9973. State Bank (St Paul, MN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
1edc390f

Response Measures

None

Description

Contemporary reports show the State Bank of St. Paul had been placed in the hands of a receiver (W. J. Hahn) by Nov 22, 1896 and later is reported closed/suspended in the broader Dec 22, 1896 banking disturbance triggered by the suspension of the Bank of Minnesota and lack of ready money. No article describes a depositor run on this specific bank prior to suspension; closure appears permanent with receiver activity and asset liquidation reported.

Events (2)
1. November 22, 1896 Receivership
Newspaper Excerpt
The report ... by W. J. Hahn, as receiver of the State bank, which has been filed. The account shows receipts of $19,500 and expenditures of $15,700. This includes $9,000 paid to the state treasurer.
Source
newspapers
2. December 22, 1896 Suspension
Cause
Correspondent
Cause Details
Closed because they cleared through the Bank of Minnesota, which suspended/closed and there was a lack of ready money; suspension tied to Bank of Minnesota's failure.
Newspaper Excerpt
ST. PAUL, Minn., December 22. The Union Stock Yards bank, in South St. Paul, and the State Bank of St. Paul, both of which cleared through the Bank of Minnesota, have closed their doors. The Bank of Minnesota closed its doors at 11 o'clock this morning. A lack of ready money was the cause.
Source
newspapers

Newspaper Articles (9)
1. November 22, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 22, 1896

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# CAN COLLECT NOTHING, Kortgaard Property in Norway Out of Reach. John W. Arctander has filed his bill of expenses, consequent upon his recent trip to Norway for the purpose of investigating the property of Kristian Kortgaard, in Soloer, where he was supposed to have interests. The expense account shows an expenditure of $444.10. The court allowed him but $400. His charges for services in connection with the affairs of the State bank are $2,025. The bill is one of the features of the report of W. J. Hahn, as receiver of the State bank, which has been filed. The account shows receipts of $19,500 and expenditures of $15,700. This includes $9,000 paid to the state treasurer. The report as to Kortgaard's property shows that there was $10,000 worth of property owned by the Kortgaards, but it was in the name of his father. It was discovered that Kortgaard's father-in-law, at Hanover, Germany, had left Mrs. Kortgaard a property valued at $200,000, but as the law of that place recognizes the right of a wife to own property separate from her husband, it could not be touched. Hence nothing could be collected for the bank from the old country.

2. December 13, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, December 13, 1896

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MAY GET A LITTLE. State Bank Assets Can Yet Be Realized On. W. J. Hahn, as receiver of the State bank, submitted his report to Judge Pond yesterday, and asked that it be accepted. Judge Pond spent some time in looking over the papers and expressed some doubts as to the bill of John W. Arctander, for services as attorney amounting to $2,025. He asked for some evidence before it was allowed and Mr. Arctander was sworn and gave a resume of the work done for which he had changed the assignee. In asking for information, it developed that Mr. Arctander had secured a judgment of $200,000 against the stockholders, which case was now in the supreme court for the thira and final time. The attorney thought that about $90,000 would be realized. "Well, the creditors will not get anything anyway, will they?" asked the court. "Oh yes," was the reply. "They will get about 10 or 15 per cent. If I had not prevailed in that action against the city, they wouldn't have had a cent, for the city and state would have had it all."

3. December 22, 1896 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, December 22, 1896

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RUN ON A BANK. An Illinois Sayings Concern is EntertainIng One. CHICAGO, Illinois, December 22. Without any apparent cause, except for a general lack of confidence, a heavy run was made on the Illinois Trust and Savings bank in the Rookery : building as soon as the doors opened, this morning. There is not the slightest connection between the failed Na. tional Bank of Illinois and the Illinois trust concern. However, the bank an. ticipated the run to-day and there 18 such a heavy reserve fund of idle money in its vaults, that the president, John J Mitchell, has no mfsgivings as to the ability of the bank to pay out a few millions, if necessary. At the Garden City and the Security Trust company's bank, the run of yesterday has practically subsided. In banking circles, the general opinion is that yesterday's failures will end the present troubles At the failed National Bank of Illinois building, there was a constant crowd of people, but a policeman at the closed gates ad. mitted only one at a time, some not at all. CLOSED THEIR DOORS. ST. PAUL, Minn., December 22.The Union Stock Yards bank, in South St. Paul, and the State Bank of St. Paul, both of which cleared through the Bank of Minnesota, have closed their doors. The Bank of Minnesota closed its doors at 11 o'clock this morning. A lack of ready money was the cause. Details will follow. Excitement prevails. State Bank Examiner Kenyon, this morning, took official possession of the Bank of Minnesota, closing its doors. At a meeting of the clearing house, at noon, the bank was formally suspended. It is said the bank will undoubtedly resume business in a short time The directors are all men of great wealth and have already signified their willingness to meet the requirements of the occasion. The bank was established in 1862 and was capitalized at $600,000. It had deposits of $2.500,000. The stated surplus is $300,000, and the general belief is that as soon as cash can be realized, the institution will be all right The bank was always considered one of the strongest in the west. 1

4. December 23, 1896 Birmingham State Herald Birmingham, AL
Article from Birmingham State Herald, December 23, 1896

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New York, Dec. 22.-After a weak opening and a fractional decline in prices stocks improved on covering of short contracts. The advance outside of Sugar, which moved up about a point was insignificant. The declaration of the usual dividends by the Lake Shore, Michigan Central and New York Central failed to exert any influence on the market. The reduction of the dividend on Canada Southern, however, started a selling movement, which gathered force as the day advančed. The bank failures at the west also had a disturbing effect and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the failure of the State bank of St. Paul and the Union Stock Yarks bank of South St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year and to rumórs that the Long Island company will pass payments on its stock. In the past the Delaware and Hudson has distributed 7 per cent. per annum and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% to 1175/8. Long Island fell 5, New Jersey Central 41/8, Sugar 1%, Canada Southern 2½, Burlington and Quincy 17/8, Chicago Gas 11/4, St. Paul 1%, Rock Island 1½, Consolidated Gas 1½, Louisville and Nashville 1½, Manhattan 23/4, Reading 1, Tennessee Coal 11/4. Rubber 15/8 and Western Union 11/1. Speculation closed weak in tone. Net changes show declines of 4@1% per cent. outside of Delaware and Hudson, Jersey Central and Long Island, which lost 3½ per cent. Tobacco made an exceptional gain of 1 per cent. Considering the shrinkage in prices the dealings were comparatively small, footing up only 156,478 shares, in which Burlington and Quincy figured for 25,000, Sugar for 23,600 and St. Paul for 19,000 shares. Bonds were quiet and steady; sales aggregated $765,000. Money on call easy at 1½2 per cent; last loan at 2 and closing offered at 2. Prime mercantile paper, 31/2@4 per cent. Bar silver, 651/gc. Sterling exchange steady with actual bustiness in bankers' bills at $4.83%@4.84 for sixty days, and $4.87@4.87% for demand. Posted rates, $4.83@4.88. Commercial bills, $4.82@4.83. Government bonds firm. State bonds dull. Railroad bonds easter. Silver at the board was steady. Closing stocks:

5. December 23, 1896 The Times Richmond, VA
Article from The Times, December 23, 1896

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FINANCEAND COMMERCE HE CLOSING QUOTATIONS OF MONEY. Offerings and Sales at the Richmond Tobaceo Exchange-Internal Revenue Collections Foreign Advances. NEW YORK, Dec. 22.-After a weak opening and a fractional decline in prices stocks improved on covering of short contracts. The advance, outside of Sugar, which moved up about a point, was insignificant. The declaration of the usual dividends by the Lake Shore, Michigan, and New York Central failed to exert any influence on the market. The reduction of the dividend on Canada Southern, however, started a selling movement, which thered force as the ,day advanced. The bank failures at the West also had disturbing effect, and timid holders cut a down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul. announced shortly after 1 o'clock, was followed by the failure of the State Bank of St. Paul, and the Union Stock Yards Bank of St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year, and to rumors that the Long Island Company will pass payments on its stock. In the past the Delaware and Hudson has distributed T per cent. per annum and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% per cent. to 117%. Long Island fell 5, New Jersey Central 4%, Sugar 1%, Canada Southern 21/20 Burlington and Quincy 1½, Chicago Gas 1½, St. Paul 1%, Rock Island 1%, Consolidated Gas 1½ Louisville and Nashville 1½, Manhattan 2%, Reading 1, Tennessee Coal 1½, Rubber 1%. and Western Union 1½. Speculation closed weak in tone. Net changes show declines of 401% per cent., outside of Delaware and Hudson. Jersey Central and Long Island, which lost 3405 per cent. Tobacco made an exceptional gain of 1 per cent. Considering the shrinkage in prices, the dealings were comparatively small, footing up only 156,478 shares, in which Burlington and Quincy figured for 25,000, Sugar for 23,600, and St. Paul for 19,000 shares. Bonds were quiet and steady. Sales aggregated $765,000. MONEY AND EXCHANGE: Money on call easy at 11/202 per cent., last loan at 2 per cent., and closing offered at = per cent.; prime mercantile paper, 3½@4 per cent. Bar silver, 65% Sterling exchange weak, with actual business in bankers' bills at 48344483% for sixty days and 487@487.4 for demand; posted rates. 4841/2@488; commercial bills, 482@483. Government bonds firm. State bonds dull. Railroad bonds easier. Silver at the board was steady. TREASURY BALANCES: Coin, $121,273,016; currency, $50,524,766.

6. December 23, 1896 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, December 23, 1896

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MARKET QUOTATIONS. REPORTS FROM ALL GREAT BUSINESS CENTRES OF THE WORLD. Prices of Money, Bonds, Stocks, Grain, Tobacco, Cotton, Cattle, Country Produce, &e., Foreign and Domestic. NEW YORK, December 22.--After a weak opening and a fractional decline in prices, stocks improved on covering of short contracts. The advance, outside of Sugar, which moved up about a point, was insignificant. The declaration of the usual dividends by the Lake Shore, Michigan Central, and New York Central failed to exert any influence on the market. The reduction of the dividend on Canada Southern, however, started a selling movement, which gathered force as the day advanced. The bank failures at the West also had a disturbing effect, and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the failure of the State Bank of St. Paul and the Union Stock-Yards Bank, of St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year, and to rumors that the Long Island Company will pass payments on its stock. In the past the Delaware and Hudson has distributed 7 per cent. per annum, and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations, and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss, and dropped 55-8 per cent., to 117 5-8. Long Island fell 5; New Jersey Central, 41-8; Sugar, 13-4; Canada Southern, 2 1-2; Burlington and Quincy, 17-8; Chicago Gas, 11-4; St. Paul, 13-8; Rock Island, 13-8; Consolidated Gas, 11-2; Louisville and Nashville, 11-8; Manhattan, 23-4; Reading, 1; Tennessee Coal, 11-4; Rubber, 15-8, and Western Union, 11-4. Speculation closed weak in tone. Net changes show declines of 1-4@17-8 per cent., outside of Delaware and Hudson, Jersey Central, and Long Island, which lost 3 1-8@5 per cent. Tobacco made an exceptional gain of 1 per cent. Considering the shrinkage in prices, the dealings were comparatively small, footing up only 156,478 shares, in which Burlington and Quincy figured for 25,000, Sugar for 23,600, and St. Paul for 19,000 shares. Bonds were quiet and steady. The sales aggregated $765,000. Treasury balances: Coin, $121,273,016; currency, $50,524,766. MONEY AND EXCHANGE. Money on call easy, at 11-2@2 per cent.; last loan at 2, and closing offered at 2 per cent. Prime mercantile paper, 31-2@4 per cent. Bar silver, 65 1-8. Silver at the board steady. Sterling exchange weak, with actual business in bankers' bills at $4.83 1-2@ $4.83 3-4 for sixty days, and $4.87@$4.87 1-4 for demand. Posted rates, $4.841-2@$4.88. Commercial bills, $4.82@$4.83. Government bonds firm. State bonds dull. Railroad bonds easier. STOCK QUOTATIONS. Clostaz Stocks, 10 American Cotton Oil 501/

7. December 23, 1896 The Daily Morning Journal and Courier New Haven, CT
Article from The Daily Morning Journal and Courier, December 23, 1896

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Financial. After a Weak Opening Stocks Improved Yesterday. New York, Dec. 22.-After a weak opening and a fractional decline in prices stocks improved on covering of short contracts. The advance outside of Sugar, which moved up about a point, was insignificant. The declaration of the usual dividends by the Lake Shore, Michigan Central and New York Central failed to exert any influence on the market. The reduction of the dividend on Canada Southern, however, started a selling movement, which gathered force as the day advanced. The bank failures at the west also had a disturbing effect and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the failure of the State Bank of St. Paul and the Union Stock Yards bank of South St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year and to rumors that the Long Island Co. will pass payments on its stock. In the past the Delaware and Hudson has distributed 7 per cent. per annum, and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% per cent., to.117%; Long Island fell 5, to 45; New Jersey Central 41/8, to 99%; Sugar 13/4, to 1091/2; Canada Southern 2½, to 45½; Burlington and Quincy 17/8, to 701/2; Chicago Gas 11/4, to 721/4; St. Paul 1%, to 72%; Rock Island 1%, to 651/2; Consolidated Gas 1½, to 145; Louisville and Nashville 1½, to 47½; Manhattan 23/4, to 863/4; Reading 1, to 25; Tennessee Coal 11/4, to 241/2; Rubber 15, to 24,and Western Union 11/1, to 821/4. Speculation closed weak in tone. Net changes show declines of 1/4@1% per cent., outside of Delaware and Hudson, Jersey Central and Long Island, which lost 31/s@5%. Tobacco made an exceptional gain of 1 per cent. Considering the shrinkage in prices, the dealings were comparatively small. Bonds were quiet and steady. Sales were $765,000. Following are the closing prices reported by Prince & Whitely, bankers and brokers, 46 Broadway, New York, and 15 Center street, New Haven:

8. December 23, 1896 The Norfolk Virginian Norfolk, VA
Article from The Norfolk Virginian, December 23, 1896

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THE BANK FAILURE At the West Had a Distressing Effect and Timid Holders Cut Down Their Lines. THE D. & H. SCORED THE HEAVIEST LOSS The Bearish Feeling on the Market Was Aggravated by Rumors of n Reduction in the Dividend of the Delaware and Hudson During the Coming Year. New York, Dec. 22.-After a weak opening and a fractional decline in prices stock moved up slightly on covering of short contracts. The advance outside of Sugar, which moved up about 1 point, was insignificant. A selling movement soon began, however, which gathered force as the day advanced. The bank failures at the West also had a disturbing effect, and timid holders cut down their lines. The suspension of the Bank of Minnesota, the oldest bank in St. Paul, announced shortly after 1 o'clock, was followed by the fallure of the State Bank of St. Paul and the Union Stock Yards Bank of South St. Paul. The fact that the last two institutions had been compelled to close up was not generally known on the street until after 3 o'clock. The bearish feeling on the market was aggravated by rumors of a reduction in the dividend of the Delaware and Hudson during the coming year, and to rumors that Long Island company will pass payments on its stock. In the past Delaware and Hudson has distributed 7 per cent. per annum and the Long Island 4 per cent. Manhattan's weakness was attributed to liquidations and the decline in Sugar to the aggressiveness of the Arbuckles. Delaware and Hudson scored the heaviest loss and dropped 5% per cent. to 117%. Long Island fell 5. New Jersey Central,4% Sugar,1%; Burlington and Quincy, 1%; Chicago Gas, 11/4; St. Paul, 1%; Rock Island, 1%; Consolidated Gas. 1½; Louisville and Nashville, 1½; Manhattan, 23/4; Reading, 1; Tennessee Coal, 1½; Rubber, 1%, and Western Union, 1½. Speculation closed weak in tone. Net changes show declines of 1/4@1% per cent. Considering the shrinkage in prices the dealings were comparatively small, footing up only 156,478 shares, in which Burlington and Quincy figured for 25,000, Sugar for 23,600, and St. Paul for 19,000 shares. Bonds were quiet and steady. Sales aggregated $765,000.

9. January 14, 1897 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, January 14, 1897

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idea-that build a house you should first put up the parlors and receptions rooms, and afterwards the foundation, the cellar and the kitchen? Is the gold-standard theory of adopting a system of finances that the bankers and monied men want, regardless of what the PRODUCERS, the LABORERS-the foundation of all national prosperity-needs, thus far proving a good thing for the country? Here is a record of failures for the 15 days ending January 4, 1897: Dec. 21-National Bank of Illinois, Chicago. Dec. 21-Roseland Bank, Chicago. Dec. 21-E.S Dreyer & Co. Chicago. Dec. 21 -Wusmansdorff & Heinemann, Chicago. Dec. 22-Bank of Minnesota. St. Paul. Dec. 22-State Bank of St. Paul. Dec. 22-Union Stock Yards Bank, St. Paul. Dec. 23-Chicago Bank, West Superior, Wis. Dec. 23-Bank of West Superior, West Superior, Wis, Dec. 23-American Banking and Trust Co., Auburn, Me. Dec. 28-Dime Savings Bank, Chicago. Dec. 28--Atlas National Bank, Chicago. Dec. 28-Scandia Bank, Minneapolis. Dec. 28-Bank of Superior, Supe rior, Wis. Dec. 29-Columbia Bank, Minneapolis. Dec. 29--Washington Bank, Min8 neapolis. i Dec.29--Commercial National Bank, D Va. Dec. 30-Northern Trust Company, r Minneapolis. Dec. 30 Bankers' Exchange Bank, 1 Minneapolis. . Dec. 30 Northwestern Loan and e Building Association, Minneapolis. Dec. 30 Commercial Bank, Selma, Al. Dec. 30 Farmers' Trust Company, Sioux City, Iowa, y t Jan. 4 Germania Bank, St. Paul. y Jan, 4 Allemania Bank, St. Paul. r Jan. 4 West Side Bank, St. Paul. it Jan. 4 Minnesota State Savings e Bank, St, Paul. Jan. 4 Citizens' National Bank, r. Fargo, N. D. d Jan. 4 City Bank, Nora Springs, If Iowa, a Total amount reported, $21,354,779 c OTHER HOUSES DRAGGED DOWN BY THE e CRASH, of Dec, 22 Angus & Giudele, contract rors, Chicago. of Dec. 23 American Brewing and Y, Malting Co., Chicago, Dec. 23 George A. Weiss Malting Co., Chicago. Dec. 23 George A. Weiss, Chicago r. Dec. 28 Excelsior Machinery an t, Belting Co., Chicago, st Dec. 29 Western Paper Bag Co. iBatavia, III. a Dec. 29 Appleton Manufacturing be Co., Van Nortwick, III, ch Jan. 4 Snow & Earl Co., druggist ct supplies, Providence, R. I IJan. 4 L. W. Alet & Co., wholesal ojewelers, Chicago, Ill. SUICIDES CAUSED BY THE BANK FAILURES if Otto Wasmandorff, head of th " banking firm of Wasmandorff & Heine of mann, of Chicago, shot himself in tha of city. Suicide due to worry over th I's failure of his firm, which occurred o December 21. ry George A. Wilkins, vice president o the suspended Commercial Bank, o ds Selma, Ala., shot himself on Decembe 31, in front of the altar of St. Paul'