9760. Northwestern Guaranty Loan Company (Minneapolis, MN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 15, 1893
Location
Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model
gpt-5-mini
Short Digest
7a63b2ac

Response Measures

None

Description

Articles report the Northwestern Guaranty Loan Company in financial embarrassment, expected to suspend in mid-May 1893, and on May 20, 1893 the company was placed in the hands of a receiver (Minneapolis Trust Company). Newspapers describe deep insolvency/fraud and receivership; no article describes a depositor run on this company itself (runs mentioned pertain to local banks). Classified as suspension leading to closure/receivership.

Events (2)

1. May 15, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Company deeply embarrassed by inability to realize collateral, widespread refusal of patrons to renew notes, and underlying fraudulent/insolvent condition described in later accounts; suspension anticipated mid-May 1893 as a result of its own financial troubles.
Newspaper Excerpt
The Northwestern Guaranty Loan Company of that city was in financial difficulties, and would not open its door today ... the suspension cannot be put off for more than two or three days.
Source
newspapers
2. May 20, 1893 Receivership
Newspaper Excerpt
The Northwestern Guaranty Loan Company of this city has gone into the hands of a receiver, the Minneapolis Trust Company having been named by the court today as such receiver.
Source
newspapers

Newspaper Articles (20)

Article from Evening Star, May 15, 1893

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SUSPENSION INEVITABLE. A Minneapolis Financial Institution Unable to Realize on Its Collateral. NEW YORK, May 15.-In regard to a diepatch from Minneapolis stating that the Northwestern Guaranty Loan Company of that city was in financial difficulties, and would not open its door today Mr. Thomas Lowry, vice president of the company. who is in this city, said last night: "The company may not be compelled to close its door tomorrow, but the suspension cannot be put off for more than two or three days, MINNEAPOLIS, MINN., May 5.-The Farmers and Merchants' Bank has suspended.


Article from New-York Tribune, May 16, 1893

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MORE TROUBLE IN THE WEST. MINNEAPOLIS COMPANIES EMBARRASSED. THE NORTHWESTERN GUARANTY LOAN COMPANY WILL PROBABLY SUSPEND-A STATE BANK CLOSES. [BY TELEGRAPH TO THE TRIBUNE.1 Minneapolis, Minn., May 15.-It was reported In this city and in St. Paul to-day that the Northwestern which has become in had Guaranty financial Loan dificulties Company. of late, suspended. involved The rumor. although gaining general credence. was found to be false. It is expected, however, that the company will be compelled to suspend in a few days. Officers and directors of the concern admit as much. L. F. Menage, president of the company, will not talk for publication beyond the expression of a conviction that the company will eventually pay every dollar. Just how much time will be required for this is unknown. The trouble with the company is that from various causes many of its patrons have refused to take up or renew their notes. The company's difficulties, It is the general belief, are only temporary. Some of the wealthiest men of the city, Thomas Lowry and others are back of it, and it is believed that the company will be able to satisfy all dorands. It will not be possible to ascertain the exact condition of affairs uness the company suspends, as it expects to do. The company is about ten years old, and its stock is $1,250,000. It owns the $2,000,000 building in which its offices are situated. and holds as collateral and in fee simple a large amount of property here. in Chlcago and elsewhere. Its business is loaning commercial paper on sufficient collateral and the guarantecing of the paper. It has some $3,000,000 of this paper. One of the results of the rumors regarding the Guaranty Lean was a run on the Farmers and Mechanies' Savings Bank to-day. The depositors are largely working people. The bank is not alarmed. being able to meet all demands. It has nearly $3,000,000 of available cash and securities. and could stand a run of eight days if necessary. The run is, however, nearly If not quite over. The Farmers' and Merchants' Bank, a concern with small capital. suspended, but will undoubtedly resume in a day or two. Thomas Lowry, vice-president of the Northwestern Guaranty Loan Company, when seen by a Tribune reporter at the Fifth Avenue Hotel yesterday, said that he had not been to a meeting of the board of directors for eighteen months, but that he believed the company had collateral back of all its liabilities, and that it would be able to meet all its obligations if a little time were given to it. He said that he had received no information whatever yeste rday concerning the condition of the company. Mr. Lowry is also president of the Farmers and Mechanics' Savings Bank of Minneapolis. He said yesterday that the bank was perfectly sound. and could easily stand the run upon it. which he attributed to the general distrust and panic in financial circles. At the American Exchange National Bank, which is the financial agent in this city of the Northwestern Guaranty Loan Company, it was said that most of the company's paper was put out in small lots of $1,000 to $10,000 and was held all over the Eastern States, little if any of it having been placed in NewYork. The bank officials declared that they were not in the least affected by the Minneapolis company's embarrassment.


Article from New-York Tribune, May 16, 1893

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FOURTEEN PAGES. THE NEWS THIS MORNING. Foreign.-The Infanta Eulalie and her husband mailed from Havana for New-York. - There were three more Australian bank failures; on the London Stock Exchange the feeling was pamiky three defaulters were posted and a fourth failure will be announced to-day. E-m It is said that France is strengthening her German frontier. Mr. Edmund Yates writes of the World of London. Donestic.-The Supreme Court of the United States rendered a decision sustaining the construtionality of the Geary Exclusion act; Justice Brewer delivered a dissenting opinion. - The Women's Congress began its sessions at the World's Fair. - Bishop Bissell, of the Vermont Episcopal diocese, is dead. = The Mississippi has overflowed the lowlands near Burlington, Iowa, and is still rising at Memphis and at Arkansas City, Ark.: crops in Cass County, III., have been badly damaged by floods. == The Northwestern Guaranty Loan Company, of Minneapolis, is so seriously embarrassed that its suspension is expeoted ; the Farmers and Meremants Bank of the eame city has suspended. - The assignment of Nehr & Carpenter, of Troy. was announced, W. B. Mygatt, banker, of Denver, failed. City and Suburban.- At the Gravesend racecourse Diable won the Brooklyn Handicap ; the other races were won by Kingston, Rainbow, Chateau, Token and Harvest == New-York shipper's have prepared a demand against the Columbian Government for damages caused by the detention of a cargo at Barranquilla. === A dinner was given for Archbishop Satolli in Hoboken. 1 George J. Gould said he would agree to the Rapid Transit Commission's proposition for compensation if it changed its definition of net prefits. = August Wanner, a discharged workman, killed his foreman, Henry Gebhardt, and then himself, in front of the Tremont House, Broadway. - William Koch, proprietor of "The Pickwick," took his own life on account of business troubles. = The Alumni of the Union Theological Seminary had their annual dinner. Stocks were irregular and feverish, closing with emart rallies in some directions: London selling was persistent and unfavorably affected international shares. Money was abundant at 2a3 per cent, but foreign exchange was strong. The Weather.-Forecest for to-day : Showers, slightly cooler. Temperature yesterday : Highest, 79 degrees: lowest, 54: average, 66 5-8.


Article from The Morning Call, May 16, 1893

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NEW YORK, May 15.-Senator Sherman was seen regarding the reports that he approved the banking methods of Dwiggins of Indiana. He said: "The statements of the man Dwiggins, if that is what you call him, are absurd. I deny them in toto. I don't know the man, or his bank or his banking business or his methods or the of his failure. It is absurd even to cause think I could have approved any such methods as this man seems to have employed." MINNEAPOLIS, May 15.-The Farmers' Merchants' State Bank has suspended and payment. The following notice is posted on the doors: "Pending the run this bank has suspended payment. Expect to rein a few days." The statement sume shows a capital of $60,000, and a surplus of $7000. The suspension causes no surprise, the bank has been looked upon,as weak for as some time. It should be noted that this 13 not the Farmers' and Mechanics' Savings Bank. The Northwestern Guaranty Loan Comis in financial embarrassment, owing paby the financial stringency. President to Menaze was shown a statement by VicePresident Lowery, made in New York, as to the company's affairs, saying the com- at pany might have to suspend to-day, or, it could not stave it off long. He adstatement was a mitted least, Lowery's had fair not one. susbut added that the company pended, Further than this he would not talk. If the company suspends it will not in do 50 for several days. It is believed business circles here the company will pay in full, RS the resources are ample under ordinary circumstances. TROY, N. Y., May 15.-Nehr & CarpenEastern managers of the Northwestern ter, Guaranty Loan Company at Minneapolis, and this morning made an assignment closed their doors. Two million dollars of the sixteen millions debenture bonds recently issued by the Northwestern Guarany Loan Company have been disposed of to people in this city and vicinity through them. CHICAGO. May 15.-The directors of the burst Columbia Bank met to-day and deeided to resume as soon as possible. Godfrey. Clark & Co., paper dealers, this morning confessed judgment for nearly $100,000. There is no statement of assets or liabilities. MILWAUKEE. May 12.-The PlankingBank opened an hour earlier than usual ton this morning. There was no renewal of Saturday's run, and the flurry seems far to have entirely subsided. The deposits exceed the withdrawals this morning. INDIANAPOLIS, Ind., May 15.-United States Bank Examiner Young and State Bank Examiner Packard are going through the affairs of the Capitol National Bank. Mr. Packard authorizes the statement that there is considerable more money in cash in than was reported by the bank The Capitol officers officers. the bank that furnish within a statement which indicates thirty days cash amounting to $480,000 available. They also million of paper with the possible which may not be at of all $50,000, will the is be good bank's dollars convertible exception claim of that that as of the into money, and say the Chemical of will be able to resume also, soon they present as Chicago favorable. provided resumes the Bank Examiners' report is A run on the Farmers' and Mechanics' Savings Bank began this morning. chiefly by small deposstors. It is considered one of the strongest banks in the State. There are no fears for its safety. DENVER, Colo., May 15.-William H. Mygatt, banker and real estate dealer, assigned to-day. His assets are given at $591,860 and his liabilities at $507,389. The creditor in Denver is the Naof Commerce, to owes over $40,000. Mygatt business man tional gatt principal conservative Bank had which said assured than that Mya his assets were really more filed. As he will pay out and have a Eastern banks, he were the stands. him left. that statement The the said, statement margin becoming afraid of all security, and espepecially discriminating against Western paper. Banks with which he had done business for a long period recently refused to take securities which they had hitherto desired to accept.


Article from The Representative, May 17, 1893

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The Gathering Storm. It is with profound regret that we announce that the wings of the great black tempest of Rotchildian misgovernment have at length struck the highest heads in Minneapolis. The Farmers and Merchants Bank has gone by the board; there is a great run on the Farmers and Machanics Bank; and that gigantic institution, the Northwestern Guaranty Loan Company, is practically swamped. The latter institution had $1,250,000 of capital and had endorsed commercial paper to the amount of $3,000,000. Thomas Lowry has been in New York trying to tide it over the flood, but he gives it up. Washburn, the Pillsburys, Menage, etc., are connected with it, and the other city banks are in for about $25,000. We are sorry for all their people; and yet they have been the strongholds and defenders of the shallow rascality which has culminated so terribly for them. Let them nail on the door of their shattered enterprises: "Died of demonetization of silver and permitting the money-power to run the government."


Article from The Kimball Graphic, May 20, 1893

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Investors in the Northwestern Guaranty Company Assured They Will Not Lose. MINNEAPOLIS, Minn., May -The officials of the Northwestern Guaranty Loan company are not ready to make a statement of its condition in advance of suspension, which they are free to bay will in all probability become necessary. The Journal says today on excellent authority that the investors in the company will, in all probability. not lose a dollar: that the security taken is ample to pay every dollar, and that the only possibility of loss is to the stockholders, and that President Menage is sure that they will be protected from loss also, providing the company is able to carry on business without forced liquidation. A HOPEFUL OUTLOOK. Will Resums Business. MINNEAPOLIS, May 7.-The directors bf the Farmers and Merchants State bank, which suspended Monday, held at meeting this morning and decided to resume business as soon as collateral can be realized on, which will be in a few days.


Article from The Daily Morning Astorian, May 21, 1893

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IN A RECEIVER'S HANDS. Minneapolis, May 20.-The Northwest ern Guaranty Loan Company of this city has gone into the hands of a receiver, the Minneapolis Trust Company having been named by the court today as such receiver. No correct estimate is made out of the condition of itsaffairs.


Article from The Morning Call, May 21, 1893

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Given a Receiver. MINNEAPOLIS, Minn., May 20. - The Northwestern Guaranty Loan Company of this city has gone into the hands of a receiver, the Minneapolis Trust Company having beea named by the court to-day as such receiver. No correct estimate as to the condition of affairs has been made.


Article from The Dalles Daily Chronicle, May 22, 1893

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The Northwestern Guaranty Loan Company of Minneapolis has gone into the hands of a receiver, the Minneapolis Trust Company having been named by the court as such receiver. No correct estimate as to the condition of affairs is made.


Article from The Coeur D'alene Press, May 27, 1893

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EASTERN MELANGE. Bears and Panthers Rampant in Arkansas. SALVATION ARMY MEN GO WRONG Colored Democrats Want Their Republican Brethren Turned Out of Office. The Dakota wheat acreage has been reduced about 14 or 20 per cent. The proprietorship of the New York Herald has been invested in a stock company. The cable rates between this country and China have been reduced to $1.96 per word. The New York Board of Education is hard up for money to pay the salaries of teachers. It is estimated that the new buildings erected in Philadelphia during 1893 will cost $28,000,000. Eighty bodies of paupers and unknown personswere lying in the Chicago morgue one day last week. Skin from a dissected convict was made into purses for dozen Michigan University medical students. A law and order crusade has been started at Nashville, Tenn., and gambling houses will be suppressed. The Judiciary Committee of the Michigan House has reported in favor of return to hanging in that State. The only States in the Union which hold more silver than gold in their national banks are the Southern States. In the annual report of the Cincinnati Sanitarium it is asserted that the gold cure "makes lunatics by the wholesale. James R. Keene is said to have made $1,500,000 by the big crash in National Cordage on the New York Stock Ex. change. The Northwestern Guaranty Loan Company of Minneapolis is in trouble and suspension, it is said, cannot be averted. Joseph Jefferson, the distinguished comedian, has had an discess on the back of his neck cut. He had been suffering very much Governor Flower of New York has vetoed the act appropriating money for the establishment of a colony for epilepties in that State. The Massachusetts Legislature is considering bill requiring all road wagons burden to be provided with tires from three to five inches wide. The crevasse at Lakeport, Ark. is increasing in width, and the whole land in that section is being covered with water from the Mississippi. St. Paul takes day off. or rather three days off. beginning June and celebrates the completion of J. J. Hill . Great Northern road as tal line Minnesota engineer is seeking to obtain a charter from the Canadian Parliament for the construction of a ship canal to connect Lakes Erie and St. Clair The house-to-house inspection, which was begun by direction of the Phila delphia Board of Health some weeks ago, has already abated thousands of nuisances. Bears and panthers, driven by floods from the wlands of the Saline river in Arkansas, are making life miserable to farmers. Many doméstic animals have been killed in pens. The story in circulation to the effect that the burean of engraving and printing is quietly printing bonds with view o having the same ready for issuance shortly is without foundation. An act passed by the Alabama Legis lature prohibits the killing of ringnecked Mongolian pheasants in the State for period of eight years, beginning June of the present year. The National Negro Democratic League wants the negroes appointed under Republican control turned out office. and has addressed letter to the President suggesting such action. George Hallett and George Mason two Salvation Army men at Souix City, Ia., have been arrested for counterfeiting. On their confession large quantitice of metal and dies were captured. Belva. Lockwood was admitted to the bar of the State of New York at Poughke week ago. This event marks the termination of long struggle on her part to secure judicial recognition. The Texas Legislature has passed law providing that the money from the direct tax refund shall be restored, as far as possible, to the persons who paid the tax or their representaThe New West Education Commission has received $10,000 from Nathaniel Gordon of Exeter, N. H. for the permanent endowment of Ogden Academy, Utah. which will hereafter be known as the Gordon Academy The recent recommendation of Acting Register Smith for the destruction $152,000, of issued registered 4 cent bonds of the funded loan 1891 has been approved by the Secretary of the Treasury and the bonds will be destroyed. The Ladies' Memorial Bazar. which has been in progress at Richmond for several weeks. has closed. The object of the bazar was to raise funds for establishing Confederate museum in the home of Jefferson Davis in Richmond. The bazar netted nearly $20,000. It is estimated at the Tammany De partment that by the loss of the 'hattrimmers case the United States will called upon to refund from $8,000,000 $10,000,000 and some estimates place it as high as $30,000,000. Secretary Foster' estimate was $25,000,000. The Supreme Court has laid down the construction of law of importance to the West which is in effect that appeals will be from the Territorial Courts to the United States Supreme Court in cases not specially excepted by Sections and 6 of the act creating a Circuit Court of Appeals. Superintendent Herman Stumpf. with the approbation of Secretary Carlisle has made a new and important ruling overturning former practices as to the admission of idiot immigrants when accompanied by parents, into the United States. He holds it to be the intention of the act to make each class of debarred immigrants separate and distinct A comparative statement of the values


Article from The Helena Independent, May 30, 1893

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THE GUARANTY LOAN CO. The Prospects Good for a Resumption of Business by Jan. 1. It will be good news to Montanians to know that the Northwestern Guaranty Loan company is getting its affairs in such shape that the officials hope by Jan. 1 to be in a position to resume business. The following from the Minneapolis yournal, of Satarday. tells of the condition of its affairs: much ple "The are Northwestern gratified Guarant, with the Loan progress peothey are making in settling up their affairs. A considerable portion of the business done Loan company was the of loans in by pogotiating the Gnaranty which the Guaranty of borLoan company indorsed the notes became jointly responsible to the of this rowers buyer and paper. The management for the thinks it will succeed in arranging settlement of many of these accounts dithe borrower to the holder paper reatly turning between over of and the the lender, the collateral held by the company to protect its guarantee. The fact that the Northwestern Gnaranty company is in trouble and in the hands of 11 receiver often makes it desirable, especially where the holder of its paper. or its guarantee upon the paper of other people, is a bank, or any one whose credit is liable to be affected, to conceal the fact of the connection with the Guaranty company. This makes it all the easier for the Guaranty company to indnco the holders of such paper to accept the oollateral held by the Guaranty company and for payment or extensions with the maker of the paper, so original arrange and to suc- be ceseful is this effort that it is hoped able to settle up the affairs of the company and put it in the hands of its stockholders again by Jan. 1, in condition to resume business. Some of the members of the company think this is an overenthusiastic view of the matter, but an officer of the company, who is thoroughly familiar with its accounts and the condition of its bus. iness, is confident that this adjustment of its affairs can be made within A few months. This, of course. relieves the situation very materially and enhances the excellent pros. pect that not only will creditors receive dollar for dollar for all claims, but that the stockholders may be protected for any loss on account of this suspension. "The fact developed to-day that if the financial flurry, which stirred up the industrial stooks in Wall street about a month ago, had not occurred, one of the wealthiest men in the country would have been the owner of the Guaranty Loan building. He had made an investigation as to the value of the property and rentals, etc., and was thoroughly satisfied and everything had been done except the signing of the papers when the raid on industrials in New York commenced and it WAS necessary for him to withhold his money to take care of his stocks. The building would have been sold practically for $1,600,000. This would have put into the treasury of the Guaranty Loan company nearly a million of dollars in cash which they would have had ready to meet emergencies when trouble overtook them last week. They still have the building as an asset, the company holding the stock of the building companies among its assets, but the sale would have been more service. able to them during the recent attack on their credit than the building. This sale of the building is not entirely off yet, however, and the robabilities are that it will go through some time during the summer if financial disturbances eastward do not become more serious. The building is a splendid piece of property and is paying handsomely on the pricenamed."


Article from Lincoln County Leader, June 1, 1893

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Bears and Panthers Rampant in Arkansas. SALVATION ARMY MEN GO WRONG Colored Democrats Want Their Republican Brethren Turned Out of Office. The Dakota wheat acreage has been reduced about 14 or 20 per cent. The proprietorship of the New York Herald has been invested in a stock company. The cable rates between this country and China have been reduced to $1.96 per word. The New York Board of Education hard up for money to pay the salaries of teachers. It is estimated that the new buildings erected in Philadelphia during 1893 will cost $28,000,000. Eighty bodies of paupers and unknown persons were lying in the Chicago morgue one day last week. Skin from a dissected convict was made into purses for dozen Michigan University medical students. A law and order crusade has been started at Nashville, Tenn., and gambling houses will be suppressed. The Judiciary Committee of the Michigan House has reported in favor of a return to hanging in that State. The only States in the Union which hold more silver than gold in their national banks are the Southern States. In the annual report of the Cincinnat Sanitarium it is asserted that the gold cure "makes lunatics by the wholesale." James R. Keene is said to have made $1,500,000 by the big crash in National Cordage on the New York Stock Exchange. The Northwestern Guaranty Loan Company of Minneapolis is in trouble, and suspension, it is said, cannot be averted. Joseph Jefferson, the distinguished comedian, has had an abscess on the back of his neck cut. He had been suffering very much. Governor Flower of New York has vetoed the act appropriating money for the stablishment of a colony for epileptica in that State. The Massachusetts Legislature is considering bill requiring all road wagons of burden to be provided with tires from three to five inches wide. The crevasse at Lakeport Ark., is in creasing width, and the whole land in that section is being covered with water from the Mississippi. St. Paul takes day off, or rather three days off, beginning June 7 and celebrates the completion of J. J. Hill's Great Northern road as a transcontinental line. A Minnesota engineer is seeking to obtain a charter from the Canadian Parliament for the construction of ht ship canal to connect Lakes Erie and St. Clair. The house- to-house inspection, which was begun by direction of the Philadelphia Board of Health some weeks ago, has already abated thousands of nuisances. Bears and panthers, driven by floods from the lowlands of the Saline river in Arkansas, are making life miserable to farmers. Many domestic animals have ut been killed in pens. The story in circulation to the effect that the bureau of engraving and printing is quietly printing bonds with view to having the same ready for issuance be shortly is without foundation. An act passed by the Alabama Legislature prohibits the killing of ringnecked Mongolian pheasants in the State for period of eight years, beginning June of the present year. The National Negro Democratic d League wants all the negroes appointed under Republican control turned out of office, and has addressed a letter to the President suggesting such action. George Hallett and George Mason, two Salvation Army men at Souix City Ia., have been arrested for counterfeit ing. On their confession large quanti ties of metal and dies were captured. in Belva A. Lockwood was admitted to the bar of the State of New York at Poughkeepsie a week ago. This event h marks the termi ination of long struggle on her part to secure judicial recognition. The Texas Legislature has passed a ly law providing that the money received from the direct tax refund shall be rei. stored, as far as possible, to the persons who paid the tax or their representatives. The New West Education Conamission has received $10,000 from Nathaniel to Gordon of Exeter, N. H. for the permanent endowment of Ogden Academy, Utah, which will hereafter be known as the Gordon Academy. The recent recommendation of Acting Register Smith for the destruction $152,000,000 of unissued registered cent bonds of the funded loan 1891 has been approved by the Secretary of the Treasury, and the bonds will be destroyed. The Ladies' Memorial Bazar, which has been in progress at Richmond for several weeks, has closed. The object the bazar was to raise funds for establishing a Confederate museum in the old home of Jefferson Davis in Richmond. The bazar netted nearly $20,000. It is estimated at the Tammany Department that by the loss of the 'hattrimmers case" the United States will be called upon to refund from $8,000,000 to $10,000,000, and some estimates place it as high as $30,000,000. Secretary Foster's estimate was $25,000,000. The Supreme Court has laid down the construction of a law of importance to the West, which is in effect that appeals will be from the Territorial Courts to an the United States Supreme Court in cases not specially excepted by Sections and 6 the act creating a Circuit Court of Appeals. Superintendent Herman Stumpf, with the approbation of Secretary Carlisle has made a new and important ruling overturning former practices as to the admission of idiot immigrants when companied by parents, into the United States. He holds it to be the intention of the act to make each class of debarred immigrants separate and distinct. comparative statement of the values of exports of breadstuffs is as follows For the month ending April $0,1893


Article from The Lebanon Express, June 2, 1893

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Bears and Panthers Rampant in Arkansas. SALVATION ARMY MEN GO WRONG Colored Democrats Want Their Republican Brethren Turned Out of Office. The Dakota wheat acreage has been reduced about 14 or 20 cent. The proprietorship of the New York Herald has been invested in a stock company. The cable rates between this country and China have been reduced to $1.96 per word. The New York Board of Education is hard up for money to pay the salaries of teachers. It is estimated that the new buildings erected in Philadelphia during 1893 will cost $28,000,000. Eighty bodies of paupers and unknown persons were lying in the Chicago morgue one day last week. Skin from a dissected convict was made into purses for a dozen Michigan University medical students. A law and order crusade has been started at Nashville, Tenn., and gambling houses will be suppressed. The Judiciary Committee of the Michigan House has reported in favor of a return to hanging in that State. The only States in the Union which hold more silver than gold in their national banks are the Southern States. In the annual report of the Cincinnati Sanitarium it is asserted that the gold cure "makes lunatics by the wholesale. James R. Keene is said to have made by the big crash on the New York $1,500,000 Cordage in Stock National Exchange. The Northwestern Guaranty Loan Company of Minneapolis is in trouble, and suspension, it is said, cannot be averted. Joseph Jefferson, the distinguished comedian, has had an abscess on the back of his neck cut. He had been suffering very much. Governor Flower of New York has vetoed the act appropriating money for the establishment of a colony for epileptics in that State. The Massachusetts Legislature is considering a bill requiring all road wagons of burden to be provided with tires from three to five inches wide. The crevasse at Lakeport, Ark., is increasing in width, and the whole land in that section is being covered with water from the Mississippi. St. Paul takes a day off, or rather three days off, beginning June 7. and celebrates the completion of J. J. Hill's Great Northern road as a transcontinental line. A Minnesota engineer is seeking to obtain a charter from the Canadian Parliament for the construction of a ship canal to connect Lakes Erie and St. Clair. The house-to-house inspection, which was begun by direction of the Philadelphia Board of Health some weeks of ago, has already abated thousands nuisanees. Bears and panthers, driven by floods in from the lowlands of the Saline river Arkansas, are making life miserable to farmers. Many domestic animals have been killed in pens. The story in circulation to the effect the bureau of engraving and printis printing to the same ready ing that having quietly bonds for with issuance view shortly is without foundation. An act passed by the Alabama Legislature prohibits the killing of ringnecked Mongolian pheasants in begin- the for a period of eight years, June 1 of the present ning State year. National Negro Democratic wants all the negroes League The turned appointed out of under Republican control the and has addressed a to such office, President suggesting action. letter Hallett and George Mason, Army men, at have been arrested for Ia., two Salvation George counterfeit- Souix quanti- City, On their confession large ties of metal and dies were A. Lockwood was to ing. Belva admitted captured. of the State of New York at a week ago. termination of a long the marks Poughkeepsie bar the This struggle event on her part to secure judicial recognia tion. The Texas Legislature has passed that the money received direct tax refund law from providing the shall the persons be restored, as far as possible, to who paid the tax or their representatives. The New West Education Commission received $10,000 from Nathaniel of Exeter, N. H., for the has Gordon endowment Academy, permaof Ogden known Utah, nent which will hereafter be 8 as the Gordon Academy. The recent recommendation of Acting Register Smith for the destruction of $152,000,000 of unissued registered 41/2 of bonds of the funded loan 1891 per cent has been approved by the Secretary be of the Treasury, and the bonds will destroyed. The Ladies' Memorial Bazar, which for been in progress at Richmond of several to raise funds for.estahhas weeks, has closed. The object wag hazar


Article from St. Paul Daily Globe, June 9, 1893

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The Guaranty Loan. An order was filed yesterday afternoon on the petition of the Minneapolis Trust company, limiting the time for creditors to file claims on the receivership of the Northwestern Guaranty Loan company to Jan. 1. 1894. It is stipulated, however, that further time may be granted upon application of the receiver only. Judge Russell signed the order.


Article from The Helena Independent, September 26, 1893

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He Will Become President of the Helena Rapid Transit Railroad Company. W. H. Clark Will Retire to Look After the Guaranty Loan's Affairs. The New Management will Have Full Authority to Make the Enterprise 16 Successful Institution. It 14 rumored. and the rumor not denied by those who ought to know," that W. H. Clark, who has been identified with the street railroad interests of this city, has determined to withdraw from the presidenoy of the Rapid 1 ransit railroad and give his undivided time and attention to the business of financial brokerage. He and his son, under the firm name of W. H. Clark & Son, are well known here as the former agents and district managers of the Northwestern Guaranty Loan company, and, HS their connection with the affairs of that company has been conspiouously free from any of the irregularities which are charged upon others, they have been selected as the agents, in this section, of the receiver of the Northwestern Guaranty Loan company, and find it necesmary to devote their attention to the investments of the company and to the development of their now connections in the loaning business. Hence, it is said, the Minmeapolis Trust company, the receiver for the Guaranty Loan company. has, both through its attorney, I. Parker Veazey of Minneapolis, who has been here for several weeks, and also directly. requested Richard Lookey of this city to accept the presidency and active management of the railroad, and there seems to be good reason for believing that Mr. Lockey is seriously considering the aoceptance of the position thus urged upon him. Mr. Lockey has just returned from the east, and it is known that he had other business with the receiver of the Guaranty Loan company. and hence must have seen the officers of the Minneapolis Trust company while east, and it is believed that Mr. Veazey requested the receiver to take advantage of M. Lockey's presence there and aid him in his efforts to secure the services of so excellent a man to unde take the work of reorganization, in view of Mr. Cark's desire to be relieved. It is believed that if Mr. Lockev accepts the position, it will be with the understanding that he is to have full authority to make a success of the road. and to take such steps AS will ensure its prompt and proper development into a paying inetitution. Helena has been for a long time much in advance of other cities of Its 8128 in the country in its street railroad facilities, and those interested are sure that, with Mr. Lockey at the head of the Rapid Transit company and the Minneal Trust company back of him, the e need be no fear of there being other than a thoroughly business-like and progressive administration of the company. The people of this city show their appreciation of their unusual advantages in this respect by bestowing H reasonable patronage upon both the street ailroad companies. The onde we e built because publio convenience was sup: osed to require them, and if the public show that they do not want these facilities, this enterprising city would have the mortification of seeing its street railroads abandoned, but there is no reason to fear any such results in Helona.


Article from Vermont Phœnix, September 29, 1893

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A BRILLIANT BUBBLE. When It Burst the Liabilities Were $6,000,000. The Wildcat Financiering in the Northwestern Guaranty Loan Company--How Streeter Placed $750,000 in Vermont. The complete story of the collapse of the Northwestern Guaranty Loan company of Min neapoiis, as published by the New York Herald. reveals a system of wildcat financiering that is unparalleled in this country. From the date of its organization this company never missed a div idend On January 1 last it declared a semi-annual dividend of four per cent, mailing checks to the stockholders so that they reached them on that date Four months and 20 days later closed its doors. owing more than $6,000,000. Of this amount $2,300,000 is fraudulent notes abso lutely worthless. The assets can best be suggest ed by an interrogation point For more than two years certainly and probably for a longer time. this company had been rotten to the core. Last December, when its annual report showed the company to be in extraordinarily good condi tion. it issued a statement which closed with the following "We take great pride in say ing that we have never passed a dividend, never defaulted a payment, and not in an instance has an invest or made loss through us. Directors Who Did Not Direct. The :company was !incorporated May 1. 1884 with an authorized.capital of $2,000,000. the paid up capital being $200,000. The names Thomas Lowry. the principal owner of the street railway systems of Minneapolis, Senator Washburne, G A. Pillsbury, the great flour manufacturer, and other men of prominence appeared as officers of the company These men had little or no inter est in the company They were given a few shares of stock in order that they might be qualified to become directors. At least two men Mr Pillsbury and Mr. Eustis. did not know that they had been elected directors. Their names were used for years without their knowledge Two years ago Mr Pillsbury compelled the com pany to take his name from the list In the light of recent developments it is proba ble that Menage used the company as a clearing house for his own enterprises from the start The rapid increase in the value of real estate for in those days it was no extraordinary thing for property to double itself in value in three onths-covered what might have been disas trous failures had there been any depression Times were good. Everybody was flush with money While loans were made on propert owned by Menage and by others which wer probably up to the full value of the property a that time, yet the increase in value covered thi successfully The business of the company in creased with rapid strides It paid dividend from the very start. The confidence which ha been bestowed upon it through the names of th men connected with it was increased by the suo cess of the company The credit for this succes went largely to Menage. He had gained a repu tation for extraordinary shrewdness in real tate speculations. He organized and was th leading spirit in a score other corporation which were more or less affiliated with the Guar anty Loan. The Finest Building in the Northwest In 1888 the company erected the finest building in the Northwest, at a cost of $1,250,000. Thi building made a great impression on the people of that section, and added much to its confidence and prestige. By this time the company had be come widely known. Its business had shown great increase It had never missed a dividend it had never defaulted on a payment in fact, had carefully avoided doing anything which might be construed in the least degree to reflec upon it. On the contrary. it had taken every step and every means that the ingenuity of it officers could devise to extend the confidence. advertised widely It selected capitalists fron the East-New York. Boston and the interior 0 New England who made up a party to visit the company home in Minneapolis, and they were then taken through the loaning fields of the Northwest That scheme. which was carried ou in 1890, was master stroke of advertising The visitors thought they knew exactly upon what properties money was loaned and the amount loaned. They could see the property themselves and the officers of the company could tell then how much the property was worth and hov much was loaned upon it Up to that time the company had placed upward of $12,000,000 in se curities. Advent of Mr. Streeter. One of the important changes in the company took place in 1889, when Wm. S. Streeter becam connected with it. Mr. Streeter was born in Bar ton, Vt. He entered a bank there and subse quently removed to St. Johnsbury, Vt., where h was made teller and afterwards cashier of th Merchant's national bank of that town. He wa prominent in the church and Sunday school an stood high in the estimation of the good peopl of that placed. It was ill health which compelle him to leave St. Johnsbury In the fall of 1888 h went to Denver. Then, through the influence H. E. Fletcher, formerly of St. Johnsbury, h became connected with the Northwestern Guar anty Loan company It was understood at tha time that he was to have an outside position: tha his business was to be principally in placing loans In the fall of 1889 Mr. Streeter appears as one the vice presidents of the company. and inside year after that he was the most powerful man il it next to Menage Placed $750,000 in Vermont. Prior to Mr. Streeter's connection with the com pany the paid-up stock had been increased t $500,000. In 1889 the paid-up stock was increase to $1,000,000 and later to $1,250,000. This increas of $750,000 was all placed by Mr. Streeter. prine pally among his old friends in Vermont. He ha no difficulty in placing this stock at the rate o $50,000 day whenever it was found necessary raise funds In addition, eestablished hundred of agencies for the disposal of notes and secur ties dealt in by the company Everybody the had investments in the compa ny had the greatest confidence in its stability the 19th of May the company could not mak good its guarantee of commercial paper, coul not sell other commercial paper. and the Minne apolis Trust company was made its receiver. The Building Had Been Transferred The receivers were confident that the losses t the creditors would be slight, but when the came to look into the matter they were duml founded. The first thing which they looked upo as an asset was the building itself. They kne that it was bonded to $600,000, but they were sur that there were at least $800,000 in equity, whic would become a part of the assets The receive was informed that the Northwestern Guarant Loan company did not have a particle of equit in the building It was the property of th Northwestern Loan Building company, a sepa rate corporation. This was a staggerer Tt transfer had been made more than a year befo the failure: the conveyance was recorded only tl day before the failure. They looked into som of the debenture bonds. Of these they four that about $2,400,000 had been issued. Some the mortgages which secured the bonds a good. Many hundred thousand dollars wort are worthless. They found that property ha been mortgaged for two, three, five, and in son instances 10 times it value and the mortgag sold. Paper Representing $2,300,000 Signe by Barbers, Porters, Etc. But the most astounding discovery was ma in connection with the commercial paper which the company had guaranteed and sold. Direct after the announcement of the appointment the receiver attorneys in Minneapolis began receive notes from all over the country for colle tion. The lawyers bustled about to find the ma ers of these notes. They could not find them f the most part. Out of 60 makers of notes who signatures affixed


Article from The Madison Daily Leader, October 21, 1893

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Want Stockholders Held. MINNEAPOLIS, Oct. 21.-A suit has been brought against the Minneapolis Trust company, receiver, and the several stockholders of the Northwestern Guaranty Loan company in an effort to make themliable for the debts of the insolvent concern to the full amount of the par value of their stock. The total holdings of the stock of the company amount to $1,250,000.


Article from St. Paul Daily Globe, January 19, 1894

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The Company Wants it All. It is the desire of the Minneapolis Trust company. receiver of the Northwestern Guaranty Loan company. to forestall the scores of suits that are about to be brought against the defunct concern. The trust company yesterday, through its attorneys, Hall & Morgan, filed a petition in the district court asking that some part of the assets now III the possession of the receiver be set apart or sold for its benefit. The petition sets forth that the property rightfully belongs to the trust company as receiver of the estate, and that all defendants should be excluded from baving or claiming an interest or lien upon it or any part of it. The defendants of this action, or rather the names of concerns mentioned in this petition, include forty-nine banking corporations and eighty national banks, also many other creditors.


Article from The Irish Standard, March 31, 1894

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1- requiem mass being celebrated by Father Straub. The pall bearers were: O. A. Batchelder. M. Baferning, Albert Pagel, John Doll, Geo. Shields, Joseph Gressler. The only dramatic event of importance since the close of the Lenten season will be the appearance of Mane Wainwright at the Grand Opera House next week. Miss Wainwright will present four plays, in all of which she will be new to our au- dience, and which will give abundant scope for the display of her varied and versatile powers. The repertoire is thus arranged: Monday, Tuesday, Wednes- day and Thursday evenings and at the Saturday matinee, "An Unequal Match," a brilliant comedy by the author of "The Ticket-of-Leave-Man," at the "popular price" (50 and 25 cents). Wedneday mati- nee Miss Wainwright will appear for the only time as Camille; Friday, "Frou Frou," one of the best of modern French plays; Saturday evening, Augustin Daly's dramatization of Wilkie Collins' wonde- fully exciting and absorbing story, "Man and Wife." At the Single Tax League Monday night, O. T. Erickson read an editorial from the Chicago Inter-Ocean entitled "Henry George and His Vagaries," after- wards criticising the same. Mr. Erick- son claimed that the writer of the edi- torial had dodged the question. The question was: Is it right for the com- munity to take ground rents? From a single taxer's point of view, it is, since the community produces ground rents. A general discussion of the single tax followed the reading of the editorial. One member favored the using of the figures to be found in the assessor's office. This speaker called to the atten- tion of the members of the league that, in this state, land is assessed separately from improvements. "Anyone, there- fore," concluded the speaker, "can see for himself what the difference would be be- tween the present system of taxation and the single tax." The seventh annual convention of the sheriffs of the state of Minnesota met in Sheriff Ege's office Wednesday afternoon There were about 30 counties repre- sented. The paper by John Fitzgerald, superintendant of the St. Paul work- house, which was read before the second state conference of charities, was circu- lated among the sheriffs. The meeting was called to order in one of the court rooms and officers for the ensuing year were selected. Among those present were Sheriffs Ege and Swenson, of Hen- nepin county; Secretary Hart, of St. Paul; J. F. Gale, of Winona county; J. H. Block, of Nicollet; James Lowe, Jr., of Murray; G. H. Munro, of Stevens; W. W. Barlow, of Cottonwood; G W. Man- ard, of Todd; A. Marty, of Washington; M. J. Glynn, of Blue Earth; Charles Andrews, of Chisago; T. M. Marity, of Polk county, Wis.; A. Grundysen, of Polk; L. M. Jensvold, Yellow Medicine; J. Z. Barnard, of Steele; George W. For- sythe, of Watonwan; J. E. Getman, of Dodge; C. N. Stewart, of Rice; J. C. Thom, of Nobles; S. L. Weimerskirch, of Wabasha; William Wickman, of Renville; and Sheriff Anderson, of Goodhue. The new stock company at the Peoples Theatre is a dramatic sensation. Man- ager Sterling has gone to the far east, to the south and to the western slope for the members of his company, and has se- cured a company of twenty people whose dressing, appearance and ability are wor- thy of the highest praise. The male members of the company are especially clever, their dressy appearance and abil- ity would be a subject of commendation in a New York production, and Miss Bradley's costumes are both rich and handsome besides being of the most re- cent fashion. This afternoon in "Lyn- wood," she wears four costumes, which entirely outshine anything seen here re- cently, and in this strong military piece Mr. Morris appears to greater advantage than he did in the part of Lieutenant Hawkesworth in "The Girl I Left Behind Me" which he created with Frohman's Empire Stock Company in New York. The play of "Lynwood," with its bright uniforms, airy comedy and strong dra- matic situations is eminently adapted to his methods and the passionate scenes running through it will give Mr. Morris a chance to demonstrate how great an artist he is. The company will also con- tain John J. Collins and Frank Jamison, who have not yet appeared. The Minneapolis Trust Company re- ceiver of the Northwestern Guaranty Loan Company, has brought suit against the Minneapolis Realty Company and Albert Hastings, the assignee. The plain- tiff demands judgment, that all lands


Article from New-York Tribune, May 3, 1894

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TELEGRAPHIC NOTES. St. Louis, May 2.-The Grand Jury has returned an indictment against William F. Burr, ex-cashier of the St. Louis National Bank, charging him with embezzling $30,000 of the bank's funds. Rochester, Penn., May 2. -This morning Henry Hahn, a well-known young business man of Monaca, committed suicide by shooting himself through the head. Additional interest is felt In the case by the fact that he was to have been married to-night, for which all preliminaries were perfected. No reason can be assigned for the self-murder. Hahn was thirty-four years of age, well-to-do and widely known. Danbury, Conn., May 1--Carl Wentzel, a member of International Cigarmakers' Union No. 144, NewYork City, was killed at Danbury this afternoon. His body was terribly cut up. He was stealing a ride on the trucks of a freight train. Kansas City, Mo., May - -The Grand Jury this afternoon returned indictments against thirteen men who participated in the recent election riots here. The indictments are divided between the Catholics and members of the A. P. A. Three of the indictments are for murder in the first degree. Nashville, Tenn., May 2.-The corner-stone of the Pythian University at Gallatin was laid to-day with imposing ceremonies by the Knights of Pythias, under whose auspices the university is to be built and conducted. The institution is to be international in its scope, as its support will come from the Knights of Pythias of the entire world. The contemplated cost of the building is $200,000, and a large amount has been set aside as an endowment fund for professorships. Minneapolis, May 2.-Hale, Morgan & Montgomery, as attorneys of the Minneapolis Trust Company, receivers of the Northwestern Guaranty Loan Company, filed a petition yesterday in the District Court asking permission to sell the Guaranty Loan Building to the American Exchange National Bank of New-York, which recently made an offer for it. Judge Russell signed the order, which will bring the matter up for consideration on May 19, in Special Term. The offer of the bank Is $100,000, of which $70,000 shall be in cash and $30,000 in collateral stock. The bank holds claims against the company amounting to $544,170. and the assuming of a $600,000 mortgage now on the building makes the price paid for the property $1,244,170.