9753. National Exchange Bank (Minneapolis, MN)

View Charter #719 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 719
Charter Number: 719
Start Date: April 24, 1877
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: 944e2332

Response Measures

None

Receivership Details

Depositor recovery rate: 89.2%
Date receivership started: 1877-05-24
Date receivership terminated: 1880-06-10
OCC cause of failure: Excessive lending
Share of assets assessed as good: 38.6%
Share of assets assessed as doubtful: 25.9%
Share of assets assessed as worthless: 35.5%

Description

Contemporary newspaper reports (Apr–May 1877) state the National Exchange Bank of Minneapolis closed its doors/suspended on the 24th (reported Apr/May 1877) and was placed in the hands of a receiver under the national banking law (F. L. Balch) on 1877-05-24. The articles describe insolvency and financial embarrassment of the president (H. Miller) and misappropriation/speculation by officers as the cause. No article explicitly describes a depositor run prior to suspension. Dates and names corrected/standardized from OCR (e.g., H. Miller).

Events (4)

1. January 16, 1865 Chartered

Source: historical_nic

2. April 24, 1877 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Financial embarrassment of the bank's president H. Miller and alleged misappropriation/speculative use of funds by officers leading to insolvency; excessive drafts on correspondent accounts also noted in reports.
Newspaper Excerpt: THE National Exchange Bank, of Minneapolis, Minn., closed its doors on the 24th.
Source: newspapers

3. May 24, 1877 Receivership

Source: historical_nic

4. May 24, 1877 Receivership

Newspaper Excerpt: The bank was put into the hands of the receiver under the national banking law on the 24th day of May, 1877. Foster L. Balch, receiver of the National Exchange Bank of Minneapolis, ... (court cases and actions thereafter).
Source: newspapers

Newspaper Articles (12)

1. April 26, 1877 Chicago Daily Tribune Chicago, IL

Article from Chicago Daily Tribune, April 26, 1877

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The failure of the National Exchange Bank of Minneapolis may be of some servico in drawing special attention to a bill now pending in the Illinois Legislature for the protection of depositors in banking Institutions. There seems to be no question that the Minneapolis bank officers abused their privileges, misappropriated their funds to speculativo uses, and received deposita up to within a few moments of suspension, though they must have known for some timo that their institution was insolvent. This practice is criminal in fact, and the bill now before the Legislature proposes to make it criminal under the law and punishable by imprisonment in the Penitentiary. The bill we refer to makes the acceptance of the deposits at any time within thirty days prior to suspension prima facie evidence of an intent to defraud, and such acceptance will be sufficient evidence whoreon to base a criminal indictment. This bill should not only become a law of the State, but it should be most strictly enforced by the Courts. Its operation will at the name time serve to protect innocent depositors from donating their money to bankrupt concerns, and deter bank owners and officers from invosting other people's money in speculative projects. There is no other country in the world where such breach of trust is not punished as a felony, and it will be to the credit of our institutions when the same rule shall be adopted generally in the United States.

2. May 2, 1877 Mineral Point Tribune Mineral Point, WI

Article from Mineral Point Tribune, May 2, 1877

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cooding to these reports, wheat seems to be nnusually promising; in the 459 counties covered, 126 are reported excellent, 304 average, and only 29 poor. Peaches are likely to be at least a partial failure; in 180 counties they are reported injured or wholly destroyed; in 191 a fair or an average crop is prophesied, and in only 61 are they promising. Apples promise very finely. 67 counties reporting a fine crop, 309 an average crop, and but 45 a poor or partial crop. Cherries and smaller fruits seem to promise about an average crop. Six HUNDRED Cheyenne Indians, under the leadership of Chiefs Standing Elk and Dull Knife, surrendered at Red Cloud Agency, Neb., on the 21st. The ponies surrendered number about 700. A RECENT Washington dispatch says the Postmaster-General had issued an order that thereafterappointments of Postoffice clerks, routeagents, mail-route messengers, or local agents, shall be made only for six months, and that at the expiration of this period no reappointment will be made unless the appointee pass a satisfactory examination. THE National Exchange Bank, of Minneapolis, Minn., closed its doors on the 24th. It was stated that the financial embarrassment of its President, H. Miller, of Troy, was the chief cause of the suspension. Gov. HARTRANFT, of Pennsylvania, as Commander-in-Chief of the Grand Army of the Republic, has issued a general order designating May 30 as a Memorial Day. Wherever there are no posts of the Grand Army to lead in the good work, the Commander-in-Chief, in behalf of their surviving comrades, asks the citizens to take steps to decorate the graves of the gallant dead, and secure a proper observance of the day. THE New York canals are to be opened for navigation or the 5th of May.

3. May 3, 1877 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, May 3, 1877

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ing a fine crop, 309 an average crop, and but 45 a poor or partial crop. Cherries and smaller fruits seem to promise about an average crop. IN the Nicholls Legislature, on the 21st, a number of the Packard members of the Senate and House took their seats. Seven Democratic members who had been seated subject to contest yielded their seats to, and introduced, the colored Republican members who claimed the seats on the face of the returns. Ex-Gov. Warmoth made a speech, in which he said: "We have been whipped in the battle, but have at least preserved our self-respect in an honorable contest, and are prepared now to offer our allegiance to the only existing government, and to fairly co-operate in anything which may be suggested." Six HUNDRED Cheyenne Indians, under the leadership of Chiefs Standing Elk and Dull Knife, surrendered at Red Cloud Agency, Neb., on the 21st. The ponies surrendered number about 700. THE National Exchange Bank of Minneapolis, Minn., closed its doors on the 24th. It was stated that the financial embarrassment of its President, H. Miller, of Troy, was the chief cause of the suspension. GEN. AUGUR announces as follows, in a telegram of the 24th, the withdrawal of the Federal troops from the vicinity of the State-House in New Orleans: "The troops quartered at the Orleans Hotel, in this city, vacated it at twelve o'clock meridian to-day, and proceeded to Jackson Barracks. This hotel is the only building in the immediate vicinity of the StateHouse that has been occupied by troops during the past year, and not once during that time have the troops occupied the State-House or any part of it." THE Louisiana Legislature, in joint session on the 24th, elected Judge H. M. Spofford (Democratic caucus candidate) United States Senator, the vote being: Spofford, 140; Wiltz, 1; blank, 12. Gov. PACKARD issued a lengthy address to the Republicans of Louisiana on the 25th, and early on the morning of that day he and his adherents, except one Metropolitan policeman, left the State-House. At noon the Legislature adjourned from Odd Fellows' Hall to the St. Louls Hotel, where it reassembled and proceeded with its business. THE Leuisiana Legislature adjourned sine die on the 27th. IN Chicago, April 26th, Spring wheat No. 2, closed at $1.67 1/@1.751/ cash. Cash corn closed at 57c for No. 2. Oats-No. 2 sold at 40/441c forcash; May options were sold at 411/2c. Rye No. 2, 91@93c. Cash mess pork closed at $15.95@16.00. Lard, $10.05@10.071. Good to choice beeves brought $5.25@5.75; medium grades, $4.50@4.80; butchers' stock, $3.40@4.50; stock cattle, etc., $3.40@4.50. Hogs brought $5.45@5.90 for good to choice. Sheep sold at $4.00@6.25 for good to choice.

4. May 3, 1877 River Falls Journal River Falls, WI

Article from River Falls Journal, May 3, 1877

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FAILURE OF W.P.WESTFALL. The closing of Miller & Westfall's Bank in Prescott, on Tuesday of last week, created something of a stir in that city, as well as towns adjoining. Ellsworth, too, received a shock, as a number of her citizens are patrons of this Bank, in which a little of their surplus cash was deposited. The suspension of this Bank, as we understand it, was broughtabou by the failure of the junior proprietor, a resident of Minneapolis, and Cashier of the National Exchange Bank of that city; and Mr. Westfall's failure was the result of accommodating his patrons with funds which they were unable to replace, thus bursting the bank of which he was the Cashier, the capital stock having been in this way exhausted. The first question among depositors in the .Bank at Prescott was, "will we get our money back?" The question is still an open one. We understand that the County Treasurer had deposited some ten thousand dollars therein for safe keeping and should none of it be recovered, either Mr. Paine or his bondsmen will sustain a heavy loss unless the County Board of Supervisors should generously assume it. If the county funds thus deposited have "gone where the woodbine twineth" it is through no fault, neglect or want of business capacity on the part of Mr. Paine and the loss would be a heavy burden for him to bear. We understand that Mr. Hiram Miller, of Troy, New York, the senior member of the firm, is a responsible man and has cash enough to square up everything with depositors and have a snug fortune left, and it is hoped that he will come forward and make them safe. The failure of the National Exchange Bank, of Minneapolis, really ought not to have affected the Prescott Bank so far as depositors are concerned, but too many drafts upon it by the Minneapolis Bank drew out the money belonging to others and when it was wanted it was not to be had. We hope to be able soon to chronicle the resumption of business by the Bank at Prescott.

5. May 3, 1877 The Kenosha Telegraph Kenosha, WI

Article from The Kenosha Telegraph, May 3, 1877

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MISCELLANEOUS GLEANINGS. The declaration of war by Russia against Turkey has been followed by a liberal advance in the American markets for grain and provisions. At Chicago wheat went up 12 cents in a few hours. Our Government has ordered an armed steamer to proceed to Constantinople, leaving Norfolk this week. to be under the direction of the American Minister during the threatening difficulties between Russia and Turkey. Financial embarrassments: M. T. Morse, lumberman, of Sullivan county, N. Y., has failed; liabilities, $120,000.-The Louisville (Ky.) Plate-Glass Manufacturing Company has gone into bankruptcy.-The National Exchange Bank of Minneapolis, Minn., has collapsed cause, gambling in wheat.-Barden, Malloy & Co., hat jobbers, New York, have gone under; liabilities, $100,000. Financial "irregularities" : S. F. Swartz, chief clerk of the Pension Agent at San Francisco, has defaulted and absconded.-Dr. E Baird, Secretary of the Southern Presbyterian Committee of Publication, is short in his accounts to the amount of $22,000, and has resigned.-A. C. Jackson. late Receiver of Taxes for Camden, N. J., is derelict to the extent of $47,000, which he promises to make good. Gen. Ord, United States military commander n Texas, has ordered a detachment of troops to Laredo, Texas, on the Rio Grande. The affair has created considerable excitement on the frontier, the feeling in Mexico being that it is a demonstration on the part of the United States military authorities in favor of exPresident Lerdo as against Diaz. Both Gens. Sherman and Sheridan express the opinion that the country has seen the last serious Indian war. Gen. Sherman says that American officers desirous of visiting the seat of war in Europe can only obtain leave of absence on half-pay if at all, and that they will be debarred from engaging temporarily with either army. The Board of Indian Commissioners have just made public thdir eighth annual report. It reviews what has been done under the peace system, and deprecates the want of good faith of the Government in its treatment of the Indians. It concludes with the following recommendations: Immediate compliance on the part of the Government with the terms of the existing treaties with all Indians ; appropriations for consolidating the agencies; generous appropriation for educational purposes; discontinuance of tribal relations: extension of the law for the protection of life and property; allotments of land; establishment of industrial and agricultural boarding schools, the compelling the attendance of all between 7 and 18 years the issue of supplies to be made to heads of families; increased salaries to Indian Agents. The Canadians want Queen Victoria declared Empress of Canada, on the 40th anniversary of her coronation, June 20. A fearful catastrophe occurred at Montreal, Canada, afew mornings since. The dismantled walls of a large factory building which had taken fire a short time before, and upon which the firemen were working, suddenly tottered and fell outward with an awful crash, burying the lower buildings adjoining in the ruins, and overwhelming a large number of people in the appalling shower of red-hot bricks. Nine men were killed outright, and ten were wounded in various degrees of severity. A Toronto dispatch says the 'crop prospects throughout Canada were never better. The wheat has wintered well, and the early spring is enabling the farmers to get their spring wheat and other crops into the ground much earlier than usual." We learn from the New York papers that the famous Stevens battery has been purchased by the Russian Government. The price paid is understood to be $1,000,000. The original cost was thrice that sum. A ridiculously absurd report is telegraphed from Washington to the effect that the command of the Turkish armies has been tendered to Gen. Grant. There is a general protest in Alaska against the proposed withdrawal of the troops. Grave apprehensions are felt that serious difficulties will arise between the Indians and resident whites. The former are said to be very turbulent and rapacious when not restrained by the presence of soldiers.

6. May 10, 1877 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, May 10, 1877

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The Redwood Cazette. PUBLISHED EVERY THURSDAY. REDWOOD FALLS MINNESOTA EPITOME OF THE WEEK. CURRENT PARAGRAPHS. The Dime Savings Bank at Bethlehem, Pa., has suspended. Hon. Caleb Cushing recently arrived at New York from Spain. The Louisiana Legislature adjourned sine die on the afternoon of the 26th J.D. Defrees has been appointed Pub. lic Printer in place of A. M. Clapp, resigned. The President has appointed John E. King to be Collector of Customer at New Orienna Cx-Senator William G. (Person) Brown low dirt free mornings ago at his residence in Knoxville, Tenn Another outbreak of the cattle plague has committed the stanging of 124 head in Middlears England The plague has appeared at Reshd, a Persian town. There were 176 deaths at Bagdad from the 16th to the 23d. April 26th was observed throughout Minnesota as a day of fasting and prayer for deliverance from the grasshoppers during the coming season. The Czar has telegraphed to the Prince of Montenegro: 1.am firmly evolved this time to realize the sacred mission of Russia and my predecessor. God will aid us. Great Britain and France, on the 30th ult., issued proclamations directing their subjects to observe the strictest neutrality in the war between Turkey and Russia. It is stated that Gen. Sherman is of the opinion that the European war will be of long duration. and that other Governments than Russia and Turkey will be involved in it Entrance into or departure from the Bosphorus and Dardanelles during the nighttime has been absolutely prohibited by the Porte. All lights have been extinguished. The National Exchange Bank, of Min neapolis, Minn., suspended recently, owing, it is said. to the financial embarrassment of H. Milher, of Troy, the President of the institution. A large number of persons, mostly fire men, were buried beneath the ruins of a burning building at Montreal, Canada. a few mornings ago, and nine of them were crushed or burned to death, and several others were injured. The suit of the English owners of the Emma Mine against Trenor W. Parkand others, to recover the $5,000,000 paid for it. on the ground of misrepresentation and fraud, has been decided in favor of the defendants, after a four months' trial. Up to the 27th of April, the United States Treasury had paid out $30,344,000 in silvercoin. of which amount @18,095,000 were in place of fractional currency and $12,249,000 for currency obligation. The balance on hand amounted to $3,500,000. Gov. Nicholls, of Louisiana, has issued proclamation, designating May 10 as a day of a thanksgiving and prayer. He invites the citizens of the State to properly observe the day, to the end that all the people, forgetting past dis sensions and bitterness, may unite in the fulfillment of common and happy destiny." The Coroner's jury in the case of the Southern Hotel fire, at St. Louis, has rendered verdict that the fire originated in the basement. It also censures the lessees of the building for havingmadeno provisions for extinguishing fire; for carelessness in the storage of inflammable materials, and for making no efficient efforts on the night of the fire to awaken their guests and employes. Judge Schaeffer has decided that Ann a Eliza is not entitled to decree of divorce from Brigham Young, the alleged marriage being that polygamous, and therefore null and void; during the time plaintiff was with defendan as his polygamous wife she was serving him as menial servant, and would be entitled to rea sonable compensation for her service, but hav ing received in this instance, in the form of ali- the more than such service was shown by mony, proof to be reasonably worth, she should go hence without further compensation. The eighth annual report of the Board Indian Commissioners, just published, of cluden with the following recommendations: the The immediate compliance on the treaties with part of Government with terms of existing the Indians; appropriations for consolidating educa all agencies; generous appropriation for discontinuance of tribal rela and tional extension purposes; of law for protection of life tions: allotments of land; establishment of schools, property; industrial and agricultural boarding seven compelling the attendance of all between and eighteen years of age; issue of supplies sala to be made to heads of famines; increase of ries to Indian Agents. The Louisiana Commissioners' report and given out by the President, on the 25th, was is dated New Orleans, April 21. It gives an so arrival count of the position of affairs on the states the Commission at New Orleans, and diffithat of the Commissioners found it to be very the cult to ascertain the precise extent to which in Governments were acknowledged Orleans, respective various parishes outside of New which the but it was safe to say that the changes taken place in the parishes after the or on had ganization of the two Governments of the the 9th of January, 1877, were in favor Nicholls Government. The legal question upon Government which the right of the respective and it discussed in the report, depended stated that is then there was no judicial tribunal, acknowledged is to be authoritative by both parties, The which the legal title could be solved. union by hope of a practical solution was by a would only of mbers of the rival Legislatures so many make a Legislature with a Constitutional THE in

7. March 1, 1878 Daily Globe Saint Paul, MN

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for said accounts be provided by the commissioners. Also that bill-heads bound in books of suitable pocket size and lettered, Purchases for Hennepin County Poor Farm," and numbered regularly from one up, be furnished the superintendent, and that all parties from whom purchases are by him made shall therein make out against said farm itemized bills of said goods purchased, and, when paid, shall receipt said bills in usual form, and that such bills shall be severally audited and certified by the commissioners before being allowed in settlements with said superintendent. Third-It is also recommended that in case of wearing apparel the permanent records of the institution shall show to which of the inmates the articles were issued. COURT HOUSE. The grand jury also recommend and urge the immediate erection of a suitable and fire-proof addition to the court house, for the deposit of the records of the court, believing that the present negligence of the county in this respect is nothing less than criminal. PAWN BROKERS. We also recommend an amendment to the charter of the city of Minneapolis, providing for the licensing of pawnbrokers and dealers in second-hand goods and regulating their busiaess. GEO. R. LYMAN, Sec'y. The following communication was filed with the report: To the foreman of the grand jury: SIR:-We, the prisoners confined in the county jail, take this opportunity to express our feelings in regard to the treatment received by us at the hands of Sheriff Thompson and family for the many kindnesses and the many acts of interest and sympathy they have shown us. On Thanksgiving and Christmas we were not fargotten, but were furnished very nicely cooked dinzers suitable to the day and occasion by Mrs. Thompson, and have received many other favors from the same. When sick we have been looked after with care and attention. Mr. Fred Thompson has been kind and thoughtful. Mr. Larson, the turnkey, has always been ready with a word of Christian advice and sympathy, and has granted all the favors he could consistent with his duty, and has tried to make our situation as pleasant as possible. We have been furnished entire changes of clothing every week, and our bedding has been changed as often as necessary, and great regard has been paid to cleanliness, and health. as far as possible to the promotion of good Signed by fifteen prisoners. At the conclusion of the reading of the report, the case of Hedderly vs. Jones was resumed and given to the jury, with a written statement of questions for them to pass upon. Judge Vanderburg then took the bench and resumed his unfinished case of M. C. Burr vs. Laraway, King & Perrine. The jury in this case were out for a short time, and brought in verdict for the defendant in thesum of $152.77. JONES-HEDDERLY VERDICT. About three o'clock p. m. the jury in the Jones-Hodderly case returned into open court and delivered to Judge Young a special verdict, finding that Hedderly moved, about November 1st, from the Tenth to the Seventh ward, and did not intend to return to that ward, but did intend to return to the commissioner district; that he did not remove his family from the Seventh ward; that he was duly appointed county commissioner on the 15th of Dec., 1877, and had no notice of the appointment to fill the vacancy. The verdict found by the jury as above is of course only as to the questions prepared, there being points of law yet to be decided by the court. To-day's calendar completes the civil jury cases to come before Judge Young, and is as follows: 77-Cyrus Rothschild and Emanuel Keyser vs. C. J. Carrick and Wm. Gould. 106-F. L. Balch, as receiver of the national Exchange Bank of Minneapolis VS. F. L. Johnson & Co. 116-A. G. Rand VS. Geo. H. Wilson.

8. April 18, 1878 Daily Globe Saint Paul, MN

Article from Daily Globe, April 18, 1878

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# Supreme Court. [Before the full Bench.] George P. Johnson, appellant, vs. Louis Crossin, respondent. Argued and submitted. Morris Holbrook, respondent, vs. Josiah G. Cooley, appellant. Argued and submitted. SET FOR ARGUMENT TO-DVY. Foster L. Bach, receiver of the National Ex- change bank of Minneapolis, respondent, vs. Eugene M. Wilson and William M. Kimball, appellants; order from Hennepin county. At- water & Babcock; Wilson & Lawrence.

9. May 21, 1878 Daily Globe Saint Paul, MN

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United States District Court. IN BANKRUPTCY. The creditors of John B. Gowen, of Warsaw, Rice county, filed a petition that he be declared an involnntary bankrupt. Supreme Court. [Before the full Bench.| In the matter of the appeal of Harvey Officer, guardian ad litem, in the matter of the last will of Allanson Allen, deceased. Ordered that the judgment heretofore entered against Harvey Officer be vacated. Further ordered that judgment be entered against Julia A. Allen and Charles E. Allen, the minors of the deceased aforesaid. No. 79. George A. Camp and Thomas B. Walker, partners as Camp & Walker, Respondents, vs. N. R. Thompson and the State National bank of Minneapolis, interpleaded. Submitted and taken under advisement. No. 75. C. R. Coon, appellant, vs. A. K. Pruden and Anette D. Hare, copartners as A. K. Pruden & Co.; order from Ramsey county. Submitted per stipulation of counsel, and taken under advisement. No. 72. Susan C. Abee, et al., respondents, VS. Samuel Hayden, appellant; judgment from Sherburne county. Same. No. 66. S. D. Foss and M. H. Foss, respondents, VS. Kasson Grange Elevator company; appellant; judgement from Dodge county. Judgment of the court below affirmed. No. 32. Foster L. Balch, receiver of the National Exchange bank of Minneapolis, respondent, vs. Eugene M. Wilson and Wm. M. Kimball, appellants; order from Hennepin county. Argued, submitted and taken under advisement. The court adjourned until 9:30 A. M. to-day. SET FOR HEARING TO-DAY. No. 44. Mark D. Flour, respondent, VS. W. D. Cornish, appellant; order from Ramsey county. E. C. Palmer and H. A. Castle; H. L. Williams and W. D. Cornish. No. 52. Walter Mann, assignee of F. A. Taylor, appellant, vs. Mark D. Flower, W. D. Cornish. Horace Thompson, Maurice Auerbach and Albert Scheffer, Charles N. Nelson and George R. Finch, as executors of the last will and testament of Charles Scheffer, deceased, respondents. George L. and Charles E. Otis, and Williams & Davidson; Palmer & Bell.

10. October 8, 1878 Daily Globe Saint Paul, MN

Article from Daily Globe, October 8, 1878

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SUPREME COURT. FULL TEXT OF DECISION FILED. F. L. Balch, as Receiver of the National Exchange Bank of Minneapotis, Respondent, vs. E. M. Wilson and William M. Kimball. OPINION. The note sued on was a joint note of the defendants given to the bank, dated on the 18th April, 1877, and payable one month after its date. The bank was put into the hands of the receiver under the national banking law on the 24th day of May, 1877, which was after the maturity of said note. Giving to the averments of the answer the most favorable construction claimed by appellants, the three several notes set up as a ground for the equitable relief sought originated in the settlement of a transaction between the defendant Kimball alone and the bank and Tidd and Fales. Said notes were given to Kimball by the bank and Tidd & Fales as joint makers, being dated April 16, 1877, and payable respectively in twelve, fifteen and eighteen months next thereafter with interest. Neither of these notes were due at the time the receiver was appointed, nor were they or either of them due when this action was commenced, which appears to have been in November, 1877. It is alleged in the answer that the defendant, Kimball, transferred or assigned one-half of these notes to the defendant, Wilson, prior to the commencement of this action, but whether before or after the appointment of the receiver is not stated. It cannot be assumed that Wilson acquired any interest in the notes prior to that time, as no such fact is alleged in the pleadings. The insolvency of both the bank and Tidd & Fales, the other makers of the notes, is properly alleged. The further fact is alleged, though clearly an immaterial one in this action, that a claim for the amount of these notes has been duly made to the receiver and disallowed. Upon this state of facts the defendants ask that the plaintiff be estopped from collecting his demand against the defendants, and that so much of the defendants' demands as may be necessary be set off against that due to the bank in payment of the same and for other and further relief as may seem just. The respective rights and liabilities existing between the bank and its creditors and debtors became fixed|when its insolvency occurred, and it passed into the hands of the receiver appointed by the controller of the currency. All the property and assets of the association then became a fund legally dedicated, first to the satisfaction of any claim of the United States government for any deficiency in the proceeds of the bonds pledged for the redemption of its notes to meet the amount necessary to be expended for that purpose; and, second, for a ratable distribution of the balance among its general creditors, upon the principle of equality. No subsequent lien could be created, or right, or preference obtained in respect to any of the assets or property of the bank, which did not exist at that time. National Bank VS. Colby, 21 Will, 609. The rights of the parties hereto then must be determined with reference to the condition of things existing when the receiver herein was appointed; and unless the defendant Kimball, the then holder and owner of the notes against the bank, had at that time the equitable right of set off here claimed, it is clear that it does not exist in favor of the defendants. U. S. Trust Co. VS. Harris, 2 Bom., 76. Clark VS. Brockway, 3 Keyes, 13. In matter of receiver of Middle district, book 1, page 585, Clarke VS. Hawkins, 5 R. I., 219. At that time the joint note of the defendants to the bank was overdue. If it had been paid at maturity according to its terms, the proceeds would have passed into the hands of the receiver as cash assets, subject without doubt to be equally and ratably distributed among the general creditors of the association after settlement of the prior claim of the government according to the provisions of the

11. December 6, 1878 Daily Globe Saint Paul, MN

Article from Daily Globe, December 6, 1878

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[Special Telegram to the Globe. MINNEAPOLIS, Dec. 6.-Grace Davis, one of the "lady boarders" at Kate Campbell's on Second street north, attempted suicide last night by taking fifteen grains of morphine. The girl had just returned from Chicago on Saturdao last, and on her arrival was without money and seemed very low spirited. She had made frequent threats to take her life, but no heed was paid to them. On Wednesday night about 7 o'clock, she gave Henry Washington, a cook employed in the house, 50 cents, and told him to go to Gray's drug store and get her some morphine. Instead of coming back Henry went off on a spree, and did not return until yesterday noon. She took the first dose of the poison about 4 o'clock in the afternoon, and when called to supper said she did not want any. Her queer actions caused much fun at her expense among the other "boarders," but as it was thought she was intoxicated, no attention was paid to her. She left the supper table, went into the parlor, and then took another dose, and after taking it, asked one of the girls for a bite of apple to take the bitter taste out of her mouth. Several present again laughed at her actions, when she said: "You can laugh now, but you will not laugh in the morning." She went immediately to her room, and was found about half an hour later unconscious and gasping for breath. A messenger was immediately sent for a doctor, and Dr. Ames arriving, did all in his power to save her life, but at 12 o'clock she was sinking fast, and will probably die before morning. The girl is about 25 years old, and was formerly an inmate of Nettie Connelly's den on the East Side. According to her story she has a husband who keeps a barber shop at the corner of State and Monroe streets, Chicago, and two sisters who live on Cottage Grove avenue, in the same city. THE COURTS. District Court. [Before Judge Vanderburgh.] COURT CASES. The First National bank of Minneapolis VS. the Merchants National bank of Minneapolis. Case argued and submitted. Mary A. Dean vs. James H. Dean. Case continued to January 2d, 1879. Barnum Bros. VS. J. F. N. DeFlon, assignee and defendant, and the Sheboygan carriage manufactory, intervenor. Case continued to December 16th. Michael Gillin VS. Carrick and Jameson. Judgment by default. Patrick Shields VS. L. L. Stanchfield. Judgment by default. The call for to-day is, 70, 71. The following decision has been filed with the clerk of the court: H. F. Lilibridge vs. Holenberg Bros., et al. A motion to strike out complaint by intervenors, Hart & Monroe, denied. [Before Judge Young. JURY CASES. Henry A. Bennett vs. Leonard Kimball, et al.; case dismissed on motion of defendant. Foster L. Balch, as Receiver of the National Exchange Bank of Minneapolis, vs. F. L. Johnson & Co.; stipulations filed dismissing action. Foster L. Balch, as Receiver of the National Exchange Bank of Minneapolis, VS. M. A. Sprague; case on trial. In the matter of the application of the Minneapolis Eastern Railway Company for the appointment of commissioners; matter still being argned. The call for to-morrow is 120, 121. Probate Court. [Before Judge Rea. A petition to sell land on the estate of Andrew Hertin was filed. Mark W. Lewis was appointed guardian in the estate of Walter L. Chandler.

12. December 7, 1879 Daily Globe Saint Paul, MN

Article from Daily Globe, December 7, 1879

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COURT CULLINGS. DISTRICT DOINGS. A special term of the district court was held yesterday, and the following business was transacted: Before Judge VanderburghJ. C. Furber & Co. VS. Nathaniel Mooers. No service on defendant, and case stricken from the calendar. In the matter of the assignment of Joshua J. Fishburn to Geo. N. Merriam. Account of assignee alowed. August Mittelsteadt VS. Schanning and Pauline Schanning. Verdict for plaintiff for $500. Defendants granted a stay of proceedings for twenty days. W.M. Kimball VS. The National Exchange bank of Mianeapolis, Foster Balch, receiver thereof, and T. W. Tidd and E. B. Fales, partners in Tidd & Fales. On trial. On Monday morning the criminal cases are to be taken up. Before Judge Young— L. E. Bundy VS. P.G. Bell. Continued until Dec. 23d. Chas. Goddard Parke vs. Valentine G. Hush. Tried and submitted. Monday's calendar before Judge Young is as follows: In the matter of the estate of John Paul, deceased. Appeal from the order of the commissioners allowing the claim of Chas. A. Gilbert, administrator of the estate of Beebe Clark at al. Winnie M. Hart VS. J. M. Hart. PROBATE PICKINGS. Rosalie La Belle and Mary Eddy were adjudged insane yesterday, and an order issued committing them to the asylum. In the matter of the estate of Severe Bottineau, deceased. Order made confirming sale of real estate. In the matter of the estate of Leonard H. Bragley, deceased. Order made accepting resignation of A. A. Gates as special administrator. MUNICIPAL MATTERS. James Gibbins, Joseph Braun, and J. D. Walters, got full of booze, and were brought up. Being the first time, they were discharged. Thomas Osier and John Jacob Weir, drunk, had no excuse to offer, and now crack rock, or will to-morrow. Harry Monroe, for robbery, was bound 1 over in $500 bonds. Jacob Auron and Jons Jacobson got into