The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1895-05-23

second mortgage on 1000 acres of
land in Redwood county to secure
the payment of $19,958.16 borrowed
from the bank at various times. He
also gave his individual note for about
5000 for money borrowed at frequent
intervals. The first mortgage on the
land is for about 5000. The land,
situated just south of this city, is
valued at $35 per acre at least. It is
considered as among the best in Red
wood county. It is the old Turrell
homestead, where Mr.. Turrell first
lived when he came to Redwood
county. and assisted many poor
family during the grasshopper period.
The bank was organized a little
over IL years ago when it was incor-
porated under the laws of the State
with a capitalization of $25,OOO. 1t
did an immense business and several
years afterwards it was found neces-
sary to increase the capital stock from
$4,000 to $4,000, and on this capital
business of from $175,OOO to $780,
GOO was carried on. The loaning de-
partment was the chief feature. As a
result when the hard times came on
two years ago there was a strain on
the bank. It was impossible to make
collections and consequently currency
was hard to get. Matters run along
with the occurrence of the events al
ready recorded until the permanent
suspension of last Thursday.
There is more or less speculation
going on as to who the assignee or re-
ceiver will be. This speculation COM
meueed Immediately after the suspen-
sion and it was then thought thst the
directors would have the thing settled
on by Monday, when R. P. Lewis and
W. T. Donaldson Of st, Paul, both d.
rectors, were expected to be present
and assist in agreeing Upon the man.
h. p. Lewis, however, was the only
man who appeared, Mr.. Donaldson
contending that it was unnecessary
for him to come up. A meeting was
held Monday afternoon, another on
Monday evening and another Tuesday
morning, at which the affairs of the
suspended bank were discussed and
an attempt made to agree upon re-
ceiver. But the attempts all proved
futile and when The GAZETTE went to
press yesterday afternoon no assignee
or receiver had been appointed.
Several names we're in the wind.
M. E. Powell was mentioned. Then
G. E. Rittenhouse of St, Paul was
named. F. w. Philbrick, one of the
directors, and who, up to short time
ago, was President, was spoken of.
Dwight Bissell, also member of the
Board of Directors, was mentioned.
o. w. Mcmillan was still another par
ty, while all the time Judge Bowers
name was in the wind and when The
GAZETTE went to press it seemed as
though Mr.. Bowers had much the
best chance, providing he would take
the important Office, which he has de-
clined on one or two occasions, when
his name was mentioned. The feeling
is that Judge Bowers legal experience
would be invaluable in the admins
tration of the banks business in clos
ing up and that he is just the man
that ought to fill the place. The mat
ter will probably be settled during the
next "a or 48 hours.
The question of bonds cuts big
figure with the assignee or receiver,
although it is conceded that there is
not member of the directory but
what could furnish the bonds. The
latter will be between 100000 and
100000, and while men around town
could be secured as bondsmen it is
probable that the American Surety
Co., or a similar corporation, will act
as surety for the assignee or receiver.