9772. Scandia Bank (Minneapolis, MN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 28, 1896
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: a035301a

Response Measures

None

Description

The Scandia Bank suspended payment on advice of the bank examiner on Dec. 28–29, 1896 due to inability to realize on real-estate-heavy assets. A receiver was appointed and legal receivership actions continued into 1897, indicating permanent closure rather than a temporary suspension and reopening. No contemporaneous bank run is described as causing the suspension.

Events (2)

1. December 28, 1896 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to realize on real-estate heavy securities and declining real estate values caused illiquidity and suspension.
Newspaper Excerpt: The Scandia bank ... suspended payment this noon on advice of Bank Examiner Kenyon. ... The suspension is due entirely to our inability to realize on real estate.
Source: newspapers

2. February 17, 1897 Receivership

Newspaper Excerpt: in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed ... for the purpose of enforcing the liability of the stockholders ... to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank ...
Source: newspapers

Newspaper Articles (21)

1. December 29, 1896 The Herald Los Angeles, CA

Article from The Herald, December 29, 1896

Click image to open full size in new tab

Article Text

COULDN'T SELL REAL ESTATE The Scandia Bank of Minneopolis Closes Its Doors Loss to Depositors, if any, Will be Trifling-Failures in Various Lines at Other Places. MINNEAPOLIS, Minn., Dec. 28.-The Scandia bank, a small bank of this city, with a capital of $60,000, suspended payment this noon on advice of Bank Examiner Kenyon. It is officially estimated that the liabilities of the institution will aggregate $300,000. The assets consist largely of real estate, and with a reasonable realization will net, it is thought, about that amount, possibly reaching $350,000. The institution had a share of the state funds, but the amount was only $3158. The recent failure of the Minnesota bank at St. Paul affected it to the extent of $1100. President Sund made the following statement: "The suspension is due entirely to our inability to realize on real estate.- In 1892 we were obliged to accept considerable in the form of security, and the price has steadily declined. I am in hopes that sufficient will be realized to pay every person concerned and may add that we are now of the hope that the institution will soon again be placed upon a working basis." Bank Examiner Kenyon said he was quite sure the loss of depositors would be trifling. He says there is every reason to believe that with ordinary success the assets will exceed all liabilities. The Scandia bank opened in October, 1893. There has been practically little change in the management since its inception. The stockholders include R. Sunde, R. B. Anderson of Madison and C. E. Vanderberg of this city. H. J. Kjessessvig was assistant cashier. General surprise was felt at the suspension, as it was known to be one of the most conservatively managed banks in the city. AT KANSAS CITY. KANSAS CITY, Dec. 28.-The McCoy Banking company of Independence, Mo., went into voluntary liquidation today. The reason given is that its president, William McCoy, is too advanced in years to manage its affairs any longer. AT CHICAGO CHICAGO, Dec. 28.-The Excelsior Machine and Belt Works company failed today. Liabilities and assets each about $40,000. A BROKER BROKEN SAN FRANCISCO, Dec. 28.-Herman Waterman, grain broker, is insolvent. His liabilities are $33,000, with practicaily no assets. Waterman is a member of the produce exchange and one of the oldest grain brokers in the city. THE NEWHALL DEBTS SAN FRANCISCO, Dec. 28.-Papers filed with the county clerk today show that H. M. Newall and company of this city hold a claim for $109,394 against A. T. Hatch, the orchardist, who was forced into insolvency two weeks ago. The indebtedness is represented by four promissory notes bearing date of September 20, 1895. The debt is secured by property which the insolvency court has found to be worth $54,460. The firm has been admitted as a creditor of the estate in insolvency to the amount of $54,934. A SOLID CONCERN CHICAGO, Dec. 28.-At the meeting of the directors of the Dime Savings bank which was held this afternoon, it was the opinion that the bank was In no danger and would weather the storm in great shape. No particular plan of action was decided upon and the bank will continue business as usual.

2. December 29, 1896 The Herald Los Angeles, CA

Click image to open full size in new tab

Article Text

NEWS OF THE MORNING By Telegraph: Rain is likely today with frost at night. Six-day bicyclists get to work at Washington. Governor Budd completes his message to the legislature. The famous Santa Fe receivership case knocked out; railroad notes. Mme. Stambouloff creates a sensation at the trial of her husband's alleged murderers. The state department will act regarding official annoyance of American traders in Colombia. Spain will accept the good offices of the United States to propose conditions to the Cuban insurgents. The number of killed at the Birmingham railroad disaster admitted to be 24, and claimed to be still larger. A serious hitch in the Venezuelan treaty matter; Venezuela insists upon the production of the complete treaty. A Kansas county goes into insolvency. The Scandia bank of Minneapolis fails; other business disasters reported. Paint and dye manufacturers and wine growers have a hearing before the committee on ways and means; each wants more tariff.

3. December 29, 1896 The Roanoke Daily Times Roanoke, VA

Article from The Roanoke Daily Times, December 29, 1896

Click image to open full size in new tab

Article Text

A SMALL BANK GONE. Minneapolis, Minn., Dec. 28.-The Scandia Bank suspended to-day. It was one of the smallest banks of the city and was loaded with real estate upon which it could not realize.

4. December 29, 1896 The Times Richmond, VA

Article from The Times, December 29, 1896

Click image to open full size in new tab

Article Text

BUSINESS TROUBLES, Banks in Trouble in the Northwestcantile Failures. MINNEAPOLIS, MINN., Dec. The Scandia Bank, of this city, cl its doors this afternoon. The last obtainable statement of condition of the bank was made UU 6th last. It showed loans and disco amounting to $189,288, and deposits at gating $225,337. its business nas pee most wholly with Scans. SUPERIOR, WIS., Dec. 3.-Antic ing a run to-day, the bank of Sup did not open for business this mor Henry S. Butler is assignee, and assumed charge of the DUNK S an The failure is que to poor business heavy withdrawals since recent fai in St. Paul, Chicago, and this city. capital of the bank was $25,000, with plus of $6,000. The deposits were n $100,00, including $13,210 or city I This makes nearly $30,000 of public 1 tied up in a week. Officials of the say they will pay in tull. CHICAGO, Dec. 28.-The Atlas Nat Bank, at Washington and LaSalle st was practically in charge of the Ch Clearing House Association, represe the Associated Financial institution the city, when the doors were open the public at 10 o'clock this mor William C. Oakley, a former na bank examiner, was appointed the or the associated banks to superi the clerical and other details in co tion with the work of voluntary liq tion with the necessary cash assis of other banks. Small accounts were paid in full presented this morning, but, in no did the large depositors press for I diate payment, accepting the signed antee of the banks in the Clearing I that all depositors would get their II in full. Many business men and ba called to express their sympathy wit officers and directors of the bank It is believed the stockholders wi nearly all that is due them at par. The well-known connection betwee Atlas Bank and the Dime Savings a small but old institution, cause circulation of the report that it 1 also be forced to liquidate. Its doors opened for business as usual, but was little business to do. Depo came to draw out their savings, but were presented with a blank noti the bank that they desired to with so much in ninety days from date requested to fill out the paper, Other banks of the city were doing ness under normal conditions this I ing. The general opinion is that the Bank will follow the Atlas into volu liquidation within ninety days. The resources of the Atlas Na Bank are estimated at $2,550,000. wit ligations approximating the same an Owing to inability to realize the : value of the assets on a declining ket, it will be necessary for the I which are members of the Clearing-1 Association. to advance between $5 and $600,000. pro rated according to capital stock, in order to pay all app claims in full at once. This is exp to be done within a week. The at of money needed to complete the lic tion is about $100.000 more than W first expected by the ClearingCommittee. After Chairman Lomard, Clearine- House Committee who is

5. December 29, 1896 New-York Tribune New York, NY

Article from New-York Tribune, December 29, 1896

Click image to open full size in new tab

Article Text

A MINNEAPOLIS BANK SUSPENDS. THE SCANDIA CLOSES ITS DOORS-ITS DEPOSITORS SCANDINAVIANS. Minneapolis, Minn., Dec. 28.-The Scandia Bank, of this city, closed its doors this afternoon. It was organized fifteen years ago by Mons Grinager, a prominent Scandinavian politician of this State, who died in 1893. Its president is R. Sunde, who came to Minneapolis ten years ago from Wilmar, Minn., where he had made a fortune as a moneylender. The last statement of the condition of the bank was made on October 6 last. It showed loans and discounts amounting to $189,288 and deposits aggregating $225,337. Its business has been almost wholly with Scandinavians

6. December 29, 1896 Evening Star Washington, DC

Article from Evening Star, December 29, 1896

Click image to open full size in new tab

Article Text

Scandia Bank Closes. A Minneapolis dispatch says: The Scandia Bank, with a capital of $00,000, suspended payment today, upon the advice of Bank Examiner Kenyon. President Sunday says he believes the creditors will eventually be paid in full. According to the last report, the hank had resources amounting to $132,000. The time and demand deposits amount to over $300,000. The suspension is due to Inability to realise on securities, constating mostly of real estate.

7. December 30, 1896 The Mena Weekly Star Mena, AR

Article from The Mena Weekly Star, December 30, 1896

Click image to open full size in new tab

Article Text

A Minneapolis Bank Suspended. MINNEAPOLIS, Minn., Dec. 29.-The Scandia bank suspended to-day. It was one of the smaller banks of the city and was loaded up with real estate on which it could not realize.

8. December 30, 1896 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, December 30, 1896

Click image to open full size in new tab

Article Text

Money of the State. The state of Minnesota had tied up in the Minneapolis banks which suspended Monday and Tuesday about $23,000, distributed as follows: Columbia, $16,000; Washington, $4,000, and Scandia bank, $3,000. State Treasurer Koerner said yesterday to the Globe that he did not expect that the state would lose any of its funds, although it is probable that they will be tied up until the bank examiner has had time to go over the affairs of the various banks and determine just what shape the assets are in.

9. December 30, 1896 The Bryan Daily Eagle Bryan, TX

Article from The Bryan Daily Eagle, December 30, 1896

Click image to open full size in new tab

Article Text

Scandia Bank Has Suspended. MINNEAPOLIS, Dec. 29.-The Scandia bank, a small concern of this city, with a capital of $60,000, has suspended payment upon the advice of Bank Examiner Kenyon. The time and demand deposits amount to over $300,000. Thessuspension is due to the inability to realize on the securities, consisting mostly of real estate. It is officially estimated that the liabilities of the institution/will aggregate $800,000.

10. December 31, 1896 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, December 31, 1896

Click image to open full size in new tab

Article Text

Minneapolis, Dec. 29.-The Scandia bank suspended yesterday. It was one of the smaller banks of the city and was loaded up with real estate on which it could not realize. The bank has resources amounting to $432,000. The time and demand deposits amount to $300,000.

11. January 1, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 1, 1897

Click image to open full size in new tab

Article Text

OBJECT TO BYERS CREDITORS OF THE SCANDIA BANK INDIGNANT AT THE COURT'S ACTION. ROAST ON THE RECEIVER. REASONS SET FORTH WHY APPOINTMENT OF A NEW MAN IS SOUGHT. WASHINGTON MAY REORGANIZE. Its Affairs Said to Be in Most Favorable Condition-Minneapolis Matters. "Byers as receiver won't do," was the unanimous expression of the depositors of the defunct Scandia bank, registered in no uncertain way a a mass meeting of the bank's creditors, held at 1805 Franklin avenue south, last night. The meeting had been called to take steps looking to the removal of the receiver and at 8 o'clock not less than 1,000 men and women, for there were a few women on deck, were present. The large hall was packed to suffocation, not even the secretary having room to sit down, and the crowd which stood on the sidewalk and in the street resembled very much a run upon the bank the day it closed its doors. William K. Hicks was chosen chairman of the meeting, and Lewis Gjertsen secretary. The objects of the meeting were stated by the chair, after which a series of resolutions were read by the secretary, as follows: To the District Court of Hennepin County, in the mater of the Receivership of Scandia Bank of Minneapolis: We, the undersigned creditors of the above named bank, do hereby petition the court to appoint as receiver of said bank a person in whom the creditors have confidence, and that the person now appointed by the court may be removed: that we have no confidence in him, and that his financial record is such that we do not hesitate to say that it is unreasonable to appoint a man for such a position against whom judgments of thousnds of dollars are entered of record unsatisfied, and who is debtor to said bank in the sum of $2,000 on a note which is past due since 1893, and is protested for nonpayment. Now, therefore, we, the undersigned creditors of said bank, in mass meeting assembled. do hereby resolve that a committee be appointed, consisting of seven persons, to institute proceedings for the removal of said receiver, John F. Beyers, and that a person in whom we have confidence be appointed in his stead. That owing to the fact that a large majority of the creditors of said bank are of Scandinavian birth, we insist that a Scandinavian be appointed as such receiver. Dated Dec. 31, 1896. The resolution was satisfactory, with the exception of the last clause, to the effect that the person to be appointed should be of Scandinavian birth. This was unanimously stricken from the resolution. The appointment of the committee provided for to institute proceedings to remove the present appointee of the court was then taken up. On motion the chairman was authorized to appoint the committee, his nominees to be voted upon by the meeting. There was considerable difference of opinion as to whether or not attorneys should be eligible as members of this committee, but it was decided that a knowledge of law need not bar any one. The committee selected inclu led Julius A. Newgard, W. H. Hicks, Jacob Stoft, Robert Christensen, Lewis Cjertsen, D. Eagstrom and C. Birkhoffer, who were given power to suggest to the court a man for receiver, who would be acceptable to the depositors, in case Mr. Byers is removed. Several names were mentioned for the place of receiver, among whom were D. C. Bell, Jacob Stoft, Hans Simonsen, Ernest Kempe, Judge Uhland and others. D. C. Bell would seem to be the favorite. As to the choice of the seven men who have the suggesting power, none were willing to express a decided preference, and thought it would be time enough to consider that question after the court should have re-

12. January 2, 1897 The Diamond Drill Crystal Falls, MI

Article from The Diamond Drill, January 2, 1897

Click image to open full size in new tab

Article Text

William M. & J. S. Van Nortwick. bankers and manufacturers, made au assignment at Batavia, III., with liabilities of $2,000,000. At the opening day in Washington of the hearings before the ways and means committee in preparation for the framing of a tariff bill representatives of hundreds of millions of dollars made brief statements of their views. Eleven cracks in the bicycle world entered a six days'. eight hours a day. international bicycle contest in Washington. Statistics from 1,388 industrial establishments in 46 states show that 52,448 less hands were employed in those es. tablishments in 1896 than in 1892. and that $19,214,448 less was paid out in wages. Frank E. Clark, for 18 years editor of the Grayville (TII.) Independent. committed suicide by taking poison. No cause is known. The Scandis bank st Minneapolis suspended payments with liabilities of $300,000. Will Robinson (colored). who Allled sweetheart in a church in Pike counMo., was taken to the penitentiary for 102 years. The large furniture house of Julius Lansburg in Washington was destroyed by fire. the loss being $160,000. The McCoy Banking company of Independence, Mo., went into voluntary liquidation with liabilities of $125,000. The Bank of Superior at Superior, Wis., closed its doors with liabilities of $100,000. By the explosion of a lamp Gregor Kirchbaum and his wife were burned to death in their home at Johnston, R. 1. One thousand Chicago saloon keepers have been compelled during the last three months to retire from business because of hard times. The state of Iowa celebrated its 50th birthday. At Stamford, Conn., Mrs. Henry Ward Beecher fell and broke her hip and may be forced to use crutches for the rest of life. She is 84 years old. At the annual meeting in Chicago-of the Northwestern Traveling Men's association William H. Cribben was electpresident. The death payments for the year amounted to $169,400. Gov. R. M. Harris, of Indian territory, has called the legislature to meet in extraordinary session at Tishmingo January 5. Lane county, Kan., has formally been declared insolvent by the county commissioners. A new counterfeit ten dollar national bank note on the Union national bank of Detroit, Mich., is in circulation. One distinguishable feature is that the back of the note is upside down. It is announced that Gov. Bradley intends to resign the office of governor of Kentucky at an early date because of failing health. The wedding of Count Adam de Moltke Huitfeldt, of Denmark, and Miss Louise Eugenie Bonaparte, daughter of the widow of the late Jerome Bonaparte, took place in Washington. The People's Electric Light & Power company's plant at Newark, N. J., was burned, the loss being $175,000. The Columbia national bank in Minneapolis closed its doors with liabilities of $247,000, and the Washington bank, a state institution in the same city, also suspended. The Commercial national bank of Roanoke, Va., closed its doors with liabilities of $100,000. William W. Whaley and wife, living near Seaviersville, Tenn., were murdered in their home by unknown persons. Henry F. Strauss, aged 72, county clerk of Langlade county, Wis., commitsuicide at Antigo. He was a defaulter to the amount of $3,770. It is officially denied at the state department in Washington that Spain has consented to grant home rule to Cuba Edward Rosa shot and killed his sweetheart, Miss Mary Brehl, at the home of her sister, Mrs. Stewart, in Forest City, S. D., and then killed himself. Jealousy was the cause. The Farmers' Trust company at Sioux City, Ia., failed with liabilities of 000

13. January 14, 1897 Barton County Democrat Great Bend, KS

Article from Barton County Democrat, January 14, 1897

Click image to open full size in new tab

Article Text

idea-that build a house you should first put up the parlors and receptions rooms, and afterwards the foundation, the cellar and the kitchen? Is the gold-standard theory of adopting a system of finances that the bankers and monied men want, regardless of what the PRODUCERS, the LABORERS-the foundation of all national prosperity-needs, thus far proving a good thing for the country? Here is a record of failures for the 15 days ending January 4, 1897: Dec. 21-National Bank of Illinois, Chicago. Dec. 21-Roseland Bank, Chicago. Dec. 21-E.S Dreyer & Co. Chicago. Dec. 21 -Wusmansdorff & Heinemann, Chicago. Dec. 22-Bank of Minnesota. St. Paul. Dec. 22-State Bank of St. Paul. Dec. 22-Union Stock Yards Bank, St. Paul. Dec. 23-Chicago Bank, West Superior, Wis. Dec. 23-Bank of West Superior, West Superior, Wis, Dec. 23-American Banking and Trust Co., Auburn, Me. Dec. 28-Dime Savings Bank, Chicago. Dec. 28--Atlas National Bank, Chicago. Dec. 28-Scandia Bank, Minneapolis. Dec. 28-Bank of Superior, Supe rior, Wis. Dec. 29-Columbia Bank, Minneapolis. Dec. 29--Washington Bank, Min8 neapolis. i Dec.29--Commercial National Bank, D Va. Dec. 30-Northern Trust Company, r Minneapolis. Dec. 30 Bankers' Exchange Bank, 1 Minneapolis. . Dec. 30 Northwestern Loan and e Building Association, Minneapolis. Dec. 30 Commercial Bank, Selma, Al. Dec. 30 Farmers' Trust Company, Sioux City, Iowa, y t Jan. 4 Germania Bank, St. Paul. y Jan, 4 Allemania Bank, St. Paul. r Jan. 4 West Side Bank, St. Paul. it Jan. 4 Minnesota State Savings e Bank, St, Paul. Jan. 4 Citizens' National Bank, r. Fargo, N. D. d Jan. 4 City Bank, Nora Springs, If Iowa, a Total amount reported, $21,354,779 c OTHER HOUSES DRAGGED DOWN BY THE e CRASH, of Dec, 22 Angus & Giudele, contract rors, Chicago. of Dec. 23 American Brewing and Y, Malting Co., Chicago, Dec. 23 George A. Weiss Malting Co., Chicago. Dec. 23 George A. Weiss, Chicago r. Dec. 28 Excelsior Machinery an t, Belting Co., Chicago, st Dec. 29 Western Paper Bag Co. iBatavia, III. a Dec. 29 Appleton Manufacturing be Co., Van Nortwick, III, ch Jan. 4 Snow & Earl Co., druggist ct supplies, Providence, R. I IJan. 4 L. W. Alet & Co., wholesal ojewelers, Chicago, Ill. SUICIDES CAUSED BY THE BANK FAILURES if Otto Wasmandorff, head of th " banking firm of Wasmandorff & Heine of mann, of Chicago, shot himself in tha of city. Suicide due to worry over th I's failure of his firm, which occurred o December 21. ry George A. Wilkins, vice president o the suspended Commercial Bank, o ds Selma, Ala., shot himself on Decembe 31, in front of the altar of St. Paul'

14. March 6, 1897 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, March 6, 1897

Click image to open full size in new tab

Article Text

ORDER. STATE OF MINNESOTA, DISTRICT Court. County of Hennepin, Fourth Judicial District. Luth Jaeger, as Receiver of the Scandia Plaintiff, Bank of Minneapolis, vs. Reinert Sunde, Rasmus B. Anderson, Charles E. Vanderburgh, Lafayette Woodward, Ray B. Towne, James B. Secombe, Dora Roos, Emma D. Johnson, Alfred Menzel, C. M. Johnson, H. R. Goodnow, F. J. Goodnow, George W. Jenks, Swedish American National Bank, Harold G. Kjellesvig, Charles Kittelson, Willis S. Williams, Albert C. Amundsen, Julius E. Olson, Jennie Osmer, Mary 8. Kirkbride, Ole C. Jacobson, Matt. Jensen, Anne Grinager, Anne Marie Engebretson: Henry A. Grinager, Carrie Faegre, Alexander Grinager, William F. Grinager and Harris Norman Defendants. Grinager, Whereas, under an order made and filed in this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action; which is brought for the purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order: Now, therefore. on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thereof they be preciuded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions. which shall be made under such judgment. And it is Hereby Further Ordered and Directed: That said claims shall each be exhibited by delivering to the clerk of this court, at his office, in the court house, in the city of Minneapolis, in said county, a verified complaint entitled in this action, setting out a brief description of such claims and all such complaints SO delivered to said clerk, shall be filed by him, In his said office, as one of the files in this action, and that any of the parties to this action and any of the creditors of said Scandia Bank of Minneapolis may at any time within said period of six (6) months heren mentioned, or within twenty (20) days thereafter, by a duly verified answer Interpose objections to the allowance of any claims SO exhibited: which said answer shall be delivered to said clerk and filed by him in his said office, and a copy thereof shall also be served by the parties to answering upon the attorney for the llaimant whose claim is EO objected to. And it is Further Hereby Ordered: That notice of this order be given to all the preditors of said Scandia Bank of Minneapolis by causing a copy thereof to be published once in each week for six (6) successive weeks in the "Irish Standard,' a weekly newspaper printed and published in said county of Hennepin and state aforesald, the first publication to be made on the 6th day of March, 1897; and by mailing a copy of this order to all credftors of said bank whose names and places of residence are known to the plaintiff. By the Court: ROBERT JAMISON, District Judge. March 2d, 1897. CHARLES M. POND, Attorney for Plaintiff, 709 New York Life Building. Minneapolis, Minn.

15. March 13, 1897 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, March 13, 1897

Click image to open full size in new tab

Article Text

liam F. Grinager and Harris Norman Defendants. Whereas, Grinager, under an order made and filed in this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action. which is brought for the

16. March 13, 1897 The Irish Standard Minneapolis, Saint Paul, MN

Click image to open full size in new tab

Article Text

purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order; Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thereof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment.

17. March 20, 1897 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, March 20, 1897

Click image to open full size in new tab

Article Text

ORDER. STATE OF MINNESOTA, DISTRICT Court, County of Hennepin, Fourth Judicial District. Luth Jaeger, as Receiver of the Scandia Plaintiff, Bank of Minneapolis, vs. Reinert Sunde, Rasmus B. Anderson, Charles E. Vanderburgh, Lafayette Woodward, Ray B. Towne, James B. Secombe, Dora Roos, Emma D. Johnson, Alfred Monzel, C. M. Johnson, H. R. Goodnow, F. J. Goodnow, George W. Jenks, Swedish American National Bank, Harold G. Kjellesvig, Charles Kittelson, Willis S. Williams, Albert C. Amundsen, Julius E. Olson, Jennie Osmer, Mary S. Kirkbride, Ole C. Jacobson, Matt. Jensen, Anne Grinager, Anne Marie Engebretson; Henry A. Grinager, Carrie Faegre, Alexander Grinager, William F. Grinager and Harris Norman Defendants. Grinager, Whereas, under an order made and filed In this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897, this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforcing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whereas, it being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action, which is brought for the purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order; Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors. of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publication of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thercof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment. And it is Hereby Further Ordered and Directed: That said claims shall each be exhibited by delivering to the clerk of this court, at his office, in the court house, in the city of Minneapolis, in said county, a verified complaint entitled in this action, setting out a brief description of such claims and all such complaints SO delivered to said clerk, shall be filed by him, in his said office, as one of the files in this action. and that any of the parties to this action and any of the creditors of said Scandia Bank of Minneapolis may at any time within said period of six (6) months heren mentioned, or within twenty (20) days thoreafter, bya duiy verißed answer,

18. March 27, 1897 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, March 27, 1897

Click image to open full size in new tab

Article Text

ORDER. STATE OF MINNESOTA, DISTRICT Court. County of Hennepin, Fourth Judicial District. Luth Jaeger, as Receiver of the Scandia Plaintiff, Bank or Minneapolis, vs. Reinert Sunde, Rasmus B. Anderson, Charles E. Vanderburgh, Lafayette Woodward, Ray B. Towne, James B. Secombe, Dora Roos, Emma D. Johnson, Aifred Menzel, C. M. Johnson, H. R. Goodnow, F. J. Goodnow, George W. Jenks, Swedish American National Bank, Harold G. Kjellesvig, Charles kittelson, Willis S. Williams, Albert C. Amundsen, Julius E. Olson, Jennie Osmer, Mary S. Kirkbride, Ole C. Jacobson, Matt. Jensen, Anne Grinager, Anne Marie Engebretson; Henry A. Grinager, Carrie Faegre, Alexander Grinager, William F. Grinager and Harris Norman Defendants. Grinager, Whereas, under an order made and filed In this court, by the court, in the matter of the receivership of the Scandia Bank of Minneapolis, on the 17th day of February, 1897. this action was authorized and directed under and in pursuance of Chapter 145, of the General Laws of this State, for the year 1895, for the purpose of enforeing the liability of the stockholders of the Scandia Bank of Minneapolis to the plaintiff herein, as receiver of said bank, and to the creditors of said insolvent bank who should become parties to such action; and Whercas, It being made to satisfactorily appear to the court that it is necessary and proper that the notice required and prescribed under Section 23 of Chapter 76 of General Statutes, 1878, should be given in this action, which is brought for the purpose of enforcing the liability of the stockholders of said Scandia Bank of Minneapolis to plaintiff herein as receiver of such bank, and to the creditors of said bank who shall become parties hereto, as provided under the terms of said order; Now, therefore, on motion of Charles M. Pond, Esq., the plaintiff's attorney herein, It is Hereby Ordered and Directed: That all the creditors of said Scandia Bank of Minneapolis be, and they are hereby required, within six (6) months after the date of the first publicátion of this order, to exhibit their claims against the said Scandia Bank of Minneapolis and become parties to this action, and that in default thereof they be precluded and forever barred from all the benefits of the judgment which shall be rendered in this action and from any and all distributions which shall be made under such judgment. And It 1s Hereby Further Ordered and Directed: That said claims shall each be ezhibited by delivering to the clerk of this court. at his office, in the court house, in the city of Minneapolis, in said county, a verified complaint entitled in this action, wetting out a brief description of such claims and all such complaints so delivered to said clerk, shall be filed by him, in his said office, as one of the files in this action, and that any of the parties to this metion and any of the creditors of said Heandia Bank of Minneapolis may at any time within said period of six (6) months heren mentioned. or within twenty (20) thereafter, by a duly verified answer

19. April 8, 1897 The Times Washington, DC

Click image to open full size in new tab

Article Text

SENSATIONAL DISCLOSURES MADE A Legislative Committee Investigating Bank Failures. St. Paul, Minn., April 7.-The jointlegislative committee investigating insolvent banks in this city and Minneapolis has made public the testimony secured during the past two months. Some of the disclosures are highly sensational. As to the Bank of Minnesota, of which William Dawson, Sr., was the president, and William Dawson, jr., cashier, W. H. Lightner, one of the receivers, stated that on October 7 $135,606 was due to the bank from the Fort Dearborn National Bank of Chicago. The balance, he said, was incorrect, accounts between these two banks being falsified to the extent of $100,000. At the time of the failure of the bank there was owing to it by the officials the following sums: William Dawson, sr., about $90,000; William Dawson, jr., $59,950: R. A. Smith, $50,000, of which he has since paid $35,000. In addition to that, William Dawson, jr., was guarantor of $53,000, of which $30,000 was overdrawa. As to thecause of the failure of the bank, it was testified that William Dawson, sr., owed it $281,000. The schedules of assets and liabilities of William Dawson, jr., have been filed in the district court. The assets are placed at $239,168.78, and the liabilities, $868,452.47. The face value of the assets is much higher. By far the largest portion of Mr. Daw. son's direct liabilities consists of in dividual notes. A few of these are secured, but most of them only by the indorsement of William Dawson, sr. As to the Scandia Bank, of Minneapolis, the committee states that its failure, according to the evidence, was honest, and it may yet pay in full. The committee says that the Washington Bank, of Minneapolis, went under for want of paid-up capital, direct and indirect loans to its officers, and from a lack of supervision. Dwelling upon the affairs of the Allemania Bank, of St. Paul, the report says that the assets, or a large portion of them, were worthless. The directors, it states, were heavy borrowers, and were guilty of misstatements. As to the affairs of the Minnesota Savings Bank, of St. Paul, the committee states the officers were borrowers. directly or indirectly. to an amount more than double the capital stock.

20. October 23, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, October 23, 1897

Click image to open full size in new tab

Article Text

M INNEAPOLIS. OFFICE 65 SOUTH FOURTH STREET. MINNEAPOLIS GLOBULES. Judge McGee granted a divorce to Philip F. Mitnor from Jennie F. Mitnor, on the ground of desertion. The defendant is 75 years of age and the plaintiff 45. A demurrer has been entered to the indictment returned against Theron H. Bly, accused of practicing medicine without a license. The demurrer will be argued Oct. 26. Mrs. R. B. Langdon received a telegram from Arizona yesterday noon, stating that Judge Truesdale is steadily improving and the highest hopes for his recovery are entertained. Judge Simpson's condition is reported by his physician as considerably improved, and although it is impossible to say how long It will be before he is entirely well, there is no doubt but that he is on the speedy road to recovery. Boutell Brothers and their salesmen enjoyed a banquet in the club room of the West hotel last evening. The event was the first of what is expected to become a regular institution with the proprietors and salesmen of this house. Mr. and Mrs. H. W. Mellen, of Juneau, Alaska, are at the Nicollet house. They have just returned from Alaska, where they went last June, and will remain here until spring, when they will again try their fortunes in the famous Klondike region. The Minneapolis Whist club opened the winter's tournament Thursday at the Commercial club. Play will be conducted under the Howell system for pair contests. Potter and Williams, of St. Paul, made the highest score, 9. Briggs and Hemphill won high score badges. The jury in the case of Luth Jaeger, as receiver of the Scandia bank, against the trustees of the Franklin Cook estate, brought in a verdict yesterday morning awarding the plaintiff judgment in the sum of $2,894. The action was brought to recover on a note. After sixteen months' confinement in the reformatory at St. Cloud, Harry Wiggins, who was sentenced for five years, was released on parole Wednesday, Oct. 13. He figured with Fred Whittaker and Henry Wyman in a series of hold-ups. The latter got fifteen years each in the penitentiary. Wiggins secured work with his old employer, A. C. Hill, proprietor of the New York Kitchen.

21. November 11, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, November 11, 1899

Click image to open full size in new tab

Article Text

MUST PAY TAXES. Judge Pond Hands Down an Important Decision. An important decision was rendered yesterday by Judge Pond in the case of the state against Luth Jaeger, as receiver of the Scandia Bank of Minneapolis, in which action was brought to enforce the payment or taxes on the sum of $2,485, held as assets of the bank by the receiver. In substance, the court holds that funds in the hands of a receiver of an insolvent bank are subject to taxation, the same as any other personal property. The action was brought by the receiver on the grounds that the money was in trust and that it was exempt from taxation the same as if it were on deposit. In a memorandum the court says: "It would certainly seem reasonable that after the property of such a defunct corporation has been forever passed from its control into the hands of a receiver and is no longer to be used for banking purposes, it should be as subject to taxation, the same in all respects as is personal property in the hands of a receiver of any other corporation. The powers, duties and obligations of receivers of banking corporations are substantially the same as receivers of other corporations, and no good reason can be assigned why the assets in their hands should not be subject to the same burdens."