Bank of Minnesota (St Paul, MN)

Article Text

Trying to Get Even

NEW YORK, Dec. 23 -The sheriff to day received two attachments, aggregating $29,361, against the property in this city of the Back of Minnesota of St. Paul. which failed yesterday. One attachment of $21,361 was in favor of H. W. Millag on an assigned claim of the Third National bank of Boston and the other for $5,000 in favor of C. S. Loder. A deputy sheriff served copies of the attachments on the Chase National and Mechanics National banks

Article Text

BANK OF MINNESOTA

Work Will Commence Today Looking to Its Reorganization. St. Paul, Minn., Dec. 25.-John D. O'Brien, attorney for the Bank of Minnesota, announces that action will commence tomorrow looking to the reorganization of the bank. Both the stockholders and the depositors are in favor of putting the institution on its feet again, and the depositors are especially lenient in their demands. They are willing that their money shall be paid to them in four payments, in six, twelve, eighteen and twenty-four months. The stockholders will be asked to advance $600,000. This, with the good loans, will considerably more than pay every depositor dollar for dollar. It is now expected that the receivers can be discharged and the bank be put in the hands of its officers again by the middle of January. As the stockholders' bank has been a feeder of the older institution is will be reorganized on the same basis.

Article Text

TO BE REORGANIZED

Stockholders and Depositors Desire the Bank of Minnesota to Resume. ST. PAUL, MINN., Dec. 25.-John D. O'Brien, attorney for the Bank of Minnesota, announces that action will commence to-morrow looking to the reorganization of the bank. Both the stockholders and the depositors are enthusiastically in favor of putting the institution on its feet again, and the depositors are especially lenient in their demands. They are willing that their money shall be paid to them in four payments in six, twelve, eighteen and twenty-fo r months. The stockholders will be asked to advance $600,000. This, with the good loans, will considerably more than pay every depositor dollar for dollar. It is now expected that the receivers can be discharged and the bank put in the hands of its officers again by the middle of January. As the Stock Yards bank is a feeder of the older institution, it will be reorganized on the same basis.

Article Text

The Bank of Minnesota

ST. PAUL, Minn., Dec. 27.-A meeting of the officers, directors and a few stockholders of the Bank of Minnesota has been held and the present situation of affairs discussed. After carefully going over the situation, the following resolution was offered and unanimously adopted: "Resolved, That it is the sense of the directors, stockholders and persons present at this meeting that the Bank of Minnesota be reorganized." A committee of three. consisting of Messrs. William Dawson, E. W. Peel and Arnold Kalman, was apointed to formulate a plan of reorganization, and the meeting adjourned to be called together by the committee. The reorganization will be formulated early this week. Anxiety is expressed by everybody connected with the affair, including the receivers, to facilitate the speedy reopening of the bank. Receiver Seymour is giving his time to the financial affairs of the bank, and a complete statement of its condition is expected shortly.

Article Text

GETTING ON ITS FEET AGAIN

Bank of Minnesota Prepares for Reorganization. ST. PAUL, Dec. 27.-A meeting of the officers, directors and a few stockholders of the Bank of Minnesota has been held and the present situation of affairs discussed. After carefully going over the situation a resolution was adopted that the bank be reorganized. A committee of three, consisting of William Dawson, E. W. Peet and Arnold Kalman, was appointed to formulate a plan of reorganization, and the meeting adjourned to be called together by the committee. The reorganization will be forntulated early this week, including the receivers, to facilitate the speedy reopening of the bank. Receiver Seymour is giving his time to the financial affairs of the bank and S. complete statement of its condition is expooted shortly.

Article Text

WILL REORGANIZE A ST

PAUL BANK. Stockholders of the Bank of Minnesota Pass Resolutions. ST. PAUL, Dec. 27.-A meeting of the officers, directors and a few stockholders of the Bank of Minnesota has been held and the present situation of affairs discussed. After carefully going over the situation, the following resolution was offered and unanimously adopted: Resolved, That it is the sense of the directors, stockholders and persons present at this meeting that the Bank of Minnesota be reorganized. A committee of three, consisting of Messrs. William Dawson, E. W. Peet and Arnold Kalman, was appointed to formulate a plan of reorganization and the meeting adjourned to be called together by the committee. The reorganization will be formulated early this week. Anxiety is expressed by everybody connected with the affair, including the receivers, to facilitate the speedy reopening of the bank. Receiver Seymour is giving his time to the financial affairs of the bank and a complete statement of its condition is expected shortly.

Article Text

PAYING TELLER SHORT

Chicago, Dec. 28.LA special from St. Paul says: Leander Bourch, paying teller of the suspended Bank of Minnesota, has disappeared. There is a small discrepancy in his acocunts.

Article Text

Chicago, Dec. 28.-A special from St. Paul, Minn., says: Leader Bosch, paying teller of the suspended Bank of Minnesota, has disappeared. There is a small discrepancy in his accounts.

Article Text

WILL REORGANIZE Officers and Directors of the Minnesota Meet. St. Paul, Dec. 28.-A meetir officers. directors and a few 8 ers of the Bank of Minnesota at the bank, and the present of affairs discussed. After going over the situation the resolution was offered and ly adopted: "Resolved, That it is the the directors, stockholtlers and present at this meeting that of Minnesota be reorganized. A committee of three, cons Messrs. William Dawson, E. and Arnold Kalman, was app foribulate a plan of reorganiz the meeting adjourned to be gether by the committee. ganization committee will go at once, and it is thought the of reorganization will be fo early this week. Anxiety is by everybody connected with fair, including the receivers, tate the speedy re-opening bank.

Article Text

ALL SERENE

St. Paul Seems to Have Entirely Recovered from the Financial Flurry. St. Paul, January 5.-In banking cir. cles to-day it seemed almost as if the scare had gone with the blizzard for the banks were very much less wor. ried by withdrawals. The banks that closed yesterday were in charge of their clerical forces, making up the reports Maurice Auerbach, as receiver, took the place of Bank Examiner Kenyon in charge of the Allemania, his bond of $250,000 being filed this morning. The re-organization committee of the stock. holders of the Bank of Minnesota is meeting with the heavier depositors to devise a means or re-organization. Thirty depositors, with $175,000 in the bank, were at yesterday's meeting. The depositors of the Union Stockyards Bank at South St. Paul, are to meet later in the week to consider the subject of re-organization, the receiver's report showing the bank to be in good condition.

Article Text

MINNESOTA BANKS RECOVERING, Reorganization to Be Pushed Forward Speed. ST. PAUL, MINN., Jan. 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the past two weeks. The assets of the Germania Bank of St. Paul have been found in excellent shape and the reorganization will be pushed with all possible speed. The committees appointed by depositors of the Bank of Minnesota to look after their interests while the reorganization is being perfected, has met Wm. Dawson, president, and Wm. Dawson, Jr., cashier of the bank, and obtained from them as detailed accounts of the actual condition of the bank as they could furnish. This committee represents depositors who had on deposit more than $1.000,000, and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors shortly by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county is to do for funds with which to carry on business. In round figures there is fied up in city and county funds in the four suspended banks $300,000. of which $247,000 belongs to the city and $53,000 to the county

Article Text

WESTERN BANKS TO REORGANIZE

A Better Outlook in St. Paul and Minneapolis. Sr. PAUL, Minn., Jan. 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the last two weeks. The assets of the Germania Bank of St. Paul have been found to bein excellent condition, and the reorganization will be pushed with all possible speed. The committee appointed by depositors of the Bank of Minnesota to look after their interests while a reorganization is being perfected has met William Dawson. President, and William Dawson. Jr., cashier of the bank. and obtained from them detailed accounts of the condition of the bank. This committee represents depositors who had on deposit more than $1,000,000. and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors soon by which they eventually will receive dollar for dollar. A serious question now being agitated is what the city and the county are to do for funds with which to carry on current business. In round figures there is tied up in city and county funds in the four suspended banks $300,000. of which $247,000 belongs to the city and $53,000 to the county.

Article Text

ST. PAUL BANKS RECOVERING. Reorganization Proceeding - Question as to Public Funds. ST. PAUL, MINN., January 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the past two weeks. The assets of the Germania Bank of St. Paul have been found in excellent shape, and the reorganization of the institution will be pushed with all possible speed. The committee apppointed by the depositors of the Bank of Minnesota to look after their interests while reorganization is being perfected has met William Dawson, president, and William Dawson. Jr., cashier of the bank, and obtained from them as detailed accounts of the actual condition of the bank as they could furnish. This committee represents depositors who had on deposit more than $1,000,000 and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors shortly, by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county are going to do for funds with which to carry on current business. In round figures, there is tied up in city and county funds in the four suspended banks $300,000, of which $247,000 belongs to the city, and $53,000 to the county.

Article Text

CONDITION AT ST

PAUL. Marked Activity in Banking Circles-The City in a Bad Way Financially. St. Paul., Minn., Jan. 8.-The banks of St. Paul and Minneapolis are recovering much more rapidly than was expected from the shock of the past two weeks. The assets of the Germania bank of St. Paul, have been found in excellent shape and the reorganization will be pushed with all possible speed. The committee appointed by depositors of the Bank of Minnesota to look after their interests while a reorganization is being perfected has met William Dawson, president, and William Dawson, Jr., cashier of the bank, and obtained from them as detailed accounts of the actual condition of the bank as they could furmish. The committee represents depositors who had on deposit more than $1,000,000, and are willing to act together in the matter of reorganization through the committee. It expects to have a plan to present to the depositors shortly by which they will eventually receive dollar for dollar. A serious question now being agitated is what the city and county is to do for funds with which to carry on the current business. In round figures there is tied up in the city and county-funds in the four suspended banks $300,000, of which $247,000 belongs to the city, and $53,000 to the county.

Article Text

MINNEAPOLIS

OFFICE 29 SOUTH FOURTH STREET.

MINNEAPOLIS GLOBULES.

Samuel S. Thorpe took out a permit yesterday to construct a two-story addition to the business block Nos. 1717-1721 Nicollet avenue, to cost $15,000.

Wallace B. Chandler, city ticket agent for the Soo line, left last night on a trip through the Kootenai country. He will be away three weeks.

Notice was served upon the mayor yesterday of a suit against the city, brought by James Connelly for $4,075 damages for personal injuries received Dec. 9 last while working on the reservoir.

"The War of Wealth," one of Jacob Litt's strongest dramatic ventures, is this week beig presented at the Bijou. The play abounds in startling situations, thrilling climaxes and nerve-thrilling incidents.

A special meeting of the Taxpayers' league, to consider and take action in reference to the tax bills now pending in the state legislature, will be held at the Commercial club rooms, Kasota block, today at 11 a. m.

William Harris, an ex-convict, was fined $50 or sixty days after being examined in the municipal court yesterday morning, on a charge of vagrancy. He was then given half an hour in which to leave town. He left in haste.

Ald. Lars Rand returned yesterday morning from a professional trip to Louisville, Ky., where he has spent the past two weeks in trying a lawsuit, in which certain securities deposited in the suspended Bank of Minnesota, of St. Paul, were involved.

Zion Commandery No. 2, K. T., will confer the order of the Red Cross this evening at the close of the regular conclave. Petitions for orders presented at this conclave will be balloted on in time to confer the Order of Malta on the petitioners at the grand festival of March 31.

Owing to some misunderstanding the case of Charles F. Haney, which had been supposedly set for 10 a. m. yesterday morning before Judge Belden, did not come up. After a consultation between judges and attorneys, the case was finally set for Thursday at 10 a. m., before Judge Smith.

Frank Holasek, a well-known attorney, appeared in the police court yesterday morning and pleaded guilty to the charge of giving a check to S. E. Olson & Co. for $10 on the Bank of Minneapolis when he had no deposit. He was fined $50 or sixty days, this being his second offense.

J. J. Murphy was fined $15 or twenty days yesterday morning by Judge Kerr for reckless driving. He admitted being under the influence of liquor last Saturday night when he was arrested, and did not know what he was doing. Edward Johnson was brought up on a similar charge and received the same sentence.

The chief of police issued orders yesterday morning to Capt. Corkran, ordering the central station squad to see that all basket peddlers be kept off Nicollet avenue from Washington avenue to Seventh street. At the last meeting of the council such a resolution passed, and the chief is determined to see that its provisions are carried out to the letter.

Article Text

PAY OF RECEIVERS OPPOSITION TO THE REQUEST OF FRANK SEYMOUR AND W. H. LIGHTNER. OTIS MAKES A STATEMENT. TELLS HOW HE HAPPENED TO MAKE THE SELECTIONS HE DID. CREDITORS WATCHING THE CASE. & Some of Them Think Mr. Seymour Should Work Without Drawing Any Compensation, When the receivers of an insolvent bank apply to the court for compensation for their services, the depositors of the bank keep close tab on the date of the hearing. At least Judge Otis was impressed to that effect at special term yesterday forenoon when the applications of Receivers Seymour and Lightner, of the Bank of Minnesota came on for a hearing. Thinking that the application was to be heard by Judge Kelly, the depositors at first swarmed in and about the little court room on the second floor of the court house, where Judge Kelly is trying court cases this term. Apprised that the hearing was to take place before Judge Otis in court room No. 4, the crowd rushed upstairs and quickly occupied every seat. The later arrivals stood up. During the proceedings one of the interested spectators, T.J. O' 'Brien, addressed the court and objected to the allowance of any compensation to Receiver Seymour, because of Mr. Seymour's indebtedness to the bank. Judge Otis admonished Mr. O'Brien and the other spectators, that the ordinary procedure of the court required that those interested should speak to the court through their attorneys. The applications of Receivers Seymour and Lightner, for a monthly compensation were heard. but the entire matter was continued until next Saturday. Mr. Lightner did not ask for any specific amount, but Mr. Seymour asked for a monthly allowance of $250. Strenuous objection to the allowance was manifested by the depositors present, inasmuch as Mr. Seymour admits that he is indebted to the Bank of Minnesota in the sum of $23,000. Counselor McDermott. representing certain depositors, suggested to the court that the matter be continued for one week. in order that the securities for Mr. Seymour's indebtedness might be looked into. Attorneys for other depositors favored a continuance of the matter. It was also objected that the amount of compensation which Mr. Seymour expected to receive was in definitely stated. He asked for a monthly allowance of $250. How much more did he expect? At this stage of the proceedings Judge Otis made the following statement: I am glad to see so many persons present here, those who I suppose are creditors of the bank and interested in these proceedings. Mr. Seymour was recommended by the attorney general of the state. by the president and cashier of the bank. and his appointment seemed satisfactory to all concerned. He was acknowledged to be a man thoroughly competent for the trust, and it was stated that his whole time should be given to the work of the receivership. The appointment of Mr. Seymour strongly commended itself to me as a proper one. I did not know at the time that Mr. Seymour was indebted to the bank: I did not see him until the appointment had been made. I believe that everyone would have said that his secured paper was as good as gold. Had I known that he was a debtor of the bank. some further examination might have becn made at the time. I have been advised that he has devoted his entire time to the work and that his services have been valuable and necessary. I understand that he has taken measures to make his debt good with security. He owes the bank $23,000. secured as well as he can secure it. His services are very valuable. and the creditor is yet to be found who desires his removal. He is entitled to compensation so that he may be enabled to live. If he is compelled to turn over all his earnings, he must retire from the receivership of the bank. As to Mr. Lightner, his appointment was asked for by no one. He was not aware that he was to be appointed and did not know of the appointment until after it

Article Text

TO ENFORCE LIABILITY

Receivers of the Bank of Minnesota Take Up the Case. Judge Otis listened to testimony yesterday in the action brought by F. A. Seymour and W. H. Lightner, as receivers of the Bank of Minnesota, against the Bank of Minnesota and the stockholders of that institution. The action is to enforce the liability law as to the one hundren and odd stockholders who owned stock valued at $600,000. The receivers state that although demand has been made on the stockholders, but thirty have paid since the last demand was made in December, 1897. Of the thirty stockholders fifteen paid dollar for dollar to the amount of $64.30 and the others surrendered dividends aggregating $14,128.76, which has been applied on the stock. The receivers were represented in court by Young & Leightner and the defendants by Kellogg & Severance, with a dozen or more of counsel. After hearing the testimony of William Dawson, F. A. Seymour, C. W. Copley, P. T. Streit, Adam Beyer, Lawrence Brennan, R. J. Wood, John G. Stine and W. H. Gardner, the case was continued to one week from today, when arrangements will be made and the case submitted. The question of the double liability of the stockholders will be considered by the court in the case.

Article Text

LIFE INSURANCE DIVERTED.

It was generally understood in this city that the late Lewis Baker carried a large amount of life insurance. A telegram from St. Paul states that one policy, for $30,000, was hypothecated to the Bank of Minnesota in 1892 for a loan of $25,000. The bank afterwards failed, but the receiver kept the premiums on the policy paid up, and since Mr. Baker's death will be entitled to the face value of the insurance. The amount of the original note and interest will absorb the total amount.

Article Text

E. De F. Barnett, assignee of A. H. Castle & Co., and his attorney, Fred W. Dickson, are taken down the line in a document filed in the Hennepin county district court by Frank A. Seymour and W. H. Lightner, receivers of the Bank of Minnesota, St. Paul.

The document is in the nature of objections to the account of the assignee, who was given charge of the estate over three years ago. The objectors charge him and his attorney with incompetency and neglect, and ask that he be given no compensation for his services. They allege that the bill of Mr. Dickson for

Article Text

FOUND DEAD IN BED.

Demise of William Dawson, Sr., a Minnesota Pioneer.

St. Paul, Feb. 20.-William Dawson, Sr., was found dead in bed at his apartments in the building, Summit avenue and St. Albans street. Heart failure is assigned as the cause.

Deceased was among the early pioneers of the city, and for many years figured in the front rank of the men who built up St. Paul. He was the president of the Bank of Minnesota, and since the failure thereof he has not been seen much in public. His health was failing prior to the collapse of the bank, which, with assignment of the St. Paul Plow works, wiped away his entire fortune.

Article Text

district were present as principals and witnesses. The commission, after the testimony was in, took the question submitted under consideration and a finding will be rendered in due time.

Eighteen Nebraska farmers have secured tracts of land near Woodland, in this county, and intend to engage in their calling under better surroundings and with brighter prospects of an adequate return than in the land of cyclones and grasshoppers. The Stevens farm has been purchased and divided into small tracts for individual cultivation. It is not a co-operative colony, but a neighborly adaptation of resources for mutual benefit.

The buildings formerly occupied by the Olympia Door Co., on Jefferson street, and part of the motive power, have been purchased by H. G. Richardson, who will extend thereby the capacity of his shingle-mill. A lease of the ground on which the buildings stand has been obtained from Mr. Harkness, its owner, for a term of years, and Mr. R. may soon boast of possessing one of the largest and best equipped shingle-mills in the State.

The receiver of the defunct Bank of Minnesota, at St. Paul, has bought suit in the Superior Court of this county against Edmund Rice and Isaac W. Anderson, to recover the sum of $21,617, principal and interest on certain notes given by them. Mr.

Article Text

IN OFFICE 45 YEARS

Veteran Mayor of St. Paul to Quit Public Life a Poor Man. St. Poul, Minn., Feb. 6.-Robert A. Smith, the venerable mayor of St. Paul who has held public office for fortyfive years, and who has occupied the mayor's chair for seven different terms and an unexpired half term, fifteen years in all, is down and out and at the age of 80 years leaves politics without a cent. His action follows the determination of his party boss to run a different man for mayor during the pending city campaign, which involved brusque notice to the aged mayor that his years of political usefulness are at an end. "Bob" Smith, as he is affectionately known to both political parties, has had a political career equalled by but few men in the United States. Of the fifty-nine years since he became of age, forty-five have been spent in office. As a democrat he was for years practically invincible in his campaigns for municipal honors, and thruout his lifetime of public service he has successively won and held the friendship of a substantial factor of the opposing party, a fact which largely accounts for his exceptional record in public life. To once a man of much wealth, he is now penniless thru unsuccessful business ventures and misfortunes, and now with his wonderful vigor partially impaired, lacks even the modest competence which might mean the difference between comparative comfort and poverty. Nineteen different campaigns attest his political sagacity and success. During his life in Saint Paul he has paid the city $140,000 in taxes, but of what he has received from the city there is nothing left. In the gloom of the Bank of Minnesota failure, a memorable financial disaster, "Bob" Smith loomed up as a heroic figure and his entire personal fortune to the last dollar went to pay the claims of depositors. The bank finally paid 70 cents on the dollar, but he was financially ruined. Since that time his business ventures have been unsuccessful and he has never succeeded in regaining the lot ground. "Too old-we need a younger man" is the grim comment of his political managers. And with this curt verdict, altho hundreds of voters feel that the venerable politician could again win at the polls, he is reluctantly content. "De Bob" as he has often been satirically named, lacks the strength to take up the fight of the under dog, and has not for a singlehanded cammen power no one paign the resources against whose knows better than he. "I won't run again," he said, in commenting upon his long public life. "What there is left I shall need for my own support and it would not be wise to risk the money in an uncertain political fight. I shall go to California now, but I'm coming back and I'm going to vote at the next election too." The aged mayor will visit in Pasadena and spend a few weeks with his old time political associates.

Article Text

his political sagacity and success. During his life in St. Paul he has paid the city $140,000 in taxes, but of what he has received from the city there is nothing left. In the gloom of the Bank of Minnesota failure, a memorable financial disaster, "Bob" Smith loomed up as a heroic figure and his entire personal fortune to the last dollar went to pay the claims of depositors. The bank finally paid 70 cents on the dollar, but he was financially ruined. Since that time his business ventures have been unsuccessful and he has never succeeded in regaining the lost ground.

"Too old-we need a younger man," is the grim comment of his political managers. And with this curt verdict he is reluctantly content. "I won't run again," he said, in commenting upon his long public life.