gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1d36dfaa3ad6e10d
Response Measures
None
Events (2)
1.December 30, 1896Suspension
Cause
Bank Specific Adverse Info
Cause Details
Company unable to realize on loans and securities amid depressed finances and became embarrassed by suspensions of some firms holding its available funds, prompting application for receiver.
Newspaper Excerpt
The Northern Trust company, through its president, George Maxwell, applied to a district court this morning for a receiver. The hearing was postponed a week.
Source
newspapers
2.January 1, 1897Receivership
Newspaper Excerpt
Daniel Fish has been appointed receiver for the Northern Trust Company ... both of which suspended yesterday.
Source
newspapers
Newspaper Articles (21)
1.December 30, 1896Deseret Evening NewsSalt Lake City, UT
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Easter Financially. MINNEAPOLIS, Minn., Dec. 30.-The financial situation 18 much easter today. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple as the Institution 18 small with only $30,000 capital. The run on this bank has taken $85,000 from it in three weeks. Cashier Field declared he had plenty of ready money but preferred to await the band examiner's advice before making further payments. The Northern Trust company, through its president, George Maxwell, applied to a district court this morning for a receiver. The hearing was postponed a week. Ex-Governor A. R. McGill to president. The company suspended payment in 1893 but afterwards resumed.
2.December 31, 1896The Madison Daily LeaderMadison, SD
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SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The anmouncement that the Bankers' Exchange bank had sust nded payment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 carital. There had been a run on the bank which has taken $35.000 from it in three weeks. Cashier Fie d declared that he had plenty of ready money in the van.t but preferred to await the bank examiner's advice before making furcher payments. The Northern Trast company. through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president It suspended payment during the panic of 1893 but afterwards resumed bus.ness.
3.December 31, 1896The Madison Daily LeaderMadison, SD
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SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.- The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcemeut that the Bankers' Exchange bank had sust nded payment for a few days caused scarcely a ripple, as the institution is a very small one, with eniv $30,000 cavital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Fie d declared that he had plenty of ready money in the van't but preferred to await the bank examiner's advice before making further payments. The Northern Trast company. through its rice president, George H. Maxwell, applied to the distritt court for a re. ceiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president It suspended payment during the panic of 1893 but afterwards resumed bus. ness.
4.December 31, 1896The Salt Lake HeraldSalt Lake City, UT
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Building Concern Busts. Minneapolis, Dec. 30.-The Northwestern Loan and Building association today applied for a receiver for the Northern Trust company, alleging insolvency. The matter was put over until Jan. 7. Governor McGilchrist is president of the trust company. The capital is $500,000. Liabilities are estimated at $500,000.
5.December 31, 1896Birmingham State HeraldBirmingham, AL
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TWO MORE BANKS -Throw Up the Sponge in MinneapolisDepressed Financial Conditions the Cause. Minneapolis, Minn., Dec. 30.-The Bankers' Exchange bank went into the hands of Bank Examiner Kenyon this morning. Depositors have drawn out about $35,000 the past few days and President Field concluded to close, though he had in the vaults nearly 30 per cent. of all the money lon deposit. The bank is less than a year old, having been incorporated last year. Its loans and discounts are $68,000, its capital $30,000 and its deposits are about $40,000. Depositors will be paid in full and a fair sum will be left for stockholders. George Maxwell, vice-president of the Northern Trust company, made application this morning for a receiver of the company. The following statement was issued by the company: "This company has for some time been seeking to realize upon its loans and securities, and has until now been able to maintain itself without difficulty, but the present depressed condition of finances is such that it has been unable to realize as it had hoped, and the suspension within two or three days of some of the bank's firms of the city in which was deposited some of its available funds has somewhat embarrassed it in the transaction of its business. "Independent of its assets, the company has a list of responsible stockholders, who are abundantly able to make good any deficiency that may result from depreciation in value of its assets, so that the creditors of the company need have no apprehension as to the ultimate results, their claims will all be paid in full, even if the company is not permitted to immediately resume business, as is now hoped." The liabilities of the company are about $500,000. Judge Jamison issued a restraining order returnable at 10 o'clock tomorrow morning. Judge Beldon signed an order this morning appointing Judge A. Ueland receiver of the Washington bank under a bond of $200,000. The petition recites that the bank has $27,774 more liabilities than assets. Deputy Controller Coffin is still in charge of the Columbia National bank, awaiting the arrival of Bank Examiner Cooke. The Farmer's and Mechanic's bank issued a notice this morning requiring all depositors to give sixty days' notice before being permitted to draw deposits. The bank issued a statement saying it had $800,000 in its vaults. The clearing house association held a meeting and resolved to stand by all of the ten banks which are members of the organization. There was a heavy run on 'the St. Anthony Falls bank this afternoon. All demands were paid and the excitement quieted down.
6.January 1, 1897The Morning TimesWashington, DC
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QUIET AT MINNEAROLIS. Excitement Over Recent Bank Failure Has Subsided. Minneapolis, Minn., Dec. 31.-Excitement over the recent bank failures in this city has entirely subsided and all is quiet again. There were no runs ofeonsequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust Company and A. B. Derelieus for the Bankers' Exchange Bank, toth . . of which suspended yesterday.
7.January 1, 1897Birmingham State HeraldBirmingham, AL
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QUIET IN MINNEAPOLIS. Minneapolis, Dec. 31.-Excitement over the recent bank failures in this city has entirely subsidedand all is quiet again. There were no runs of consequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust company, and A. B. Derellous for the Bankers' Exchange, both of which suspended yesterday.
8.January 1, 1897The Morning NewsSavannah, GA
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MINNEAPOLIS OVER THE SCARE. The Situation in Banking Circles Has Calmed Down. Minneapolis, Minn., Dec. 31.-Excitement over the recent bank failures in this city has entirely subsided and all is quiet again. There were no runs of consequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust Company, and A. B. Derelius for the Bankers' Exchange Bank, both of which suspended yesterday.
9.January 1, 1897Little Falls Weekly TranscriptLittle Falls, MN
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SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcement that the Bankers' Exchange bank had suspended pay. ment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 capital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money in the vault but preferred to await the bank examiner's advice before making further payments. The Northern Trust company,through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president. It suspended payment during the panic of 1893 but afterwards resumed business.
10.January 1, 1897Richmond DispatchRichmond, VA
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THE EXCITEMENT SUBSIDES. All Is Quiet in Minneapolis-No Runs of Consequence. MINNEAPOLIS, MINN., December 31.The excitement over the recent bank failures in this city has entirely subsided, and all is quiet again. There were no runs of consequence on any of the banks this morning. Daniel Fish has been appointed receiver for the Northern Trust Company, and A. B. Derelieus for the Bankers' Exchange Bank, both of which suspended yesterday.
SITUATION EASIER. No Apprehension Felt as to the Larger Minneapolis Banks. MINNEAPOLIS, Dec. 31.-The financial situation is much easier here and no apprehensions are felt as to the security of any of the large banks. The announcement that the Bankers' Exchange bank had suspended payment for a few days caused scarcely a ripple, as the institution is a very small one, with only $30,000 capital. There had been a run on the bank which has taken $35,000 from it in three weeks. Cashier Field declared that he had plenty of ready money in the vault but preferred to await the bank examiner's advice before making further payments. The Northern Trust company,through its vice president, George H. Maxwell, applied to the district court for a receiver. The hearing was postponed one week. Ex-Governor A. R. McGill is its president. It suspended payment during the panic of 1893 but afterwards resumed business.
12.January 2, 1897The Greenville TimesGreenville, MS
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ALL QUIET AGAIN And the Excitement Over the Minneapolis Bank Failures Has Subsided. MINNEAPOLIS, Minn., Dec. 31.-Excitement over the recent bank failures in this city has entirely subsided and all in quiet again. There are no runs of consequence on any of the banks. Daniel Fish has appointed receiver for the Northern Trust Co., and A B. Derelieus for the Bankers' Exchange bank, both of which suspended Wednesday.
13.January 15, 1897New-York TribuneNew York, NY
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BUSINESS TROUBLES. Detroit, Jan. 14.-H. S. Robinson & Co., boot and shoe manufacturers, filed three big trust mortgages this morning, securing creditors for liabilities aggregating $138,365. The Union Trust Company is named as trustee. Muskegon, Mich., Jan. 14.-Judge Russell to-day appointed the Michigan Trust Company, of Grand Rapids. receiver of the Whitehall State Savings Bank, which closed its doors a couple of weeks ago. The receiver was appointed on petition of 115 depositors, representing $45,000 in deposits. Minneapolis, Jan. 14.-At a meeting last night of the depositors in the Northern Trust Company, of this city, which failed recently, it developed that the concern will pay a very small dividend, if any, unless it is received from the stockholders, many of whom live in the East, principally in Philadelphia. It also developed that many of the stockholders have paid only 50 per cent on their stock. Des Moines, Iowa, Jan. 14.-The White Swan Milling and Mining Company, with headquarters here, assigned yesterday. Its mines are at Baker City, Ore. The company has $1,000,000 authorized capital, and failure is attributed to bad management. It is expected the stockholders will buy up the claims and resume business. The creditors are in NewYork and Iowa towns. Streator, III., Jan. 14.-The City National Bank yesterday informed its depositors to come and get their money, as the bank was going out of business. The bank was organized six years ago, with a capital stock of $100,000, all paid. About $40,000 was paid to credito 'S yesterday. Springfield, Ohio, Jan. 14.-Willam W. Wilson began sult here yesterday for a receiver for the firm of Amos Whitley & Co., Wilson, Whitley & Co. and the Whitley Malleable Iron Company. A separate receiver is asked for each concern, which has been closed for two years. The suit is probably part of a plan for the reorganization of the firm's name, with a view of manufacturing steel and Its products by a new method recently discovered by Eimer and "Burt" Whitley, together with their father, Amos Whitley. The latter is a brother of William N. Whitley, known as "the reaper king."
14.January 21, 1897The Daily Morning Journal and CourierNew Haven, CT
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Youths' Temple of Honor Assigus. Minneapolis, Jan. 20.-The Youths' Temple of Honor, an insurance organization, assigned to-day. It is said to have been embarrassed by the suspension of the Northern Trust_company. The liabilities may reach $100,000; assets will be small.
15.January 21, 1897The TimesRichmond, VA
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BUSINESS TROUBLES. A Life Insurance Organization Assigns Other Failures. MINNEAPOLIS. MINN., Jan. 20:-The Youth's Temple of Honor, a life insurance organization to-day made a voluntary deed of assignment to Dr. Russell T. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust Company. A statement of condition is being prepared.
16.January 21, 1897The Morning NewsSavannah, GA
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INSURANCE COMPANY FAILS. The Youths Temple of Honor Makes a Voluntary Assignment. Minneapolis, Minn., Jan. 20.-The Youth's Temple of Honor, a life insurance company, to-day made a voluntary deed of assignment to Dr. Russell T. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust Company. A statement of the condition is being prepared." The liabilities may reach $100,000; the assets will be small.
Temple of Honor Assigns. Minneapolis, Minn., Jan. 20.-The Youths' Temple of Honor, an insurance organization made a voluntary deed of assignment to Dr. Russell A. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust company. A statement of the condition is being prepared. The liabilities may reach $100,000; assets will be small.
Temple of Honor Assigns. Minneapolis, Minn., Jan. 20.-The Youths' Temple of Honor, an insurance organization made a voluntary deed of assignment to Dr. Russell A. Goodwin, supreme secretary of the organization. It is said to have been embarrassed to some extent by the suspension of the Northern Trust company. A statement of the condition is being prepared. The liabilities may reach $100,000; assets will be small.
19.April 29, 1897The Saint Paul GlobeSaint Paul, MN
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City's Claim N. G. The receiver of the Northern Trust company has thrown out the claim of the city of Minneapolis for $3,248, for a deposit of money with the company. The receiver claims that A. C. Haugan had a private agreement, whereby he was to deposit certain funds with the company, provided the company deposited a like amount in the Washington bank to offset it. The receiver claims that the claims should offset. The city will appeal.
20.December 7, 1897The Saint Paul GlobeSaint Paul, MN
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In Supreme Court. The supreme court yesterday affirmed the order of the probate court in the estate of D. H. Valentine. from which John Martv had appealed. Marty did not file briefs, and hence defaulted. The case of Daniel Fish, as receiver of the Northern Trust company of Minneapolis, against John S. Pillsbury et al., has been continued to next term. The call for today: Nos. 176, 184, 230.
21.April 9, 1898The Daily Morning Journal and CourierNew Haven, CT
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# COURT RECORD.
In the superior court yesterday Judge G. W. Wheeler handed down a decision overruling the plaintiff's demurrer to the answer in the case of Daniel Fish, receiver of the Northern Trust company of Minneapolis, against Henry Rogers of this city. There are similar suits brought by Receiver Fish against the estate of Ebenezer Gilbert of East Haven and Andrew H. Smith of this city.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
