Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-12-31
ANOTHER BIG CIZsH.
She Bank Of Minnesota Goes to
the Wan
az1wfng ts n Shortage OF Ready Cash. Car
-EyfaE Dewn with Is flze South st Paul
Bank. = branch OF the Larger LastI.
8aGa0n-WHI Pay In Full.

-
ST.. PAUL, Mimi, Dee 22.-The feel
Ing Of apprehension and fear that the
closing OF the Bank of Minnesota oc-
eAsioned to-day has to some degree
szabsided as night has come. The
hopeful statement issued by the OIL
GERS and directors of the bank has re-
assured the business community.
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
- notice to the effect that State Bank
Examiner Kenyon had officially taken
charge of the BAnk of Minnesota, and
its records, books and effects. The
news spread with lightning-like ra-
pidity throughout the city, and soon
1&rReJRroupS of men and women made
their way towards the bank building.
Some were prompted because they
were depositors- Others calHe from
sz1ere curiosity. But no one was admit
led
The publ examiner at once began
n careful examination of the affairs of
{ the bank. At noon the clearinghouse
met and suspended the bank from the
,asso citation
The Bank of Minnesota was always
considered one of the leading financial
institutions of the northwest. 1t had
che longest record of any banking in
stitutlou in st. Paul. As early as 1851
which the present bank came
dually was established under the
firm name of Berry, Holland &
Dawson In 1865 the banking firm be-
.came known as Dawson & Co., and
Hid an immense business until 1882.
when the present Bank of Minnesota
sgas organized under the state bank
ting act Its capitalization was $780,
coo; its surplus and undivided profits
were given at $500, 600. Its last report
to the bank examiner was filed Octo-
Der last and call for a new report
was issued yesterday which probably
hastened action.
According to the last report, the de-
oosits on demand certificates amounted
20 1886, 600. There was due to other
banks the sum of S235, ZOO, but there
rvere also resources due from other
banks amounting to 1913, 400. The
state of Minnesota carried a deposit
srith the bank at the time of the sus-
pension amounting to S1O4, 900, but
Shis sum is amply secured by gilt
edged collateral. The corresponding
banks in the country shown on the
last report number As. and many of
these are small banks in the country
Gowns, whose fate may depend upon
Che final resumption of the Bank of
Minnesota The state had given no
Eice that it would withdraw S25, 900
turing the week, and the city treas
urer also required 81 5, 900 of the public
funds. The banks open account de-
p0sits amounted to $3.50. 900 at the time
& closed its doors.
Although no official statement of
the bank examiner is obtainable until
che examination has been completed,
che directors and officers this evening
gave out the following statement:
Every depositor will be paid in full
with the least possible delay"
VIM. Dawson, Jr., cashier of the
bank, said to a United Associated
Presses representative that this state
Enent was correct. In addition he
said: "We have had a very large
patronage from the retail business
men of the city. The hard times of
the past few years have reduced our
deposits over one-half. In addition
~Me haze not been-able to make cOllec-
sions on bills receivable in large
amounts nor on notes. due the bank.
This, in short, is the story of our clos
ing. We might have continued for an
indefinite time bat concluded to save
and creditors of the bank with view
Of making full settlement"
ALI of the directors of the bank are
men of great wealth and integrity,
and they have authorized the state
ment that every obligation will be
met. It is the current belief that the
suspension is but temporary, and that
,Ehe bank will resume business in few
lays, as soon as arrangements can be
made to obtain the needed ready
money. Its assets are said to be am
pie to meet requirements, the only
difficulty being a shortage of ready
money. The bank officials deny the
allegation that the Chicago failures
had anything to do with the closing
of the bank.
The Union Stock Yards bank at
South st. Paul closed its doors stimuli
taneously with that of the Bank of
Minnesota. VIM. Dawson, Jr., was ita
president, being also cashier of the
Bank of Minnesota The South st.
Paul bank was branch of the other
and was capitalized at SIS, 900. When
it made its last report to the bank ex'
aminer it showed that the Bank of
Minnesota carried S43, 900 OF its cash
on deposit It had deposits amount
ing to 500, 100. of which S22, 900 were
public funds. Its fate depends en-
tirely upon the Bank of Minnesota.
If the latter resumes, :he South st.
Paul bank will also be on its feet
again.