9707. Bank of New England (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1896*
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
689f0ef3

Response Measures

None

Description

Articles indicate the Bank of New England in Minneapolis failed/closed and a receiver was appointed; multiple 1897 legislative items discuss relieving the receiver of interest on state deposits and consequences to creditors. There is no clear description of a depositor run prior to suspension in the provided texts, so this is classified as a suspension leading to closure/receivership. I inferred the bank was a state bank (name lacks 'National'); if incorrect, bank_type may be 'unknown'. Dates are approximate where only month/day/year context was available.

Events (3)
1. September 1, 1896* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed/insolvent — 'doors closed' and insufficiency of assets to pay creditors in full; state funds on deposit noted as present when it failed.
Newspaper Excerpt
the bank had over $61,000 when its doors closed
Source
newspapers
2. September 10, 1896 Receivership
Newspaper Excerpt
Judge Charles B. Elliott in the estate of his brother... 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.
Source
newspapers
3. February 9, 1897 Other
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (10)
1. 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.

2. 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.

3. 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."

4. 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-

5. February 18, 1897 Warren Sheaf Warren, MN
Article from Warren Sheaf, February 18, 1897

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THE LEGISLATURE. Both Bodies Are in Good Working Order. Gessipy Letters Giving in Detail the More Important Work of the Senate and House of Representatives. St. Paul, Feb. 9.-Yesterday was a dull day in both branches of the legislature. A good many members went home over Sunday and the attendance was light. In the senate a bill was intreduced limiting fire insurance companies 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 receiver from paying interest which accrued 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 introduced and five of those were for roads and bridges. The only episode of interest was a squabble over a bill organizing 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 counties, 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 inventing 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 committee 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 legislature 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 senate yesterday five bills were passed and eleven introduced. Among those passed was the bill putting the grain inspection department under civil service, and also the traveling library bill. One of the measures introduced was the constitutional amendment authorizing the legislature to call on the supreme 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 refusing 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 Monday, 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 expressed that the unseating of Senator Frank A. Day invalidates the Anderson 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 postponed and the opinion was freely expressed 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 bv re-enacting it. In this request he was accommodated. 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 abolish capital punishment. St. Paul, Feb. 11.-At last the reapportionment committee has been completed. Lieut. Gov. Gibbs appointed on yesterday the 14 members to which titled the

6. February 18, 1897 The Worthington Advance Worthington, MN
Article from The Worthington Advance, February 18, 1897

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THE LEGISLATURE. Both Bodies Are in Good Working Order. Gossipy Letters Giving in Detail the More Im ortant Work of the Senate and House of Representatives. St. Paul, Feb. 9.-Yesterday was a dull day in both branches of the legislature. A good many members went home over Sunday and the attendance was light. In the senate a bill was introduced limiting fire insurance companies 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 receiver from paying interest which accrued 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 introduced and five of those were for roads and bridges. The only episode of interest was a squabble over a bill organizing 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 counties, 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 inventing 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 committee 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 legislature 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 senate yesterday five bills were passed and eleven introduced. Among those passed was the bill putting the grain inspection department under civil service, and also the traveling library bill. One of the measures introduced was the constitutional amendment authorizing the legislature to call on the supreme 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

7. 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

8. February 26, 1897 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, February 26, 1897

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LEGISLATIVE NOTES. Senator Knatvold introduced a joint solution that March 31 be made t e Imit for final adjournment of the legislathire, and had it laid on the table for fusure action. Senator Dunn has introduced a bill which proposes to allow the organization of mutual companies to insure against Durg ary and against the loss of money or valuables in course of transportation. The Wyman bill to relieve the receiver the Bank of New England of Minneapdis from paying the interest due the state en funds on deposit in the bank at the time of its failure was turned down by the senate judiciary committee. Cadets Will Not Grane the Occasion. WASHINGTON, Feb. 19.-The senate committee on military affairs took verse action on the proposition to Liring the cadets from West Point to inauguration.

9. 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.

10. May 25, 1904 The Minneapolis Journal Minneapolis, MN
Article from The Minneapolis Journal, May 25, 1904

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BLETHEN RESENTS SUIT BY RECEIVER SAYS ALL DEBTS OF HONOR ARE PAID. C. H. Childs, as Receiver of the Bank of New England, Begins Action to Collect an Old Judgment of $37,888.96 - Characteristic Comment Made by Mr. Blethen's Seattle Times. Alden J. Blethen, formerly of Minneapolis and now owner and editor of the Seattle Times, Seattle, Wash., has been aroused by a suit to collect an old judgment of $37,888.96, filed against him by Clarence H. Childs, the Minneapolis receiver of the old Bank of New England. In an "inspired article" appearing in Mr. Blethen's paper, the Times, the case is discussed at length from Mr. Blethen's viewpoint, and several characteristic assertions are made which have more than passing interest to Minneapolitans. After saying many uncomplimentary things about the management of the receivership of the Bank of New England, the article takes up the subject of Mr. Blethen's other debts incurred before he left Minneapolis for the west, and says: In addition to that, he owed $40,000 in debts of honor, and was on bonds, notes and obligations for other people to the extent of more than $260,000. Every debt of honor has been paidwith 7 per cent interest in most casesand these debts of honor included several women who had money on deposit in the Bank of New England, or owned stock therein, but held Mr. Blethen's obligation to make it good in case of disaster. Again it is stated: Again it is stated if the receivership of the stockholders of the Bank of New England had made any effort, all that it has now accomplished could have been accomplished more than five years ago, and thus the expense of all those years could have been saved. The Bank of New England, which Mr. Blethen operated and in which he was the heaviest stockholder, failed several years before he left Minneapolis for the Pacific coast. In July, 1897, judgments aggregating over $72,000 were secured by the 106 judgment creditors against the stockholders of the bank. Of this amount $54,400 was against Mr. Blethen. Since Mr. Blethen's departure Mr. Childs has tried to secure a settlement, but the highest offer made was $2,000, and this the receiver would not accept. In the meantime, however, Mr. 1 Childs has collected $50,000, of which n he, as receiver, keeps 5 per cent. Last 1 July a showing was made in court, and Mr. Blethen's pro rata share was t figured out to be $37,888.96. The judgment against him was reduced to that amount and the receiver ordered by the court to begin an action against him for that sum. This order has been complied with.