The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-01-07
1HREE BANKING HOUSES FAIL
AT ST. PAUL AND A SAVINGS
BANK TAKES ADVANTAGE
OF G0-DAY CLAUSE.
SEVERAL OTHER Bank FAILURES
Assignments Mt Different Cities in the
Northwest and Several in Texas.
Causes Given for the Trouble Of
the st. Paul Banks.

A state institution, did not open for bus
mess today, but announced its assign
ment TO the cnshicr. The bank stood n
run Of two weeks, the dcpositors start
ing drawing on the failure Of the Bank
II Minnesota.
The last report, December II, showed
roeources to be $1,G25, 7GS.0l. Liabili'
-ics: Capital stock. 100000; surplus and
undivided profits, $J0S,0S7.25; dividends
unpaid, $4,000; bank building, $4,000;
undivided deposits subject to check, S34o,-
1871 "A: demand certificates Of deposit,
$3.50; time certificates Of deposit, SG33,
iO14.7O; certified checks, 81 1902; cash
.ccditors' checks, $43J0.4l; due to banks,
SOO,1O3.17. Total $l,G25, 76S.Ol
The Germania bank has been organized
for many years, Ex-Governor Alexander
Ramsey being for long time president
and William Bickcl cashier. A few years
ggo Governor Ramsey retired and Mr..
Bickcl retired from the bank, becoming
rice president of tine newly organized
Allemania bank. He was succeeded by
Judge Willis ms president Of the Ger
mania.
President Willis told an Associated
Press reporter today that the closing was
the result Of an unreasonable pane, ana
thnt the bank would be opened for bust
ness lust ns soon ns the people rcgalned
their cool senses. The bank as re-
suit OF the run, has paid out To dcposltors
S225 900 in the last ninety days, ana MS
they saw the conclusion TO which THIS
would lead the directors had decided to
close for the present.
Mr.. Willis says he fully expects to
have the bank rcopcncd ana ready Tor
business the last Of March
Allcmania bank, capital of $1OOOOO,
and having clicntagc similar to that
of the Germanin. closed its doors soon
after the latter announced its assignment.
The Allemania bank was organized last
year, being the successor of the Com
mcrcial bank, William Bickcl, formerly
president of the Gcrmania bank, joining
forces with Albert Schclrer. the presi-
dent Of the Commercial 10 organize the
new bank, and Mr. Schcffcr was made
president. The Commercial was FOR
mcrly national bank, but after its fail
IRE in 1892, II was organized ms state
bank and became merged last spring into
The Allcmania bank. This bank also
suffered n run on account of the failure
" the Bank of Minnesota. Its last
statement, December II. showed re-
sources TO the amount of Sl06l ,O00.07
Liabilities: Capital stock paid in, SI0O,-
900, undivided profits, less expenses So6,-
cd 60; individual deposits, $500, I09.21;
interest certificates. $lS7, 253. %; call GER
ticatcs, SS35I; due banks and bankers,
S66, 9i052; cash creditors checks,
S2023. II; certified checks, 81, 1lJ.21. To
tai, S1,OG1 ,009.97
President Schcircr said that they had
been suffering from the panic, the failure
being due to the combined unprcccdcnt-
ID withdrawal Of deposits. There had
been for some time n drain on the bank,
and IL seemed to gain as the failure OF
the Gcrmnnia bank was announced. A
crowd of dcpositors gathered and demand
cd their money, and at II O'Clock it was
decided 10 close. Owing to the excite
ncnt caused by the closing of the Ger
mania and Allcmania banks today many
icpositors started after their money in
one or two other banks the Minnesota
Savings bank being the center OF excite
mcnt. The cashier of the bank, William
Bickel, Jr., is n son Of the vice president
If the Alcmanin. The bank was open ms
usual mt o o'clock, but took advantage OF
the rule requiring sixty days notice OF
withdrawals. At few minutes to :
,'clock the West side bank. established
in 1886, with capital of 100000, closed
its doors. The bank cleared through the
Allcmana. and had its clcaranccs re-
durned today because of the closing OF
that bank. This was but one of the
causes that led to the closing of the West
Side bank, which had suffered considcra-
bly, from the general condition of affairs.
Public funds ON deposit in all three
Of the closed banks: The state had SlO,-
$40 in the Gcrmanin. $50, ~ in the ALE
manin and S3iii6 in the West Side bank.
The county treasurer had deposited
S06G3 in the Germania S6il3 in the Al
lcmnna and S3l62 in the West Side bank.
CITY Treasurer Horst had on deposit in
the Gcrmania. 500 7g3: in the Allcmania,
Sl5,45G. and in the West Side bank, S3l,
1914. The West Side bank has not closed
hnally, but in view of the panic caused
by the sudden closing of the Gcrmanla
and Allcmania. aud because of the sum
mary return by the latter OF the West
Side banks ccarauCcS, il was decided
10 close pending the action of the drcc-
tors. The bank is considered strong,
though small. and loss to its dcpositorS
il not considered probable. The official
report of the West Side bank, made IL
the state bank examiner on December
II, Is as follows: Total assets. 1881 600
Of this, Sll0.0OO was in loans and dis
counts. and $2S010 in real estate. The
total deposits were Slll,5i6. The furni'
fure and fixtures represented $1,000, and
bills rcdisCountcd, $500