The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1897-01-01
ANOTHER BIG CRASH.
The Bank Of Minnesota Goes tc
the Wall
Owing to "a shortage of Ready Cash. Care
rying Down with II the south 81 Paul
Bank. a branch Of the Larger tnstt-
tution-Mnl Pay In Full.

ST. PAUL, Mimi, Dec 22.-The feel.
Ing Of apprehension and fear that the
closing of the Bank OF Minnesota oc.
casioned to-day has to some degree
su bsided as night has come. The
hopeful statement issued by the OH
GERS aud directors of the bank has re-
assured the business community.
Aside from the closing Of the South
1T. Paul bank, which was but
branch of the Bank of Minnesota,
no other concerns have closed.
When early customers appeared
this morning at the bank they were
surprised 10 find upon the doors /
"A 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-liNe ra-
piditv throughout the city, and soon
large groups of men and women made
their way towards the bank building.
some were prompted because they
were dcpositors Others came from
mere curiosity. But no one was admit
ted.
The public examiner at once began
"a 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
the longest record of any banking in
stitutlon in ST. Paul. AS early as 1851
the private banking house from
which the present bank came
4 finally was established under the
firm lame of Berry, Holland Il
Dawson. In 1866 the banking firm be-
came known as Dawson IL Co. and
did an immense business until ls>2,
when the present Bank of Minnesota
was organized under the state bank
ing act. It's capitalization was $780,
600; its surplus and undivided profits
were given at $500. 600 Its last report
TO the bank examiner was flied Octo-
Der last and call for a new report
was issued Yesterday which probably
fastened action.
According To the last report, the de-
po,its on demand certificates amounted
To gs65. 900 There was due 10 other
banks the sum of S235, 900, but there
were also resources due from other
banks amounting to S5lg.4 The
state of Minnesota carried deposit
with the bank at the time of the sus-
pension amounting to 100000, but
this sum is amply secured by git
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
towns, whose fate may depend upon
the final resumption OF the Bank OF
Minnesota. The state had given no.
tice that it would withdraw $4,000
during the week, and the city treas
urer also required 81 1000 of the public
funds. The banks open account de-
it closed its doors.
Although no official statement OF
the bank examiner il obtalnabie until
the examination has been completed
the 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 tn
! bank. said to a United Associates
Presses representative that this state
/ ment was correct In addition h'
: said: 1--WE have had a very larg
7 patronage from the retail bushes
2 men OF the citr. The hard times o
! the past few years have reduced on
e deposits over one-half In additio
: we have not been able to make colieC
Z tons on bills receivable IN larg
! amounts nor on notes due the bank
This. in short, is the story OF our clos
i ing. We might have continued for
$ indefinite time bat concluded TO saw
5 the assets intact for the deposition
: and creditors of the bank with vie
! of making full settlement
= All of the directors of the bank al
e men of great wealth and integrit,
= and they have authorized the STATE
,e ment that every obligation will b
10 met. Ii is the current belief that tn
suspension is but temporary, and tina
Z, the bank will resume business in fe
n DAYS, as soon as arrangements can
ne made to obtain the needed read
Mt money. Its assets are said to be an
- - pie to meet requirements, the onl
:. difficulty being shortage of read
money. The bank officials deny til
nd allegation that the Chicago failure
ns had anything to do with the closin
-. of the bank.
an The Union Stock Yards bank
ne south st. Paul closed its doors STINT
~ taneouslv with that OF the Bank
Minnesota. VIM. Dawson, Jr., was
r. president, being also cashier OF Z
We Bank of Minnesota. The South
ne Paul bank was branch of the 9TH
10. and was capitalized at $4,000. Wh
- it made its last report to the bank
om aminer it showed that the Bank
on Minnesota carried $4,000 of its ca
ain on deposit. 1t had deposits amou
lcs ing to $40, 100. of which $4,000 we
rev public funds. It's fate depends
nay tirely upon the Bank of Minneso
or IL the latter resumes, the South
Paul bank will also be on its +