Article Text
Expect Soon to Resume. MINNEAPOLIS, June 28.-The American Exchange bank of this city has temporarily suspended payment, but it is expected to resume business in a few days.
8556. American Exchange Bank (Minneapolis, MN)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- June 28, 1893
- Location
- Minneapolis, Minnesota (44.980, -93.264)
Metadata
- Model
- gpt-5-mini
- Short Digest
645d833523e5308c
Response Measures
None
Description
Contemporary reports (June 28–July 1893) state the American Exchange Bank of Minneapolis 'temporarily suspended payment' or 'closed its doors' owing to the money stringency (the 1893 panic). Subsequent items show receivers/assignees, state suits to recover deposits, and unpaid balances—indicating the suspension became a permanent failure with a receiver/assignee handling assets. I classify this as a suspension followed by permanent closure/receivership. Bank type is not explicit in the texts (name lacks 'National' or 'State'), so set to unknown. Dates are taken from the newspaper items; OCR errors corrected (e.g., 'Minheapolis' -> Minneapolis).
Events (5)
1.
June 28, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Reports cite the general money stringency/financial panic of 1893 as the reason for the temporary suspension of payments.
- Newspaper Excerpt
- The American Exchange bank of this city has temporarily suspended payment
- Source
- newspapers
2.
June 29, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Contemporaneous lists of failed banks (June 29, 1893) show the bank among institutions that 'closed their doors' in the monetary stringency; indicates the suspension effectively became a closure.
- Newspaper Excerpt
- The American Exchange Bank of Minheapolis has fermée ses portes / closed its doors
- Source
- newspapers
3.
July 1, 1893*
Receivership
- Newspaper Excerpt
- The assignee of the American Exchange bank has begun suit ... / the assignee of the American Exchange bank has begun suit against the Gun Flint Lake Iron company to collect $5,000 on a note (St. Paul Daily Globe, Aug 30, 1893). Later articles refer repeatedly to receivers and suits on the bank's assets and state claims against the receiver/assignee (1894–1901). In 1899–1901 receivership proceedings and asset relinquishment are reported. (OCR corrected.)
- Source
- newspapers
4.
January 24, 1894
Other
- Newspaper Excerpt
- An expert accountant ... into the three defunct banks of that city, the American Exchage ... claims to have brought to light proof ... (investigation of misappropriation of public funds). Receiver stipulated ... ordered payment ... the receiver pay the state the $10,000 (articles 1894–1895).
- Source
- newspapers
5.
February 25, 1899
Other
- Newspaper Excerpt
- The American Ex-change bank have been sued and the state is not sanguine of recovering very much ... (state pursuing recovery from bondsmen and receivers).
- Source
- newspapers
Newspaper Articles (19)
Click image to open full size in new tab
Click image to open full size in new tab
Article Text
Faillites da Banques La "City National Bank" de Greenville Mich. 8 suspendu ses paiements. Est fermée également la "Ridgeway Bank" de Ridg way Pa. Passif 236000 doilars. La Todd County Bank de Long Praire Minn a fait faillite. La "St Paul & Minneapolis Trust Co" de Minnespo'is dont l'ex gouverneur A. McGill est président a déposé son bilan. L'inspecteur des banques M. Caldwele a ordonné la fermeture de la "Cty National Bank" de Greenville Mich. Passif encore inconnu. La "Queen City Bank" de Buffulo N. Y. ayant un capital de 600,000 dollars a suspendu ses paiemente. Fredman & Fredman de Chicago ont déposé leur bilan ainsi que Sherman & Byrne de New-York et Creety & Noyes de Boston. L'American Exchange Bank de Minheapolis a fermée BES portes. La "First National Bank" et la Commercial Bank" toutes deux de Santa Anna Cal. n'ont pas ouvert leuis portes samedi dernier. Les portes de la "Peoples Bink" de Pomoma Cal. sont restées her métiquement closes lundi matin. La "Bank of Commerce" de San Diego, Cal. a fait faillite. Il en est de même de la "Loan & Savinga Bank" de Tresno Cal La "State Bank" et la "Bank of New England" de Minneapolis ont suspendu leurs paiemente. MM. B iri et Bradly de Chicago ont fait faillite. Passif 400,000. Tombées également: "The Sabina Bank" of Wilmington, Ohio et la "Bank of Ness City," Kansas. Quand donc la serie sera-t-elle terminée?
Click image to open full size in new tab
Article Text
Expect Soon to Resume. MINNEAPOLIS, June 28.-The American Exchange bank of this city has temporarily suspended payment. but it is expected to resume business in a few days.
Click image to open full size in new tab
Article Text
BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. BUFFALO, N. Y., June 27.-The Queen City bank, which was started here a little over a year ago, closed its doors shortly after noon Monday. F. M. Englehart, one of the directors, said that the suspension was due to a steady drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had. It owes its depositors over $1,400,000. The liabilities of the bank according to the June report are $2,328,754. The assets are unknown. TOPEKA, Kan., June 27.-The bank of Ness City has closed its doors with but $85.39 in cash on hand. Deposits amount to $31,360, with other liabilities of $4,000. It has loans aggregating $74,000, mostly on real estate, from which but little can be realized. The capital of the bank is $40,000. MINNEAPOLS, Minn., June 27. The Bank of New England closed its doors yesterday. SABINA, O., June 27. The Sabina bank was forced to suspend yesterday. MINNEAPOLIS, Minn., June 28.-The American Exchange suspended temporarily owing to the money stringency. It has $500,000 authorized capital stock, with $50,000 paid up. Depositors will be paid in full.
Click image to open full size in new tab
Article Text
BY THE WAYSIDE. You will find a full line of table damasks, napkins and white goods at 228 Central Ave., O. T Swett. William Bennett has begun suit against Patrick Watson and others to quiet title to some farm property in Hennepin county. The State Bank of Minneapolie has made an assignment for the benefit of its creditors to George A. Fletcher. The affidavit of valuation places the assets at $600,000. At a meeting of the Board of County Commissioners, held Monday, John F. Walsh, of the East Side, was elected keeper for the new county morgue on the second ballot. Burglars enterered the residence of W. J. Murphy, manager of the Tribune, Tuesday morning at an early hour. They did not succeed in getting any articlea of value. The Young Ladies' Sodality of the Immaculate Conception church are making preparations for a lawn festival to be given on July 12th at Hawthorne avenue ani Thirteenth street. The American Exchange bank, located at the corner of Nicollet avenue and Sec ond street north, temporarily suspended payment Tuesday morning, but it is expected to resume business in afew days. The monthly report of Supt. Jordan, submitted at Tuesday's meeting of the Board of Education, showed a total enenrollment of 25,503 pupils for June as against 23,793 for the corresponding month of last year. Mrs. Chambers, an old and highly respected resident of South Minneapolis for many years, died at her late home, 2015 Franklin avenue, on Thursday and was buried from Holy Rosary church this morning. Interment took place at St. Mary's cemetery. Mgr. Satolli paid a visit last week to the Dominican Fathers of this city. He
Click image to open full size in new tab
Article Text
WEST AND SOUTH. THE firm of S. & G. Gump, dealers in art goods at Nan Francisco, made an assignment with liabilities of $140,000. THE death of Rev. W. W, Kone, aged 90 years, occurred at Denison, Tex. He was the oldest Baptist minister in the United States, having entered the ministry at the àge of 18, THE Bank of New England at Minneapolis, Minn, the Sabina (O.) bank and the bank of Ness City, Kan., closed their doors. The governor of Illinois has pardoned Michael Schwab, Samuel Fielden and Oscar Neebe, the anarchists sentenced to state's prison on the charge of complicity In the Haymarket massacre in Chicago May 4, 1886. Fielden and Schawb were sentenced to prison for life and Neebe for fifteen years. IN Detroit Frank Hayes, aged 20 years. was found guilty of murder and sentenced to imprisonment for life. THE Merchants' national bank at Moorhead, Minn., was entered by a masked man who covered the teller with a revolver and secured $2,600. T wo INDIANS, Kozine and Moneypenmy, were found guilty at Madison, Wis, of the murder of Boneash and his squaw last fall. At Lebanon, Ind., William Ransdell was bitten by a tarantula while handling bananas. In the bunch of bananas a bunch of 200 young tarantulas was found. Ransdell may recover, THE state liquor dispensary of South Carolina has begun business and all saloons would soon be closed. THE Savings bank at Fresno, Cal., and the Bank of Commerce at San Diego, Cal., which suspended recently, have resumed business. ON a bicycle H. H. Wyllie made the 1,000 miles from New York to Chicago in ten days and four hours. BERRY won the cowboy race to CHP began at Chadron, Neb., June 13. making the 1,040 miles in 13,days, 15 hours and 35 minutes-an average of 77 miles daily. Wine attempting to escape from the prison at Folsom, Cal., three convicts were shot dead by guards. AT Edinburg, Ill., G. P. Harrington, bankers failed for $200,000. American exchange bank of Minneapolis, Minn., and the Second national bank of Ashland, Ky., closed their doors. THE failure was reported of the Bedford (Ind.) Stone Quarries company, the largest producers of politic lime stone the world
Click image to open full size in new tab
Article Text
WEST AND SOUTH. AT Lebanon, Ind., William Ransdell was bitten by a tarantula while handling bananas. In the bunch of bananas a banch of 200 young tarantulas was found. Ransdell may recover. THE state liquor dispensary of South Carolina has begun business and all I saloons would soon be closed. THE Savings bank at Fresno, Cal., and the Bank of Commerce at San Diego, Cal., which suspended recently, have resumed business. ON a bicycle H. H. Wyllie made the 1.000 miles from New York to Chicago in ten days and four hours. BERRY won the cowboy race to Chicago which was begun at Chadron, Neb. June 13, making the 1,040 miles in 13 days, 15 hours and 35 minutes-an average of 77 miles daily. WHILE attempting to escape from the prison at Folsom. Cal., three convicts were shot dead by guards. AT Edinburg, III., G. P. Harrington, a private banker. failed for $200,000. THE American exchange bank of Minneapolis, Minn., and the Second national bank of Ashland, Ky., closed their doors. THE failure was reported of the Bedford (Ind.) Stone Quarries company, the largest producers of oolitic limestone in the world. IN Chicago the Illinois Fuel company, with assets of $150,000 and liabilities of $100,000, has been driven to the wall. THE monetary stringency caused the assignment in Cincinnati of Bennekamp Brothers, furniture manufacturers, and the Louis Snyder's Sons Paper company. A TRAIN struck a buggy in which were Mrs. Inholsen and three children in Chicago and two of the children were killed and the other fatally injured. THE lives of Mrs. Catherine Neumann and her three children, aged 20, 15 and 12 years respectively, were lost in flames that destroyed their home in Saginaw, Mich. JOHN HUDSON died near Battle Creek, Mich., aged 101 years. AT Oakley, Kan., a tornado destroyed thousands of dollars' worth of property. A strip of country 1 mile wide and 6 miles long was swept clean. every building in its path being torn into kindling wood. FIRE wiped out the business portion of Union City, Ind. BECAUSE she refused to live with him, Jacob Lyons, a farmer at Ottawa. O., fatally shot his wife and then killed himself. IN state convention at Cleveland the Ohio prohibitionists nominated the following ticket: For governor, Rev. Gideon P. Machlin, of Germantown: lieutenant governor, S. H. Ellis, of Warren county: treasurer, Abram Ludlow, of Springfield; attorney general, S. E. Young, of Portage; supreme court judge, J. A. Gallagher, of Bellaire. The platform adopted favors absolute destruction of the liquor traffic, indorses woman suffrage, the granting of liberal pensions, the revision of the immigration laws and the election of president and United States senators by direct vote of the people. ON trial at Atlanta, Ga.. for the murder of her two sisters Julia Force was declared not guilty and will be confined in an insane asylum. FLAMES swept away the principal part of the town of Lexington. O. T., and two men perished in the flames. AT Fairfield, Ia., Charles Wilson shot his wife fatally and then fatally shot himself. Domestic trouble was the cause. THE cabinet of the Epworth league of the United States adopted a resolution at a meeting in Cleveland which instructs the withdrawal of the league's exhibit at the world's fair because of Sunday opening.
Click image to open full size in new tab
Article Text
MINNEAPOLIS. MINNEAPOLIS GLOBULES. James Carter asks $6.000 from the street railway company for alleged personal injuries. The assignee of the Farmers' and Merchants' State bank has begun suit to collect $3,882.37 on notes. Alme Hunter bas begun suit against the street railway company to collect $26,488 for personal injuries. Preparations are afoot for the early reopening of the Commercial bank, on the East side, which suspended some weeks ago. T. J. Price, of the Kellogg Newspaper company, and wife jeft last night to attend the golden wedding anniversary of his parents. Next Monday evening the Wilburs will return with "The Royal Middy, which was well liked when produced in St. Paul this summer. Henry Merchant is of the opinion that the street railway company has injured him to the extent of $6,084, and he has brought suit for that amount. Mayor Eustis says he will be obliged to veto the orders for a large number of sewers, watermains, etc., presented by the council of list Friday's meeting. William Hickey. of Hopkins, was brought into the city tied hand and foo yesterday afternoon and given twenty days in the county jail for beating hi children. The Gun Flint Lake Iron company which has been sued for its indebted ness to the State bank, made an assign ment yesterday to W. H. Lynn. A1 affidavit of valuation places the asset at $10,000. The assignee of the American Ex change bank has begun suit against the Gun Flint Lake Iron company to collec $5,000 on a note. A second action agains the same party is to collect $4,000 on the same grounds. A committee of laboring men calle yesterday morning upon the mayor t ask about a proclamation for Labor Day While the mayor not promise to issu the proclamation, the committee is hope ful that he will issue it. Lars G. Lundquist asks the court fo a dissolution of the firm of James Bla don & Co. that he may secure certai sums of money paid into the partner ship, because he claims Bladon refuse to make an account of the profits. A new department at the public li brary will be opened Sept. 1, the juven ile department. It will be located i the room now devoted to the display o old coins, and will contain a very com plete collection. John Drew and his clever company were greeted by another large audienc at the Grand last night. "The Maske Ball" fills the bill for light, pleasing comedy. Same bill all the week, with Saturday matinee. William Perry, who fell from a ladde and broke his back about two month ago, while putting in screen windows a 2401 Central avenue, was taken to St Mary's hospital yesterday morning The case is said to be a remarkable on from a medical standpoint. Dr. Caine, of Stillwater, who was in jured in an accident at Lake City dur ing the state encampment, and whos life was despaired of for several weeks was in the city last night, being ao corded a hearty welcome by his man friends. The building inspector has abou found out that the New England asso ciation is the real owner of the ol Tribune building, and as soon as th city attorney comes home will probabl go into court and ask that the receive be ordered to put the old ruin in a saf condition. The first open session of the revisio committee of the city council was hel yesterday morning, and about twenty five taxpayers were on hand to argu for or against several minor permaner improvements. The committee con
Click image to open full size in new tab
Article Text
DENIES THE ALLEGATIONS. Col. Bobleter Denies Receiving Interest on State Deposits. The Tribune of the 20th says: - A Minneapolis evening paper says that an expert accountant who has been making an investigation into the three defunct banks of that city, the A merican Exchage, State, and Farmers' and Merchants, claims to have brought to light proof that State Treasurer Bobleter has been the recipient of "personal interest!" It was found, the expert asserts, that drafts bearing interest at 3 per cent had been made out payable to different persons, and that before being returned to the bank the same had been paid to Bobleter. In a few cases only were the drafts!made out to Bobleter direct, nearly all of them being made payable to some bank employe or a citizen. Col. Bobleter was seen to-night regarding the matter and he made a denial simitar to that published by the Tribune in an interview with him when the charges were first made. "The receiver stipulated," Col. Bobleter said last night, "that we had $10,000 over and above what was necessary to pay the administration, ard on the strength of that Attorney-General Childs went before the court and asked for an order for payment of the $10,000 on the ground that the state was a preferred creditor, and that other moneys be paid as they were received until the*state claim was fully justified. The case was argued before Judge Smith a week ago last Monday. He filed his order with the clerk of the court that the receiver pay the state the $10,000. The money has not yet been paid over, but I presume it will be as I presented the order to the receiver a week ago lastMonday, though I have not seen him since. He said then that he wanted to wait a few days to see if anyone wanted to appeal from that order." Col. Bobleter was of the opinion that the report that the expert had discovered evidences of fraudulently acquired interest on state deposits had become mixed. "You will remember," he said. "that in
Click image to open full size in new tab
Article Text
A MINNESOTA SENSATION. $150,000 of Public Funds Said to Have Been Misappropriated. ST. PAUL, Minn., Jan. 16.-A boom-shell was exploded in the House of Representatives this afternoon in the shape of a resolution from Henry Feig, calling for an investigation of the financial affairs of the State, and making charges of misappropriation of public funds to the amount of $150,000, while over $300,000 was asserted to be carried on books as cash, when, in fact, it was on books of banks that have failed. The preamble recites that newspapers have stated that certain public officials, State and county, have demanded or received from financial concerns, commissions or gifts for their own use, in return for the deposit of public funds in such instances; that certain checks indorsed by public officials for cash payments are in the hands of officers of the court and of the receiver or assignee of the State Bank and American Exchange Bank of Minneapolis; that "The amounts so misappropriated will approach $150,000, which sum can and should be covered into the public treasury;" that for their personal gain public officials have deposited vast amounts of the public funds in involvant, or carelessly, if not criminally managed financial concerns and are now carrying as a cash balance $302,841 in alleged banks that have long since failed, making said claim actually valueless as a cash balnce if not for all other purposes while other portions of said alleged cases balances consist of deposits in concerns that if not actually insolvant, are on the verge of ruin; that the States treasurers have carried on their books for uncollected stumpage $94,930, being practically so much loaned to lumbermen by the State without interest to the State, "however much may have been paid to any others." The resolutions then provide for the appointment of a committee to investigate the matter thoroughly.
Click image to open full size in new tab
Article Text
# SHELLING THE WOODS. ## Henry Feig's Resolution to Smoke Out All Kinds of Frauds. The shouse met at 2 o'clock, pursuant to adjournment, and immediately foilowing prayer and roll call Representative Henry Feig introduced a somewhat sensational resolution-sensational in the extent of the corrupt practices it charges. The resolution is as follows: Whereas, It has been publicly stated in the press of this state, on examination and report by a competent accountant, that certain public officials-state and county-having charge of the public funds have heretofore demanded or received from certain financial concerns private commissions, gifts or emoluments in consideration or depositing certain public funds with such financial concerns, which commissions, emoluments or gifts have been appropriated to the private use and gain of such public officials, and contrary to the statute in such case made and provided; and Whereas, It is stated that certain checks for the payment of such illegal emoluments, commissions or gifts, and bearing the indorsement of certain public officials, are now in the custody of the courts of Hennepin county, or in the hands of the receiver or assignee of the State bank and American Exchange Bank of Minneapolis; and Whereas, It is believed that this practice has been going on for many years, and that the amounts so misappropriated will approach $151,000, which sum can and should be covered into the public treasury, thus materially lessening the burdens of the taxpayers, and Whereas, By reason of the pernicious practice and desire for unlawful personal gain, public officials have deposited vast amounts of the public funds in insolvent or carelessly, if not criminally managed financial concerns, and are now carrying as a cash balance $3,2.841.02 in alleged banks that have long since failed, making said claim actually valueless as a cash balance, if not for ali other purposes, while still other portions of said alleged cash balances consist of deposits in concerns that, if not actually insolvent, are on the verge of ruin; and Whereas, It has been stated that the amount of public funds deposited in financial concerns of this state is nearly equal, if not in excess of the actual amount of cash on hand by said concerns as a whole, and it is imperative that the public funds should be held as a sacred trust for the whole people and not to be used by public officiais and financial concerns for their own unlawful gain, or unnecessarily jeopardized or wasted; and Whereas, It appears by a report of the pine land investigating committee, filed with the governor on Dec. 21, 1891, that for many years last past the state treasurers have carried on their books on overdue drafts vast sums of money, due for uncollected stumpage, amounting in October, 1898, to $91,930.55; and Whereas, In addition to such amounts it appears that the state has been engaged in loaning money for an indefinite number of years to lumbermen, for which the state has seldom, if ever, received any interest, however much may have been paid to any others, if at all; therefore, be it Resolved. That a special committee of five members of the house be appointed by the speaker with instructions to forthwith institute First-A rigid inquiry into the financial condition and business affairs of banking or other corporations in this state which now hold on deposit or otherwise any public funds whatsoever. Second-A rigid inquiry into the manner in which public officials for a series of years past have been induced to place public funds in financial concerns, and especially to ascertain whether any present or past public official has received for his own private use or gain from any such financial concern, either directly or indirectly, any commission, emolument or gift. Third To institute inquiry as to the amount of public funds deposited in financial concerns since insolvent, and at whose instance deposited, when deposited, and whether any public official received any personal consideration therefor, together with all names. Fourth To institute inquiry into the amounts now or heretofcre deposited by any public official in any financial concern, of which any such public official was, or thereafter became an officer or stockholder. Fifth To institute inquiry into the amounts of bonds given by any financial concern for the deposit of public funds, and ascertain the names of such bondsmen, as near as may be their financial condition, their connection with the public official-making, and the institution receiving any such deposit, and the validity of such bonds. Sixth-To institute any and all other inquiries in connection with the subjects under investigation by the committee as may be found necessary to serve the ends of justice. Resolved, further, That said committee shall be and it is hereby empowered to send for persons and papers, and to have authority to summon and swear witnesses: also to employ such expert accountants as may be necessary, and a stenographer. Resolved, further, That all bills consequent upon this investigation shall, upon presentation, be audited by said committee, and when approved the chief clerk of the house shall draw his order in payment of the same. A communication was read from the game and fish commission inviting members to visit the state hatchery. Mr. Buck Introduced a resolution looking to the election of E. A. Taylor as reading clerk, which was referred to the committee on legislative expenses. Mr. Knuteson renewed his resolution to provide six copies of each day's journals for members who desired them, and this also went to the committee on legislative expenses. The citizens of Lakefield presented a petition asking for legislation calculated to check the growth of Russian thistle. The following bills were introduced and referred to the committees named in connection with each: By Mr. Geissler, H. F. 21. a bill to appropiate $5,000 for the opening of Lime creek in Freborn county. Roads and bridges. By Mr. Gibbs, H. F. 22, to define the powers of safe and trust companies. Judiciary. By Mr. Johnson, H. F. 23, to require railroads to post notices of train schedules in all depots. Railroads. By Mr. Johns, H. F. 24, to constitute certain legal works competent authority. Judiciary. By Mr. Smith, H. F. 25, to amend the General Laws of 1878-89 relating to filing of chattel mortgages. Judiciary. By Mr. Dahl, H. r. 26, to amend the special act of 1887, and to provide for two additional judges in the Fourth judicial district. Judiciary. By Mr. Zeir, H. F. 27, to require a public record of unknown and unclaimed bank deposits, and the publication of the same by judges of probate. Banks and banking. By Mr. Dahl, H. F. 28, to prevent fraudulent bankruptcy; guard against losses by same. Judiciary. By Mr. McInness, H. F. 29, to provide for the organization of boards of arbitration in case of labor strikes or disagreements. Judiciary. Ru My Saburmeler HE
Click image to open full size in new tab
Article Text
But Concluded to Let Go Later On--Proposed New Board TO INVEST STATE FUNDS. Report of the Feig Investigat. ing Committee, After Three Months. About the middle of January the of representatives appointed a committee, as chairman, to Feig house special investigate with Henry cer- the tain matters that are specified in report. The was more appended taken far-reaching labor under- than any one supposed it would be. Chairman Feig assumed the management and direction of the work, and for months the has a continued three been unremittingly investigation by clerk drawing $5 per day. such a report must for itself, and but can speak Naturally, abuses little be said as to possible not or as to the feasibility of sug- of made. As to the gestions interest found treasurers matter paid to state and Jonot covered into the treasury, reseph Bobleter is found to have ceived a large sum as "a gift or After consultation with committee this money emolument." the has and been Mr. turned over to the state, is complimented on relin- He his "claim' upon quishing Bobleter it. had desired to turn it over on rebut was advised the state had the on it. After no tiring, claim retaining changed amount several months he and the state is $3,024.66 off. Mr. Bobleter is his better mind, exonerated by the committee from any sus- in picion of questionable practices securing the "gift or emolument." Perhaps the most important recis for a law to create of investment, ommendation state board the to treas- mana state funds and relieve reage of a great deal of the assponsibility urer he is compelled to recsume at present. Many other merit ommendations of more or less here will be found in the report as printed THE in REPORT full: IN DETAIL. PAUL, Minn., April 22. 1895-Hon. House ST. R. Van Sant, Speaker of the special S. Representatives-S Your committee of appointed by and pursuant adopted following resolution, to to the the house Jan. 18, beg leave make by the following report: Whereas, it has been publicly examina- stated the press of this state, on acin and reports by competent countant, tions that certain public officials, of and county, having charge demandstate funds, have heretofore financial public received from certain gifts ed or private commissions, dein such or certain public funds positing concerns, emoluments consideration commissions, with of concerns, which of gifts have of to the private use to financial emoluments priated been and contrary gain appropublic officials, and in such case made pro- that whereas, it is of such vided, the statute and, payment stated and checks for the emoluments, and bearing the in such certain gifts, illegal commissions indorsement now or public officials, are of certain custody of the courts of Hennepin county, the or in the hands of the bank receiver and assignee of the State Minneor Exchange bank, of that and whereas it is for apolis, American going believed on practice has been so this years, and that the amount $150,many misappropriated will approach should be covwhich sum can and thus ma000, ered into the public treasury, of the terially lessening the burdens reason of taxpayers, and, whereas, by desire for pernicious practice and officials unlawful the personal gain, public public deposited vast amounts of if not have funds in insolvent, or carelessly, conmanaged cash and are now carrying as a that cerns, criminally, financial banks $302,841.02 in alleged said balance long since failed, making claim have actually valueless as a cash balif not for all other purposes, said alance, while still other portions of cash balances consist of depos- are its leged that, if not actually insolvent, on the verge of ruin, and, Whereas, It has been stated that the amount of public funds deposited was in financial concerns of this state the nearly equal to, if not in excess, hand of by actual amount of cash on it is as a whole, and that the public whole sacred trust for the imperative be said held concerns as funds should public and not to be used by for and financial unlawful gain or their people, officials and, unnecessarily concerns jeopadized or wasted, Whereas, It appears by report of filed the land investigatir committee, that pine with the governor Dec. 21, 1894, state years last past books have carried on treasurers for many their the of money overdue drafts vast sums due on for uncollected stumpage, amount- and, ing in October, 1893, to $94,930.55, Whereas, In addition to such it appears that the state has an engaged in loaning indefinite amounts, been money lumber- for number of years to seldom, for which the state has received any men, if ever, interest, however othmuch may have been paid to any ers, if at all; therefore, be it Resolved, That a special committee five members of the house instruc- be appointed of by the speaker, with tions to forthwith institute: First-A rigid inquiry into the matContinued on Eighth Page.
Click image to open full size in new tab
Article Text
result of the hullabaloo. The state treasurer, in response to the request of the senate, sent that body a detailed statement showing the amount of money originally in suspended banks, the amount which had since been paid and the ba'ance still remaining uncollected. The only banks where there seems likely to be a loss are the Farmers & Merchants' State bank, of Minueapolis, which still owes the state $21,000, and the American Exchange bank, of Minneapolis, where the balance due is something over $18,000. Even this may be collected from the bondsmen, but as it is over three years since the banks failed, it seems rather doubtful. The Bank of Minnesota, at St. Paul, had the largest deposit of any insolvent bank. amounting to over one hundred thousand dollars, but State Treasurer Koerner has already secured an order from the court directing the receivers to pay him $75,000 immediately out of funds they have in their hands. Considering that originally the state had $300,000 tied up, the ultimate loss. if any, will be very small. Mr. Jacobson offered a bill in the house yesterday which will facilitate the state in bringing suits to recover such property as the Mountain Iron mine, the Hastings & Dakota and other land grants which it is claimed have been improperly secured. This legislature is evidently determined to ascertain whether the created can be greater than the creator, or, in other words, whether the state has any rights that corporations are bound to respect. A bill was introduced in the house, in accordance with the usual method, which is the duplicate of one pending in the Senate appropriating $28,000 for the erection of a live stock ampitheatre and other improvements at the state fair grounds. The frequent introduction of the same bill in both houses indicates a dearth of material from which to make business to exhaust the ninety days. The cyclists do not seem to be strong in the house, as Mr. Grondahl's bill allowing cycle paths to be constructed along the highways does not seem to be popular. The house thinks it would interfere with the farmers, who have to rely upon the roads for marketing their produce. Mr. Jacobson said bicyclists were a nuisance; that they afflicted the cities but the farmers should unite to keep the nuisance out of the country districts. Tosave absolute defeat the bill was referred back to its author. St. Paul, Feb. 4.-You can put it on record that every legislative day which is not productive of a controversy is one day lost. The wrangle in the senate yesterday was over the confirmation of Mr. Griffin to a position on the state pharmacy board. The majority of the judiciary committee reported against him and the minority in his favor. The debate was so long protracted that the senators hungered and thirsted, taking a mid-day recess, only to return and continue the battle. In the end the appointment was confirmed, just as every other appointment the governor has made this winter has been, with the exception of Bundy of Otter Tail, whose name was withdrawn. for membership on the state board of equalization. There has been a good deal of bluster about defeating appointments made by the governor, but it is all ended in wind. In the case of Sheriff Block, of Nicollet county, the legislature even went so far as to remove a constitutional disability by passing an act allowing a sheriff to hold a position on the insane asylum board. The bill repealing the corrupt practice act was undefinitely postponed in the senate, notwithstanding Senator Greer's statement that the one man in the state who endeavored to live up to to it was defeated at the polls. The most important bill of the day was offered by Senator Miller. It provides for an additional assistant attorney general whose duty shall consist of prosecuting cases against railroads before the railroad commissioners. It carries with it a salary of 400. Another bill provides for the establishment of private cemeteries and crematories. It has for many years been a common thing for persons in Texas, Arizona and other untamed portions of the country, to have private cemeteries of their own, but this is the first movement of that kind in Minnesota. The location of the fourth insane asylum bobbed up serenely in the house yesterday. It came in the form of a resolution offered by Mr. Staples of Dakota county, providing for a joint committee of seven on the part of the house and four on the part of the senate to investigate the methods by which the asylum was located at Anoka. The resolution passed. There was a heated debate over the bill making the railroad commissioners elective. instead of being appointed by
Click image to open full size in new tab
Article Text
THE LEGISLATURE. Both Bodies Are in Good Working Order. Gossipy Letters Giving in Detail the More Important Work of the Senate and House of Representatives. St. Paul, Feb. 2.-Yesterday was cyclone day in the house, the senate not being in session. That is, it was chiefly devoted to wind. Only five bills were introduced, and aside from one reducing the legal rate of interest to 6 per cent and 10 per cent by contract, they were all of minor importance. The great bone of contention was the bill offered by Schmidt, of Duluth, making a board of three persons to select banks where the state funds shall be deposited. The argument against the bill was that it relieved the state treasurer of responsibility, which he should be compelled to shoulder, and the argument for it was that the state treasurer could favor certain banks, withdraw funds from country banks to bolster up city banks, and that he really ought to be relieved of the great responsibility which now rests upon him. Mr. Jacobson made a very determined effort to defeat the bill outright, but it was finally referred back to the committee for further amendment. Its ultimate passage is doubtTnj The bill abolishing the $200 bounty for the arrest of horse thieves was approved. A resolution was adopted authorizing the committee appointed to investigate the transfer of the Mountain Iron mine from the state to private parties to pay the expenses of witnesses without the usual circumlocution of submitting each item to the legislature and having the committee on legislative expenses report before payment can be made. This committee evidently means to do some business. As usual when only one branch of the legislature is in session, the proceedings were brief. St. Paul, Feb. 3.-Both the senate and the house yesterday were especially interested in denying newspaper statements. The senate was exercised over interviews with Minneapolis merchants concerning department stores, while the house was disturbed by the newspaper stories that State Treasurer Koerner had not filed his bond. This was clearly disproven, his bond having been filed Jan. 4, as required by law. Another state officer was also defended, in the person of Secretary of State Berg, who had been accused of not producing certain papers desired in the Mountain Iron investigation. This was also shown to be incorrect and Mr. Donnelly said he did not mean it, SO that the millenium of good feeling was ushered in as the result of the hullabaloo. The state treasurer, in response to the request of the senate, sent that body a detailed statement showing the amount of money originally in suspended banks, the amount which had since been paid and the balance still remaining uncollected. The only banks where there seems likely to be a loss are the Farmers & Merchants' State bank, of Minueapolis, which still owes the state $21,000, and the American Exchange bank, of Minneapolis, where the bal-
Click image to open full size in new tab
Article Text
Douglas sent in the following communication: "In response to the resolution of the senate this department informs that body what steps or action or otherwise have been taken by the state or its officials for the recovery of the state's funds heid by suspended banks I beg to report that my predecessor, ex-Attorney General Childs, duly filed proof of the state's claim with each of the receivers of all the suspended banks in which state funds had been deposited, and brought action against the bondsmen of each of said banks, with the exception of the State bank of Minneapolis and the Bank of North St. Paul. Judgments have been entered in all pending actions, except the bondsmen of banks which have been paid in full, and except, also, the Columbia National bank of Minneapolis, the Marine National bank of Duluth and the Fillmore County bank of Preston, in which action is stiil pending. "The aggregate of those deposits of state funds at the time of their suspen-sion amounted to $485,367.49, of which there have been collected or paid into the state treasury the sum of $383,269.31, including as a part thereof $3,871.21 interest upon such deposits. There remains uncollected bills of $107,969.39. I attach hereto a statement showing the names of such banks, the dates of suspension, amounts of state deposits, bearing ic-spectively the interest collected, the total amount collected and the balance dae. The balance due the state of Minnesota is now in process of collection. (Signed) "W. B. DOUGLAS, Attorney General." The Farmers and Merchants State bank of Minneapolis and the American Ex-change bank have been sued and the state is not sanguine of recovering very much, if any, of the balances due from them. The State bank of Minneapolis owes $58,144.76 and it is not believed by the state treasurer that this will be re-covered. As to the rest of the banks the state treasurer says there is no doubt that the money will all be paid to the state, with interest. The banks now ow-ing the state which will pay are the Co-lumbia National bank of Minneapolis $1,616.80, balance due; Bank of North St Paul, $2,437.36, balance due; Marine Na-tional bank of Duluth, $2,053.98, balance due; Filimore County bank of Preston, $7,578.89 due.
Click image to open full size in new tab
Article Text
$5,850, the amount bid, it will be credited on the state's claim, and any additional amounts received will also go to apply on the claim. Ex-Attorney General Hahn is the receiver for the bank and yesterday relinquished the assets in accordance with the new law. The state is a preferred creditor, but it is not likely that a very considerable of the amount of its claim will be collected. Gen. Douglas was represented by Mr. Sommerby, Auditor Dunn by S. G. Iverson, deputy auditor, and Gov. Lind by his secretary, L. A. Rosing. A similar proceeding will be taken to get possession of the assets of the American Exchange Bank of Minneapolis.
Click image to open full size in new tab
Article Text
Saunders, Robert A. Smith and William Dawson, came up before Judge Kelly in chambers yesterday. The suit is to recover moneys of the state, on deposit in certain banks at the time of their suspending payment, less amounts recovered since from the receivers of these institutions. The complaint was filed in December, 1898, by Attorney General Childs, and yesterday's proceedings were on a demurrer to the answer. The complaint alleges the election and installation of Mr. Bobleter as treasurer, January, 1893, and his occupancy of the office for two years. That there was due the state on the first Monday in January, 1895 from Mr. Bobleter $1,330,779.17, of which he turned over $1,193,352.47, leaving a balance due the state of $137,426.70, which sum it demands, less the aggregate sum of $40,473.64 received in the partial payments. The answers of the defendants deny the personal responsibility of Mr. Bobleter. The state money, it is alleged, was properly deposited in designated depositories, whose official bonds to the state were approved by the board of auditors, composed of the governor, secretary of state and attorney general. It is admitted that three of these banks, the State Bank of Minneapolis, the American Exchange Bank of Minneapolis and the Farmers' and Merchants' State Bank of Minneapolis, became insolvent and went into liquidation. The answers deny either the negligence or the personal responsibility of Mr. Bobleter. For the state, Attorney General Douglas and his assistant appeared. Frank B. Kellogg and M. V. Seymour appeared for Mr. Saunders, Mr. Merriam and F. A. Seymour. J. D. O'Brien represented R. A. Smith, and Mr. Briggs, A. B. Stickney, assignee of William Dawson.
Click image to open full size in new tab
Article Text
$754,632.06 Received as certified checks on eightynine banks, total, $754,632.06. Also book accounts in process of collection against the following banks which appear in bank accounts in hands of assignees and receivers: State Bank, of Minneapolis, suspended $49,528.10 Farmers' and Merchants' Bank, Minneapolis, suspended 14,582.69 American Exchange Bank, Minneapolis, suspended 18,035.97 Marine National Bank, Duluth : 1,771.56 Bank of North St. Paul 937.36 Also bonds in vault and belonging to the state trust funds, the numbers of which are shown by bond register, total, $7,111,918.84. Per university fund $931,500.00 Internal improvement land fund, Virginia funding bonds 30,000.00 Also items on deposit with the state treasurer and held in trust and safe keeping, total, $147,220.72.
Click image to open full size in new tab
Article Text
# The Great Plymouth Clothing House, Sixth and Nicollet ed: That the report of the Audi- ee be accepted and the Audi- rected to set aside the sum 5 from the Bocks, etc. Fund contract. Adopted. ssioner Weingart from the ee on Claims presented the - report: To the Honorable Board of County Commissioners: Gentlemen: Your standing Com- mittee on Claims to whom was re- ferred the matter of sundry bills, have given the same careful consideration, and beg leave to report as follows: That the following bills be allowed: Respectfully submitted: P. Weingart, F. E. Barney, J. B. Johnson. Commissioner Nash offered the fol- lowing resolution: Resolved, That the report of the Committee be accepted. Adopted. Commissioner Nash offered the fol- lowing resolution: Resolved, That the County Surveyor be authorized to employ an assistant in the place of Frank Haycock, Deputy County Surveyor, resigned. Such employment not to extend be- yond two months from date and payment not to exceed $5.00 per day and traveling expenses. Same to be paid from the Salaries fixed by law Fund. Adopted. Commissioner Nash offered the fol- lowing resolution: Resolved, That the Committee on Roads and Bridges be authorized to employ Geo. Turnham to do certain repair work on road running to Casco Point in Town of Orono, not to ex- ceed the sum of $100.00. Adopted. Commissioner Smith offered the fol- lowing resolution: Resolved, That the County Surveyor be instructed to prepare specifications for opening the Mound and Zumbra road from Bridge 189 to the Boni- facius road, and that the Auditor be instructed to advertise for bids there- for to be opened Aug. 22, 1904. Adopted. Commissioner Smith offered the fol- lowing resolution: Resolved, That John Gerber be and is hereby appointed Inspector on Con- tract No. 235, and that his salary be fixed at $3 per diem, same to be paid from the Road and Bridge Fund. Adopted. Commissioner Barney from the Committee on Ways and Means pre- sented the following report: To the Honorable Board of County Commissioners: Gentlemen: Your standing com- mittee on Ways and Means, to whom was refered the matter of the assign- ment and release of W. H. Lynn as a judgment debtor in an action upon a bond given by the American Ex- change Bank to you, upon which he was a surety, have given the same careful consideration and beg leave to report as follows: That, on July 30, 1895, in an action in the District court for Hennepin County, Minnesota, to recover on said bond, a judgment was entered and docketed in your favor against W., H. Lynn and others. That W. A. Wheelock has offered to pay the sum of $500.00 for a re- lease of said Lynn only from said judgment, and to waive all rights to participate in the assigned estate of the American Exchange Bank, in- solvent, and in the proceeds of the amounts recovered from any of stockholders of said Bank on liability. Therefore, your committee rec- mends that, upon the City Counc the City of Minneapolis concur said proposition be accepted, ar release given as aforesaid. Res fully submitted. Fred E. Barney, P. Weingart W. Nash. Commissioner Johnson offered following resolution: Resolved, That the report of Ways and Means Committee be cepted and adopted and that the proposition be accepted and said lease given upon the City Counc the city of Minneapolis concur therein, and that the Chairma authorized on behalf of this E to execute and deliver such a rel and take such further steps as i judgment is necessary to carry effect this resolution. Adopted Commissioner Johnson offered following resolution: Resolved: That whereas Lawr Bencker of the city of Minneapo dependent upon the public for port, and is unable to earn a l hood in consequence of bodily in ity and old age. And whereas said Lawrence Bencker has sons are able to support said Law Bencker and whose names are as lows: Frank Bencker, 1018 Bassett p Minneapolis, Minn. Herman Bencker, 1217 Plym avenue, Minneapolis, Minn. Therefore, be it resolved that son's are required to support the Lawrence Bencker, and in de thereof, shall forfeit and pay t County Commissioners of Hen County, for the support of said rence Bencker, the sum of f ($15) dollars per month. Adopt Commissioner Smith offered following resolution: Resolved, That the Committe Poor Farm be authorized to pur groceries for the Poor Farm a list attached; also, to make nec ry repairs on the boiler at the Farm. Adopted. On motion the Board adjourne Monday, August 8, 1904, at 10 o a.m. HUGH R. SCOTT County Audi $50 to San Francisco and Retur Chicago Great Western Railwa Tickets on sale daily from Au to Sept. 2. Good returning unti 15. For stop-over privileges other information apply to Heard, General Agent, corner N lav and 5th st, Minneapolis.