The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-23
ST. PAUL BANKS SHUT UP SHOP
LACK OF READY CASH THE CAUSE
OF THE SUSPENSIONS.

of the Institutions InvOIved-Its
Capital 100000 nnd Its surplus
$3OO,OOO-Its Directors Men of
ed TO Speedily Resume Business.
The other Two Suspensions Unim-
pOrtant.
st. Paul. Mimi, Dec Estate Bank
Examiner Kenyon this morning took off,
cial possession of the books and assets of
the Bank of Minnesota, closing it's doors
pending an investigation of its affairs.
The bank has been in need of ready cash
for some time.
A special committee has been appointed
by the clearing house commission to pre-
pare statement of the banks condition.
This committee in advance of the state
ment, says that the bank will undoubted-
ly resume business in a short time, and
protect all of its creditors in full. The di-
rectors are all men of wealth and prop
erty interests. and they have already sig
nified a Willingness to meet the require
ments of the occasion.
The Bank of Minnesota was established
IN 1852, and was capitalized at $500, 600. It's
STATED surplus was $30O,000 and Ii is the
Deilef that as soon as cash can be realized
upon lts many securities, the institution
Will be all right.
The officers of the bank are: william
Dawson president, Robert A. Smith vice
president, and William Dawson, Jr., cash
Ter. me directors comprises the leading
men OF the city. The bank has been the
depository of the city treasury of st. Paul,
ana at present carries $25,000 deposits OF
the city's public funds.
1he state also Is a large depositor In
the bank, covered by heavy bonds and ia
fully protected. The city treasurer drew
out large sum on last Monday, and about
$4,000 would have been required shortly
after Jan. /.
A constant stream of curious people have
been to the scene of the trouble all the
morning, and the suspension is the talk
OF the commercial centers of ST Paul
me bank was not a national one but was
organized under the state banking act 1t
mas always been rated as one of the
strongest nancial institutions in the north
west, with many correspondents and
direct line of exchange in the leading cities
OF the United States. It's deposits run into
the millions yearly.
William Dawson Jr, cashier of the
bank said: THE cause of our SUSPENSION
was Inability to meet a severe situation on
account of depressed times for the past
months We applied to the bank examiner
TO close, who is now in charge The state
OF minnesota was the heaviest deposltor
ana intended to make draft on us for $25, :
wv next Monday. The state has $l04, 900
in the bank"
As a result of the failure Of the Bank
OF minnesota, the Stock Yards Union
Bank az South st. Paul also closed its
doors The average deposits of this bank
are $4,000. the capital $25,000 and the aver
age loan and discounts $4,000. The Daw-
sons, senior and Junior are president and
wee president of the Stock Yards Union
Bank also.
The Bank Of Minnesota was the denos-
ltory OF the county and until recently was
the main bank through which city bust
ness was transacted. r. A. Smith, the
present postmaster, and until last spring
mayor OF 81 Paul, was for years vice
president OF the bank. The Dawsons rank
ed nigh among fnanclers. William Daw-
son, Jr., was one of the owners of the St
Paul Globe, in which he became Interest
ed eighteen months ago. The closing OF
tne Dank was as great a surprise TO the
ofncers as 1t was to the general public
Bank Examiner Kenyon was early on the
scene, and took charge OF the bank a Ma ire
he would not give out any statement: in
IacE was not in position to do so. inas-
mueh as he had not completed his EXAM
nation. He did state that the case will
go into court tomorrow, when an apnli.
cation will be made for the appointn1enf
OF a receiver.
According to the last report of the banh
OF minnesota, the deposits on demand Ger
tihcates amounted to 1866, ,0OO There was
Que 10 other banks the sum Of S235 900 o,r
there were also due from other banks
Sl9,foO. The corresponding banks IN the
country shown on the last report number
thorty-hNe ana many Of these are small
banks in the country towns whose fate
may depend upon the final resumption az
the Bank of Minnesota. "a
rank seymour cashier of the Merchants q
national Bank, was this evening naUed
receiver OF the Bank of Minnesota