9738. Guaranty Loan company (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 4, 1898
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
81f699ad

Response Measures

None

Description

Articles consistently refer to the Guaranty Loan company as having failed and to the Minneapolis Trust Company acting as receiver. No article describes a depositor run; instead the matter is in receivership and later court hearings over the receiver's account, indicating suspension and permanent closure with a receiver appointed.

Events (4)

1. February 4, 1898 Receivership
Newspaper Excerpt
The article ... attacked the management of the Minneapolis Trust company, as receiver of the Guaranty Loan company.
Source
newspapers
2. January 9, 1899 Other
Newspaper Excerpt
Will Sit in Minneapolis. Judge Otis ... will exchange places ... in the rehearing today of the account of the Minneapolis Trust company, as receiver of the Guaranty Loan company.
Source
newspapers
3. April 8, 1899 Other
Newspaper Excerpt
Guaranty Loan Tangle. Judges ... took up the hearing on the supplemental account of the Minneapolis Trust company as receiver of the Guaranty Loan company.
Source
newspapers
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Articles state the Guaranty Loan company 'have failed' and the examiner was criticized for not detecting its condition; insolvency/bank failure led to suspension.
Newspaper Excerpt
the bank examiner was scored for not calling attention to the condition of the Guaranty Loan company, of Minneapolis, and other institutions which have failed.
Source
newspapers

Newspaper Articles (6)

Article from The Worthington Advance, March 4, 1897

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Article Text

THE LEGISLATURE. Both Bodies Are in Good Working Order. Gossipy Letters Giving in Detail the More Important Work of the Senate and House of Representatives. St. Paul, Feb. 24.-When the legislalature resumed work yesterday, after the Sunday and Washington birthday vacation, it seemed to be much refreshed and resumed the grind with vigor. Two of the bills introduced into the senate pertained to railroad regulation. One authorizes the railroad commissioners to prosecute railroads for violating the law, or compelling them to reduce freight rates without anyone making any formal complaint. Another is the copy of the Iowa law forbidding unjust railroad discriminations. The time limit, fixed in the house. when road and bridge bills can be introduced having expired, that class of bills will have to rely upon the senate hereafter, and four were introduced in the senate yesterday. In order to make sure that the bill providing for bicycle paths was certainly killed, Mr. Grondahl, its author, moved its indefinite postponement when the house met yesterday. He said it had been amended until he could no longer recognize it as a child of his, and consequently preferred to have it killed. In view of the popularity of bicycles in both city and country, it seems odd that the only measure introduced into the legislature in their interest should have met with such violent hostility. There was quite a scrimmage in the house over Mr. Donnelly's bill requiring proceedings to be begun at once against stockholders in suspended banks. The banking committee had amended the bill, giving six months' time in which to commence action, but on the ground that if 80 much time is allowed the stockholders themselves may become insolvent, and in order that the depositors may sooner realize, the argument is based for immediate suit. The house, however, seemed inclined to be lenient, and advanced it to the calendar with the six months' clause still in. It will now require unanimous consent to change it. Bills licensing horseshoers and barbers were recommended to pass, and after a few more legislative sessions we may look to see these classes of citizens rated on the statute books as members of the learned professions. Representative Reeves introduced another bill yesterday taxing mines, mineral lands and iron ore. One of the election contests in the house bids fair to be somewhat expensive, as a bill was offered giving Representative Hall $1,200 for his expenses in defending his seat. Mr. Coates, who tried to capture it, will probably be heard from later with a thousand-dollar bill. St. Paul, Feb. 25.-Senator Dunn is inclined to stir up the Milwaukee road over its discrimination against the Twin Cities. He says southern Minnesota can get freight from Chicago sooner than from the Twin Cities. The delay, he alleges, occurs at Austin where passengers have to wait from three to twelve hours to make connections with trains coming to the Twin Cities. Judge Chandler, agent of the Milwaukee road, replied that the Southern Minnesota line, of which complaint is made, extends a distance of 700 miles and within that distance are 25 junctions and crossings, at all of which they would be glad to make close connections if possible. He says if Senator Dunn will make them a time table which will do this they will be glad to adopt it. The senate passed a substitute for the house bill establishing a board of pardons. The house will probably concur and the pardoning will thus be taken out of the hands of the governor. There was a lengthy debate over Senator Wymau's bill giving the bank examiner more assistance, during which the bank examiner was scored for not calling attention to the condition of the Guaranty Loan company, of Minneapolis, and other institutions which have failed. In his behalf it was claimed that he had 342 institutions to investigate, and that it was impossible for him to do so without more aid. In spite of this statement the opposition to giving him more aid was very strong, and Senator Wyman consented to have progress reported rather than chance defeat by a direct vote. The attendance in the house yesterdar was smaller than usual and no attempt was made to pass any bills. It requires 57 votes to pass a bill and where the attendance is light a very few negative votes will defeat a measure. The members did not want to take any chance yesterday, and when the order for passage of bills was reached it was omitted. The bill providing a commission to select banks where state funds shall be deposited was indfinitely postponed. Mr. Feig's efforts to have the bill or-


Article from Warren Sheaf, March 4, 1897

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Article Text

THE LEGISLATURE. Both Bodies Are in Good Working Order. Gossipy Letters Giving in Detail the More Important Work of the Senate and House of Representatives. St. Paul, Feb. 24.-When the legislalature resumed work yesterday, after the Sunday and Washington birthday vacation, it seemed to be much refreshed and resumed the grind with vigor. Two of the bills introduced into the senate pertained to railroad regulation. One authorizes the railroad commissioners to prosecute railroads for violating the law, or compelling them to reduce freight rates without anyone making any formal complaint. Another is the copy of the lowa law forbidding unjust railroad discriminations. The time limit, fixed in the house. when road and bridge bills can be introduced having expired, that class of bills will have to rely upon the senate hereafter, and four were introduced in the senate yesterday. In order to make sure that the bill providing for bicycle paths was certainly killed, Mr. Grondahl, its author, moved its indefinite postponement when the house met yesterday. He said it had been amended until he could no longer recognize it as a child of his, and consequently preferred to have it killed. In view of the popularity of bicycles in both city and country, it seems odd that the only measure introduced into the legislature in their interest should have met with such violent hostility. There was quite a scrimmage in the house over Mr. Donnelly's bill requiring proceedings to be begun at once against stockholders in suspended banks. The banking committee had amended the bill, giving six months' time in which to commence action, but on the ground that if 80 much time is allowed the stockholders themselves may become insolvent, and in order that the depositors may sooner realize, the argument is based for immediate suit. The house, however, seemed inclined to be lenient, and advanced it to the calendar with the six months' clause still in. It will now require unanimous consent to change it. Bills licensing horseshoers and barbers were recommended to pass, and after a few more legislative sessions we may look to see these classes of citizens rated on the statute books as members of the learned professions. Representative Reeves introduced another bill yesterday taxing mines, mineral lands and iron ore. One of the election contests in the house bids fair to be somewhat expensive, as a bill was offered giving Representative Hall $1,200 for his expenses in defending his seat. Mr. Coates, who tried to capture it, will probably be heard from later with a thousand-dollar bill. St. Paul, Feb. 25.-Senator Dunn is inclined to stir up the Milwaukee road over its discrimination against the Twin Cities. He says southern Minnesota can get freight from Chicago sooner than from the Twin Cities. The delay, he alleges, occurs at Austin where passengers have to wait from three to twelve hours to make connections with trains coming to the Twin Cities. Judge Chandler, agent of the Milwaukee road, replied that the Southern Minnesota line, of which complaint is made, extends a distance of 700 miles and within that distance are 25 junctions and crossings, at all of which they would be glad to make close connections if possible. He says if Senator Dunn will make them a time table which will do this they will be glad to adopt it. The senate passed a substitute for the house bill establishing a board of pardons. The house will probably concur and the pardoning will thus be taken out of the hands of the governor. There was a lengthy debate over Senator Wymau's bill giving the bank examiner more assistance, during which the bank examiner was scored for not calling attention to the condition of the Guaranty Loan company, of Minneapolis, and other institutions which have failed. In his behalf it was claimed that he had 342 institutions to investigate, and that it was impossible for him to do so without more aid. In spite of this statement the opposition to giving him more aid was very strong, and Senator Wyman consented to have progress reported rather than chance defeat by a direct vote. The attendance in the house yesterdar was smaller than usual and no attempt was made to pass any bills. It requires 57 votes to pass a bill and where the attendance is light a very few negative votes will defeat a measure. The members did not want to take any chance yesterday, and when the order for passage of bills was reached it was omitted. The bill pro-iding commission to select banks


Article from The Salt Lake Herald, February 5, 1898

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Article Text

# TOLD THE TRUTH. Verdict Favored Newspaper In a Criminal Libel Suit. Minneapolis, Feb. 4.-The jury in the criminal libel suit against Colonel W. E. Haskell, manager of the Times, has brought in a verdict of not guilty. The article on which the indictment was based attacked the management of the Minneapolis Trust company, as receiver of the Guaranty Loan company.


Article from Little Falls Weekly Transcript, July 29, 1898

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Article Text

The "Hennepin county district court must consider again the deal by which the Trust company as receiver for the Guaranty Loan company disposed of West Pull- man bonds. It was for criticising that deal that the Times got into its celebrated libel suit. Now some of the creditors of the Guaranty company are trying to hold the Trust company responsi- ble for selling the West Pullman securities for less than value. The supreme court declares that the district court must investi- gate the matter.


Article from The Saint Paul Globe, January 9, 1899

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Article Text

Will Sit in Minneapolis. Judge Otis, of the district court, will exchange places with Judge Harrison, of the Minneapolis bench, in the rehearing today of the account of the Minneapolis Trust company, as receiver of the Guaranty Loan company.


Article from The Saint Paul Globe, April 8, 1899

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Article Text

Guaranty Loan Tangle. Judges Elliott, Simpson, McGee and Brooks took up the hearing on the supplemental account of the Minneapolis Trust company as receiver of the Guaranty Loan company, yesterday afternoon. The matter has been gone over Several times before and consequently the arguments for the mots part had to do simply with the legal aspects of the points in controversy.