American Exchange Bank - Minneapolis, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 11, 1899
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: 97b8e27b

Response Measures

None

Description

Newspaper articles from Feb–Jun 1899 refer to the American Exchange Bank as one of the suspended banks holding state deposits; later a receiver is handling assets and relinquished them (receiver activity reported 1899-06-01). No article describes a depositor run; evidence points to suspension and receivership/closure rather than a run or reopening.

Events (3)

1. February 11, 1899 Suspension

Cause Details: Article states the bank was among suspended banks holding state deposits; no specific trigger (rumor, correspondent failure, or government action) is given in the texts.
Newspaper Excerpt: The bill introduced by Senator Grue ... sought to release the bondsmen for the State and American Exchange banks, of Minneapolis, from liability for the amounts of the state deposits held by them at the time of their suspension.
Source: newspapers

2. June 1, 1899 Receivership

Newspaper Excerpt: $5,850, the amount bid, it will be credited on the state's claim... Ex-Attorney General Hahn is the receiver for the bank and yesterday relinquished the assets in accordance with the new law. A similar proceeding will be taken to get possession of the assets of the American Exchange Bank of Minneapolis.
Source: newspapers

3. * Other

Newspaper Excerpt: The Farmers and Merchants State bank of Minneapolis and the American Exchange bank have been sued and the state is not sanguine of recovering very much, if any, of the balances due from them.
Source: newspapers

Newspaper Articles (3)

1. February 11, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, February 11, 1899

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Article Text

THE LEGISLATURE. 50000000000000000000000000 00000000000000000000000000> parole of prisoners sent to the state prison on the reformatory plan, but 0 LET YOUNGERS GO the gist of the bill was much farther down in it, where there was contained a provision that any life convict who AT IS THE EFFECT OF A BILL had served a full twenty years, obeying the rules of the prison, he may be INTRODUCED BY SENATOR paroled by the board of managers of WILSON the institution. The usual rules governing a paroled prisoner are amended in this case, so as to permit the prisoner to go out of the state, the SSOURIANS' HOPES FIRED board having the power to extend or reduce the geographical limits of the parole at its will. lends of the Northfield Bank RobThere are only three prisoners at the bers Are Still Pushing the Petistate prison to whom the bill. if passed, can possibly apply now. These are tion for the Return of the James and Thomas Coleman Younger. Murderers to Liberty-Minnensent up from Rice county Nov. 20, 1876, for their complicity in the famous pelis Bankers' Bondsmen See Northfield bank robbery, and Frank Their Woodchuek Die. Johnson, sent from Hennepin county April 11. of the same year. Nor can it possibly apply to any others for three Varden Wolfer, of the Stillwater years, the next in line being Charles son, can enjoy his long cherished Horn, sent to Stillwater from Le Sueur ire to see the Younger brothers county May 22. 1882. erated, if a bill introduced in the There is already some opposition to ate yesterday morning by Senator the bill manifest, although it is urged in its behalf that it has in it an eleIson (Rep.), of Hennepin, passes, ment of disciplinary value. As it is ich was read under a title which now, life prisoners have no fear of S not betray its full import. anything in the prison save the club t purported as read to permit the of Lemon and the dungeon. It is urged that this law would give them an incentive to good behavior they have not now. KILLED ONE 'CHUCK. The committee on banks and banking killed the bill introduced by Senator Grue (Pop.), of Kandiyohi, which YRUPOF FIGS sought to release the bondsmen for the State and American Exchange banks, of Minneapolis, from liability for the amounts of the state deposits held by them at the time of their suspension. The bill was exposed by The Globe on its introduction. TO DRAFT MEDICAL BILL. Lieut. Gov. Smith appointed as the committee to draft a new medical bill Senators Reeves (Rep.), of Pope; HorEVER IN ton (Rep.), of Ramsey; Greer (Rep.), of IMITATED Wabasha; Jepson (Rep.), of Hennepin, and Schaller (Dem.), of Dakota. HE EXCELLENCE OF SYRUP OF FIGS ON GENERAL ORDERS. due not only to the originality and Senator Baldwin (Dem.), of St. Louis, mplicity of the combination, but also presided in committee of the whole. ) the care and skill with which it is There were not many members present, anufactured by scientific processes quite a number having started for home. nown to the CALIFORNIA FIG SYRUP b. only, and we wish to impress upon CAPITOL BILL PUSHED. 1 the importance of purchasing the Senator Horton (Rep.), of Ramsey, ue and original remedy. As the secured a favorable recommendation enuine Syrup of Figs is manufactured for his bill to permit the capitol apy the CALIFORNIA FIG SYRUP Co. propriation to continue beyond the ly, a knowledge of that. fact will original ten-year limit, provided that sist one in avoiding the worthless it shall not expend more than $2,000,000 in all. intations manufactured by other pares. The high standing of the CALIBRADY SURVEYOR GENERAL. ORNIA FIG SYRUP Co. with the mediGov. Lind sent in the following nominations: 1 profession, and the satisfaction hich the genuine Syrup of Figs has Surveyor general, Fifth lumber dis(ven to millions of families, makes trict, John G. Brady, of Duluth, vice William Getty, term expired; member e name of the Company a guaranty state medical board, B. C. Hilbert, of I the excellence of its remedy. It is Stearns county, vice O. C. Strickler, r in advance of all other laxatives, term expired. $ it acts on the kidneys, liver and NEW SUPERINTENDENT'S IDEA. owels without irritating or weakenThe bill introduced by Senator Batz g them, and it does not gripe nor (Dem.), of Stearns, to provide for a auseate, In order to get its beneficial uniform system of teachers' examinafects, please remember the name of tions throughout the state, admits of e Companytwo grades of state certificates, first grade good for five years, and second CALIFORNIA FIG SYRUP CO. grade good for two years. Scholastic SAN FRANCISCO, Oat requirements shall be marked by the NEW YORK. E.E. UNSVILLE, state superintendent, and professional

2. February 25, 1899 The Labor World Duluth, MN

Article from The Labor World, February 25, 1899

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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.

3. June 1, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, June 1, 1899

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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.