The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1893-08-11
From Saturdays Daily.
COMPTROLLER ECKELS HEARD
FROM.


fact of the banks suspension. Last
evening President Meagher sent Mr..
Eckels the following telegram:
Sowing to the suspension of other
banks here we have deemed 1T adyisa-
BILE to close until the excitement pass
ed over, Our liabilities are $400, 900,
assets S441, 900 bills receivable and
$4,000 cash. Perfectly solvent in all
respects. We close to protect the in
terests of all alike, and now await
your pleasure and ORDERS"
The liabilities above stated include
$4,000 of bills payable. This is an
exceptionally good showing. The
amount of reserve which country
national bank must carry is fifteen per
cent. but this bank has on hand TWEEN
ty two per cent.
The Observation-Disclosures bank is even
better situated, as it's cash amounts
to twenty-six per cent. This is very
gratifying exhibit and shows the SOL
idity of the bank.
To show the immense resisting
powers developed by the three banks
during the past two months, it can
be stated that upwards to $500, 900 has
been Withdrawn from the banks since
June LIST by depositors. A large pro
portion of this has been hidden in old
stockings all over the county. 1t is a
test of strength to meet this draft by
drawing in loans and still have great
ly in excess of the legal requirement
of money on hand.
Many travelling men were greatly
disconnected today by their inability
to have drafts cashed.
1t is said that an impression has
arisen in some quarters from the no
tices on the bank doors and which
were published in the papers that the
Mankato National and National Citi-
zens banks had closed because they
could not get money due from the
First National bank. The officers of
the above mentioned banks state
that such is not the truth. The First
National bank did not owe the said
banks anything.
Today's St. Paul Globe says editorl-
tally:
''The Mankato banks have set an
example which it might not be amiSS
to follow. They have ''held up" run
by shutting up shop until the audience
cools off. There is no fear that insti-
buttons headed by such men as John
A. Willard and John f. Meagher are
pot sound, and it is because they pro-
pose to remain sound that they have
called halt"
This afternoon Hon. John f.
Meagher received the following tele-
gram:
WASHINGTON. D. c., Aug. 5.
JOHN T. MEAGHER, PreSt.,
National Citizens Bank.
Your telegram received, and l have
instructed e. q. Springer, of St. Paul,
to go to Mankato and take charge of
the suspended ba nks.
LATER: / will send him further
assistance Have instructed him to
render every assistance looking to-
ward a speedy resumption of the
banks of your city, and to retain in
his employ all necessary help from
the various banks. | shall expect the
bank officials to aid him in every
manner.
Jos. H. ECKELs,
Comptroller.
Previous dispatches had been re-
ceived from Mr.. Eckels by the NATL
Citizens and the First NATL banks,
giving brief instructions as to how to
proceed, and saoing that bank ex-
aminer would be sent as soon as pos
sible to take charge of the banks.
They were also asked not to make
public at present any financial state
ment as to their condition.
The suspension of the banks was
the main subject Of conversation on
the streets last night and to-day.
There is an entire and happy absence
of panicky feeling, and all under
stand that the banks will soon re-
sumo, and that everything will then
go on as usual. There is no occasion
for any uneaSiness. The business
men will be the most Inconvenience
by having their funds tied up.
The postoffice received a telegram
this afternoon from the superlnten-
dent of the money order department
at Washington saying the banks in
this city would be closed only few
days.
The Mankato Savings bank has no
run today and it's condition is A No.
The Good Thunder bank is all
right.
Now is the time to buy fly nets as
they are going at cost at w. B. Walk
er & Sons.