9867. Allemania bank (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: 3e1d01d1

Response Measures

Full suspension, Books examined

Other: Assignment to cashier and appointment of a receiver; receiver later filed schedules and managed liquidation.

Description

Contemporary reports (early Jan 1897) state the Allemania Bank in St. Paul stood a run for nearly two weeks after the Bank of Minnesota closed (Dec 22), then closed its doors and went into assignment/receivership. Receiver bond filed Jan 5; later court/receiver activity indicates the bank did not promptly resume normal operations and was in receivership/closed.

Events (3)

1. January 4, 1897 Run

Cause: Local Banks
Cause Details: Depositors began withdrawing after the Bank of Minnesota closed (Dec 22), triggering a run that lasted nearly two weeks.
Measures: Paid out large sums to depositors during run; ultimately closed doors and directors decided to assign/close.
Newspaper Excerpt: The bank stood a run for nearly two weeks, its depositors beginning to withdraw when the Bank of Minnesota closed, on December 22d.
Source: newspapers

2. January 4, 1897 Suspension

Cause: Local Banks
Cause Details: Closed its doors (suspended payment) soon after panicky runs following the Bank of Minnesota's failure; directors decided to close for the present and assigned the bank to an assignee/receiver.
Newspaper Excerpt: The Allemania bank of this city has closed its doors. The Allemania bank which closed its doors at noon had a capital stock of $400,000.
Source: newspapers

3. January 5, 1897 Receivership

Newspaper Excerpt: Maurice Guerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania bank, his bond for $250,000 being filed this morning. ...in charge of the Allemania bank, his bond for $250,000 being filed this morning. The reorganization committee ... to devise a method of reorganization. Judge Bunn ... signed an order to show cause ... the state ... will ask for the appointment of a receiver. At a special meeting of the board of directors of the Germania bank ... committee ... appointed ... for speedy reorganization of the Germania bank of St. Paul. John L. Brady, a banker and creditor ... came before Judge Bunn with an application for the removal of President Kerst as assignee of the Germania bank and the appointment of some other suitable person in his place. The receiver's schedules later estimate assets at $237,673.32 (May 1897).
Source: newspapers

Newspaper Articles (14)

1. January 4, 1897 Las Vegas Daily Optic Las Vegas, NM

Article from Las Vegas Daily Optic, January 4, 1897

Click image to open full size in new tab

Article Text

Other Banks Close Down. ST. PAUL, Minn., January 4. -The Germania bank, of this city, closed its doors, this morning. The capital was $400,000; surplus, $59,000. On De. cember 17th, the loans and discounts amounted to $975,000 and its deposits, $1,091,968. ST. PAUL, Minn., January -The Allemania bank, which closed its doors at noon, to-day, had a capital of $400,. 000; loans and discounts, $706,842; deposits, $602,305. ST. PAUL, Minn., January 4. / -The annoubcement made by officials of the bank that, if assigned to Peter M Kerst, the cashier, the directors directed it was best for all concerned, that they close. The bank stood a run for nearly two weeks, its depositors begin ning to withdraw when the Bank of Minnesota closed, on December 22d.

2. January 4, 1897 El Paso Daily Herald El Paso, TX

Article from El Paso Daily Herald, January 4, 1897

Click image to open full size in new tab

Article Text

TELEGRAPHIC NEWS, WIRED BY THE UNITED PRESS TO THE HERALD. Overtures of Peace; Senator Money Still Missing; French Elections and Other Happenings. Banks Closed. ST. PAUL, Minn., Jan. 4.-The Germania bank of this city, closed its doors this morning. Its capital was $400,000. Surplus $59,000. On December 17th, its loans and discounts amounted to $975,000 and its deposits were $1,091,968. The announcement has been made by officials of the bank that if assigned to Peter M. Kearst, the cashier, the directors decided it all concerned for best was they close. The bank stood a run for nearly two weeks, its depositors beginning to withdraw when the bank Minnesota closed December 22. ST. PAUL, Minn., Jan. 4.-The Allemania bank of this city has closed its doors. The Allemania bank which closed its doors noon had a capital stock of $400,000. Loans and discounts, $706,842. Deposits, $602,305. MINNEAPOLIS, Jan. -The West Side bank of St. Paul closed its doors today, caused by the failure of the Allemania bank. There was a heavy run on the Minnesota State Savings bank today, which took advantage of sixty days notice. DUBUQUE, Ia., Jan. 4.-City bank of Nora Springs, Iowa, suspended today.

3. January 4, 1897 Rock Island Argus Rock Island, IL

Article from Rock Island Argus, January 4, 1897

Click image to open full size in new tab

Article Text

More Banks Collapse at St Paul. PUBLIC FUNDS ARE INVOLVED A Little Failure in Northern Iowa. Baltimore Banker Commits Suicide. St. Paul, Mian., Jan. 4 -The Germania bank has assigned to Peter M. Korst, its cashier. The bank was a state institution with a capital of $400,000. It has stood the run nearly two weeks. The last statement of the condition Dec. 17 showed loans and discounts of $975,420; stocks and bonde, $37,890; banking house certificates, $257,847;currency, $42,339; gold, $103,560; other resourses bring the aggregate up to $1,625,768. The deposits aggregate $1,001,910; due the bank $90,203. President Willis says the closing is the result of the unreasonable panic; that the bank will be reopened as soon as the people regain their cool sense. The bank paid $335,000 in the last nine days. The Allemania bank, a state institution with a capital of $400,000, having a clienage similar to that of the Germania, closed its doors soon after the latter announced its assignment. The Allemania also suffered by the panicky feeling after the Bank of Minnesota closed. The last official statement, Dec. 17, showed loans and discounts of $759,723; due from other banks, $35,927; cash, $77,674; demand loans, $62,881, and other items making a total in resources of $1,061,010. The deposits were $602,308. President Scheffer says the failure is due to the combined withholding and withdrawing of deposits. The West Sidebank has just closed. The Westside bank had a capital of $100,000. It cleared through the Allemania and had its clearings returned today because of the closing of that bank. Public funds were on deposit in all three banks. The state had $10,546 the Germania, $35,303 in the Alleis, $3,647 in the Westside. The nty treasurer had $9,635 in the mania, $25,215 in the Allemania, d $7,585 in the Westside. The ty treasurer had $49,794 in the rmania, $151,457 in the Allemania, d $21,894 in the Westside. Mason City, Iowa, Jan. 4.-The irst City Bank of Nora Springs assigned today to Byron Gammidg. Baltimore, Jan. 4.-Richard Corneliur, cashier in the Farmers and Planters' National bank, drowned himself at Druid Hall park today.

4. January 5, 1897 The Copper Country Evening News Calumet, MI

Article from The Copper Country Evening News, January 5, 1897

Click image to open full size in new tab

Article Text

ST. PAUL BANKS CLOSED. The Germania, Allemania and West Side Suspend Payment. St. Paul, Jan. 5. - The Germania bank, a state institution, capital $400,000, did not open for business Monday, but announced its assignment to Peter M. Kerst, who for the past year or two, has been the cashier of the bank. The announcement stated that this action was taken after full consideration of all phases of the situation, as it was deemed best for all concerned that this action be taken. The bank stood a run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Illinois closed on Dec. 22. The Allemania bank, capital $400,000. and having a clientage similar to that of the Germania, closed its doors also soon after the other bank had announced its assignment. 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 representative that the bank cleared through the Allemania, and had its clearings returned because of the closing of the bank. This was but one of the causes that lead to the closing of the West Side bank, which had suffered considerably from the general shaky condition of financial affairs. Public funds were on deposit in all three of the closed banks. The state had $10,546.05 in the Germania; $35,302.54 in the Allemania, and $3,646.63 in the West Side bank. The county treasurer had deposited $9,635.35 in the Germania; $26,215.35 in the Allemania, and $7,554.84 in the West Side bank. City Treasurer Horst had on deposit city funds in the Germania $49,793.82; in the Allemania, $151,455.50, and in the West Side bank, $21,894.50.

5. January 5, 1897 The Daily Morning Journal and Courier New Haven, CT

Article from The Daily Morning Journal and Courier, January 5, 1897

Click image to open full size in new tab

Article Text

ST. PAUL BANKS CLOSE. St. Paul, Jan. 4.-The Germania bank of this city closed its doors this morning. Its capital was $400,000, with a surplus of $59,000. December 17 the loans and discounts amounted to $975,000 and the deposits to $1,091,968. ANOTHER ST. PAUL BANK. St. Paul, Jan. 4.-The Allemania bank of this city has just closed its doors. The capital of the bank is $400,000. with a surplus of $59,000. Its statement December 17 showed: Loans and discounts $706,842; cash on hand and due from other banks $192.262; deposits $602,355. It held on January 1 St. Paul funds to the amount of $51,000 and state funds aggregating $35,302. AN IOWA BANK SUSPENDS. Dubuque, Ia., Jan. .-The City Bank of Nora Springs, Ia., suspended to-day.

6. January 5, 1897 The Bryan Daily Eagle Bryan, TX

Article from The Bryan Daily Eagle, January 5, 1897

Click image to open full size in new tab

Article Text

ST. PAUL BANKS CLOSE The Germania and Allemania Shut Their Doors. BOTH WERE STATE INSTITUTIONS The Cause of These Failures Was on Account of the Heavy Runs Which Have Been In Progress For Several Days-Downfall of the Bank of Minnesota Ruined Them. Sr. PAUL, Jan. 4.-The Germania bank, a state institution, with a capital of $400,000, did not open for business this morning, but announced it had made an assignment to Peter M. Kerst, cashier of the bank. The announcement stated that after a full consideration of all phases of the situation it was deemed best for all concerned that this action be taken. The bank stood the run for nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed, Dec. 22. Liabilities of the bank are given at 8 $1,625,769, and its resources at $1,625,8 788. The bank had been organized for e many years. Ex-Governor Aiox Ram8 sey being for a long time president, and a William Bickel, cashier. A few years 8 ago Governor Ramsey retired and Mr. Bickel became president, but last spring Mr. Bickel retired and was succeeded T by Gustava Willius as president, and P. M. Kerst as cashier. President Willius told the Associated 8 Press reporter that the closing was the result of an unreasonable panic, and e that the bank would be opened for business as soon as the people regained their usual cool sense, the bank as a result of the panicky feeling had paid out to depositors $835.000 in the last nine days, e and as they saw what a continuation of Γ. this would lead to the directors decided of to close for the present. Mr. Willius e said he fully expected to have the bank B. open ready for business by the last of ir March. The Allemania bank, capital $400,000, and having a elientage similar to that n of the Germania, closed its doors also az soon after the other bank announced its is assignment. The Allemania bank was organized iff last year, being the successor of the er Commercial bank. It was a state bank and suffered by the panicky feeling afhe ter the Bank of Minnesota had closed.

7. January 6, 1897 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, January 6, 1897

Click image to open full size in new tab

Article Text

SCARE ABOUT OVER AT ST. PAUL. No Failures Announced and No Runs on the Banks. ST. PAUL, Jan. 5.-In banking circles today it seems almost as if the scares 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 reorts. Maurice Guerbach, as receiver, took the place of Bank Examiner Kenyon, in charge of the Allemania bank, 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 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 a large proportion 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 quisting effect upon the public. At a special meeting of the board of directors of the Germania bank, held today, the following resolution was unanimously adopted: "That a committee of seven stockholders, of which the president shall be an ex-officio chairman, shall be appointed by him for the purpose of taking measures for the speedy reorganization of the Gemania bank of St. Paul. John L. Brady, a banker and creditor of the Germania bank, came before Judge Bunn with an application for the removal of President 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 tomorrom morning at 10 o'clock. Mr. Brady is understood to be a creditor of the bank to the amount of some $20,000. The grounds on which the application is based are that Mr. Kerst is an officer of the bank and as such ought not to act as assignee. When the matter comes on for hearing before Judge Bunn it is understood that Mr. Childs, the attorney general, will join in the application on behalf of the state. The latter will ask for the appointment of a receiver.

8. January 7, 1897 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM

Article from Santa Fe Daily New Mexican, January 7, 1897

Click image to open full size in new tab

Article Text

FIVE BUSINESS DISASTERS Dr. Flower, Somew hat Known in New Mexico, Files Petition in Insolvency. HE FORMERLY OPERATED AT DEMING Accused of Embezzlement and Other Financial Crimes-Diamond Dealers Assign in New York-Bank Failures Elsewhere. Boaton, Jan. 7.-Dr. R. C. Flower, the famous millionaire, financier and traveling physician, has filed a petition in insolvency. His business has been much impaired recently because of the criminal suits brought against him by wealthy Chicago capitalists, who accused him of the embezzlement of thousands of dollars in A negotiation of the Deming Land company, of Deming, N. M., and many other gigantic financial undertakings. It is understood that the failure can not seriously affect the Deming company. DIAMOND DEALERS ASSIGN. New York. - S. H. Johnston & Co., dealers in diamonds, jewelry and silverware, to-day assigned to John R. Keim and Arthur H. Maston. The liabilities are reported to be $219,000; assets, $200,000. BAGK FAILURE IN WISCONSIN. Ean Claire, Wis.--The Commercial bank of Eau Claire, with a capital of $30,000, closed to-day. The failure is due to the suspension of the Allemania bank, of St. Paul. President Allen states that the depositors will be paid in full. TWO BANKS FAIL IN MINNESOTA. St. Paul.-A Preston, Minn., special to the Dispatch says that the Bank of Canton, at Caton, and the Citizen's bank of Lanesboro, both owned and operated by Field, Kelsey & Co., suspended yesterday.

9. January 7, 1897 El Paso Daily Herald El Paso, TX

Article from El Paso Daily Herald, January 7, 1897

Click image to open full size in new tab

Article Text

Another Bank Gone. EAU CLAIRE, Wis., Jan. 7.-The Commercial bank with a capital of $30. 000 closed today; due to the suspension of the Allemania bank at St. Paul.

10. January 8, 1897 Iowa State Bystander Des Moines, IA

Article from Iowa State Bystander, January 8, 1897

Click image to open full size in new tab

Article Text

St. Paul Banks Closed. ST. PAUL, Jan. 5.-The Germania bank, with deposits of $1,091,968 and the Allemania bank. with deposits of $602,305. have suspended payment. The trouble was caused by runs. Later the West Side bank closed its doors, and when a run on the Minnesota Savings bank began the officials decided to take advantage of the rule requiring sixty days' notice before withdrawing deposits.

11. January 8, 1897 The Bryan Daily Eagle Bryan, TX

Article from The Bryan Daily Eagle, January 8, 1897

Click image to open full size in new tab

Article Text

ARMENIANS RELEASED. All the Prisoners Turned Loose at Constantinople Except Condemned Ones. NEW YORK, Jan. 7.-A dispatch to The Herald from Constantinople says that the last 20 of 388 Armenian prisoners at Constantinople have been liberated. There are still in prison 29 persons condemned to death. One of them is Bishop Arabgir. As to the number of Armenian priests in the province condemned to death, only two have up to the present time been mentioned to the patriarchate as worthy of pardon. Sixty-five Armenians who had sought refuge at Varna have been delivered without difficulty to the Armenian patriarchate. EAU CLAIRE, Wis., Jan. T.-The Commercial bank of Eau Claire, with a capital of $30,000, has closed. The failure was due to the suspension of the Allemania bank at St. Paul. President Allen states the Eau Claire institution will wind up its affairs, and that the depositors will be paid in full.

12. March 17, 1897 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, March 17, 1897

Click image to open full size in new tab

Article Text

CANNOT GET IT BACK. Order Regarding a Draft the Allemania Received. Judge Otis filed an order yesterday denying the petition of Ethel D. Hardin requesting that the receiver of the Allemania bank return to her a draft for $40. In the memorandum which explains the point involved, Judge Otis says: "This case is controlled by the decision in re Seven Corner's Bank, 58, Minn 5. The court on appeal in that case, treated the transaction as the deposit of a check for collection and a conversion of the proceeds by the bank when the collection had been made, which is precisely the case made out here by the petition and stipulated facts. It does not appear that a dollar of the proceeds in substituted form or otherwise, ever came to the receivers hands. And it is only in such cases that the receivers can be compelled to specifically account for it."

13. May 6, 1897 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, May 6, 1897

Click image to open full size in new tab

Article Text

NORTHWESTERN NEWS NOTES. Mankato, Minn.-The Southwestern Minnesota Dairy Produce Exchange will hold a butter sale May 17. St. Paul.-The Agricultural Press league will hold its biennial convention in this city beginning Aug. 2. Yankton, S. D.-Mrs. John Satori attempted to fill a gasoline stove from an open can and was fatally burned. St. Paul.-The schedules of the Allemania bank filed by the receiver estimate its assets to be worth $237,673.32. St. Paul.-The fish commission's annual expedition to Pike river for fry to distribute through the lakes was a failure. Willmar, Minn.-The Willmar Gun club is making extensive preparations for a tournament to be held here on May 17. Battle Lake, Minn.-C. O. Bjor, general merchant and chairman of the school board, suicided by shooting. No cause known. St. Cloud.-Mrs. Francis Talcott found by a will of her lately deceased husband that he had $20,000 in bank that she knew nothing of. Lisbon, N. D.-The Salvation Army is doing excellent work. Seventeen recruits have been secured and over 100 conversions professed. Dubuque.-The damage suit of Harris against the Modern Woodmen for $10,000 damages for injuries sustained at initiation is on trial here. St. Paul.-The Great Northern sold more land last week than it sold dur. ing any month since last July. Traverse and Wilkin counties will get a goodly share of the resulting immigration. Duluth. -The May term of United States court which opens here next Tuesday, will be juryless, the fund from which they are paid having been exhausted. Jurors have been notified not to attend. St. Paul.-The department of public instruction has begun the work of revising the school code of the state. The last revision was made in 1891. The new code will include the laws of the last three legislatures. Morris, Minn.-Mrs. Lysander H. Pusher, wife of a prominent farmer near here, was fatally burned, her dress catching fire from burning rubbish. Her daughter Myrtle was severely burned trying to extinguish her mother's clothing. South St. Paul.-Martin Welch a middle aged farmer, was driving from the stock yards with a load of wet screenings and on turning a corner on a side hill the wagon tongue caught in the bank, upsetting the wagon. In falling the wagon box fell across his chest and the wet screenings spilled over his head, smothering him.

14. August 5, 1897 Gloucester County Democrat Woodbury, NJ

Article from Gloucester County Democrat, August 5, 1897

Click image to open full size in new tab

Article Text

New York, will be transferred to Siam. Consul General Lee has warned General Weyler that Manuel Fernandez must not be executed, as decreed by Spanish court martial. Saturday, July 31. Frederick D. Grant has resigned as police commissioner of New York city. John Sebolt, of New Brunswick, N. J., was shot by his wife, who mistook him for a burglar. During a quarrel over a love affair, near Hazelton, George Martina killed Andrew Albertini. The loss to Chester county, Pa., farmers caused by the wet spell is estimated at $150,000. B. F. McKinley, uncle of President McKinley, has been appointed assistant postmaster at San Francisco. Burned by the X rays, and perhaps disfigured for life, Miss Josie Macdonald, of New York, will sue for damages. Monday. Aug. 2. Prince Henry, of Orleans, will fight a duel with the Italian General Albertone some time next month. Walter S. Hobart, the young millionaire and turfman, is suffering with appendicitis at San Mateo, Cal. The monitor Puritan was damaged by an accident Saturday, when the shafting of her rudder was wrecked. Miss Ida M. Claussen, of New York, was thrown from a runaway at Narragansett Pier, R. I., and severely bruised. President Albert Schaeffer, of the failed Allemania bank, St. Paul, Minn., has been acquitted of alleged embezzlement. By a premature blast in the Badger quarry at West Quincy, Mass., John Scott was killed and Hugh Dawson fatally injured. Tuesday, Aug. 3. Five deaths occurred from heat at Hopkinsville, Ky. Savannah's first bale of new cotton was sold at auction yesterday. Serious floods are reported from Austria. Many persons were drowned. A lake of petroleum five miles wide and six miles long has been discovered in Alaska. At Wilmington, O., James Harvey was sentenced to life imprisonment for wife murder. Word was received at Philadelphia of the sinking off Cape Henry of the schooner A. D. Lamson. Advices from China are to the effect that the higher class of Chinese are taking very kindly to American plans of life insurance. Wednesday, Aug. 4. In some Kansas counties there will be no corn at all saved from the hot winds. The fast flyer on the Kansas Pacific railway was wrecked at daylight near Denver. There is great need of rain in Corea and the governor has sent priests to the mountains to petition the gods for showers. At Albany, N. Y., John Flanagan, the champion hammer thrower, surpassed all records by throwing the 16 pound hammer 157 feet 4 inches. The Rome (Ga.) cotton factory has obtained a contract for 1,300,000 yards of heavy duck for mail sacks. The amount of the contract is $250,000, Thursday, Aug. 5. Bloodhounds were used in Camden, N. J., to run down horse thieves. Secretary Sherman will return to Washington Saturday from Amagansett, L. I. There is unusual activity at the Mare Island navyyard, California, in prepar-