9696. American Exchange Bank (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1893*
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
33f3bd9c

Response Measures

None

Description

Articles (Feb 1897) describe the American Exchange bank of Minneapolis as one of the 'suspended banks' that failed more than three years earlier and still owes the state money. No contemporaneous run is described; the bank appears to be insolvent/closed with receivers and outstanding balances. Exact suspension/failure date is not given in the excerpts; the text implies failure before Feb 1894. I therefore classify this as a suspension that resulted in closure/insolvency.

Events (1)

1. January 1, 1893* Suspension
Cause Details
Article states the bank is among 'suspended banks' that failed more than three years earlier and still owes the state; no specific cause (panic, embezzlement, or correspondent failure) is given in the text.
Newspaper Excerpt
the American Exchange bank, of Minneapolis, where the balance due is something over $18,000.
Source
newspapers

Newspaper Articles (2)

Article from The Ely Miner, February 10, 1897

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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


Article from The Worthington Advance, February 11, 1897

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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-