West Side Bank - St Paul, MN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1899*
Location: St Paul, Minnesota (44.944, -93.093)

Metadata

Model: gpt-5-mini
Short Digest: 3788e79d

Response Measures

None

Description

Article (May 17, 1899) states the institution suspended in January and by May had defaulted on a $5,076.76 certificate due May 15; no reopening or receivership is reported in the excerpt. I classify this as a suspension that appears to have remained closed (no evidence of resumption).

Events (1)

1. January 1, 1899* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank suspended in January and later defaulted on a certificate due May 15, indicating bank-specific insolvency/ inability to meet obligations.
Newspaper Excerpt: When institution suspended in January, there was on deposit $24,954 of the city's funds.
Source: newspapers

Newspaper Articles (1)

1. May 17, 1899 The Saint Paul Globe Saint Paul, MN

Article from The Saint Paul Globe, May 17, 1899

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Article Text

ODVOIE LINE NOOS ERICAN TELEGRAPH AND TELCPHONE COMPANY IS GRANTED A LOCAL FRANCHISE EW CAR ROUTE TO HAMLINE 01 Will Go Via the Como Interurban to Blair Street Instead of Follow. Ing University Avenue to Lexington-Ald. Kenny Makes a Kick About East Seventh Street Pay. $1.00 Sup he board of aldermen at its meeting : night passed, under a suspension of rules, another ordinance granting a nchise to the American Telephone and egraph company. The ordinance was sented by Ald. Shepard, who explained t It was practically the same as the previously passed by the board, and t to the assembly. The assembly had ended the first ordinance in such a nner that it was not acceptable to company. The present one included h portions of the measure as was passby the assembly as the company would ept, and as a majority of the asibly would vote for the ordinance as V presented he suggested that it be sed in order that it might be passed the assembly Thursday evening. he rules were suspended and the ordice passed by a vote of 10 to 1, Presit Donahower voting against it. The tures of the ordinance are as follows: he franchise is for twenty-five years I allows the company to maintain and rate lines of telephone and telegraph hin the city of St. Paul, and to places ond the city limits. Telephone comnication is to be in operation within ety days with Chicago. The company to be allowed the use of poles and es of other companies outside the cont district on such terms and agreents as can be made by it. There is be no consiledation or transfer of stock its local exchange with any other al exchange without the consent of council by a two-thirds vote. Its local hange, if one is put in, is not to be rated under any franchise granted to to be hereafter granted to any other npany. If a local exchange is operated, er cent of the gross earnings are to paid into the city treasury annually. el company is to employ St. Paul labor, chase its materials in the city, prices ng equal, and do its banking business e. The ordinance expressly. provides t the franchise is not an exclusive one. ater in the evening when the ordinance ended by the assembly reached the ard it was referred to the committee streets. he city treasurer informed the council it one of the certificates given by the st Side bank for $5,076.76. due May 15, I not been met, and asked what action uld be taken in the premises. When institution suspended in January, , there was on deposit $24, 954 of the is funds. In November of the same r the bank paid one-fifth of the ount, and gave certificates, running for elve, fifteen, eighteen and twenty-one nths, for the balance. The first two tificates were paid at maturity, but the third one there has been a default.