St. Paul daily globe., 1892-05-08
No Truth in the Damaging
Stories of Many Financial
+ Difficulties.
Idle Gossips Doing Incaleula-
bic Harm by Their Base
less Stories.
Not an Assignment Made and
No Firm in Financial EN-
bapraSS ment.
A Merchants Suggestion
Touching the Commercial
Bank Case.

1t Is little remarkable that the idle
vaporings of the gossip and the chat
terer about the city should for mo-
ment be given the slightest credence:
yet it does seem that otherwise very
sensible men are gulled and misled into
believing their stories.
There are at this time a dozen stories
and rulnors floating about the city af-
fecting the credit and financial stand
ing of some OF the most prosperous and
reputable men and firms. They are
given circulation and credence by men
whose own knowledge and intelligence
should teach them better, and who
should be the first to correct and end
these utterly groundleSs and terribly
damaging reports.
The stories all grow out of the failure
Of the Commercial bank, and in every
case that suspension is given as the
cause of the other difficulty. Some Of
these reports have become so general
that they are accepted by the unrefect-
ing public as absolutely true, when the
fact is that there is not the most remote
foundation for the story. And the diff
Guilty is that public denial cannot be
made, for the reason that to use the
name in denying the report would be to
inhict an injury almost as great as the
original report. The credit of many
solid concern is so delicate subject
that even TO say it is perfectly good is to
throw it open to suspicion.
The current reports alluded to are all
of general tenor. This. that or the
other firm or concern has made or is
about to make an assignment, precip
itated by the suspension of the Com
nferelal bank. This was flying all over
the city yesterday and produced con-
siderable anxiety in business circles,
which had no means of verifying or
disproving the stories. Without men
tioning any names, the GLOBE asserts
most emphatically that all these reports,
without exception, are utterly and ab-
sniutely false and without foundation.
Not an assignmeBt-~Fas filed yesterday
and no business difficulty was expert
eneed. There was no run Oh any bank,
as one of the rumOrs said, nor was there
any intimation at that bank that any OF
its depOsitors were the least uneasy.
The GLOBE makes these statements
thus positively and conspieuouiy that it
may end forever these silly and sense
less stories that only crafty the morbid
tastes of gossipers 10 the irretrievable
damage of the business house under
discussion.
AS far as the failure of the CONNER
eial bank is concerned, it is no more
than any community might expect at
any time. 1t has produced little
stringency with some of the depositors,
some OF the stockholders and some of
the borrowers of the bank; bnt this is
Only natural, and the stringency is be-
ing met and cared for with an alacrity
and good nature that show only feel
ing of confidence. There is nothing to
fear in the situation. Every individual
III any way connected with that bank
might suffer in financial way without
in the least affecting the general state
OF business.
These stories should end at once, and
end forever. Every institution men
toned is financially sound and not in
the slightest danger, and their patrons
and creditors should continue their
dealings with renewed confidence.