9746. Minneapolis Savings Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 17, 1899
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
476495d4

Response Measures

None

Description

The articles describe a special examination, appointment of a receiver (Feb 17, 1899), liquidation and payout to depositors (partial dividend ~54%). No run or depositor panic is mentioned — this is a suspension/receivership leading to permanent closure/liquidation due to misconduct/insolvency.

Events (4)
1. February 17, 1899 Receivership
Newspaper Excerpt
James D. Shearer was appointed receiver for the Minneapolis Savings bank this afternoon. The receivership is practically a means of liquidation. ... the depositors will receive their money in full. (later reporting shows partial dividends).
Source
newspapers
2. February 17, 1899 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Special examination found bank in bad shape, misconduct in violation of law, condition not promising restoration to solvency; proceedings instituted to liquidate through a receiver.
Newspaper Excerpt
MINNEAPOLIS, Feb. 17.-James D. Shearer was appointed receiver for the Minneapolis Savings bank this afternoon. ... The receivership is practically a means of liquidation.
Source
newspapers
3. January 23, 1900 Other
Newspaper Excerpt
James D. Shearer, receiver of the Minneapolis Savings bank, has filed a petition asking for the allowance of his final account. He gives the total receipts as $3,795, and the expenses as $319.18.
Source
newspapers
4. December 20, 1900 Other
Newspaper Excerpt
The receiver of the Minneapolis Savings bank has closed his trust, the depositors receiving 54 per cent of their deposits.
Source
newspapers

Newspaper Articles (6)
1. February 18, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 18, 1899

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Article Text

SMALL BANK CLOSED. Receiver for the Minneapolis Savings Bank Named by Pope. MINNEAPOLIS, Feb. 17.-James D. Shearer was appointed receiver for the Minneapolis Savings bank this afternoon. upon an application by the state bank examiner. The receivership is practically a means of liquidation. and was decided upon at- the January investigation of the bank's affairs. The business has been in a bad shape of late, and it was found that the bank could not live on a paying basis. The concern is a very small one, there being only about $5,000 of deposits, and it is claimed that the depositors will receive their money in full.

2. February 21, 1899 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 21, 1899

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Article Text

Gov. Lind yesterday sent to the senate and house communications touching on the methods of accounts kept at several of the public institutions and departments especially as to the public funds in charge of the officials, and a report of the public examiner as to the savings banks of the state. The first communication was in connection with the report of the bank examiner on the condition of the savings banks of the state for the year ending Nov. 30 and Dec. 31, 1898. Under date of Feb. 20 Gov. Lind said: The outgoing public examiner having omitted to make the report required by section 2578 of the General Statutes of 1894, the present incumbent of that office has made such report, which is transmitted herewith, together with his letter of transmittal to me. -John Lind, Governor. The letter of Public Examiner Pope to the governor, under date of Feb. 20, was as follows: I have the honor to enclose for transmission to the legislature a statement of the condition of the savings banks of the state, as shown by their reports covering the year ending Nov. 30 and Dec. 31, 1898. No new savings corporations have been organized during the previous year. None of these reporting have commenced business during the previous year. The reports, as made by the corporations, have not been verified except in the case of the Minneapolis Savings bank, in which case, after special examination, proceedings are being instituted by the attorney general looking to the liquidation of the institution through the medium of a receiver for the protection of depositors. Some amendments to the laws governing the savings institutions of the state will at an early date be submitted by this department for the consideration of your excellency and the attorney general, and for the approval of the legislature. Respectfully, -E. M. Pope, Public Examiner. The report of the public examiner gave the condition of the savings banks organized under the act of 1867 on Nov. 30 and Dec. 31, 1898, as follows:

3. February 22, 1899 The Representative Saint Paul, Minneapolis, MN
Article from The Representative, February 22, 1899

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Article Text

ANOTHER BANK GONE. A Minneapolis savings bank busted up on last Friday, and was placed in the hands of a receiver. The deposits amounted to $7,274.44; the total liabilities of the bank are $8,179; the total assets $7,638. Would it not be better to have government postal savings banks rather than to have these constant failures and robberies of depositors? Why can't we have postal savings banks? The bankers don't want them, for the reason that it would prevent just such schemes as have resulted in the foregoing. I. D.

4. January 23, 1900 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 23, 1900

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Article Text

# MINNEAPOLIS BREVITIES. Laura Hammond was in the police court yesterday on the charge of selling liquor without a license and also with conducting a house of ill fame. Her attorney explained to the court that she had some rooms and a little furniture, which she had bought on the installment plan, and that if given a chance she would leave the state. She was fined $100 on each of the charges, and if she succeeds in paying half the fine the remainder will be remitted. Judge Pond and a jury are engaged in trying the case of Harry Atlas against the order of Brith Abraham, the action being to recover $500 on a death policy. The plaintiff alleges that he is a member in good standing of Minneapolis Lodge No. 63, and that in January, 1893, he insured in the order, taking out a policy for $500, which was to be paid the survivor in the event of the death of himself or wife. His life died last May. Eddie Byrne, a boy of fifteen, was before Judge Kerr yesterday on the complaint of his father, who testified that he refused to attend the high school, smoked a pipe and cigarettes and wanted to run away from home. The case was continued until today, to hear from the boy's mother. James D. Shearer, receiver of the Minneapolis Savings bank, has filed a petition asking for the allowance of his final account. He gives the total receipts as $3,795, and the expenses as $319.18. A formal order was made by Judge Simpson yesterday authorizing the Minneapolis Trust company to execute and deliver a lease and bill of sale of the West hotel to Clara F. Bronson and Nellie W. La Pice, the two daughters of the late Col. West.

5. February 21, 1900 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 21, 1900

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Article Text

# MINNEAPOLIS BREVITIES. Bertha Reichel has begun an action for a divorce from Otto Reichel on the grounds of desertion. An order has been filed by the full bench allowing the final account of James D. Shearer, as receiver of the Minneapolis Savings bank, $500 for his services. Officer Thomas Collins, of the First precinct police, was on the carpet before the mayor and superintendent of police yesterday afternoon charged with neglect of duty.

6. December 20, 1900 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 20, 1900

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Article Text

AS TO SAVINGS BANKS. PUBLIC EXAMINER DEALS WITH THEM IN HIS BIENNIAL REPORT. Public Examiner Pope has just issued Division 4 of his biennial report. The division is devoted to savings banks and is of considerable interest. Gen. Pope states that since the last biennial report, one institution, "The Industrial Savings Bank of Minneapo.." has been authorized. Two, "The Minneapolis Savings bank" and the "Savings Bank of St. Paul," have, on application of the examiner, been placed in charge of receivers. The Minneapolis Savings bank was organized under the laws of 1879. The Savings Bank of St. Paul, under the laws of 1867, and capitalized under Special Laws of 1873. Both institutions have been misconducted, in violation of law, and the'r condition gave no promise of restoration to solvency even with a change of trustees. Each dividend period was increasing the deficit and there was no alternation to a receiver. The receiver of the Minneapolis Savings bank has closed his trust, the depositors receiving 54 per cent of their deposits. The receiver of the Savings Bank of St, Paul has, since July, 1899, paid 30 per cent to depositors. The uncertain value of the large real estate and mortgage holdings and of the securities pertaining to the commercial business of the bank make