West Side Bank (St Paul, MN)

Episode Information

Episode UID
3307411091124
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
330741109 hash
Start Date
August 4, 1893
Location
St Paul, Minnesota (44.944, -93.093)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
306f111cdee9f0c2

Response Measures

None

Description

Suspension followed depositor withdrawals tied to the larger German-American bank failure; bank reopened later in August.

Events (3)
1. August 4, 1893 Run
Cause
Local Banks
Cause Details
Withdrawals and runs were induced by the failure/suspension of the National German-American bank and general unrest in St. Paul
Measures
Bank kept doors open early then suspended at noon; paying tellers and directors met and arranged resumption plans
Newspaper Excerpt
The closing of the doors of the St. Paul German National Bank yesterday caused some withdrawal of funds from other banks
Source
newspapers
2. August 4, 1893 Suspension
Cause
Local Banks
Cause Details
Temporary suspension resulted from heavy withdrawals after the German-American bank failed to open and a general drain of funds
Newspaper Excerpt
The West Side bank suspended temporarily at noon yesterday.
Source
newspapers
3. August 31, 1893 Reopening
Newspaper Excerpt
The West Side bank of St. Paul, Minn., which suspended August 4, resumed business on the 31st.
Source
newspapers

Newspaper Articles (19)
1. August 4, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 4, 1893

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Article Text

ASt. Paul Savings Bank Closes Its Doors. ST. PAUL, Aug. 4.-The People's Savings bank closed its dooss this morning. The West Side Bank, with a capital ofa hundred thousand, closed its doors at lo'clock. No statement has been made. Bank officials say they expect to resume in a few days. The comptroller of the currency has appointed Daniel W. Lawler of this city to itake charge of the GermanAmerican bank. ONLY TEMPORARY. LEBANON, Pa., Aug. 4.- Lebanon Trust and Safe Deposit Bank failed this morning. It is a state institution and has a capital of $50,000. It is believed the suspension is only temperary. A BANK PRESIDENT ASSIGNS. JAMACIA, L. I., Aug. 4.-Frederick W. Dunton, president of the bank of Jamaica, New York, Brooklyn Surburban Investment company and Boynton 1 Bicycle Railroad company hasmadean assignment. He was one of the largest investors in Queens and Suffolk counties. The assets are more than enough to cover all the liabilities if not forced upon the market. He has resigned as president of the Jamaica Bank. AN INSURANCE COMPANY. DENVER, Aug. 4.-A receiver has been appointed for the Equitable Ac. cident Insurance company. The outstanding risks are six millions, reinsured with the Union Casualty company. Trouble among the stockholders was the cause of the failure. JAMES H. WALKER & CO. CHICAGO, Aug. 4.-James H. Walker & Co., dealers in dry goods, one of the firms in the city, confessed judgment today on a note for $5495. A receiver has been asked for. The amount involved is $2,000,000.

2. August 5, 1893 Grand Rapids Herald Grand Rapids, MI
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.

3. August 5, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, August 5, 1893

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BANKRUPT BREVITIES. The People's Savings Bank of St. Paul closed its doors yesterday morning. A receiver has been appointed for the Denver Equitable Accident Insurance Company; its outstanding risks of $6,000,000 have been reinsured with the Union Casualty Company. Trouble among the stockholders caused the failure. The closing of the doors of the St. Paul German National Bank yesterday caused some withdrawal of funds from other banks, but no particular excitement or runs. James H. Walker & Co., dry goods, one of the largest firms in Chicago, confessed judgment yesterday on a note for $5,495. A receiver has been asked for. The amount involved is $2,000,000. The First National Bank of Hammond, Ind., capital $50,000, and the Citizens' National Bank, of Muncle, Ind., capital, $200,000, closed their doors yesterday morning. S. Jacoby & Company, cigar manufacturers of New York, have confessed judgments aggregating $30,000. Liabilities, $150,000. The West Side Bank of St. Paul, capital, $100,000, closed yesterday. No statement has been made.

4. August 5, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 5, 1893

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AFTER THE STORM. Continued From First Page. and 1 feel sure it will soon be able to resume. The trouble is that the people having interest deposits that were payable on demand drew out their funds to such an extent that temporary suspension followed. We had no bother from our commercial depositors. It would probably have been better for us if we had confined ourselves strictly to commercial business and had nothing to do with people who deposit for the sake of the interest, for the reason that banks that pay interest on deposits must lend the money in order to make the interest, and then in times like this it is impracticable to convert assets into cash in time to meet all demands. Last March the deposit account of the bank stood at $260,000; that has been reduced to $160,000. The assets will amount to about $400,000, while the liabilities are in the neighborhood of $185,000." Among the creditors of the bank are the county, which has on deposit $29,600.52, and the city, a deposit of $17,197.30. The West Side bank suspended temporarily at noon yesterday. City Treasurer Miller sent to the bank at about that time to draw out the city funds there, but payment was refused and the doors of the bank closed. The bank was organized in 1886, and has a paid-up capital of $100,000. The officers are Joseph Minea, president; John Ickler, vice president, and George H. Hosmer, cashier. In speaking of the affairs yesterday, a gentleman interested in the bank stated that it is expected that the bank will reopen soon. It will take but a small amount of money to start the bank, and this can be secured as soon as it realizes on some of its paper. The bank is solvent, and all the depositors will be paid in full. The state has a deposit of $4,200, the county $24,705.35 and the city $11,110.71 in this bank. Depositors in both banks are perfect. ly secure.

5. August 6, 1893 St. Paul Daily Globe Saint Paul, MN
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.

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

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A STUPID OFFICIAL. By one of those strange political accidents which sometimes occur in the best regulated cities, a person who, we have been told, bears the name of MILLER, has been allowed to stray into the office of the city treasurer. Save for his stupidity his existence would hardly be known, but based on the amount of that element which he can display, his fame ought to be worldwide. Day before yesterday he concluded he would join in the financial scrimmage and close a bank or two, just for luck and prestige. He accordingly looked the field over, and finding he had sufficient city funds in the West Side bank to close it, if demand for immediate payment was made, proceeded in a spirit of financial hilarity to draw his checks upon that institution. Of course, the city was not only protected by the stability of the bank itself, but a heavy bond had also been given. This person by the name of-(never mind the name)-chuckled to himself as the thought of his coming achievement penetrated his dull brain. He grew happy *as he imagined what a great man he would make of himself by suspending a little bank, and forthwith proceeded to do up the job with neatness and dispatch. The bank circumvented him by suspending without paying the checks, and now he is wondering "where he is at" as he poses as the financier of the Northwest. If he keeps on in the same line of eifort we may be able to recall his name again before he completes his financial record.

7. August 7, 1893 Rock Island Daily Argus Rock Island, IL
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.

8. August 9, 1893 Morris Tribune Morris, MN
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.

9. August 10, 1893 Echo De L'ouest Minneapolis, MN
Article from Echo De L'ouest, August 10, 1893

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Bank et la West Side Bank de St. Paul, Minn., ont fait faillite. La Balk of St Charles, Minn., au capital de 150,000 dollars A suspendu ses paiements. Fermées sont les portes de la Exchange Bank of Colby, Wis. MM. A. Thayer et Co banquiers de Sparta, Wis., ont fait faillite. OLa Peoples Bark of Waseca, Minn. L'Etat du Wisconsin a subi une perte de $150,000 par les recentes faillites de banques. La compagnie d'assurance mu tuelle centre le feu, de Bangor, Maine, a déposé son bilan vendredi dernier. Le montant des risques de la compaguie est actuellement de $2,500,000.

10. August 10, 1893 The Redwood Gazette Redwood Falls, MN
Article from The Redwood Gazette, August 10, 1893

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Financial Flurry In St. Paul. ST. 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 small banks except the German-American, which had a capital os $2,000,000. All but the Seven Corners bank will resume in a short time.

11. August 11, 1893 Oakes Weekly Republican Oakes, ND
Article from Oakes Weekly Republican, August 11, 1893

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Financial Flurry In St. Paul. Sr. PAUL, Aug. 7.-St. Paul experienced a financial Hurry this week. They suspended pay MY Four Dn were the National German-American West Side, Seven Corners and Peoples. 'They were all small banks except my Geritatt=American, which had a capital os $2,000,000. All but the Seven Corners bank will resume in it short time,

12. August 12, 1893 Custer Weekly Chronicle Custer, SD
Article from Custer Weekly Chronicle, August 12, 1893

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BUSINESS TROUBLES. Suspension at St. Paul. ST. PAUL, Minn., Aug. 5.-The National German-American bank failed to open its doors Friday and announced a temporary suspension consequent upon a steady drain of withdrawals for the past month. The bank officials announce that every liability will be made good dollar for dollar, but they require time to realize on their securities. No statement of liabilities and assets is as yet obtainable. An approximate estimate of the figures showing the condition of the bank gives the assets at $4,577,702.59, and the habilities at $2,549,664. Daniel W. Lawyer has been appointed to assume charge of the affairs of the bank. The People's bank, of St. Paul, which closed its doors at noon, has a capital stock of $240,000. No detailed statement of the affairs of this bank can be obtained before tomorrow. The same can be said of the West Side bank, a small concern, which closed its doors at 1 o'clock.

13. August 13, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 13, 1893

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Mr. Miller and the Bank. In response to the criticism made in connection with the suspension of the West Side bank, City Treasurer Miller sends the GLOBE the following: NOTICE TO THE PUBLIC, In view of all that has been said in regard to the action of City Treasurer Miller in withdrawing his funds from the West Side bank, the officers and directors of the West Side bank wish to say, in justice to Mr. Miller, that we believe that he did what he considered to be his duty as the custodian of the city's funds, and we exonerate him from any intent to injure the bank. Mr. Miller has at all times in the past treated the bank fairly and courteously, and offers the bank every assistance he possibly can give to aid it in speedily resuming business. G. H. HOSMER, Cashier, On Behalf of the Officers and Directors.

14. August 16, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 16, 1893

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TIED UP COUNTY FUNDS. County Commissioners Discuss Their Status Friday. The county committee on claims has been called to meet Friday evening at S o'clock for the purpose of meeting the sureties on bonds given to the county by banks that have funds in their possession and are at present suspended. These are four banks, as follows: National German-American, the Peoples', the West Side and the Seven Corners. The county attorney will be present, and the situation will be discussed, preparatory to making report to the board of county commissioners, which convenes in regular session the following Monday at 10 a. m. By a misunderstanding the bondsmen of the banks referred to met in the room of the board of county commissioners yesterday morning, but the board of county commissioners had not been called to meet by the mayor as given out to the newspapers, and consequently nothing was done.

15. August 17, 1893 The Waco Evening News Waco, TX
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.

16. August 19, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 19, 1893

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WILL PAY THE COUNTY. Suspended Banks Declare That All Claims of Ramsey County Will Be Settled. The committee on claims of the board * of county commissioners met last night to confer with the sureties on bonds given by banks that have suspended to indemnify the county against deposits made with such banks. Mr. Lavallee stated to the representatives of the banks present that he believed it to be the policy of the board of county commissioners to be as lenient as possible and go as far as it can to aid the banks to resume in cases where such course is contemplated. The object of the meeting was to learn from the banks-or rather the bondsmen-what course is intended to be pursued, so that the committee may report to the board at its meeting Monday. Joseph Lockey, president of the National German-American bank, stated that his bank expects to resume, and is making an effort in that direction with fair prospects of success. He expressed a belief that the depositors will be paid in full, in any event, within a reasonable time. Joseph Minea, of the West Side bank, stated that his bank expects to resume about the 1st of September, and has made arrangements tomeet all demands made upon it by depositors. H. L. Williams, attorney for the People's bank, stated that President Rittenhouse is out of the city. He was authorized to state, however. that this bank expects to open its doors very soon, and is making arrangements to meet the obligations to depositors. The committee expressed satisfaction at the statements made by the banks mentioned, and the representatives left the committee room. The Seven Corners bank matter was then taken up. Ex-Gov. Marshall stated that he expected the president, well as the assignee and hisattorney, to be present at the meeting, and, in their absence, would prefer not to make a statement. A few moments later William Banholzer, the president of the bank, came in, and, being told by Mr. Lavallee that Mr. Marshall had already stated that the Seven Corners bank does not contemplate resuming, Mr. Banholzer said that there is no prospect of that bank opening its doors; that much had been settled. He informed the committee, however, that arrangements are almost completed for securing the prompt payment to the county of its deposit of $49.000 or more. Four of the. bondsmen have been arranging to deliver into the hands of a trustee securities to an amount about double the liability of the bank to the county. By this arrangement the county will be able to receive all its money at once if demanded. The arrangement will be completed, probably, today. or not later than Monday. He said further that it is now practically arranged, with the exce 00 of determining whether the ull amount shall be placed in the hands of the trustee in cash, or part of it in securities and part in cash. This statement will be reported by the committee to the board Monday.

17. September 6, 1893 The Star Reynoldsville, PA
Article from The Star, September 6, 1893

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Financial and Commercial. The New York "World" prints a list of 20 banks which have resumed business, also a list of about 50 manufacturing establish ments which have resumed operations since August 19. The West Side bank, St. Paul, Minn., which closed its doors August 4. reopened for business. The State National Bank. the last one of Denver's six suspended national banks, opened its doors again, The Commercial National will resume again in a few days. The Queen City bank, Buffalo, N.Y., which suspended several weeksago, resumed business.

18. September 7, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, September 7, 1893

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Financial and Commercial. The New York "World" prints a list of 20 banks which have resumed business, also a list of about 50 manufacturing establish ments which have resumed operations since August 19. The West Side bank, St. Paul, Minn., which closed its doors August 4. reopened for business. The State National Bank. the lay one of Denver's six suspended national banks. opened its doors again. The Commercial National will resume again in a few days. The Queen City bank, Buffalo, N.Y., which suspended several weeks ago, resumed business.

19. September 8, 1893 The Jasper Weekly Courier Jasper, IN
Article from The Jasper Weekly Courier, September 8, 1893

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Alpha, were capsized in Lake Cha plain, on the 28th, and Witherbee a five of the boys were drowned. SECRETARY CARLISLE has ordered tl the United States mints at Philad phia and San Francisco be fu manned and the full capacity of be mints utilized in the coining of g bullion. The treasury department p sesses from $85,000,000 to $90,000, worth of gold bullion. which is a p of the gold reserve of $100,000,000. SENATOR GALLINGER, of New Han shire, on the 28th, introduced a 1 providing for the dismissal from 1 government service of all persons 1 citizens of the United States, and p venting their 2further employment the service. HAYWARD A. HARVEY, the inven of the Harveyized steel armor pli and roller screw, died on the morn of the 28th. at Orange, N. J., from k ney trouble. He had been sick for past six months. B. F. BOOMER and his son All private bankers at Waukon, la., w arrested, on the 28th, and taken Lansing. They were charged with ceiving deposits knowing they were solvent. RIOTING in San Sebastian, Spain, renewed. on the night of the 28th, orchestra again refusing to play Basque hymn. The troops fir wounding many civilians. The stre were patroled by themilitary all nig Two ACRES of buildings in the b ness center of Delavan, Wis., were stroyed by fire on the night of 28th. Next morning the town , without a hotel, a livery stable or I office. FRIENDS of the cholera patients v were being conveyed to the pest ho in Brahilov, Roumania, on the 21 attacked the attendants. The po fired into the mob, wounding many MORE than 100 persons at She novodsz. a summer resort in the 0 casus, were poisoned, on the 29th, impure koumiss. The rest of the si mer visitors left in a panic. THE official vote on the passage the Wilson repeal bill shows Boat (dem., La.) and Capehart (dem., Va.) not voting. This makes the to vote: Yeas, 239: nays, 109. CHAUTAUQUA, N. Y., suffered a 1 amounting to several thousand dol from a storm on the night of the 2 THE West Side bank of St. P Minn., which suspended August 4, sumed business on the 31st. THE last stage of the home-rule bate in the British house of comm began on the 30th. a THE steamer Alameda arrived at to Francisco from Sydney, via Honol on the Sist, bringing news from latter place of a conspiracy of ro ists torestore the queen by firing e city. dynamiting the buildings a then in the panic rushing in and n turing the government building. is plot becoming known. however, to of authorities, was abandoned or y Is poned. n THE epidemic in Grimsby, an glish seaport in Lincolnshire, has I declared officially to be Asiaticchol after having been called a "chole is disease" for many days. The last 00 tim of the disease was a woman, died on the 29th. Several other e ie before hers had ended fatally. THE New York republican state e