whose cashier is Joseph Bobleter, also an ex-state treasurer, failed to open its doors this morning and George M. Coffin, deputy controller of the currency, who happened to be in the city, took charge. Cashier Bobleter said that the liabilities, not including the capital stock, etc., and including principally deposits, amount in round numbers to $247,000, while the assets, mostly notes, amounted to $450,000. He said that he had no doubt but that the depositors would in time be paid in full. The state is creditor to the amount of $16,000 and the county to about $5,000. The city had $1,200 on deposit. At the present time, according to Cashier Bobleter, there is $33,000 cash in the vault, and $100,000 will be collected within the next thirty days. The suspension was ordered for the purpose of protecting the majority of the creditors, The bank's capital is $200,000. The suspension of the Scandia Bank yesterday and the Columbia this morning created consternation among the patrons of the Washington Bank, and I such a "run" ensued that the bank was compelled to close its door shortly after noon. Depositors drew their checks directly at the bank and through the clearing house at such a rate that it was evident that the interests of all the depositors demanded the suspension of business. The bank knew that its strength would be sorely taxed to-day, and had made arrangements to get $50,000 in cash, which would have tided it over safely, but the money was not forthcoming this morning, and after a vain attempt to stand the demands, Cashier Brecke telephoned Bank Examiner Kenyon that the officials had decided to close the bank, and asked him to take charge. Cashier Brecke stated this afternoon that aside from the matter of cash on hand, the bank was in excellent shape. Exactly what will be done has not yet been determined. It is very likely that the suspension will be only temporary, as the resources of the bank are in such shape, according to Mr. Brecke, that its depositors can be paid in full in a comparatively short time, and 50 cents on the dollar within two months. In round numbers, the liabilities are $500,000, and the assets $600,000. Of the latter only $14,500 is real estate. The bank had some city deposits, $3,000 of state money and $4,000 of the county's. The banks officials are: President, A. C. Haugan, who is at present city treasurer; vice president, K. S. E. John; cashler, O. E. Brecke. The bank's loans and discounts are $507,145. Its deposits are $458,000, and its capital stock $100,000. The announcement of the failure of the Columbia and Washington banks caused a considerable flurry at nearly all of the other banks of the city. The biggest run was on the Farmers and Mechanics Bank, the largest savings institution in the northwest, with deposits of over $6,000,000. This bank is said to be entirely safe. It stood a constant run of eight days during the panic of 1893.

8. December 30, 1896 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 30, 1896

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Minneapolis, Dec. 29.-The Columbia National bank, whose president is Charles Kittleson, ex-state treasurer, and whose cashier is Joseph Bobleter, also an ex-state. treasurer, failed to open its doors this morning, and George M. Coffin, deputy comptroller of the currency, who happened to be in the city, took charge. Cashier Bobleter said that the liabilities. not including the capital stock, etc., and including principally deposits, amount in round numbers, to $247,000, while the assets mostly notes, amounted to $450,000. He said he had no doubt the depositors would in time be paid in full. The state is a creditor to the amount of $15,000 and the county about $5,000. The city had $12,000 on deposit. At the present time, according to Cashier Bobleter, there is $33,000 cash in the vault and and $100,000 will be collected within the next 30 days. The suspension was ordered for the purpose of protecting the majority of the creditors. The bank's capital is $200,000. CAUSED A R.UN. The suspension of the Scandia yesterday and the Columbia this morning created consternation among the patrons of the Washington bank, and such a run ensued that the bank was compelled to close its doors shortly after noon. Depositors drew their checks directly at the bank and through the clearing house at such a rate that it was apparent that the interests of all the depositors demanded a suspension of business. The bank knew that its strength would be sorely taxed today, and had made arrangements to get $50,000 in cash, which would have tided it over safely, but the money was not forthcoming this morning and after a vain attempt to stand the demands cashier Brecke telephoned Bank Examiner Kenyon that the officials had decided to close the bank and asked him to take charge. THE OLD STORY. Cashier Brecke stated this afternoon that aside from the matter of cash on hand the bank was in excellent shape. Exactly what will be done has not yet been determined. It is quite likely that the suspension will be only temporary as the assets of the bank are in suchshape, according to Mr. Brecke, that its depositors can be paid in full in a comparatively short time and 50 cents on the dollar within two months. In round numbers the liabilities are $500,000 and assets $200,000. Of the latter only $14,500 is real estate. The bank had some city depositors, $300,000 of state money and $4,000 of the county's. The bank's officials are: President, A. C. Haughan, who is at present city treasurer; vicepresident, K. S. E. Johnson; cashier, O. E. Brecke. LOANS AND DISCOUNTS. The bank's loans and discounts are $507,145. Its deposits are $485,000 and its capital stock $100,000. The announcement of the failure of the Columbia and Washington banks caused a considerable flurry at nearly all of the other banks of the city. The biggest run was on the Farmers' and Merchants' bank, the largest savings institution in the northwest. with deposits of over $6,000,000, this bank is said to be entirely safe. It stood a constant run of eight days during the panic of 1895.

9. December 31, 1896 Jamestown Weekly Alert Jamestown, ND
Article from Jamestown Weekly Alert, December 31, 1896

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The Columbia National. MINNEAPOLIS. Dec. 30.-The Columbia National bank a small institution of comparatively recent establishment and $200,000 capital, has closed its doors and is now in the hands of the bank examiner. According to its last statement. in de Dec. 17, it had loans and discounts, $348 145; United States bonds to secure circulation, $50,000; real estate and mortgages, $48,728; due from other banks, $42,897; cash reserve, $34,672; other cash items. $11,852. National bank notes outstanding, $45,000; due other banks, $136,579; deposits subject to check, $101,507; certificatss of deposit, $63,594; certified and cashier's checks, $3,313; bills payable, $15,000. Will Pay All Lepositors. Ex-State Treasurer Joseph Bobleter was cashier, and Ex-Treasurer Charles Kittelson was president. Cashier Bobleter said : "We could have stood the pressure a little longer, but to protect the majority we closed. We have $33,000 cash in the vault, and inside of 60 days expect to have fully $100,000 more collected. Our total liability is only $247,000, and much of that, you understand, is not immediate. There is no doubt but what we will be able to make a full account. ing with our depositors and a fair settlement with the stockholders. The recent withdrawals which caused the trouble were city and state funds, of which we had large deposits, and also by country correspondents. Of the city and state money, only about $1,200 remains in the bank. The majority of our individual depositors were business men." Other Banks Are Strong. The bank is in the immediate charge of George M. Coffin, deputy controller of the currency. He states that officers of the bank applied to the clearing house committee for assistance Monday, but this body and the directors of the bank, finally agreed that the best thing would be to close. "I believe," said Mr. Coffin, "that this action was a anticipated by all parties interested and the suspension will not cause any further trouble. Alt the national banks of this city are in a very strong condition financially, as we have satisfied ourselves by examination." Scandia Bank Suspends. MINNEAPOLIS, Dec. 29.-The Scandia bank has suspended. It was one of the smaller banks of the city, and was loaded up with real estate on which it could not realize.

10. January 1, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 1, 1897

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OBJECT TO BYERS CREDITORS OF THE SCANDIA BANK INDIGNANT AT THE COURT'S ACTION. ROAST ON THE RECEIVER. REASONS SET FORTH WHY APPOINTMENT OF A NEW MAN IS SOUGHT. WASHINGTON MAY REORGANIZE. Its Affairs Said to Be in Most Favorable Condition-Minneapolis Matters. "Byers as receiver won't do," was the unanimous expression of the depositors of the defunct Scandia bank, registered in no uncertain way a a mass meeting of the bank's creditors, held at 1805 Franklin avenue south, last night. The meeting had been called to take steps looking to the removal of the receiver and at 8 o'clock not less than 1,000 men and women, for there were a few women on deck, were present. The large hall was packed to suffocation, not even the secretary having room to sit down, and the crowd which stood on the sidewalk and in the street resembled very much a run upon the bank the day it closed its doors. William K. Hicks was chosen chairman of the meeting, and Lewis Gjertsen secretary. The objects of the meeting were stated by the chair, after which a series of resolutions were read by the secretary, as follows: To the District Court of Hennepin County, in the mater of the Receivership of Scandia Bank of Minneapolis: We, the undersigned creditors of the above named bank, do hereby petition the court to appoint as receiver of said bank a person in whom the creditors have confidence, and that the person now appointed by the court may be removed: that we have no confidence in him, and that his financial record is such that we do not hesitate to say that it is unreasonable to appoint a man for such a position against whom judgments of thousnds of dollars are entered of record unsatisfied, and who is debtor to said bank in the sum of $2,000 on a note which is past due since 1893, and is protested for nonpayment. Now, therefore, we, the undersigned creditors of said bank, in mass meeting assembled. do hereby resolve that a committee be appointed, consisting of seven persons, to institute proceedings for the removal of said receiver, John F. Beyers, and that a person in whom we have confidence be appointed in his stead. That owing to the fact that a large majority of the creditors of said bank are of Scandinavian birth, we insist that a Scandinavian be appointed as such receiver. Dated Dec. 31, 1896. The resolution was satisfactory, with the exception of the last clause, to the effect that the person to be appointed should be of Scandinavian birth. This was unanimously stricken from the resolution. The appointment of the committee provided for to institute proceedings to remove the present appointee of the court was then taken up. On motion the chairman was authorized to appoint the committee, his nominees to be voted upon by the meeting. There was considerable difference of opinion as to whether or not attorneys should be eligible as members of this committee, but it was decided that a knowledge of law need not bar any one. The committee selected inclu led Julius A. Newgard, W. H. Hicks, Jacob Stoft, Robert Christensen, Lewis Cjertsen, D. Eagstrom and C. Birkhoffer, who were given power to suggest to the court a man for receiver, who would be acceptable to the depositors, in case Mr. Byers is removed. Several names were mentioned for the place of receiver, among whom were D. C. Bell, Jacob Stoft, Hans Simonsen, Ernest Kempe, Judge Uhland and others. D. C. Bell would seem to be the favorite. As to the choice of the seven men who have the suggesting power, none were willing to express a decided preference, and thought it would be time enough to consider that question after the court should have re-

11. January 2, 1897 The Democratic Advocate Westminster, MD
Article from The Democratic Advocate, January 2, 1897

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More Prosperity(?) Norton & Company who run the Lockport flouring mills in Chicago, Illinois, have failed. The mills have been running for over 40 years. The Atlas National Bank, of Chicago, decided to retire from business. The Clearing House Commit. tee, at a special meeting Saturday night, decided that the associated banks of the city would advance the amount needed to pay its depositors in full. The amount required is in the neighborhood of $600,000. A receiver was appointed at Dallas, Texas, on Saturday, for the Security Mortgage and Trust Company. It is said that the liabilities will reach $2,000,000, and the assets about $1,000,000. A receiver has been appointed for the Columbus and Hocking Coal and Iron Company, at Columbus, Ohio. It is said that the failure of the Security Mortgage and Trust Company of Dallas, Texas, will cause a loss of $1,500,000 to Eastern and foreign capitalists. The Dime Savings Bank of Chicago took advantage of the ninety-day withdra notice law and suspended payment. The Bank of Superior, at West Superior, Wis., suspended payment on account of a run with which it was threatened. The Scandia Bank of Minneapolis also suspended payment, being unable to realize on assets. C. H. Hardish, Roanoke, Virginia, merchandise, has failed. The Commercial National Bank closed on Tuesday. The Lehigh Mills, in South Easton, Pa., manufacturers of cotton goods, have shut down for four months. Depression in business is given as the cause of the shut down. One hundred employes are affected. The plant was started 100 years ago, and this is the first shut down it has experienced. Ogle McCullough, stationer, Elkton, Md., has failed. Van Nortwick Bros., bankers at Batavia, III., and holders of large property interests in several States, have mades assignment. The Columbia National Bank and the Washington Bank, a State institution, have closed their doors at Minneapolis. Lane county, Kansas, has been declared insolvent. The Alva Hubbard Heating Company and Snellenberger & Son, wholesale dry goods, etc., Baltimore, Md., have assigned. A receiver has been appointed at Sioux City, Iowa, for the Farmers' Trust Co., of that place. Isaac Prager & Sons, of Parkersburg, West Virginia, a retail dry goods firm of long standing, has assigned. Estimated liabilities are $100,000; assets about the same. Pheasant & Wagner, owners of large general merchandise stores in Hollidaysburg, Pa., and in Kipple, Blair county, failed, in consequence of the recent suspension of the banking house of Gardner, Morrow & Co. The liabilitles are $12,000: assets $18,000. M. J. Rosenberg, trading as Milton & Co., retail clothiers, Philadelplia, Pa., have failed. The Anhor Grain Company, operating on the West Superior Board of Trade, has made an assignment. D. V. Iseman, one of the leading clothiers of Newport News, Va., has assigned. Charles G. Ross, surviving partner of Chas. G. Ross & Co., dry goods commission merchant, of New York, has assigned. Everett's Hotel, Vesey and Barclay streets, New York, one of the oldest and best-known establishments of its kind in that city, is closed. In Austin, Tex., G. A. Bahn, leading jeweler, has made an assignment.

12. January 14, 1897 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, January 14, 1897

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idea-that build a house you should first put up the parlors and receptions rooms, and afterwards the foundation, the cellar and the kitchen? Is the gold-standard theory of adopting a system of finances that the bankers and monied men want, regardless of what the PRODUCERS, the LABORERS-the foundation of all national prosperity-needs, thus far proving a good thing for the country? Here is a record of failures for the 15 days ending January 4, 1897: Dec. 21-National Bank of Illinois, Chicago. Dec. 21-Roseland Bank, Chicago. Dec. 21-E.S Dreyer & Co. Chicago. Dec. 21 -Wusmansdorff & Heinemann, Chicago. Dec. 22-Bank of Minnesota. St. Paul. Dec. 22-State Bank of St. Paul. Dec. 22-Union Stock Yards Bank, St. Paul. Dec. 23-Chicago Bank, West Superior, Wis. Dec. 23-Bank of West Superior, West Superior, Wis, Dec. 23-American Banking and Trust Co., Auburn, Me. Dec. 28-Dime Savings Bank, Chicago. Dec. 28--Atlas National Bank, Chicago. Dec. 28-Scandia Bank, Minneapolis. Dec. 28-Bank of Superior, Supe rior, Wis. Dec. 29-Columbia Bank, Minneapolis. Dec. 29--Washington Bank, Min8 neapolis. i Dec.29--Commercial National Bank, D Va. Dec. 30-Northern Trust Company, r Minneapolis. Dec. 30 Bankers' Exchange Bank, 1 Minneapolis. . Dec. 30 Northwestern Loan and e Building Association, Minneapolis. Dec. 30 Commercial Bank, Selma, Al. Dec. 30 Farmers' Trust Company, Sioux City, Iowa, y t Jan. 4 Germania Bank, St. Paul. y Jan, 4 Allemania Bank, St. Paul. r Jan. 4 West Side Bank, St. Paul. it Jan. 4 Minnesota State Savings e Bank, St, Paul. Jan. 4 Citizens' National Bank, r. Fargo, N. D. d Jan. 4 City Bank, Nora Springs, If Iowa, a Total amount reported, $21,354,779 c OTHER HOUSES DRAGGED DOWN BY THE e CRASH, of Dec, 22 Angus & Giudele, contract rors, Chicago. of Dec. 23 American Brewing and Y, Malting Co., Chicago, Dec. 23 George A. Weiss Malting Co., Chicago. Dec. 23 George A. Weiss, Chicago r. Dec. 28 Excelsior Machinery an t, Belting Co., Chicago, st Dec. 29 Western Paper Bag Co. iBatavia, III. a Dec. 29 Appleton Manufacturing be Co., Van Nortwick, III, ch Jan. 4 Snow & Earl Co., druggist ct supplies, Providence, R. I IJan. 4 L. W. Alet & Co., wholesal ojewelers, Chicago, Ill. SUICIDES CAUSED BY THE BANK FAILURES if Otto Wasmandorff, head of th " banking firm of Wasmandorff & Heine of mann, of Chicago, shot himself in tha of city. Suicide due to worry over th I's failure of his firm, which occurred o December 21. ry George A. Wilkins, vice president o the suspended Commercial Bank, o ds Selma, Ala., shot himself on Decembe 31, in front of the altar of St. Paul'

13. January 29, 1897 Kansas Agitator Garnett, Greeley, Topeka, KS
Article from Kansas Agitator, January 29, 1897

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Goldbug Good Times. D. J. Bear, of Richmond, Va., jeweler, failed here Monday for $15,000. The Security, Mortgage and Trust Company of Dallas, Tex., has failed. Phelps & Co., grain brokers of Salt Lake City, have failed with liabilities of $10,000. The McCoy Banking Company of Independence, Mo., has gone into voluntary liquidation. The Bank of West Superior, Wisconsin, capital $50,000 and $50,000 surplus, has suspended operations. The Columbus and Hocking Valley Coal and Iron Company has passed into the hands of a receiver. The Scandia Bank, of Minneapolis, Minn., with a capital of $60,000, has suspended payments. The Laconia Car company of Laconia, N. H., has been petitioned into an involuntary insolvency. Chicago's charity ball is likely to be postponed on account of the financial and business troubles there. The Parsons-Pelletier Dry Goods company, one of the largest houses of the kind in Sioux City, Iowa, have failed. White & Howe company of Sioux City, Iowa, shoe dealers, have assigned Creditors are mostly eastern shoe firms. The American Banking and Trust company of Auburn, Me., has closed its doors and made application for a receiver. The Excelsior Machine and Boiler Works company of Chicago failed Monday. Assets and liabilities each about $40,000. Dallas Wightman, a cloak manufacturer of Rochester, N. Y., has assigned. Assets between $20,000 and $25,000; liabilities $15,000. Solomon Sales of New York, wholegale and retail dealer in meats and provisions, has assigned to Charles A. Hess without preferences. The Calumet State Bank at Blue Island, III., has failed. A statement was filed, showing that the assets are $87,069 and the liabilities $68,000. J. J. Wright & Stokes of Richmond, Va., manufacturers of harness, have assigned for $18,000. Mr. Stokes made a personal assignment for $16,000. The large retail dry goods store of M. Frank & Co. of Fort Wayne, Ind., was placed in the hands of Benjamin Rothschild as receiver Monday. One hundred and fifty men employed by the Georgetown Boot and Shoe company are on strike in Haverhill, Mass., against a reduction of wages. The Dime Savings bank of Chicago, has suspended payments under the ninety day withdrawal notice clause, granted in the statutes to savings banks.

14. March 13, 1897 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, March 13, 1897

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ORDER. STATE OF MINNESOTA, DISTRICT Court. County of Hennepin, Fourth Jue dictal District. Luth Jaeger, as Receiver of the Scandia Plaintiff, Bank of Minneapolis, vs. Reinert Sunde, Rasmus B. Anderson, Charles E. Vanderburgh, Larayette Woodward, Ray B. Towne, James. B. Secombe, Dora Roos, Emma D. Johnson, Alfred Menzel, C. M. Johnson, H. R. Goodnow, F. J. Goodnow, George W. Jenks, Swedish American National Bank, Harold G. Kjellesvig, Charles Kittelson, Willis 9. Williams, Albert C. Amundsen, Julius E. Olson, Jennie Osmer, Mary S. Kirkbride, Ole C. Jacobson, Matt. Jensen, Anne Grinager, Anne Marie Engebretson; Henry A. Grinager, Carrie Faegre, Alexander Grinager, WIIliam F. Grinager and Harris Norman Defendants. Grinager, Whereas, under an order made and filed in this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action: and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action, which is brought for the purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto. as provided under the terms of said order: Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein. It Is Hereby Ordered and Directed: That all the creditors of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims ugainst the said Scandia Bank of Minneapolis and become parties to this action, and that in default thereof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment. And It is Hereby Further Ordered and Directed: That said claims shall each be exhibited by delivering to the clerk of this court, at his office, in the court house, in the city of Minneapolis, in said county, a verified complaint entitled in this action, setting out a brief description of such claims and all such complaints 80 delivered to said clerk, shall be filed by him, in his said office, as one of the files in this action, and that any of the parties to this action and any of the creditors of said Scandia Bank of Minneapolis may at any time within said period of six (6) months heren mentioned, or within twenty (20) days thereafter, by a duly verified answer. interpose objections to the allowance or any claims so exhibited; which said answer shall be delivered to said clerk and filed by him in his said office, and a copy thereof shall also be served by the parties EO answering upon the attorney for the claimant whose claim 1S so objected to. And it is Further Hereby Ordered: That notice of this order be given to all the creditors of said Scandia Bank of Minneapolis by causing a copy thereof to be published once in each week for six (6) successive weeks in the "Irish Standard," a weekly newspaper printed and published in said county of Hennepin and state aforesaid, the first publication to be made on the 6th day of March, 1897; and by mailing a copy of this order. to all creditors of said bank whose names and places of residence are known to the plaintiff. By the Court: ROBERT JAMISON. District Judge. March 2d, 1897. CHARLES M. POND, Attorney for Plaintiff, 709 New York Life Building, Minneapolis, Minn,

15. March 13, 1897 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, March 13, 1897

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liam F. Grinager and Harris Norman Defendants. Whereas, Grinager, under an order made and filed in this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action. which is brought for the

16. March 13, 1897 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, March 13, 1897

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purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order; Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thereof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment.

17. March 20, 1897 The Irish Standard Minneapolis, Saint Paul, MN
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ORDER. STATE OF MINNESOTA, DISTRICT Court, County of Hennepin, Fourth Judicial District. Luth Jaeger, as Receiver of the Scandia Plaintiff, Bank of Minneapolis, vs. Reinert Sunde, Rasmus B. Anderson, Charles E. Vanderburgh, Lafayette Woodward, Ray B. Towne, James B. Secombe, Dora Roos, Emma D. Johnson, Alfred Monzel, C. M. Johnson, H. R. Goodnow, F. J. Goodnow, George W. Jenks, Swedish American National Bank, Harold G. Kjellesvig, Charles Kittelson, Willis S. Williams, Albert C. Amundsen, Julius E. Olson, Jennie Osmer, Mary S. Kirkbride, Ole C. Jacobson, Matt. Jensen, Anne Grinager, Anne Marie Engebretson; Henry A. Grinager, Carrie Faegre, Alexander Grinager, William F. Grinager and Harris Norman Defendants. Grinager, Whereas, under an order made and filed In this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action, which is brought for the purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order; Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors. of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thercof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment. And it is Hereby Further Ordered and Directed: That said claims shall each be exhibited by delivering to the clerk of this court, at his office, in the court house, in the city of Minneapolis, in said county, a verified complaint entitled in this action, setting out a brief description of such claims and all such complaints SO delivered to said clerk, shall be filed by him, in his said office, as one of the files in this action. and that any of the parties to this action and any of the creditors of said Scandia Bank of Minneapolis may at any time within said period of six (6) months heren mentioned, or within twenty (20) days thoreafter, bya duiy verißed answer,

18. April 8, 1897 The Times Washington, DC
Article from The Times, April 8, 1897

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SENSATIONAL DISCLOSURES MADE A Legislative Committee Investigating Bank Failures. St. Paul, Minn., April 7.-The jointlegislative committee investigating insolvent banks in this city and Minneapolis has made public the testimony secured during the past two months. Some of the disclosures are highly sensational. As to the Bank of Minnesota, of which William Dawson, Sr., was the president, and William Dawson, jr., cashier, W. H. Lightner, one of the receivers, stated that on October 7 $135,606 was due to the bank from the Fort Dearborn National Bank of Chicago. The balance, he said, was incorrect, accounts between these two banks being falsified to the extent of $100,000. At the time of the failure of the bank there was owing to it by the officials the following sums: William Dawson, sr., about $90,000; William Dawson, jr., $59,950: R. A. Smith, $50,000, of which he has since paid $35,000. In addition to that, William Dawson, jr., was guarantor of $53,000, of which $30,000 was overdrawa. As to thecause of the failure of the bank, it was testified that William Dawson, sr., owed it $281,000. The schedules of assets and liabilities of William Dawson, jr., have been filed in the district court. The assets are placed at $239,168.78, and the liabilities, $868,452.47. The face value of the assets is much higher. By far the largest portion of Mr. Daw. son's direct liabilities consists of in dividual notes. A few of these are secured, but most of them only by the indorsement of William Dawson, sr. As to the Scandia Bank, of Minneapolis, the committee states that its failure, according to the evidence, was honest, and it may yet pay in full. The committee says that the Washington Bank, of Minneapolis, went under for want of paid-up capital, direct and indirect loans to its officers, and from a lack of supervision. Dwelling upon the affairs of the Allemania Bank, of St. Paul, the report says that the assets, or a large portion of them, were worthless. The directors, it states, were heavy borrowers, and were guilty of misstatements. As to the affairs of the Minnesota Savings Bank, of St. Paul, the committee states the officers were borrowers. directly or indirectly. to an amount more than double the capital stock.

19. April 10, 1897 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, April 10, 1897

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ORDER. STATE OF MINNESOTA, DISTRICT Court, County of Hennepin, Fourth Judicial District. Luth Jaeger, as Receiver of the Scandia Plaintiff, Bank of Minneapolis, vs. Reinert Sunde, Rasmus B. Anderson, Charles E. Vanderburgh, Lafayette Woodward, Ray B. Towne, James B. Secombe, Dora Roos, Emma D. Johnson, Alfred Menzel, C. M. Johnson, H. R. Goodnow, F. J. Goodnow, George W. Jenks, Swedish American National Bank, Harold G. Kjellesvig, Charles Kittelson, Willis S. Williams, Albert C. Amundsen, Julius E. Olson, Jennie Osmer, Mary S. Kirkbride, Ole C. Jacobson, Matt. Jensen, Anne Grinager, Anne Marie Engebretson; Henry A. Grinager, Carrie Faegre, Alexander Grinager, William F. Grinager and Harris Norman Defendants. Grinager, Whereas, under an order made and filed in this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action, which is brought for the purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order; Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thereof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment. And it is Hereby Further Ordered and Directed: That said claims shall each be exhibited by delivering to the clerk of this court, at his office, in the court house, in the city of Minneapolis, in said county, a verified complaint entitled in this action, setting out a brief description of such claims and all such complaints so delivered to said clerk, shall be filed by him, in his said office, as one of the files in this action, and that any of the parties to this action and any of the creditors of said Scandia Bank of Minneapolis may at any time within said period of six (6) months heren mentioned, or within twenty (20) days thereafter, by a duly verified answer, interpose objections to the allowance of any claims so exhibited; which said answer shall be delivered to said clerk and filed by him in his said office, and a copy thereof shall also be served by the parties so answering upon the attorney for the claimant whose claim is so objected to. And it is Further Hereby Ordered: That notice of this order be given to all the creditors of said Scandia Bank of Minneapolis by causing a copy thereof to be published once in each week for six (6) successive weeks in the "Irish Standard," a weekly newspaper printed and published in said county of Hennepin and state aforesaid, the first publication to be made on the 6th day of March, 1897; and by mailing a copy of this order to all creditors of said bank whose names and places of residence are known to the plaintiff. By the Court: ROBERT JAMISON, District Judge. March 2d, 1897. CHARLES M. POND, Attorney for Plaintiff, 709 New York Life Building, Minneapolis, Minn.

20. October 23, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 23, 1897

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M INNEAPOLIS. OFFICE 65 SOUTH FOURTH STREET. MINNEAPOLIS GLOBULES. Judge McGee granted a divorce to Philip F. Mitnor from Jennie F. Mitnor, on the ground of desertion. The defendant is 75 years of age and the plaintiff 45. A demurrer has been entered to the indictment returned against Theron H. Bly, accused of practicing medicine without a license. The demurrer will be argued Oct. 26. Mrs. R. B. Langdon received a telegram from Arizona yesterday noon, stating that Judge Truesdale is steadily improving and the highest hopes for his recovery are entertained. Judge Simpson's condition is reported by his physician as considerably improved, and although it is impossible to say how long It will be before he is entirely well, there is no doubt but that he is on the speedy road to recovery. Boutell Brothers and their salesmen enjoyed a banquet in the club room of the West hotel last evening. The event was the first of what is expected to become a regular institution with the proprietors and salesmen of this house. Mr. and Mrs. H. W. Mellen, of Juneau, Alaska, are at the Nicollet house. They have just returned from Alaska, where they went last June, and will remain here until spring, when they will again try their fortunes in the famous Klondike region. The Minneapolis Whist club opened the winter's tournament Thursday at the Commercial club. Play will be conducted under the Howell system for pair contests. Potter and Williams, of St. Paul, made the highest score, 9. Briggs and Hemphill won high score badges. The jury in the case of Luth Jaeger, as receiver of the Scandia bank, against the trustees of the Franklin Cook estate, brought in a verdict yesterday morning awarding the plaintiff judgment in the sum of $2,894. The action was brought to recover on a note. After sixteen months' confinement in the reformatory at St. Cloud, Harry Wiggins, who was sentenced for five years, was released on parole Wednesday, Oct. 13. He figured with Fred Whittaker and Henry Wyman in a series of hold-ups. The latter got fifteen years each in the penitentiary. Wiggins secured work with his old employer, A. C. Hill, proprietor of the New York Kitchen.

21. November 11, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 11, 1899

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MUST PAY TAXES. Judge Pond Hands Down an Important Decision. An important decision was rendered yesterday by Judge Pond in the case of the state against Luth Jaeger, as receiver of the Scandia Bank of Minneapolis, in which action was brought to enforce the payment or taxes on the sum of $2,485, held as assets of the bank by the receiver. In substance, the court holds that funds in the hands of a receiver of an insolvent bank are subject to taxation, the same as any other personal property. The action was brought by the receiver on the grounds that the money was in trust and that it was exempt from taxation the same as if it were on deposit. In a memorandum the court says: "It would certainly seem reasonable that after the property of such a defunct corporation has been forever passed from its control into the hands of a receiver and is no longer to be used for banking purposes, it should be as subject to taxation, the same in all respects as is personal property in the hands of a receiver of any other corporation. The powers, duties and obligations of receivers of banking corporations are substantially the same as receivers of other corporations, and no good reason can be assigned why the assets in their hands should not be subject to the same burdens."