The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-26
HAUGEN STEPS OUT
MINNEAPOLIS CITY TREASURER
FEELS INIPELLED TO RE-
SIGN.
CITY CASH TIED UP.
UNFORTUNATE STATE OF AFFAIRS
PREVENTING HIS GETTING
BONDSMEN.
HANEY IN A HURRY FOR TRIAL.
Anxious to Get Through With
1t and Be Of for
Mexico.
Y CASH TIED UP.
HANEY IN A HURRY FOR TRIAL.

City Treasurer A. c. Hangar yester-
day rendered his resignation to Mayor
Pratt, as promised in a notice to the
committee Of the council last week. 1t
now remains for the council to take
action in the matter and to elect a
successor, which will probably be done
at a special meeting called by Mayor
Pratt for Wednesday evening Follow
ing is the letter announcing the resigna-
ton, which was handed Mayor Pratt
yesterday afternoon:
To the Honorable Mayor and City Council
OF the City OF Minneapolis Gentlemen: Find
ing 1t impossible to secure such bonds as
might be deemed adequate, and in view of the
series CT unfortunate disasters which have
come upon me, eliminating in the failure of
the numerous banks in which the city funds
have been deposited, l have concluded to
hereby tender my resignation as treasurer of
the city or Minneapolis. "A. G. Haugen.
Minneapolis, Jan. 20, 1897.
Mr.. Haugan's failure to secure bonds
is due to his unfortunate embarrass-
ment on account of bank failures. 1t
is understood that in the neighborhood
Of $4,000 have been tied up at different
times by bank failures since his cleo
ton. This does not mean that the
losses have aggregated that amount
On the contrary, it is understood that
the losses will be in the neighborhood
Of 100000, the difference being the
amount which, it is expected, will be
realized from the assets of the Sus-
pended banks.
This loss, from the present aspect Of
the case, will fall upon the city at
large, and while 100000 is a consider
able sum and a much larger one than
the city can afford to lose, yet 100000
falling upon the city Of Minneapolis at
large, with a population of over 200,-
600, and an assessed valuation under
the late reduction of over $100, 000, 000
does not really amount to very much
relatively. Mr.. Haugan, since he be-
came treasurer of the city, has handled
upwards of $4,000, 600. 100000 is a little
over 1 per cent of the amount of money
which has passed through his hands
If the city will compare itself with
other business institutions, it will find
that the situation is not so bad by
comparison. If there are any institu-
lions in this country doing legitimate
business, which have handled $16,000,-
600 without shrinkage of less than 11b
per cent on their entire transactions
during the period of depression, which
has now lasted nearly four years, it
is safe to say they are not very numer-
ous 1t is understood that Mr. Haugan's
books will be offered for examination
and checking up to the ways and means
committee of the council, and that the
exact situation will be determined at
an early date, but it will not vary ma
teriaily from the above statement
That Mr.. Haugan has been the victim
CT misfortune and that the losses have
been incurred by the failure Of insti-
tuticns in which the money of the city
has been deposited, and that he is
ready to stand by his record and as
sumo whatever blame properly belongs
to him, is evidenced by the fact that
he is here waiting for an examination
of his accounts, and does not propose to
! shirk any responsibility properly de-
volving upon him as an officer Of the
city.