The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-12-23
BANK OF MINNESOTA
CLOSES ITS DOORS
State Bank Examiner Kenyon in Official
Possession.
DEPOSITORY FOR ST. PAUL FUNDS
The Surplus Estimated at 100000
and IL is Believed That the Instiiu-
tiOn will BE All Right--Prompt
Action to Prevent Further Panic at
Chicago.


Chicago.
st. Paul. Mimi, Dec Estate Bank
Examiner Kenyon this morning took
official possession of the books and as
sets of the Bank of Minnesota. closing
its doors pending thorough inVesti-
cation of its affairs. The bank has
been in need of ready cash for some
time.
The bank was established in 1852 and
was capitalized at $6OO,0O9. It's stated
surplus was $4,000 and it is the gen.
eral belief that as soon as cash can be
realized upon its many securities, the
institution will be all right.
The officers of the banks are: Will
lam Dawson, president: Robert A..
Smith, Vice-president, and William
Dawson, jr., cashier. The directorate
comprises the leading men of the city.
The bank has been the depository of
the city treasury Of st. Paul, and at
present carries $4,000 deposits of the
city's public funds. The state is also
a large depositor in the bank, covered
by heavy bonds and is fully protected.
The city treasurer drew out large
sum on last Monday and about $1,000
would have been required shortly after
Jan. |. a constant stream ol curious
people has been to the scene of the
trouble all morning and the subject is
the talk of the commercial centers of
st. Paul.
me bank was NOT na'ionai one, i nHt
iner a ~, If mad niwovs been rated as
one of the strongest financial institu-
tions i'm the northwest, with many
country correspondents and Il direct
line of exchange in the leading cities
Of tbe United States. Its denosits run
irt6 thn milIinns yeaply.
Wuliom Dawson. ir.. cashier of the
bonl, said. ",The cause of our sllspen-
sion was inability to meet n severe sit
nation ON acor,nt of depressed times
for tbe mast wear. and especially of the
noqt few uouths We auulipd to the
honly examiner tn close. who is-now in
charge. The state of Minnesota was
tho heaviest depositor and intended to
mako q, draft on MS for $4,000 next
Monday
As n result of the closing of the
Rank of Minnesota the Union Stock
Yard; Bank also closed.
The. other bank cleared through the
Bank of Minnesota and its closing fol-
lowed as Il matter ofg course.
The AVERAGE denosits of the Union
Stock Yards bankare S95. 900; the capital
S2jOOO and the average loans and dis
commits 500 OO0 The Rank of South ST.
Paul also closed. It was merely a
branch of the Bank of Minnesota
l,,,.,,-. ~
ffoMfi A'lioN Al 'fi'A'o.
Chicago, Dec. GA steady run of
savings depositors un the Hibernian
banking association and the Illinois
Trust and Savings bank and the failure
of the Angus and Gindele Contracting
company, which is credited with get
ting loan of $25O,OOO from the failed
National bank Of Illinois, comprised
the developments Of today in COnnec-
tion with the financial furry.
The Associated banks have taken
prompt, thorough and conservative ac-
tiOn to avoid serious scare on the
part of the public which has millions
of dollars in savings accounts deposited
with city banks. The Illinois Trust
leads all the local banks in its savings
deposits having nearly $4,000. 900 The
IIibernian bank has not less than 3,iO0.-
0O0 Of such accounts. The solid show
ing made by the banks which did not
lean ON the collapsed National bank
had a reasSuring effect on the public
today when the morning papers We're
peiused and the general feeling in the
banking community was that the worst
was over so far as those institutions
were concerned. There is a fear in
some quarters that the clearing house
association may not prolOng its offer
to loan Is per cent of approved claims
against the National bank Of Illinois
@ anu 't'a' W. s.r IN 'si, uayS 'nrlc
strings.
At n conference Of the savinps honl,c
of the CITY which was held wbon tha