9779. State Bank (Minneapolis, MN)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 5, 1897
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: 29496da8

Response Measures

None

Description

No articles describe a depositor run. The items repeatedly describe the State bank as insolvent, with receivers appointed (William J. Hahn, later Frank H. Brooks and Judge Brooks) filing accounts and final reports and the state pursuing claims against bondsmen. The bank was suspended/insolvent and handled by receivers and did not reopen in these pieces — consistent with a suspension followed by permanent closure/receivership.

Events (4)

1. December 5, 1897 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank was insolvent and placed in receivership under the stockholders' liability law; assets insufficient relative to liabilities.
Newspaper Excerpt: William J. Hahn, receiver of the State bank, has filed a partial account of receipts and disbursements.
Source: newspapers

2. April 3, 1898 Receivership

Newspaper Excerpt: W. J. Hahn has resigned as receiver for the stockholders in the State bank insolvency ... and Judge F. C. Brooks has been appointed in his stead to close up the trust and fight the appeal of John W. Arctander, in the supreme court.
Source: newspapers

3. January 11, 1899 Receivership

Newspaper Excerpt: Frank H. Brooks, as receiver in the stockholders' suit of the State bank, has filed his final report, showing receipts of $14,550.52 from his predecessor, and disbursements of $13,254.13. No dividend has been paid on account of the fact that the assignment matter has not been fully settled.
Source: newspapers

4. February 25, 1899 Other

Newspaper Excerpt: The State bank of Minneapolis owes $58,144.76 and it is not believed by the state treasurer that this will be recovered.
Source: newspapers

Newspaper Articles (8)

1. December 5, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, December 5, 1897

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MINNEAPOLIS. OFFICE 65 SOUTH FOURTH STREET. MINNEAPOLIS GLOBULES. Mortimer R. Flint, assignee of the Minneapolis Chair Manufacturing company, insolvent, has filed a schedule of assets and liabilities, showing assets $20,499.12, and liabilities $41,312.48. "The Electrician," the Bijou's attraction for this week, introduces to the American public something novel in the way of mechanical and electrical effects which are really startling. The play is written around incidents that might occur in real life. At its next meeting, the park board will ask the General Electric company to submit prices for lighting all the parks in the city. Loring park has not been opened for skating yet, as the ice is unsafe. Skaters will probably be permitted on the ice tomorrow. A popular star, a good play, a thoroughly capable company and a grand production are the four factors that are promised at the Metropolitan the first four nights of this week, beginning this evening. The stellar attraction is Frederick Warde. The play, "Iskander," and the company and production under the direction of Robert Brower. Janet R. Miller has brought suit against the city under a rather peculiar complaint. The plaintiff alleges that she had $2,500 worth of household furniture in the Security warehouse, First street and Fourth avenue north, at the time it burned, and that the warehouse was destroyed on account of the choked condition of the water pipes. Judge Johnson yesterday morning authorized the assignee of the Minneapolis Esterly Harvester company to bring an action against T. B. Walker and other stockholders to compel an accounting of the assets and securities in their hands prior to the insolvency. A number of the creditors are behind the movement, and claim that assets worth $458,000 are involved. William J. Hahn, receiver of the State bank, has flled a partial account of receipts and disbursements. The total of the former is $68,368.37, all of which comes from stockholders under the stockholders' liability law. The total disbursements amount to $38,430.49, of which $31,450.46 went into a 10 per cent dividend, and $6,889.66 to John W. Arctander as attorney's fees. The case of the state against the Times Newspaper company is set for trial Monday, Dec. 13. The following witnesses have already had subpoenas served upon them: Samuel Hill, W. H. Dunwoody. Daniel Bassett, Charles H. Wood, C. A. Pillsbury, Clarkson Lindley, Henry F. Brown, A. H. Linton. W. G. Northway, R. D. Russell, E. C. Cook, Anthony Kelly and P. B. Winston.

2. April 3, 1898 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, April 3, 1898

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HAHN GIVES UP. Will Not Fight the Arctander Appeal in Supreme Court. W. J. Hahn has resigned as receiver for the stockholders in the State bank insolvency, in Minneapolis, and Judge F. C. Brooks has been appointed in his stead to close up the trust and fight the appeal of John W. Arctander, in the supreme court. The matter came about through a rather stormy chain of events, which sent the judges into executive session yesterday for an hour. It will be remembered that the bench cut down the bill of Mr. Arctander, which he presented for services in the State bank matter. He at once appealed to the supreme court, and now, as the term draws near, the court wondered who was to oppose the appeal. Certainly the judges could not, and they aid not care to employ some one for that work. They sent for Mr. Hahn, who was receiver of the bank. He was asked to file a brief and fight the case. He refused, because it was not proper for him to oppose his own attorney in the matter, and in a bill which was filed with his own report. The court insisted that he put in a brief, and he refused again, because the court had stated that he would receive no more fees for completing the business. The feeling was not good when the parting came, and at 2 o'clock Gen. Hahn sent in his resignation. The court at once appointed Judge Brooks, and he will fight the matter and receive his pay out of the estate. Directly following this Mr. Arctander filed his resignation as receiver's attorney in the Century Piano company matter, in a few choice words, in which he stated that he could not afford to labor for the wages adopted by the court.

3. May 21, 1898 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, May 21, 1898

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In a decision subscribed by Justice Collins, the supreme court yesterday broadened the previous holding as to the allowance of attorney's fees in the settlement of insolvent estates where the assignee is an attorney. It now rules that, where services are rendered requiring skill, the assignee may charge. The case arose over the bill for services presented by Attorney W. J. Hahn, as receiver for the State bank, of Minneapolis. The lower court allowed him $1,700 all told. The title of the case was Hans H. Olson et al., respondents, vs. State bank et al., defendants, William J. Hahn, receiver et al., appellants. In the syllabus the court says: 1. The duties of a receiver for an insolvent are strictly administrative or executive, and he is not required because he happens to be an attorney at law to perform legal services in behalf of the estate. 2. A receiver is under obligation to perform such duties in respect to the trust as any ordinarily competent business man is presumed to be capable of performing. It is only for services requiring special legal skill that he will be allowed counsel fees. 3. A receiver of an insolvent banking corporation was appointed under an order which authorized him to employ necessary counsel and provided for the payment of such counsel. The receiver was also an attorney at law. When making a partial report he presented, among other accounts, one for services rendered by counsel employed by him in various legal matters connected with the estate. The court below wholly disallowed and rejected a number of items contained in this account on the ground that "all of the services set forth in the attorney's bill * in items disallowed, should either have been performed by the receiver, or, if performed by another, at his request, should be paid for by him." Held error. It was not the duty of the receiver to perform all of the services said to have been rendered, or to pay for the same when performed by another. 4. When passing upon the reasonableness of charges made for counsel fees in such a case the judges of the court can rightfully use their personal knowledge as to what has been done by the attorney, and can also take into consideration the character of legal services therefore rendered by counsel and the amount already allowed on account thereof. The correctness of such an account is not to be determined, as in ordinary cases, exclusively upon the evidence introduced on the hearing. 5. It is the duty of the court whether objections are or are not made by the creditors of a trust estate to supervise and closely scrutinize the trust account. When this is done, in accordance with the rules of law which govern, this court will not interfere, or direct a revision, except where there has been an abuse of that sound discretion which, of necessity, rests with the lower courts. Three St. Paul cases were decided by the supreme court yesterday. In the case of John Bruggeman, respondent, vs. John Wagener, appellant, one Robinson had accused Joseph Minea of making a fraudulent transfer of his grocery stock to avoid the payment of rent to him, Robinson. Minea became insolvent, but made an agreement with all of his creditors, save Bruggeman and Robinson, to settle for 30 cents on the dollar. With Bruggeman he made an agreement by which the latter purchased the stock, paying therefor money enough to settle the claims of other creditors, save Robinson. Minea was retained as manager of the store on a salary. Robinson's claim was for rent on a building formerly leased by a firm of which Minea was a member. The rent had been paid up to the time the firm vacated the store, and it was made to appear that Robinson had agreed verbally to accept as payment in full a settlement for the time the firm actually occupied the building. Robinson, on the other hand, set up the claim that the transfer of the stock was fraudulent. The syllabus is: John Bruggeman, respondent, vs. John Wagener, appellant. Upon the evidence produced on the trial of this case it cannot be held as a matter of law that a sale and transfer of personal property therein involved was as a matter of law fraudulent and void as to the vendor's creditors. Order affirmed. -Collins, J. Elias M. Sloggy, who was arrested and fined $10 for selling skimmed milk, which he had purchased from the Crescent Creamery company, sued the company for $2,000, alleging that it was liable for the indignity to him. The supreme court holds that he is entitled to but nominal damages, the syllabus of the decision being: Elias M. Sloggy, appellant, vs. Crescent Creamery Company, respondent. 1. Tested by the well settled rule of law that where parties have entered into a contract which has been broken by one of them the damages recoverable are such only as may fairly and reasonably be considered as arising naturally from the breach, or such as may reasonably be supposed to have been contemplated by both parties when contracting, the complaint herein stated a cause of action for nominal damages only. 2. In such a case where the court below ordered judgment for defendant on the pleadings, the rule de minimis as applied on an appeal from the judgment. Judgment affirmed. -Collins, J. The order of the trial court warding Edward C. Fithian judgment for $127.97 against Anna M. Weidenboerner, doing business as Weldenboerner & Co., is affirmed on the evidence. The amount claimed is for services performed.

4. January 12, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 12, 1899

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MINNEAPOLIS BREVITIES. MINNEAPOLIS, Jan. 11.-The funeral of Mrs. John Gemlo will occur tomorrow afternoon at the family residence, 2221 Lincoln street northeast, and will be attended by a delegation of the local lodge of Elks, of which Mr. Gemlo is a member. A bloody fight between two janitors occurred at the Central hight school, and Head Janitor Nightengale stands in danger of being indicted by the grand jury on the charge of assault, while Under Janitor Stuart, the other participant, is confined to his home with a badly smashed face. Hjalmar Hilstand, who has been in the county jail on a judgment, has beon released. He was examined before Judge Pond and it was shown that he had no property. Judge Pond has ordered a nolle in the case of the state against A. H. Sprague, one of the officers of the Mutual Diamond Investment company. Frank H. Brooks, as receiver in the etockholders' suit of the State bank, has filed his final report, showing receipts of $14,550.52 from his predecessor, and disbursements of $13,254.13. No dividend has been paid on account of the fact that the assignment matter has not been fully settled. Herman Levner, only 10 years old, was sent to the state training school by Judge Kerr this forenoon on a charge of petit larceny. A story and a half brick house at Thirtysixth avenue northeast and Third street was entirely destroyed by fire late this afternoon. The house was occupied by a milkman by the name of Nelson. He and his family succeeded in saving their household goods. The loss will be about $1,000.

5. January 28, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, January 28, 1899

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MR. BLAME KENYON First Page the Continued from John Nelson the state are were to Walsh and bond held these by menson suspenMatthew upon the While of the them cureties these monies. the. time none of of the secure well- well-to-do at there are obligation artigations ogether fairly of the bank, the these men, the first sion able to meet some upon and most state now In fact of those hankruptcy some gone into so doing. of with bond. them have template HELP EM OUT the hands of PLEASE bank in accompany the assets of shown this by the to satisfy that the The assignee, ought as be and sufficient we believe to make, accepted, to the schedule, of the state, which we are the about highest pos- of is returns claim the proposto oposition, it will result people in of the state of the aggets sible Mini Minnesota. observed that respects the claims identical agai is in It will be are in having some large which the two character banks both Realty compar and because two nstitu- the the nsider the hands section of between best banks the close container have thought one all these question tions, we both bannattion out the Jaim from the men is any Decedings part enforce assets "The financial such that of the on state the part its of claim collect but attemp busines lost fortunes, them, an attest ruin build the their ealth. the state, tend to to the them in would dispose profit to assets now those without any these the heav and attorne would be of By cing the state, assig signee expenses the value hands of for Incidental enhance of the daily incurrence other greatly the claim speedily the fees and and thus and hence be make cut these off. assets in our erefore, Judge udgment led to assignment state isfied. would We propostop reposition are, procure Minne an gota, ezota of all We will the State Bemerican following following ender state to of Bank of Exchange the transfer of the of the the hands which of are the and assets the inneapolis, assets said bank banks schedule conBank and of Minneen assignees the transfer attached to Hennepi be listed respect assign and shown district and court of in thus in firmed such by the are successful assets describe then county In the event transfer we the of said mann er as mention assett curing medules, accept said as full said of receive Minnesota and schedule claims said state to in said of its said fully and thereformerty and listed partive ment banks said and bondsm bonds of against and Habilities discharge as secure the satista's faction gaid discharge respect each of on- said indebt from said given of Minneso should this bank state that of Min of the said edness the believe the state the hands access placed asible and We firmly accepted by in moment. the tion assets made in full saving the be and these the and earlies can be paid the un needily from bank state, of expense state specific relieve through claim of will going relete lies that this these needings will be doing state all claim ap same you ruptcy process time discharge scharge meet the with yourmend your on the Should we would part carry the at in our pothis power this prop ask that the gislature same into effect. action ecessary tommitted E such be submitte would Respectfully mectfully Rice, Olson, Shove. fr By Th Attorney. held Agments the bank worth Attached assignees,703.10, Henry list is of of the state but bank, estimated also sued, by nominally at $10,000. a list of the notes estimated not $15,000. of agregating There is hich $177 is 77.329, estimated placed at value $39 Ex value aggregate of real estate American list 340. list shows: for the Real estate, $10,000; total, change A simble $6,500; judgments, ASSETS the collection $86,000. the state notes, $19,500 But THESE this list SUPPOSED of assets for which is the the real is state asked gem is asked of to pay on which claim against is One item share is 8 $183. Evert nevfawariendidly it even to take Nymanolasilist a nover for or was with and this the Evert eved socialendowed at that, claim goods seculation but, if much in world's er of as the state Pine is a matter him is not claim whichmos Kosmos The against another the $31,442 as bulk offered as against company 1893, for but the to disis and Land bank failed been unable and Land beState has as yet Kosmos Pine or ever a any signee that the then, assets beyond state for asset company cover m the had product ductive sectivation secretary of Another to asa R. receipt fore from of incorportist state asked James judgment in once its articles which adgment the probate gainst judge judge term sume Corrigan, is a former for $642. The after his he was Minneaport the town last soon heard at of race Chicago $642 skipped When seculator out of is, per explreminent miles gainst him for $25 track a a few claim as again claim which Still, as valuation Kristian luable Kortgaard the next and breath 597 haps against is asked intignees' assignboarded Mr the collect state and save The state for sciving quite in to torney's fees. at Stillwater only receivir bookperiod his speard splendid man Kortgerable use of Kortga ortgaard and Land the Mr Timber bank for return talent Atlas State Land and keeping to let the into the 199, while aged any run Internal for $17,199, com$31, $28,678,96 compa and company the and Invest 753 estment $17, The Mortgage Mor Bonda at is in for visible the State got sche company really M. Equitable Dany Land assets aremably not Hazel of 309, but Bickel, $3,000. same sort H. M is juctically for the of the to Ameri- the Bickel, It is the assignee of $19,000 against that age bank ts claim American the stuff Exchange titution. The $12,500 state can in that many institution is the in for Eq itable and Kris for Kosmos Atlas the Realty for $9,422 for $10,395. former convict taken former Attorney a day out Clough tain for $9,836 $7 500 tortgaard, following extracts Childs by are went to Go from The a General letter before they CLOUGH of authority CHILD DS to TO hereword transmit just I have deration the honor the E. Rice bond and given to consideration from A. official of Minnesota received your sureties on State the Bank of the s state. who are by the public funds mpanic State bank the state, depositorica of ation both the bank, as documento of assets change public funds. that the $64, and chedules the Americation was purimated two banks is insolvent dental that of the and the other the the RiGWith him made with value 340 and by jourialon icined acquisition be said sugaro that that the and from that legislative complative of the ieved the assets assess they be on relle the bonsi bond e gentletinication. communica sanction for banks by further the liability

6. February 11, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, February 11, 1899

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THE LEGISLATURE. 50000000000000000000000000 00000000000000000000000000> parole of prisoners sent to the state prison on the reformatory plan, but 0 LET YOUNGERS GO the gist of the bill was much farther down in it, where there was contained a provision that any life convict who AT IS THE EFFECT OF A BILL had served a full twenty years, obeying the rules of the prison, he may be INTRODUCED BY SENATOR paroled by the board of managers of WILSON the institution. The usual rules governing a paroled prisoner are amended in this case, so as to permit the prisoner to go out of the state, the SSOURIANS' HOPES FIRED board having the power to extend or reduce the geographical limits of the parole at its will. lends of the Northfield Bank RobThere are only three prisoners at the bers Are Still Pushing the Petistate prison to whom the bill. if passed, can possibly apply now. These are tion for the Return of the James and Thomas Coleman Younger. Murderers to Liberty-Minnensent up from Rice county Nov. 20, 1876, for their complicity in the famous pelis Bankers' Bondsmen See Northfield bank robbery, and Frank Their Woodchuek Die. Johnson, sent from Hennepin county April 11. of the same year. Nor can it possibly apply to any others for three Varden Wolfer, of the Stillwater years, the next in line being Charles son, can enjoy his long cherished Horn, sent to Stillwater from Le Sueur ire to see the Younger brothers county May 22. 1882. erated, if a bill introduced in the There is already some opposition to ate yesterday morning by Senator the bill manifest, although it is urged in its behalf that it has in it an eleIson (Rep.), of Hennepin, passes, ment of disciplinary value. As it is ich was read under a title which now, life prisoners have no fear of S not betray its full import. anything in the prison save the club t purported as read to permit the of Lemon and the dungeon. It is urged that this law would give them an incentive to good behavior they have not now. KILLED ONE 'CHUCK. The committee on banks and banking killed the bill introduced by Senator Grue (Pop.), of Kandiyohi, which YRUPOF FIGS sought to release the bondsmen for the State and American Exchange banks, of Minneapolis, from liability for the amounts of the state deposits held by them at the time of their suspension. The bill was exposed by The Globe on its introduction. TO DRAFT MEDICAL BILL. Lieut. Gov. Smith appointed as the committee to draft a new medical bill Senators Reeves (Rep.), of Pope; HorEVER IN ton (Rep.), of Ramsey; Greer (Rep.), of IMITATED Wabasha; Jepson (Rep.), of Hennepin, and Schaller (Dem.), of Dakota. HE EXCELLENCE OF SYRUP OF FIGS ON GENERAL ORDERS. due not only to the originality and Senator Baldwin (Dem.), of St. Louis, mplicity of the combination, but also presided in committee of the whole. ) the care and skill with which it is There were not many members present, anufactured by scientific processes quite a number having started for home. nown to the CALIFORNIA FIG SYRUP b. only, and we wish to impress upon CAPITOL BILL PUSHED. 1 the importance of purchasing the Senator Horton (Rep.), of Ramsey, ue and original remedy. As the secured a favorable recommendation enuine Syrup of Figs is manufactured for his bill to permit the capitol apy the CALIFORNIA FIG SYRUP Co. propriation to continue beyond the ly, a knowledge of that. fact will original ten-year limit, provided that sist one in avoiding the worthless it shall not expend more than $2,000,000 in all. intations manufactured by other pares. The high standing of the CALIBRADY SURVEYOR GENERAL. ORNIA FIG SYRUP Co. with the mediGov. Lind sent in the following nominations: 1 profession, and the satisfaction hich the genuine Syrup of Figs has Surveyor general, Fifth lumber dis(ven to millions of families, makes trict, John G. Brady, of Duluth, vice William Getty, term expired; member e name of the Company a guaranty state medical board, B. C. Hilbert, of I the excellence of its remedy. It is Stearns county, vice O. C. Strickler, r in advance of all other laxatives, term expired. $ it acts on the kidneys, liver and NEW SUPERINTENDENT'S IDEA. owels without irritating or weakenThe bill introduced by Senator Batz g them, and it does not gripe nor (Dem.), of Stearns, to provide for a auseate, In order to get its beneficial uniform system of teachers' examinafects, please remember the name of tions throughout the state, admits of e Companytwo grades of state certificates, first grade good for five years, and second CALIFORNIA FIG SYRUP CO. grade good for two years. Scholastic SAN FRANCISCO, Oat requirements shall be marked by the NEW YORK. E.E. UNSVILLE, state superintendent, and professional

7. February 25, 1899 The Labor World Duluth, MN

Article from The Labor World, February 25, 1899

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Douglas sent in the following communication: "In response to the resolution of the senate this department informs that body what steps or action or otherwise have been taken by the state or its officials for the recovery of the state's funds heid by suspended banks I beg to report that my predecessor, ex-Attorney General Childs, duly filed proof of the state's claim with each of the receivers of all the suspended banks in which state funds had been deposited, and brought action against the bondsmen of each of said banks, with the exception of the State bank of Minneapolis and the Bank of North St. Paul. Judgments have been entered in all pending actions, except the bondsmen of banks which have been paid in full, and except, also, the Columbia National bank of Minneapolis, the Marine National bank of Duluth and the Fillmore County bank of Preston, in which action is stiil pending. "The aggregate of those deposits of state funds at the time of their suspen-sion amounted to $485,367.49, of which there have been collected or paid into the state treasury the sum of $383,269.31, including as a part thereof $3,871.21 interest upon such deposits. There remains uncollected bills of $107,969.39. I attach hereto a statement showing the names of such banks, the dates of suspension, amounts of state deposits, bearing ic-spectively the interest collected, the total amount collected and the balance dae. The balance due the state of Minnesota is now in process of collection. (Signed) "W. B. DOUGLAS, Attorney General." The Farmers and Merchants State bank of Minneapolis and the American Ex-change bank have been sued and the state is not sanguine of recovering very much, if any, of the balances due from them. The State bank of Minneapolis owes $58,144.76 and it is not believed by the state treasurer that this will be re-covered. As to the rest of the banks the state treasurer says there is no doubt that the money will all be paid to the state, with interest. The banks now ow-ing the state which will pay are the Co-lumbia National bank of Minneapolis $1,616.80, balance due; Bank of North St Paul, $2,437.36, balance due; Marine Na-tional bank of Duluth, $2,053.98, balance due; Filimore County bank of Preston, $7,578.89 due.

8. February 25, 1899 The Labor World Duluth, MN

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Douglas sent in the following communication: "In response to the resolution of the senate this department informs that body what steps or action or otherwise have been taken by the state or its officials for the recovery of the state's funds heid by suspended banks I beg to report that my predecessor, ex-Attorney General Childs, duly filed proof of the state's claim with each of the receivers of all the suspended banks in which state funds had been deposited, and brought action against the bondsmen of each of said banks, with the exception of the State bank of Minneapolis and the Bank of North St. Paul. Judgments have been entered in all pending actions, except the bondsmen of banks which have been paid in full, and except, also, the Columbia National bank of Minneapolis, the Marine National bank of Duluth and the Fillmore County bank of Preston, in which action is still pending. "The aggregate of those deposits of state funds at the time of their suspen-sion amounted to $485,367.49, of which there have been collected or paid into the state treasury the sum of $383,269.31, including as a part thereof $3,871.21 interest upon such deposits. There remains uncollected bills of $107,969.39. I attach hereto a statement showing the names of such banks, the dates of suspension, the amounts of state deposits, bearing ie-spectively the interest collected, the total amount collected and the balance dae. The balance due the state of Minnesota is now in process of collection. (Signed) "W. B. DOUGLAS, Attorney General." The Farmers and Merchants State bank of Minneapolis and the American Ex-change bank have been sued and the state is not sanguine of recovering very much, if any, of the balances due froin them. The State bank of Minneapolis owes $58,444.76 and it is not believed by the state treasurer that this will be recovered. As to the rest of the banks the state treasurer says there is no doubt that the money will all be paid to the state, with interest. The banks now owing the state which will pay are the Columbia National bark of Minneapolis $1,616.80, balance due; Bank of North St Paul, $2,437.36, balance due; Marine National bank of Duluth, $2,053.98, balance due; Filimore County bank of Preston, $7,578.89 due.