State ex rel. Saari v. State Sec. Comm'n of Minn.

Decision Date13 May 1921
Docket NumberNo. 22252.,22252.
Citation182 N.W. 910,149 Minn. 101
PartiesSTATE ex rel. SAARI et al. v. STATE SECURITIES COMMISSION OF MINNESOTA.
CourtMinnesota Supreme Court

OPINION TEXT STARTS HERE

Certiorari by the State, on the relation of J. S. Saari and another, against State Securities Commission, to review an order denying petitioner's application for a certificate authorizing a state bank to transact business. Order affirmed.

Syllabus by the Court

In reviewing the action of the State Securities commission denying an application for a certificate authorizing a state bank to transact business, this court cannot interfere unless it appears that the Commission failed to keep within its jurisdiction or proceeded on an erroneous theory of the law or acted arbitrarily, oppressively, and unreasonably so that its determination represents its will, and not its judgment, or is without evidence to support it. The facts disclosed by the evidence recited in the opinion do not warrant the conclusion that the Commission exercised arbitrary power instead of its candid judgment in denying the application. Christofferson, Christofferson & Jackson, of St. Paul, and O. J. Larson, of Duluth, for appellants.

Clifford L. Hilton, Atty. Gen., Montreville J. Brown, Asst. Atty. Gen., and Albin E. Bjorklund, of St. Paul, for respondent.

LEES, C.

Certiorari to review an order of the State Securities Commission denying the application J. S. Saari and others for a certificate authorizing a state bank to transact business in the village of Gilbert.

The Commission found that there was no reasonable public demand for the proposed bank and that the probable volume of business in Gilbert did not appear to be sufficient to insure and maintain the solvency of the proposed bank and of the existing bank. The order denying the application accordingly followed, and is challenged on the ground that it is arbitrary, oppressive, unreasonable, and not the result of an impartial judgment based on the evidence, which we will summarize:

About 3,500 people live in Gilbert and about 2,500 in the territory which in some degree is tributary to Gilbert for business purposes. Within, or close to, the village there are several iron mines employing many miners. There are some small farmers living nearby. The combined annual pay rolls of the mines are about $2,700,000. The public schools in or near Gilbert employ about 100 teachers, whose annual salaries aggregate approximately $240,000. The assessed valuation of the village is $5,840,000, and, if all the banking territory of the village is included, the valuation is over $8,000,000. There is but one bank, the First National. It has a capital of $30,000 and a surplus of $25,000. Its average deposits aggregate $500,000 or more Virginia and Eveleth are large prosperous towns within a few miles of Gilbert, with excellent communications by steam railway, trolley, and public highways. More than $100,000 is deposited in banks in these two towns by people who live...

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13 cases
  • Weer v. Page
    • United States
    • Court of Appeals of Maryland
    • 11 Abril 1928
    ...... a banking corporation to be known as the "State Bank of Sykesville," the appellants, as required ...598, 118 P. 80, 37 L. R. A. (N. S.) 877; Saari v. State Securities Com., 149 Minn. 102, 182 N. ......
  • State v. Department of Commerce
    • United States
    • Supreme Court of Minnesota (US)
    • 5 Abril 1928
    ...to support it, the court cannot interfere. State v. State Securities Commission, 145 Minn. 221, 176 N. W. 759; State v. State Securities Commission, 149 Minn. 101, 182 N. W. 910. 2. Section 4 of the statute forbids the sale of securities unless or until they are Prior to the incorporation o......
  • Wall v. Fenner, 9540
    • United States
    • Supreme Court of South Dakota
    • 4 Mayo 1956
    ...42 Am.Jur., p. 644, Sec. 217; 73 C.J.S., Public Administrative Bodies and Procedure, Sec. 225, p. 594; State ex rel. Sarri v. State Securities Commission, 149 Minn. 101, 182 N.W. 910; State ex rel. Duluth Clearing House Ass'n v. Department of Commerce, Minn., 73 N.W.2d 790. The court in rev......
  • Jackson v. Valley Nat. Bank of Eagan Tp.
    • United States
    • Supreme Court of Minnesota (US)
    • 28 Julio 1967
    ...N.W.2d 688; State ex rel. Duluth Clearing House Assn. v. Dept. of Commerce, 245 Minn. 529, 73 N.W.2d 790; State ex rel. Saari v. State Securities Comm., 149 Minn. 101, 182 N.W. 910; State ex rel. Dybdal v. State Securities Comm., 145 Minn. 221, 176 N.W. 759; Stokes, Public Convenience and A......
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