9756. Northern Trust Company (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
December 30, 1896
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
9644511c

Response Measures

None

Description

Articles report a run on the small Bankers' Exchange Bank (separate institution) and that the Northern Trust Company (Minneapolis) applied to district court for a receiver on Dec. 30/31, 1896; hearing postponed a week. No explicit run on Northern Trust is mentioned. I classify the Northern Trust episode as suspension/closure (receivership) with no run.

Events (2)
1. December 30, 1896 Receivership
Newspaper Excerpt
The Northern Trust company, through its president, George Maxwell, applied to a district court this morning for a receiver. The hearing was postponed a week.
Source
newspapers
2. December 30, 1896 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals from the small Bankers' Exchange Bank over three weeks; article implies bank-specific distress prompted withdrawals.
Measures
Cashier declared he had plenty of ready money but preferred to await the bank examiner's advice before making further payments.
Newspaper Excerpt
There had been a run on the bank which has taken $85,000 from it in three weeks.
Source
newspapers

Newspaper Articles (4)
1. December 30, 1896 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 30, 1896

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Article Text

Easter Financially. MINNEAPOLIS, Minn., Dec. 30.-The financial situation 18 much easter today. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple as the Institution 18 small with only $30,000 capital. The run on this bank has taken $85,000 from it in three weeks. Cashier Field declared he had plenty of ready money but preferred to await the band examiner's advice before making further payments. The Northern Trust company, through its president, George Maxwell, applied to a district court this morning for a receiver. The hearing was postponed a week. Ex-Governor A. R. McGill to president. The company suspended payment in 1893 but afterwards resumed.

2. December 31, 1896 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, December 31, 1896

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Article Text

SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The anmouncement that the Bankers' Exchange bank had sust nded payment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 carital. There had been a run on the bank which has taken $35.000 from it in three weeks. Cashier Fie d declared that he had plenty of ready money in the van.t but preferred to await the bank examiner's advice before making furcher payments. The Northern Trast company. through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president It suspended payment during the panic of 1893 but afterwards resumed bus.ness.

3. December 31, 1896 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, December 31, 1896

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Article Text

SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.- The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcemeut that the Bankers' Exchange bank had sust nded payment for a few days caused scarcely a ripple, as the institution is a very small one, with eniv $30,000 cavital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Fie d declared that he had plenty of ready money in the van't but preferred to await the bank examiner's advice before making further payments. The Northern Trast company. through its rice president, George H. Maxwell, applied to the distritt court for a re. ceiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president It suspended payment during the panic of 1893 but afterwards resumed bus. ness.

4. January 1, 1897 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, January 1, 1897

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Article Text

SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcement that the Bankers' Exchange bank had suspended pay. ment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 capital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money in the vault but preferred to await the bank examiner's advice before making further payments. The Northern Trust company,through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president. It suspended payment during the panic of 1893 but afterwards resumed business.