The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-12-23
Two Big Banks Are Forced to
the Wall.
WAS A GREAT SURPRISE
BANK OF MINNEAPOLIS Is ONE
OF THEM.
The Other the Union Stock Yards
Bank, Which Cleared Through the
Bank of Minnesota-Promises Are
Profuse That No One Will Lose
Anything.


aminer Kenyon today took possession
of the Bank of Minnesota. and as a
result of the closing of this bank the
Union Stock Yards bank at South st.
Paul also closed The Bank of Mime
sofa was the oldest bank in ST. Paul.
1t was established by Dawson & Co.
in 1859.
The Union Stock Yards bank cleared
through the Bank of Minnesota and its
closing followed. as a matter of course.
1t was stated at the Bank of Mime
sofa that depositors would not lose.
and that arrangements would be made
to carry on the banks business.
THE OFFICERS.
The officers of the two suspended
banks are as follows:
Bank of Minnesota, president. VIII
liam Dawson; vice-president, Robert A.
Smith; cashier, William Dawson, jr-;
assistant cashier. Robert Miller; direc-
tors, William Dawson, Thomas Grace,
r. A Smith, A. B. Stickney, P. Simms,
E. w. Peet, Arnold KaIlman, P. ].
Bowling. p G. Cowley, William Daw-
son. jr., p. S. Harris.
Union Stock Yards bank: President,
William Dawson; vice-president, Will
liam Dawson, jr.; cashier, ]. ]. Flana-
gan.
The Bank of Minnesota. in common
with all the other banks in the citv,
had share of the deposits of state
funds, and at the time of the last
statement had between $4,000 and $780,
900 of the state money on deposit. 1t
was also the depository of the county
and until recently was the main bank
through which city business was trans
acted. r. A. Smith, the present post
master, and until last spring mayor of
st. Paul, was for years vice-president of
the bank. The Dawsons rank high
among financiers- William Dawson. Jr.,
is one of the owners of the st. Paul
Globe, in which he became interested
is months ago. The closing of the bank
was as great a surprise to the officers
as it was to the general public.
Bank Examiner Kenyon was early
on the scene and took charge of the
banks affairs. He would not give out
any statement, inasmuch as he had not
completed his examination. He did
state. however. that the case will go
into court tomorrow, when an applica-
ton will be made for the appointment
of a receiver.
CUSTOMERS SURPRISED.
Aside from the closing of the South
ST. Paul bank, which was but a branch
of the Bank of Minnesota, no other
concerns have closed. When early
customers appeared this morning at the
bank they were surprised to find upon
the doors a notice to the effect that
State Bank Examiner Kenyon had Of
ficially taken charge of the Bank of
Minnesota and its records, books and
effects. The news spread with rapidity
throughout the city and soon large
groups of men and women made their
way towards the bank building. Some
were present because they were de-
positors; others came from curiosity.
No one was admitted.
The public examiner at once began
a careful examination of the affairs of
the bank AT noon the clearing house
met and suspended the bank from the
association. The private banking house
from which the present bank is an
upshot was established under the firm
name of Berry, Holland & Dawson
In 1865, the banking firm became known
as Dawson & company, and did an i'm
mense business until 1888, when the
present Bank OF Minnesota was organ
lied. Its capitalize ton was $50. 900: its
surplus and undivided profits were
given as 100000 Its last report to the
bank examiner was filed Oct last,
and a call for a new report was issued
yesterday. which probably FASTENED
action.
The corresponding banks in the
country. on the last report. number 40,
and many of these are small banks in
country towns. whose fate may depend
on the final resumption of the Bank
of Minnesota. The state had given no.
tice that it would withdraw $4,000
during the week and the city treasurer
also required $4,000 of the public
funds. The banks open account de-
posits amounted to S65O,O00 at the time
it closed its doors.
ALL WILL BE PAID.
Although no official statement is OBJ
until the examination has been
the directors and officers
this evening gave out the following
j
Every depositor will be paid in full, /
without the least possible delay
William Dawson jr.. cashier of the /
nank. said 20 a United Associated
Presses reporter that this statement
was correct. In addition he said
I'VE have had very large patronage |
from the retail business men of the !
city. The hard times of the past few
years have reduced our deposits over
)ne-half. In addition. we have not I
been able to make collections on bills /
in large amounts, nor on I
notes due the bank. This. in short. is !
the story of our closing We might
have concluded for an indefinite time, !
but concluded to save the assets in /