The morning call., 1893-06-08
Mr.. ECkels Talks on the
Situation.
ALL THE BANKS ARE SOUND.
That Is, All of Them in the Financial
CenterS Are i'm Good
Condition.
Special to THE MORNING CALL

been watching the New York and Chicago
banks closely, because break there would
be a serious thing. and that he was satis-
fed that the banks were in strong cOndi-
ton. AS to Philadelphia the same thing
is true.
Senator Manderson. President pro tenn.
of the last Senate, said to-day be did not
believe the situation to be nearly as bad
as it looked.
1--WE are," he said, more frightened
than hurt: that is. there is no foundation
for as much alarm as is felt"
Speaking of the prospects of repeating
the Sherman law, he said THE Sherman
law cannot be repealed by the next Con-
gress unless there is substituted for it free
coinage of silver in some form. They may
put more silver in dollars, but free coinage
will be insisted upon as the condition of
the repeal of the Sherman law"
The Comptroller has directed Bank EX-
amiuer Z. T. Wilson to take charge of the
Citizens National Bank and the Washing
ton National Bank of Spokane. State Of
Washington, which closed their doors yes
terday.
SPOKANE. Wash, June IA better
feeling prevails to-day, with indications
that the storm has passed. The banks
opened on time this morning and announce
that they are prepared for all comers.
There is no crowd at either bank. 1t is
impossible to obtain statements of the
exact liabilities and assets of the sus-
pended banks.
Bank Examiner Wilson is here and the
bookkeepers are at work preparing nfor-
nation, but for The present the officers re-
fuse to give out the exact figures. All say,
however, that the assets will largely
exceed the liabilities. Merchants and
others are offering to take certificates OF
deposit and checks on any of the suspended
banks at par, and depositors refuse to take
less. As time clears up the situation it
becomes more and more apparent that the
furry was unjustifabe. The suspensions
were purely accidental.
The officers and directors of the Wash
ington National, Washington Savings and
Citizens National banks are planning to
resume business.
Bank Examiner Wilson is working on
the books of the suspended Citizens and
Washington National banks. To-day he
inspected the affairs of the Citizens and
tonight he is at the Washington. He
promptly telegraphed to the Comptroller
of Currency that 1t was a pity TO place the
Citizens in the hands of the receiver and
recommending that it be allowed and en-
couraged to resume. As result the Off
GERS of the bank are making preparations
TO open on q stronger basis.
1t is confidently expected that Wilson
will make similar recommendation for
the Washington National, whose officers
are also expected 10 resume.
The Bank of Spokane Falls was a private
institution, and therefore the bank eX-
aminer will not investigate its affairs.
Proof of the fact that The suspension was
nominal is had. however. in the circum-
stance that no attachments have been
served. 1t is not likely that any will be-
Mr.. Cannon will readjust its affairs him.
self aud will also probably resume the
banking business after he has taken a
much-needed rest
PALOUsE. Wash, June 7.-Yesterday
morning the First National Bank of this
city failed to open its doors at o'clock,
but instead a notice was posted on the
door which read This bank is closed
temporarily" 1t was signed by the vice
president and cashier. W. C. Wheeler and
c. T. Cross. The banks capital and sur
plus is 100000, while ii owns a fine build
ing and Office as we'll as real estate.
The last published statement, however,
showed deposits subject to check of about
5000, while the cash on hand was about
$1,000 The difficulty is directly charge
able to the Spokane failure. The security
of the State Bank and the Palouse Farm
ers' Bank appears to be but little affected
by the trouble.
MINNEAPOLIs, June THE rumor that
the Northern Pacific and Red River Val
ley Elevator companies were temporarily
embarrassed is confirmed by the statement
from the general manager of the North
erD Pacific Elevator Company that the
corporation will ask for the appointme ent
of a receiver. This means that the Red
River Valley Company will do the same,
as the capital interested in each is the
same. The capital stock of the Northern
Pacific is S6j0,000 and that of the Red
River Valley Company S250000. Presi-
dent RupleY of the Northern Pacific will
not be here until Tomorrow, and no state
ment as to assets and liabilities can be
made until then. The embarrassment is
attributed to the prevailing uncertainty
and the lack of confidence felt by banks
FARGO, \. D., June 7.-Attachments
were served at noon to-day upon all the
elevators and other property of the North
eTn Pacific Elevator Company in Northern
Dakota on attachments for $500, OO0 at the
instance Of banks in Montreal, Mime
apolis and Duluth. There are fifty eleva-
tors belonging to the company in North
Dakota.
WHEATLAND. n. D., June THE
Northern Pacific Elevator was closed to-
day on an attachment for the Canadian
Bank Of Commerce in Montreal, John
Henry Harrison and AL Harrison and
Alfred Z. Mccormick.
CHICAGO. June Joseph Rathbone &
Co.. dealers in lumber. made an assign
ment this morning. The assets are sched-
uled at $4,000; liabilities at S250,00O
liability to realize on commercial paper
is given as the cause of the failure.
NEW YORK, June THE Sugar Trus.
officials rdicule the revived rumor that
The company is carrying a large floating
debt They declare the company has been
large lender of money, and from the
present time to October the biggest earn
iDGs of the year are to be made
The direct liabilities of Erastus Wiman
as scheduled is S591.000; contingent, SSi5,-
600. The assignee estimates the real es-
tate in his possession sufficient to pay the
direct indebtedness unsecured by colat-
era, and the surplus of the collateral, to-
eethpr with interests in various companies