The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-12-23

the Times and Difficulty of Making Col
Iec.ions is the Cause Ascribed-Uuior
Stock Yards Bank Goes Down in Com
pany-How the Banks in Chicago spen
the Day Yesterday.
s.. Paul, Dec 22-The Bank of Mime
nAsota, capital 100000, one of tn.
best known and generally considered
one of the strongest in the northwest
was closed today. State Bank Examil
sr Kenyon took possess ion the assets o.
the bank and is now in charge. Th'
last published statement was on octo-
Der Q, 1896, and was as follows:
L.iabiIities-CapitaI stock paid in $780,
boo; surplus funds 100000; undivided
Profits sl02, 1911; individual deposits
81 Oh, O50.95; time certificates of deposits
s1.oH. 7sS. 81; due 10 banks S2o3, NS.7l; de-
nand certificates of deposit Sl01, 522. 80
Total So. ,S69.49-
Resoruces-Loans and discounts g.
BA, 83675; miscellaneous bonds S4s.6S4osi
over-drafts s7,e77.21; banking houses
sIS5. 900: other real estate sos. 74166; fur
niture and fixtures $4,000; express paid
399Oi9; due from banks S3l9, 1870; eX-
change for clearing house S29,6ol. IA;
specie United States notes and national
currency SOL ,649. IS: stocks and other
cash items s5,6S2.95. Total resources 3d.
B20,369.49.
The reason given by the bank officers
for the failure was the general strin-
Eency Of the times and the difficulty in
making collections.
The Union Stock Yards bank, which is
closely connected with the Bank OF Min
besota, also closed its doors as conse-
uuence of the larger failure.
The closing OF these banks was de-
cided surprise but did not affect the 9TH
er banks in the city.
The Bank of Minnesota, in common
with all the other banks in the city had
a share of the deposit of state funds and
at the time OF the last statement had be-
tween S70,0 900 and $4,000 of state money
en- deposit 1t was also the depository
for the county and until recently was the
main bank through which the city bust
ness was transacted.
Robert A. Smith. present postmaster
end until last spring mayor of st. Paul,
was for years vice president Of the bank.
William Dawson ST., was president and
William Dawson, Jr., was cashier. The
Dawsons ranked high among financiers.
The closing of the bank was as great
surprise to the officers as it was to the
general public.
Assistant Cashier Robert L. Miller
gave a brief statement of the reasons as
follows:
I'VE had a large retail trade" said he,
which has suffered materially from the
hard times for the past eight years, dur
ing which time our individual deposits
have decreased from S1,500,0 600 TO $780,
600. Then, in addition to this, inability
TO collect large bills receivable, or notes.
and the general depression in money and
business all over the country-that real
ly is the story, in a few words
The principal stockholders in the bank
are: Ansel Oppenheim, Arnold Kalman,
William Dawson, ST., William Dawson,
Jr., Peter Stems, r. A Smith, A. B.
Stickney, Z. W. Peet, p. ]. Nowlin, P. S.
Harris, Thomas Grace, c. w. Copley
and others.
Among the heavy depositors is Norman
Kittson whose every dollar was in the
Bank of Minnesota.
The Union Stock Yards bank, which
closed its doors simultaneously with the
Bank of Minnesota, was owned by the
latter cand its president was William
Dawson, while John Flanagan was
cashier. That bank is perfectly solvent.
1t had a capital stock OF $4,000 and
there is absolutely no danger TO any Of
its depositors
Bank Examiner Kenyon was early on
the scene and took charge of the banks
affairs. He would not give out any
statement, in fact was not in position
to do so, inasmuch as he had not COM
pleted his examination. He did state
that the case will go into court tomor-
row when an application will be made
for the appointment of a receiver and
among the names for that position prom
tnently spoke of today were T =. Scott.
Frank Seymour and z. S. Warner. The
Bank OF Minnesota was the Oldest bank
In the state. 1t was established by Daw-
son & Co. in 1859
New York, Dec. 22.-The New York
correspondents of the Bank of Minneso-
Ia are the Chase National bank and the
Merchants National bank. Officials of
those banks say that the ST Paul bank
uad only small accounts with Them
THE BANKS HISTORY.
81. Paul, Dec. 22.-The Bank Of Min
hesota has been known as such since
1SS2. but prior to that date, from 1859. IL |
was well known as William Dawson &
Co, and under both titles was one of
the leading banks of the northwest, as |
Wei as the oldest in the city. Mr.. Daw- !
son was also president of the smaller |
Union Stock Yards bank, which closed |
as consequence of the larger failure |
The stockholders of the bank include |
many of the leading capitalists of the /
city and state, and it is stated that they 1
VIII advance money TO put the bank on ]
its feet again very soon. At any rate
there Is no question that every dollar due 1
20 depositors and others will be paid In !
fun. During the afternoon and evening
there were numerous rumors afioat in |
regard TO the other banks in the city, but /
ali such rumors that could be found TO /
give name were run down and found /
20 be without foundation in fact
THE BANKS RECEIVERS.
st. Paul. Mimi. Dec 22-Judge Otis Of |
The Ramsey county district court, TO- /
nigh agreed 10 appoint Frank Seymour, |
cashier Of the Merchants National bank. |
and an attorney not Vet decided upon. to |
be receivers OF the Rank of Minnesota. |
which closed its doors today. The state /
hank examiner is in charge of the bank
pending such an appointment, which will |
be mace tomorrow, and after making an /
examination of the affairs today. said 4
he did not consider the failure a bad one.
but expected that the bank would re- |
sumo business again before long. The !
officers OF the bank say they had been |
hoping 10 carry the institution through |
the hard pressure OF the winter. but had /
found il TOO great a task and had con- |
Guided to call in the state bank exam