9948. Peoples Bank (St Paul, MN)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
August 4, 1893
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini
Short Digest
a4d9a7a6

Response Measures

Full suspension

Description

Peoples (People's) Bank in St. Paul suspended on Aug 4, 1893 after depositors withdrew funds following the suspension of the larger German-American National Bank; it subsequently resumed operations Aug 23, 1893. Bank name appears in sources as People's or Peoples; capital stock cited as $200,000. I classify cause as local_banks (withdrawals triggered by failure/suspension of German-American).

Events (3)

1. August 4, 1893 Run
Cause
Local Banks
Cause Details
Withdrawals from depositors triggered by the suspension/closing of the German-American National Bank and general financial unrest in St. Paul; led to heavy withdrawals from smaller banks including Peoples.
Measures
None specified beyond statements by officers; no special emergency measures described.
Newspaper Excerpt
Depositors had been withdrawing their funds and that the bank was unable to realize on its assets.
Source
newspapers
2. August 4, 1893 Suspension
Cause
Local Banks
Cause Details
Bank suspended temporarily at noon because depositors were withdrawing funds amid the shock from the German-American National Bank's suspension; officers said suspension was temporary and bank was solvent.
Newspaper Excerpt
By reason of the financial stringency, this bank is obliged to suspend temporarily.
Source
newspapers
3. August 23, 1893 Reopening
Newspaper Excerpt
The resumption of the People's bank this morning ... The People's bank resumed yesterday. ... has reopened for business. It closed August 4 in order to protect its creditors ... has reopened for business (Aug. 23).
Source
newspapers

Newspaper Articles (21)

Article from St. Paul Daily Globe, July 21, 1893

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THE PEOPLE'S TO RESUME. The Temporary Suspension at an End-Affairs in Good Shape. The People's bank, at the corner of Second street north and First avenue, which temporarily suspended recently, S making the final preparations to resume. There never has been any question in financial circles and among those familiar with the affairs of the bank but that it would soon resume. Cashier Cotton said yesterday afternoon that it would be ready to reopen its doors within the next few days, if not before, at least by the 1st of August. The officials have been hard at work realizing on their ample assets, and have not met with a single discouragement. No one will have lost a dollar by the suspension.


Article from Deseret Evening News, August 4, 1893

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No Particular Excitement. ST. PAUL, Aug. 4.-The closing of the doors of the German American Nationalbank thismorning as arranged for Inst night caused some withdrawal of funds from other banks, but there was no particular excitement or runs on. This morning the People's bank with & capital of $200,000 suspended. The failure is not considered important.


Article from Grand Rapids Herald, August 5, 1893

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STOOD THE RUN. Solid St. Paul Banks Pay Uneasy Depositors. Sr. PAUL, Aug. 4.-St. Paul did not suffer seriously from the shock of the suspension of the National GermanAmerican bank. But two banks failed to weather the financial storm which broke over the city this morning. and these were very small ones-the Peoples' and the West Side bank. During the early banking hours long lines of depositors were in front of nearly every bank in the city. By the noon hour the crowds melted away from all the banks except. the Germania and the First National. Depositors kept withdrawing money from these steadily up to 3 o'clock. At the Germania Cashier Bickel appeared at that hour and posted a large placard stating that the bank would remain open until midnight to pay all demands. At the First National the doors remain open also, and Cashier Banley said the paying tellers would remain as long as there was a depositor in sight. The bank had a million dollars more than enough to. pay every dollar asked for. The run was a wholly senseless one, induced solely by the general unrest and by 6 o'clock not a depositor was in sight. The situation was very much the same at the Germania, and by 5:30 with. drawals had practically ceased. The clearing house statement was more favorable this evening than was expected, and the bankers express the belief that the run will amount to nothing tomorrow.


Article from The Anaconda Standard, August 5, 1893

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BUSINESS TROUBLES. Places at Which the Panie Got in Its Deadly Work Yesterday LEBANON. La., Aug. 4.-The Lebanon Trust and Safe Deposit bank failed this It is a state a of $50,000. It is morning. capital institution believed and that has the suspension is only temporary. 4. James Co., in one CHICAGO, dealers Aug. dry goods, H. of the Walker largest & firms in the city, confessed judgment today. A receiver has been asked for. The amount involved is a million dollars. PHILADELPHIA. Aug. 4. John Bomley & Sons and Doal & Son. worsted goods man. ufacturers, and John Blood & Bros., hosiery manufacturers, have closed their plants. Four thousand men and girls are idle. DENVER, Aug. 4.-A receiver has been appointed for the Equitable Accident Insurance company. Outstanding risks of $6,000,000 have been reinsured with the Union Casualty company. Trouble among the stockholders IS the cause of the failure. ST. PAUL. Aug. 4. The closing of the doors of the German American National bank this morning has caused some withdrawalsfrom the other banks, but no particular excitement or runs on them. This morning the People's bank. with a capital of $200,000. suspended. No statement. The failure is not considered important. JAMAICA, L. I., Aug. 4.-Frederick W. Dunton, president of the Bank of Jamaica. New York, the East Brooklyn Suburban Investment company and the Boynton Bicycle Railroad company. has made an He was one assignment. of the largest investors in real estate in Queens and Suffolk counties. Assets are more than to cover all liabilities, if not forced the market. He as enough upon has resigned president of the Jamacia bank. 4.-This morning National bank of the MUNCIE. Citizens' Ind., Aug. this city failed to open its doors. A notice on the door said the assets were ample to pay all depositors. Hundreds of depositors congregated. The depositors of the Delaware National, Farmers' National and Mer) chants' National banks then commenced to draw out their money. The run con) tinyed until 4 o'clock this evening. Heavy ) deposits are being made by wealthy citizene to save the remaining three. NEW YORK. Aug. 4.-N. L. Cort & Co., 3 importers of tin, tin plate and other t made an assignment metals, $34,425; to-day.giv- liaing preferences amounting to bilities, $350,000; assets, unknown. The firm was a very old one and prominent in / the metal trade. The failure is due to de: preciation in the price of metals and , financial stringency. S. Jacoby & Co., 8 cigar manufacturers, confessed judgment , aggregating $30,00; liabilities, $150,000; as, sets, large. The failure is attribute. to poor collections. SAN JOSE DE COSTA RICA, Aug. 1.-A t financial panic throughout the republic , has been caused by the condition of the , silver market. Failures have been numerous and more are expected. All business f is very much depressed and no improvement is expected till some action is taken which will render the price of silver more stable. The Costa Rica bank is in trouble ) are no longer accepted in , circles. commercial and its notes Yellow fever is ragI ing at Port Limon so severely that half , the population fell vietims to it.


Article from The Times, August 5, 1893

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worst, as the people are greatly excited over this failure. LEBANON, PA., Argust 4.-The Lebanon Trust and Safe Deposit Bank falled to open its doors this morning. The announcement made was: "This bank is closed by order of the directors." The bank is a State institution, with a capital of $50,000. ST. PAUL, MINN., August 4.-The People's Saving Bank, one of the small concerns of this city, closed its doors at noon to-day. WASHINGTON, D. C., August 4.Treasury officials are advised that the National German-American Bank, of.St. Paul, Minn., capital $2,000,000; the First National Bank, of Hammond, Ind., capital $50,000, and the Citizens' National Bank, of Muncie, Ind., capital $200,000, closed their doors to business this morning. Bank Examiner Cannon, on orders from Washington, closed the Texas National Bank, of San Antonio, Texas, today. Comptroller Eckels has authorized the Farmers' National Bank, of Henrietta, Texas, to resume business. NEW YORK, August 4.-Messrs. Parrott Bros., members of the Cotton Exchange, have announced their inability to meet their engagements. NEW YORK, August 4.-N. L. Corte & Co., importers of tin, tin-plate and other metals, made an assignment to-day. The liabilities are about $350,000; the assets are large, but the actual amount cannot be given. S. Jacoby & Co., cigar manufacture:s, failed to-day. The liabilities are $150,000, with large assets. ST. PAUL, MINN., August 4.-The temporary suspension of the German American National Bank last night, although not unexpected in banking circles, was a great surprise to the general community. So confident are the people of the strength of the remaining banks that, although some depositors are quietly withdrawing mont from a few banks, there is no particular excitement or general run on any of the banks. The savings banks for several days have been enforcing the sixty day rule, although most of them have abundant resources for any emergency. The failure of the Seven Corners' Bank on Tuesday attracted little attention, as it had been known to be weak for months. Some of the banks had helped at times, but felt at the present time a disinclination to continue their help, which seemed only to postpone the failure that finally came. But the closing of the German-American Bank last night was of a different character. It and its predecessors have been in the city as institutions for years, the first organization having been effected in 1856, and all subsequent changes strengthening and enlarging the bank, which now has $4,000,000 of good commercial paper, its banking house and property besides, worth at least $200,000. and other assets, which will make $400,000 more, or a total of $5,000,000. The People's Bank, of a capacity of $200,000. suspended, but no figures have as yet been given out concerning it. The failure is not considered an important one. DENVER, COL., August 4.-Charles B. Mason has been appointed receiver of the Equitable Accident Insurance Company. The outstanding risks amount to $6,000,000, and have been reinsured with the Union Casualty Company, which, it is claimed, will fully protect them. MANKATO, MINN., August 4.-At noon to-day the First National Bank closed its doors. At 1:30 P. M. the National Citizens' Bank did the same, and fifteen minutes later the Mankato National Bank followed suit. All three banks are solvent. and the suspensions are expected to be temporary only.


Article from The Morning News, August 5, 1893

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ST PAUL BANKS GO UNDER. The Suspension of the German-American a Surprise. St. Paul, Minn., Aug. .-The temporary suspension of the German-American National Bank last night, although not unexpected in banking circles, was a great surprise to the general community. Still so confident are the people of the strength of the remaining banks, that, although some depositors are quietly withdrawing money from a few banks, there is no particular excitement or general run on any of the banks. Thesavings banks for several days have been enforcing the 60 day rule, although most of them have abundant resources for anyemergency. The failure of the Seven Corners bank on Tuesday attracted little attention as it had been known to be weak for months. Some of the banks had helped it at times, but felt at the present time a disinelination to continue their help, which seemed only to postpone the failure that finally came. The closing of the German-American bank last night was of a different character. It and its predecessors have been in the city as institutions for years, the first organization having been effected in 1856, and all subsequent changes strengthening and enlarging the bank, which now has $4,000,000 of good commercial paper, its banking house as property besides, worth tleast $1,200,000. and other assetts, which will make $500,000 more, or a total of $5,000,000. The People's bank with a capital of $200,000 has suspended, but no figures have as yet been given out concerning it. Its failure is not considered an important one.


Article from St. Paul Daily Globe, August 5, 1893

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The People's and the West Side. The People's bank closed its doors at 10:30 yesterday morning. A notice was posted on the door which stated: "By reason of the financial stringency, this bank is obliged to suspend temporarily." The officers of the bank are: Charles E. Rittenhouse, president; William Constans, vice president, and E. R. Moore, cashier. The bank was organized in December, 1882, and has a capital of $200,000. President Rittenhouse was seen last evening by a GLOBE representative, to whom he said: "I believe the financial flurry is about over. The People's bank has only suspended temporarily, Continued on Fourth Page,


Article from The Madison Daily Leader, August 5, 1893

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Two More Small Ones. ST. PAUL. Aug. 5.-The Peoples bank and the West Side Savings bank have suspended payment. Both were small banks. A run was started on the Germania bank, but it soon subsided. Everyone who called for their money were paid without demur. There were incipient runs on other banks but they have as yet not amounted to anything.


Article from New-York Tribune, August 5, 1893

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ST. PAUL BANKS GO UNDER. SURPRI THAT THE GERMAN-AMERICAN CLOSED ITS DOORS. A STATEMENT FROM ITS OFFICERS TWO SMALLER INSTITUTIONS COMPELLED TO SUSPEND PAYMENT. St. Paul, Aug. 4.-The temporary suspension of the German-American National Bank last night, although not wholly unexpected in banking circles, was a great surprise to the general community. Still, so confident are the people of the strength of the remaining banks, that although some depositors are quietly withdrawing their money from a few banks, there is no particular excitement or general run on any of the banks, the savings banks for several days having been enforcing the sixty day rule, although most of them have abundant resources for any emergency. The failure of the Seven Corners Bank on Tuesday attracted little attention, as it has been known to be weak for a good many months. Some of the other banks had helped it at times, but felt, at the present time, a disinclination to continue their help, which seemed only to postpone the failure that finally came. But the closing of the German-American Bank last night was of a different character. It and its predecessors have been institutions of the city, the first organization having been effected in 1856, and all subsequent changes strengthening and enlarging the bank. Among its depositors were a great many small German depositors, who have been quietly withdrawing their money for some months. The bank was a severe sufferer by a number of business failures during the last two years. The difficulty of making collections and dislike for forced collections caused the suspension. The notice on the door reads: "Owing to the continual withdrawal of deposits the bank has been compelled to suspend. The bank has ample assets to pay all liabilities." According to statements by the officers and directors of the bank, the bank has $4,000,000 of good commercial paper, a banking-house and property worth at least $500,000, and other assets which will make $500,000 more, making a total of $5,000,000 to pay a deposit account of $2,261,000. The bank could go on again in ninety days if the Controller thought it best, even if the stockholders had to pay an assessment of 10 per cent. The People's bank closed its doors at noon. It has a capital stock of $200,000. No detailed statement of the affairs of this bank can be obtained before to-morrow. The same answer was given to the United Press representative when a statement of its affairs was asked of the officers of the West Side Bank, which latter has a capital stock of $100,000 and closed its doors at 1 o'clock. There are a few people hanging around some of the other banks, but no general run on any of them. There was a steady run on the Germania Bank all day. The officials decided to keep the bank open until 6 o'clock. St. Paul, Aug. 4 (Special).-"The Daily News" says: "Certain irregularities of the past of C. A. Hawkes, former cashier of the Seven Corners Bank, made the suspension of the institution necessary, and not the financial situation generally. Mr. Hawkes had the fullest confidence of the bank's officials, and bore an unblemished character. He employed this confidence in securing large loans, aggregating more than $35,000, from the funds of the bank, and placing his unsecured notes and the notes of his brother as security for the repayment of the money. This obtained, Mr. Hawkes had glittering prospects at the time money was taken out. He failed to lift his notes, however, although the matter was canvassed on several occasions by the directors. "Finally a time came when Mr. Hawkes stepped out of the cashier's desk, whether by request or voluntarily has not been stated by the bank people. No charges have ever been lodged against Mr. Hawkes by President Banholzer, of the bank, and according to Mr. Banholzer's own statement no charge will be preferred. T. B. Kellogg, attorney for Mr. Hawkes, appeared before the bank officials a day or two since and offered settlement in full of the Hawkes paper held by the bank. A day later Mrs. Mary B. Hawkes, mother of the cashier, transferred to President William Banholzer some real estate, the consideration being $18,500. This property is subject to a mortgage of $8.500 leaving $10.000 actually paid on the Hawkes


Article from The Sun, August 5, 1893

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MORE ST. PAUL BANKS DOWN. Meavy Runs on Some of Those Still Open-Other Banks In Trouble. ST. PAUL. Aug. 4.-There were two more bank failures in St. Paul to-day. followed by runs on several other banks. The People's Bank suspended this forenoon. President Rittenhouse gave as a reason for the suspension that depositors had been withdrawing their funds and that the bank was unable to realize on its assets. The bank was organized in December 1882. with a capital of $200,000. C. E. Rittenhouse is President: William Constans, Vice-President. and E. R. Moore. Cashier. It has always been considered reliable and solid. Officers and directors of the bank believe that the suspension is only temporary. This afternoon Mr. Rittenhouse said that last March the deposits were $266,000. and that now they had been pulled down to $160,000. Ho said that the assets would amount to $400,000 and the liabilities to $185,000. The New York correspondent of the People's Bank is the Chase National, The West Side Bank made a temporary suspension at noon. The directors fully expect to reopen just as soon as they can realize on some of their paper. The deposits were light and the bank can commence business again on a small amount of money. The depositors will not lose anything. The bank was organized in August. 1886. Its paid-up capital is $100,000. The officers are Joseph Minea. President: John Ickler. Vice-President. and George H. Hosmer. Cashier. The National German-American Bank which suspended yesterday. gave out a statement of assets and liabilities to-day. It has total assets of $5,000,000 to pay deposits aggregating $2,261,000. The deposit account has been reduced $332,955 since July 12, but the discounts have been reduced only $115,000. Comptroller Eekles has appointed D. W. Lawler. who was Democratic candidate for Governor and United States Senator. temporary bank examiner of the suspended National German-American Bank. Both of the Minnesota examiners are out of the State at present. Mr. Lawler received his instructions from Washington this morning. and has entered upon his duties. It is said that the National German-American WAS behind the large dry goods firm of Schuneman & Evans, and that its suspension may disastrously affect that firm. The run on nearly all the banks of the city was quite heavy. and a queer feature was that all depositors were paid in gold instead of bills. It was almost impossible to get checks cashed in paper money. and one man with $3,000 in gold vainly visited six banks to get this sum changed into bills. The savings banks are insisting on their sixty days' notice of withdrawal. The runs on soveral of the banks continued all this afternoon. and it was feared that some of them would have to go under. But they managed to survive. The First National. one of the oldest and most heavily capitalized in the city. sustained a terrific run from about 11 until U o'clock. The bank closes at 3 usually. but at that hour a long line of depositors was waiting outside. President Upham and several of the directors. Fast Saratoga and Lake George Specials every day via New York Central.-Ade.


Article from St. Paul Daily Globe, August 6, 1893

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A QUIET DAY. The Banks Pursuing the Even Tenor of Their Way. There was no trace of excitement in the banking circles of St. Paul yesterday. Calls at all the banks found no news in progress -anywhere, and the uniform report was made that more money was being deposited than drawn out. The people were evidently indulging the sober second thought and pursuing a sensible course. Bank Examiner Thorne arrived to take charge of the National GermanAmerican bank and relieve Mr. Lawler. As rapidly as possible he will prepare a statement of the condition of the bank and will probably have one ready during the week. The sentiment for a speedy resumption is heartily concurred in by local stockholders and all indications point to an early resumption of business. The People's and the West Side bank also expect to speedily resume business. A better feeling was prevalent throughout the city among bankers and business men generally, and the feeling was general that the storm had spent its fury. It is so generally recognized that depositors in St. Paul banks are secure that all indications of a panic have vanished. New accounts have been opened at the various banks by those who had been doing business at the suspended institutions, and business generally was going on as usual.


Article from St. Paul Daily Globe, August 6, 1893

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RETURNING CONFIDENCE. The situation in St. Paul yesterday indicated that confidence in our financial institutions is rapidly being restored. Now that people find they can get their money on call, they do not want it. They only want their money if they think they cannot get it. This is human nature, and has been for several years. If this confidence remains, it will be but a short time before the flurry will have been forgotten. The movements to reopen the suspended banks can be rapidly pushed to completion. The officers and stockholders of the People's bank were taking steps yesterday which will probably result in the opening of the bank within the next two or three days. The magnitude of the National German-American will require more time for resumption. The stockholders are widely scattered, and the general feeling is that there must be a reduced capitalization. It will require time to accomplish this, but the prevailing sentiment of those interested IS that it will bedone at an early day. That great financial institution will not be lost to the city. The condition of affairs in the East continues to improve. The flow of gold from Europe to this country continues uninterrupted. Tomorrow congress will begin its work of relief, and the repeal of the SHERMAN act is now only a question of a short time. There is every reason in the outlook for encouragement, and none for despondency.


Article from Rock Island Daily Argus, August 7, 1893

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Funny Incident of a Bank Scare. ST. PAUL, Aug. 7.-A funny incident of the bank scare here Friday was that while depositors were drawing money out of three banks falsely supposed to be weak and depositing it in the Second National, the last named bank was lending it right back to the banks which were experiencing the run. The directors of both the People's and West Side banks have held meetings and resolved to reopen in the next t wo weeks. A plan of re-organization for the German-American is already on foot.


Article from New-York Tribune, August 8, 1893

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TROUBLES OF BANKS AND BANKERS. RECEIVERS FOR A NEW-BEDFORD INSTITUTION -A MILWAUKEE BANK TO RESUME New-Bedford, Mass., Aug. 7.-The savings bank commissioners have completed their examination of the affairs of the New-Bedford Safe Deposit and Trust Company. and express their entire satisfaction with the solvency of the institution. The bank has paid out over $200,000 in the last sixty days to depositors, and while the institution had over $40,000 in cash on hand at the time of the suspension, the bank could have at the latest kept on but a day or two longer. The affairs of the bank will be placed in the hands of two receivers, and two New-Bedford men have been nominated for the place. Manchester, N. H., Aug. 7.-Receiver Taggart, of the suspended Defryfield Savings Bank, states that the liabilities of the institution are $252,894. and assets $254,671. He could not state what the loss to stockholders will be as the figures representing the assets are the face value as seen on the books, and no allowance is made for the shrinkage in securities. Springfield, Mo., Aug. 7. The Green County Bank, the oldest in the city, assigned to-day. Liabilities. $137,2421 assets, $252,251. There is some excitement, but no other bank seems to be involved. Milwaukee, Wis., Aug. 7.-Stockholders of the Mil wankee National Bank held a meeting to-day and voted to resume business. Three hundred thousand dollars must be added to the capital stock, and it was voted to raise the money. Pittsburg. Aug. 7.-The principal bankers of Pitts burg. comprising the Clearing House Association, to gether with between thirty and forty of the leading financiers of the city, met at the Clearing House this morning to discuss the financial situation. Several plans were suggested to make the banking Institutions of the city formidable enough to overcome any possi ble emergency that might present itself. No definite plan was adopted. but several are under consideration and will be acted upon finally at a meeting to be held later on. St. Paul. Minn., Aug. 7 (Special).-A meeting of the board of directors of the National German American Bank was held to-day. 11 was decided to call a special meeting of the stockholders on August 17. It is expected that at this meeting arrangements will be perfected for the bank to resume business at an early date. The People's Bank reports that it will resume business soon.


Article from Morris Tribune, August 9, 1893

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Financial Flurry In St. Paul. Sr. PAUL, Aug. 7.-St. Paul experienced a financial flurry this week. Four banks suspended payment. They were the National German-American, West Side, Seven Corners and Peoples. They were all smali banks except the German-American, which had a capita! os $2,000,000. All but the Seven Corners bank will resume in a short time.


Article from The Waco Evening News, August 17, 1893

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St. Paul Banks Reopen. ecial to The News: ST. PAUL, Aug. 17.-In accord. ce with a call issued by the board directors of the National Germanmerican bank ten days ago a gely attended meeting of the bekholders of that institution is ing held today. The statement the condition of the bank, which S been prepared since, the doors ere closed, shows that the failure as the result of a panic for which ere was no good cause, as the sets are largely in excess of the bilities. It is rather of a solvent stitution, being obliged to susnd on account of its inability to alize on its assets fast enough to eet the demands of foolish desitors. Arrangements are being ade today to resume business at early date, and the West Side d People's banks, which closed der similar circumstances, will 80 probably open their doors in a ort time.


Article from St. Paul Daily Globe, August 23, 1893

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# A GOOD OMEN. The resumption of the People's bank this morning is not only a welcome matter to those directly interested, but to the whole community. It is a practical indication of returning confidence which speaks more loudly than words. It is now but a work of a brief period of time when the occasion—the withdrawal of deposits—for bank suspensions will have passed.


Article from The Mankato Free Press, August 25, 1893

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THE BANK SITUATION. The Three National Banks Will Prob= ably Open Sept. 4th. The St. Paul Globe today contained the following dispatch from Washington: WASHINGTON, Aug. 23.-All three of the suspended banks at Mankato will resume this week, probably Fridav morring. Today Comptroller Eckels received a telegram from President John H. Ray, of the Mankato National, saying that his bank was ready to resume, and asking for permission. The comptroller at once wired the other banks that he would like all to open at the same time, and tonight the announcement was made that all will open their doors this week. This reopening at Mankato means more than in most cases, because they will start with round sums of cash in their coffers, and the confidence of the people, who have learned on how solid a basis they stand. A FREE PRESS reporter enquired at the three banks this afternoon as to what was known as to the truth of the dispatch. President Ray, of the Mankato National bank, stated that he had sent the dispatch and that his bank has been in a condition to open for several days, and is now only waiting for the required permission from Washington. Further than this he knew nothing. President Meagher, of the National Citizens bank, stated that he had received nothing from Washington and did not see how the dispatch could be correct. Cashier Clark, of the First National bank, stated that he had received no such information from Washington as the dispatch contained, and he did not think the dispatch was correct. Bank Examiner Brush, who was in the First National bank when the reporter called, stated that he had heard nothing from Controller Eckels, as he would in case the dispatch was correct, and that the dispatch was not true It appears that Presidents Willard, Meagher and Ray met and talked the situation over Monday and that it was thought by all that the banks would be ready to resume by Sept. 1. That day is Friday, however,and it was thought not to be a good time of the week for opening, SO is was agreed that Monday. Sept. 4, would be a good day upon which to ask the controller to allow the banks to reopen. Another meeting will be held Saturday, at which the matter will be fully decided. The depositors have generally been willing to not withdraw their deposits, and if the balance of the certificate holders will come in there is little doubt but that the banks, will open for business a week from Monday. The Peoples bank of St. Paul opened its doors yesterday. The business of the instution wenton as though nothing whatever had occured. Scores of business men, says the Globe, dropped in to congratulate President Rittenhouse upon the reopening, but aside from that everything went on as usual. Not a single timid person drew a dollar from the bank. There was but little taken out of any kind,and that was by those whose actual necessities required them to secure small amounts of cash. At the close of the day the record showed the deposits handsomely in excess of the checks paid. There will be no demand made on the bank beyond that of ordinary business, and the feeling of confidence by the depositors is gratifying in the extreme,


Article from Little Falls Transcript, August 25, 1893

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The St. Paul banks which suspended are getting in shape for business again, and the People's bank resumed yesterday. The German American will soon reopen its doors. Suspended banks in all parts of the country are resuming, and there are less failures than a month ago.


Article from The Irish Standard, August 26, 1893

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Bank Resumes Business. ST. PAUL, Minn., Aug. 23.-The People's bank, which closed August 4 in order to protect its creditors from a protracted run, although at that time perfectly solvent and able to pay all depositors, has reopened for business. It has a capital stock of $200,000 and is one of the strongest of the smaller banks in the city.


Article from Baxter Springs News, August 26, 1893

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THE WEST. THEGerman-American national bank, of St. Paul, which suspended a few days ago, will resume business just as soon as the necessary formalities can be complied with. ST. PAUL and Minneapolis publishers are talking of reduced prices for typesetting. AN express car containing a consignment of gold for Chicago was wrecked on the Fort Wayne, at Whiting, Ind., and the coin was scattered in the road but was all saved. IT was reported that soldiers and a band of sooners had fought on the strip and that three of the sooners had been killed. THE other night an unarmed body of laboring men waited on the Chinese restaurants in Selma, Cal., and deported the keepers, sending them out of town quietly and using no violence. GEORGE A. DEAN, an actor in Denman Thompson's "Old Homestead" company, dropped dead of apoplexy in Chicago. Dean, who was 65 years old. has played the part of Cy Prime in the company ever since the play was first put on the stage. THIEVES broke into the rooms of the republican city committee, of Indianapolis, and stole all the precinct poll books for one ward and other valuable information. By an explosion in the boiler-room of a wire works at Joliet, Ill., restarting has been delayed, one man was killed and two fatally hurt. IN order that they may not adjoin any of the Cherokee allotments the county seats and land offices in the strip have all been moved. IT is said at Denver, Col., that Will R. Perry gutted the county funds to the amount of $22,000 before he absconded. A REPORT has it that Treasurer McCurtain, of the Choctaw nation, has failed with $500,000 of the lease money. THE world's fair directory has requested Theodore Thomas to resume charge of the music. WALTER SANGER, the bicycle champion, has been expelled from the Milwaukee club for refusing to appear in a race after being advertised. CROP bulletins of Illinois and Iowa say that recent rains have been greatly beneficial to corn, though more is needed yet, especially in portions of Illinois. Apples and potatoes will be short in Illinois. AT Caldwell, Id., the house of a family named Brookshire, lately from Missouri, was burned. Two children aged 4 and 2 years were burned to death. THE private bank of J. N. Knapp & Co., of Cedar Falls, Ia., failed to open its doors. E. M. DONALDSON. president of the Marion (Kan.) First national bank, also of a dozen Iowa banks and secretary of the Union Trust Co., Sioux City, all suspended institutions, is a fugitive, charged with forgery and embezzlement of over $600,000. THE Butlen-Mueller Co., Milwaukee, dealer in lumber, has assigned. THE Indiana Manufacturing Co., of Peru, Ind., one of the largest woodworking establishments in the west, made a general assignment of 10 per cent. among its employes. THE People's bank, of St. Paul, Minn., which closed August 4 in order to protect its creditors from a prospective run, although at that time perfectly solvent and able to pay all depositors, has reopened. CONSTABLE JOE JONES was instantly killed at Paul's Valley, I. T., by John Stevenson, whom he was trying to arrest. THE Ohio Stone Co., of Cleveland, went into the hands of a receiver. Assets about $300,000 and liabilities $250,000. THEODORE HAUGHEY, his son Schuyler Haughey and three others asso-v ciated with them, have been arrested at Indianapolis charged with wrecking the Indianapolis national bank. The arrests were made by the United States