The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1897-01-07
BANKS GO UNDER
THREE MORE FINANCIAL INSTITU-
TIONS CLOSE THEIR DOORS.
The Germnnia Bank and a Branch
and the Recently Organized AIlc-
fanin Bank Suspend as the Result
of a Run-Runs Are Made Oh
Other Banks, but 1t Is Thought
That No More Failures VIII Oc-
cur. ....'

cur. ~.
ST. Paul. Jan. G. - The Germania
Bank OF st. Paul, state institution,
capital 100000, did not open for bust
ness to-day, but announced it's assign
ment to Peter M. 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,
$S7,S9036; banking house, $253, S47.1O;
| furniture and fixtures, $1O,32S; other
real estate, $4O,15S.47; current ex-
| penses, $13, 1925 taxes paid, $2,131.50;
due from banks, S59, 259.7S; checks and
cash items, 50, 53573; exchanges for
| clearing, 1921, 6O7.45; currency, $40 500;
nickels and cents, $244.59; gold, $685.
$50; silver, $4,347.25; total resources,
| S1,625, 76S.O1.
Liabilities - Capital stock. s4oo, 900;
surplus and undivided profits, $751;
| building loan, $4,000; individual de-
! posits subject to check, $345, 1911 II; de-
| mand certificates of deposit, $685.
O19.70; certified checks, $11 ,45O.O2;
! cashiers checks, $4,3O5.41; due to
! banks, SOC, 1O3.17; total liabilities, ST.
| G25, 7GS.01.
| President Willius told an Associated
| Press representative to-day that the
closing was the result of an unrea son
able panic and that the bank would
be opened for business just as soon as
the people resumed their usual cool
senses. The bank, as a result of the
panicky feeling, has paid out to de-
positors $25O,00O 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 Al1cmnnia Goes.
The Allemania bank, capital $780,
600, and having a clientage similar to
that of the Germania 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
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:
Resources - Loans. and discounts,
SOC, S42.2S; sundry bonds. $685.
overdrafts, $1,97S.19; bank building.
! $6,OOO; furniture and fixtures, $13,-
y~s72.31; due from other banks, $780,
929.59; gold, $40, 500; currency, $50, 600;
silver, nickels, etc., $4,467.S5; cash
items, SIC, 1887; exchanges for clear
ing house, 1,114.2S; demand loans.
$62,SS1.4O; total resources, $1,O61,-
OO9.97
Liabilities - Capital stock paid in,
$780, undivided profits, less ex-
penses, $5S, 7O4.GO; individual deposits,
1925, 1927; interest certificates, $751;.
253.23; call certificates, $S,354; due
banks and bankers, $66, 1902; cash:
ier's checks. $6O23.11; certified checks,
$4,145.24; total liabilities, 81, O61, OO9 81
President Scheffer said that they had
been suffering from the panic, the
holding and withdrawing of deposits,
| The ''West Side" Closed.
The West Side bank, organized in
1886 with a capital of 100000, also
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 withdraw Of deposits.
Runs were made on several other
banks, but the concerns paid out
money as fast as it was demanded and
the excitement soon began to subside
1t is thought the trouble is ended now.
Train Robber Confcsses.
Kansas City, Jan. 6.-Detectives to-