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Expect Soon to Resume. MINNEAPOLIS, June 28.-The American Exchange bank of this city has temporarily suspended payment, but it is expected to resume business in a few days.
American Exchange Bank (Minneapolis, MN)
Episode Information
- Episode UID
6648076291122- Episode Type
- Suspension → Closure
- Bank Type
- state
- Bank ID
-
664807629hash - Start Date
- June 28, 1893
- Location
- Minneapolis, Minnesota (44.980, -93.264)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
3e031034d39ea1ad
Response Measures
None
Description
Suspended in June 1893 for the money stringency and later placed in receivership/assignee actions.
Events (3)
1.
June 28, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Temporarily suspended owing to the general money stringency/monetary panic affecting banks in June 1893.
- Newspaper Excerpt
- The American Exchange bank of this city has temporarily suspended payment
- Source
- newspapers
2.
August 30, 1893
Other
- Newspaper Excerpt
- The assignee of the American Exchange bank has begun suit against the Gun Flint Lake Iron company to collect $5,000 on a note. A second action against the same party is to collect $4,000 on the same grounds.
- Source
- newspapers
3.
August 30, 1893
Receivership
- Newspaper Excerpt
- The assignee of the American Exchange bank has begun suit ... (assignee/receiver acting for the bank)
- Source
- newspapers
Newspaper Articles (18)
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Faillites da Banques La "City National Bank" de Greenville Mich. 8 suspendu ses paiements. Est fermée également la "Ridgeway Bank" de Ridg way Pa. Passif 236000 doilars. La Todd County Bank de Long Praire Minn a fait faillite. La "St Paul & Minneapolis Trust Co" de Minnespo'is dont l'ex gouverneur A. McGill est président a déposé son bilan. L'inspecteur des banques M. Caldwele a ordonné la fermeture de la "Cty National Bank" de Greenville Mich. Passif encore inconnu. La "Queen City Bank" de Buffulo N. Y. ayant un capital de 600,000 dollars a suspendu ses paiemente. Fredman & Fredman de Chicago ont déposé leur bilan ainsi que Sherman & Byrne de New-York et Creety & Noyes de Boston. L'American Exchange Bank de Minheapolis a fermée BES portes. La "First National Bank" et la Commercial Bank" toutes deux de Santa Anna Cal. n'ont pas ouvert leuis portes samedi dernier. Les portes de la "Peoples Bink" de Pomoma Cal. sont restées her métiquement closes lundi matin. La "Bank of Commerce" de San Diego, Cal. a fait faillite. Il en est de même de la "Loan & Savinga Bank" de Tresno Cal La "State Bank" et la "Bank of New England" de Minneapolis ont suspendu leurs paiemente. MM. B iri et Bradly de Chicago ont fait faillite. Passif 400,000. Tombées également: "The Sabina Bank" of Wilmington, Ohio et la "Bank of Ness City," Kansas. Quand donc la serie sera-t-elle terminée?
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Expect Soon to Resume. MINNEAPOLIS, June 28.-The American Exchange bank of this city has temporarily suspended payment. but it is expected to resume business in a few days.
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BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. BUFFALO, N. Y., June 27.-The Queen City bank, which was started here a little over a year ago, closed its doors shortly after noon Monday. F. M. Englehart, one of the directors, said that the suspension was due to a steady drain of money out of the bank, which has been going on for several weeks. The bank paid out all the money it had. It owes its depositors over $1,400,000. The liabilities of the bank according to the June report are $2,328,754. The assets are unknown. TOPEKA, Kan., June 27.-The bank of Ness City has closed its doors with but $85.39 in cash on hand. Deposits amount to $31,360, with other liabilities of $4,000. It has loans aggregating $74,000, mostly on real estate, from which but little can be realized. The capital of the bank is $40,000. MINNEAPOLS, Minn., June 27. The Bank of New England closed its doors yesterday. SABINA, O., June 27. The Sabina bank was forced to suspend yesterday. MINNEAPOLIS, Minn., June 28.-The American Exchange suspended temporarily owing to the money stringency. It has $500,000 authorized capital stock, with $50,000 paid up. Depositors will be paid in full.
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BY THE WAYSIDE. You will find a full line of table damasks, napkins and white goods at 228 Central Ave., O. T Swett. William Bennett has begun suit against Patrick Watson and others to quiet title to some farm property in Hennepin county. The State Bank of Minneapolie has made an assignment for the benefit of its creditors to George A. Fletcher. The affidavit of valuation places the assets at $600,000. At a meeting of the Board of County Commissioners, held Monday, John F. Walsh, of the East Side, was elected keeper for the new county morgue on the second ballot. Burglars enterered the residence of W. J. Murphy, manager of the Tribune, Tuesday morning at an early hour. They did not succeed in getting any articlea of value. The Young Ladies' Sodality of the Immaculate Conception church are making preparations for a lawn festival to be given on July 12th at Hawthorne avenue ani Thirteenth street. The American Exchange bank, located at the corner of Nicollet avenue and Sec ond street north, temporarily suspended payment Tuesday morning, but it is expected to resume business in afew days. The monthly report of Supt. Jordan, submitted at Tuesday's meeting of the Board of Education, showed a total enenrollment of 25,503 pupils for June as against 23,793 for the corresponding month of last year. Mrs. Chambers, an old and highly respected resident of South Minneapolis for many years, died at her late home, 2015 Franklin avenue, on Thursday and was buried from Holy Rosary church this morning. Interment took place at St. Mary's cemetery. Mgr. Satolli paid a visit last week to the Dominican Fathers of this city. He
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WEST AND SOUTH. THE firm of S. & G. Gump, dealers in art goods at Nan Francisco, made an assignment with liabilities of $140,000. THE death of Rev. W. W, Kone, aged 90 years, occurred at Denison, Tex. He was the oldest Baptist minister in the United States, having entered the ministry at the àge of 18, THE Bank of New England at Minneapolis, Minn, the Sabina (O.) bank and the bank of Ness City, Kan., closed their doors. The governor of Illinois has pardoned Michael Schwab, Samuel Fielden and Oscar Neebe, the anarchists sentenced to state's prison on the charge of complicity In the Haymarket massacre in Chicago May 4, 1886. Fielden and Schawb were sentenced to prison for life and Neebe for fifteen years. IN Detroit Frank Hayes, aged 20 years. was found guilty of murder and sentenced to imprisonment for life. THE Merchants' national bank at Moorhead, Minn., was entered by a masked man who covered the teller with a revolver and secured $2,600. T wo INDIANS, Kozine and Moneypenmy, were found guilty at Madison, Wis, of the murder of Boneash and his squaw last fall. At Lebanon, Ind., William Ransdell was bitten by a tarantula while handling bananas. In the bunch of bananas a bunch of 200 young tarantulas was found. Ransdell may recover, THE state liquor dispensary of South Carolina has begun business and all saloons would soon be closed. THE Savings bank at Fresno, Cal., and the Bank of Commerce at San Diego, Cal., which suspended recently, have resumed business. ON a bicycle H. H. Wyllie made the 1,000 miles from New York to Chicago in ten days and four hours. BERRY won the cowboy race to CHP began at Chadron, Neb., June 13. making the 1,040 miles in 13,days, 15 hours and 35 minutes-an average of 77 miles daily. Wine attempting to escape from the prison at Folsom, Cal., three convicts were shot dead by guards. AT Edinburg, Ill., G. P. Harrington, bankers failed for $200,000. American exchange bank of Minneapolis, Minn., and the Second national bank of Ashland, Ky., closed their doors. THE failure was reported of the Bedford (Ind.) Stone Quarries company, the largest producers of politic lime stone the world
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WEST AND SOUTH. AT Lebanon, Ind., William Ransdell was bitten by a tarantula while handling bananas. In the bunch of bananas a banch of 200 young tarantulas was found. Ransdell may recover. THE state liquor dispensary of South Carolina has begun business and all I saloons would soon be closed. THE Savings bank at Fresno, Cal., and the Bank of Commerce at San Diego, Cal., which suspended recently, have resumed business. ON a bicycle H. H. Wyllie made the 1.000 miles from New York to Chicago in ten days and four hours. BERRY won the cowboy race to Chicago which was begun at Chadron, Neb. June 13, making the 1,040 miles in 13 days, 15 hours and 35 minutes-an average of 77 miles daily. WHILE attempting to escape from the prison at Folsom. Cal., three convicts were shot dead by guards. AT Edinburg, III., G. P. Harrington, a private banker. failed for $200,000. THE American exchange bank of Minneapolis, Minn., and the Second national bank of Ashland, Ky., closed their doors. THE failure was reported of the Bedford (Ind.) Stone Quarries company, the largest producers of oolitic limestone in the world. IN Chicago the Illinois Fuel company, with assets of $150,000 and liabilities of $100,000, has been driven to the wall. THE monetary stringency caused the assignment in Cincinnati of Bennekamp Brothers, furniture manufacturers, and the Louis Snyder's Sons Paper company. A TRAIN struck a buggy in which were Mrs. Inholsen and three children in Chicago and two of the children were killed and the other fatally injured. THE lives of Mrs. Catherine Neumann and her three children, aged 20, 15 and 12 years respectively, were lost in flames that destroyed their home in Saginaw, Mich. JOHN HUDSON died near Battle Creek, Mich., aged 101 years. AT Oakley, Kan., a tornado destroyed thousands of dollars' worth of property. A strip of country 1 mile wide and 6 miles long was swept clean. every building in its path being torn into kindling wood. FIRE wiped out the business portion of Union City, Ind. BECAUSE she refused to live with him, Jacob Lyons, a farmer at Ottawa. O., fatally shot his wife and then killed himself. IN state convention at Cleveland the Ohio prohibitionists nominated the following ticket: For governor, Rev. Gideon P. Machlin, of Germantown: lieutenant governor, S. H. Ellis, of Warren county: treasurer, Abram Ludlow, of Springfield; attorney general, S. E. Young, of Portage; supreme court judge, J. A. Gallagher, of Bellaire. The platform adopted favors absolute destruction of the liquor traffic, indorses woman suffrage, the granting of liberal pensions, the revision of the immigration laws and the election of president and United States senators by direct vote of the people. ON trial at Atlanta, Ga.. for the murder of her two sisters Julia Force was declared not guilty and will be confined in an insane asylum. FLAMES swept away the principal part of the town of Lexington. O. T., and two men perished in the flames. AT Fairfield, Ia., Charles Wilson shot his wife fatally and then fatally shot himself. Domestic trouble was the cause. THE cabinet of the Epworth league of the United States adopted a resolution at a meeting in Cleveland which instructs the withdrawal of the league's exhibit at the world's fair because of Sunday opening.
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MINNEAPOLIS. MINNEAPOLIS GLOBULES. James Carter asks $6.000 from the street railway company for alleged personal injuries. The assignee of the Farmers' and Merchants' State bank has begun suit to collect $3,882.37 on notes. Alme Hunter bas begun suit against the street railway company to collect $26,488 for personal injuries. Preparations are afoot for the early reopening of the Commercial bank, on the East side, which suspended some weeks ago. T. J. Price, of the Kellogg Newspaper company, and wife jeft last night to attend the golden wedding anniversary of his parents. Next Monday evening the Wilburs will return with "The Royal Middy, which was well liked when produced in St. Paul this summer. Henry Merchant is of the opinion that the street railway company has injured him to the extent of $6,084, and he has brought suit for that amount. Mayor Eustis says he will be obliged to veto the orders for a large number of sewers, watermains, etc., presented by the council of list Friday's meeting. William Hickey. of Hopkins, was brought into the city tied hand and foo yesterday afternoon and given twenty days in the county jail for beating hi children. The Gun Flint Lake Iron company which has been sued for its indebted ness to the State bank, made an assign ment yesterday to W. H. Lynn. A1 affidavit of valuation places the asset at $10,000. The assignee of the American Ex change bank has begun suit against the Gun Flint Lake Iron company to collec $5,000 on a note. A second action agains the same party is to collect $4,000 on the same grounds. A committee of laboring men calle yesterday morning upon the mayor t ask about a proclamation for Labor Day While the mayor not promise to issu the proclamation, the committee is hope ful that he will issue it. Lars G. Lundquist asks the court fo a dissolution of the firm of James Bla don & Co. that he may secure certai sums of money paid into the partner ship, because he claims Bladon refuse to make an account of the profits. A new department at the public li brary will be opened Sept. 1, the juven ile department. It will be located i the room now devoted to the display o old coins, and will contain a very com plete collection. John Drew and his clever company were greeted by another large audienc at the Grand last night. "The Maske Ball" fills the bill for light, pleasing comedy. Same bill all the week, with Saturday matinee. William Perry, who fell from a ladde and broke his back about two month ago, while putting in screen windows a 2401 Central avenue, was taken to St Mary's hospital yesterday morning The case is said to be a remarkable on from a medical standpoint. Dr. Caine, of Stillwater, who was in jured in an accident at Lake City dur ing the state encampment, and whos life was despaired of for several weeks was in the city last night, being ao corded a hearty welcome by his man friends. The building inspector has abou found out that the New England asso ciation is the real owner of the ol Tribune building, and as soon as th city attorney comes home will probabl go into court and ask that the receive be ordered to put the old ruin in a saf condition. The first open session of the revisio committee of the city council was hel yesterday morning, and about twenty five taxpayers were on hand to argu for or against several minor permaner improvements. The committee con
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DENIES THE ALLEGATIONS. Col. Bobleter Denies Receiving Interest on State Deposits. The Tribune of the 20th says: - A Minneapolis evening paper says that an expert accountant who has been making an investigation into the three defunct banks of that city, the A merican Exchage, State, and Farmers' and Merchants, claims to have brought to light proof that State Treasurer Bobleter has been the recipient of "personal interest!" It was found, the expert asserts, that drafts bearing interest at 3 per cent had been made out payable to different persons, and that before being returned to the bank the same had been paid to Bobleter. In a few cases only were the drafts!made out to Bobleter direct, nearly all of them being made payable to some bank employe or a citizen. Col. Bobleter was seen to-night regarding the matter and he made a denial simitar to that published by the Tribune in an interview with him when the charges were first made. "The receiver stipulated," Col. Bobleter said last night, "that we had $10,000 over and above what was necessary to pay the administration, ard on the strength of that Attorney-General Childs went before the court and asked for an order for payment of the $10,000 on the ground that the state was a preferred creditor, and that other moneys be paid as they were received until the*state claim was fully justified. The case was argued before Judge Smith a week ago last Monday. He filed his order with the clerk of the court that the receiver pay the state the $10,000. The money has not yet been paid over, but I presume it will be as I presented the order to the receiver a week ago lastMonday, though I have not seen him since. He said then that he wanted to wait a few days to see if anyone wanted to appeal from that order." Col. Bobleter was of the opinion that the report that the expert had discovered evidences of fraudulently acquired interest on state deposits had become mixed. "You will remember," he said. "that in
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A MINNESOTA SENSATION. $150,000 of Public Funds Said to Have Been Misappropriated. ST. PAUL, Minn., Jan. 16.-A boom-shell was exploded in the House of Representatives this afternoon in the shape of a resolution from Henry Feig, calling for an investigation of the financial affairs of the State, and making charges of misappropriation of public funds to the amount of $150,000, while over $300,000 was asserted to be carried on books as cash, when, in fact, it was on books of banks that have failed. The preamble recites that newspapers have stated that certain public officials, State and county, have demanded or received from financial concerns, commissions or gifts for their own use, in return for the deposit of public funds in such instances; that certain checks indorsed by public officials for cash payments are in the hands of officers of the court and of the receiver or assignee of the State Bank and American Exchange Bank of Minneapolis; that "The amounts so misappropriated will approach $150,000, which sum can and should be covered into the public treasury;" that for their personal gain public officials have deposited vast amounts of the public funds in involvant, or carelessly, if not criminally managed financial concerns and are now carrying as a cash balance $302,841 in alleged banks that have long since failed, making said claim actually valueless as a cash balnce if not for all other purposes while other portions of said alleged cases balances consist of deposits in concerns that if not actually insolvant, are on the verge of ruin; that the States treasurers have carried on their books for uncollected stumpage $94,930, being practically so much loaned to lumbermen by the State without interest to the State, "however much may have been paid to any others." The resolutions then provide for the appointment of a committee to investigate the matter thoroughly.
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But Concluded to Let Go Later On--Proposed New Board TO INVEST STATE FUNDS. Report of the Feig Investigat. ing Committee, After Three Months. About the middle of January the of representatives appointed a committee, as chairman, to Feig house special investigate with Henry cer- the tain matters that are specified in report. The was more appended taken far-reaching labor under- than any one supposed it would be. Chairman Feig assumed the management and direction of the work, and for months the has a continued three been unremittingly investigation by clerk drawing $5 per day. such a report must for itself, and but can speak Naturally, abuses little be said as to possible not or as to the feasibility of sug- of made. As to the gestions interest found treasurers matter paid to state and Jonot covered into the treasury, reseph Bobleter is found to have ceived a large sum as "a gift or After consultation with committee this money emolument." the has and been Mr. turned over to the state, is complimented on relin- He his "claim' upon quishing Bobleter it. had desired to turn it over on rebut was advised the state had the on it. After no tiring, claim retaining changed amount several months he and the state is $3,024.66 off. Mr. Bobleter is his better mind, exonerated by the committee from any sus- in picion of questionable practices securing the "gift or emolument." Perhaps the most important recis for a law to create of investment, ommendation state board the to treas- mana state funds and relieve reage of a great deal of the assponsibility urer he is compelled to recsume at present. Many other merit ommendations of more or less here will be found in the report as printed THE in REPORT full: IN DETAIL. PAUL, Minn., April 22. 1895-Hon. House ST. R. Van Sant, Speaker of the special S. Representatives-S Your committee of appointed by and pursuant adopted following resolution, to to the the house Jan. 18, beg leave make by the following report: Whereas, it has been publicly examina- stated the press of this state, on acin and reports by competent countant, tions that certain public officials, of and county, having charge demandstate funds, have heretofore financial public received from certain gifts ed or private commissions, dein such or certain public funds positing concerns, emoluments consideration commissions, with of concerns, which of gifts have of to the private use to financial emoluments priated been and contrary gain appropublic officials, and in such case made pro- that whereas, it is of such vided, the statute and, payment stated and checks for the emoluments, and bearing the in such certain gifts, illegal commissions indorsement now or public officials, are of certain custody of the courts of Hennepin county, the or in the hands of the bank receiver and assignee of the State Minneor Exchange bank, of that and whereas it is for apolis, American going believed on practice has been so this years, and that the amount $150,many misappropriated will approach should be covwhich sum can and thus ma000, ered into the public treasury, of the terially lessening the burdens reason of taxpayers, and, whereas, by desire for pernicious practice and officials unlawful the personal gain, public public deposited vast amounts of if not have funds in insolvent, or carelessly, conmanaged cash and are now carrying as a that cerns, criminally, financial banks $302,841.02 in alleged said balance long since failed, making claim have actually valueless as a cash balif not for all other purposes, said alance, while still other portions of cash balances consist of depos- are its leged that, if not actually insolvent, on the verge of ruin, and, Whereas, It has been stated that the amount of public funds deposited was in financial concerns of this state the nearly equal to, if not in excess, hand of by actual amount of cash on it is as a whole, and that the public whole sacred trust for the imperative be said held concerns as funds should public and not to be used by for and financial unlawful gain or their people, officials and, unnecessarily concerns jeopadized or wasted, Whereas, It appears by report of filed the land investigatir committee, that pine with the governor Dec. 21, 1894, state years last past books have carried on treasurers for many their the of money overdue drafts vast sums due on for uncollected stumpage, amount- and, ing in October, 1893, to $94,930.55, Whereas, In addition to such it appears that the state has an engaged in loaning indefinite amounts, been money lumber- for number of years to seldom, for which the state has received any men, if ever, interest, however othmuch may have been paid to any ers, if at all; therefore, be it Resolved, That a special committee five members of the house instruc- be appointed of by the speaker, with tions to forthwith institute: First-A rigid inquiry into the matContinued on Eighth Page.
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result of the hullabaloo. The state treasurer, in response to the request of the senate, sent that body a detailed statement showing the amount of money originally in suspended banks, the amount which had since been paid and the ba'ance still remaining uncollected. The only banks where there seems likely to be a loss are the Farmers & Merchants' State bank, of Minueapolis, which still owes the state $21,000, and the American Exchange bank, of Minneapolis, where the balance due is something over $18,000. Even this may be collected from the bondsmen, but as it is over three years since the banks failed, it seems rather doubtful. The Bank of Minnesota, at St. Paul, had the largest deposit of any insolvent bank. amounting to over one hundred thousand dollars, but State Treasurer Koerner has already secured an order from the court directing the receivers to pay him $75,000 immediately out of funds they have in their hands. Considering that originally the state had $300,000 tied up, the ultimate loss. if any, will be very small. Mr. Jacobson offered a bill in the house yesterday which will facilitate the state in bringing suits to recover such property as the Mountain Iron mine, the Hastings & Dakota and other land grants which it is claimed have been improperly secured. This legislature is evidently determined to ascertain whether the created can be greater than the creator, or, in other words, whether the state has any rights that corporations are bound to respect. A bill was introduced in the house, in accordance with the usual method, which is the duplicate of one pending in the Senate appropriating $28,000 for the erection of a live stock ampitheatre and other improvements at the state fair grounds. The frequent introduction of the same bill in both houses indicates a dearth of material from which to make business to exhaust the ninety days. The cyclists do not seem to be strong in the house, as Mr. Grondahl's bill allowing cycle paths to be constructed along the highways does not seem to be popular. The house thinks it would interfere with the farmers, who have to rely upon the roads for marketing their produce. Mr. Jacobson said bicyclists were a nuisance; that they afflicted the cities but the farmers should unite to keep the nuisance out of the country districts. Tosave absolute defeat the bill was referred back to its author. St. Paul, Feb. 4.-You can put it on record that every legislative day which is not productive of a controversy is one day lost. The wrangle in the senate yesterday was over the confirmation of Mr. Griffin to a position on the state pharmacy board. The majority of the judiciary committee reported against him and the minority in his favor. The debate was so long protracted that the senators hungered and thirsted, taking a mid-day recess, only to return and continue the battle. In the end the appointment was confirmed, just as every other appointment the governor has made this winter has been, with the exception of Bundy of Otter Tail, whose name was withdrawn. for membership on the state board of equalization. There has been a good deal of bluster about defeating appointments made by the governor, but it is all ended in wind. In the case of Sheriff Block, of Nicollet county, the legislature even went so far as to remove a constitutional disability by passing an act allowing a sheriff to hold a position on the insane asylum board. The bill repealing the corrupt practice act was undefinitely postponed in the senate, notwithstanding Senator Greer's statement that the one man in the state who endeavored to live up to to it was defeated at the polls. The most important bill of the day was offered by Senator Miller. It provides for an additional assistant attorney general whose duty shall consist of prosecuting cases against railroads before the railroad commissioners. It carries with it a salary of 400. Another bill provides for the establishment of private cemeteries and crematories. It has for many years been a common thing for persons in Texas, Arizona and other untamed portions of the country, to have private cemeteries of their own, but this is the first movement of that kind in Minnesota. The location of the fourth insane asylum bobbed up serenely in the house yesterday. It came in the form of a resolution offered by Mr. Staples of Dakota county, providing for a joint committee of seven on the part of the house and four on the part of the senate to investigate the methods by which the asylum was located at Anoka. The resolution passed. There was a heated debate over the bill making the railroad commissioners elective. instead of being appointed by
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THE LEGISLATURE. Both Bodies Are in Good Working Order. Gossipy Letters Giving in Detail the More Important Work of the Senate and House of Representatives. St. Paul, Feb. 2.-Yesterday was cyclone day in the house, the senate not being in session. That is, it was chiefly devoted to wind. Only five bills were introduced, and aside from one reducing the legal rate of interest to 6 per cent and 10 per cent by contract, they were all of minor importance. The great bone of contention was the bill offered by Schmidt, of Duluth, making a board of three persons to select banks where the state funds shall be deposited. The argument against the bill was that it relieved the state treasurer of responsibility, which he should be compelled to shoulder, and the argument for it was that the state treasurer could favor certain banks, withdraw funds from country banks to bolster up city banks, and that he really ought to be relieved of the great responsibility which now rests upon him. Mr. Jacobson made a very determined effort to defeat the bill outright, but it was finally referred back to the committee for further amendment. Its ultimate passage is doubtTnj The bill abolishing the $200 bounty for the arrest of horse thieves was approved. A resolution was adopted authorizing the committee appointed to investigate the transfer of the Mountain Iron mine from the state to private parties to pay the expenses of witnesses without the usual circumlocution of submitting each item to the legislature and having the committee on legislative expenses report before payment can be made. This committee evidently means to do some business. As usual when only one branch of the legislature is in session, the proceedings were brief. St. Paul, Feb. 3.-Both the senate and the house yesterday were especially interested in denying newspaper statements. The senate was exercised over interviews with Minneapolis merchants concerning department stores, while the house was disturbed by the newspaper stories that State Treasurer Koerner had not filed his bond. This was clearly disproven, his bond having been filed Jan. 4, as required by law. Another state officer was also defended, in the person of Secretary of State Berg, who had been accused of not producing certain papers desired in the Mountain Iron investigation. This was also shown to be incorrect and Mr. Donnelly said he did not mean it, SO that the millenium of good feeling was ushered in as the result of the hullabaloo. The state treasurer, in response to the request of the senate, sent that body a detailed statement showing the amount of money originally in suspended banks, the amount which had since been paid and the balance still remaining uncollected. The only banks where there seems likely to be a loss are the Farmers & Merchants' State bank, of Minueapolis, which still owes the state $21,000, and the American Exchange bank, of Minneapolis, where the bal-
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BLAME MR. PLEA OF BONDSMEN FOR TWO BROKEN BANKS IN MINNEAPOLIS STATE ASKED FOR RELEASES Senator Grue, Populist, of Kandiyohl, Introduces a Bill to Accept Alleged Assets in Lieu of the 280,000 Cash Which It Had Deposited in the Now Failed Banks. Minnesota was yesterday asked to pay $86,000 for one of the short comings of Moses Dibble Kenyon, who, for a long time prior to this year, was supposed to be superintending the banks of the state. The bill SO asking, which one man as characterized in private yesterday being one of the most audacious bits of legislation introduced at this session, is fathered by Senator Grue, a Populist, from Kandiyohi, county Who is Grue? A partisan of this man Kenyon. No. He is a Peoples' party senator whose postoffice, like his name, is Grue. Indeed, the postoffice shares the family name, as does the station on the Grue farm, perhaps a dozen miles northeast of Willmar, on a branch of the Great Northern He has not been in the senate before this session, but he has done pretty well already His first bill asked the state to spend $10,000 in Kandivohi county widening ditches, lest the malaria which has been thickly populating the supposed capitol site in that county should infect the public health. His second bill asks the state to accept in lieu of claims of $86,000 against two insolvent Minneapolis banks a lot of alleged assets, most of which have as little tangible worth as the last flexion of an expiring lamb's caudal appendage. GOV. LIND REFUSED Mr. Grue, perhaps, did not know that Gov. Lind had been asked to present the same claim to the legislature, and had refused for reasons that may be surmised, even if the governor has not declared them. It would be charitable to suppose that Mr. Grue had been made a cat's paw of by some experienced Republican politicians, a theory which is not controverted by the fact that he is indorsing the plaint set forth in a communication to the recent attorney general among the foremost signers of which is A. E. Rice, formerly lieutenant governor, and one of the bondsmen of one of the banks in question. The fact, too, that certain Republican officials spent considerable effort in trying to keep the negotiations from the public during the closing hours of the recent Republican administration lends color to the belief that possibly the Kandiyohi county senator has been duped. The G lobe was fortunate enough to secure the correspondence which Gov. Lind refused to send to the senate, but which the proponents of the legislation anticipated have had printed in a cute little booklet for esoteric study among those friendly to the gang in question. It is piteous plea that which was presented to Attorney General Childs, as follows: BONDSMEN TRUSTED KENYON Minneapolis Minn.. Dec. 3. 1898.-The financial cyclone which overswept this country in 1893 destroyed many of our banking institutions and wrecked the affairs large number of our public-spirited business men, who have ever since been held down by obliit gations which, by force of circumstances, is impossible for them to discharge You are well aware that in Minneapolis, among others, the State bank and the American Exchange bank. in the early part of 1893, were compelled to suspend and go into the hands of receivers. At the time of the assignment many of the leading men of our city had, from public-spirited motives, incurred liability to the state of Minnesota as sureties upon the bonds of these banks. given to secure public funds kept on deposit. These obligations were incurred at time when the consensus of business opinion in this city, together with that of the bank officers of our state, seemed to indicate that the signing of such bonds was largely mitter of form. So long as the state permitted a bank, operating under its supervision and control, do business, and the claim of the state being first lien upon all the assets of the bank was not thought likely that there ever would be any occasion to call on the bondsmen to pay any part of the state's money; but the occurrences of 1893 were exceptional. Nothing like it had occurred during the experience of the present generation, and in all probability no similar occurrence will take place in our day. Therefore the keenest and shrewdest of business men were unable to foresee and guard against the disastrous consequences of that year. At the time of the suspension of these banks we were among the unfortunate citizens who had, in good faith, signed their bonds to the state of At the time of the suspension of the banks there were, in our judgment, ample assets on hand with which to more than pay the claims of the state, if the same had been converted into cash fair valuation: yet there still remains unpaid the larger part of the claims of the state With proper and economic management of the assets on hand we believe that the state's claim against these banks can be satisfied in full. Considering the unprecedented leading up to the disastrous results of the panic of 1893 we feel that, in equity and fairness to its citizens who have been thus unfortunate, the state Minnesota ought to meet any fair proposition looking to the adjustment of these matters in the same spirit which permeates recent national legislation It upon the subject of unfortunate debtors. to is in this spirit that we wish to present you the proposition hereinafter mentioned The State bank still owes to the state of Minnesota $61,445.76. Those who are liable as sureties to the state for this amount are: K. Kortgaard, George H. Fletcher, C. Haugan, A. J. Blethen, Charles Kittleson, A. H. Henderly A. E. Rice, G. Cook, E. 01son C. B. Shove. Andrew Theralson and C. C. Dunn. All of these men, U:p to the time of the panic of 1893. were well-to-do business nien, amply able to discharge their just obligations, but now none are able to meet the numerous obligations, contracted in good faith, upon the strength of valuable assets, which have since so greatly depreciated that hardly anything is left. The assets in the hands of the assignee of the State bank, as shown in the attached schedule, are, in our judgment amply able to satisfy the claim of the state if they were the placed in the immediate possession of officers of the state. proper Exchange Bank of MinneAmerican
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THE LEGISLATURE. 50000000000000000000000000 00000000000000000000000000> parole of prisoners sent to the state prison on the reformatory plan, but 0 LET YOUNGERS GO the gist of the bill was much farther down in it, where there was contained a provision that any life convict who AT IS THE EFFECT OF A BILL had served a full twenty years, obeying the rules of the prison, he may be INTRODUCED BY SENATOR paroled by the board of managers of WILSON the institution. The usual rules governing a paroled prisoner are amended in this case, so as to permit the prisoner to go out of the state, the SSOURIANS' HOPES FIRED board having the power to extend or reduce the geographical limits of the parole at its will. lends of the Northfield Bank RobThere are only three prisoners at the bers Are Still Pushing the Petistate prison to whom the bill. if passed, can possibly apply now. These are tion for the Return of the James and Thomas Coleman Younger. Murderers to Liberty-Minnensent up from Rice county Nov. 20, 1876, for their complicity in the famous pelis Bankers' Bondsmen See Northfield bank robbery, and Frank Their Woodchuek Die. Johnson, sent from Hennepin county April 11. of the same year. Nor can it possibly apply to any others for three Varden Wolfer, of the Stillwater years, the next in line being Charles son, can enjoy his long cherished Horn, sent to Stillwater from Le Sueur ire to see the Younger brothers county May 22. 1882. erated, if a bill introduced in the There is already some opposition to ate yesterday morning by Senator the bill manifest, although it is urged in its behalf that it has in it an eleIson (Rep.), of Hennepin, passes, ment of disciplinary value. As it is ich was read under a title which now, life prisoners have no fear of S not betray its full import. anything in the prison save the club t purported as read to permit the of Lemon and the dungeon. It is urged that this law would give them an incentive to good behavior they have not now. KILLED ONE 'CHUCK. The committee on banks and banking killed the bill introduced by Senator Grue (Pop.), of Kandiyohi, which YRUPOF FIGS sought to release the bondsmen for the State and American Exchange banks, of Minneapolis, from liability for the amounts of the state deposits held by them at the time of their suspension. The bill was exposed by The Globe on its introduction. TO DRAFT MEDICAL BILL. Lieut. Gov. Smith appointed as the committee to draft a new medical bill Senators Reeves (Rep.), of Pope; HorEVER IN ton (Rep.), of Ramsey; Greer (Rep.), of IMITATED Wabasha; Jepson (Rep.), of Hennepin, and Schaller (Dem.), of Dakota. HE EXCELLENCE OF SYRUP OF FIGS ON GENERAL ORDERS. due not only to the originality and Senator Baldwin (Dem.), of St. Louis, mplicity of the combination, but also presided in committee of the whole. ) the care and skill with which it is There were not many members present, anufactured by scientific processes quite a number having started for home. nown to the CALIFORNIA FIG SYRUP b. only, and we wish to impress upon CAPITOL BILL PUSHED. 1 the importance of purchasing the Senator Horton (Rep.), of Ramsey, ue and original remedy. As the secured a favorable recommendation enuine Syrup of Figs is manufactured for his bill to permit the capitol apy the CALIFORNIA FIG SYRUP Co. propriation to continue beyond the ly, a knowledge of that. fact will original ten-year limit, provided that sist one in avoiding the worthless it shall not expend more than $2,000,000 in all. intations manufactured by other pares. The high standing of the CALIBRADY SURVEYOR GENERAL. ORNIA FIG SYRUP Co. with the mediGov. Lind sent in the following nominations: 1 profession, and the satisfaction hich the genuine Syrup of Figs has Surveyor general, Fifth lumber dis(ven to millions of families, makes trict, John G. Brady, of Duluth, vice William Getty, term expired; member e name of the Company a guaranty state medical board, B. C. Hilbert, of I the excellence of its remedy. It is Stearns county, vice O. C. Strickler, r in advance of all other laxatives, term expired. $ it acts on the kidneys, liver and NEW SUPERINTENDENT'S IDEA. owels without irritating or weakenThe bill introduced by Senator Batz g them, and it does not gripe nor (Dem.), of Stearns, to provide for a auseate, In order to get its beneficial uniform system of teachers' examinafects, please remember the name of tions throughout the state, admits of e Companytwo grades of state certificates, first grade good for five years, and second CALIFORNIA FIG SYRUP CO. grade good for two years. Scholastic SAN FRANCISCO, Oat requirements shall be marked by the NEW YORK. E.E. UNSVILLE, state superintendent, and professional
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$5,850, the amount bid, it will be credited on the state's claim, and any additional amounts received will also go to apply on the claim. Ex-Attorney General Hahn is the receiver for the bank and yesterday relinquished the assets in accordance with the new law. The state is a preferred creditor, but it is not likely that a very considerable of the amount of its claim will be collected. Gen. Douglas was represented by Mr. Sommerby, Auditor Dunn by S. G. Iverson, deputy auditor, and Gov. Lind by his secretary, L. A. Rosing. A similar proceeding will be taken to get possession of the assets of the American Exchange Bank of Minneapolis.
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Saunders, Robert A. Smith and William Dawson, came up before Judge Kelly in chambers yesterday. The suit is to recover moneys of the state, on deposit in certain banks at the time of their suspending payment, less amounts recovered since from the receivers of these institutions. The complaint was filed in December, 1898, by Attorney General Childs, and yesterday's proceedings were on a demurrer to the answer. The complaint alleges the election and installation of Mr. Bobleter as treasurer, January, 1893, and his occupancy of the office for two years. That there was due the state on the first Monday in January, 1895 from Mr. Bobleter $1,330,779.17, of which he turned over $1,193,352.47, leaving a balance due the state of $137,426.70, which sum it demands, less the aggregate sum of $40,473.64 received in the partial payments. The answers of the defendants deny the personal responsibility of Mr. Bobleter. The state money, it is alleged, was properly deposited in designated depositories, whose official bonds to the state were approved by the board of auditors, composed of the governor, secretary of state and attorney general. It is admitted that three of these banks, the State Bank of Minneapolis, the American Exchange Bank of Minneapolis and the Farmers' and Merchants' State Bank of Minneapolis, became insolvent and went into liquidation. The answers deny either the negligence or the personal responsibility of Mr. Bobleter. For the state, Attorney General Douglas and his assistant appeared. Frank B. Kellogg and M. V. Seymour appeared for Mr. Saunders, Mr. Merriam and F. A. Seymour. J. D. O'Brien represented R. A. Smith, and Mr. Briggs, A. B. Stickney, assignee of William Dawson.
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$754,632.06 Received as certified checks on eightynine banks, total, $754,632.06. Also book accounts in process of collection against the following banks which appear in bank accounts in hands of assignees and receivers: State Bank, of Minneapolis, suspended $49,528.10 Farmers' and Merchants' Bank, Minneapolis, suspended 14,582.69 American Exchange Bank, Minneapolis, suspended 18,035.97 Marine National Bank, Duluth : 1,771.56 Bank of North St. Paul 937.36 Also bonds in vault and belonging to the state trust funds, the numbers of which are shown by bond register, total, $7,111,918.84. Per university fund $931,500.00 Internal improvement land fund, Virginia funding bonds 30,000.00 Also items on deposit with the state treasurer and held in trust and safe keeping, total, $147,220.72.