9770. Peoples Bank (Minneapolis, MN)

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: June 20, 1893
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: c24cb138

Response Measures

Full suspension

Description

Newspaper accounts (June 20, 1893) report large withdrawals after the president (James McMillan) made an assignment; the bank posted a suspension notice the same day. Later local papers (Aug 1893) report the People's/Peoples Bank resumed business after reorganization. OCR variants: articles use People's Bank and Peoples' Bank — standardized to Peoples Bank. Cause attributed to assignment of James McMillan & Co. (bank-specific adverse information leading to withdrawals).

Events (3)

1. June 20, 1893 Run

Cause: Bank Specific Adverse Info
Cause Details: Large withdrawals by depositors triggered when the president James McMillan's assignment/financial failure became known.
Measures: Assurances posted that depositors would be paid in full; notice by cashier posted; later reorganization arranged.
Newspaper Excerpt: since his financial condition became known there have been large withdrawals from the bank by depositors.
Source: newspapers

2. June 20, 1893 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension was caused by the assignment of James McMillan & Co.; McMillan was president of the bank and his assignment prompted withdrawals forcing suspension.
Newspaper Excerpt: The People's Bank of this city suspended payment to-day, a notice to that effect signed by the cashier being posted this morning.
Source: newspapers

3. August 1, 1893 Reopening

Newspaper Excerpt: The People's bank, which suspended some weeks ago, resumed business last Tuesday, a reorganisation having been effected.
Source: newspapers

Newspaper Articles (9)

1. June 20, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, June 20, 1893

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TELEGRAPHIC BREVITIES. The People's bank of Minneapolis, Minn., suspended payment to-day. The rioting that broke out in renewed. Breslau on Saturday night, has been of Ex-Governor James E. Campbell, Ohio, says that he shall not be a candidate for renomination. James Gilbert, the dynamiter, recent- prison, discharged from an English ly arrived in New York this morning. The Plateau Valley, Col., sheep war are probably over the sheep men what is moving out of the valley, and is thus promised to be a serious conflict averted. By an edict issued by the school teach- commissioners yesterday all married have in the St. Louis public schools ers been dismissed. Nearly one hundred teachers were let out. No one was injured in the explosion the mine near Pittsburg yesterday. at The three missing men who were sup- last posed to be entombed turned up the evening. They had not gone into mine. A dispatch from Omaha quotes Mgr. Satolli as saying in regard to the Pope's "It of pronunciamento recently issued is unequivecally an indosement be Archbishop Ireland and there can no quibbling about it. Mrs. J. T. Ford died at her home, from Richmond, Mo., yesterday rat bite near blood poisoning, caused by a mother of days ago. She was the Ford, the ten notorious Bob and Charley who killed Jesse James. of The Manchester murder mystery River is cleared by the confession conof Fall Joseph Carriero. The lad murder has in fessed that he committed the by defense, being first attacked self Bertha with an axe over a dispute about wages. The will of Edwin Thomas Booth, filed actor, who died on June 7, was leaves the in New York to-day. Mr. Booth daughthe bulk of his property to his estate The value of the personal to be ter. which the actor left is estimated worth $605,000. The bodies of Tom Cordway and his of Pattrel, were found at the gate sister their home, eight miles from supposed LogansLa., yesterday. It is from port, one called Cordway sister his some house and shot him, and that also his shot. rushing to his assistance was at LoAn attempt was made to-day 75 miles southwest of Warsaw, Kunit- to dez, the residence of Julius of that destroy well known manufacturer for the zer, a in a spirit of revenge anarchists. discharge place, of a number of how None of the inmates were hurt, ever. Daniel Lord, jr., of New York, and aged Mrs. who was visiting Mr. while 22 H. years, R. McCormick, of Chicago, the last night, walked through to the asleep fourth story window, and falling such severe court below, received hour injuries stone that he died at an early this morning. size of the hand of Joe Butler, Jim of Philadelphia, The who is billed to fight Island of Buffalo, at the Coney is atDaly, Athletic Club, Thursday night, sportmuch attention among hand of tracting He has the biggest inches ing any pugilist men. living, measuring 144 around the knuckles. attempt was made yesterday Pullmorning An by Mike H. Robert Leitch, S. Browne, of Washn.. to kill Idaho, man, president of the Moscow, indebted to the Bank. Leitch is and after talking the turned and fired suddenly National bank cashier's with through desk. Browne The the screen bullet glanced over the over Browne's shoulder hitting him in the neck. & Vollers, wholesale the grocers oldest Adrian liquor dealers, one of N. and business houses in Wilmington, The C., assigned with preferences. of the failure have was precipitated by that few deof New Hanover. But at the Bank are calling for money Trust Compositors Savings and and some Wilmington banking house to-day, their money pany's those who withdrew returned it. of have already rain-maker, yesterday Jewell, the Rock Island causing C.B. on hand now which is great has populist scheme administration in Kansas yesterday a that the worry. He announced that he deal of to convince the people would go to he proposed bring down the rain and week in Sepcould during the Kansas great Chicago, flood and, the World's Fair with sattember, He said if that would know not what would. downpours. isfy the most stubborn, he did not STATISTICS.-The The Census publication, Bureau giving the statistics of the BAPTIST has issued an interesting Bap-

2. June 21, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 21, 1893

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SEVERAL BANKING CONCERNS CLOSED. Minneapolis, June 20.-The People's Bank of this city suspended payment to-day, a notice to that effect signed by the cashier being posted this morning. Assurances are given that depositors will be paid in full. The suspension is caused by the assignment of James McMillan & Co., the hide merchants. Mr. McMillan was the president of the bank, and since his financial condition became known there have been large withdrawals from the bank by depositors. This finally forced suspension, although the bank officials declare the institution to be perfectly solvent. The bank is only two years old. Its paid up capital was $100,000. The suspension caused little comment, as the bank was known to be weak. Topeka, Kan., June 20.-The State Bank Commissioner yesterday ordered the State Bank of Plainville closed. The capital stock is $50.000, but the amount

3. June 21, 1893 The Times Richmond, VA

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OTHER FAILURES RESULT From the Wilmington Bank Failure. Other Financial Troubles. WILMINGTON N. C., June 20.-Adrian & Vollers, wholesale grocers and liquor dealers, one of the oldest business houses in the city, asigned with preferences." The failure was precipitated by that of the Bank of New Hanover, in whose favor they executed a mortgage for ninety thousand dollars some months ago. But few depositors are calling for money at the Wilmington Savings and Trust Company's banking house to-day, and some of those who withdrew their money yesterday have already returned it. Deposits were being freely made by business men this morning. At a meeting of the executive committee of the Wilmington Savings and Trust deCompany, held here to-day, it was cided that, beginning with June 28th next, dedepositors desiring to withdraw their full. posits from the bank will be paid in H. Walters, vice-president of the company, received the following telegram to-day: "Baltimore, June 19.-Draw on us at sight for $100,000. or any part thereof, if required for your Savings and Trust Company. (Signed) "W. T. WALTERS, "B. F. NEWCOMER." The Chattanooga Failure CHATTANOOGA June 20.-The assignment of the City Savings Bank yesterday caused scarcely a flurry in financial circles to-day. The Chattanooga Savings Bank, as a precautionary measure, took advantage of the sixty days' notice of withdrawal of deposits. None of the banks lost deposits to-day, and in most of them the deposits increased. The community is so confident that the depositors of the City Savings Bank will be paid speedily in full that merchants are offering to take their checks at par in payment for merchandise. The agent of Dun & Co. denies that the failure was caused by erroneous information furnished by them in confusing the name "City Savings Bank" with the "Penny Savings" institution, which was embarrassed. There is some likelihood that the City Savings Bank may arrange its affairs so as to resume. Minneapolis Bank Failure. MINNEAPOLIS, MINN., June 20.-The Peoples' Bank, of this city, suspended payment to-day. Assurances are given that depositors will be paid in full. The suspension is caused by the assignment of James McMillan, the hide merchants Mr. McMillan was the president of the bank, and since his financial condition became known there have been large withdrawals from the bank by depositors. This finally forced suspension, although the bank officials declare the institution to be perfectly solvent. The bank is only two years old, and its paidup capital was but $100,000. The suspension caused but little comment, as the bank was known to be small and weak. Other Failures Reported MINNEAPOLIS, MINN., June 20.-Jas. McMillan, of this city, made a voluntary assignment to M. C. Fletcher. McMillan was in the hide and fur business until short time ago, when the business was transferred to a corporation known as James McMillan & Co. The assignment does not affect this corporation. Fletcher estimates the assets at about $700,000. Liabilities, $250,000. Of the liabilities 60 per cent. are foreign creditors, who have made consignments of him or furnished other 40 per cent. are goods persons to Minneapolis capital. people. The CHICAGO, June 20.-The Central Engineering Company, of Harvey, III., has assigned. The liabilities are said to be $75,000. WASHINGTON, D. C., June 20.-Comproller Eckels has been informed of the failure of the Linn County National Bank, of Albany, Oregon. Its capital was $100,00. Bank Examiner Jennings has been placed in charge.

4. June 21, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, June 21, 1893

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Telegraphic Brevities. Cornell won the Cornell-Columbia freshman race yesterday by ten lengths. The General Engineering Company, of Harvey, IiI., has assigned. Liabilities said to be $75,000. The Norfolk and Southern railroad has declared a regular quarterly dividend of 1 per cent. payable July 10th. The assignment of the City Savings Bank, at Chattanooga, Monday caused scarcely a nurry in nnancial circles there. Comptroller Eckert is informed of the failure of the Lion-County National Bank, of Albany, Oregon; capital, $100,000. An unknown tramp was killed by a train in the city limits of Augusta, Ga., last night while stealing & ride. He was drunk. Clarence S. Bayne, the star pitcher of the Untversity of Pennsylvania base-ball team. died yesterday evening at Philadelphia of appendicitis. The resignation of Mr. Julien B. DePray, Chief of the Law Division, Architect's office, Treasury Department, at Washington, has been requested. James McMilian. of Minneapolis. Minn., made a voluntary assignment yesterday to M. C. Fletcher. Estimated assets, about $700,000, liabilities, $250,000. Mareschal Jose Simeao de Oliveria, of Brazil, President of the Brazilian commission to the World's Columbian Exposition, died at the Hotel Savoy, New York, yesterday, of Bright's disease. Mrs. J. T. Ford died at her home. near Richmond. Mo., yesterday. from blood-poisoning, caused by a rat bite ten days ago. She was the mother of the notecious Bob and Charley Ford, who killed Jesse James. The business portion of the town of Tillamook, Ore., was burned Monday. Several fires started simultaneously, and It is supposed they were the work of incendiaries. Total loes, $100,000; insurance half that. Mrs. Cleveland, with her little daughter Ruth and her houshold servants, left Washington on a special car over the Pennsylvania railroad at 9:40 A. M. yesterday for Buzzard's Bay. The President did not accompany her. There will be a monster reunion of war veterans, both Confederate and Federal, at the World's Fair October 20th to 24th inclusive, those days having been designated by the exposition authorities. Not less than 50,000 are expected to be present. Major Joseph Dubois was arrested Monday night at Bellaire, O., under the name of Joseph Morrison. on a charge of embezzlement made by James Fagin. of Knoxviile, Tenn., and with. out requisition was taken as once to Cincinnati and thence to Knoxville. Secretary Herbert, after spending a few days at his home, in Montgomery, Ala., left that city for Washington yesterday. He was the reciplent of marked attention from his Montgomery friends and neighbors and was given a banque 8 by them Monday evening. The People's Bank, of Minneapolis, Mino., surpended payment yesterday, the suspension being caused by the assignment of James McMillan, the hide merchant The failure caused but little comment, as the bank was known to be small and weak. The President yesterday made the following appointments: Paul B. Trammell, of Georgia, to be Collector of Internal Revenue for the Diatrics of Georgia; Andrew Fuller Yus, of Mis-

5. June 21, 1893 The Morning News Savannah, GA

Article from The Morning News, June 21, 1893

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A MINNEAPOLIS BANK FAILS. The Failure of McMillan & Co. Caused Its Closing. Minneapolis, Minn., June 20.-The Peoples Bank of this city,Suspended payment today Assurances are given that depositors will be paid in full The Suspension is caused by the assignment of James McMillan & Co., hide merchants, Mr. McMillan was president of the bank and since his financial condition became known, there have been large withdrawals from the bank by depositors. This finally forced the suspension, although the bank officials declare the institution to be perfectly solvent. The bank is only two years old and its paid up capital was but $100,000. The suspension caused but little comment as the bank was known to be small and weak. The suspension is caused by the assignment of James McMillan & Co., the hide merchants. McMillan & Co. have not assigned.

6. June 21, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, June 21, 1893

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YESTERDAY'S FAILURES. An Oregon National Bank Goes to the Wall. WASHINGTON, June 20.-Comptroller Eckels has been informed of the failure of the Linn County National Bank of Albany, Oregon. The capital stock is $100,000. Bank Examiner Jennings has been placed in charge. WILMINGTON, June 20.-Adrian & Vollers, wholesale grocers and liquor dealers, one of the oldest business houses in the city, has assigned with preferences. The failure was precipitated by that of the Bank of New Hanover, in whose favor they executed a mortgage for $200 000 some months ago. But few depositors are calling for money at the Wilmington Savings and Trust Company's banking house to-day, and some of those who withdrew money yesterday have already returned it. Deposits are being freely made by business men this morning. CHIGAGO, June 20.-The General Engineering Company, of Harvey, III., has assigned, and the liabilities are said to be $75,000. MINNEAPOLIS, Minn., June 20.-Jas. McMillan, of Minneapolis, has made a voluntary assignment to M. C. Fletcher. McMillan was in the hide and fur business until a short time ago, when his business was transferred to a corporation known as James McMillan & Co. The assignment does not affect this corporation. Fletcher estimates his assets at about $700,000, liabilities, $250,000. Of the liabilsties 60 per cent. are foreign creditors, persons who have made assignments of goods to him, or furnished capital. The other 40 per cent. is Minneapolis people. MINNEAPOLIS, June 20.-The People's Bank of this city suspended payment to-day. Assurances are given that the depositors will be paid in full. The suspension is caused by the assignment of James McMillan & Co., hide merchants. McMillan was president of the bank, and since his fanancial condition became known there have been large withdrawals from the bank by the de. positors. This finally forced the suspension, although the bank officials declare the institution to be perfectly solvent. The bank is only two years old, and its paid-up capital was but $100,000. The suspension caused but little comment, as the bank was known to be small and weak. RICHMOND, Va., June 20.--Isaac Held, a dry goods merchant of this city, made an assignment to-day. His liabilities are $10,500. CHATTANOOGA, Tenn., June 20.-The assignment of the City Savings Bank yesterday caused scarcely a flurry in financial circles to-day. The Chattanooga Savings Bank, as a precautionary measure, took advantage of thesixty days' notice of withdrawal of deposits. None of the banks lost deposits today, and in most of them deposits increased. The community is so confident that the depositors of the City Savings Bank will be paid speedily in full that merchants are offering to take their checks at par in payment of merchandise. The agent of Dun & Co. denies that the failure was caused by erroneous information furnished by them in con. fusing the name, City Savings Bank," with that of the Penny Savings Bank, an institution which was embarrassed. There is some likelihood that the City Savings Bank may arrange its affairs so as to resume. WILMINGTON, N. C., June 20.-At a meeting of the executive committee of the Wilmington Savings: Trust Company held here to-day, it was decided that, beginning June 28 h next, de-

7. June 21, 1893 Evening Star Washington, DC

Article from Evening Star, June 21, 1893

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The People's Bank of Minneapolis Suspends. The People's Bank of Minneapolis suspended payment yesterday, n notice to that effect signed by the cashier being posted up in the morning. Assurances are given that depositors will be paid in fuil. The suspension is caused by the assignment of James McMillan.

8. August 5, 1893 The Irish Standard Minneapolis, Saint Paul, MN

Article from The Irish Standard, August 5, 1893

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BY THE WAYSIDE. Crocker, Fisk & Co. have filed an assignment for the benefit of their creditors. Miss Katie C. Dibb has returned from a pleasant visit of two weeks with Mrs. Crowe, of Graceville. The People's bank, which suspended some weeks ago, resumed business last Tuesday, a reorganisation having been effected. The Runge investigation is still dragging its slow length along. The evidence given is getting awfully tiresome and monotonous. The total loss by fires in Minneapolis during the month of July was $15,045.73, of which $11,770.13 was on buildings and $3,275.60 on contents. Last Monday F.D. Kelly was knocked down by a runaway team and severly injured. He was removed to his home at 900 Twelfth street south. Sergeant Dunn, formerly of the East side police station, has been made jailor of the station in South Minneapolis to succeed jailor Zimmerman, resigned. The Gilmore band at Lake Harriet will play for the last time this evening and a crowd of 20,000 people is looked for. The intermission feature will be fireworks. The butchers of the city had a secret meeting Tuesday evening and decided to keep prices up. About sixty of them signed an agreement not to sell meat below a uniform rate of profit. Prof. F. E. Webster, of Moorhead, has accepted the principalship of the East side high school, and the Moorhead school board has elected John F. Giles, of Winona, to succeed him. Patrick Filly has begun act on in the United States court against the Northern Pacific railway to recover $5,000 for injuries received while working on the tracks in the Northeast Minneapolis yards. The enrollment still keeps up at the university summer school. In the advanced section it now numbers 142, and in the elementary branch 335. This is exclusive of a number who are taking only physical culture. Father Christie returned the other day from his short vacation in Canada and the New England States. Upon his arrival home he was tendered a reception by his parishioners. They also presented him with a well filled purse. Another pedestrian, a street laborer named Murphy, was knocked down by a team on Tuesday but not dangerovsly injured. He was taken home in the patrol wagon to 1201 Ninth street south, and the police tried to find the driver of the team but failed. The saloon of Thomas Moore, 214 Nicollet avenue, was burned shortly after 1 o'clock yesterday morning. The loss is about $27,000, and the insurance $17,000. The upper floors of the Merchants' hotel and J. B. Brown's liquor store were dam aged to a small extent. Senator Washburn returned from his New England trip with Senator Allison, of Iowa; Senator Hale, of Maine, and Robert T. Lincoln,late minister to Great Britain. He left yesterday for Washington to be present at the opening of the special session of Congress next Monday. Michael Monson, a depositor in the Farmers and Merchants' State bank to to the extent of $2,000 has begun an acttion to enforce the liabilities of the stock holders, and asks that a receiver be appointed for the capital stock. All other creditors are asked to join in the action with the plaintiff. Building Inspector Gilman's report for the month of July shows a total of 264 permits issued, with an estimate of cost of construction placed at $198,770. In the same month for 1892 there were issued 288 permits, valuation $570,150. For 1891, 270 permits, $330,410. This is one of the lightest showings ever made. The young ladies of the Church of the Immaculate Conception will give a harvest festival on the evening of August 17, on the beautiful lawn at the corner of Ninth street and Western avenue. There will be music by one of the favorite bands, and light refreshments will be served for 25 cents. The proceeds will go to the orphans. The Bank of New England will resume business on Sept. 1. More than onehalf of the stockholders have already subscribed the I0 per cent assessment. Over one-half of the depositors have either accepted an extension of time or subscribed for stock and good progress

9. August 10, 1893 The Sun Morris, MN

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GENERAL N. M. Crane & Co., private bankers, at Hornellsville, N. Y., have failed. The People's Bank of Minneapolis has resumed business. The Edison phonograph company at Orange, N. J., has discharged 300 hands. The depression of the silver market has given a decided stimulus to gold mining in Utah and Nevada. The gold in the treasury now exceeds the reserve limit, and issue of certifi cates will probably soon be resumed. The Lorain Manufacturing company failed at Elyria, Ohio. The liabilities are $105,000. Wages in the Lancaster gingham mills at Clinton, Mass., have been cut 20 per cent. Mrs. Leland Stanford of Palo Alto, Cal., has ordered an auction sale of 1,100 of the best, horses on her Palo Alto farm. Fifty-six men deserted the coast defense vessel Monterey at San Francisco because of the heat when the ship is under steam. President Aylesworth, of Drake university, at Des Moines, Iowa, has declined to be the Prohibition candidate for governor. The auditor of Iowa has granted insurance rights to the branch of the A. O. U. W. in that state which seceded from the supreme lodge. F. A. Loring & Co., leather dealers, at Boston, have made an assignment. The firm was considered strong in the trade. An advance of from 20 to 50 per cent in insurance rates in the Northwest has gone into effect. Schedule risks are excepted. Gov. Lewelling of Kansas will appoint a commission to visit Chicago to lay his gulf transportation scheme before foreign representatives to the fair. Nearly 30,000 spectators flocked to the beach at Asbury Park, N. J., to see the fourth annual baby parade. About 500 babies were wheeled into line. William Hagler died at Benton, Iowa, of hydrophobia. He was bitten by a dog last March and nothing was thought of it until a few days ago, when the disease developed. The Chinese six companies will ask a rehearing before the United States supreme court of the Geary law case. A New York company will reproduce the most attractive world's fair exhibits. Three girls were arrested at Louis: ville, Ky., for smoking cigarettes on the street. The judge discharged them, saying that while they were not acting in accordance with the established canons of society they were violating no ordinance, Edward F. Voris, receiver of the Akron, Ohio, Citizens' Savings and Loan association, reports liabilities of $563,650, with assets of $692,397.67 The association will not resume under its old name, but a new company with a new title will be formed. The United States court at Marquette, Mich., has denied the application of the Minneapolis, St. Paul & Sault Ste. Marie railroad for an injunction restraining the state board of health from enforcing its rules to the alleged inconveniences of that road. Little Tiger, a chief of the Seminole Indians, is on his way to Tallahassee, Fla., to see Gov. Mitchell about the flogging of his boy by a white man named Hensen. The boy poached on Hensen's land. The whole tribe, 500 in number, are incensed and settlers fear trouble. Secretary Hoke Smith was hanged in effigy at Rome, Ohio. Smith's orders to cut down pensions took from a crippled veteran named J. L. Reed, his only income, and he became insane. A crowd of 1,000 indignant people hanged a figure bearing a card on which was Secretary Smith's name.