gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ea2ce154bf315e2a
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Public signal of financial health, Capital injected, Full suspension, Books examined
Events (5)
1.May 9, 1883Chartered
Source
historical_nic
2.August 4, 1893Run
Cause
Macro News
Cause Details
Part of the wider financial stringency/panic in August 1893 that caused heavy withdrawals and loss of depositor confidence in St. Paul banks.
Measures
Bank officers sought examiner assistance; Comptroller appointed D. W. Lawler to take charge; calls for depositor extensions and collections to meet demands.
Newspaper Excerpt
Owing to the continual withdrawal of deposits the bank has been compelled to suspend.
Source
newspapers
3.August 4, 1893Suspension
Cause
Macro News
Cause Details
Temporary suspension declared after steady drain of withdrawals amid the broader August 1893 financial panic; bank described as solvent but illiquid.
Newspaper Excerpt
The temporary suspension of the German American National Bank last night...
Source
newspapers
4.October 30, 1893Reopening
Newspaper Excerpt
The National German-American bank will resume its doors Oct. 30; reorganized ... reopened yesterday (Oct. 31).
BANK KEEMBARRASSMENTS. Several of Them Close Their Dvors-One Resumes. WASHINGTON, Aug. 4.-Treasury officials are advised that the National German American bank of St. Paul, capital $2,000,000; the First National bank of Harmond, Ind., capital $50,000, and the Citizens' National bank of Muncie, Ind., capital $200,000. closed their doors to business this morning. Bank Examiner Gannon, on orders from Washington, closed Texas National bank of San Antonio, Tex., today. Comptroller Eckels has authorized the Farmer's National bank of Henrietta, Tex., to resume business. MUNCIE, Ind., Aug. 4.-The Citizens' National bank, one of the oldest and soundest banks in the city, suspended business this morning. Withdrawal of deposits and inability to realize on paper were the causes. President Kerwood claims assets as two to one. Three other banks in the city preparing for the worst, as the people are greatly excited over the failure. LEBANON, Aug. 4.-The Lebanon Trust and Safe deposit bank failed to open its doors this morning. The bank is a State institution with a capital of $50,000. ST. PAUL,Minn., Aug. 4.-The Peoples' Saving bank, one of the small concern, of the city, closed its doors at noon today.
2.August 5, 1893The Roanoke TimesRoanoke, VA
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THE FRANKLIN BANK CLOSES. inability to Make Collections the Cause of the Failure. ROCKY MOUNT, Va., Aug. 4.-(Special)-The Franklin Bank closed its doors this morning. It has a capital of $10,000 and a surplus of $15,000 with deposits of about $30,000. G. E. Dennis is president and G. H. T. Greer cashier It was organized under the State banking laws. Inability to make collections was the cause of its closing. Its assets are nearly twice its liabilities and an early resumption is expected. OTHER FAILURES. ST. PAUL, Minn., Aug. 4.-The temporary suspension of the German American National Bank last night, although not unexpected in banking circles, was a great surprise to the general community. So confident are the people of the strength of the remaining banks that, although some depositors are quietly withdrawing their money from a few banks, there is no particular excitement or general run. AKRON, Ohio, Aug. 4.-Six hundred of the depositors of the Akron Savings Bank assembled last evening in Columbia Hall and unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for business next Monday morning. NEW YORK, Aug. 4.-N. L. Carte & Company, importers of tin plate and other metals, made an assignment today. The liabilities are about $350,000. The assets are large, but the actual amount cannot be given. S. Jacoby & Co., cigar manufacturers, failed to day. The liabilities are $150,000 with large assets. ST. LOUIS, Mo., Aug. 4.-The Hamilton- Brown Shoe Factory, located at Twentieth and Locuststreets, suspended operations this morning temporarily owing to depression of business, throwing 500 men and 400 women and girls out of employment.
3.August 5, 1893St. Paul Daily GlobeSaint Paul, MN
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AFTER THE STORM. National German - American May Speedily Resume. PLANS SUGGESTED TO THAT END Lawler in Charge Until Examiner Thorne Arrives. BUSINESS CIRCLES TRANQUIL. Ringing Utterances From Archbishop Ireland, JAMES J. HILL AND OTHERS. The present indications are decidedly favorable to some plan being evolved for the reorganization and speedy resumption of business by the National German-American bank. So tar as paying the depositors in full is concerned, the bank is overwhelmingly solvent, the assets. including stockholders' liabilities, aggregating at least three dollars for every one on deposit, and the universal sentiment is that such a instution great should be saved to the city, state and the Northwest. It has long been realized, by the parties that the interested, capitalization but was so large as to be unwieldy; on R reduced capitalization, say of $1,000,000 or $1,200,000, it would not be a difficult matter to make arrangemente for speedy resumption. All that is needed is a little time to realize upon assets, and this the suspension secures. It is a heroic and not pleasant remedy, it is true, but far better than to allow the institution to go out of existence. As the bills receivable exceed the deposits by over sixteen hundred thousand dollars, the impairment of the capital is not likely to be severe; and if the capitalization should be reduced, the stock would undoubtedly stand in the market at least at 150, and perhaps higher. The stock is largely held by wealthy people, a good deal of it by Eastern financial institutions, who would undoubtedly prefer a reduced capitalization to liquidation. The co-operation of the depositors in such a scheme is also suggested, and to a very considerable extent this could undoubtedly be secured. It seems reasonably probable that Gustav Willius, the former president, will he selected by Comptroller Eckels AS the receiver. No better man couldbe round to handle its affairs. His familiarity with the business of the bank and its customers, having been one of its leading officers from its inception until within the past two years, with together his experience in his the banking business, would make selection inspire confidence at once in the plan for speedy resumption. Comptroller Eckels, in selecting Mr. Lawler as bank examiner to tempora rily take charge of the bank, instructed him to aid the officers in every way in any plans for resumption, as he regards the bank as perfectly solvent, and only compelled to suspend by the abnormal financial stringency. With the co-operation of the comptroller, the stockholders, the depositors and the general business public, it is not too much to expect the speedy reopening of the doors of the National German-American, with its position in the financial world really improved by the temporary halt in its active business while the work of realization on the undoubted assets is taking place.
4.August 5, 1893St. Paul Daily GlobeSaint Paul, MN
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YESTERDAY PAUL. Two Small Suspensions, but No Excitement. Readers of the GLOBE were not surprised to find the following notice posted on the doors of the National German-American bank yesterday morning: "Owing to the continual withdrawal of deposits the bank has been compelled to suspend. The bank has ample assets to pay all liabilities." Early in the day a telegram from Comptroller Eckels appointed D. W. Lawler special bank examiner, and instructed him to take charge of the bank, which he did immediately. His instructions are embodied in the following special telegram: Special to the Globe. WASHINGTON, Aug. 4. - The notice of the suspension of the National GermanAmerican came as a great surprise to Comptroller Eckels, although he had noticed from the May and July reports that this bank had been sustaining heavier drafts from depositors than could long be withstood. In appointing Hon. Dan W. Lawler temporary examiner he gave him instructions to extend every facility towards aiding the officers in resuming, as the bank is perfectly solvent. Mr. Lawler declined to talk relative to his duties. He was busily engaged with the officers of the bank until a late hour last night putting matters in shape as rapidly as possible. The following telegram shows that Mr. Lawler's duties are only temporary: WASHINGTON, Aug. 4. - Gilbert Thorne has been ordered from Waupaca to relieve Hon. Dan W. Lawler as examiner in charge of the National German-American. Depositors covered the doors with notices saying where their checks would be paid, and beyond the gathering of a few idlers to read these notices there was no one about the bank. Nearly every bank in the city opened a good many new accounts yesterday for business men who had been depositors in the suspended banks. Considering the importance of the event, there was greater quietude at the banks than might have been expected. At one or two there were moderate runs, but not of a serious character, and at most of the banks there was not the slightest evidence that any disturbance had occurred. Some kept open until 6 o'clock to accommodate any nervous people. but the runs died out when they found that the banks were ready to meet all demands.
5.August 5, 1893St. Paul Daily GlobeSaint Paul, MN
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Ringing Sentiments From Archbishop Ireland. Though not in active commercial business, Archbishop Ireland has long been recognized in the Northwest as a gentleman of especially good judgment in business affairs, and as warmly interested in the prosperity of this community. It was on this account that a GLOBE representative called at the bishop's residence last evening and asked an expression of his sentiments, which he cheerfully supplied in the following practical and forcible mannersentiments which touch the key note of the situation: "The temporary suspension of the National German-American bank, with solid, reliable assets far beyond all possible liabilities, puts in clear light before all our people the criminal folly of the financial fright which seems, as an evil spirit, to have been brooding over their minds. Without the smallest reasonable ground for their action, the depositors of this bank have withdrawn from it their money, SO quickly that its assets cannot be converted into ready cash, and it is compelled to close its doors. A continuance of this frame of mind among the people will harm other banks, and bring upon the city commercial and industrial disaster, and throw the whole population out of work. "All those who give thought to the matter are fully aware that the banks of St. Paul are the safest and most conservative in the country. Official examiners have lauded them as being exreptionally well managed. Their directors are men of sterling honesty and ability. It is common sense to put fullest trust in them. Unfortunately, the majority of people seem to have no idea as to how banks are conducted. They Imagine that money confided to them, and for which depositors draw interest, is to be kept in vaults, ready to be handed out at any moment in gold or current bills. The money, in order to earn interest for depositors, is, of course, invested, loaned out to merchants and others; and it will not return at a moment's notice. A senseless run on the United States government, kept up long enough, would interrupt its cash payments. So would a continuous run
6.August 5, 1893St. Paul Daily GlobeSaint Paul, MN
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J. J. Hill's Diagnosis. A call at the office of the Great Northern yesterday atternoon found its president, J. J. Hill, immersed in business, as usual, but he halted long enough to briefly express himself. "Primarily," said Mr. Hill, "all of this financial difficulty arises from the attempt to secure by legislative law what is diametrically opposed to commercial law. That this cannot be done is manifest by the present condition of business. It has created a lack of confidence, and it is that lack of confidence which has caused the withdrawal of deposits from our banks and compelled the suspension ef one of our large institutions today. The St. Paul banks are solvent, and depositors are not in the slightest danger of loss. The National German-American bank will pay its depositors in full, and the fright which led to the withdrawal of funds has really damaged the parties engaged in it more than the bank itself. A large amount of the money being drawn out of banks is held by those in employment or seeking employment of some kind, and not by the active business men. These laboring people ought to see that they are cutting their own throats. If they withdraw their money from banks to hoard it, how can they expect business to be continued and give them employment? They not only lose their interest, but they cripple those who employ them, SO that they deprive themselves of the opportunity to earn their daily bread. There is no occasion for any one who has money in St. Paul banks to be alarmed, and if people will quietly go about their business and keep their heads there need be no trouble.
7.August 5, 1893Pawtucket TribunePawtucket, RI
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Figures Show Up Well. ST. PAUL, Aug. 5.-An approximate estimate of the figures showing the conditian of the National German American bank gives the assets at $4,577,702.59 and the liabilities at $2,549,664. Daniel W. Lawler has been appointed receiver.
8.August 5, 1893New-York TribuneNew York, NY
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BANK EXAMINER APPOINTED. Washington, Aug. 4.-Treasury officials are arvised that the National German American Bank of St. Paul, Minn., capital, $2,000,000; the First National Bank of Hammond, Ind., capital, $50,000, and the Citizens' National Bank of Muncie, Ind., capital, $200,000, closed their doors to business this morning. Bank Examiner Gannon, on orders from Washington, closed the Texas National Bank, of San /Antonio, to-day. Controller Eckels has authorized the Farmers' National Bank, of Henrietta, Texas, to resume business. The Controller appointed D. W. Lawler, a bank examiner, and directed him to take charge of the German American, at St. Paul. Examiner Ford is assigned to the charge of the Citizens', of Muncie, Ind., and Examiner Packard, of the First National, of Hammond, Ind. The German-American, of St. Paul, usually carried a line of individual deposits of more than $3,000,000,but this was reduced at the date of its last report to less than $2,000,000. Its surplus fund and undivided profits were noted at $261,000.
9.August 5, 1893The Providence NewsProvidence, RI
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Figures Show Up Wells Sr. PAUL, Aug. 5.-An approximate estimate of the figures showing the conditian of the National German American bank gives the assets at $4,577,702.59 and the liabilities at $3,549,664. Daniel W. Lawler has been appointed receiver.
10.August 8, 1893St. Paul Daily GlobeSaint Paul, MN
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IN WASHINGTON, Messrs. Lockey, Doran and Lawler Confer With Eckels. Special to the Globe. WASHINGTON, Aug. 7. - National Committeeman Doran, Hon. Dat W. Lawler and President Joseph Lockey, of the National German-American bank, were three prominent Minnesota arrivals at the national capital today. All three gentlemen were closeted with Comptroller Eckels a good part of the afternoon regarding the resumption of the Gerinan-American, and found him willing and anxious to lend all the aid in his power towards bringing out the reopening, of the bank. President Lockey presented a resolution of the board of directors calling a meeting of the shareholders on Aug. 17, and asking that a receiver be appointed until the results of that meeting are known. Comptroller Eckels promptly said that he would not only grant that request, but he would also give a reasonable time after that meeting to enable the bank officials to make arrangements for reopeniug. This was very gratifying to the St. Paul men, and President Lockey left feeling greatly encouraged.
11.August 10, 1893Courier DemocratLangdon, ND
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ST. PAUL FAILURES. St. Paul, Aug. 5.-When it became known yesterday that the German-American National bank had closed its doors a run was made on all the other banks of the city, and the West Side bank and the People's bank closed their doors. They are small institutions. By evening the runs had nearly subsided and no further failures are feared.
BUSINESS TROUBLES. Suspension at St. Paul. ST. PAUL, Minn., Aug. 5.-The National German-American bank failed to open its doors Friday and announced a temporary suspension consequent upon a steady drain of withdrawals for the past month. The bank officials announce that every liability will be made good dollar for dollar, but they require time to realize on their securities. No statement of liabilities and assets is as yet obtainable. An approximate estimate of the figures showing the condition of the bank gives the assets at $4,577,702.59, and the habilities at $2,549,664. Daniel W. Lawyer has been appointed to assume charge of the affairs of the bank. The People's bank, of St. Paul, which closed its doors at noon, has a capital stock of $240,000. No detailed statement of the affairs of this bank can be obtained before tomorrow. The same can be said of the West Side bank, a small concern, which closed its doors at 1 o'clock.
13.August 16, 1893St. Paul Daily GlobeSaint Paul, MN
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TIED UP COUNTY FUNDS. County Commissioners Discuss Their Status Friday. The county committee on claims has been called to meet Friday evening at S o'clock for the purpose of meeting the sureties on bonds given to the county by banks that have funds in their possession and are at present suspended. These are four banks, as follows: National German-American, the Peoples', the West Side and the Seven Corners. The county attorney will be present, and the situation will be discussed, preparatory to making report to the board of county commissioners, which convenes in regular session the following Monday at 10 a. m. By a misunderstanding the bondsmen of the banks referred to met in the room of the board of county commissioners yesterday morning, but the board of county commissioners had not been called to meet by the mayor as given out to the newspapers, and consequently nothing was done.
14.August 16, 1893Morris TribuneMorris, MN
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Winona papers contain complaint of the
slaughter of prairie chickens in that
vicinity.
D. L. Keible, state supervisor,
will resign to accept a position in
the state university.
Undertakers of North and South
Dakota will hold a convention at Min-
neapolis Sept. 12, 13 and 14.
St. Paul's crack boat club, the Min-
nesotas, took two races at Detroit last
week—the senior and junior fours.
Flour rates were reduced 2 1-2 cents
per 100 pounds from Duluth and Min-
neapolis to Eastern points Aug. 14.
D. N. Dumont, G. N. A. Fostier and
J. G. Milspaugh will be appointed pen-
sion examining surgeons at Little Falls.
The National German-American bank
at St. Paul will probably reorganize
without the appointment of a receiver.
Burglars cracked the safe of Matt
Smith at Cambridge. They secured
$200 cash and some watches and revol-
vers.
The Princeton village council has de-
cided to put in a system of waterworks
for fire protection and to establish fire
limits.
Emil Johnson of Spring Lake was
fined $10 and costs, amounting in all to
$19.15, by Justice Barton of Inver
Grove for spearing a buffalo fish.
The Polish Catholic controversy at
Winona is ended. The Poles met last
week and agreed to obey the bishop and
accept a priest other than Father Mic-
iszke.
While M. M. Crandall was cutting
grain near Verndale he was badly in-
jured by the accidental discharge of a
shotgun which he was carrying on the
binder.
Nearly 600 applications have been re-
ceived by the Minnesota state grain and
warehouse commission for elevator
licences under the new law that went
into effect Aug. 1.
Louis Freedman, a peddler living in
St. Paul, had his left ear nearly severed
while engaged in a fight with Charles
Baker and Fred Guion. Baker and
Guion were arrested.
Montana merchants have started a
boycott on St. Paul and Minneapolis
because of the attitude of these two
cities as reflected in their newspapers
on the financial question.
STATE OF OHIO, CITY OF TOLEDO,
ss.
Lucas County,
Frank J. Cheney makes oath that
he is the senior partner of the firm of
F. J. Cheney & Co., doing business
in the City of Toledo, County and
State aforesaid, and that said firm
will pay the sum of One Hundred
Dollars for each and every case of
Catarrh that cannot be cured by the
use of Hall's Catarrh Cure.
FRANK J. CHENEY.
Sworn to before me and subscribed
in my presence, this 6th day of De-
cember, A. D. 1886.
A. W. GLEASON,
Notary Public.
Hall's Catarrh Cure is taken in-
ternally and acts directly on the
blood and mucous surfaces of the
system. Send for testimonials, free.
F. J. CHENEY & CO., Toledo, O.
Sold by all druggists 75c.
15.August 24, 1893The Prison MirrorStillwater, MN
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The intense folly of withdrawing deposits from sound banks in times of commercial stress was never more clearly illustrated than by withdrawal of funds from the National German-American bank of St. Paul, which so depleted it of current funds as to force suspension. With assets nearly double its liabilities, a well conducted and prosperous bank was knocked out of the business swim by those who should have been its best friends. For fear of losing a small current deposit, these fools congest the whole financial condition of an aiready heavily burdened country.
16.September 30, 1893St. Paul Daily GlobeSaint Paul, MN
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EARLY RESUMPTION Is Promised in the Case of the German-American Bank. A. D. Lynch, of Washington, a special national bank examiner, arrived in this city yesterday morning, and during the day was in consultation with Messrs. Thorne and Lawler and other interested parties regarding the resumption of the National German-American bank. Mr. Lynen's duties are exclusively with suspended banks, and he came to St. Paul from Milwaukee, his visit to that city being in connection with the Milwaukee National bank, which reopened for business a few days ago. Seen last evening, Mr. Lynch said he was not prepared to make any extended or detailed statement as to the condition or the German-American bank, but he had found the situation very favorable. The examiners, stockholders and directors of the bank had accomplished a deal of valuable work. An amount of money ceeding $400,000 had been collected, and extensions secured amounting to $1,400,000. Nearly four-fifths of the required extensions had been obtained, and with the additional money expected to be secured, and additional extensions now being negotiated, the outlook was very encouraging. The comptroiler, Mr. Lynch said, is anxious to allow suspended banks to reopen, but, of course. desired the resumption to be on a sure foundation. His report would be made to the comptroller in a few days, and the comptroller would then name in detail the conditions upon which the bank might resume. The comptroller, he said, would make a decision as soon after receiving his report as possible, and the matter would be definitely determined aery shortly. Mr. Lynch expects to meet the examiners, together with the directors, at a meeting to be held this morning at 10 o'clock, at which further progress will be reported. WASHINGTON, Sept. 29.-Representative Kiefer said today that he had information that the St. Paul GermanAmerican bank would resume Oct. 1. Clothe Your Boys at the "Plymouth." Better goods than ever, and surprisingly low prices. "Plymouth Corner," Seventh and Robert.
17.October 1, 1893St. Paul Daily GlobeSaint Paul, MN
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DEPOSITORS' EXTENSIONS ABSOLUTELY NECESSARY FOR GERMAN-AMERICAN TO RESUME. TALK WITH EXAMINER LYNCH. Meeting of the Bank Directors Yesterday - Mr. Lynch Tells Them What Must Be DoneDepositors Hold the Key They Can Secure Resumption and Their Money Shortly. A largely attended meeting of the di rectors of the National German-American bank was held yesterday, every director in the city being present. A. D. Lynch, of Washington, the special national bank examiner, was present to confer with the directors. Mr. Lynch devotes his entire time to investigating suspended national banks and aiding in their resumption or liquidation, as the case may be. He made a lengthy address to the directors, setting forth what was necessary for the bank to resume business. His views were excellently received and heartily coincided with, and the directtors propose to act along the lines laid down by him. A GLOBE representative called upon Mr. Lynch after the meeting, and received in substance the following: "It is evident," said Mr. Lynch, "that further extensions on the part of depositors are absolutely necessary, and, if they are not granted, resumption of the bank may be defeated. 1 consider that the officers of the bank have done excel lent work. They have collected $400,000 in cash, and secured extensions of deposits amounting to $1,482,000; but this is not enough. If the depositors do not grant the extensions a receiver will necessarily be appointed, and under the best administration possible it is not improbable that four years, if not more, would be required for liquidation of the trust. Through the plan now.proposed, the bank can be placed in a going condition, and those having deposits can obtain their money in the ordinary course very much earlier than if the bank should be forced into liquidation, Depositors should not wait to be called upon, but should call at the bank without delay and grant extensions. Doing so, they act in their own interests. If this is done, the bank can resume in a very short time. I cannot too strongly impress upon the depositors their interests and their duties in this matter. The directors, through their committee, are making the necessary collections and obtaining money required to perform their duty, but they must have the co-operation of the depositors, or all this will come to naught. There must be enough money secured, together with the extensions of the depositors, to enable the bank to meet the demand liabilities, as well as for a working capiital. I shall send the comptroller in a day or two a report of the present condition of affairs, and it is probable some representatives of the bank will visit Washington very shortly
The National German-American bank of St. Paul will reopen its doors Oct. 23, and again do business. Its suspension was caused by the cowardly, who withdrew their cash just when the presence of cash was most needed and most unattainable. With assets almost double its liabilities, this sound concern was forced, for self-protection, to assign owing to foul blows from its supposed friends. Executive clemency in the case of Thompson the De Smet, S. D., murderer may be wisely exercised. But it would seem that when a jury and judge, these days. find a man guilty of a shocking, cold-blooded murder, and sentence him to be hanged in expiation, that that sentence should be carried out. Such cases of emotional leniency do not seem to benefit the cause of justice, law and order; but rather are inclined to antagonize the people towards them and incite disorder. In a speech in the Rotunda at Dublin. John Redmond, the Parnellite faction leader, clearly indicated that he and his followers had had enough of "the grand old" fraud, who had no more use for Ireland after the Irish had plucked the official chestnuts out of the political fire. Mr. Redmond declared that his faction would no longer vote with the Liberals on English questions. He eulogized Parnell and declared his belief in the lack of patriotism of the other wing of the Irish party. The closing scenes of the bi-metallic congress were pitifully ludicrous. A few earnest men striving to arouse enthusiam and attract the nation's attention which would not be attracted by their theories. Gov. Tillman mingled negro domination and Grant's bayonets with his belief that the South and West could control the presidency. Gov. Lewelling spoke of Kansas having sent ex-confederates to congress and the convention exhausted itself in cheering, and adjourned to meet at Atlanta, Ga., next year. The Ameer of Afghanstan shows his appreciation of Neil's genius, who during the Indian mutiny, promptly stopped assassinations by blowing the fanatics from a cannon's mouth. The dismemberd Moslem can not achieve his Paradise. To assassinate an infidel and be hanged is glorious martyrdom to the Moslem fanatic; to be shot to pieces is death and damnation combined. The Ameer saw the force of this argument and promptly put down his revolting soldiery by blowing the ringleaders to pieces,
19.October 20, 1893Daily Kennebec JournalAugusta, ME
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NEWS IN A NUTSHELL. The World's fair will close officially Oct. 30. The Ameer of Afghanistan is selling h's captives into slavery. The missing steamer Miowera isstranded in the harbor of Honolula. The ravages of the cholera epi- emic Il Constantinople is increasing, There was is serious wreck on the Cana dian Pacific, near Grand River. Lord Chelmsford says the Matabeles are the equals of the Zulus as fighters. Sir Julian Pauncefote and family have left Newport, R. L. for Washington. The Hutchinson National bank of Hutchinson, Kan., has closed its doors to business. It has been decided to reopen the National German-American bank of St. Paul on Oct. 30. The First National bank of Ouray, Colo., which suspended about two months ago, has resumed business. The president sent to the senate a con fidential communication in response to the resolution of Mr. Dolph asking for information as to whether the Chinese government had made any request for the suspension of the exclusion act. The doeument is very brief, and will not be opened except in executive session.
20.October 28, 1893St. Paul Daily GlobeSaint Paul, MN
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Bank. It is now a certainty that the National German-American bank will resume business on Monday, the 30th day of this month. This news IS received with much rejoicing by all citizens of St. Paul, embracing as well those immediately interested in the bank as those who have interests dependent upon the general prosperity of the community, because a financial institution of this magnitude naturally occupies a very large space in the industrial and commercial enterprises of the city. The business community, the stockholders, the depositors and general customers of the bank naturally feel a deep interest in its new organization, and want to know all about it. The directory has been cut down from nineteen to nine. The capital stock has reduced from two millions to one million, and new officers have been chosen to administer the affairs of the bank. These officers are generally known to the community, as but two changes from the old management have been made- one in the election of John A. Humbird as director, and another in the choice of James W. Lusk as president. Although a director in a bank is not generally regarded as of much importance (a sentiment much to be deplored), the president is always regarded as the substantial and responsible head and front of the institution, and rightfully so. Mr. Lusk has been a resident of St. Paul for some ten years, and is well known as a lawyer of high standing and a gentleman of large means. who has interested himself in our various enterprises, and was one of the largest stockholders in the German-American bank at the time of its suspension. He is well and favorably known in the roles ot attorney and capitalist, but has never been recognized as a banker. Mr. Lusk is not a man to blow hisown trumpet. What he does he does well, and his reward rests in the consciousness of having performed bis duty. His selection as president of this bank by the men most interested in its success is evidence enough that those who know him best feel assured that he is the right man in the right place. For the benefit of the many people who do not know the new president, and whose money is in his keeping, we take pleasure in telling them that he has had fitteen years experience as a bank president under the most peculiar circumstances. A party of gentlemen wanted to start a bank at Reedsburgh, Wis., and agreed to dc so if Mr. Lusk would assume the entire control and management of the same without any directors. To this he assented, and after qualifying himself fully he for fifteen years conducted the bank so that it !paid large dividends to the satisfaction of all interested, and when he resigned his connection with the instltution a balance sheet was struck and it was found that in all the history of the concern the only loss that had been made was $45. The bank still exists and will speak for itself to any one interested in knowing its history. Don't entertain the least apprehension about the new president. His experience is based upon a long life of active business, and his head is as level as a billiard table. Mr. Lusk proposes to give up his legal busi ness entirely and devote humself exclusively to the business of the bank. We do not envy him in the performance of the arduous duties of the charge, but we congratulate those interested in the bank and the community in general for having secured so sagacious a party to administer their affairs.
21.October 29, 1893St. Paul Daily GlobeSaint Paul, MN
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nine financially strong and well-known business men, the bank should rank with the soundest institutions of St. Paul. He expressed his personal pleasure over the result, and his intercourse with the business men of the city, and thanked them cordially for the good will expressed toward him. There being no further business before the stockholders, and the arrangement for the reorganization being an accomplished fact, the stockholders' meeting adjourned sine die. Mr. Lynch leaves on Monday afternoon for Helena. The First National bank yesterday turned over to the newly organized National German-American bank $550,000 being money collected by it for the bank since its suspension. The payment was made in gold, and required the use of an express wagon to convey it. English Cashmeno Heziony
22.October 29, 1893St. Paul Daily GlobeSaint Paul, MN
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TOCKHOLDERS !IN SESSION RESIDENT LUSK REPORTS CONDI TION NATIONAL GERMAN-AMERICAN GNVH NO 000'0068 ATHVE verything in Readiness to Open the Bank Tomorrow There Will Be $559,000 in Cash Af ter All Demand Liabilities Are Paid-Resolution of Thanks to Comptroller and Examiners. There was a largely attended meet g of the stockholders of the Nationa erman-American bank held at Ford's usic hall yesterday forenoon. This as an adjourned meeting, which eld to receive the final report relative the reopening of the bank. J. W. Lusk, the new president of the ank, presided, and made a very encourng statement of the condition of the ank. He stated that the amount of oney on hand for the opening Menday $896,642.44, and that the demand lities are $337,368.01, leaving a surplus absolute cash, after paying all deand liabilities, of $559,274.43. ingratulated the stockholders upon e successful efforts which have een made to secure the necessary inds for reorganization, and said at great credit was due both the parties in charge of the affairs 0 e bank, and also to those indebted to e bank. who in such stringent times d made such report of the cash on and possible. He especially recognized e co-operation of Comptroller Eckols d Bank Examiners Lynch, Thorne and awler. He also alluded to the fact that ustav Willius, the former president. ho had retired on account of ill health, ould now give his entire time to the fairs of the bank, and spoke specially opefully of the future prospects of the stitution. Mr. Lusk spoke feelingly the troubie and anxiety to which Mr. ockey, the former president, had been ibjected, all through the trying ordeal the suspension, and his loyal zea d work for the reorganization e felt grateful for the conlence which had been reposed m by those interested in the bank,and ped to be able to show that no miske had been made in the reorganizaon scheme. The board of directors, hich had formerly been nineteen, nwieldy body, was now reduced ne, and composed of men who were horoughly versed in business, and ould give the benefit of their ability nd services to the affairs of the bank. Gen. Sanborn offered the following reamble and resolutions, which were nanimously adopted: Whereas, The complications and emarrassments resulting from the susension of payment by the National erman-American bank on the 4th day August last have now been terinated by the careful and intelligent
23.October 31, 1893The Evening WorldNew York, NY
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BUSINESS UPS AND DOWNS. ST. PAUL, Minn., Oct. 31.-The reorganized National German-American Bank. which closed its doors during the financial stringency Aug. 4. reopened yesterday. ST. PAUL. Minn., Oct. 31.-Judge Caldwell. of the United States Circuit Court. has appointed F. C. Hills. of Sioux City, receiver of the Sloux City, O'Neill and Western Railroad. on the application of the Manhattan Trust Company, of New York. TIFFIN. O., Oct. 31.-The strike at the Sneath Glass Works occasioned by the management discharging a union blower was settled and the men all returned to work yesterday. BOULDER. Col., Oct. 31-AH the coal miners at Lafayette, Louisville and Erie have gone to work. MILWAUKEE. Oet. 31.-William Plankington said yesterday that early in December he would pay. as assignee for the Plankington Bank, a dividend of 15 or 20 per cent., and that that would be the only dividend paid this year. DULUTH, Minn., Oct. 31.-J. B. Stuphin, for a number of years prominent in Duluth in business and polities, made an assignment yesterday.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
