St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-19
STEADILY IMPROVING.
The Bank Situation Is Growing
Strong Again.


The local financial situation continues
to improve, and in banking circles
especially there is a much stronger and
more hopeful feeling than for any time
the present month. The first ten days
Of May there had been large with
drawal of Eastern money by maturing
loans and money sent here for
use and for investment, which has,
1t is said, almost entirely stopped. Some
of the leading bankers are satisfied that
money will now begin to come back
again, which will operate to relieve the
market, and give to the sound business
men the accommodations which they
need in the ordinary course Of business,
but which the banks have, under the
circumstances, been largely obliged to
withhold. The continued very tiatJer-
ing reports regarding the crop outlook
for the whole Northwest has also ma
terially assisted both here and in the
East.
At the Farmers and Mechanics bank
yesterday morning business was ell
tirely at the normal stage. The So
called run of a couple of days this week
was entirely over, and, in fact, more
money was being paid in than was
being withdrawn, although it is time
of the year when the drafts for ordinary
business with the banks customers
require large Withdrawals. Presi-
dent Morrison and Director De
Laittre both said that matters
were at the ordinary condition, with
plenty of money on hand and no one
wanting it beyond their immediate uses.
President Casey, of the Northwestern,
who called about the same time, said
that the general situation was rapidly
improving. When the bank closed at
3 O'Clock for the day the amount of de-
posits for the day exceeded the with
draWals by about $1,000. Since Monday
cash has continually come to the
bank from bonds sold at the
East, and there is S150,000 more
in transit. But the condition has
changed so favorably thatsthe bank is
not decided as to whether it will sell
any more bonds. Including the money
in transit, the bank has $3.50, 900 in cash
on hand, against S762,OU0 when the run
began on Monday morning.
The Farmers and Merchants is rap
idly Strengthening out affairs. President
Scofield said that the additional stock
which they are securing for increase of
lIl6 Udllh tdplldl HIOCh Was DeluS rap
idly obtained, and it would only be q
few days until they would again be III
shape.
The matter of petition for receiver
for the Northwestern Guaranty Loan
company, upon the complaint of Good
now Il LaWther. came up before Judge
Russell at o'clock yesterday afternoon.
Attorney Bartlesen was on hand for the
company, ana Cobb Il Wheelwright for
the petitioners. 1t was an amicable ar
rangement by both parties as being the
proper way to settle the existing diff
cultieS, the bill owed to the firm being
but $371. The attorneys stated to the
court that they were not prepared to
present the matter, and so departed
until such time as they shall report to
the court the fact that the application ls
ready for presentation.
Attorneys we're present for the North
western Fuel company, to which the
Guaranty Loan company confessed
judgment yesterday for bill of $3.50.
1t is thought that when the matter
comes up for decision receiver and
all the details will be arranged so that
the settlement will require but short
time. The Minnesota Loan and Invest
ment company is likely to be chosen as
the receiver.