The herald., 1896-12-23

OlS, winch 1alleQ MONDAY, loaned the
firm $250,000 and the suspension of that
institution has nearly destroyed the
credit of the contracting firm, so there
was nothing left but an application to a
court for relief. The assets of the part
nership consist principally of real es-
tate, notes, accounts receivable and con-
tracts for completion of public works,
elevated railroad construction and the
erection of buildings.
Robert E. Jenkins, one of the directors
of the National Bank of Illinois, says:
''The directors did not know the size of
the loan on the Calumet Electric. The
discovery of the condition of the loan
was as much of a surprise to me as to
the public. The same is true of the loan
to Dryer & CO..
Under the general call issued by the
controller of the currency, the national
banks of this city have prepared a state
ment showing their condition at the close
of business December 18th. The last
previous statement was made October
9Th. The fourteen banks show total
loans of $63, 6S9, 223,as compared with $63,
665,S93 October 9th, a loss in loans of S25.-
40. The total deposits are s94 391 ,452 as
compared with $S3, ,25S, POS, gain of SILL
1924 The cash resources amount to
$47, ,S96,0SS as compared with $31 161, 503,
a gain of $40, 1874 $50.
The legal requirement in reserve is 25
per cent, or for the fourteen banks $2S.-
597, ,S63, while there is held SAT ,S96 0S9. or
more than so per cent. There is held in
excess of the legal requiremnt $24, ,29S 225.
MINNESOTA BANKS.
ST. PAUL, Dec. 22.-The Bank of Min
nesota, in common with all other banks
i'm the city. had a share of the deposit of
state funds, and at the time of the last
statement had between so 600 and $780,
900 of state money on deposit 1t was
also the depository for the county and
nntil recently was the main bank
through which the city business was
transacted Robert A. Smith. present
postmaster and until last spring mayor
of st. Paul. was for years president
of the bank William Dawson, sr.. was
president, and William Dawson, jr., was
cashier. =
Assistant Cashier Robert T. Miller
gave a brief statement of the reason, as
follows:
1--WE had a large retail trade said
he, (which has suffered materially from
hard times for the past three years,
during which time our individual de-
posts have decreased from 81 500, 600 to
100000. In addition this. inability to
collect large bills receivable or notes
and general depression in money and
business all over the country. That
really is the story in a few words.
The Union Stock Yards bank, which
closed its doors simultaneously with the
Bank of Minnesota was owned by the
latter, and it's president was William
Dawson, while John Flanagan was the
cashier. That is perfectly solvent. 1t
had capital stock of 10000, and there
is absolutely no danger of any deposit
ors losing anything
REPORT TO ECKELS.
WASHINGTON, Dec. 22.-Comptrol
Ter Eckels received telegram early in
"a af stating that pyarNthnp
was quiet in Chicago, but containing no
other news. The comptroller said that
he did not know yet whether or not there
would be any criminal prosecutions.
RECEIVER APPOINTED
ST. PAUL, MINI, Dec. 22-Judge Otis
of the Ramsey district court, tonight
agreed to appoint Frank Seymour, cash
ier of the Merchants national bank,and
an attorney, not yet decided on to be
receivers of the Bank of Minnesota
which closed it's doors today. The State
bank examiner is in charge of the bank
pending such appointment which will
be made tomorrow After making an
examination of the affairs today he said
he did not consider the failure bad one,
but expected the bank would resume
business before long. The officers of the
bank say they had been hoping to carry
the institution through the hard press
ure of the winter, but had found it too
great a task and had concluded to call
in the bank examiner and have him take
charge. Their action may have been in
f1uenced by the clearing house. which
sent word for them not to clear today,
for the bank closed soon after receiving
the notice.
The Bank of Minnesota was the Oldest
in the city and one of the best known
throughout the west 1t had many cor
respondents, among them being the Ma
70 r,I- cfI lirr ni1t : tot tn
tonight the failure of the big Chicago
bank had nothing to do with the closing
of this concern. The small bank at the
stock yards that closed as a result of the
other failure, was branch of the Bank
of Minnesota, but no other local banks
are at all affected by the failure.
The Bank of Minnesota has been known
as such since 1882, but prior to that date
from 1859 it was well known as w. A.
Dawson Il Co., and under both titles was
one of the leading banks Of the north
west, as we'll as the Oldest in the city.
Mr.. Dawson was also president of the
smaller Union Stock Yards bank, which
closed as q consequence of the larger
failure. The stockholders of the bank
include many of the leading capitalists
of the city and state, and 1t is stated
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
afloat in regard to other banks in the
city but all such runlors that could be
found to give "a name were run down and
found to be without foundation in fact.
EMPLOYEES DISAPPEAR.
CHICAGO, Dec. 22.-Two central sta :
tion detectives searched the town to-
night for T.. 5. Dryer and Robert Berger.
for whose arrest on a charge of embez-
element Warrants were sworn out this
afternoon before Judge Hall by Frank
E. Kennedy Of No 112l Dearborn street
The firm of Dicks and Kennedy kert
its account at Dryers bank. At noon
Mr.. Kennedy made up his daily deposit
and toc~ 20 the bank currency and
checks aggregat ting sl54.15, The doors
were closed but on Mr. Kennedy show
ing his book, the doorkeeper permitted
him to enter and a receiving teller ac-
cepted the deposit. Mr.. Kennedys ac-
tion in swearing out the warrants was
largely induced by the treatment he re-
ceived at the bank a few minutes before
his trip to Justice Hall He visited the
5 bank to make a courteous inquiry and
was told IL he did not leave the place inn
mediately and voluntarily, he would be
forced to do so under the escort of q
policeman. Treatment of this kind. =
said Mr.. Kennedy, made me indignant.
and made up my mind that after had
lost my money, / was at least entitled
to civil treatment.