8562. Bank of New England (Minneapolis, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
June 26, 1893
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
edb8f818d261c67e

Response Measures

None

Description

Contemporary articles report a run/steady withdrawals after other bank failures, suspension of payments on June 26, 1893, an assignment/receiver action July 7, 1893, and later announcements that the bank would resume and did resume business on/around Aug 28–Sep 1893. Cause of the initial withdrawals is attributed to money tied up in Chicago failures and a general drain after the failure of the State Bank. I mark bank type as unknown (name lacks 'National'/'State' etc.).

Events (4)
1. June 26, 1893 Run
Cause
Correspondent
Cause Details
Steady withdrawals triggered by money tied up in Chicago failures and a drain following the failure of the State Bank.
Measures
Officials (president A.J. Blethen) publicly stated depositors would be paid in full; no special liquidity measures described in the articles.
Newspaper Excerpt
Since the failure of the State bank on Thursday there has been a steady withdrawal of deposits.
Source
newspapers
2. June 26, 1893 Suspension
Cause
Correspondent
Cause Details
Suspension attributed to steady withdrawals after other bank failures and funds tied up in Chicago failures, leaving the bank unable to meet payments that day.
Newspaper Excerpt
The Bank of New England has suspended payment.
Source
newspapers
3. July 7, 1893 Receivership
Newspaper Excerpt
The Bank of New England assigned yesterday to Judge John P. Rea, the result of a suit brought by the attorney-general on behalf of the state asserting that the bank holds a balance of the state funds now on deposit aggregating $81,331.17, which it is unable to pay.
Source
newspapers
4. August 28, 1893 Reopening
Newspaper Excerpt
The Bank of New England, which suspended recently, will resume Saturday. / ... which suspended a month ago will resume business Saturday next. / At Minneapolis, the Bank of New England, which suspended about a month ago, has resumed business.
Source
newspapers

Newspaper Articles (23)
1. June 26, 1893 Evening Star Washington, DC
Article from Evening Star, June 26, 1893

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CLOSED THEIR DOORS. Banks and Business Men Unable to Meet Their Obligations. MINNEAPOLIS, MINN., June - The Bank of New England has suspended payment. The capital stock of the bank is $100,000; surplus, $12,000; undivided profits, $4,000; deposits unknown. The Chemical National of Chicago. recently failed, was the Chicago correspondent. TOPEKA. KAN., June 26.-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 securities, from which but little can be realized. The capital of the bank is $40,000. NEW YORK, June 26.-Aaron W. Mann, Solon H. Mann and David Mann. composing the firm of Mann Bros., clothing dealers at Nos. 314 to 318 Broadway. today confessed judgment for $55,925.67. The attorneys for the firm place the liabilities at $250,000. The failure was caused, it is said, by creditors issuing attachments against Mann Bros. property on Saturday last. No statement of. the assets can be had until the inventory has been completed. The sheriff today took possession of the firm's stock on three executions which were issued on the judgments obtained. BUFFALO. N. Y., June -The Queen City Bank of this city has failed.

2. June 27, 1893 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, June 27, 1893

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FAILURES. MINNEAPOLIS, Minn., June 26.-The Bank of New England suspended payment Since this morning, temporarily at least. the failure of the State bank on Thursday dethere has been a steady withdrawal of posits. A. J. Blethen, the president of the bank, says that it had considerable money tied up by the Chicago failures. Every depositor, be adds, will be paid in full, of the as the stockholders i suffer instead if the bank does had cash available to the last depositors The bank not of resume. amount the $64,000 on May 4, the time and of but its liabilities were $200,000 that report, somewhat in excess of The capital stock of the is surplus, the amount. $100,000; assets $12,000; undivided bank profits, $4,000; deposits unknown. NESS CITY, Kan., June 26,-The Bank of ComNess City has been closed by Bank missioner Breidenthal, after an unsuccess- its ful attempt to raise money among its eastern stockholders to tide it over bank, present embarrassment. This had $31,300 which had a capital of $40,000, in deposits. When the bank commissioner took charge of it the cash on hand amountd to just $83.55. Mr. Breidenthal says real that the bank was loaded down with estate and bad debts. BUFFALO, N. Y. June 26.-The Queen The City bank of this city has failed. suspension is due to a drain of money bank out the bank for several weeks. The offiof owes depositors over $1,400,000. The will cers are hopeful that the bank reThe liabilities of the bank. accord- The sume. ing to the June report, are $2,323,754. assets are not known. The bank paid out all the money it had, Mr. to dimes, nickels and pennies. even Englehart, one of the directors, said that but the bank had plenty of collateral, found it impossible to realize on it in New the present financial stringency. The York banks would not let them have any The depositors will be paid In money. The state superintendent of banking an examiner here. until when he full. dent, will send recently, resigned The presi- on H. account of ill health, was William Jackson. Since his resignation the bank has been in charge of a committee of its directors. ALBANY, N. Y., June 26.-SuperintendPreston of the state banking department, ent speaking of the Queen City bank failure, said that the report of the condi- re-tion of the bank on June 1st showed sources of $2,351,600 and liabilities of $2,Reference to the amount of cash 351,600. on hand shows that it does not equal the amount of the 10 per cent legal reserve required by law. The report of the examiner for Feburary showed a nominal sur- had plus of $35,600. Poor investments considerable to do with the collapse. CHESTER, Pa., June 26. - The Crum Creek Iron and Steel company has assigned. The liabilities are estimated at $120,000 and the assets at $119,000. The sum of $40,000.is due the company from a former agent. Dullness in trade and threatened suits caused the failure. NEW YORK, June 26.Mann Bros., clothing dealers, today confessed judgment for $55,000. The attorneys for the say that the liabilities are about $300,000, half of which istor borrowed money and the other half for merchandise, The value of the assets is not known. The failure is attributed to several causes, the stringency in the money market being the principal one, as they were unable to meet notes as they mature. NEW YORK, June 26.-The supreme court this morning appointed a receiver for the Mutual Brewing company of College Point. GALLIPOLIS, O., June 26.-The Carl coal works, at Carlton, have assigned. The liabilities are $50,000, and the assets £7,000. HAMILTON, O., June 26.-Louis Snyder's Sons tonight assigned their four great paper mills at Hamilton, and their real estate and paper warehouses, with contents, in Cincinnati. The assets are over $1,000,000. The liabilities are less than $300,000. The assignment is due to the fact that they were unable to borrow $7, 000 from the banks. It is an old and well established firm. PORT ANGIERS, Wash., June 26.-The First National bank has suspended temporarily. The assets are $142,000, and the liabilities $85,000. SAN FRANCISCO, June 26.-Sands & Gump. extensive dealers in rt goods, have assigned. The liabilities are $14,000 and in the assets $100,000. The stringency money caused the failure. WILMINGTON, O., June -The Sabina bank, a private banking institution in this is county, has suspended. The capital $12,000. No statement was made. BOSTON, June xi-Forty-three banks, represented at the clearing house meeting this morning, voted unanimously in favor of clearing house certificates for payment at the clearing house.

3. June 27, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, June 27, 1893

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Clearing House Certificates in Boston. BOSTON, June 26.-Forty-three banks represented at the clearing house meeting this morning voted unanimously in favor of clearing house certificates for payment at the clearing house. Ten banks were not represented. The committee having the matter in charge will meet tomorrow and daily thereafter at 11 a. m., to receive applications for them. It was voted that the number of certificates issued should be made public daily, although the names of the banks making application for the same will not be published. Bad News From Gallipolis. CLEVELAND, 04 June 26.-A special from Gallipolis, O., says the Carl Coal Works of Carlton, this county, assigned this morning. The liabilities are $50,000; assets $7000. Private Concern Suspends. WILMINGTON,O., June 26.-The Sabina bank, a private banking institution of this county, has suspended. The capital stock is about $25,000. Only $8000 on Hand. TOPEKA, Kans., June 26.-The bank of Ness City was closed today by the state bank commissioner after an unsuccessful attempt to raise money among its eastern stockholders to tide it over its present embarrassment. This bank had a capital stock of $40,000, and had $31,300 deposits. When the bank comptroller took charge it had only $8,395 on hand. No Others Involved. MINNEAPOLIS, Minn., June 26.-The band of New England suspended payment today. May 4th its liabilities were $200,000; assets somewhat more. No other banks are involved.

4. June 27, 1893 The Times Richmond, VA
Article from The Times, June 27, 1893

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MORE BANK FAILURES. Two Small Banks Suspend-California Banks Resume. TOPEKA, KAN., June 26.-The Bank of Ness City has closed its doors with but eighty-five dollars and thirty-nine cents 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 securities, from which but little can be realized. The capital of the bank is $40,000. WASHINGTON O., June 26.-Sabina and Jeffersonville banks closed their doors this morning: caused by the failure of W. T. Haydock, of St. Louis, who. is a stockholder in both banks. The Sabina Bank had a capital of $25,000. SAN DIEGO, CAL. June 26.-The Bank of Commerce resumed business this morning, and the First National Bank will probably resume in a few days. Queen City Bank Suspends. BUFFALO, June 26.-The Queen City Bank, which was started here a little over a year ago, closed its doors shortly after noon to-d V. Mr. F. M. Inglehart, one of the direct 's, 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, even the dimes, nickels and pennies, and when the last cent was gone the officers went out and closed. Mr. Inglehart said that the bank had plenty of collateral, but found it impossible to raise money on it in the present financial stringency. The New York banks would not let them have any money. He said the depositors will be paid in full. The bank owes depositors $1,400,000. MINNEAPOLIS, MINN., June 26.-The Bank of New England has suspended payment. Capital stock, $100,000. Deposits unknown.

5. June 27, 1893 The Herald Los Angeles, CA
Article from The Herald, June 27, 1893

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A Minneapolis Bank Suspends. MINNEAPOLIS, June 26.-The Bank of New England has suspended payment, at least temporarily. Since the failure of the State bank Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in the Chicago failures. He says depositore. will be paid in full. It had liabilities of $200,000; assets somewhat in excees of thatsum. Blethen was a well known newspaper man.

6. June 27, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 27, 1893

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A Miuneapolis Bank Suspends. MINNEAPOLIS, June 26.-The Bank of New England has suspended payments, at least temporarily. Since the failure of the State Bank on Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in Chicago futures. He says depositors will be paid in full. Liabilities, $300,000; assets somewhat in excess of that sum. Blethen is a well known newspaper man.

7. June 27, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, June 27, 1893

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MINNEAPOLIS BANK Minneapolis, Minn., June 26.-The Bank of New England suspended payment this morning. Since Friday there has been a steady withdrawal of depoits. A. J. Blethen, the president of the bank. says it had considerable money tied up by the Chicago failures. Every depositor, he added. would be paid in full. The bank had cash available $64,000 on May 4: liabilities $20,000. assets somewhat in excess of that amount. No other banks are in any way involved.

8. June 28, 1893 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, June 28, 1893

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COLUMNS REDUCED TO LINES. An army medical school is to be established in. Washington. A recent treasury decision has increased the duty on firecrackers. The Virginia legislature will be asked to Improve the military system of the state. The Norfolk (Va.) county truckers are much encouraged at their luck this season. Americans in Honolulu have made elaborate preparations to celebrate the Fourth. President Cleveland will probably remain in Washington until the middle of July. The India government has stopped the coinage of silver for private account at the India mint. Bank failures: Bank of New England, Minneapolis; Bank of Ness City, Kan.; Queen City bank, Buffalo. Secretary Hoke Smith has returned to Washington from a brief visit to his family in the Virginia mountains. A cote of carrier pigeous will be taken north by Lieutenant Peary and liberated with messages for civilization. Dried apples imported into Norway are to be confiscated hereafter because some have been found to contain zinc. Two of the victims of the Ford's theater building are still under treatment at the Emergency hospital, Washington. Secretary Carlisle has requested the resig nation of General James R. O'Beirne, assistant immigration commissioner at New York. The San Francisco and Vesuvius will represent the navy at the dedication of the statue of Admiral Farragut at Boston on the 28th. The prosperity experienced by the Japanese pearl fishers in Australia has prompted another body of Japanese to set out for same place. Theodore Runyon, United States minister to Germany, has taken Mrs. Runyon to Ems in order that she may be treated there for a bronchial affection. By a decision of the interstate commerce commission celery must now be classified by railroads with asparagus and other vegetables instead of with berries, grapes, etc. It is likely there will be a brisk competition between Russian and American oil in Japan. A tract of land has been purchased in Yokohama on which it is said tanks for the storage of American oil will be erected. Memorial day was celebrated by the American colony in Yokohama Japan, in which officers and marines from the United States steamship Lancaster participated. The oration was delivered by 1. D. M. Sweat. At Youngstown, O., Charles Burson's hair is naturally white, but after working in the mills a few hours and becoming heated it turns a brilliant red. When Burson leaves the mill and cools off, his hair restimes its natural color.

9. June 28, 1893 New Ulm Review New Ulm, MN
Article from New Ulm Review, June 28, 1893

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BUSINESS REVERSES. Blethen's Bank Fails. MINNEAPOLIS, June 27.-The Bank of New England has suspended payment. The bank is the youngest in the city, its president, A. J. Blethen, having been a newspaper proprietor before he went into banking. Mr. Blethen has issued a card stating the bank had withstood a run at the time of the, run on the Farmers and Mechanics Savings bank six weeks ago, and that it had been further weakened by the Chicago bank failures. It is announced that the suspension will be only temporary. but it the bank cannot resume every depositor will be paid in full by the stockholders. The bank is a small one.

10. June 30, 1893 The Clarksburg Telegram Clarksburg, WV
Article from The Clarksburg Telegram, June 30, 1893

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goes down in the vortex of financial disaster Already the number of failures are appalling enough to alarm the strongest hearts. The end is not yet. Still they come The Queen City bank, of Buff. alo. has failed. The bank of New England, at Minneapolis, has closed its doors. The Sabina, O., bank has made an assignment. The Jeffersonville, O., bank has quit. The big Carl Coal Works, of Carlton, O., has gone to smash. Only a part of this week's rec. ord Every day the list grows larger. It now records the downfall of hundreds of similar concerns. If any man,on the 8th of last November. had predicted that the West Virginia farmer would, in seven months, be forced to sell his wool at 15 and 16 cents cash, or else keep it, he would have been put down as a fool. "If any one had predicted on the 8th of last November, when Grover Cleveland was elected President, that within seven months there would be a shrinkage in the actual value of stocks and bonds sold on the New York Stock exchange of nearly one billion dollars he would have been deemed a madman. "If any one had predicted that within seven months after the election day and the return of a Democratic House, Senate and President to power for the first time since 1856, a panic would ensue which would exceed in the aggregate of losses the world-famous panic of 1857, when the same party obtained bsolute.control of the Government for the last time until 1892, the prophecy would probably have excited derision." But, sad as it is to say it, these three calamities have come upon the American people. The TELEGRAM, when seven months ago it announced the result of the election, advised all Republicans to be of good cheer. It said "The Republican party will live because it upholds principles that are immortal. will continue to be the party of progress, protection and education." It will return to power in '96 and the people, familiar with its past, its aims and its purposes, will again have confidence in its principles. It will lead, us as it did in 1857, from darkness to light-from a great need to a towering hope. Not even the most avowed enemies of Democracy looked for such a and sweeping taking of our prossudden away commercial perity. The appalling cost to this country of Democratic success was not comprehended and cannot yet be estimated. One Billion and a Half! Such a loss can hardly be conceived by the individual, because, the figures are so far beyond any personal experience or single commercial transaction. It exceeds the entire sum of actual money in the United States-gold, silver and paper, national bank notes and treasury notes! In this fact lies the secret of the colossal losses, the financial stringency and the daily long list of commercial and banking failures. It is want of confidence. About 93 per cent. of all the business of the country is transacted on credit and about 7 per cent. only on the basis of cash. When credit is impaired; when confidence is lacking, more than in nine-tenths of all the business hand is affected. That is the situ- will ation to-day. Four years

11. July 7, 1893 Evening Journal Wilmington, DE
Article from Evening Journal, July 7, 1893

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BANK OF NEW ENGLAND ASSIGNS. Result of a Suit Brought on Behalf of the State-Assets, $280,000. MINNEAPOLIS, July 7.-The bank of New England assigned yesterday to Judge John P. Rea, the result of a suit brought by the attorney-general on be. half of the state asserting that the bank holds a balance of the state funds now on deposit aggregating $81,331.17, which it is unable to pay. The assets are placed at $280,000.

12. July 8, 1893 The Sun New York, NY
Article from The Sun, July 8, 1893

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Minor Business Troubles. OAKLAND. Me., July 7.-The postponed meeting of the directors and stockholders of the Madison Woollen Mill. the largest in Maine. was held yesterday. This mill is at present in financial straits in consequence of disagreement with the former selling agents, H.J. Libby & Co. of New York. It was decided to shut down the mill temporarily and to take account of stock. Thus several hundred operatives will be thrown out of employment. DES MOINES, Ia., July 7.-Attachments aggregating $20.000 and mechanics' liens to the amount of $89,000 were filed yesterday against Lowry Goode. the Highland Park Land Company. the Des Moines Electric and Water Power Company. and other concerns with which Goode is prominently connected. Goode claims that with time he will be able to pay. The amount involved is probably $200,000. RED CLIFF. Col.. July i.-The Eagle County Bank has suspended payment. The capital is $12,000 and its assets. which are estimated at $40,000. are considered worth 100 per cent. The liabilities are $34,000. The withdrawal of large sums on account of the drop in silver was the cause. PUEBLO. Col., July 7.--There was no further run on the First National Bank this morning. Bank Examiner Adams has taken charge of the suspended banks here and will push his examination of their affairs an rapidly as possible. There was no very heavy run yesterday on the First National Bank. Most of the depositors who called for their money have but small accounts deposited. MINNEAPOLIS, July 7.-The Bank of New England assigned yesterday to Judge John P. Rea. the result of a suit brought by the Attorney-General on behalf of the State. asserting that the bank holds a balance of the State funds now on deposit aggregating $81,331.17. which it is unable to pay. The assets are placed at $280,000.

13. August 29, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, August 29, 1893

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WILL RESUME. I MINNEAPOLIS, Minn., Aug. 28.-The Bank of New England. which suspended recently, will resume Saturday.

14. September 1, 1893 The Globe-Republican Dodge City, KS
Article from The Globe-Republican, September 1, 1893

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Another Bank Resuming. MINNEAPOLIS, Minn., Aug. 29.-The Bank of New England which suspended a month ago will resume business Saturday next. President Blethen says the bank has better backing than ever.

15. September 6, 1893 The Star Reynoldsville, PA
Article from The Star, September 6, 1893

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# BANK RESUMPTIONS. Many Reported From Different Parts of the Country. A telegram from Washington says: The following national banks, which recently suspended payment, have been permitted to reopen their doors for business: The State national bank of Denver, Col.; the Louisville city national bank, of Louisville, Ky.; the Merchants' bank of Louisville; Ky.; the First national bank of Ashland, Wis., and the First national bank of Platteville, Wis.; the German national bank of Denver, Col.; the First national bank of Canon City, Col. At Minneapolis, the Bank of New England, which suspended about a month ago, has resumed business. At San Francisco the People's home savings bank, which closed its doors June 23, opened for business. A statement issued by the national banks of Kansas City shows that since the height of the financial flurry, which was reached on June 19, the deposits have increased $2,000,000. The First national bank of Dubuque, Ia.; the First National bank of Grand Rapids, Col. The American national bank of Omaha, Neb.; the American national bank of Nashville, Tenn. The First national bank of Mankato, the National Citizens' bank of Mankota the Mankato national bank, all of Mankato, Minn.

16. November 13, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, November 13, 1893

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HEAVY LITIGATION PROMISED. Suits to Be Started to Compel Minnesota Treasurers to Disgorge. MINNEAPOLIS, Nov. 12. - Minnesota may have a back interest litigation soon that will be second to the famous cases which were brought against the ex state treasurers of Wisconsin whereby they were compelled to pay back to the state some hundreds of thousands of dollars which they had appropriated. The matter came out in the receivership case of the Bank of New England which came up before Judge Russell yesterday morning. Assistant Attorney General Edgerton made the sensational state. ment that an affidavit had been filed charging State Treasurer Joseph Bobleter with having received 21/2 per cent personal interest on state moneys de posited with the bank besides the 3 per cent allowed by law. It has since developed that the affi. davit was made by J. W. Arelander, a prominent attorhey. who says that certain banks in order to get the deposits had entered into an agreement to pay the state treasurer 3 per cent for the regular interest on deposits and 21/6 per ceat directly to him. This last was not to be used by the state, nor was it the intention of either party to the deal that the money should ever reach the coffers of the state treasury, but it was distinctly understood that it would go into the pocket of the state treasurer. In other words it was nothing more nor less than an emolument for the placing of deposits of state money with them rather than with some other banks In the case of the state banks Mr. Arclan der charges that the state treasurer has received some $12,000 and from $40,000 to $50,000 from other banks in the same way.

17. November 19, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, November 19, 1893

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CAPITOL CULLINGS. The state historical library yesterday received a copy of Crisp's new "Visitation of England and Wales." Articles of incorporation of the East Grand Forks Fair and Driving association, with a capital stock of $10,000. were filed yesterday with the secretary of state. State Treasurer Bobleter has been elected cashier of the Columbia National Bank of Minneapolis, but he will not take an active part in the management. Articles or incorporation of the "Delong Abdominal Bandage Manufacturing company." of St. Paul. with a capital stock of $5,000, were filed yesterday with the secretary of state. Attorney General Childs and Assistant Attorney General Edgerton were in Minneapolis yesterday to attend the hearing of the application of the state for a receiver for the Bank of New England. Ole Gunderson, sheriff of Norman county, yesterday collected $80.27 from the state for taking two prisoners to Stillwater. Sheriff J., C. Thorn, of Nobies county, also collected $57 for bringing two from his county.

18. September 10, 1896 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, September 10, 1896

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MINNEAPOLIS. OFFICE 29 SOUTH FOURTH STREET. MINNEAPOLIS GLOBULES. Schedules filed in the insolvency of Johnsen & Peterson show assets amounting to $359.73 and liabilities amounting to $177.82. The championship in the tennis singles for the Northwest will be decided Saturday afternoon at the Park avenue tennis courts. Among the players will be Carr B. Neel, who will compete with George K. Belden. The match will be called at 3 o'clock. Letters of administration were granted yesterday to Judge Charles B. Elliott in the estate of his brother, the late Joseph R. Elliott, his bond in the sum of $3,000 being approved by the court and filed. Judge Jamison has filed an order granting a new trial in the suit brought by J. P. Rea, as receiver of the Bank of New England, against George A. & W. M. Brackett to recover on a $2,500 judgment. The two-story frame dwelling belonging to a Miss Will at Forty-third street and Thirty-fourth avenue south was burned to the ground at an early hour yesterday morning. The fire started from a defective chimney. Loss, $2,000; insurance, $1,000. Judge Belden yesterday morning granted Jessie P. Riordan a divorce from John P. Riordan. Martha J. Wheeler proved the desertion of Edwin Wheeler and was given a bill of divorce. The case of Walter F. B. Starrett against Mary E. Starrett was continued for further evidence. The Great Northern Railroad company will build a grain elevator on the site of the burned "A," near the Lyndale avenue crossing, of 1,500,000 bushels capacity. The permit was issued to Samuel Hill. The elevator is expected to be ready for use by Dec. 1. Julia Marlowe-Taber and Robert Taber, who each season bring us something entirely new in the Shakespearean or standard drama, will appear at the Metropolitan next Monday evening in "Romola." In addition to "Romola," the Tabers will present "As You Like It," "Much Ado About Nothing" and "Romeo and Juliet." The sale of seats will commence this morning. Next week the Bijou will witness the first farce comedy of the season and it is safe to predict a strong welcome, owing to the immense popularity of this style of play in this city. "Town Topics" is a new skit and has never been seen in this district. It is described as a laughable concoction, not heavily burdened with a plot, but contining sufficient connection to hang together a host of laughable scenes, incidents and climaxes. Schdules filed yesterday morning in the assignment of J. A. Shea show the liabilities to be $31,900.67, of which $21,120.58 are in the accounts and bills payable. The assets are nominally placed at $61,111.30, of which the larger part is in accounts receivable, and $9,511.32 in claims against various railways and express companies. The stock of merchandise is placed at $2,846.57.

19. February 9, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 9, 1897

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# SENATE WAS DULL. Barely a Quorum in the Morning, None Later. There were so few senators, more than a quorum present at the session yesterday morning, that the senators who were fortunate enough to have bills on the calendar were afraid to try to get them through, lest a few objections might kill them. General orders were hurried through and a recess taken until 2 o'clock for the consideration of the calendar, but the attendance was smaller still then, and no bills were passed. Mr. Thrope had a pocketful of bridge bills and there were some others introduced. The most important measure was one by Senator Wyman, to relieve the receivers of the Bank of New England in Minneapolis, from paying interest on state funds deposited in the bank at the time it failed. The bank had on deposit $61,208.35 of state funds. The bill states that the principal has been paid the state, and that the funds remaining are insufficient to pay the general creditors in full, so it is inequitable, they believe, for the state to insist upon the interest. Senator Stevens called up his bill providing that a deposit of $100,000 made with the state shall be sufficient to authorize title insurance companies to do business in this state. At present they are required to deposit $200,000-$100,000 with the state auditor and another $100,000 with the insurance commissioner. The bill also provides that the company shall be taxed on the real estate held by the trust department, the same as other corporations are taxed, and that in addition it shall pay the regulation gross earnings tax on the insurance earnings. The bill was recommended to pass. The committee recommended the passage of Heneman's bill to permit villages situated in two or more townships to separate themselves from the township government. The bill is intended to afford relief to the village of Hutchinson, which is so situated. The substitute bill by the committee on education to raise the standard of qualifications for teachers was also recommended to pass. The provisions of the bill are: That a first-grade certificate be good for two years, and the second grade for one year, both good anywhere in the county. A third-grade certificate is made good for six months in a given district only. The grade of the certificate is to be determined by ex-amination in orthography, reading in Eng-lish, penmanship, arithmatic, grammar, mod-ern geography, history of the United States, and the practical, elementary facts of hygiene. Certificates may be renewed by indorsement of the county superintendent; provided that in addition to the above named branches, candidates for first-grade certificates shall be examined in elementary algebra, elementary plane geometry, physical geography, physiology, natural history, civil government and the theory and practice of teaching, and no person may receive a first-grade certificate who has not taught at least one term of three months or more. Candidates for certificates shall qualify in one of the following classes: First Class-Must be a graduate of a college preparatory school, normal school or college. Second Class-Must have secured final standings from state high schools of the first-class, or normal schools in arithmetic, English grammar, geography, history of the United States, civil government and physiology. Third Class-Must hold state high school board certificates in Class 2. All candidates must be over eighteen years of age. The qualifications regarding the schooling of the applicants for the three classes and the minimum age limit of eighteen years are the additions to the qualifications in the old law. The judiciary committee killed the Peterson public defender bill.

20. February 12, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 12, 1897

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# LEGISLATIVE FEATURES. The senate committee on banking indefinitely postponed the Wyman bill to relieve the Bank of New England, in Minneapolis, from paying the interest on the state deposit it held at the time of its suspension. The committee recommended the passage of Wyman's bill to allow the state superintendent of banks two additional assistant examiners, that banks may be examined twice a year instead of once. It also reported favorably on the general banking law prescribing the manner in which banks shall do business and providing that the state superintendent of banks shall immediately take charge of any bank found to have been violating the law. The senate committee on railroads yesterday morning recommended the indefinite postponement of the Ringdal bill, a reincarnation of the Anderson bill for the taxation of railroad lands. The committee does not believe that the Anderson bill was invalidated by the unseating of Frank Day. Senator Hanna would pay county commissioners $3 per day for services and 10 cents per mile for traveling, and limit the number of days for which they may draw pay to fifteen, and the number of miles traveled 100 in any one year. Senator Stevens this morning introduced a bill to exempt from execution the library, philosophical and chemical or other apparatus used in instruction and the furniture of any educational institution in the state. Senator Thompson's bill to amend the insurance law of 1895, authorizes insurance against loss by burglary, which is not allowed under the present law. Senator Sperry introduced a bill to regulate the tax on mines. It provides for a tax of 5 cents per ton on iron ore, 1 cent per ton on coal and 50 cents per ton on copper mined in this state. This tax to be in lieu of all taxes on the capital stock and the real estate actually used in mining. The proceeds of the tax are to be divided between the state and the counties in which the mines are located in the same proportion that other taxes are divided. Senator Culkin would amend section 5612 of the General Statutes of 1894, in relation to the issuing of subpoenas, to read as follows: "Every clerk of a court of record and every justice of peace and every attorney admitted to practice in the district courts, may issue subpoenas for witnesses in all civil and criminal cases pending before the court, provided that an attorney shall only issue the subpoena in matters in which he is retained."

21. February 17, 1897 The Ely Miner Ely, MN
Article from The Ely Miner, February 17, 1897

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# THE LEGISLATURE. Both Bodies Are in Good Working Order. Gossipy Letters Giving in Detail the More Important Work of the Senate and House of Repre- sentatives. St. Paul, Feb. 9.-Yesterday was a dull day in both branches of the legis- lature. A good many members went home over Sunday and the attendance was light. In the senate a bill was in- troduced limiting fire insurance com- panies to one line of business; also a bill relieving the receiver of the Bank of New England, of Minneapolis, from paying interest on the funds belonging to the state, the bank had when it failed. The bank had over $61,000 when its doors closed and the amount has been paid in full. As there is not money enough to pay other creditors in full the bill proposes to relieve the re- ceiver from paying interest which ac- crued between the time of the failure and time of the final payment to the state. In the honse the business was even of less importance than it was in the senate. Only seven bills were intro- duced and five of those were for roads and bridges. The only episode of in- terest was a squabble over a bill or- ganizing the unorganized counties in the northern part of the state. Such a bill was introduced and referred to the committee on towns and counties. That committee reported back a substitute. Mr. Feig wanted the bill again referred to the committee on towns and coun- ties, of which he is chairman, claiming that there were several parties who wanted to be heard. The argument against the reference was that the owners of pine timber are always in- venting schemes for delay in order to prevent the organization of counties, because such organization increased their taxes. This argument carried the day and the bill was sent to the com- mittee of the whole, instead of to the committee on towns and counties. St. Paul, Feb. 10.-Though there have been 607 bills introduced in the legis- lature up to date, the visitor at the sessions yesterday would have scarcely imagined that there was anything to do. The fact is, nearly all the bills are in the hands of committees, and some of the committees are absolutely buried with proposed legislation. In the sen- ate yesterday five bills were passed and eleven introduced. Among those passed was the bill putting the grain inspection department under civil serv- ice, and also the traveling library bill. One of the measures introduced was the constitutional amendment author- izing the legislature to call on the su- preme court for an opinion as to the constitutionality of bills pending, in order to avoid passing unconstitutional measures. There was the usual drive at corporations by a bill inflicting a penalty on railroads for failing or re- fusing to furnish cars for shippers. Another, similarly aimed, proposes to tax express, telephone and telegraph companies. A compulsory education bill was presented, which requires every child between 8 and 16 years old to be sent by parent or guardian to school for twenty weeks each year in cities of over 30,000 people, and in smaller places twelve weeks annually. The house was treated to the novel spectacle of the speaker apologizing for misconduct. It seems that on Mon- day, in his zeal in favor of a bill, the speaker advocated it from the chair, when he should have called some one else to the chair and spoken from the floor. He announced that he had made a mistake and wished to apologize. There is a constant fear being ex- pressed that the unseating of Senator Frank A. Day invalidates the Ander- son bill taxing railroad lands. A bill renewing the Anderson bill has been introduced in both houses, but the one in the house was killed yesterday by a vote of 82 to 14. There was quite a long debate before the bill was post- poned and the opinion was freely ex- pressed that the Anderson bill would no longer hold. Mr. Anderson himself, who is again a member of the house, does not share that opinion, and he urged the members yesterday not to cast a cloud on his bill by re-enacting it. In this request he was accommo- dated. No bills were passed in the house and but few introduced, the greater portion of the time being spent in debating the bill proposing to abol- ish capital punishment. St. Paul, Feb. 11.-At last the reap- portionment committee has been com- pleted. Lieut. Gov. Gibbs appointed on yesterday the 14 members to which the senate is entitled and the house having appointed its committee three weeks ago, nothing now remains but for the committee to get together and formulate a bill to be defeated by dis- agreement between the two houses. This is on the theory that history will repeat itself. Reapportionment is six years past due, and at each of the pre- ceding sessions of the legislature an ineffectual effort has been made to pass a reapportionment bill. Mean- time the newer portions of the state are deprived of proper representation while the older portions have more than their share. Of course it was expected that the state would pay the expenses of ex- Senator Day and his successful com-

22. February 21, 1897 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, February 21, 1897

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# WHY PREFER THE STATE? In the senate a bill is pending remitting the claim of the state for some $6,000 interest on its deposits in the Bank of New England, one of the Minneapolis banks that went into a receivership. If this sum is remitted it is stated that the other depositors will receive about 10 per cent on their claims; if insisted on they will get little if anything. Another measure is proposed that will subrogate the bondsmen of this or some bank to the state's prior lien on the assets of the bank, permitting them to have a preference over the depositors. In the course of the debate on the abatement of interest Senator Morgan expressed the hope that the session would see a bill enacted into law waiving the preference of the state as a creditor and leaving it to take its chances with the other depositors. And why not? The state is sovereign, and "the sovereign can do no wrong." But does it do right when it, with its boundless riches, refuses to share pro rata in the assets of a bank in which it is a depositor with its citizens, but insists upon its pound of flesh, thus diminishing the shares of its fellow depositors? It has not only the assets, but also the resources of the bondsmen whose assurance it requires in addition to the legal responsibility of the bank, a resource the citizen depositors have not. Would it not be nearer justice did the state exhaust the bond security before depriving the citizens of their share? Is this right, or does might still make right? Will the real interests of the commonwealth be better served by the state getting the uttermost farthing of its dues, though it bring ruin to numbers of its citizens? Where some must suffer, is it the better policy that the individual or the state should? If preferences are to be shown, does not public policy incline to the citizen rather than to the state? But it is not a question whether there should be preferences, but whether the state should not stand equal with the citizen who is also a depositor, each bearing his proportionate share of the loss. Were it a question whether the citizen should not be first paid there are equities that might be urged strongly in support of it, but they are even stronger in advocacy of the equal standing of the state and the individual depositors. The very fact that the state is a depositor gives credit to the bank, and induces individual deposits. The citizen is aware that the state possesses means of informing itself as to the solvency of the depository that he has not. It has its bank examiner and his staff whom it can send in behind the counters to examine the books, the securities and assets. No individual depositor has this right. He only has the reports required by law, and all know how unsound a condition they can be made to cover with the appearance of solvency. Is it not equitable then, that the state, having these means of knowing the condition of the bank it deposits with, and neglecting to use them, should, at least, stand on common ground with the citizens whom it has misled? Again, if the money of the citizen on deposit is to be used to refund the money deposited by the state, does the law not make each one of them an unconsenting guarantor of the bank as to the state's fund? Is it just thus to exact an unwilling security from the citizen? Is it good public policy to thus add to the ele- ments of distrust of our banks? Will it not be accepted as one of the conditions of trade that state deposits weaken a bank, and, when doubt arises of the stability of banks, will not depositors accelerate the crisis by rushing to withdraw their funds from banks patronized by the state? Will men take chances then of losing all because the state has the power, not the right, to take all? This is the present question because of past policy and results. The larger question is, whether it is not wiser that the state have no surplus for deposits; that this money be left as long as possible with the men who need and will use it in their own affairs, and whether it is not better that the payment of taxes be made in installments, say quarterly, or even

23. March 17, 1897 The Ely Miner Ely, MN
Article from The Ely Miner, March 17, 1897

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From the Budget. When O. D. Kinney, of Duluth, enlisted in a Pennsylvania regiment in April, 1861, he was 15 years old, 6 feet 2½ inches tall, and weighed 130 pounds without his shadow. He was a sort of Shanghai edition of childhood and by taking up the slack in the bosom of his army pants, could wrap 'em twice around his anatomy and button 'em behind. His other garments gave him similiar fits, but he gained an inch and a half in height and seventy pounds in weight during the service which took him all around from Bull Run to Gettysburg and the Wilderness, while he never saw a hospital nor got a scratch. But he has grown still more since then, and in taking recent measurements of himself and making comparisons with the holes in his uniform, finds that he would have been killed in every battle with his present dimensions. He was slim enough in '61, but not so slim as his chances would be now, and he therefore favors arbitration, or only iron-clad warfare. A prominent financier declares that for legitimate business Lyman J. Gage's First National Bank, of Chicago, is surpassed only by the Bank of England. No comparison is made with the Bank of New England, at Minneapolis, which has assets enough to pay about 80 cents on the dollar of the receiver's salary. The depositors ought to be assessed for the balance. A bill was introduced in the last congress to give any city with more than 100,000 population a special design for its postage stamps. That for the capital city of Minnesota should represent our patron saint with a crowbar trying to open a bank account.