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A Minneapolis Bank Closed. Minneapolis, Minn., June 28.-The - State Bank of this city suspended payment this morning, assurance being gived to depositors that it would resume in a few days, The Bank has a paid up capital of $75,000. Steady with-drawals by depositors were the cause of the action, The Bank is one of the smallèr ones of the city.
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Minneapolis Bank Suspends. MINNEAPOLIS, Minn., June 24.-The State bank of this city has suspended payment, the assurance being given to depositors that it would resume in a few days. The bank has a paid up capital of $75,000. Steady withdrawals by depositors were the cause of the action. The bank is one of the smaller ones of the city.
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FORCED TO SUSPEND BY WITHDRAWALS. Minneapolis. Minn., June 23.-The State Bank of this city suspended payment this morning. the assurance being given to depositors that It would resume In a few days. The bank has a paid-up capital of $75, 000. Steady withdrawals by depositors were the cause of the action. The bank is one of the smaller ones of the city.
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Other Bank Failures, MINNEAPOLIS, June 23.-The State Bank of this city suspended payment this morning. the assurance being given to depositors that it would resume in a few days. The bank has a paid-up capital of $75,000. Steady withdrawals by depositors were the cause of the action. The bank is one of the smaller ones of the city. SEATTLE, June 23.-A special from New Whatcom. Wash.. says the First National Bank closed its doors at noon yesterday. Inability to realize on its securities is the cause given for suspension. The bank's officials state that their assets are double their liabilities. and that depositors will be paid in full. GREENVILLE. Mich., June 23.-The failure of the City National Bank. which suspended payment yesterday, was due to a steady run on the bank. which has continued since June 1. The examination up to this time shows deposits of $210,000 and assets of $312,000. It is not known yet whether the bank will be able to resume or will be compelled to go into a receiver's hands. The bank was examined on Sept. 28. 1892. and reported in good condition. INDIANAPOLIS, June 23.-The First National Bank of Kendallville suspended payment today.
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Minneapolis Bank Suspends. MINNEAPOLIS, Mion., June 24. - -The State bank of this city has suspended payment, the assurance being given to depos itors that it would resume in a few days. The bank has a paid up capital of $75,000. Steady withdrawais by depositors were the cause of the action. The bank is one of the smaller ones of the city.
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Closed Its Doors. MINNEAPOLIS, June 26.-The State Bank of Minneapolis has temporarily suspended payment. A sign on the door says that payment is temporarily suspended owing to heavy withdrawals of depositors, and adding the depositors will be paid in full.
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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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Closed Its Doors. MINNEAPOLIS, June 26.-The State Bank of. Minneapolis has temporarily suspended payment. A sign on the door says that payment is temporarily suspended owing to heavy withdrawals of depositors, and adding the depositors will be paid in full.
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controversy over the opening and closing of the world's fair on Sunday is ended so far as his department is concerned. THE store of Charles Piellas in Lansing, Mich., was robbed by two men of diamonds valued at $160,000. A CYCLONE swept for fifty miles across the counties above Atlanta, Ga., wrecking many buildings and ruining crops. FAILURES were reported of the Columbia bank at New Whatcom, Wash., State bank at Minneapolis, Minn., First national bank at San Bernardino, Cal., People's home savings bank at San Francisco and the Cataract bank at Niagara Falls, N. Y. THE business part of the village of Mount Sterling, O., was destroyed by fire. LEROY PAYNE, one of Chicago's oldest liverymen, failed for $250,000. THE maple sugar crop of Vermont the past season was 5,759,762 pounds, and the bounty will be $70,000. THE new directory of Brooklyn. N. Y., gives that city a population of over 1,000,000. PRINCESS EULALIA sailed from New York on the steamer La Touraine for Spain. THE business portion of Leonardsville, Kan., was destroyed by fire. THE well-known stallion Arrival, record 2:241/2, for whom his owners refused $15,000, died at Gardiner, Me. THIRTEEN contract laborers who arrived in New York from Germany were told that they must return on the same steamer.
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Are They Liable? Minneapolis, Nov. 28.-The argument of the suit brought by Hans H. Olson ugainst the directors of the State bank came up before Judge Hicks at 9 o'clock this morning. John W. Aretander represented the plaintiff and J. O. Pierce the defendarts. Mr. Arctander contended that the suit was necessary to obtain the relief sought for. Mr. Pierce. in his demurrer argued that the assignes could collect from the stockbolders, and that the remedy of the plaintiffs who were joined with Olson in this suit was in the original insolvency proceedings. The corrt questioned that fact to some extent, and the argument turned upon the difference between the powers of the assignee in insolvency proceedings, and those of the receiver. The receivership allows the stockholders' liability to be brought in. All the present and past stockholders, some fifty in number. are made parties to the defense in the suit.
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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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STATE MONEY COMING BACK. From the Suspended Banks of Minneapolis. St. Paul, May 15.-State Treasurer Koerner to-day received $5,000 from A. R. McGill. receiver of the Farmers and Merchants' Bank of Minneapolis, as a partial payment on $27,000 of the state's money on deposit with that bank when it became insolvent during the financial panic of 1894. Mr. McGill assured Mr. Koerner that the balance will be made up shortly. The State Bank of Minneapolis holds the largest amount of the state's funds. At the time it became insolvent the state had on deposit there $75,000. Not a penny of the money has been paid, but State Treasurer Koerner is making every effort to effect a settlement with the bank.
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Mrs. Winslow's Soothing Syrup has been used for over FIFTY YEARS by MIL LIONS of MOTHERS FOP. THEIR CHILDREN WHILE TEETHING with perfect SUCCESS. It SOOTHES THE CHILD. SOFTENS THE GUMS, ALLAYS ALL PAIN, CURES WIND COLIC, and is the BEST REMEDY FOR DIARRHOEA. Sold by druggists in every part of the world. Twenty-five Cents a Bottle. the judgment creditors, has already taken possession of the property here. The office of the company in New-York has been taken possession of by W. P. Butler, an attorney. Minneapolis, Feb. 8.-The District Court has ordered the enforcement of the double liability law in the suspensions of the State and Citizens' banks. There is a deficit of $221,000 in the former case, and the stockholders will be assessed 86 per cent in the latter case, Dayton, Ohio, Feb. 8.-The R. M. Connable Company, manufacturers of overalls and heavy clothing. capital stock $125,000, assigned here last night to B. F. Hershey for the benefit of creditors. The assets and liabilities are not stated, but the failure is said to be a bad one.
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LIABILITIES. Of Bank Stockholders According to Hennepin Judges. Judges Elliott and Belden of the district court in and for Hennepin county, handed down two important decisions in connection with the insolvency of the Citizens] and State banks in Minneapolis, last Saturday. The decisions, if sustained by the Supreme Court, and it seems that they are based on previous decisions of the higher court, will eventually be pointed to by the creditors of the insolvent Citizens Bank of Redwood Falls, and the stockholders of the latter are likely to be losers thereby. In fact, according to the spirit of the decisions of the two Hennepin county judges, where some stockholders themselves are insolvent and others are solvent, the latter can be held liable for the full amount of stock held by the insolvent stockholders. In anticipating the cases the Minneapolis Journal of last Friday states that the State Bank failure was the worse of the two, on account of the large amount of liabilities over assets. It says that the amount of the direct loss will be much larger than at first supposed because a number of the stockholders have since become insolvent. It continues: "This will throw the liability on the stockholders who remain solvent, and there is little doubt but that they will all have to pay to the utmost limit of their liability. "The amount of the State's preferred claim against the bank is $75,633.76, and the amount thus far collected OVer the costs is $10,772.47. It is found : that the largest amount that can possibly be realized over the State's claim is $45,000, and in consequence the bank's creditors will scarcely realize more than 10 per cent from its assets, and not more than 50 per cent, after the stockholders' liabilities are enforced. 1 "In a number of cases the present I holders of stock in both banks are B those to whom it has been transP t ferred, and in case they are at present insolvent, the transferors of stock to ) them can and will be held liable, in case the transfer was made within one b L year prior to the assignment. A re1 ceiver will have *to be appointed to collect from the stockholders of the : Citizens' Bank. b "The two suits to enforce the liabilt ity of stockholders in the two suits were brought and fought through $ : against tremendous opposition by John W. Arctander and W. S. Dwinnell respectively, the former carrying ) the case of Olson against the State 8 bank and the stockholders to the su1 preme court, which overruled the dea murrer of the stockholders to the S complaint and paved the way for the S completion of the two actions." 0
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HAHN GIVES UP. Will Not Fight the Arctander Appeal in Supreme Court. W. J. Hahn has resigned as receiver for the stockholders in the State bank insolvency, in Minneapolis, and Judge F. C. Brooks has been appointed in his stead to close up the trust and fight the appeal of John W. Arctander, in the supreme court. The matter came about through a rather stormy chain of events, which sent the judges into executive session yesterday for an hour. It will be remembered that the bench cut down the bill of Mr. Arctander, which he presented for services in the State bank matter. He at once appealed to the supreme court, and now, as the term draws near, the court wondered who was to oppose the appeal. Certainly the judges could not, and they aid not care to employ some one for that work. They sent for Mr. Hahn, who was receiver of the bank. He was asked to file a brief and fight the case. He refused, because it was not proper for him to oppose his own attorney in the matter, and in a bill which was filed with his own report. The court insisted that he put in a brief, and he refused again, because the court had stated that he would receive no more fees for completing the business. The feeling was not good when the parting came, and at 2 o'clock Gen. Hahn sent in his resignation. The court at once appointed Judge Brooks, and he will fight the matter and receive his pay out of the estate. Directly following this Mr. Arctander filed his resignation as receiver's attorney in the Century Piano company matter, in a few choice words, in which he stated that he could not afford to labor for the wages adopted by the court.
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MINNEAPOLIS BREVITIES. MINNEAPOLIS, Jan. 11.-The funeral of Mrs. John Gemlo will occur tomorrow afternoon at the family residence, 2221 Lincoln street northeast, and will be attended by a delegation of the local lodge of Elks, of which Mr. Gemlo is a member. A bloody fight between two janitors occurred at the Central hight school, and Head Janitor Nightengale stands in danger of being indicted by the grand jury on the charge of assault, while Under Janitor Stuart, the other participant, is confined to his home with a badly smashed face. Hjalmar Hilstand, who has been in the county jail on a judgment, has beon released. He was examined before Judge Pond and it was shown that he had no property. Judge Pond has ordered a nolle in the case of the state against A. H. Sprague, one of the officers of the Mutual Diamond Investment company. Frank H. Brooks, as receiver in the etockholders' suit of the State bank, has filed his final report, showing receipts of $14,550.52 from his predecessor, and disbursements of $13,254.13. No dividend has been paid on account of the fact that the assignment matter has not been fully settled. Herman Levner, only 10 years old, was sent to the state training school by Judge Kerr this forenoon on a charge of petit larceny. A story and a half brick house at Thirtysixth avenue northeast and Third street was entirely destroyed by fire late this afternoon. The house was occupied by a milkman by the name of Nelson. He and his family succeeded in saving their household goods. The loss will be about $1,000.
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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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In Re The Old State Bank. S E. Olson and A. E. Rice, two of the bondsmen for the State Bank of Minneapolis, have made a proposition to pay their pro rata share of the amount due to the state from said bank, which is about $15,065. It appears that there is due to the state $36,045, but to offset this there is on hand: Cash in hands of receiver Reed, $31,350; cash in hands of receiver Hendricks, $13,350; cash in hands of receiver Hahn, $700. Total, $45,400. Of this $8,000 will be paid to the American Exchange Bank, leaving $37.400 to the credit of the state on account of the State Bank. This would pay the state in full and leave a balance of $1,355. But there are the claims of receivers, lawyers, etc., to the amount of about $16,400, leaving a deficiency of about $15,045, the pro rata share of which Messrs. Olson and Rice have offered to pay. It is understood that tne receivers and attorneys have already been paid in fees and costs more than double the amount of the unpaid bills now presented as due said parties for their services.
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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.
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State Bank Receivership. A final accounting made by the receiver of the defunct State Bank of Minneapolis shows that since the time of going into insolvency, 1896, the receipts have amounted to $56,715.35, and the disbursements to $53,330.22. An order of the district court has been made fixing a hearing for June 27.
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Receiver's Account Allowed. The full beinch of the district court this morning approved the account of the receiver of the State Bank of Minneapolis up to the time of General Hahn's death. The amount taken in was $36,715 and the amount paid out, $53,330. The state has a preferred claim on the assets, and what remains will not be distributed among the common creditors. Geneeral Hahn's claim for $1,500 fees was allowed.