Article Text
A Minneapolis Bank Suspends. Minneapolis, Minn., June 26.-The - Bank of New England has suspended payment. Its capital stock is $100,000. The amount of the deposits is unknown.
Bank of New England (Minneapolis, MN)
Episode Information
- Episode UID
7143160691122- Episode Type
- Run → Suspension → Reopening
- Bank Type
- state
- Bank ID
-
714316069hash - Start Date
- June 26, 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
57e46c5e8eb00cb3
Response Measures
None
Events (4)
1.
June 26, 1893
Run
- Cause
- Local Banks
- Cause Details
- Steady withdrawals following the failure of the State Bank in Minneapolis.
- Newspaper Excerpt
- Since the failure of the State bank Thursday there has been a steady withdrawal of deposits.
- Source
- newspapers
2.
June 26, 1893
Suspension
- Cause
- Local Banks
- Cause Details
- Suspension caused by heavy withdrawals triggered by the failure of the State Bank and ties to Chicago failures.
- Newspaper Excerpt
- The Bank of New England has suspended payment, at least temporarily.
- Source
- newspapers
3.
July 7, 1893
Receivership
- Newspaper Excerpt
- BANK OF NEW ENGLAND ASSIGNS. ... The bank of New England assigned yesterday to Judge John P. Rea, the result of a suit brought by the attorney-general ... unable to pay.
- Source
- newspapers
4.
August 28, 1893
Reopening
- Newspaper Excerpt
- The Bank of New England, which suspended recently, will resume Saturday.
- Source
- newspapers
Newspaper Articles (23)
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A Minneapolis Bank Suspends. MINNEAPOLIS, June 26.-The Bank of New England has suspended payment, at least temporarily. Since the failure of the State bank Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in the Chicago failures. He says depositore. will be paid in full. It had liabilities of $200,000; assets somewhat in excees of thatsum. Blethen was a well known newspaper man.
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Bank of New Registed Suspends. . MINNEAPOLIS,MENN., June 26.-The Bank of New England has suspended payment. Capital stock, $100,000. Deposits unknown.
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A Miuneapolis Bank Suspends. MINNEAPOLIS, June 26.-The Bank of New England has suspended payments, at least temporarily. Since the failure of the State Bank on Thursday there has been a steady withdrawal of deposits. A. J. Blethen, president, says he had considerable money tied up in Chicago futures. He says depositors will be paid in full. Liabilities, $300,000; assets somewhat in excess of that sum. Blethen is a well known newspaper man.
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MINNEAPOLIS BANK Minneapolis, Minn., June 26.-The Bank of New England suspended payment this morning. Since Friday there has been a steady withdrawal of depoits. A. J. Blethen, the president of the bank. says it had considerable money tied up by the Chicago failures. Every depositor, he added. would be paid in full. The bank had cash available $64,000 on May 4: liabilities $20,000. assets somewhat in excess of that amount. No other banks are in any way involved.
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Bank Failures at Minneapolis. MINNEAPOLIS, June 26.-The bank of New England has suspended payment, at least temporarily. Since the failure of the State bank Thursday there has been a steady withdrawal of deposits. A. J. Blethen, the president, says he had considerable money tied up in the Chicago failures. He says depositors will be paid in full. The bank had liabilities of $200,000 and assets somewhat in excess of that sum. Blethen is a well known newspaper man.
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Suspended Payment. MINNEAPOLIS, MINN., June 26.The Bank of New England has suspended payment.
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Minnesota Bank Suspends. MINNEAPOLIS, June 26.-The Bank of New England suspended payment this morning, caused by steady withdrawal of deposits. A. J. Blethen, president of the bank, says it had considerable money tied up by Chicago failures. Every depositor. he added, will be paid in full. The bank had of available cash, $64,000, on May 4. Liabilities, $200,000; assets somewhat in excess of that amount. No other banks in any way involved.
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Bank of New England, Minneapolis. MINNEAPOLIS, June 26-The Bank of New England has suspended payments, at least temporarily Since the failure of the State bank, Thursday, there has been a steady withdrawal of deposits. A. J Blethen, president, says they had considerable money tied up in Chicago failures. He savs depositors will be paid in full. The bank had liabilities of $300,000; assets somewhat in excess of that sum. Biether is a well-known newspaper man.
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Bank of New England Suspends. MINNEAPOLIS, Minn., June 27.-The Bank of New England suspended payment Monday. The bank is the youngest in the city, its president, A. J. Blethen, having been a newspaper proprietor before he went into banking. It is announced that the suspension will be only temporary, but if the bank cannot resume the depositors will be paid in full by the stockholders. The bank is a small one.
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BANK OF NEW ENGLAND ASSIGNS. Result of a Suit Brought on Behalf of the State-Assets, $280,000. MINNEAPOLIS, July 7.-The bank of New England assigned yesterday to Judge John P. Rea, the result of a suit brought by the attorney-general on be. half of the state asserting that the bank holds a balance of the state funds now on deposit aggregating $81,331.17, which it is unable to pay. The assets are placed at $280,000.
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Western Business Failures. BOSTON, July 7.-These business failures are reported: Wisconsin Furnace company, Chicago, a seigned; Lock & Co., merchants, at Alma, Ark., embarrassed; liabilities of the Pacific bank of San Francisco are $1,868,041, (not including $1,000,000 capital and $1,800,000 surplus, assets $2,095,177; Bank of New England at Minneapolis, Minn., assigned Thursday.
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WILL RESUME. I MINNEAPOLIS, Minn., Aug. 28.-The Bank of New England. which suspended recently, will resume Saturday.
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Another Bank Resuming. MINNEAPOLIS, Minn., Aug. 29.-The Bank of New England which suspended a month ago will resume business Saturday next. President Blethen says the bank has better backing than ever.
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# BANK RESUMPTIONS. Many Reported From Different Parts of the Country. A telegram from Washington says: The following national banks, which recently suspended payment, have been permitted to reopen their doors for business: The State national bank of Denver, Col.; the Louisville city national bank, of Louisville, Ky.; the Merchants' bank of Louisville; Ky.; the First national bank of Ashland, Wis., and the First national bank of Platteville, Wis.; the German national bank of Denver, Col.; the First national bank of Canon City, Col. At Minneapolis, the Bank of New England, which suspended about a month ago, has resumed business. At San Francisco the People's home savings bank, which closed its doors June 23, opened for business. A statement issued by the national banks of Kansas City shows that since the height of the financial flurry, which was reached on June 19, the deposits have increased $2,000,000. The First national bank of Dubuque, Ia.; the First National bank of Grand Rapids, Col. The American national bank of Omaha, Neb.; the American national bank of Nashville, Tenn. The First national bank of Mankato, the National Citizens' bank of Mankota the Mankato national bank, all of Mankato, Minn.
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CAPITOL CULLINGS. The state historical library yesterday received a copy of Crisp's new "Visitation of England and Wales." Articles of incorporation of the East Grand Forks Fair and Driving association, with a capital stock of $10,000. were filed yesterday with the secretary of state. State Treasurer Bobleter has been elected cashier of the Columbia National Bank of Minneapolis, but he will not take an active part in the management. Articles or incorporation of the "Delong Abdominal Bandage Manufacturing company." of St. Paul. with a capital stock of $5,000, were filed yesterday with the secretary of state. Attorney General Childs and Assistant Attorney General Edgerton were in Minneapolis yesterday to attend the hearing of the application of the state for a receiver for the Bank of New England. Ole Gunderson, sheriff of Norman county, yesterday collected $80.27 from the state for taking two prisoners to Stillwater. Sheriff J., C. Thorn, of Nobies county, also collected $57 for bringing two from his county.
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WILL REA REMAIN? Minneapolis, Nov. 20.-The appointment of a receiver for the Bank of New England, whose affairs have been under the management of Judge Rea, as assignee, has been taken under advisement by Judge Russell, who will consult the other members of the bench before making the appointment. In the matter of the appointment, Mr. Cohen, attorney for Judge Rea, stated to the court that more than one-half the creditors had petitioned that Judge Rea be retained. Mr. Cohen also stated the liabilities under Judge Rea's administration had been largely reduced and that he did not want the proceedings to go on, under the impression that Judge Rea had been derelect. Judge Rea then made a brief statement concerning his occupancy of the assigneeship and its management.
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WILL REA REMAIN? Minneapolis, Nov. 20.-The appointment of a receiver for the Bank of New England, whose affairs have been under the management of Judge Rea, as assignee, has been taken under advisement by Judge Russell, who will consult the other members of the bench before making the appointment. In the matter of the appointment. Mr. Cohen, attorney for Judge Rea. stated to the court that more than one-half the creditors had petitioned that Judge Rea be retained. Mr. Cohen also stated the liabilities under Judge Rea's administration had been largely reduced and that he did not want the proceedings to go on, under the impression that Judge Rea had been derelect. Judge Rea then made a brief statement concerning his occupancy of the assigneeship and its management.
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LEGISLATIVE NOTES. Senator Knatvold introduced a joint solution that March 31 be made t e Imit for final adjournment of the legislathire, and had it laid on the table for fusure action. Senator Dunn has introduced a bill which proposes to allow the organization of mutual companies to insure against Durg ary and against the loss of money or valuables in course of transportation. The Wyman bill to relieve the receiver the Bank of New England of Minneapdis from paying the interest due the state en funds on deposit in the bank at the time of its failure was turned down by the senate judiciary committee. Cadets Will Not Grane the Occasion. WASHINGTON, Feb. 19.-The senate committee on military affairs took verse action on the proposition to Liring the cadets from West Point to inauguration.
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From the Budget. When O. D. Kinney, of Duluth, enlisted in a Pennsylvania regiment in April, 1861, he was 15 years old, 6 feet 2½ inches tall, and weighed 130 pounds without his shadow. He was a sort of Shanghai edition of childhood and by taking up the slack in the bosom of his army pants, could wrap 'em twice around his anatomy and button 'em behind. His other garments gave him similiar fits, but he gained an inch and a half in height and seventy pounds in weight during the service which took him all around from Bull Run to Gettysburg and the Wilderness, while he never saw a hospital nor got a scratch. But he has grown still more since then, and in taking recent measurements of himself and making comparisons with the holes in his uniform, finds that he would have been killed in every battle with his present dimensions. He was slim enough in '61, but not so slim as his chances would be now, and he therefore favors arbitration, or only iron-clad warfare. A prominent financier declares that for legitimate business Lyman J. Gage's First National Bank, of Chicago, is surpassed only by the Bank of England. No comparison is made with the Bank of New England, at Minneapolis, which has assets enough to pay about 80 cents on the dollar of the receiver's salary. The depositors ought to be assessed for the balance. A bill was introduced in the last congress to give any city with more than 100,000 population a special design for its postage stamps. That for the capital city of Minnesota should represent our patron saint with a crowbar trying to open a bank account.
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TO SUE NON-RESIDENTS. tuling That Will Be of Benefit to Creditors. MINNEAPOLIS, Aug. 15.-Walter N. Caroll, as receiver in the stockholders' suit in he Citizens' bank Insolvency, this morning led an application with the district court or authority to begin an action against he non-resident stockholders. It states that fter collecting all of the judgments against he resident stockholders, there will still e an unpaid balance of $60,000 due the credtors. Against this there is $21,000 in Block eld by non-resident stockholders. A similar application was filed in connecion with the Bank of New England in the tockholders' suit in which Clarence H. Childs is receiver. Judge Elliott granted oth petitions, authorizing both receivers to egin action in the proper courts. These are the first suits of the kind since he recent ruling of the supreme court in he case of Hanson VS. Davidson, in which t was held that such actions could be beun in addition to the main action against he resident stockholders. If these actions are successful as a class, ! will mean a vast saving eventually to he creditors of insolvent concerns, though t present there are not a great many companies against whose stockholders suits pay be begun. The most notable is the Guaranty Loan company. It is sa'd that in his alone there is $1,000,000 of non-resid nt tock. No estimate has yet besn made in he case of the City bank, but it is believed 0 be considerable. The outside stock of he Bank of New England amounts to only bout $6,000.
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# THE LAW COURT, The following Knox county case was argued yesterday: Jarvis C. Perry et als in eq. vs. Rockland & Rockport Lime company. Heath & Andrews, Moulton & Johnson. N. & H. B. Cleaves, Drummond & Drummond, Littlefield, Clarence Hale. The following Cumberland county case is being argued: Clarence H. Childs, receiver of the Bank of New England of Minneapolis, vs. Henry B. Cleaves, a stockholder. E. M. Rand. Symonds, Snow and Cook.
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ON AN OLD JUDGMENT SUIT BROUGHT AGAINST COL. A. J. BLETHEN BY MINNEAPOLIS CREDITORS Suit on an old judgment for $37.888 was filed against Colonel Alden J. Blethen in the superior court yesterday by Clarence Childs, as receiver, representing 106 creditors of the defunct Bank of New England, of Minneapolis. Colonel Blethen was, 11 years ago, president and chief stockholder of the institution which falled in 1893, two years after its organization. A receiver was appointed. It is alleged in the complaint that when Colonel Blethen left Minnesota, in 1896, the judgment rendered against him in the suit remained unpaid.