The Indianapolis journal., 1896-12-23
-ReSOurceS.-

Total .............. .S3 32O, 369. ~
The Union Stock Yards Bank, which is
closely connected with the Bank of Mime
sofa. also closed its doors a CONSEQUENCE
of the larger failure The closing of these
banks was a decided surprise. but has not
affected the other banks of the city. The
Bank of Minnesota. in common with all
other banks of the city had share of the
deposit of State funds, and al the time of
the latest statement had between $4,000
and $50 900 of State money on deposit. Ii
was also the depository for the county and
until recently was the main bank through
which the city business transacted.
Robert A. Smith. postmaster. and until last
spring mayor of St. Paul, was for years
vice president of the bank. William Daw-
son, sr., was president and William Daw-
son. jr., was cashier. The DawSons ranked
high among fnanciers.
The closing of the bank was a great sur
prise to the officers, as II was to the gen
eral public. Assistant Cashier Robert Mil
as follows: We had large retail trade
which has suffered materially from the
hard times for the past three years, during
which time our individual deposits have de-
creased from million and half TO $780,.
000 Then i'm addition was the inability to
collect large bills receivable or notes, and
the general depression in money and bust
ness all over the country: That really Is
the story i'm few words
The principal STOCKHOLDERS IN tne Dank
are: Nansel Oppenheim, Arnold Kalman.
William Dawson. sr., William Dawson, Jr..
Peter Stems as 4 Smith Smith A B. stiGkney. akrry
Thomas Grace, c. A. Copiey and others.
Among the heavy depositors was Norman
Kittson. whose every dollar was in the
The Union Stock Yards Bank which
closed its doors simultaneously with the
Bank of Minnesota. was owned by the lat
ter. and its president was William DawsoH.
bank is perfectly solvent. IL had capital
stock of s2500O0.
trict Court tonight agreed TO appoint
Frank Seymour, cashier OF the Merchants
National Bank, and an attorney not yet
Minnesota The Stat bank examiner after
making an examination of affairs to-day.
said he did not consider the failure bad
one but expected that the bank would re-
sumo business before long. The officers OF
the bank say that they had been hoping 10
pressure of the winter but had found II
too great task and had concluded TO call
i'm the State bank examiner and have him
take charge. Their action may have been
influenced by the clearing house, which
sent word for them not to clear to-day.
for the bank closed soon after receiving
the notice The Bank of Minnesota had
many correspondents, among them being
the National Bank of Illinos. but IL was
stated tonight that the failure of the big
Chicago bank had nothing to do with the
closing of this concern. The stockholders
of the bank include many OF the leading
capitalists OF the city and State. and IL IL
stated that they will advance money to
put the bank on its feet again very soon.
At any rate. there is no question that every
dollar due depositors and others will be
paid in full. During the afternoon and
evening there were numerous rumors afioat
in regard 10 other banks In the city. but
such rumors that could be found TO give
name were run down and found TO be with
out foundation in fact.
Robert Smith. who was largely interested
in the Bank of Minnesota. was nominated
by President Cleveland TO be postmaster
here yesterday afternoon. and just before
adjournment the Senate to-day confirmed
the nomination. There was no opposition
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