9981. West Side Bank (St Paul, MN)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
70c612b9

Response Measures

Full suspension, Books examined

Other: Bank made an assignment to an assignee (deed of assignment) and later reorganized and agreed to pay city debts in installments.

Description

Multiple contemporaneous articles (Jan 4–5, 1897) report a run on West Side Bank after the Allemania/Germania suspensions; West Side closed and filed a deed of assignment (assignee Staples). Later 1897 reporting documents a planned reorganization (court order expected July 17) and the bank made settlement payments to the city after reorganizing, indicating reopening/reorganization succeeded.

Events (4)
1. January 4, 1897 Run
Cause
Local Banks
Cause Details
Run was triggered when the Allemania (and Germania) banks suspended/failed and returned West Side's clearings, producing a heavy withdrawal of deposits.
Measures
Bank directors closed the doors and later filed a deed of assignment to the cashier/assignee; sought arrangements with creditors to reopen.
Newspaper Excerpt
Following this there was a decided run inaugurated on the bank, and at 2 o'clock this afternoon the bank officials closed the doors
Source
newspapers
2. January 4, 1897 Suspension
Cause
Local Banks
Cause Details
Direct consequence of Allemannia/Germania suspensions and returned clearings; bank had insufficient cash (reported under $500) and filed a deed of assignment to Charles F. (or S.) Staples, assignee.
Newspaper Excerpt
Blinds on the windows of the West Side bank were drawn shortly after 1 o'clock yesterday, and the sign 'Bank Closed' was hung on the door... The suspension of this bank was directly due to the suspension of the Allemannia bank.
Source
newspapers
3. July 17, 1897 Reopening
Newspaper Excerpt
The bank expects to reorganize by cutting its capital stock from $100,000 to $50,000, and has levied an assessment of $25,000 on its stockholders. The reorganization plan is expected to be put into effect by an order of the district court on July 17.
Source
newspapers
4. November 25, 1897 Other
Newspaper Excerpt
West Side Bank Makes Its First Payment as Directed. The sum of $5,076.79 was paid into the city treasury yesterday by the West Side bank. When the bank suspended Jan. 4 last, the city had on deposit in the institution something like $25,000. Recently the bank reorganized and made an agreement with the city to pay the amount in five installments.
Source
newspapers

Newspaper Articles (24)
1. January 4, 1897 Evening Star Washington, DC
Article from Evening Star, January 4, 1897

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Article Text

ST. PAUL BANK FAILURE. Another Institution Closes Its Doors Today. ST. PAUL, Minn., January 4. 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. The Allemania Bank was organized last year, being the successor of the Commercial Bank, Wm. Bickel, formerly president of the Germania Bank, joining forces with Albert Scheffer of the Commercial to organize the new bank, of which Mr. Scheffer was made president; Wm. Bickel and Wm. Hamm. vice presidents, and E. D. Barnett, cashier. The Commercial had formerly been a national bank, but after its failure in the spring of 1892, it was reorganized a state bank and became merged last spring into the present Allemania Bank. This bank was also a sufferer by the panicky feeling after the Bank of Minnesota had closed. Its last official statement, after the close of business, December 17, 1896, was as follows: Resources-Loans and discounts, $706,842.48: sundry bonds, $86,750; overdrafts, $1,978.19; bank's building, $60,000; furniture and fixtures, $13,372.31. Due from other banks, $35,929.59; gold, $4,467.83; cash Items. $10,173.87 exchanges for clearing house, $11,114.28; demand loans, $62,881.40; total resources, $1,061,009.97. Liabilities-Capital stock paid in, $400,000; undivided profit, less expenses, $58,764.60; individual deposits, $329,739.27; interest certificates, $187,253.23; call certificates, $8,354: due banks and bankers, $66,740.52; cash creditors' checks, $6,023.11; certified checks, $4,145.24; total liabilities, $1,061,009.97. President Scheffer of the Allemania said at noon that they had been suffering from the panic, the failure being due to the combined withholding and withdrawing of deposits. There had for some time been a gradual drain on the bank, and it seemed to gain added force as soon as the announcement of the Germania failure was announced. A crowd of depositors soon gathered, demarding their money, and at 11 o'clock it was decided to close at once, State Bank Examiner Kenyon being called in and taking presession of the bank. President Willius told an Associated Press reporter today that the closing of the Germania 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 sense. 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 had decided to close for the present. Mr. Willius says says he fully expects to have the bank reopened and ready for business by the last of March. New York Correspondents. NEW YORK, January 4.-The correspondent in this city of the Allembania Bank is the Mechanics' National Bank. The balance to the credit of the St. Paul instition here is said to be less than $1,000. The Hanover National Bank is the New York correspondent of the Germania Bank. The latter has been in the habit of carrying a fair account here, but It is stated that whatever Indebtedness may be due the Harover Bank is amply secured. Went End Bank Closes. ST. PAUL, Minn., January 4.-The West Side Bank has just closed.

2. January 5, 1897 The Record-Union Sacramento, CA
Article from The Record-Union, January 5, 1897

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Demands Made Upon Them. Expected That They Will Soon be Reorganized and Reopened. The President of One of the Institutions Makes a Statement in Which He Charges That Evil Disposed Persons Maliciously Directed the Attempt to Break the Bank Over Which He Presided. ST. PAUL, Jan. 4.-The Germania, Allemannia and West Side Banks, all doing business as State Banks, to-day closed their doors. The failure of the Bank of Minnesota December 22d caused unrest in the community, and depositors withdrew their money from these banks to such an extent that they were forced to go to the wall because they had not Lunds enough on hand to meet the demands made upon them. Any of the three, however, is solvent, and they will be re-organized as soon as the money for that purpose can be put into use. The directors of the Germania met this afternoon and appointed a committee on re-organization. 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 Allemannia tomorrow, and the West Side Bank will try to make arrangements with its creditors and re-open without the intervention of receiver. The last official statement of the Germania Bank showed total resources of $1,625,768, $253,847 of this being in the building and $975,420 in loans and discounts. Liabilities $1,625,768, including $400,000 capital stock and $633,019 in time certificates of deposits. The deposits subject to check are $44,551. The closing of the Germania was in pursuance of the action of the directors on Saturday night, who concluded to protect their depositors by suspending. President Willius prepared a statement in which he said: "As soon as the result of the Presidential election became known matters began to improve in a remarkable degree. and there did not seem to be any doubt on May 1st the bank would be in so strong and impregnable condition that an assessment could successfully be made on the stock. This was the condition on the 22d of December, when the suspension of the Bank of Minnesota occurred, following immediately upon the failure of the National Bank of Illinois of Chicago, which came as unexpectedly as a stroke of lightning in midwinter. Failures of other Minnesota banks increased the panicky feeling, but I did not fear any disastrous outcome until it became apparent that certain eveil disposed persons maliciously directed the attempt toward the Germania Bank, circulating false and manufactured reports regardI ing it with systematic persistency. hoped from day to day that the excitement would subside and make room for better judgment, but it grew in intensity. The attack became bolder every day. After the close of business on Saturday, the 2d of January, we found that the withdrawal of deposits had assumed such dimensions that we did not feel justified to continue receiving deposits or to pay out money beyond that day without submitting the condition of affairs to the directors. Consequently we called a special meeting of the board on said day at 7:30 p. m. We had paid off nearly $225,000 deposits in nine business days, and kept on hand and in reserve fund $70,000. which shows the unreasonableness of the attack. The directors came immediately to the conclusion that the action of the officers had been correct, and however deplorable it might be, it became their duty, for the protection of depositors and other creditors, to close the doors and place the assets of the bank in charge of an assignee." The Allemannia closed a few minutes before 11 o'clock, with a crowd of depositors clamoring at the paying telJer's window for their money. President Scheffer said: "Our suspension is due to the large number of withdrawals this morning, and the fact that most of the new depositors withheld their deposits. The news of the suspension of our neighbor, the Germania, precipitated the run here, and of course with all the deposits being withheld, and the fact that there was a steady withdrawal we could not stem the tide. When the full force of the Germania's failure burst on them the crowd seemed to become panic-stricken, and they came down upon us like a wolf on the fold. When the Bank of Minnesota failed the business men fortunately were not disturbed, and few were caught. The feeling of ease returned shortly. and might have continued had it not beeen for the failure of the four banks in Minneapolis. Then the panicky feeling came back, and was intensified by the fact that the business men caught it very badly. The feeling naturally spread over here. and the people have not been easy since then. When the Germania closed its doors this morning that was the last straw in the case, and they came down upon us like a herd of wolves." The total resources of the Allemannia, according to their report of the same day. was $1,061,009. including $706,842 of loans and discounts. Liabilities also $1,061,009. including capital stock of $400,000 and deposits of $329, 789. Speaking of the failure of the West Side Bank, President Staples said: "Our suspension was due to the Allemannia. We did all of our clearing through the Allemannia. and this morning they failed to cover our clearings, and sent them all back to us. News of the suspension of the Germania and Allemannia spread through West St. Paul, and our depositors began scram-

3. January 5, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 5, 1897

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THREE MORE BANKS GONE TO PIECES St. Paul Is the Scene of the Crash This Time. ALL STATE CONCERNS GERMANIA, ALLEMANNIA AND WEST SIDE. Each of the Three Claim to Be Solvent and Promise to Meet All Their Obligations Dollar For DollarFailure of the Bank of Minnesota Caused a Panicky Feeling and the Panicky Feeling Did the Rest -Financial Notes.

4. 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-

5. January 5, 1897 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, January 5, 1897

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THREE BANKS HAVE CLOSED In St. Paul as a Result of Failure of the Bank of Minnesota. e / THE FRIGHTENED DEPOSITORS e : I Make a Lively Run for Their Money and Cause a Panic-Fight Each Other in the Lines. I I r St. Paul, January 4.-As a direct re: sult 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 depositors wished, three St. Paul r banks, the Germania, the Allemania a and the West Side, one of them nae tional institutions, all closely associat: ed, closed their doors today, one being in the hands of the state bank examiner e : and the others making assignments. . During the time that has intervened since the closing of the Bank of Minne e : sota, the Germania paid out $225,000 to i frightened depositors and early today i 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 a target for a lively run. 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 the bank examiner 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 today its clearings were returned by the latter institution. Following this there was a decired run inaugurated on the bank and at 2 o'clock this afternoon the bank offlcials 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 Staples, president of the bank. Considerable public money is tied up in the three institutions. Owing to the excitement caused by the closing of the Germania and Allemania Banks today, many depositors went after their money at one or two other banks, the Minnesota Savings Bank being the center of excitement. President William Bickel, Jr., is a son of the first vice-president of the Allemania. This bank was open for business but at 3 o'clock was taking advantage of the rule allowing sixty days' notice before allowing withdrawals of deposits. A few minutes before 2 o'clock the West Side Bank, organized in 1886, with a capital of $100,000, closed.

6. January 5, 1897 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 5, 1897

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THREE MORE BANKS GONE TO PIECES St. Paul Is the Scene of the Crash This Time. ALL STATE CONCERNS GERMANIA, ALLEMANNIA AND WEST SIDE. Each of the Three Claim to Be Solvent and Promise to Meet All Their Obligations Dollar For DollarFailure of the Bank of Minnesota Caused a Panicky Feeling and the Panicky Feeling Did the Rest -Financial Notes.

7. 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.

8. January 5, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 5, 1897

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WEST SIDE BANK PULLED IN. Decided Best for All Parties to Suspend. Blinds on the windows of the West Side bank were drawn shortly after 1 o'clock yesterday, and the sign "Bank Closed," was hung on the door. A group of depositors were in waiting at the time, and they were informed that the bank directors had determined to suspend. The suspension of this bank was directly due to the suspension of the Allemannia bank. When the news of the suspension of the Allemannia and Germania banks reached the West side, a run began on the West side bank. The officers of the bank realizing that all the funds would soon be exhausted, determined to close the doors and if possible save the bank. The directors went into session and remained closeted in the little room back of the bank all the afternoon. No offi-

9. 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

10. January 5, 1897 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 5, 1897

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St. Paul Banks Suspend. St. Paul, Minn., January 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. The Allemania and West Side banks have also closed their doors.

11. 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.

12. January 5, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 5, 1897

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Suspension of the Germania, the Allemania and the West-Side, the Latter a Small Concern. DEPOSITORS WERE PANICKY AND THE BANKS LACKED CASH TO MEET SUDDEN DEMANDS. Officers Confident of Reopening When Assets Are Realized On-A Devil's Lake Bank Closed. ST. PAUL, Minn., Jan. 4.-As a direct reselt 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-to-day closed their doors, one being now 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 made 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 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 Charles F. 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 the State, and the courts will be called on to settle it. The state bank examiner doubts their right 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 less 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 a strong condition and have no fear of anything of the sort. THE GERMANIA BANK. The Germania Bank stood a run of nearly two weeks, its depositors beginning to withdraw their accounts at the time the Bank of Minnesota closed, on Dec. 22. The last official statement of the condition of the bank was made Dec. 17, 1896, and was as follows: -Resources

13. January 6, 1897 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, January 6, 1897

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ST, PAUL BANK SITUATION. Two Small Runs-No Further Trouble Anticipated. ST. PAUL, MINN., January 5.-Maurice Auerbach, president of the Union Bank, was to-day appointed receiver of the Allemania Bank, under a bond of $200,000. The Board of Directors of the Germania held a special meeting, and appointed a committee of stockholders to take measures for the speedy reorganization of the bank. Charles F. Staples was made assignee of the Westside Bank. Early in the day there were slight runs on a couple of banks, but everything quieted down quickly, and no further trouble is expected among the financial institutions here. St. Paul still has five national, six State, and three savings banks, with deposits aggregating $20,000,000. Bad. business methods wrecked the Bank of Minnesota, and the others were forced to close by panicky depositors.

14. 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.

15. January 8, 1897 The New North-West Deer Lodge, MT
Article from The New North-West, January 8, 1897

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THREE MORE ST. PAUL BANKS. Two Were Large Institutions, the Other Was Small. 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 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 Vest 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 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 M. Keerst. The Allemania bank, which, like the Germania, had a large clientage among the Germans, and whose vice president had formerly been vice president of the Germania, then became the target for a lively run. Crowds gathered 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 poss sion 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 today its clearings were returned by the latter institution. Follows ing 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 S. H. Staples, president of the bank. Considerable public money is tied up in the three institutions, but there is an mple supply for all immodiate 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 the state, and the courts will be called upon to settle it. The state bank examiner doubts their right to assign, holding that they should have, under the law, turned over their assets to him. The attorney general intimates that he will bring an action to test the matter as soon as papers can be issued. 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 60 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. The Germania bank was a state institution and had a capital of $400,000. The last official statement of the condition of the bank, December 21, gave loans and discounts as $975,420.53; total resources, $1,625,788. Among the liabilities were cap, ital stock, $400,000; surplus and undivided profits, $58,797; individual deposits subject to check, $345,191; demand certificates of deposit, $7899; time certificates of deposit, $633,019. The Germania bank has been organize. many years, ex-Governor Alexander Ram. say being a long time president, and William Bickell, cashier. When the governor retired, Mr. Bickell became president, but last spring Bickell retired, becoming vice president of the newly organized Alle, mania bank. He was succeeded by Gustav Willius. President Willius told an Associated Press representative that the closing was the result of an unreasonable panic, and 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 the depositors $335,000 in the last nine days. Willius said he fully expected to have the bank reopened by the last of March. The Allemania. The Allemania bank has a capital of $400,000, and a clientage similar to that of the Germania. The Allemania was organized last year, as a successor of the Commercial, William Bickell, formerly pres. ident of the Germania, joining forces with Albert Scheffer, of the Commercial, to organize a new bank. The last official statement made, December 17, showed loans and discounts, $706,842; undivided profits, less expenses, $508,764; individual deposits, $329,789; interest certificates, $187,253. President Scheffer, of the Allemania, said the failure was due to combined withdrawal of deposits. A crowd of depositors gathered today demanding their money, and at 11 o'clock it was decided to close. f Runs on Other Banks. Owing to the excitement caused by the closing of the Germania and the Allemania banks, many depositors went after their money in one or two other banks.

16. January 8, 1897 Vermont Phœnix Brattleboro, Bellows Falls, Ludlow, VT
Article from Vermont Phœnix, January 8, 1897

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000, and about 200 hands will be throw out of employment. An obligation for $60,000,000 was can celed at Norristown, Pa., Saturday. I was a mortgage given by the Philadelphia and Reading railroad company July 1, 1874 to the Fidelity insurance, trust and safe deposit company of Philadelphia. Samuel Whittaker shot and killed hi wife at North Cambridge, Mass., Thurs day. A short time after Whittaker cut his throat with a razor, inflicting fatal in juries. Jealousy is supposed to account for the deed. Whittaker was a shoemake by trade. Merton E. Burnham and Leroy Kendall both employed by Lougee Brothers, skate into an air hole on Lake Winnesquam, fou miles from Laconia, N. H., Saturday night Burnham was drowned, while Kendall wa rescued just as he was going down for th last time. George B. Wilkins, vice president and cashier of the Commercial bank of Sel ma Alabama, which failed for half a mil lion dollars on Wednesday, committed sui cide by shooting himself through the hea in the Episcopal church at that place One hundred applications for charter for new railroads have been filed in Japan and it is stated that over 40 will be granted During the first week in December con tracts were made for 18 American locomo tives. Hitherto English rolling stock ha been used exclusively. The Germania bank and the Allemani bank of St. Paul, Minn., both suspende Monday. Subsequently the West Sid bank, which cleared through the Allema nia bank, was closed. The failures wer due in each case to heavy withdrawals o Thursday and morning. deposits. It is said that all these institu tions are solvent. A. J. Jernigan, county treasurer at Aus tin, Texas, shot and fatally wounded him self Thursday. Нә had loaned to a color ed porter about the county courthous $4500 of the county funds to put into scheme to dig for Mexican gold, suppose to be buried near the city. The schem was exposed as a fraud a few days ago. The body of Richard Cornelius, cashie of the National Farmers' and Planters bank of Baltimore, of which the lat Enoch Pratt was for a long time president was found Thursday in a pond on Drui Hill park. He is supposed to have com mitted suicide. A shortage of $60,000 said to have been found in his accounts. The most remarkable wedding in Ne Hampshire in many a day was that las Monday in a house on the Bean road fro Deerfield to Nottingham. The groom wa Jacob Witham, aged 87 years, and th bride Mrs. Georgiana Rivers, aged 97 year This was the groom's third and the bride fourth venture upon the matrimonial sea James Duffy, a young pugilist from Bo ton, collapsed after fighting 10 rounds wit George Justice of the Broadway Athlet club at New York Saturday night. H was suffering from a cerebral hemorrhag a blood vessel in his brain having bee ruptured by the concussion of blows upo his head. He died Monday morning. Th men connected with the boxing mate have been arrested. Mrs. Mary Cole, 30, had been missing i Willimantic, Conn., since Friday nigh and on Monday the police entered he house and found her unconscious, with deep gash over her left ear. Her skull Wa broken, and her condition is prect riou In the doorway of her room was the bod of Abraham Ernestus, 45, who boarde with her. It is supposed that Ernestus a temped to kill the woman and then con mitted suicide. The Iowa mortgage company of Har S ford, Conn., has gone into the hands of receiver, with aggregate liabilities of $218 000. It is said to have been one of the strongest and most conservatively ma f aged of all such companies, but the co tinued hard times in the western agricul ural sections and difficulty of collecting il

17. January 9, 1897 The Meeker Herald Meeker, CO
Article from The Meeker Herald, January 9, 1897

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ST. BANKS STILL EST THREE AT ST.PAUL Germania, Allemanle awal Banks Class Beramo of Deposits GerSt. Paul, Minn, Jan. capimania bank, a state instituti but tal $400,000, did not open to Peter nounced its first assignment r or M. Kerst, who for the past antwo has been the cashier. ction nouncement stated that thing n of was taken after a full consider was all phases of the situation, that deemed best for all concerns ank this action should be taken. its stood a run for nearly two acdepositors beginning to with Mincounts at the time the Bank The nesota closed on December tion last official statement of the 12, of the bank was made Deca be 1896, and showed Its resource unt$1,625,788.01, with liabilities deing to $1,628,788. The indivi posits were $1,000,000. President Willius says that the closing was the result of an unreast ble panic, and that the bank would te for business just as opened usual cool soon dates. the people regained their 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. WIIlius 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 candltion of financial affairs.

18. January 9, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 9, 1897

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ancient prestige. The bank has honor-* ed me with the presidency, and I feel that I am under a moral obligation to leave nothing undone that will tend to a reorganization. That is my position. The press and the public have treated us with uniform kindness and courtesy, and we are under a deep sense of obligation to them." WEST SIDE BANK. Assignee Staples, of the West Side bank, was seen also on the status of affairs at that institution. Said he: "We are busily at work on the schedules, and it will be impossible to do anything until that matter is settled." "How about reorganization?" "The people are all anxious that the West Side bank be reorganized, but no definite action has been taken in that direction, and will not be until such time as the statement is got ready for presentation to the court. Several members of the board of directors are inclined that way, and everything looks favorable." NORTH ST. PAUL BANK. Capt. H. A. Castle, president of the North St. Paul bank, said yesterday, speaking about the appointment of John F. Fitzpatrick as receiver of that institution, that he was assured the bank would be able to pay all its depositors in full. He said that the total deposits amounted to less than $22,000. while the petiti n for the receiver stated that the assets of the bank would amount to about $35,000. Capt. Castle said that he thought this was a trifle larger than it should be. The bulk of the money in the bank is public money, the deposits of the state, county, village and school district. Capt. Castle took hold of the bank about three years ago. At that time the officers in control of the bank were ready to throw up the entire matter, and Capt. Castle took charge to protect himself, he being on the bonds of the bank. In the three years he has had control the deposits have been greatly reduced, and it was the intention to further reduce the indebtedness and the capital stock until it reached a point where it was of the right size for a bank in a town the size of North St. Paul. As an instance of the way in which the indebtedness has been reduced Capt. Castle stated last evening that when he took charge of the bank it owed the state over $24,000, which amount has been reduced to $2,900. The reserve fund of the bank was deposited in the Allemannia bank. ATTACHMENTS ISSUE. NEW YORK, Jan. 8.-An attachment for $10,000 was issued today against property of the Allemannia Bank of St. Paul in favor of the American Exchange National bank on two bills of exchange made last week. The sheriff today received another attachment against the Germania Bank of St. Paul in favor of Houston M. Sadler for $3,249 on an assigned claim of the St. Paul Rubber company.

19. 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.

20. January 29, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 29, 1897

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allow the attorneys to produce authorities, and the case was continued until today at 2 p. m. WEST SIDE BANK. The petition of the assignee of the West Side bank was similar in its character, although the conditions governing the transactions were somewhat different. Attorney Dodge appeared for the assignee and the principal testimony was that of George H. Hosmer, cashier of the bank. Mr. Hosmer stated that he did not consider that the West Side bank was insolvent until it was compelled to close at 1:10, or 1:15 p. m. on Jan. 4. At that time there was less than $500 cash on hand and the bank was unable to meet all demands made upon it. The bank opened for business with about $5,000 and he considered was solvent at that time. The run on the bank did not begin until after noon and the directors did not decide to close until after 1 o'clock. They had felt no apprehension until they learned that the Allemannia bank had closed. That was about 12:15. The case was submitted without argument and Judge Bunn took it under advisement, expressing grave doubts as to whether insolvency had been shown. The total of claims involved is $2,000, of which $1,300 represents cash deposited. WEST SIDE VS. ALLEMANNIA. The case of the West Side bank against the Allemannia bank to recover certain notes amounting to $11,595, was also set for yesterday, but was postponed indefinitely. The notes in question were deposited as collateral security by the West Side bank with the Allemannia, and the West Side bank contends they were merely to cover a possible difference in clearings. The Allemannia claims that they were to secure any indebtedness which might arise, and on that ground placed them with the Merchants' National Bank, of New York, to secure a certificaite of $10,000 of the West Side bank, which had been discounted. ADVICE FOR MR. BICKEL. St. Paul, Minn., Jan. 28, 1897.-We read with very much satisfaction the article in the Globe of yesterday, where Mr. Maurice Auerbach tried to induce Mr. William Bickel Sr. to resign as assignee, and it would seem to a good many depositors this act would be the only manly thing for him to do. Otherwise there certainly must be some very important reasons for Mr. Bickel Sr. to force himself upon the mass of depositors who are opposed to him on account of too close relationship with Mr. Bickel Jr. Certainly it would be very much more manly for Mr. Bickel Sr. to resign at once, than it is manly for Mr. Bickel Jr. to call a whole lot of depositors hounds because they are simply opposed to having the bank's affairs straightened out by the Bickel family alone, and because they had confidence enough to bring their good money, worth 100 cents on the dollar to the bank, and will now have to be satisfied in return with, highest, 50 cents on the dollar. See Mr. Bickel Jr.'s own statement In the Dispatch of 26th inst. Once more we advise Mr. Bickel Sr. to resign of his own free will. -H. Patterson, On behalf of many depositors.

21. May 14, 1897 The Saint Paul Globe Saint Paul, MN
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GRAND JURY SPENT THE AFTERNOON INQUIRING INTO THE ALLEMANNIA'S AFFAIRS. NOT THROUGH WITH OTHERS. REPORT THAT CONGRESSMAN STEVENS HAS BEEN REQUESTED TO CALL AROUND TO TELL JURY WHAT HE KNOWS. Rumor That the Germania Will Be Left Alone and Another That It Will Not. The grand jury resumed its investigation of the banks and bankers yesterday afternoon. The body was in session from 2:15 p. m. until almost 6 o'clock. Most of the time was devoted to examining into the affairs of the Allemannia bank and the transactions of its officers, though the grand jury has not finished with the Minnesota Savings bank and the Bank of Minnesota. In fact, it was reported yesterday that the grand jury had sent word to Congressman Stevens that it would like to have a talk with him about the affairs of the Minnesota Savings bank before it got through its work. The witnesses in attendance in the matter of the Allemannia bank were C. S. Bunker, the expert accountant employed by Receiver Auerbach to assist in preparing the schedules; William Hamm and Paying Teller Devitt, of the Allemannia bank. Mr. Bunker and Mr. Hamm were each before the grand jury for a considerable length of time. Mr. Bunker had with him a bundle of books. The West Side bank is also to be investigated, judging from the presence in the witness room of Charles F. Staples, the president and assignee, and George H. Hosmer, the cashier of that bank. Neither of these gentlemen, so far as could be learned, appeared before the jury yesterday. Receiver Frank A. Seymour was on hand as usual with the books of the Bank of Minnesota, but was not called in. T. D. Sheehan, one of the receivers of the Minnesota Savings bank, was also present, but did not testify yesterday. It is understood that the grand jury proposed to take a peep into the affairs of the Germania bank, and thereby hangs a tale. Rumor has it that the movement in this direction is not inspired by the county attorney, but that it has its origin among two or three members of the grand jury itself. The truth or falsity of the rumor may never be ascertained and certainly will not be known until after the grand jury is discharged. On the other hand it is reported that the Germania bank's officers have received assurance that the grand jury will not examine into its affairs. Whether this report has any foundation the future will reveal. It is likely that the grand jury will make a partial report today on the jail cases considered Wednesday afternoon, and there is a possibility that an indictment may be returned against a bank official. It is more probable, however, that the next report in the bank cases will not be submitted until Monday.

22. May 20, 1897 The Saint Paul Globe Saint Paul, MN
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THAT EXPOSE IN THE GLOBE OF THE STREVENS-DORAN-BURNS CONFERENCE. MAYOR WAS MAINLY BLAMED. FRIENDS OF THE CONGRESSMAN THOUGHT CHIEF EXECUTIVE SHOWED POOR JUDGMENT. GRAND JURY SESSION YESTERDAY Was Mainly Devoted to Considering Side the Affairs of the West and Germania Banks. The publication in the Globe H. of conference between William the foreman of the grand jury; Mayor ConBurns, F. C. Stevens and gressman created a sensation yesterday. itself Doran members of the grand jury other The much surprised as any grand were as The day before the for persons. had discussed certain matters didn't jury but the other members but their foreman left a conference an dream hour, before, that had, Doran with two Mr. as hours and had with Mayor of his Stevens given him the assurance consideration. witness, most distinguished the Globe's expose of the the Whether was taken notice of by could learned. grand conference jury as a body yesterday, not be who felt the expose keenest, politicThe men were the Republican gentlenien and they from the three for themselves, ians, apart blamed Mayor Doran that he it While they admitted he said all. told the truth when get them doubtless Mr. Stevens asked him to to have that they declared he ought have done together, judgment than to like Mr. had and better having done so, ought, so, to have denied it. Stevens Burns, friends of Congressman present cirThe that under the affairs it cumstances admitted and condition the of part of the was congressman very bad to form go on pumping the foreman of the grand jury. per intimate sonal One and of Mr. political Stevens' friends, in speaking of the matter, was said: advised by wire as a that wit"Stevens probably be needed against Wilhe would cases pending court, liam ness F. Bickel in make arrangein the had better the district he posand that he come to St. Paul, if from sibly as ments could. to He arrived there Monday, had been Washington, to the and effect that the connection grand jury rumors was considering Savings his bank, he with the Minnesota the office of the county fears attorney assuring at once visited That official quieted the him the of Mr. Stevens he was by to be indicted fear- were without rumors that any foundation. was Being being held ful that something Mr. Stevens had con- and back from him, several of his friends going sulted with the advisability of jury and talked over member of the grand to what to some explanation relative to be an making books an of the bank showed He was adoverdraft the of his account. action might be misvised that and such his friends endeavored was n to upon such action. construed, necessity impress of any him advice, that there Mr. Stevens, Notwithstanding this clear himself of any of connection visited ix his anxiety with to the management Mr. Burns, Mayor the affairs the foreman of the of bank the Doran. grand jury, The accompanied had by been that the of public the result of this distorted idea Stevens false position.' would affair and have it a would place Mr. said that in Continuing a the prepared gentleman to show and his prove "Mr. Stevens by documentary is the Minnesota evidence that on- Sav- his connection with has drawn heavily of his getting finances ings Bank and that from instead the institution the any money was on the other foot.' devoted its shoe grand jury yesterday West Side bank entire The attention Germania to the bank. greater The affairs part session of and the the former occupied which began the at Assist- 2:15 p. hours. County m. of the and lasted Attorney for three Zollman was in tifled ant attendance. who appeared president and testhe The were witnesses C. F. Staples, West the Side bank; and assignee Hosmer, of the cashier; the Gus- GerGeorge Willius, H. the president Peter M. of Kerst, the tave and bank. mania bank, and assignee of the that West Side cashier Cashier Hosmer, of grand jury room remained in the the other witnesses. exlonger bank than any both of banks were books of jury. The amined by the could grand be learned no from indict- the So are expected West Side and Germents of the grand jury and adinvestigation far banks as The to result afternoon mania until 2:15 this finish investiit journed is thought affairs that it of will the today. suspended banks gating before the adjournment

23. July 7, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, July 7, 1897

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ASSEMBLY ACCEPTS THE SETTLEMENT PROPOSITION OF THE WEST SIDE BANK. TERMS OF THE AGREEMENT. BOARD AGREES WITH THE SUGGESTION TO INVESTIGATE CITY TREASURER'S OFFICE. NAMES ITS COMMITTEE ALSO. Street Railway Question Almost Slighted, but They'll Tackle It Tuesday Again. Meetings of both branches of the council were held last night. The assembly session was a short one. The proposition of the West Side bank to the city for a settlement of the funds belonging to the city when the bank suspended was passed by a unanimous vote of the eight members present. According to the terms of the agreement the bank is to pay the $24,954.23 due the city, in five installments of 20 per cent each, payable in twelve, fifteen, eighteen, twenty-one and twenty-four months from the time the bank reorganizes and opens its doors for business. Interest is to be allowed on the amount at the rate of 2 per cent per annum. The bank expects to reorganize by cutting its capital stock from $100,000 to $50,000, and has levied an assessment of $25,000 on its stockholders. The reorganization plan is expected to be put into effect by an order of the district court on July 17. The certificates to be issued to the city will be indorsed by the bondsmen who are now held by the city for the amount. City Attorney Markham was of the opinion that the city would get its money much quicker by the proposed agreement, than by the suit started against the sureties. He saw no legal objection to the proposition being accepted. Resolutions on the death of William Banholzer were passed and are published in another column. Assemblyman Kirke, by an amendment, rectified the mistake in the smoke ordinance which the supreme court recently held invalid The ordinance passed under a suspension of the rules.

24. November 25, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 25, 1897

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SETTLING WITH THE CITY. West Side Bank Makes Its First Payment as Directed. The sum of $5,076.79 was paid into the city treasury yesterday by the West Side bank. When the bank suspended Jan. 4 last, the city had on deposit in the institution something like $25,000. Recently the bank reorganized and made an agreement with the city to pay the amount in five installments. One-fifth of the sum was paid yesterday and the remainder will be turned over in four equal payments at the expiration of twelve, fifteen, eighteen and twenty-one months. Interest on the entire sum at the rate of 2 per cent per annum will be paid by the bank.