The representative. [volume] (St. Paul, Minn.) 1893-1901, 1900-02-08
ANOTHER GREAT BUST=UP
THE MILLIONAIRE STINsON FAILS,
BECAUSE OF "PROLONGED DE-
PRESTON IN THE REAL ESTATE
MARKET IN THE UNITED STATES"
THE GOLD-STANDARD DOING ITS
PERFECT WORK.


relative to the failure Of Stinsons bank,
which closed it's doors yesterday owing to
inability to meet the demands of depositors
who desired to withdraw their money. Mr..
Stinson is believed to be on the way here
from Chicago, and Alexander Leith the act
ing manager, adds nothing to the statement
pinned upon the banks doors yesterday, to
the effect that the failure was due to the
prolonged depression in the real estate
market In the Western states
1t now appears that the resignation of the
former manager, Lieut.-Col. Moore, which
was only announced a week ago, took place
at the end of the year. Mr.. Leith, who had
been teller for some years, was offered the
management at once, but declined. He says
he pressed for a formal announcement of
the resignation of Col. Moore, and for a full
statement of the banks affairs. These we're
not forthcoming. Mr.. Stinson arrived here
early last week, but went back to Chicago
without taking the action recommended by
Mr.. Leith.
Stinsons bank has been one of Hamiltons
financial institutions for over half cen
fury. 1t was established in 1S47, and has
always been considered sound. Mr.. Stin-
sons fourth hand held the track record, but
his horses, it is said, were an expensive lux
ury. Still the general public rated him as
worth 5000, 900 or sc, OOO, OOO and few, if
any, Hamilton people suspected that the
bank would soon close its doors. The re-
tirement of Col. Moore and the way it took
place made some suspicious.
Mr.. Leith says he repeatedly urged Mr..
StinsOn to let him know the exact condition
and value of his Western realty, the princi-
pal security for depositors.
This had not reached me-, says Mr..
Leith, when, unfortunately, owing to de-
mands being made which could not be met,
1t became necessary to suspend payment.
have always understood that Mr.. Stinson
was very wealthy man, holding valuable
properties in Chicago and the Northwestern
states, but, while acting as teller in the local
Office, / had no means of knowing much of
the Western business. However, 1 trust
that the estate will realize more than suffi
cient to meet all liabilities"
Lieut.. Col Moore, asked by a reporter if
he was suspicious of the banks condition
when he resigned, declined to discuss the
affairs of the institution at all.
1t was understood here today that Mr..
Stinson would arrive from the West tonight,
but he failed to get here, and his daughter,
Mrs. Darcy Martin, who resides in this city,
does not think he will be here for a week.
Until he gets here no statement of the
banks affairs will be forthcoming.
Mr.. Stinson is one of the great hold
ers of property in the Twin Cities. He
was accounted millionaire many times
over. He was an earnest and Jealous
opponent of the demonstration of sill
yer. He foresaw the results. His vast
fortune has been eaten up; his city lots
in st. Paul and Minneapolis have
changed into dead leaves and pebbles.
We remember many interesting con-
versatiOns with him in the past. He
has been ruined by money lenders who,
to increase the value of their securities,
have smashed the value of all forms of
real and personal property.
Facts like this failure stand out like
colossal contradictions to the multiplex
lies of the hireling daily newspapers.
They have assisted to ruin others for
their New York and London masters,
and they have ruined themselves. There
is scarcely one of these papers that is
not, today, owned by the banks and
the corporations.
The game is now cup to- the local
bankers. Their debtors are bankrupt;
their securities almost valuless Prop
erty in the cities is scarcely worth one
tenth what it was Is years ago. The
more one has of it the poorer he is.
And the end is not yet. Plutocracy
is turning down the screws on suffering
humanity. Tears and sweat are sQueez-
ed out, and the blood will come next.
And Democracy wants us to turn
aside from this mighty, world-embrac-
ing issue and devote ourselves to the
cause of lot of lousy savages on some
Islands on the other side of the globe;
and while we fight their battles we can
all go lover the hills to the poor house."
Surely the money power is paying the
price of such an abandonment of right
and perversion of justice
Stand by the Peoples party. Id.