The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-07-26
COMPTROLLER EoKELs. POLICY.
He Talks Concerning the Denver
Bank Failures.

He Talks Concerning the Denver
Bank Failures.
WASHINGTON, d. c., July 2o.-James
H. Eckels, the controller Of the cur
rency, Immediately on his return from
New York this morning, addressed 10
the national bank examiner at Denver
a dispatch defining the policy Of the adj
ministration with reference to insolvent
national banking institutions generally,
as follows:
Frank Adams, national bank examiner,
Denver. Col:
" wish you would announce to the
officers of the banks which have failed
in Denver that it is my intention to
lend them every aid possible looking
toward speedy resumption on their part,
and that shall grant to them sufficient
time to enable them not only TO collect
such amounts as are speedily collectible,
but to get together such amounts of
money as will enable them to open
upon a small basis. 1t seems to me
that such citizens as have, by a foolish
course of conduct in withdrawing de-
posits from banks which so long enjoyed
their complete confidence and brought
about this condition ought, in view of
the damage they have done their city,
as quickly as possible, to repair ii by
standing ready to deposit with them.
fully appreciate all the circumstances
Of the situation. and that no unneces-
sary loss is entailed, you are authorized
TO employ as assistants to protect
paper and collect in moneys, the most
competent and trustworthy employees in
such institutions. l have also ordered
Examiner McHugh of Iowa to report
at once to assist you. / desire that this
telegram be given to the press at Den
yer, evidencing as 1t does that the con-
troller has faith in the ability of the
banks Of Denver to resume and of his
desire to lend them every assistance
consistent with his official duty"
When asked to express more fully his
views on the condition of affairs, Mr..
Eckels said the. failures in Denver yes
terday, like number Of other national
bank failures, were caused by no fault
Of the bank officials, but through a
foolish and unca.lled for lack of conf
dence on the part of depositors. 1T
is my intention" he said, where a bank
has been properly conducted and whose
assets under ordinary circumstances
would have permitted IL to remain
solvent, to give every opportunity to
the institution to resume business. All
the Denver banks that failed were well
managed and every opportunity will be
given them to resume. The people who
have caused the Denver disaster by
foolish runs should do all they can to
help the banks resume"
Notifications of two more failures
reached Mr.. Eckels this forenoon. The
unfortunate banks are the First national
of Harrisonville, Mo, which went under
this morning, and the Oklahoma ma
tional bank of Oklahoma City, Okla,
which closed its doors yesterday.
IObn / MarCpr of Hal0nq Mont q
today appointed receiver of the Livings-
ton national bank of Livingston, Mont.
Controller Eckels' efforts to secure a
reopening of the insolvent Chemical bank
of Chicago have failed. This morning
Mr.. Eckels received the following tele-
gram from the Chemical bank commit
tee:
After long, patient and earnest
efforts, the committee of the stockhold-
ers Of the Chicago chemical bank has
concluded that resumption is not prac-
ticable at this time. At first the prob
lem seemed easy, but the many financial
disasters throughout the country have
excited the public and produced unusual
caution, and made it very difficult to
collect outstanding bills or raise money
by usual process. The conditions i'm
posed by the controller were well re-
ceived, but the present stringency seems
an obstacle too serious to be overcome
by the stockholders.
Signed
"E. II. GARY,
ar. J. BENNETT,
as. 2. GROSS,
"a. b. BARNES,
"W. VAN NORWICH,
UNovoy,,;ttaa