Article Text
Minneapolis, Minn., Jan. 15.-The City bank, a small institution, suspended this morning. Capital $300,000.
City Bank (Minneapolis, MN)
Episode Information
- Episode UID
3045236691153- Episode Type
- Run → Suspension → Closure
- Bank Type
- trust
- Bank ID
-
304523669hash - Start Date
- January 15, 1896
- Location
- Minneapolis, Minnesota (44.980, -93.264)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
8a0b214a13727888
Response Measures
None
Events (3)
1.
January 15, 1896
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy withdrawals precipitated by inability to collect on notes and consequent liquidity strain
- Measures
- Placed under examination by State bank examiner; posted notice of temporary closure
- Newspaper Excerpt
- Owing to heavy withdrawals of deposits, and inability to collect on notes, this bank is temporarily closed
- Source
- newspapers
2.
January 15, 1896
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspended payments due to heavy withdrawals and inability to collect on notes; examination by state bank examiner arranged
- Newspaper Excerpt
- The City Bank ... suspended payment this morning, pending examination
- Source
- newspapers
3.
January 25, 1896
Receivership
- Newspaper Excerpt
- Judge Jamison's order was filed appointing David C. Bell receiver of the City Bank. His bond was fixed at $1,000,000.
- Source
- newspapers
Newspaper Articles (23)
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MINNEAPOLIS BANK CLOSES. It Is Only for the Purpose of Being Examined, However. MINNEAPOLIS. MINN., January 15.-The City Bank this morning posted the following notice on its doors: "Owing to heavy withdrawals of deposits, and inability to collect on notes, this bank is temporarily closed, to allow the Superintendent of Banks to examine into its condition. The capital is $300,000, and the deposits December 31st were $500,000. No serious trouble is anticipated." Bank-Examiner Kenyon was in Minneapolis Monday, and at that time examined the condition of the bank. He then advised the officers not to suspend, as the bank was perfectly solvent, according to his statement, even if less than 75 per cent. were collected on the paper it holds. However, the withdrawal of deposits, which has been going on for the last few days. left the bank powerless, and this morning it found itself forced to discontinue operations. It is now in the hands of Mr. Kenyon and his assistants, and an examination is being made. T. J. Buxton is president; A. H. Linton, vice-president: and L. T. Buston, assistant cashier. The bank was organized in October, 1872.
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Minneapo'is Bank Failure. MINNEAPOLIS, Jan. 16.-The City bank of Minneapolis has suspended. Ex-County Treasurer Buxton is at the head of the institution.
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A Minneapolis Bank Fails. MINNEAPOLIS, Minn., Jan. 16.-The City bank, one of the smallest banking institutions of this city. suspended payment yesterday morning, pending an investigation by the State bank examiner.
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Suspends Payment. MINNEAPOLIS, Jan. 15.-The City Bank, a state banking institution, suspended payment this morning, pending examination. Capital $300,000. Deposits at last statement, December 31, 1895, were $532,564. It is claimed depositors will be paid in full.
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Another Crash in Minneapolis, MINNEAPOLIS, Jan. 16.- Owing to 8 run on the Irish-American I ank, on account of the failure yesterdav of the City bank. it was closed at noon today and ie
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La City Bank" l'une des plus anciennes banques de Minneapolis, a fermé ses porte mercredi matin Le montant des dépots excède $500,000.
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To Enforce Liability. The fight to enforce the liability of stockholders of the suspended City bank was begun yesterday in the district court. Whitall & Siddalls, creditors of the corporation to the extent of something like $200, appear as interveners ni the action of the Minneapolis Base Ball company, asking in behalf of the creditors that all assets of the bank be sequestered to the end that from the proceeds therefrom the attorneys' fees and costs of the proceedings, together with the claims of all creditors, be satisfied pro tento. It is also asked that some suitable person be appointed as receiver. Judge Jamison took up the application for a receiver for the City bank yesterday morning, and after hearing arguments in the matter, continued it for one week.
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A Minneapolis Bank Fails. MINNEAPOLIS, Minn., Jan. 16.-The City bank. one of the smallest banking institutions of this city, suspended payment yesterday morning. pending an investigation by the State bank examiner.
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Minneapolis Bank Suspends. Minneapolis, Minn., Jan. 15.-The City bank, a state banking institution, suspended payment this morning pending examination. The capital is $300,000. The deposits at the last statement, December 31, 1895, were $523,604. It is claimed the depositors will be paid in full.
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Banking Institution Suspends. MINNEAPOLIS, Jan. 16.-The City bank, one of the smaller state banking institutions of this city, has suspended payment pending an examination by the state bank examiner. The institution has been known to be weak for some time.
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THE ADVOCATE. The City Bank of Minneapolis has suspended payment.
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OWING TO A RUN, Precipitated by the Failure of the City Bank in Minneapolis. Minneapolis, Jan. 18.-Owing to a heavy run precipitated by the City Bank failure of yesterday, the IrishAmerican Bank closed its doors at noon. The bank examiner is in charge, and as yet it is impossible to get any satisfactory statement of the bank's affairs. The officers of the bank are: President, J. S. Coughlin; vice president, J. E. Gould; cashier, J. C. Scallen. James H. Bishop, of the AmerIcan Savings and Loan, is one of the directors. The American carried a big deposit in the Irish-American, which may have been a factor in the bank's action. The paid capital of the IrishAmerican was $100,000, and in a statement of its condition at the end of business Dec. 13, 1893, the resources and liabilities balance at $554,684.26. The heaviest liabilities are demand certificates of deposit, 39,000.22; time certificates of deposit, $176,866.64; individual deposits subject to check, $109,919.38; total, $385,786.24. Amount due to other banks, rediscounts and bills payable, foot up at $50,000. The heaviest item among the assets is loans and discounts, $427,959.16. There is also about $33,000 worth of real es. tate.
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Bell Is Receiver. Minneapolis, Jan. 25.-This afternoon Judge Jamison's order was filed appointing David C. Bell receiver of the City Bank. His bond was fixed at $1,000,000. The restraining order still remains in force.
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Papers Are Filed. Attorney General Childs yesterday filed in the Hennepin district court formal demands for the deposits of the state in the Irish-American and City banks, of Minneapolis, suspended.
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SUPREME COURT RESUMES. April Term Calendar Will Be Called This Morning. The April term of the supreme court opens this morning at 11 o'clock, when cases will be set for trial, and some pending motions argued, possibly. The calendar this term is a comparatively small one, only 317 cases being of record. Among the interesting cases on the calendar are the receivership proceedings of the City Bank of Minneapolis, the old suits growing out of the sudden death of Cashier How, of the First National Bank of Shakopee; the Cass-Crow Wing county boundary dispute, a number of cases growing out of the failure of the N. P. Clarke Lumber company, the quarrel between the village of Wayzata and the Great Northern, Treasurer Koerner's United States Express company case, the American and Home Savings and Loan associations cases from Minneapolis. No. 1 on the calendar is, as it has been for several terms, the old suit of Russell Sage VS. The St. Paul, Stillwater & Taylor's Falls Railway Company.
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IS A PREFERRED CREDITOR. Minnesota Supreme Court Decides the State's Status in Bank Failures. Sr. PAUL, May 15.- The supreme court, in a decision handed down by Justice Canty, settled for all time, or at least until the laws are changed, the question as to precedence of the state's -claim in the case of defunct banks. The state must be preferred creditor. The petition was on the appeal of the receiver of the City bank of Minneapolis from an.order of the court directing the receiver to pay over to the state its claim of $14,199.87, with accrued interest, making the total amount due $14,217.68
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Sued Zenith City Men. Special to the Globe. DULUTH, Minn., June 11.-D. C. Bell as receiver of the city bank of Minneapolis, has sued A. F. and G. H. Dodge to recover on a promissory note for $22,500. The note is secured by a large number of lots in Kenwood Park.
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Double Liability. MINNEAPOLIS, Aug. 17.-One of the most voluminous findings ever handed in to the district court came before Judge Elliott for his signature this morning, in the City bank receivership, in which the law is to be settled regarding the stockholders. The chief point in the case is that the court holds that the stockholders will be obliged to face the double liability on all stock and debts prior to Aug. 1, 1895. Subsequent to that date, when the new law went into effect, only a single liability will be assessed against the stockholders.
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MINNEAPOLIS BREVITIES. MINNEAPOLIS, March 3.-Judge Brooks today took up the hearing of the arguments on the right of the state to tax the assets in the hands of D. C. Bell as receiver of the City bank. The funeral of Johanna C. Engen, who died yesterday at the age of 69 years, will take place from the Norwegian Trinity church tomorrow afternoon at 2 o'clock. At the Commercial club, tomorrow evening, Dean Hall, of the state university, will lecture on the "Aborignes of the Aborigines." The Union Veterans' league will meet to transact important business tomorrow night at Alexander's hall, 36 Sixth street south. Chief Doyle has issued an order that the police are to arrest all "runners" employed by cheap hotels and certain fake doctors whom they found attempting to solicit trade on Washington, Nicollet and Hennepin avenues. At a meeting of the Minneapolis lodge of Elks the favorable report of the building committee on the proposition of W. H. Eustis to lease his building on Sixth street and Hennepin avenue, was favorably acted upon.
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MINNEAPOLIS BREVITIES. Entertainments for the benefit of Minnesota soldiers who are now in the field will be given Wednesday and Thursday evenings of this week at the Lyceum theater under the auspices of the Minneapolis Volunteers' Auxillary association. The funeral of the eight-months-old son of Mr. and Mrs. M. C. Rustad will occur from the residence, 2302 Twenty-second avenue south, this afternoon at 2 o'clock. James T. Boustead will arrive in the city Tuesday with the remains of his sister, Mrs. Bliss Symons Brackett, who died recently at Los Angeles. Bishop I. W. Joyce will preach at Western Avenue M. E. church tomorrow evening. Joseph Dupont, a druggist in Northeast Minneapolis, was arraigned in the police court this morning charged with selling liquor without a license. He pleaded not guilty. The funeral of Rose Bell Cook, daughter of Mrs. Adaline A. Cook, aged 20 years, will take place from the residence, 2815 Fourth street southeast, this afternoon. David C. Bell, receiver for the City bank, has sent out a circular to the creditors of the bank, announcing the seventh dividend of 10 per cent. The total dividends up to date, inclusive of this, the seventh, amount to 70 per cent.
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City Bank Assets Sold. The last of the Minneapolis City bank assets, with the single exception of the interest in the Holly mill property, were sold yesterday at the court house at public auction, the prices realized being considered very satisfactory. Old notes and judgments formed the greater part of the collateral sold, and these were divided up into blocks, the bidding on a certain lot often being quite spirited. A lot of about $130,000 realized $7,885; another lot of $50,000 brought $4,255, and $130,000 in judgments went for $3,630. Among the judgments sold was one for $4,021 against the Mendenhalis and the Minneapolis Trust company, which was finally knocked down for $2,330. This sale disposes of practically all the business of the receivership outside of the mill property, and an early winding up of the estate is expected.
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DEBTS WILL BE SETTLED. Stockholders of the City Bank Will Pay in the Money. Arrangements have all been made for paying off the indebtedness of the City Bank of Minneapolis. The association of stockholders made the proposition to the court that they would advance the money, if an order could be made allowing them to proceed against those of the stockholders who refused to pay. That this might be done, it was decided that judgments might be entered against all the stockholders at once, and the proper amount of money paid in by Aug. 5 to meet all the indebtedness. W. R. Cray was appointed a receiver to collect and hold that money, under $10,000 bonds to be approved by the court. Minor provisions were entered into for the payment of costs and attorney fees, and the whole plan of payment was decided upon. The proceeding was brought about by those who wanted the stockholders' suit ended with as little expense as possible, and the way they have gone about It will greatly. lessen the expense, while It will also cut down the earnings of the attorneys who have had the stockholders' suit in hand. The expense of making the collections from stockholders who refuse payment will come upon the stockholders.