9864. Allemania (Saint Paul, MN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 4, 1897
Location
Saint Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
9dbd3574

Response Measures

Full suspension, Books examined

Other: Receiver (Maurice Auerbach) later took charge; assignee P. M. Kerst mentioned for Germania, not Allemania.

Description

Depositors ran on the Allemania after the failure of the Bank of Minnesota (Dec 22) leading officials to call the state bank examiner; the bank closed/assigned and was placed in receivership (Maurice Auerbach as receiver). Coverage indicates the run directly caused suspension and appointment of a receiver, consistent with run → suspension → closure.

Events (3)
1. January 4, 1897 Run
Cause
Local Banks
Cause Details
Run began as a direct result of the closing/failure of the Bank of Minnesota (Dec 22), which created distrust and triggered withdrawals from local St. Paul banks including the Allemania.
Measures
Called state bank examiner Kenyon to take possession; bank officials closed doors and sought examiner/receiver intervention.
Newspaper Excerpt
the Allemania bank ... then became the target for as lively a run as could be seen during panic times anywhere. People crowded about the doors and fairly fought for a place in the line before the paying teller's window. The bank officials ... called on Bank Examiner Kenyon to take possession of the bank
Source
newspapers
2. January 5, 1897 Receivership
Newspaper Excerpt
Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,500 being filed this morning.
Source
newspapers
3. January 5, 1897 Suspension
Cause
Local Banks
Cause Details
Suspension/closing triggered by heavy withdrawals precipitated by the prior Bank of Minnesota failure and ensuing runs on local banks.
Newspaper Excerpt
three St. Paul banks, the Germania, the Allemania and the West Side ... closed their doors, one being now in the hands of the state bank examiner and the others making assignments. Bank Examiner Kenyon is in charge of the Allemania.
Source
newspapers

Newspaper Articles (25)
1. January 5, 1897 The News & Observer Raleigh, NC
Article from The News & Observer, January 5, 1897

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CONSTANT RUN FORCED THEM TO CLOSE DOORS. Merchants National of Devil's Lake Closes Pending Action of Com piroller; Also Iowa Bank. St. Paul, Jan. 4.-As a direct result of the closing of the bank of Minnesota, two which created new distrust bank depositors and runs number of city banks among on weeks a ago that started were reputed not to be as strong as the depositors Gerwished, three St. Paul banks, the mania, the Allemania and the West wide, and none of them National institutions all closely associated to-day closed their doors, one being now in the hands of the examiner and the makDuring the State ing assignments. bank closing others time of that the intervened since the the to frightened paid bank has out of $225,000 Minnesota, Germania depositors concluded bank to-day the directors would stop the assignment to the and made that early they an casher, drain Peter and M. The Allemania like Germania has a large Kerst. the bank, clientage whose which the Germans and had formerly presi- the the Germania then dent among vice-president of became been has been for as lively a run as panic times about the doors and ple target seen crowded during anywhere. fright- Peofully fought for a place in the line The before the paying teller's window. bank officials realized fully what such a meant and promptly called on bank of run examiner Kenyon to take possession in the bank and that official is now charge. The West Side bank, a small, but possibank cleared through the and to-day its were bly Jemania stronger clearings Followthe latter institution. there was a decided run bank and at 2 the bank officials called a meeting of ated turned ing this on and by the o'clock closed the inaugur- this the decide what action to ors afternoon doors to take. the direct- after- Their was apparent late in they filed a deed Charles F. Staples, the decision noon ment when to of president assignof Considerable public money is in the three tied the bank. up institutions, all imme- but there is an ample supply for the diate needs in the other banks of city. The assignments of the Germania a Side banks have brought up new question in State and the courts be somewhat and laws West of this the banking will bank to settled it. The State doubts their right to that they should have the examiner holding called on under him. assign, The turned over their assets to General intimates law, Attorney that he will as bring action to test the matter as soon the papers can be prepared. During the day numerous reports of trouble among the other banks were cura few banks suffered runs of or less intensity, but the were by the them to require sixty out deposits, banks rent, lows before greater and paying protected condition and days' law the that savings notice and Na al. tional banks are in strong have no fear of anything of the sort. Owing to the excitement caused by the closing of the Germania and Allemania banks to-day, many depositors started af ter their money in one or two of the other banks, the Minnesota Savings Bank the center of excitement. The of the bank, Wm. is a the first cashier being son of vice-president seemed Bickel, to of Jr., turn the Allemania, and this fact the of the people that way. bank was open as usual for but was taking the sixty days' 2 p.m., rule requiring advantage notice of withdrawals of allowing minds deposits. business before in The all at Public funds were on deposit three of the closed banks. The State had $10,546 in the Germania: $35,302 in the Allemania: and $3,646 in the West Side Bank. The county treasurer had deposited $9,635 in the Germania: $26, 215 in the Allemania, and $7,564 in the West Side Bank. City Treasurer Horst had on deposit city funds in the Germania $49,793: in the Allemania $151,456, and in the West Side Bank $21,894. DAKOTA BANK FAILS. Devils Lake, N. D., Jan. 4.-The Merchants National Bank closed its doors today. pending the action of the Comptroller of the Currency. President Percival is in the East and the Cashier bank would make no statement. The was organized in 1887 with $50,000 capital. Two or three years later. E. Ashley Mears bought the controlling interincreased the capital to $100,000. when Mr. Mears's other concerns went eat banks In and 1892, and string down, of of the were put in the hands John the stock reaffairs A. Percival, being hard duced to $50,000, but the recent times were too much for it. The last statement showed $47,000 deposits. IOWA BANK DOWN. Mason City, Ia., Jan. 4.-The First city bank of Noran Springs, has failed. An assignment was made by Bryan Gammidge. A VIRGINIA ASSIGNMENT. Petersburg, Va., Jan. 4.-M. W. Pyne, dealer in musical instruments, made an assignment to-day, naming Alexander Hamilton as trustee. Liabilities $4,000; assets not stated. The principal creditors are in this city and Richmond.

2. January 5, 1897 Kansas City Daily Journal Kansas City, MO
Article from Kansas City Daily Journal, January 5, 1897

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RUNS ON ST. PAUL BANKS FORCE THREE TO THE WALL. WERE CLOSELY ASSOCIATED. TWO OF THEM MAKE ASSIGNMENTS TO THEIR CASHIERS. One in Hands of State Bank Examiner -Attorney General Will Test the Right of the Others to Assign-Devil's Lake, N. D., Failure. St. Paul, Minn., Jan. 4.-As a direct result of the closing of the Bank of Minnesota, two weeks ago, which created new distrust among the banks depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions and all closely associated, to-day closed their doors, one being in the hands of the state bank examiner and the others making assignments. During the time that has intervened since the closing of the Bank of Minnesota, the Germania bank paid out $225,000 to frightened depositors and early to-day the directors concluded that they would stop the drain and make an assignment to the cashier, Peter M. Keerst. The Allemania bank, which, like the Germania. had a large clientage among the Germans and whose vice president had formerly been president of the Germania, then became the target for as lively a run as could be seen during panic times anywhere. People crowded about the doors and fairly fought for a place in the line before the paying teller's window. The bank officials realized fully what such a run meant, and promptly called on Bank Examiner Kenyon to take possession of the bank and that official is now in charge. The West Side bank, a small but possibly stronger bank, cleared through the Allemania,and to-day its clearings were returned by the latter institution. Following this, there was a decided run inaugurated on the bank, and at 2 o'clock this afternoon the bank officials closed the doors and called a meeting of the directors to decide what action to take. Their decision was apparent late in the afternoon, when they filed a deed of assignment to Cashier S. Staples, the president of the bank. Considerable public money is tied up in the three institutions, but there is an ample supply for all immediate needs in the other banks of the city. The assignment of the Germania and West Side banks has brought up a somewhat new question in the banking laws of this state, and the courts will be called on to settle it. The state bank examiner doubts their rights to assign, holding that they should have, under the law. turned over their assets to him. The attorney general intimates that he will bring action to test the matter as soon as the papers can be prepared. During the day numerous reports of trouble among the other banks were current, and a few banks suffered runs of greater or lesser intensity, but the savings banks were protected by the law that allows them to require sixty days' notice before paying out deposits. and the national banks are in strong condition and have no fear of anything of the sort. The last officialestateent of the condition of the Germania bank, made December 17. showed the total resources to be $1,625788.01, and the liabilities $1,166,988.74. The official statement of the Allemania bank, made December 17, showed the total resources $1,061,009.97; liabilities, $602,245.37. Devil's Lake, N. D., Jan. 4.-The Merchants' National bank closed its doors today, pending action of the comptroller of the currency. The bank was organized in 1887 with a $50,000 capital. Two or three years later F. Ashley Mears bought the controlling interest and increased the capital to $100,000. In 1892, when Mears' string of banks and concerns went down the af-

3. January 5, 1897 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, January 5, 1897

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Three More St. Paul Banks Close. ST. PAUL, Jan. 5.-As a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among bank depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions and all closely associated, yesterday closed their doors, one being now in, the hands of the state bank examiner and the others making assignments Bank Examiner Kenyon is in charge of the Allemania.

4. January 5, 1897 Evening Star Washington, DC
Article from Evening Star, January 5, 1897

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PASSING OF THE SCARE. More Confident Feeling in St. Paul Banking Circles. ST. PAUL, Minn., January 5.-In banking circles today it seemed almost as if the scare had gone with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports. Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,500 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota is meeting with the heavier depositors to devise a method of reorganization. Thirty depositors, with $175,000 in the bank, were at yesterday's meeting. The depositors of the Union Stock Yards Bank at South St. Paul are to meet later in the week to consider the subject of reorganization, the receiver's report showing the bank to be in good condition. The January meeting of the directors of the Second National Bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent of its deposits on hand in cash. The other national banks make similar showings. The savings banks, for the protection of depositors, are still requiring the sixty days' notice for withdrawal of deposits, and this, together with the strong showing of the other banks, has had a quieting effect on the general public.

5. January 5, 1897 The Herald Los Angeles, CA
Article from The Herald, January 5, 1897

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SOME VERY DREARY ECHOES t Of the Illinois National Bank Failure RUNS ON MINNESOTA BANKS Quickly Force Their Managers to Close Their Doors The Defaulting Cashier of the Baltimore Farmers and Planters' Bank Drowns Himself Associated Press Special Wire ST. PAUL, Minn., Jan. As a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among depositors and started runs on a number of city banks that were reputed not to be as strong as the depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions, all closely associated all closed their doors today, one being in the hands of the state bank examiner and the others making assignments. During the time that had intervened since the closing of the Bank of Minnesota, the Germania paid out $225,000 to frightened depositors, and early today the directors concluded they would stop the drain and make an assignment to the cashier. Peter N Kerst. The Allemania bank which, like the nania. had large clientage the Germans and whose vice -president had formerly been presid nt of the Germania, then became the target for lively run People crow ded about the doors and fairly fought for place in the line before the paying teller's window. The bank officials ealized fully what such run meant and promptly called on Bank Examiner Kenyon to take possession of the bank and that official now is charge. in The West Side bank. small, but possibly stronger bank, cleared through the Allemania and today its clearings were returned by the latter institution. Fo!lowing this, there decided run inaugurated on the bank and at oclock this afternoon the bank officials closed the doors and called meeting of the directors to decide what action to take Their decision was apparent late in afternoon when they filed deed of signment to Cashier Staples, the president of the bank. Considerable public money is tied up in the three institutions, but there an ample supply for all immediate needs in the other banks of the city The assignment of the Germania and West Side banks has brought up what new in the banking laws of this state and the court will be called on to settle it. The state bank examiner doubts their right to assign. hold ing that they should have under the law turned over their assets to him. The attorney-general ntimates that he will bring action to test the matter as soon as the papers can be prepared. of During the day numerous reports trouble among the other banks were current and a few banks suffered runs of great lesser intensity, but the savings banks were protected by the law which allows them to require sixty days notice before paying out deposits, and the national banks are in strong condition and have no fear of anything of the sort. The Germania bank, a state institution, capital today announced an assignment Peter M Kerst, cash ier. The stood bank of two nearly days after the Bank of Minnesota closed 22d. December Willius ident told an Associated Press that the closing was the result of an reasonable panic and the bank will be opened business as soon as people ined their usual cool sense. The bank result of the panicky feeling had paid depositors $335,000 in the last nine days lius said he fully expected to have the bank re-opened by the last of March The Allemania bank, with capital of $400,000 and clientele similar to that of the Germania. also closed its doors. President Scheffer. of the Allemania, said the failure was due to the combined withdrawal of deposits The crowd of depositors gathered today, demanding money and at oclock decided close. A few minutes before West Side bank organized in 1886 with capital of $100. 000 closed The West Side bank has not closed finally, but pending the action by directors. The bank considered strong. though small institution. and loss to depositors not thought is possible The Devil's Lake, N. D. special to the Dispatch says: The Merchants National bank closed today. pending the action The of the comptroller of the currency bank was organized in 1887 with $50,000 capital. MASON CITY, Ia Jan 4 The First City bank of Nora Springs has failed. Assignment was made to Byron Gamming A DEFAULTER'S SUICIDE BALTIMORE, Md., Jan. 4.-Richard Cornelius, cashier. and for forty-two years connected with the National Farand Planters bank. of which Enoch Pratt was president up to the time his death, was discovered to be short in his accounts to the amount of about $60,000 today. About 0 oclock Mr Cornellus of was the notified and the bank. At 1:15 oclock this his dead found body duck the pond at Druid Hill park. He had comsuicide mitted drowning by On Saturday last attention of the officers bank the by bank the in aminer the a country National and Farmers bank pondent, and the officers immediately began quiet investigation of the cashier's accounts When Mr. CorneMus arrived at this bank board fore of the Corn Mr. it lius, is he could claimed make statement satisfactory and was allowed to go into another part bank to the He paper. not and return, the lapse some time the that had building they traced Cornellus where. Druid Hill park in found first found pond. the Corwhich in nelius and deliberately drowned himself Cornel widow and daughof the late Charles Carson Corno and among bankers the country. tended and disposition in prominent religious in also largely the city. the he most timate years had nellus most promHe inent Baltime the local conference, of the City Missionary Extension society, president

6. January 5, 1897 The Evening Herald Shenandoah, PA
Article from The Evening Herald, January 5, 1897

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Three More St. Paul Banks Close. ST. PAUL, Jan. 5.-As a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among bank depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions and all closely associated, yesterday closed their doors, one being now in the hands of the state bank examiner and the others making assignments. Bank Examiner Kenyon is in charge of the Allemania.

7. January 5, 1897 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 5, 1897

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BANK SCARE SUBSIDIES. All is Quiet Today in St. Paul Business Circles. St. Paul, Jan. 5.-In banking circles today it seems almost as if the scare had ended with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces making up the reports. Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,000 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota had a meeting with the heavier stockholders to devise a method of reorganization. Thirty depositors with $175,000 in the bank were at yesterday's meeting. The depositors of the Union Stock Yards bank at South St. Paul are to meet later in the week to consider the subject of reorganization, the receiver's report showing that bank to be in good condition. The January meeting of the directors of the Second National bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent of its deposits on hand in cash. The other national banks made similar showings. The savings banks, for the protection of depositors, are still requiring the sixty days notice for withdrawal of deposits, and this, together with the strong showing of other banks, has had a quieting effect upon the public.

8. January 5, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 5, 1897

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BUSINESS TROUBLES. Frightened Depositors Force St. Paul Banks to Close, ST. PAUL, Jan. 4-As a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among depositors and started runs on a number of city banks that were reputed to be as strong as the depositors wished, three St. Paul banks. the Germania, the Allemania and the West Side, none of them national institutions, all closely associated. closed their doors today. one being in the hands of the state bank examiner and the others making assignments. During the time that had latervened since the closing of the Bank of Minnesota, the Germania paid out $225,000 to frightened depositors, and early today the directors concluded they would stop the drain and make an assignment to the cashier. Peter M. Kerst. The Allemania bank. which, like the Germania, had a large clientage among the Germans, and whose vice president had formerly been president of the Germania, then became the target for a lively run. People crowded, about the doors and fairly fought for a place in the

9. January 5, 1897 Evening Journal Wilmington, DE
Article from Evening Journal, January 5, 1897

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More Minnesota Bank Failures. ST. PAUL, Jan. 5.-As a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among bank depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions and all closely associated, have closed their doors, one being now in the hands of the state bank examiner and the others having made assignments.

10. January 5, 1897 The Evening Tribune Pawtucket, RI
Article from The Evening Tribune, January 5, 1897

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THREE BANKS SUSPEND. Bank Examiner at St. Paul Kept Exceedingly Busy These Days. Cashier Cornelius of the Farmers' Bank of Baltimore Suicides. ACCOUNTS WERE $60,000 SHORT. He Had Been Very Prominent as a Local Preacher-His Dead Body Was Found In a Pond. St. Paul, Jan. 5.-As a direct, result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among bank depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions, and all closely associated, yesterday closed their doors, one being now in the hands of the state examiner and the others making assignments. During the time that has intervened since the closing of the Bank of Minnesota the Germania bank paid out $225,000 to frightened depositors, and early yesterday the directors concluded that they would stop the drain and made an assignment to the cashier, Peter M. Korst. The Allemania bank, which, like the Germania, had a large clientage among the Germans, and whose vice president had formerly been president of the Germania, then became the target for as lively a run as could be seen I during panic times anywhere. People crowded about the doors and fairly fought for a place in the line before the paying teller's window, The bank officials realized fully what such a run meant, and promptly called on Bank Examiner Kenyon to take possession 1 of the bank, and that official is now in charge. The West Side bank was small, but tuh the

11. January 6, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 6, 1897

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ST. PAUL PANIC ENDED. Depositors in Banks Getting Over Their Fright of Monday. ST. PAUL, Jan. 5.-In banking circles today it seemed almost as if the scare had gone with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports. Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania, his bond for $250,000 being filed this morning. The reorganization committee of the stockholders of the Bank of Minnesota is meeting with heavy depositors to devise a method of reorganization. Thirty depositors, with $175,000 in the bank, were at yesteray's meeting. The depositors of the Union Stock Yards Bank, at South St. Paul, are to meet later in the week to consider the subject of reorganization. The receiver's report shows the bank to be in good condition. The January meeting of the directors of the Second National Bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent. of its deposits on hand in cash. The other national banks made similar showings. The savings bank, for the protection of depositors, is still requiring sixty days' notice for withdrawal of deposits, and this, together with the strong showing of the other banks, has had a quieting effect on the general public. John L. Bradley, a banker and creditor of the Germania Bank, came before Judge Bunn to-day with an application for the removal of Peter M. Kerst as assignee of the Germania Bank and the appointment of some other suitable person in his place. Judge Bunn, after reading the application, signed an order to show cause, returnable to-morrow morning at 10 o'clock. Mr. Bradley is understood to be a creditor of the bank to the amount of some $20,000. The ground upon which the application is based is that Mr. Kerst is an officer of the bank. and as such ought not to act as assignee. When the matter comes up for hearing before Judge Bunn it is understood that Mr. Childs, the attorney general, will join in the application in behalf of the State. The latter will ask for the appointment of a receiver. At a special meeting of the board of directors of the Germania Bank, held to-day, the following resolution was unanimously adopted: "That a committee of seven stockholders, of which the president shall be exofficio chairman, shall be appointed by him for the purpose of taking measures for the speedy reorganization of the Germania Bank of St. Paul.

12. January 6, 1897 The Bryan Daily Eagle Bryan, TX
Article from The Bryan Daily Eagle, January 6, 1897

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CAUGHT IN ALL THREE. / State, City and County Had Money In St. Paul Banks. ST. PAUL, Jan. 5.-The public school funds were on deposit in all three banks that closed on yesterday. The state had $10,456 in the Germania, $35,302 in the Allemania and $3646 in the West Side bank. The county treasurer had deposited $9633 in the Germania, $26,215 in the Allemania and $7564 in the West Side bank. City Treasurer Horst had on deposit city funds in the Germania $49,793, in the Allemania, $151,456 and in the West Side $21,894. The West Side bank has not closed finally, but in view of the panic create. by the sudden closing of the Germania and the Allemania, and because of the summary return by the latter of the West Side bank clearings, it was decided to close pending action by the bank's directors.

13. January 6, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, January 6, 1897

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BANKS SUSPEND. Two St. Paul Institutions Forced to Close Their Doors. Sr. PAUL, Jan. 5.-The Germania bank, one of the larger state institutions of the city, has closed its doors. The action is stated to have been taken in order to protect depositors. No statement has yet been made as to assets and liabilities. Half an hour after the failure of the Germania a run was started on the Allemania, which soon closed its doors. Various rumors were afloat, as to some of the other smaller banks but no serious trouble is anticipated.

14. January 6, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, January 6, 1897

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Kansas Pure Food exposition at Topeka on January 25, were allowed. B. F. Winchell, of the Gulf; John Sebastian, of the Rock Island, and Frank Wadleigh, of the Rio Grande Western, were appointed a committee on homeseekers' business. Mr. Wadleigh brought up the question of the joint ticket offices of the Rock Island and the Rio Grande at Pueblo, which virtually gives the Rock Island two offices there, but Chairman Caldwell was not called upon for aruling. The subject of most importance to Colorado, that of Colorado tourist tickets. has not been brought up yet, and it will be referred to a committee. There were several committees at work until late tonight, as all the work must be disposed of in time for the eastern committee meeting, to be held in St. Louis on Thursday. BANKS AT ST. PAUL. St. Paul, Minn., Jan. 5.-In banking circles today it seems almost as if the scare had done, with the blizzard, for the banks were much less worried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports. Maurice Averbach, as receiver, took the place of Bark Examiner Keyton, in charge of the Allemania, his bond for $250,000 being Died this morning. The re-organization committee of the stockholders of the Bank of Minnesota, had a meeting with the heavier stock holders to devise a method of re-organization. Tairty depositors of the Union Stock Yards bank at South St. Paul, are to meet later in the week to consider the subject of re-organization, the receiver's report showing the bank to be in good condition. The January meeting of the directors of the Second National bank yesterday declared a semi-annual dividend of 7 per cent. This bank has 51 per cent of its deposits on hand in cash. The other national banks make similar showings. The savings banks, for the protection of depositors, are still requiring the sixtydays notice for withdrawal of deposits, and this. together with the strong showing of the other banks, has had a quieting effect upon the public. CALUMET BANK. Chicago, Jan. 5.-A bill for a receiver was filed in the circuit court today against the Calumet State Bank of Blue Island, which made an assignment in the county court last week. The auditor asserts that the assignment was the result of collusion among the officers of the cancern and the assignee, M. C. Eames, who is one of the officers. Assignee Eames of the Calumet bank filed a report today regarding the financial affairs of that institution. It shows total assets of $99,896, upon which, however, he places of value of $74,329. The total liabilities are placed at $70,640. STEEL BILLET POOL. Pittsburg, Pa., Jan. 5.-The ChronicleTelegraph this afternoon says: The special committee appointed to collect data and compile it for the use of the steel billet pool did not agree at the meeting in New York yesterday and no date was fixed for a meeting of the pool. As a result, the market. SO far as steel billets are concerned. will remain open until a meeting is held. LUMBER TRUST BREAKS. Seattle, Wash., Jan. 5.-The Central Lumber company of California, the most stupendous trust ever organized on the Pacific coast, is a thing of the past. No such combine was ever effected for the control of a market on this coast, as it controlled every cargo mill on the coast but three. The projectors, confidently believing that the demand in 1896 would exceed that of 1895, thought that pricecutting would be impossible. But the 01 dn come you PIP рившер the proportion of supply and demand being four instead of three to one, as compared with eighteen months ago. The anticipation of enhanced values prior to the formation of the company, furthermore, caused the piling of great stocks of lumber in San Francisco and other places. Few purchased lumber from the mills, but many sought the small trade in the rid of the stock in the

15. January 6, 1897 Wheeling Register Wheeling, WV
Article from Wheeling Register, January 6, 1897

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ALL SERENE. St. Paul Seems to Have Entirely Recovered from the Financial Flurry. St. Paul, January 5.-In banking cir. cles to-day it seemed almost as if the scare had gone with the blizzard for the banks were very much less wor. ried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon in charge of the Allemania, his bond of $250,000 being filed this morning. The re-organization committee of the stock. holders of the Bank of Minnesota is meeting with the heavier depositors to devise a means or re-organization. Thirty depositors, with $175,000 in the bank, were at yesterday's meeting. The depositors of the Union Stockyards Bank at South St. Paul, are to meet later in the week to consider the subject of re-organization, the receiver's report showing the bank to be in good condition.

16. January 7, 1897 Connecticut Western News North Canaan, Salisbury, Canaan, CT
Article from Connecticut Western News, January 7, 1897

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More Minnesota Bank Failures, ST. PAUL, Jan. 5.-As a direct result of the closing of the Bank of M innesota two weeks ago, which created new distrust among bank depositors and started runs on a number of city banks that were reputed not to be as strong as depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institationsand all closely associated. have closed their doors, one being now in the hands of the state bank examiner and the others having made assignments.

17. January 7, 1897 Rocky Ford Enterprise Rocky Ford, CO
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BANKS STILL BURST. THREE AT ST. PAUL THE LATEST Germania, Allemania and West Side Banks Close Because of Withdrawal of Deposits. St. Paul, Minn., Jan. 4.-The Germania bank, a state institution, capital $400,000, did not open to-day, but nounced its first assignment to Peter M. Kerst, who for the past year or two has been the cashier. The announcement stated that this action was taken after a full consideration of all phases of the situation, and It was deemed best for all concerned that this action should be taken. The bank stood a run for nearly two days, its depositors beginning to withdraw accounts at the time the Bank of Minnesota closed on December 22. The last official statement of the condition of the bank was made December 12, 1896, and showed its resources to be $1,625,788.01. with liabilities amounting to $1,628,788. The individual deposits were $1,000,000. President Willius says that the closing was the result of an unreasonable panic, and that the bank would be opened for business just as soon as the people regained their usual cool senses. The bank, as a result of the panicky feeling, had paid out to depositors $335,000 in the last nine days, and as they saw what the continuation of this would lead to, the directors decided to close for the present. Mr. Willius said he fully expected to have the bank reopened and ready for business by the last of March. At a few minutes before 2 o'clock the West Side Bank. organized in 1886, with a capital of $100,000, closed its doors. The president, C. F. Staples, told the Associated Press that the bank cleared through the Allemania, and had its clearings returned to-day before the closing of that bank. The West Side Bank has suffered considerably from the generally shaky condition of financial affairs.

18. January 7, 1897 River Falls Journal River Falls, WI
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MORE BANKS FAIL. Three Institutions in St. Paul Ciose Their Doors. St. Paul, Minn., Jan. 5.-The Germania, the Allemania and West Side banks, all doing business as state banks, on Monday closed their doors, every one of them being literally pulled down by their depositors. The failure of the Bank of Minnesota December 22 caused unrest in the community and depositors withdrew their money from the three banks above to such an extent that they were forced to go to the wall because they had not funds enough immediately in hand to meet the demands made upon them. Each of the three, however, is solvent, and all of them will reorganize as soon as the machinery for that purpose can be put into use. The directors of the Germania met Monday evening and appointed a committee on reorganization. The Germania is in the hands of P. M. Kerst as assignee and the other two are in the hands of Bank Examiner Kenyon. A receiver will be appointed for the Allemania to-day and the West Side bank will try to make arrangements with its creditors and reopen without the intervention of a receiver.

19. January 7, 1897 Abilene Weekly Reflector Abilene, KS
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Three St. Paul Banks Go Under. ST. Paul, Minn., Jan. 5.-As a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among the banks, depositors started runs on a number of city banks yesterday that were reputed not to be as strong as depositors wished. Three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions and all closely associated, were forced to close their doors. They are in the hands of the state bank examiner

20. January 7, 1897 The National Tribune Washington, DC
Article from The National Tribune, January 7, 1897

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BRIEF NEWS. Ottawa, Canada, was visited by an earthquake Saturday morning. No serious damage has been reported, but the shock was distinctly felt all over the city. Dr. Rizal, the leader of the Philippine revolution, was shot at Manilla, in the Philippine Islands, Dec. 30, in the presence of an immense crowd. He was first sentenced under Gen. Polavieja's new policy of vigorous repression and summary earrying out of sentences. Gen. Polavieja absented himself during the execution. Great precautions were taken to prevent a popular demonstration. On his trial by court-martial Dr. Rizal admitted that he was the author of the constitution of the Philippine League, the object of which was revolutionary, but denied that he had taken any active part in the rebellion. Edward J. Ivory, of New York City, now under arrest in London on the charge of planning dynamite explosions during the recent visit of the Czar to England, will be defended by John F. McIntyre, who has resigned the office of Assistant District Attorney of New York and sailed for London. Gen. Weyler may be removed from command of the Spanish army in Cuba. It is asserted in Madrid that a decision has been reached to recall him, but that the Premier, Senor Canovas del Castillo, has suspended the order. The enthusiastic reception that Cecil Rhodes is receiving in Cape Colony is looked upon by Trausvaal officials in the light of an insult. A significant speech was made New Year's day by Judge Jorrisen, on the occasion of wellwishers calling upon President Kruger. Rhodes was classed as a highwayman. The war correspondent of La Tucha, of Havana, has interviewed Weyler, whose column he joined at San Cristobal. The Captain-General declares that the revolution in Pinar del Rio is suppressed, and that not over 500 rebels are now in that Province. These, he thinks, will soon surrender, or die of disease and hunger. The statement published by a Boston paper that Gen. Gomez receives a salary of $100,000 a year as Commander-in-Chief of the Cuban army is denounced by Gonzalo de Queseda, Charge d' Affairs de la Republique de Cuba, at Washington, who says that the brave commander fight for glory alone. A terrible state of affairs is reported in the labor market of Nicaragua. Hundreds of men, women, and children are held in virtual slavery. These people have sold their labor for small sums of money advanced them, and are now endeavoring, by every means except an armed revolution, to escape from the servitude incident to the sale, authorized by the Constitution of Nicaragua, and vigorously enforced by military power until the money or goods advanced, interest thereon and heavy fines, have been paid in full by labor at low rates Henry Delgado, the correspondent of the N. Y. Mail and Express, who is held by the Spanish as a political prisoner, is now confined to the hospital at San Ambrosco, suffering from an abscess. He will likely die unless permission can be obtained for the performance of a surgical operation upon him. The Spanish authorities are not opposed to this being done if the prisoner will meet the expense. Three St. Paul banks closed their doors Monday, and runs were begun on several to others. The day was an exciting one in financial circles. The banks that have suspended are the Germania, Allemania and West Side, all State institutions. The steamer Commodore, which cleared Jacksonville, Fla., for Cienfuegos, Cuba, Thursday, with a cargo of arms and ammunition, foundered off New Smyrna early Saturday morning. Of the 28 men on board the vessel at the time of the disaster, 20 have been accounted for. The other eight must have been drowned. Stephen Crane, the novelist, was on the vessel, but reached shore safely in a lifeboat in company with Capt. Murphy, commander of the lost steamer, and two of the crew. The Cubans charge treachery in the wreck of the steamer, saying that so soon as it was discovered that the vessel was leaking, the pumps were tried, but were found to have been tampered with, and were useless. The men were then set at work bailing out the vessel with buckets, a futile task that was soon abandoned. Three Spanish newspapers, the Imparcial, Heraldo and Correspondencia, of Madrid, have withdrawn their correspondents from Havana. This action was taken on account of Government prosecution of these papers. Heavy snowstorms raged throughout the Northwest during the early part of this week, and train service is badly crippled. A dispatch from St. Paul reports the storm the worst that has occurred for years. Devil's Lake and Grand Forks, N. D., reported no train for over 36 hours. Dispatches from Yankton, S. D., say that only one railroad in the State moved train Sundav. and that was a local. Nebraska

21. January 8, 1897 The Corvallis Gazette Corvallis, OR
Article from The Corvallis Gazette, January 8, 1897

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St. Paul, Jan. 6. -As - a direct result of the closing of the Bank of Minnesota two weeks ago, which created new distrust among depositors and started runs on a number of city banks that were reputed not to be as strong as the depositors wished, three St. Paul banks, the Germania, the Allemania and the West Side, none of them national institutions, all closely associated, closed their doors today, one being in the hands of the state bank examiner and the others making assignments.

22. January 8, 1897 The Penn's Grove Record Penns Grove, NJ
Article from The Penn's Grove Record, January 8, 1897

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Several Institutions Weakened by Steady Withdrawals of Deposits. Four more banks have been added to the list of those at St. Paul, Minn., whose doors have been closed since December 21. They are the Germania, the Allemania, the Minnesota State Savings and the West Side. Of this quartette the most important member is the Germania. This institution, which is a State and not a National bank, was founded in 1884. Its capital was $400,000, with a surplus of $59,000. On December 17 the loans and discounts amounted to $975,000 and the deposits to $1,091,968. The Allemania Bank, with a capital of $400,000, having a clientage similar to that of the Germania, closed its doors also soon after the other bank had announced its assignment. The Allemania Bank was organized last year, being the successor of the Commercial Bank. The West Side Bank of St. Paul cleared through the Allemania Bank, and the latter failure compelled it to close. It is a small concern. There was a heavy run on the Minnesota Savings Bank, which is intimately connected with the Germania Bank. As a result of the run the Minnesota Savings Bank has taken advantage of the sixty-day notice. The Germania, the Allemania and the West Side banks all did business as State banks. Every one of them was literally pulled down by the depositors The Citizens' National Bank of Fargo, North Dakota, is in the hands of the National Bank Examiner. Its capital is $100,000. The City Bank of Nora Springs, Iowa, has suspended.

23. January 9, 1897 The Diamond Drill Crystal Falls, MI
Article from The Diamond Drill, January 9, 1897

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MORE BANKS FAIL. Three Institutions in St. Paul Close Their Doors. St. Paul, Minn., Jan. 5.-The Germania, the Allemania and West Side banks, all doing business as state banks, on Monday closed their doors, every one of them being literally pulled down by their depositors. The failure of the Bank of Minnesota December 22 caused unrest in the community and depositors withdrew their money from the three banks above to such an extent that they were forced to go to the wall because they had not funds enough immediately in hand to meet the demands made upon them. Each of the three, however, is solvent, and all of them will reorganize ns soon as the machinery for that purpose can be put into use. The directors of the Germania met Monday evening and appointed a committee on reorganization. The Germania is in the hands of P. M. Kerst as assignee and the other two are in the hands of Bank Examiner Kenyon. A receiver will be appointed for the Allemania to-day and the West Side bank will try to make arrangements with its creditors and reopen without the intervention of a receiver.

24. January 12, 1897 Decorah Public Opinion Decorah, IA
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Three St. Paul Banks Close. St. Paul, Minn., Jan. 6.-Three state banks, the Germania, the Allemania and West Side, closed their doors Monday. The Germania has been subjected to a quiet but steady run since the Bank of Minnesota closed on Dec. 22. It is believed the assets of all three banks are ample, though some may be slow of realization, and that the depositors will not lose anything. The suspensions are considered as simply the results of the general scare among depositors, which began with the closing of the Bank of Minnesota.

25. April 9, 1897 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, April 9, 1897

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POST-INSOLVENCY DEPOSITS May be Resumed by Depositors if They Can be Traced. St. Paul, Minn., April 8.-After litigation unprecedented in this state Judge Bunne of the district court has filed decisions in the "bank cases." Folowing the suspension of the Bank of Minnesota, the Germania and the Allemania banks, many depositors applied for an order that their money and checks be returned to them. In the case of the Bank of Minnesota Judge Bunne examined the question of the insolvency of the bank prior to December 22, when it failed. He finds that the bank had persistently violated the state banking law; that the officers had been receiving deposits with the full knowledge of the bank's insolvency, and that the guilty knowledge gives to the depositors the right to get their money if they can trace it to the receivers. With respect to each of the classes of funds the court makes a distinct order in the case of each bank. The court holds that the title to the checks on other banks remains with the depositors, but the cash deposits cannot be traced and therefore cannot be recovered.