9881. Union Stock Yards bank (Saint Paul, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 22, 1896
Location
Saint Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
69911a70

Response Measures

None

Description

Union Stock Yards Bank closed when State Bank Examiner Kenyon took possession of the Bank of Minnesota on Dec 22, 1896; the stock yards bank was owned by Bank of Minnesota and closed as a consequence. A receiver (M. A. Sullivan) was in place by May 1897; depositors later petitioned regarding the receiver in Oct 1897. No run is described in the articles.

Events (3)
1. December 22, 1896 Suspension
Cause
Local Banks
Cause Details
Closed as a consequence of the failure/takeover of its owner/parent, the Bank of Minnesota, which the state examiner took possession of on Dec 22, 1896.
Newspaper Excerpt
State Bank Examiner Kenyon to-day took possession of the Bank of Minnesota, and, as a result, the Union Stock Yards bank also closed.
Source
newspapers
2. December 23, 1896 Receivership
Newspaper Excerpt
Judge Otis ... agreed to appoint Frank Seymour ... to be receivers of the Bank of Minnesota. (The Union Stock Yards bank ... was owned by the latter.) M. A. Sullivan is later referenced as receiver of the Union Stock Yards bank in May 1897 articles.)
Source
newspapers
3. May 19, 1897 Other
Newspaper Excerpt
Judge Bunn filed a decision ... in the suit of M. A. Sullivan, as receiver of the Union Stock Yards bank, against the receivers of the Bank of Minnesota ... ordering the bank to pay over to the plaintiff $8,093 ... deposited with the Bank of Minnesota Dec. 20 and 21, when the former bank was insolvent.
Source
newspapers

Newspaper Articles (10)
1. December 22, 1896 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, December 22, 1896

Click image to open full size in new tab

Article Text

RESULTS OF GOLD STANDARD Further Particulars Regarding the Disastrous Failure of National Bank of Illinois. NATIONAL BANK OF MINNESOTA CLOSED It Was Considered One of the Strongest Financial Institutions in the West-Assets and Liabilities-Several Other Failures. Chicago, Dec. 22.-The assets of the National Bank of Illinois, closed yesterday, aresaid to have included an addition of $2,475,000, loaned to the Calumet Electrio company; $500,000 advanced to Robert Berger, son-in-law of President George Schneider; $500,000 advanced to G. A. Weise, another son-in law, and over $800,000 advanced on doubtful debts. Berger is a partner of the firm of E. S. Dryer & Co., which also went into the hands of a receiver yesterday. Weiss is a brewer. The losses will fall upon 1,971 individnal depositors and 350 national, state and private banks. The deposits of the treasurer of Chicago and Cook county aggregate almost $1,000,000. Robert E. Jenkins, one of the directors of the National Bank of Illinois says: "The directors were unaware of the loans which appear to have carried the bank down, or were not until the latter part of last week. I do not care to say who believe was to blame for the directors being kept in the dark as to the magnitude of these loans." RUNS ON OTHER CHICAGO BANKS. Chicago.-There is quite a little run on the Illinois Trust & Savings bank. The depositors are handed the thirty-day notices, except where they can satisfy the officials that the money they desire is for legitimate purposes. Runs were made yesterday on several other banks, notably on the Gardon City Banking & Trust company. Its doors were opened an hour before banking hours to-day. By 10:30 withdrawals had ceased and the depositors had trebled the amount taken out. The withdrawals from other backs were few. It is generally expected that Examiner McKeon will be appointed receiver permanently of the National Bank of Illinois. BANK OF MINNESOTA FAILS. St. Paul, Minn.-State Bank Examiner Kenyon to-day took possession of the Bank of Minnesota, and, as a result, the Union Stock Yards bank also closed. The Bank of Minnesota's capital is $2,000, 000. It was considered one of the strongest banks in the west. EXTENT OF MINNESOTA DISASTER. The last published statement, October 6, 1896, gave the following liabilities: Capital stock paid in, $600,000; surplus funds, $100,000; undivided profits, $102,783; individual deposits, $1,071,051.90; time certificates of deposits, $1,141,993.82; due banks, $303,218.71; demand certificates, $101,522.90; total, $3,320,369.49. The Teams and discounts were $2,342,826. 75; cash on hand, $251,649.88. The closing of the banks has not affected the other banks of the city. The reason given for the failure is the general stringency. ANOTHER FAILURE IN CHICAGO. Chicago.-William Dill was to-day appointed receiver of the general contracting firm of Angus & Gintesle upon application of John Angus. The firm owes the National Bank of Illinois $250,000. The suspension of the bank ruined the firm's credit. The assets are figured at $300,000, and the liabilities at $250,000.

2. December 23, 1896 Kansas City Daily Journal Kansas City, MO
Article from Kansas City Daily Journal, December 23, 1896

Click image to open full size in new tab

Article Text

TWO ST. PAUL BANKS FAIL. Bank of Minnesota Succumbs to Bad Business and Drags Down a Small Bank. St. Paul, Minn., Dec. 22.-The Bank of Minnesota, capital $600,000, one of the best known and generally considered one of the strongest in the Northwest, was closed today. State Bank Examiner Kenyon took possession of the assets of the bank, and is now in charge. The last published statement was on October 6, 1896, and was as follows: Liabilities Capital stock paid in, $600,000; surplus funds, $100,000; undivided profits, $102,783.11; individual deposits, $1,071,050.95; time certificates of deposit, $1,041,793.82; due to banks, $303,218.71; demand certificates of deposit, $101,522.90; total, $3,320,369.49. Resources-Loans and discounts, $2,341,836.75; miscellaneous bonds, $49,684.69; overdrafts, $7,677.21; banking houses, $195,000; other real estate, $105,741.66; furniture and fixtures, $10,000; expenses paid, $3,990.19; due from banks, $319,469.02; exchange for clearing house, $29,681.14; specie, United States notes and national currency, $251,649.88; stocks and other cash items, $5,632.95; total resources, $3,320,369.49. The Union Stock Yards bank, which is closely connected with the Bank of Minnesota, also closed its doors as a consequence of the larger failure. The closing of these banks was a decided surprise, but has not affected the other banks of the city, The Bank of Minnesota was the oldest bank in St. Paul. It was established by Dawson & Co., in 1859. Assistant Cashier Robert L. Miller gave a brief statement, as follows: "We had a large retail trade, which has suffered materially from the hard times for the past eight years, during which time our individual deposits have decreased from a million and a half to $700,000. In addition to this, inability to collect large bills receivable or notes and the general depression in money and business all over the country tell the story in a few words." The Union Stock Yards bank, which closed its doors simultaneously with the Bank of Minnesota, was owned by the latter, and its president was William Daw. son, while John Flannagan was cashier. That bank is perfectly solvent. It had a capital stock of $25,000, and there is absolutely no danger to any of. its depositors. Judge Otis, of the Ramsey county district court, to-night agreed to appoint Frank Seymour, cashier of the Merchants' National bank, and an attorney not yet decided on, to be receivers of the Bank of Minnesota. The state bank examiner is in charge of the bank pending such appointment, which will be made to-morrow, and after making an examination of affairs today, he said he did not consider the failure a bad one, but expected the bank would resume business before long. The officers of the bank say they had been hoping to carry the institution through the hard pressure of the winter, but had found it too great a task and had concluded to call in the state bank examiner and have him take charge. Their action may have been influenced by the clearing house, which sent word for them not to "clear" to-day, for the bank closed soon after receiving the notice.

3. December 23, 1896 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, December 23, 1896

Click image to open full size in new tab

Article Text

MORE BANK FAILURES. Two Minneapolis Institutions Close Their Doors. WILL PROBABLY REOPEN AGAIN. Three Industrial Establishments in Chlcago Also Forced to the Wall Through the Collapse of the National Bank of IIIinola-An Italian Banker's Victims. ST. PAUL, Dec. 23.-State Bank Examiner Kenyon yesterday took possession of the Bank of Minnesota, and as a result of the closing of this bank the Union Stock Yards bank also closed. The Bank of Minnesota's capital is $2,000,000, and it was considered one of the strongest banks in the west. This bank, in common with all the other banks in the city, had a share of the deposit of state money, and at the time of the last statement had about $70,000 or $80,000 of state money on deposit. It was also the depository for the county, and until recently was the main bank through which the city business was transacted. William Dawson, Sr., was president and William Dawson, Jr., was cashier. The Dawsons ranked high among financiers. Among the heavy depositors was Noman Kittson, whose every dollar was in the bank. The Union Stock Yards bank, which closed its doors simultaneously with the Bank of Minnesota, was owned by the latter and its president was William Dawson. The bank is perfectly solvent, and there is absolutely no danger to any of its depositors. Judge Otls, of the Ramsey county district court, has appointed Frank Seymour, cashier of the Merchaots' National bank, and an attorney not yet decided on to be receivers of the Bank of Minnesota. The state bank examiner, after making an examination of affairs, says he does not consider the failure bad one, but expects that the bank will resume business before long. The officers of the bank say that they had been hoping to carry the institution through the hard pressure of the winter, but had found it too great 11 task, and had concluded to call in the state examiner and have him take charge. Their action may have been influenced by the clearing house, which sent word for them not to "clear" yesterday, for the bank closed soon after receiving the notice. The Bank of Minnesota was the oldest in the city and one of the best known throughout the northwest. It had many correspondents, amoug them being the National Bank of Illinois, but it was stated today that the failure of the big Chicago bank had nothing to do with the closing of this concern. The small bank at the stock yards that closed as a result of the other failure was # branch of the Bank of Minnesota, but no other local banks are at all affected by the failure.

4. December 23, 1896 The Evening Herald Shenandoah, PA
Article from The Evening Herald, December 23, 1896

Click image to open full size in new tab

Article Text

MORE BANK FAILURES. Two Minneapolis Institutions Close Their Doors. WILL PROBABLY REOPEN AGAIN. Three Industrial Establishments in Chicago Also Forced to the Wall Through the Collapse of the National Bank of IIIinois-An Italian Banker's Victims. ST. PAUL, Dec. 23.-State Bank Examiner Kenyon yesterday took possession of the Bank of Minnesota, and as a result of the closing of this bank the Union Stock Yards bank also closed. The Bank of Minnesota's capital is $2,000,000, and it was considered one of the strongest banks in the west. This bank, in common with all the other banks in the city, had a share of the deposit of state money, and at the time of the last statement had about $70,000 or $80,000 of state money on deposit. It was also the depository for the county, and until recently was the main bank through which the city business was transacted. William Dawson, Sr., was president and William Dawson, Jr., was cashier. The Dawsons ranked high among financiers. Among the heavy depositors was Noman Kittson, whose every dollar was in the bank. The Union Stock Yards bank, which closed its doors simultaneously with the Bank of Minnesota, was owned by the latter, and its president was William Dawson. The bank is perfectly solvent, and there is absolutely no danger to any of its depositors. Judge Otis, of the Ramsey county district court, has appointed Frank Seymour, cashier of the Merchants' National bank, and an attorney not yet decided on to be receivers of the Bank of Minnesota. The state bank examiner, after making an examination of affairs, says he does not consider the failure a bad one, but expects that the bank will resume business before long. The officers of the bank say that they had been hoping to carry the institution through the hard pressure of the winter, but had found it too great a task, and had concluded to call in the state examiner and have him take charge. Their action may have been influenced by the clearing house, which sent word for them not to "clear" yesterday, for the bank closed soon after receiving the notice. The Bank of Minnesota was the oldest in the city and one of the best known throughout the northwest. It had many correspondents, among them being the National Bank of Illinois, but it was stated today that the failure of the big Chicago bank had nothing to do with the closing of this concern. The small bank at the stock yards that closed asa result of the other failure was a branch of the Bank of Minnesota, but no other local banks are at all affected by the failure.

5. December 24, 1896 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, December 24, 1896

Click image to open full size in new tab

Article Text

BANK OF MINNESOTA FAILS IT WAS CONSIDERED ONE OF THE STRONGEST INSTITUTIONS IN THE NORTHWEST. BRIEF PANICKY FEELING IN CHICAGO Runs Were Made on Three Banks and Four Failures Were Recorded as a Result of the Previous Day's Bank Failure. St. Paul, Minn., Dec. 22.-The Bank of Minnesota, capital stock $1,000,000, one of the best known and considered one of the strongest in the northwest, was closed today, State Bank Examiner Kenyon taking possession of the bank and is now in charge. The last published statement was on October 6, 1896, and was as follows: Resources-Loans and discounts, $2,341,836; miscellaneous bonds, $49,684; overdrafts, $7667.21; banking house, $195,000; other real estate, $105,751.66; furniture and fixtures, $10,000; expenses paid, $3996.19; due from other banks, $319,469.02; exchange for clearing house, $29,681.14; specie, United States notes and national currency, $251,649.88; checks and other cash items, $5632.95. Total resources, $3,320,639.49. Liabilities-Capital stock paid in, $600,000; surplus funds. $100.000: undivided profits, $192,873.11; individual deposits, $1,071,050.95; time certificates of deposits, $1,041,793.82; due to banks, $303,218.71; demand certificates of deposit, $101,707.90. Total, $3,320,369.49. The reason given by the officers of the bank for the failure was the general stringency and difficulty in making collections. The Union Stock Yards bank, which is closely connected with the Bank of Minnesota, also closed its doors as a consequence of the failure. The closing of these banks was decidedly a surprise, but has not affected the other banks of the city.

6. December 25, 1896 Iowa State Bystander Des Moines, IA
Article from Iowa State Bystander, December 25, 1896

Click image to open full size in new tab

Article Text

BIG BANK FAILURE. The National Bank of Illinois Goes Under -Large Deposits. CHICAGO, Dec.( 22.-The National Bank of Illinois has been suspended by the clearing house. The action suspending the bank was taken at a specially called meeting the Clearing House association committee at the residence of Eldridge Keith, who is secretary of the committee. and was held shortly after midnight. It was shown that the bank had made unwarrantable and unjudicious loans and that in consequence the capital and surplus of the bank have been seriously imperiled. It is believed that many failures will result from the collapse of the National Bank of Illinois. It is the second largest bank in Chicago and was established in 1871. It has a capital stock of one million dollars and a surplus of one million, and $500,000 undivided profits. The amount of money deposited in the bank is $12,000,000. ST. PAUL, Minn., Dec. 23.-The state bank examiner took possession of the Bank of Minnesota. As a result the Union Stock Yards bank also closed. The Bank of Minnesota has $600,000 capital, and is considered one of the strongest in the west. It is the oldest bank in St. Paul, having been established in 1859. Difficulty of making collections is given as the cause.

7. December 26, 1896 Red Lodge Picket Red Lodge, MT
Article from Red Lodge Picket, December 26, 1896

Click image to open full size in new tab

Article Text

TWO ST. PAUL BANKS MINNESOTA AND UNION STOCK YARDS HAVE CLOSED. Liabilities Will Run Above Three Million Dollars, With Assets About the Same. St. Paul, Dec. 22.-The Bank of Minnesota, capital $600,000, generally considered one of the strongest in the northwest, was closed today. State Bank Examiner Kenyon is in charge. The last published statement, October 6, 1896, was as follows: Liabilities: Capital stock paid in. $600.000; surplus funds, $100,000; undivided profits, $102,783.11; individual deposits, $1,071,050.95; time certificates, $1,041,793; due banks, $303,218.71; demand certificates, $101,522.90 total, $3,320,369.49. Resources: Loans and discounts, $2.341.836.75; miscellaneous bonds, $49,684.69; overdrafts, $7677.21; banking houses, $195.000; other real estate. $105,741.66 furniture and fixtures, $10,000; expenses, $3990.19; due from banks, $319,469.02; exchange for clearing house, $29,681.14; specie, United States notes and national currency, $251.649.88; stocks and other cash items, $5632.95; total resources, $3,320,369.49. The Union Stock Yards bank. closely connected with the Bank of Minnesota, also closed as a consequence of the larger failure. The closing of these banks has not affected other banks of the city. The reason given by the bank officials for the failure is general stringency and difficulty in making collections. The Bank of Minnesota was the oldest in St. Paul. It was established by Dawson & Co. in 1859. The Bank of Minnesota, in common with all the other banks in the city, had a share of the deposit of state funds at the time of the last statement, and. had between $70,000 and $80,000 of state money on deposit. It was also the depository for the county, and until recently was the main bank through which the city business was transacted. Officers of the Bank. Robert A. Smith. present postmaster. and until last spring mayor of St. Paul, was for years vice president of the bank. William Dawson was president and William Dawson. Jr., was cashier. Assistant Cashier Robert -T. Miller gave briel statement of the reason as followsy "We had a large retail trade." said` he. "which has suffered materially from the hard times for the past three years. Juring which time our individual deposits have decreased from Then, in addition to this, inability to collect large bills receivable or notes. and general depression in money and business all over the country. That really is the story in a few words." The Union Stock Yards bank, which closed its doors simultaneously with the Bank of Minnesota, was owned by the latter, and its president was William Dawson, while John Flannigan was cashier. That bank is perfectly solvent. It had a capital-stock of $25,000, and there is no danger of any of its depositors losing anything.

8. December 26, 1896 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, December 26, 1896

Click image to open full size in new tab

Article Text

TWO ST. PAUL BANKS MINNESOTA AND UNION STOCK YARDS HAVE CLOSED. Liabilities Will Run Above Three Million Dollars, With Assets About the Same. St. Paul, Dec. 22.-The Bank of Minnesota, capital $600,000, generally considered one of the strongest in the northwest, was closed today. State Bank Examiner Kenyon is in charge. The last published statement, October 6, 1896, was as follows: Liabilities: Capital stock paid in, $600,000; surplus runas, $100,000; undivided profits, $102,783.11; individual deposits, $1,071,050.95; time certificates, $1,041,793; due banks, $303,218.71; demand certificates, $101,522.90; total, $3,320,369.49. Resources: Loans and discounts, $2,341,836.75; miscellaneous bonds, $49,684.69; overdrafts, $7677.21; banking houses, $195,000; other real estate, $105,741.66; furniture and fixtures, $10,000; expenses, $3990.19; due from banks, $319,469.02; exchange for clearing house, $29,681.14; specie, United States notes and national currency, $251,649.88; stocks and other cash items, $5632.95; total resources, $3,320,369.49. The Union Stock Yards bank, closely connected with the Bank of Minnesota, also closed as a consequence of the larger failure. The closing of these banks has not affected other banks of the city. The reason given by the bank officials for the failure is general stringency and difficulty in making collections. The Bank of Minnesota was the oldest in St. Paul. It was established by Dawson & Co. in 1859. The Bank of Minnesota, in common with all the other banks in the city, had a share of the deposit of state funds at the time of the last statement, and had between $70,000 and $80,000 of state money on deposit. It was also the depository for the county, and until recently was the main bank through which the city business was transacted. Officers of the Bank. Robert A. Smith, present postmaster, and until last spring mayor of St. Paul, was for years vice president of the bank. William Dawson was president and William Dawson, Jr., was cashier. Assistant Cashier Robert T. Miller gave a brief statement of the reason as follows: "We had a large retail trade," said he, "which has suffered materially from the hard times for the past three years, during which time our individual deposits have decreased from $1,500,000 to $700,000. Then, in addition to this, inability to collect large bills receivable or notes, and general depression in money and business all over the country. That really is the story in a few words." The Union Stock Yards bank, which closed its doors simultaneously with the Bank of Minnesota, was owned by the latter, and its president was William Dawson, while John Flannigan was cashier. That bank is perfectly solvent. It had a capital stock of $25,000, and there is no danger of any of its depositors losing anything.

9. May 19, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, May 19, 1897

Click image to open full size in new tab

Article Text

REFUNDING LATE DEPOSITS. Judge Bunn Clearing Up the Minnesota Bank Tab. Judge Bunn filed a decision yesterday in the suit of M. A. Sullivan, as receiver of the Union Stock Yards bank, against the receivers of the Bank of Minnesota and others, ordering the bank to pay over to the plaintiff $8,093. the proceeds of certain checks, drafts and bills deposited with the Bank of Minnesota by the Union Stock Yards bank for collection, Dec. 20 and 21, when the former bank was insolvent. Judge Bunn also signed an order directing the Bank of Minnesota to pay over to the American Biscuit & Manufacturing company $661.40 deposited with the Bank of Minnesota on Dec. 17, 18, 19 and 21. Save for the sum of $25 in gold, the deposits were in the shape of checks.

10. October 3, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, October 3, 1897

Click image to open full size in new tab

Article Text

HE COSTS TOO MUCH. Objection to Receiver Sullivan, of the Stockyards Bank. A petition signed by a majority of the depositors of the suspended Union Stock Yards bank, representing 90 per cent of the deposits, has been presented to the judge of the district court for the removal of Receiver M. H. Sullivan, and the appointment of H. B. Carroll, at a salary of $50 per month, on the grounds of economy. The present receiver is drawing a salary of $300 per month, besides other heavy expense charges, and we understand is opposing the petition, for obvious reasons. Unless the present heavy drain upon the diminished resources of the bank be stopped there will be little left for the creditors, and it appears to the petitioners the court cannot justly refuse the request. If the change is not made, however, a move will be made at once by the stock holders and depositors to reorganize the bank, under the law of 1897, for the purpose of liquidation.