9582. Security Bank (Duluth, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 6, 1898
Location
Duluth, Minnesota (46.783, -92.107)

Metadata

Model
gpt-5-mini
Short Digest
dce894a9

Response Measures

None

Description

Newspaper notices (Jan 1898) name Angus R. Macfarlane as receiver of the Security Bank of Duluth, indicating the bank was insolvent and in receivership (closed). No article describes a depositor run; instead court/receivership proceedings and a legal decision (Feb 1898) are reported. Dates are taken from the notices and the later court decision.

Events (3)

1. January 6, 1898 Suspension
Cause
Government Action
Cause Details
Bank declared insolvent and a receiver (Angus R. Macfarlane) was appointed; bank closed and placed in receivership.
Newspaper Excerpt
Dated this Sixth day of January. A D. 1898. ANGUS R. MACFARLANE Receiver.
Source
newspapers
2. January 19, 1898 Other
Newspaper Excerpt
summons and garnishee has been issued against you and your property garnished to satisfy the demand of Angus R. Macfarlane as receiver of the Security Bank of Duluth, Minn., amounting to Two hundred forty seven and 45/100 dollars.
Source
newspapers
3. February 15, 1898 Receivership
Newspaper Excerpt
Decision as to the Security Institution at Duluth... In re receivership of Security Bank of Duluth; Mercantile National Bank of New York, appellant, vs. Angus R. Macfarlane, as receiver of Security Bank of Duluth, respondent.
Source
newspapers

Newspaper Articles (5)

Article from The Superior Times, January 8, 1898

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Article Text

Register. (J 8 15 22 23 F 5 12) Notice for Publication. STATE OF WISCONSIN, In Justice's Court Douglas County, (" City of Superior. Before Edmund R. OTIS. Esq. J. P. To K.G STAPLES You are hereby notified that a sunnoos and garnishee have been issued against you, and your property garnished to satisfy the demands of Angus R. Macfarlane as Receiver of the Security Bank of Duluth, amounting to $155.01 New unless you shall appear before Eduand R. ous a Justice of the Peace in and for said county, at his office in said city of Superior, on the 31st day of January, A. D. 1898. at 10 o'clock in the forenoon, judgment will ie rendered against you, and your property bold to pay the debt. Dated this Sixth day of January. A D. 1808. ANGUS R. MACFARLANE Receiver. 1 lamuf. CEO B. for Pluf


Article from The Superior Times, January 22, 1898

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Article Text

Municipal Court. Douglas County. To K G. Staples. You are hereby notified that a summons and garnishee has been issued against you and your property garnished to satisfy the demand of Augus R Macfariane as receiver of the Security Bank of Duluth, Minn., amounting to Two hundred forty seven and 45 100 dollars. Now. unless you shall appear before Hon. F S. Parker. Municipal Judge in and for said county, Ht the Municipal Court Room. in the city hall in the city of superior. said county. on the 9th day of February A. D. 1898, at two o'clock in the afternoon, judgment will be rendered against you and your property sold to pay the debt Dated this 19th day of January A. D., 1898. ANGUS R. MACFARLANE, as Receiver of the Security Bank Plaintiff. of Duluth, Minn., GEO. B. HUDNALL, Plaintiff's Attorney. (j22)


Article from The Superior Times, January 29, 1898

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Article Text

STATE OF WISCONSIN. Municipal Court. Douglas County. To K.G. Staples. You are hereby notified that a summons and garnishee has been issued against you and your property garnished to satisfy the demand of Angus R. Macfariane as receiver of the Security Bank of Duluth, Minn. amcounting to Two hundred forty seven and 45 100 dollars. Now. upless you shall appear before Hon. F 8. Parker. Municipal Judre in and for said county. at the Municipal Court Room. in the city hall. in the city of Superior, said county. on the 9th day of February A. D. 1898, at two o'clock in the afternoon. judgment will be rendered against you and your property sold to pay the debt. Dated this 19th day of January A. D 1898. ANGUS R. MACFARLANE as Receiver of the Security Bank Plaintiff of Duluth. Minn, GEO. B. HUDNALL. Plaintiff's Attorney. (j22)


Article from The Saint Paul Globe, February 15, 1898

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Article Text

BANK RECEIVERS WIN. Decision as to the Security Institution at Duluth. A decision of interest to depositors and other creditors of the insolvent Security Bank of Duluth directly, and indirectly to all depositors in insolvent banks in this state, was filed yesterday, the syllabus of the decision being as follows: In re receivership of Security Bank of Duluth; Mercantile National Bank of New York, appellant, VS. Angus R. Macfarlane, as receiver of Security Bank of Duluth, respondent. 1. On appeal from an order allowing a claim against an insolvent banking institution for which a receiver has been appointed under the provisions of Laws of 1896, chapter 145, it is held that it is not a case for the application of any rule affecting the proof or allowance of the claim of a creditor having collateral securities. 2. The relations of an indorser upon commercial paper and the holder thereof are


Article from The Representative, October 26, 1898

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Article Text

VOTE FOR L. C. LONG And the Rest of the Mid-Road Ticket. The Minneapolis Times has an interesting communication which contains a great deal of truth. There is a large class of independent voters in Minneapolis who are quies to see the spots on the sun, and have little use for either of the party idols in the state campaign. One of these, a prominent citizen, whose name in connection with the following interview would create a sensation, discussed the situation with a Times man yesterday in the following style: "When the people of the great state of Minnesota come together periodically, as they do, to nominate a candidate for the highest office in the gift of the people, they, of course, divide up on party lines, and select such standardbearers as will best serve the interests of the party-workers on both sides, their claims under the present system of party and machine politics being paramount to the interests of the people, i. e., the state. This is to be expected by anyone familiar with the rottenness of politics in this state, and it is therefore expected, as a matter of course, and the dear people, who, like 'dumb, driven cattle' do the bidding of their masters, and, like the ass, know their master's crib,' walk up willingly, 'pay the freight,' and at the 'second table' take such crusts as their masters see fit to throw to them. This condition has prevailed so long in Minnesota that it has come to be a matter of course, and therefore, in this year of grace, the taxpayer, the business man, the intelligent citizen, when he sees the Republican party nominate a man who proved untrue to his trust as the mayor of our leading city, he of malodorous hospital site fame, brought forward for higher honors; and the Democratic party, joining hands with the Populists, brings forward a man who admits that while quartermaster of one of our regiments of volunteers, he signed for supplies different in quantity and quality from those he received for the sustenance of our soldiers in the last war, it does not occasion any surprise, but with the feeling of men benumbed by long abuse, they simply shrug their shoulders, accept the inevitable, and, like the Spaniard-lowest of God's creatures-sit down in the dust and say, 'Manana' tomorrow it may be better. "This is very bad, and no wonder that reputable men, good citizens, lose their courage and throw up their hands in despair. But it is always 'darkest just before day,' and out of all this dirty politics and general corruption comes one gleam of light. For years this state has been cursed with probably the most imbecile and incompetent state bank examiner 'as ever was.' State Bank Examiner Kenyon has had charge of the examination of state banks for many years. During his examinations he has passed upon-and approved as sound and worthy of confidence-every bank, savings and loan association and public treasurer that has 'busted,' to the great cost and regret of our people. In the days gone by he has never discovered the slightest weakness in these defunct men and institutions. Witness the fact that the Guaranty Loan company, in whose directory appeared the name of W. H. Eustis, Republican candidate for governor, and whose rotten failure, accompanied as it was by irregularities and fraud unequaled, the worst failure in the West, and one that has done this city and state more injury than all others combined-passed his rigid scrutiny and was pronounced by him all right,' when every bootblack on the street knew for years that it was putrid. "He published in the Minneapolis papers a card, over his own signature, stating that the Bank of Minneapolis, of which the present governor, Clough, was president, was not affected by the Scheig defalcation to a greater amount than the defaulter's bond would cover-say about $20,000. The defalcation was over $100,000. Ask the stockholders if the bank was 'affected.' He didn't discover that the Citizens' bank had been robbed by its president, in way of excessive loans and over-issue of stock. He didn't discover that Kortgaard, of the State bank, robbed that bank of about four times its capital stock by irregular loans. He didn't discover that Haugan started a bank on 'wind' and sunk the city's money in it. He didn't discover that the Commercial bank, of St. Paul was rotten to the core. He didn't discover that the Allemania was in the same condition, or the Savings Bank of Minnesota, with loans to Tom, Dick and the devil, illegal and unauthorized. He didn't discover that the Farmers' Exchange bank was an empty shell, and after they had closed up, Minneapolis bankers heard he was going to allow it to reopen, and in a letter protested against it, as the institution was absolutely decayed. But he promptly allowed it to reopen, to further gull the public, and it as promptly closed up again. He didn't discover that the Security bank, of Duluth, was hopelessly insolvent until after it had closed. All these things escaped his notice in his intense devotion to public business, and not until John Lind was nominated to run as governor did this unfortunate public political appointee discover that at one time, somewhere, somehow, an irregular loan had been made by the Brown County bank, of which John Lind was a director. Stupendous! Prodigious! It required the nomination of John Lind, director of the Brown County bank, against W. H. Eustis, director of the Guaranty Loan company, to develop this wonderful astuteness in this faithful public official. Prodigious! Stupendous! Wonders will never cease; but insasmuch as our state bank examiner finally has got onto one single thing that he has the courage to openly criticise in his jurisdiction, the people of Minnesota can thank God, from full hearts, that good has come out of the wretched political situation. It is worth all it costs. Many there were who were ready to swear that no power in earth, heaven or hell could induce State Bank Examiner Kenyon to report an irregularity. But they were wrong. He caught it at once when the campaign opened, and John Lind, not of his own party, was running for governor. Do men gather figs from thistles? You bet they do in case some political ass of the other party don't first eat the thistles and get them out of the way." The remedy for all this is to vote not for Eustis or Lind, but for that gallant soldier and honest man-L. C. Long, and the whole straight Populist ticket. I. D.