The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1897-01-07
BANKS GO UN DER
THREE MORE FINANCIAL INSTITU-
TIONS CLOSE THEIR DOORS.
The Germania Bank and u Branch
and the Recently Organized AIlc-
fania Bank Suspend as the Result
of u Run-RunS Are Made or
Other Banks, but It Is Thought
That No More Failures VIII Oc-
cur.

That No More Failures VIII Oc-
eur.
st. Paul, Jan. 6. - The Gcrmania
Bank OF St. Paul, state institution,
capital 100000, did not open for bust
ness to-day, but announced it's assign
ment to Peter NJ. Kerst, who for the
past two years has been cashier Of
the bank. The bank stood run for
nearly two weeks, it's depositors be-
ginning to, withdraw their accounts at
the time the Bank of Minnesota closed
on Dec. %. The last official statement
of the condition of the bank was made
Dec. IL, 1896, and was as follows:
Resources - Loans and discounts,
1915, 42O.53; overdrafts, secured and
unsecured, $2,355.70; stocks and bonds,
ISL, S90.36; banking house, $253, S47.1O;
furniture and fixtures, $1O,32S; other
real estate, O,15S.47; current ex-
penses, $13, 742.5 taxes paid, $2,131.5O;
due from banks, sos, 259.7S; checks and
cash items, $685.. 70; exchanges for
clearing, 27,6O7.45; currency, $442,3 ;H39;;
nickels and cents, $244.59; gold, $685.
$50; silver, $4,347.25; total resources,
$1,625, 76S.O1.
Liabilities - Capital stock. $4OO, 900;
surplus and undivided profits, $685.
1927; dividends unpaid, 81; bank
building loan, $75,0OO; Individual de-
posits subject to check, $345, 1911. A; de-
mand certificates of deposit, $685.
O1970; certified checks, $11 ,45O.O2;
cashiers checks, $4,305.41; due to
banks, soc, 103.17; total liabilities, ST.
G25, 7GS.O1.
President Willius told an Associated
Press representative to-day that the
closing was the result Of an unreason-
able panic and that the bank would
be opened for business just as soon as
senses. The bank, as a result of the
panicky feeling, has paid out to de-
positors $2JO,0OO in the last nine days,
and as they saw what the continuation
of this would lead to, the directors had
decided to close for the present. Mr..
Willius says he fully expects to have
the bank reopened and ready for bust
ness by the last of March.
The Allemanin Goes.
The Allemania bank, capital $780,
900, and having a clientage similar to
that of the Ge1mania bank, closed it's
doors also soon after the other bank
had announced it's assignment. The
Allemania bank was organized last
year. being the successor of the Com
mercial bank. This bank was also Il
sufferer by the panicky feeling after
the Bank of Minnesota had closed.
Its last official statement at the close
of business Dec. II, 1896, as follows:
$706,842.2S; sundry bonds. $S6,75
overdrafts, $1,979.19; bank building,
/ SO, 900; furniture and fixtures, $13,-
~,,T231; due from other banks, $780,
929.59; gold, So, 500; currency, $25, 900;
silver, nickels, ETC., $4467.S5; cash
items, $10,173.S7; exchanges for clear
ing house, $11,114.2S; demand loans,
| 62,8S1.40; total resources, $1,O61,-
OO997.
Liabilities - Capital stock paid in,
| 100000; undivided profits, less ex-
penses, SOS, 7O4.G0; individual deposits,
1926, 1927; interest certificates. $751;.
1929; call certificates, $S,354; due
banks and bankers, $685. 1862; cash:
iers checks, $6,O23.11; certified checks,
| $4,145.24; total liabilities, $1,O61, OO9 81.
President Scheffer said that they had
been suffering from the panic, the
failure being due to the combined with
holding and withdrawing Of deposits.
l. The s'West Side' Closed.
The West Side bank, organized in
! Ao'1N "AIA q NdpAIdA VI t1lSO
closed it's doors. The bank cleared
through the Allemania, and had it's
clearings returned to-day because of
! the closing of that bank This was
one of the causes that led to the clos
ing Of the West Side bank, which had
suffered considerably from the general
shaky condition of financial affairs.
Owing to the excitement caused by
| the closing of the Germania and Allie
mania banks many depositors started
after their money in one or two other
banks, the Minnesota Savings bank
being the center Of excitement. The
cashier of this bank, William Bickel,
Jr., is son Of the first vice president Of
the Allemania, and this fact seemed
to turn the minds of people that way.
The bank was open as usual for bust
ness, but was taking advantage of the
rule requiring sixty days notice be-
fore allowing withdrawals of deposits.
Runs were made on several other
banks. but the concerns paid out
money as fast as it was deman ded and
the. excitement soon began to subside.
It is thought the trouble is ended now.
Train Robber Confcsses.
I Kansas City, Jan. 6.-Detectives to.
day arrested another one of the Blue