Bank of Hamline (St Paul, MN)

Episode Information

Episode UID
6699455691297
Episode Type
Suspension → Closure
Bank Type
private
Bank ID
669945569 hash
Start Date
January 17, 1908
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8c2f1853230cb3e2

Response Measures

None

Description

Articles state owner sustained heavy losses and banks suspended; no reopening or receivership mentioned.

Events (1)
1. January 17, 1908 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Owner A. H. (A. Z.) Drew sustained heavy losses and found it necessary to close the banks.
Newspaper Excerpt
St. Paul Banks Close. St. Paul, Minn., Jan. 18.-The Bank of Hamline and Midway bank, two private institutions in St. Paul, suspended payment yesterday.
Source
newspapers

Newspaper Articles (5)
1. January 18, 1908 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, January 18, 1908

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Article Text

DEEP IN TROUBLE Sovereign Bank of Canada Goes Into Liquidation at Toronto. HAS DONE BIG BUSINESS Seventy-six Branches Maintained in Various Parts of the CountryRecently Reorganized. Toronto, Ont., Jan. 18.-The Sovereign bank opened its doors today to only normal business. There was no run, depositors relying on the assurance that their money is safe. President Jarvis stated today there will undoubtedly be a surplus of assets for distribution to shareholders when the liquidation is completed. Has Many Branches. Toronto, Ont., Jan. 18.-The Sovereign Bank of Canada has gone into liliquidation and the bankers' association took charge of the assets this morning. The bank has 76 branches in Ontario, Quebec, the northwest and the maritime provinces. The Sovereign bank was organized in Toronto in 1904, with a capital of $1,500,000, which was increased in 1906 to $4,000,000. When the Dresdner Bank of Germany took $2,000,000 of its stock in June last, the whole reserve account of $1,250,000 was : wiped out, together with $1,000,000 of the capital, and the bank was reorganized with the following officers: Ame1 lius Jarvis, president; J. H. Dunn, representing the Dresdner interest, vice president, and F. G. Jennett, general, manager, succeeding Manager Stewart. Since the reorganization deposits have fallen off $3,000,000. St. Paul Banks Close. St. Paul, Minn., Jan. 18.-The Bank t of Hamline and Midway bank, two pria vate institutions in St. Paul, suspended payment yesterday. No statement as to resources or liabilities is obtainable. The banks were owned and operated S by A. Z. Drew, registrar and professor t of mathematics at Hamlin university, : a Methodist institution in this city. . Midway bank was capitalized at $10,O 000 and deposits recently reported $40,a 000, placed in the main by working n men living in the vicinity.

2. January 20, 1908 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, January 20, 1908

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Article Text

Two Small Banks Suspend. St. Paul, Jan 20.-Two banks owned by A. Z. Drew, régistrar of Hamline university, the Bank of Hamline and the Midway bank, have closed their doors. The former institution is located in Hamline, a suburb of St. Paul, the other in the Exposition building at Midway. Professor Drew was at the head of both instituiions.

3. January 22, 1908 New Ulm Review New Ulm, MN
Article from New Ulm Review, January 22, 1908

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Article Text

Two Small Banks Suspend. Two unimportant banks owned by A. Z. Drew, registrar of Hamline university, the Bank of Hamline and the Midway bank, have closed their doors. The former institution is located in Hamline, a suburb of St. Paul, the other in the Exposition building at Midway. Professor Drew was at the head of both institutions.

4. January 23, 1908 The Dakota Chief Gann Valley, SD
Article from The Dakota Chief, January 23, 1908

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Article Text

TWO ST. PAUL BANKS FAIL. Both Small Concerns Owned by a Professor in a University. St. Paul, Minn.: The Bank of Hamfine and the Midway bank, two small private institutions in St. Paul, suspended payment Friday. The two banks were owned and controlled by A. H. Drew, registrar and professor of mathematics at Hamline university, a Methodist institution in this city. The Midway bank was capitalized at $10,000, and the deposits were recently reported to be about $40,000, placed there by many workingmen living in the vicinity. Many of the depositors of the Bank of Hamline were students in Hamline university. The only statement given out at the Drew residence Friday night was that Mr. Drew had sustained heavy losses and had found it necessary to close the bank.

5. January 23, 1908 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, January 23, 1908

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Article Text

COLLEGE BANK IN ST. PAUL SUSPENDS St. Paul, Minn., Jan. 21.-The Bank of Hamline and the Midway bank, two small private institutions in St. Paul, have suspended payment. The two banks were owned and controlled by A. H. Drew, registrar and professor of mathematics at Hamline university. & Methodist institution in this city. The Midway bank was capitalized at $10.000 and the deposits were recently reported to be about $40,000, placed there by the many workmen living in the vicinity. Many of the depositors of the Bank of Hamline were students in Hamline university. The only statement given out at the Drew residence was that Mr. Drew had sustained heavy losses and had found it necessary to close the bank. These two banks were the only private ones in St. Paul. Mr. Bridgeman, of Hamline university, said the college would lose nothing by the failures.