Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-11-27
HrS nave U0en as 1OIIOWS:
Total $2S, $50, ga s3s, 200, 4s4 s66, 76l 1888
FAILURE OF BANKS.
The failures of State banks al

The failures of State banks and pri-
waite bankers in this country are
known to have been numerous and
frequent; but information as to their
numbers, or the consequent losses to
their stockholders or creditors, has
not been Obtainable by the Comptroll-
err. The bank departments of the diff
ferent States give no information on
this subject except as to the losses up
on bank currency, and even that in
formation has been of scanty char
acter. AS rule, under the different
State laws, the affairs of insolyent in
situations have been liquidated by a
Receiver appointed by the Court, and
the Receiver has not reported to any
State officer, but to the Court which
appointed. Full information with
reference to these insolvent institu-
tiOns is therefore in most cases unat-
tatnable. The losses upon currency
are estimated to have been 8 per ct an
nually upon the amount issued, but
no estimate has ever been made of
losses to creditors and shareholders.
Under the National-bank system,
however, the losses as we'll as profits
OF each bank are reported to this Of
ftce. If a bank becomes insolvent,
the Comptroller, by law, appoints the
Receiver, and exercises full supervis-
lon over the closing up of Its affairs.
The files of this office, therefore, con-
tain complete record of everything
pertaining to the settlement of the
business of such associations. The
number of failures of National banks,
from the organization of the system
to July l, of the present year, is sixty
nine. The total amount of capital of
insolvent national banks is SIG, Ol5, 100;
amount of claims proved, 500, 39S, 6O9;
of dividends paid, sl4,0l0,3l3; while
the estimated losses are but Sc, 415, 423.
The average number of failures dur
Ing each of the past fifteen years has
been less than five, and the average
annual loss less than $1,000
The City of Glasgow Bank, which
recently failed in Scotland, had cap
ital and surplus of less than s million
dollars, and liabilities of more than 50
million dollars. 1t loaned to four
debtors Of the bank more than % mil
lion dollars upon which there ia a
loss of q million dollars. The def
cheney in the assets is nearly 26 mil.
lion dollars, which is four times the
losses to all the creditors of National
banks which have failed since the or
ganization of the system. The bank
superintendent of the state of New
York reports the liabilities of twenty
two savings banks which have failed
in that state during the last six and
one-half years at ST., lSS,777, and esti-
mates the losses to their creditors at
"a, 3O3, GIG, which is more than one
third of their entire indebtedness
lie estimates the losses during the
last three years at SO, 400, 900, which is
more than one-halfth estimated loss
es to the creditors of all the National
banks in the United States from the
beginning of the system to the pres
ent time. The losses from five State
banks in the City of Chicago during
the last two years, which banks were
organized under special charters. I'M
der which neither state supervision
nor reports were required, is estima.-
ed to be $3,8l9, $780,. on liabilities of
5,785,572. The losses from the state
and savings banks of the country du-
ring the present year only are known
to have been greater than the total
loss resulting from all the failures
which have occurred of National
banking associations. The govern
ment has had large amounts on de-
post continually with q great num-
Der of National banks throughout the
country, for its convenience in max
ing disbursements, but has suffered
no loss during the past twelve years.
Upon the circulating notes of Nation
al banks th6re has been no loss what
ever.