9776. St. Paul and Minneapolis Trust Company (Minneapolis, MN)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: private
Start Date: June 28, 1893
Location: Minneapolis, Minnesota (44.980, -93.264)

Metadata

Model: gpt-5-mini
Short Digest: 6ac32c47

Response Measures

None

Description

Multiple contemporaneous newspaper reports (June 28–29, 1893) announce a temporary suspension of the St. Paul and Minneapolis Trust Company citing inability to collect funds and a presented $19,000 check as the immediate trigger. Reports state assets exceed liabilities by $200,000 and express belief the company will pay in full and resume business. No articles describe depositor runs or a receivership; reopening is reported as expected but not later confirmed in these excerpts.

Events (1)

1. June 28, 1893 Suspension

Cause Details: Temporary suspension due to tight money / inability to collect large sums owed (immediate trigger: presentation of a $19,000 check); officers emphasized solvency (assets exceed liabilities).
Newspaper Excerpt: The suspension of the St. Paul and Minneapolis Trust Company was announced last night. A card from the president says the assets exceed the liabilities by $200,000 and that it will pay in full.
Source: newspapers

Newspaper Articles (10)

1. June 28, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, June 28, 1893

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EXTR A SESSION SEPT. 4 NO OFFICIAL CALL YET, HOWEVER The List of Business Embarrassments Not Decreasing AS. Fast As Could Be Wished-Silver Mines Closing Down-India's Silver WASHINGTON, D. C., June 28.-Though no official announcement has yet been made on the subject. it is the almost universal opinion of members of Congress now in this city. many of whom have conversed with the President, that Congress will be called to meet in extra session September fourth. SALT LAKE, Utah, June 28 - The fall in the price of silver causes dismay to the mine owners in this region. Yesterday the Daly-West mine at Park City were ordered closed down. The Diamond mine at Eureka, Nev., and the Old Jordon and Galena at Bingham, Utah. were also ordered closed. The owners of several other mines say they will be closed in a few days. LOCK HAVEN, Pa., June 3.-The doors of the State bank of Lock Haven were not opened this morning. A posted notice reads: "By order of the board of directors this bank is closed for the pur pose of going into liquidation. Depositors will be paid in full." The people here have full confidence in the solvency of the bank. MINNEAPOLIS, Minn., June 28.-The suspension of the St. Paul and Minneapolis Trust company was announced last night. A card from the president says the assets exceed the liabilities by $200,000; that the company will pay in full. The general belief is that it will do so and resume business. Its president is Gov. McGill, its vice president Congressd man Loren Fletcher. The capital stock is $500,000. O BEDFORD, Ind., June 28 - -The Bedford d Stone quarry company, the largest pro O ducers of limestone in the world, made e an assignment yesterday. Inability to realize in time to meet maturing obliga a tion is given as the cause Work at the kquarries will be continued till all cont tracts are filled. 1BOMBAY, June 28.-The newspapers e here generally approve of the action r taken on the silver question, but express be the hope that the government will comh pensate the banks, the holdings of which r. are largelv in silver. It is stated that d the banks inteud to raise the legal quesution as to whether telegraphic intimaStion of the change in the law is sufficient re to change the law and justify the mints in in refusing silver that was tendered to d them on Monday last.

2. June 28, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, June 28, 1893

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BUSINESS EMBARRASSMENTS. Failures at Chicago and Other Places-New York Banks to Resume. CHICAGO. June 27.-The Illinois Fuel Company confessed jodgment this afternoon for $43,807. The company owns mines in Sangamon county. and has $150,000 worth of assets against $100,000 lia bilities. The Columbian Excursion Company. the lessee of the hotels in the world's fair district-the Everett. the Costello and the Boston-assigned to-day. The company has a number of contracts, the assignee said, with parties of visitors from the East who have delayed their coming. Rina A. Wells, a wholesale lumber dealer, also assigned. The liabilities are not not known, but it said his estate amounts to more than $150,000. NEW YORK. June 27.-A very enrious state of affairs has developed in Philadelphia. Several of the big banks are practically unable to remit to the banks of this city the balances due them for remittances, and Philadelphia exchange is practically at a premium to-day in this city. The Philadelphia backs say they are unable to procure New York exchange and they cannot get gold or currency to ship. One bank in this city has $600,000 locked up in three Philadelphia banks in that way. Of course it could send down there and demand the cash. but 18 unwilling to do 60. The probability is that there will be a larger issue of clearing-honee certificates ID Philadelphia in a day or two, and then the balances due in New York will, it is presumed. be paid. In the meantime, however. business men having drafts on Philadelphia will not be able to get credit for them here except at a pretty large discount. NEW YORK, June 27.-Henry Allen & Co. have given notice that they have settled with their creditors, and have applied for reinstatement as members of the Stock and Produce exchanges. The firm's settlement is on the basis of 50 cents. cash and the signing off by their creditors of 50 per cent.. with the understanding that the firm will consider this a moral obligation and meet it as soon as convenient. The firm's liabilities are $400,000. and it 18 said that the unrealized assets remaining are $800.000, which, as soon as things improve on the Stock Exchange, can be realized on at a profit. SPRINGFIELD, Iii., June 27.-The private banking establishment of George P. Harrington, Edinburg. Ill., twenty miles southeast of here. closed to-day on confession of judgment made by Harrington to Reuben Wilkinson, Taylorville. The failure of Harrington. who is part owner of a big gold mine in Arizona.coal mines in cenral Illinois, and interested in the new Chicago and St. Lonis railroad, 18 a very large one. involving $225,000. The failure is due to stringency of the money market, largeBy, and unprofitable enterprises. NEW YORK, June 27.-Goldman brothers, cloak manufacturers, have become financially embarraesed and the sheriff has taken possession of their place of business. They have been in basiness many years, and their house 18 one of the oldest in the cloak line in this city. A few months ago they claimed to be worth $200,000, of which about $125,000 was invested in the business, the balance being in real estate and securities. In the trade the failure 18 attributed to dull business and tight money. Liabilities, $75,000. MINNEAPOLIS, Minn.. June 27.-The suspension of the St. Paul and Minneapolis Trust Company 18 announced to-night. A card from the president says that its assets exceed its liabilities by $200,000. and that it will pay in full. The general beliefia that it will do 80 and resume business. Its president is ex-Governor Mill. and its vice president is Congressmen Loren Fletcher. The capital stock 18 $500,000. ASHLAND, Ky., June 27.-The Second National Bank, of this place, has closed its doors as a result of the closeness of the money market. The bank is perfectly solvent, but has been forced to take this step from inability to realize on paper that 18 first-clase. TOLEDO, June 27.-The Toledo Spice Company. of this city, made an application for the appointment of a receiver this afternoon. Liabilities amount to over $40,000; assets unknown. CINCINNATI. June 27. - Rennekamp Brothers, mannfacturers of furniture at Clinton, have assigned. Liabilities, $40,000; assets, $100,000.

3. June 29, 1893 The Portland Daily Press Portland, ME

Article from The Portland Daily Press, June 29, 1893

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WORKS WIDESPREAD RUIN. The Shutting Down of Mine After Mine on the Great Lakes. CLEVELAND, O., June 28.-The situation on the Lakes in the the industry of ore mining is in a more depressed condition than in years. Mine after mine has shut down. W. G. Mather,"president of the Cleveland Cliffs Mining Company, all of whose mines will be closed Friday night, says the shipments of ore down the lakes will be curtailed nearly 50 per cent. this season. "We shall shut down," said Mr. Mather," simply because we are unable to dispose of the product at cost price. We cannot tell when we will resume." The Republic Iron Company of this city, wired its superintendent to shut down the Republic mine for 60 days, It is known that operations will not be resumed until the state of trade makes it advisable. These mines employ thousands of men and are practically the sole support of whole towns in the Upper Peninsular of Michigan. Protracted cessation of work is bound to result in widespread ruin. Says it Will Pay in Full. MINNEAPOLIS, Minn., June 28.-The suspension of the St. Paul and Minneapolis Trust Company was announced last night. A card from the president says its assets exceed the liabilities by $200,000 and it will pay in full. Failures in Gotham. NEW YORK, June 28.-Banning, Bissell & Co., importers of dry goods, today allowed judgment to be entered against them for $23,800, on a demand note.for money loaned. The failure of J. B. McGeorge, stock broker, was announced on the Stock Exchange this afternoon. He has no outstanding contracts on exchanges. Dismay in Colorado. DENVER, Col., June 28.-The Denver smelters feel very severely the drop in silver. The local smilters have on hand of an average abont 500,600 ounces each, enough to last for several months without any new contracts; but the trouble is there is now absolutely no market for silver, and if the smelters cannot dispose of the product of their work it will be an impossibility to continue running them. It is estimated that the smelters here and throughout the state have lost in the aggregate $650,000 on ore bought last week and which has fallen so greatly in value in the past two days. Ex-Governor Grant, vice president of the Omaha and Grant Smelting Company, says his company will make no more contracts for ore until the silver market is more settled. : Others make similar statements, and it is understood the other Colorado points will follow suit. In case the smelters should close many thousands of men will be thrown out of employment, but there is an impression prevalent that before this action becomes necessary. a favorable turn will occur in the silver market.

4. June 29, 1893 The Times Richmond, VA

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THE FINANCIAL DEPRESSION. The President Asked to Convene Congress at Once for Legislation. WASHINGTON, June 28.-Secretary Carlisle's mail this morning was loaded down with letters from bankers, commercial men and others calling on the President to convene Congress at once in extra session, to consider financial legislation. The pressure is great, but there is semi-official authority for the statement that Congress will not be convened before September. A Cabinet officer, speaking of the financial situation, said this morning that the country had been brought to its present financial condition by the very men who were now clamoring for an extra session of Congress. They had reached the end of their rope, and could no longer profit and thrive by speculation, and wanted the Gover: ment to come to their relief, that they might again enter upon an arena of speculation. There was no doubt in his mind, he said, that the repeal of the Sherman law would bring about much-needed reliefwhether temporary or permanent, time only could demonstrate. Still, there was no certainty even now, that Congress would repeal the Sherman law. The House was more favorable to its repeal than the Senate. He intimated that if the President was convinced that Congress would immediately repeal the Sherman law, that body might be convened in extra session before September But. he concluded, "the leaven is working." According to treasury advices, silver continues to decline, the price in London to-day being thirty-four pence per ounce, or 739 our money. This makes the silver dollar worth to-day as bullion fifty-seven cents. Since the Treasury went out of the market as a purchaser of silver, June 21st, the price declined from .82 to .739 per ounce. Next Monday, July 3d. is the time for the next purchases, but it is hinted at the Treasury Department that purchases may be delayed till July 5th or 7th. Secretary Carlisle is giving attention to the situation, and will have a conference on the silver side of the question tonight. A Trust Company Suspends. MINNEAPOLIS, MINN.. June 28.-The suspension of the St. Paul and Minneapolis Trust Company was announced last night. A card from the president says the assets exceed the liabilities by $200,000. and that it will pay in full. The general belief is that it will do so and resume business. Its president is Governor McGill, vice-president Congressman Lorn Fletcher. Capital stock, $500,000. More Bank Failures. LOCKHAVEN, PA., June ...The doors of the State Bank of Lockhaven were not opened this morning. A notice.posted

5. June 29, 1893 The Morning News Savannah, GA

Article from The Morning News, June 29, 1893

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A TRUST COMPANY SUSPENDS. Its Assets Said to be $200,000 in Excess of Its Liabilities. Minneapolis, Minn., June 28.-The suspension of the St. Paul and Minneapolis Trust company was announced last night. A card from the president says the assets exceeded the liabilities by $200,000 and that the company will pay in full. It is the general belief that it will do so and resume business. Its president is Governor McGill, and its vice-president Congressman Loren Fletcher. Its capital stock is $500,000.

6. June 29, 1893 The State Chronicle Raleigh, NC

Article from The State Chronicle, June 29, 1893

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Suspension of a Trust Company. By Southern Associated Press. MINNEAPOLIS, Minn, June 28.The suspension of the St. Paul and Minneapolis Trust Company was announced last night. A card from the President says the assets exceed the liabilities by $200,000; that it will pay in full. The genexal belief is that it will do SO and resume business. Its President is Governor McGill, Vice President is Congressman Loren Fletcher. The capital stock is $500,000.

7. June 29, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, June 29, 1893

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Trust Company Suspends. MINNEAPOLIS, June 29.-The St. Paul and Minneapolis Trust company, of which ex-Governor McGill is president, has been forced to suspend temporarily. Ex-Governor McGill says the company is not insolvent, but lacks ready monev.

8. June 29, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 29, 1893

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BANKING INSTITUTIONS CLOSED. Minneapolis, June .-The suspension of the St. Paul and Minneapolis Trust Company was announced last night. A card from the president says that its assets exceed its liabilities by $200,000, and that it will pay In full. The general belief is that it will do so and resume business. Its president is ex-Governor McGIII, and its vice-president is Congressman Loren Fletcher. The capital stock is $500,000. In an interview last night, Mr. McGill said the failure was not due in any sense to mismanagement. The company had closed because it could not col. lect money due it from good, responsible parties. The Immediate cause of the failure was the presentation of a check for $19,000. While the company had money to pay this and much more, the officers felt that all creditors should be treated alike. Hence the determination to close. Lockhaven, Penn., June 28.-The doors of the State Bank of Lockhaven were not opened this morning. A notice was posted on the door which reads as follows: "By order of the Board of Directors this bank has been closed for the purpose of going into liquidation. Depositors will be paid in full." People here have full confidence in the solvency of the bank.

9. June 30, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, June 30, 1893

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Creditors to Be Paid In Full. MINNEAPOLIS, June 29.-The statement is made that the assets of the suspended St. Paul and Minneapolis Trust company exceed the liabilities by $200,000, and the creditors will be paid in full.

10. July 4, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, July 4, 1893

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CAUSED BY TIGHT MONEY. Banning, Fissell & Co., Importers of Dyes, Confess Judgment. Banning, Bissell & Co., importers of dyes, at Nos. 96 and 98 Reade street, and also at Philadelphia/have become financially embarrassed, the effect, it is said, of tight money. Deputy Sheriff Mulvaney has taken charge of their place of business. The firm confessed judgment to the Tradesmen's National Bank, through Stern & Rushmore, attorneys, for $23,854, on a note dated June 27, payable on demand. The firm consists of William C. Banning and Edward H. Bissell. They have been in business since 1873, and formerly had branches in Boston and Chicago. They did a large business, claiming a capital of $200,000. They became interested a few years ago in the manufacture of tannin ex tract at Huntingdon, Pa., and invested, it is said, about $85,000 in the stock of the Gondola Tannin Company, of Huntingdon and Philadelphia, which tied up a large part of their means. It was said about a year ago that Mr. Banning had put more than $100,000 additional money in the firm's business, and last November the statement of the firm showed assets $280,000, liabilities $80,000. Cashier Berry, of the Tradesmen's Bank, said he understood tight money had a great deal to do with the em barrassment of the firm, as they were unable to negotiate their commercial paper. Hehid not learned the amount of the liabilities. At the office of the firm it was said tight money was the principle cause of their trouble. Mr. Bissell, of the firm, declined to say anything concerning the liabilities or assets BOSTON, Mass., June 28-W.C.Jack son & Co., coal dealers, have assigned. Liabilities, $40,000. CHICAGO, Ill., June 28.-David M. Pollock & Co., millinery goods, confessed judgment to day for $48,000. BURLINGTON, June 28.-Bennett & Franz, carriage builders, haveassigned, with liabilities of $25,000 and assets that will exceed that amount. Lock HAVEN, June 28.-The doors of the State Bank of Lock Haven were not opened this morning. A notice was posted on the door which reads as follows: "By order of the board of directors this bank has been closed for the purpose of going into liquidation. Depositors will be paid in full." People here have full confidence in the solvency of the bank. EDWARDSVILLE, Ill., June 28.-The firm of H. G. Reinemer & Co., hardware dealers of Giant Fork, has failed. The liabilities are upward of $34,000 and the assets, so far as ascertained, about $27,000. St. Louis houses are the principal creditors. BEDFORD, Ind., June 27.-The Bedford Stone Quarries Company, the largest producers of limestone in the world, made an assignment yesterday. Inability to realize in time to meet maturing obligations was given as the cause. A. W. Wishard executed a bond for $400,000. The business of the quarries will be continued and all contracts filled. MINNEAPOLIS, Minn., June 28.-The suspension of the St. Paul and Minne apolis Trust Company was announced last night. The capital stock is $500,000. In an interview ex-Governor McGill said the failure was not due in any sense to mismanagement. The 'company had closed because it could not collect money due to it from good, responsible parties. The immediate cause of the failure was the presentation of a check for $19,000. While the company had money to pay this and much more the officers felt that all creditors should be treated alike. Hence the determination to close.