The star. (Reynoldsville, Pa.) 1892-1946, 1893-08-02
NOT 50 BAD As REPORTED.
NATIONAL BANK FAILURES
Greatly Exaggerated. Comptroller Ec
kels Issues an Ohicial Statement,
Which inspires Confidence.
Pennsylvania Good
Report.

"Re~ent dispatches have appeared in the
newspapers" said Comptroller of the Cur.
rency Eckels 10 reporter on Friday, at
Washington, "that since January I, 1893,
200 national banks have failed, the follow.
ing statement has been prepared that the
public may be properly informed. Instead
Of 200 having closed their doors, but 105
have gone into the hands Of the comptroller
of the currency. Fourteen Of this number
have already resumed business under favor
able conditions and are possessed OF the con-
fidence Of the communities where located,
and during the ensuing week 1t is expected
several others will have complied with the
requirements of the comptroller and reopen
ed, while prior to September l an equal
number will resume.
"Out of the total of 1876 closed but 81 have
gone into the hands of receivers, the balance
either having reoI ened or are still in the
hands of the examiners with strong pros
poets of reopening Five of the l05 banks
are capitalized in the amount Of tl,OO0,U0O
each, / at sG0O, 600. o at ESQ 90. 80 at $50.
600, and the remaining ut 1900, 600. s2j0,0OO,
tl00, 900 and less. but all at more than
ESQ, 600. the greater number. however. being
from 5000 900 to tl50.O00. by geographical
sections the failures are distributed as
follows: New England states, q eastern
states, /; middle and Mississippi valley
states. Ii; northwestern states. O; western
states, 90; southern states, 25.
The statement then goes on TO show the
number Of national banks in operation In
all the States, which ~ 3,TS5, Of which 3gI
are in Pennsy lvania. 2ii In Ohio and 80 In
West Virginia. There has been no failure
in Pennsylvania nor In West Virginia. and
but 2 in Ohio. The statement continues:
ut IL further worthy Of note that no
national banks have failed in Boston,
Brooklyn, PHI lsdel phia. Pittsburg Baltimore
Washington, Buffalo, Cincinnati, 81. Louis,
New Orleans, San Francisco, Minneapolis,
st Paul and numbers Of other great com.
mercial cen,ers, ani that but one has closed
In New York, two in Chicago and one in
Milwaukee. The cause Of the failures in
New Yors and Chicago were due larpey to
mismanagement,as were numbers OF others.
Local scares have caused many OF late 10
suspend. Nine of the banks failed were
robbed by officials who are now under
arrest"
THE RETURNING GOLD.
The large orders said tu have been given
by New York financial houses for gold
abroad to be imported into the country are
regarded at the treasury department as n
fay orsble symptom OF returning confidence.
Gold in considerable quantities is also com
log here from the West Indies, From
present indications the gold In the treasury
will soon pas 800 100000. II Is to-day
s97, 5000 When the tiU0, 900, 00J is pass
ed the treasury will again resume the is
suance OF gold certificates which by law had
to be suspeGdcd when ths treasury gold was
reduced below SlJ0,0 900, 900.
The gold certificates now outstanding
aggregate ss9. 90, go. whilh is an unusually
small quantity for the treasury to have.
The department, however. shows little or
no interest whether the gold is sl0O, 600, 700
or SIZE, 0O0, 900 as it is the policy Of Secretary
Carlisle TO use the gold OH hand the same as
he does currency in meeting the ob iRations
of the treasury. So far for several months
past the gold reserve has been treated as
available cash. On this basis the available
cash in the treasury to day is Sl22, ,0OJ,00O.