9935. Germania Bank (St Paul, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 3, 1907
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
d19a791f

Response Measures

None

Description

All articles refer to the Germania Bank of St. Paul as defunct with a receiver (Gustav Willius) appointed and litigation about the receivership and stockholder liability. No run is described. The bank is closed and in receivership in 1907, so classified as a suspension that resulted in permanent closure/receivership. Dates of initial suspension/closure are not given in the clippings; receiver actions are reported in early-mid 1907.

Events (3)
1. April 3, 1907 Receivership
Newspaper Excerpt
Decision of Supreme Court in Germania Bank Case... suit brought ... by Gustav Willius, receiver of the bank; the defunct Germania Bank of St. Paul was decided by the state supreme court on Friday in the appeal of Ernst Albrecht from the decision of the district court in a suit brought against him by Gustav Willius, receiver of the bank.
Source
newspapers
2. June 26, 1907 Other
Newspaper Excerpt
Proceedings to oust Gustav Willius as receiver of the defunct Germania bank of St. Paul were begun ... The complaint ... recites that the total claims against the bank were $310,549 ... that dividends amounting to only 50 per cent of the claims ... have been paid by the receiver; that the assets of the bank were more than enough to pay all the claims ... and that Mr. Willius as receiver has received funds of the bank amounting to $375,519, and that he has expended ... $170,976 ... no attempt was made by the receiver to collect the stockholders' liabilities until four years after he had been appointed receiver.
Source
newspapers
3. * Suspension
Cause
Government Action
Cause Details
Bank is described as defunct and has a receiver (Gustav Willius) appointed; closure appears to be followed by receivership and legal actions by receiver.
Newspaper Excerpt
the defunct Germania Bank of St. Paul have been ordered by Receiver Willius to pay another assessment
Source
newspapers

Newspaper Articles (4)
1. February 13, 1907 New Ulm Review New Ulm, MN
Article from New Ulm Review, February 13, 1907

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Article Text

Happenings in the City. Alb. Olsen spent Sunday with his relatives at Nicollet. Mrs. W. B. Mather entertained Saturday afternoon for Miss Jennie Lind. Miss Marie Rummings of St. Peter is the guest of her sister, Mrs. F. H. Behnke. Judge Olsen has granted Mrs. Anna Richter an absolute divorce from her husband, Wenzel Richter. Miss Hannah Siebert of this city is at present employed as a nurse in the Campbell home in Winthrop. Herman Lindmeyer has returned to this city from Dubuque, where he has been employed in a cigar factory. C. B. Deniger, of Gary, South Dakota, spent Sunday and Monday here, the guest of the:Schell Brewing Co. A tramp, giving his name as John Sturm, served a sentence of five days in the county jail last week for vagrancy. Wm. Nordholm was here from Minneapolis Friday and Saturday mak. ing some repairs on the Eagle mill engine. Geo Graen's family arrived from Watertown Saturday. They will occupy the Webber home on South Broadway. A large party of friends and neighbors pleasantly surprised Mr. and Mrs. Chris. Filzen at their State street home Sunday evening. Frank Webber arrived here from Franklin Monday evening to conduct a sale of the furniture and household goods of his late father. W. F. Cavanaugh with a force of men was at Sleepy Eye all last week completing the plumbing in the new home of A. C. Von Hagen. Mr. and Mrs. R. W. Scherer went to St. Paul Monday to witness the Savage opera company's production of Puccini's latest opera, "Madame Butterfly." Geo. Reiser and Herman Langmack, who have been in the contracting business in this city for many year under the firm name of Reiser & Langmack, have dissolved partnership. Ralph Yates received word from Senator Knute Nelson Sunday to the effect that his son, Lt. Ralph Yates, had fully recovered from the wounds received in the battle with the Pulajanes on Dec. 5. About thirty members of the New Ulm Fire Department, accompanied by Wartha's Orchestra, called on Herman Nagel Sunday evening and assisted him in celebrating the anniversary of his birth. Several landseekers from this vicinity started for Colorado last week with a view of purchasing farms. The party included Wm. Clements and Henry Barth of New "Ulm and Wm. Metzen, Her. Albrecht, Andrew Krzmarzick and William Permantjen of Milford. The stockholders of the defunet Germania Bank of St. Paul have been ordered by Receiver Willius to pay another assessment for the benefit of creditors, this time the assessment being equal to the entire amount of their stock. Jacob Pfaenninger is the only New Ulmite interested. Some weeks ago Joseph Neudecker of Wabasso had three of his fingers crushed in a corn shredder. He came to this city to have a part of his hand amputated, but the operation was not wholly successful. After being home three weeks he has returned to the hospital to receive further treatment. At its last meeting the Board of Education decided to erect a new school building on the site now occupied by the South Side primary. The building will be a two-story structure and with four large rooms will accommodate 160 pupils. The cost, includthe heating'plant will be in the

2. April 3, 1907 New Ulm Review New Ulm, MN
Article from New Ulm Review, April 3, 1907

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Article Text

# THOUSANDS FOR NEW UIM MAN # Decision of Supreme Court in Germania Bank Case of Great Interest to Jacob Pfenninger. A Ramsey County case of great interest to the stockholders of the defunct Germania Bank of St. Paul was decided by the state supreme court on Friday in the appeal of Ernst Albrecht from the decision of the district court in a suit brought against him by Gustav Willius, receiver of the bank. The receiver sought to recover certain sums from Mr. Albrecht on stock liability. Mr. Albrecht set up the statue of limitations as a defense. The district court decided against him, but the supreme court reverses this decision and uphold Albrecht's contention. The position of the supreme court is that where two forms of procedure exist to enforce the super-added liability of the stockholder in a corporation, the statute of limitations commences to run from the time suit might have been brought against the stockholder under either form of procedure. This case is of particular interest in this city inasmuch as Jacob Pfenninger was one of the stockholders of the defunct bank and had been requested to pay to the receiver the sum of $12,000, or the full amount of his stock, as super-added liability. Had the receiver been sustained in his case against Mr. Albrecht, it is certain that suit would have been instituted against the New Ulm man.

3. April 3, 1907 New Ulm Review New Ulm, MN
Article from New Ulm Review, April 3, 1907

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Article Text

THOUSANDS FOR NEW UIM MAN Decision of Supreme Court in Germania Bank Case of Great Interest to Jacob Pfenninger. A Ramsey County case of great interest to the stockholders of the defunct Germania Bank of St. Paul was decided by the state supreme court on Friday in the appeal of Ernst Albrecht from the decision of the district court in a suit brought against him by Gustav Willius, receiver of the bank. The receiver sought to recover certain sums from Mr. Albrecht on stock liability. Mr. Albrecht set up the statue of limitations as a defense. The district court decided against him, but the supreme conrt reverses this decision and uphold Albrecht's contention. The position of the supreme court is that where two forms of procedure exist to enforce the super-added liability of the stockholder in a corporation, the statute of limitations commences to run from the time when suit might have been brought against the stockholder under either form of procedure. This case is of particular interest in this city inasmach as Jacob Pfenninger was one of the stockholders of the defunet bank and had been requested to pay to the receiver the sum of $12,000, or the full amount of his stock, as super-added liabiliy. Had the receiver been sustained in his case against Mr. Albrecht, it is certain that suit would have been instituted against the New Ulm man.

4. June 26, 1907 New Ulm Review New Ulm, MN
Article from New Ulm Review, June 26, 1907

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Article Text

SEEK TO OUST RECEIVER WILLIUS Creditors of the Germania Bank of St. Paul Allege Mismanagement. Proceedings to oust Gustav Willius as receiver of the defunct Germania bank of St. Paul were begun before Judge Lewis in the Ramsey county district court last Saturday. Inasmuch as several New Ulm parties were stockholders of this institution, the outcome will be awaited with interest. The complaint is signed by F. E. Nelson and more than a hundred other creditors and was presented to the court by Attorney H. B. Schriber. As reasons why Receiver Willius should be ousted the complaint recites that the total claims against the bank were $310,549, and that dividends amounting to only 50 per cent of the claims, or $182,330, have been paid by the receiver; that the assets of the bank were more than enough to pay all the claims with interest; that Mr. Willius as receiver has received funds of the bank amounting to $375,519, and that he has expended, for other purposes than the payment of dividends on claims, the sum of $170,976; that no attempt was made by the receiver to collect the stockholders' liabilities until four years after he had been appointed receiver, and that by this alleged neglect on the part of Mr. Willius all but $44,174 of the total of stockholders' liabilities became exempt by the statute of limitations; that the expenses of the receivership as administered by Mr. Willius were disproportionate to the amount of labor involved; that there are inaccuracles in the receiver's accounts.