The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1897-01-01
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Rank Of Minnesota and its: clbsing fol-
lowed 40 matter Of course: It was
stated at the Bank OF Minnesota that
the depositors would not lose and that
arrangements would probably be made
to carry the banks business. This
may be done through the efforts Of the
stockholders, all Of whom are. wealthy
men. and who are reported az willing
to advance the funds necessary to put
the institution on, sound basis. The
failure was caused by the banks ina
bilitv to make, collections on which 1t
had depended to meet OBLIGATIONS due
at this time.
The Rank OF Minnesota has a capital
Of $600.OOO and is one Of the best
known banks in the Northwest. The
last published statement wac on Oct.
G, 1906, and was as follows:
Resources - Loans and discounts,
S2.341.S38.75; miscellaneous bonds,
$49, 6S4.G0: overdrafts, $7,67I21; hank
ing house. $195, 600; other real estate,
sos. 741.66; furniture and fixtures,
$10, 600; expenses paid, $3008.10; due
from banks, $319. 4e9.O2; exchange for
clearing house, $29,8S1.1 Il; specie, Unit
ed States notes and natior al currency,
$2b1, 84a.SS: checks and other cash
items, $5.6S2.95;s total resources, 3d.
SoO,3G949. 5s a.
< Liabilities - Capital stock. paid in,
5000. 900; surplus funds. 500. O0O; undi-
vided profits. 1902. 7S3. IL; Individual de-
pnsits, $1,O71, O5O85; time certificates
Of deposit. $1,O41, 1882; due to banks,
1903, 1880; total. 1890 389. 49,
Other Banks Not Affected.
The closing Of these banks was de-
cided surprise, but has not affected
the other banks Of the city. The aver
age deposits of the Stock Yards Union
Bank Of South st. Paul are sos, 600;
the capital $4,000, ard the average
loans and discounts, 500, 1000. The Of
dcerS of the two suspended banks are
as follows:
Bank of Minnesota President, WILL
lam Dawson: vice president, Robert A.
Smith; cashier, William Dawson. Jr.;
assistant cashier, Robert Miller; d.
rectorr, William Dawson. Thomas
Grace. II. A. Smith, A. b. Stickney, A.
OppenNeim. p. Stems. E. w. Peet. A.
Kallnan, p. J. Bowlin. G. w. Copley,
William Dawson.. Jr.. r. S. Harris.
Stock Yards Union Bank-President,.
William Dawson; vice president, Will
lam Dawson, Jr.;; cashier, ]. j. Flana-
gan.
The Bank Of Minnesota, IN common
with all the other banks In the city,
had q share Of the deposits of state
funds and at the time Of the last
statement had between $4,000 and
$8O,O00 Of state money on deposit. It
was also the depository for the county.
aEd until recently ' ae the mail bank
through which the city business was
transacted. Robert A. Smith, present
postmaster, and until last spring may
or Of st. Paul. was for years vice pres
ident of the bank. William Dawson.
ST., was president and William Daw-
son, Jr.. was cashier. The Dawsons
rank high among flnanciers. William
Dawson. Jr.. was one of the owners Of
the Globe, in which he became inter
ested eighteen months ago. The clos
ing Of the bank was as great a sur
prize to the officers as It was to the
general public.
Assistant Cashier Robert l.. Miller
gave brief statement for the reason
as follows:
1--WE had a large retail trade" said
he, (which has suffered materially
from the hard times for the past three
years, during which time our indi-
vidual deposits have decreased from a
million and a half to 100000. Then.
In addition to this, there was inability
to collect large bills receivable or notes
and the general depression in money
and business all over the country. That
really Is the story in few words