The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-23
RECEIVERS ARE APPOINTED
AND 1T is PROBABLE THAT RE,
ORGANIZATION WILL BE EF-
FECTED.
UNION STOCK YARDS BANK, TOO,
A Branch of the Bank of Minnesota.
Closes at the Same
Time.


ing houses of the Northwest, yesterday
closed its doors and turned over to
State Superintendent of Banks Ken
yon it's moneys, books and papers.
The Union Stockyards bank at South
ST. Paul, a branch of the Bank Of
Minnesota, closed it's doors soon after.
The closing Of the former institu-
ton caused great surprise and some
alarm, but the latter was quickly al
layed by the announcement of the Of
f1cers of the bank that depositors
would not lose, followed later in the
day by the supplementary announce
ment that every effort would be made
to wind up the affairs Of the bank at
an early date
The bank has been in existence in
st. Paul, under various names, since
1861. VIM. Dawson, Robert A. Smith
and Albert Scheffer, as Dawson & Co.,
were it's proprietors when St. Paul was
in its infancy. 1t was afterwards VIM.
Dawson & Co. and has been conducted
under it's present title for number Of
years.
1t was stated yesterday that the sus-
pension was due to the banks inability
to make collections, so that it was un-
able to meet obligations due. The
stockholders are wealthy men, and
assurances are given that they will
protect depositors.
The bank had q capital of $500, 600,
and its last published statement, issued
Oct. 6, was as follows:
Resources
Loans and discounts, s2,341, ,ss6.75; miscellan-
eous bonds, $49, ,6S4 SO: overdrafts, 81 677. 81:
= MI hpr cfnfo
S1O5, 741 &c; furniture and fixtures $40, 600; ex-
penses paid, $3,996.19.
clearing house, s2s6S1,14; specie United
States notes and national currency, $751;
649 SS; checks and ether cash items, $5, ,6S2. .95;
total resources, 1890, ,S6s.4s.
Capital stock paid in, $500 OoO surplus
funds, $100. 000 undivided profits, $102, 1881 IL;
Gates of deposit, $1,o41. 1882; due to banks.
$303, ,21S.71; demand certificates of banks, S2O3,-
1850; total, $500. .369.4s.
The officers of the two suspended
banks are as follows:
Bank Of Minnesota-President William
Dawson; vice president, Robert A. Smith;
cashier, William, Dawson Jr.; assistant CASH
Ter, Robert Miller; directors William Daw-
son, Thomas Grace, r.. A.. Smith, A. B.
Stickney, A. oppenheim, e. w. Peet, Arnold
Kalman, P. J. Bowlin, c. W. Copley, VIM.
Dawson Jr., p. S. Harris
The Stockyards bank officers are: President
VIM. Dawson; vice president VIM Dawson
Jr.; cashier, j. ]. Flanagan.
The average deposits of the Stock
Yards Union Bank of South ST. Paul
are $4,000; the capital, $25, 5,000 and the
average loans and discounts, 100000
Its last statement was the same date
as that of the Bank of Minnesota, as
follows:
Resources
Loans and discounts ......... $50 261. .65
Overdrafts ................. ........ 4.93
Furniture and fixtures ............. 575.7
Los, Loss and and expenses account e42ss
Checks and cash items -. 500
Legal tender ............. 4,449.oO
SID SID, ,...-.-'-..-....-....- ass asS 90 90
SILVER ..:.................... 643.OO
fractional 23-65 56,9d. OF
Total ............ ................ Sis. .416. "a
Capital stock paid in................s2 SIS, 600 90
hpiPlRh fndlTidual deposits subject 800 90
Demand certificates Of de-
Ti%s R9s' certificates Of deposit. s4isaas sa.9s
Certified checks ............ SS5. 81 9o,s13 95
Undivided profits ..............-..... 2.S02. 20
Total ... .$118. .46. "a
The Bank Of Minnesota had on de-
posit 100000 Of state moneys, $4,000
of the city and $11, ,412 Of county funds.
There are no large individual deposits.
Il. evening
that the suspension of the bank was
not due to any immediate crisis, but
the officers, after a consultation with
other leading bankers, in which they
laid before their associates the cramped
condition of the banks affairs, decided
that it was the best course to pursue
to close the doors and turn over the
affairs to the bank examiner and the
courts. There had been severe pres
sure on the bank during the campaign
which was temporarily relieved by the
result of the election, but the subse-
quent developments had been disap-
pointing.
The affairs of the bank, Mr.. Dawson
stated, would be turned over to the
receivers, Frank Seymour and an attor-
ney to be named by Judge Otis today.
formal motion for the appointment
of receivers having been made yester-
day afternoon by Superintendent Of
Banks Kenyon.
Mr.. Dawson stated that the failure
was not due in any sense to the sus-
pension of the National Bank of Illi-
nois.
None Of the other city banks have
been affected by the suspension. 1t is
expected that the bank will reorganize
later and continue. Gossip yesterday
to the effect~ that the clearing house
might come to its rescue, as the Chica-
go clearing house had to that Of the
Illinois bank was unfounded, the
local clearing house having no or
ganizatfon of such power.
Bank Examiner Kenyon was seen last
evening by a reporter for the G 0 b
regarding the outlook in the affairs Of
the Bank of Minnesota, but had very
little to say.
Il was not aware Of the suspension
Of the bank until IL O'Clock yesterday
morning, and know very little about
the condition OF affairs. / was sum-
moned to the bank by an official, and
was very much surprised to find the
bank had suspended
'FWas any figuring done as to labili-
ties and assets?"
II believe a rough statement has been
drawn up, but I am not prepared to
make any announcement regarding
it,"
From what you know, in what shape
do you consider the affairs Of the in
stitution?"
81 presume the bank will resume
in time, but how long 1t will take, OF
course I can not state. Further than
this / have nothing to say"
The statement in an evening paper
that Norman w. Kittson had on de-
pcsit in the suspended bank his entire
fortune, is untrue. His deposit did not
exceed $500.
The corporation of South ST. Paul,
had $4,000 on deposit.
In 1861 Holland. Berry & Dawson,
commenced business as private bankers