River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-07-27
WILL AID THE BANKS.
Comptroller EckeIs VIII DO All in His
Power TO Help Embarrassed But
Reputable Banks to Resume-Th

Power TO Help Embarrassed But
Reputable Banks to Resume The
Hurry in Denver About Over.
WASHINGTON, July 21.-Comptroller
Eclles has sent dispatch TO Bank Ex-
aminer Adams at Denver i'm which he
said, in effect. that he would give every
possible aid to the banks of that city, and
would grant To them sufficient time to
enable them to not only collect such
amounts as are speedily collectable, but
TO get together such amounts of money
as will enable them to open upon a
small basis. The comptroller also said;
ut seems 10 me that such citizens as have.
by foolish course Of conduct in Withdrawing
deposits from banks which so long enjoyed
their complete confidence brought about this
condition, ought. in view of the damage they
have done their city, as quickly as posi-
BILE to repair it by standing ready TO deposit
with them"
Referring to his action the comp
troller said the failures in Denver, like
a number of other national bank fail
ures, were caused by no fault of the
bank officials, but through "a foolish
and uncalled-for lack of confidence on
the part of depositors. He continued:
at is my intention where a bank has been
properly conducted ana whose assets under or
binary circumstances would have permitted II
10 remain solvent, 10 give the institution every
opportunity TO resume business All the Den
yer banks that failed were wen conducted, and
every opportunity will be given them TO reopen.
The people who have caused the Denver disas-
ter by foolish runs should do all they can to
help the banks resume"
'sWhat is true regarding Denver applies with
equal force TO banks in other portions OF the
west where suspension has not resulted from
reckless investments or bad management on he
part OF officers Wherever the citizens OF place
have precipitated trouble by'insttutng run
upon longestablished and wel-conducted insti-
buttons il is but just that they should take hold
and assist these banks by redepositing with
them, thus placing them In a position to re-
sumo their business on a sound financial
basis. Wherever possible and advisable the
most trusted employees OF suspended bank
ing institutions are to be retained by
the bank examiners in the interests Of the
creditors and stockholders, so that every pos
sible means of realizing ON the assets of the in
stitution may be accomplished. Instructions
20 the examiners however, are to the effect
that only in cases Of reputable. long established
banks are these conditions TO be imposed, and
no wildcat institutions or methods Will be
sanctione by this office"
DENVER, OOl-s July 81 iitiC VIII
be no more bank failures in Denver.
The panic wore itself out Wednesday
with the failure of the Peoples, Ger
man and State national banks. This
morning when the First, the Colorado,
Denver, City and American nationals
opened their doors there was hardly
dozen depositors in all of them at the
paving teller's window. In the First
and the Colorado nationals long
string of aepositors reaching nearly to
the street were lined up in front of the
receiving teller's windows, and the
money was going back into the bank
vaults almost as rapidly as it was with
drawn during the past three days The
German, State AMI Peoples nationals
could pay So for 81 if they could realize
on securities.
Bank Examiner Adams has received
a dispatch from Comptroller Eckels
which has gone far toward restoring
confidence.
The officers of the several closed
banks all notify the public that they
will be able to pay every cent due to
customers. But in some cases it will
take tO IedllLt ou StChilbltN. IL -
learned that heavy Withdrawals have
been made from several of the banks
during the last few months, which
would indicate that some of the far
seeing ones anticipated the trouble. 1t
is noticeable that very few of the mer-
chants or business men of the city
withdrew their deposits, the runs being
made principally by the working pee
pie and poorer classes of customers.
There may be few commercial fail
ures in the city within the next few
days as a result of the suspension of
banks, but it is believed that in no
instance, whether banking or com
mercial house, will the failure be com
plete. A resumption of business will
surely follow shortly. 1t is stated that
the Mcnamara dry goods house, which
failed Monday for $500, 900, have settled
with their principal creditors and will
resume business Monday.
The Flanders dry goods house, occu-
plying premises of five store fronts and
five stories high on Sixteenth street,
was attached by ii. +. Bradley,
of Boulder, Col, for $4,000 There
is no definite statement of the
condition of the firm yet available.
Competent judges place the assets at
5000, 900 with liabilities at $l25, 900.
The failure was caused by the suspen-
sion of the Peoples national bank, to
which S25, 900 was due.
The Union bank of Greeley has
closed, with liabilities of 100000 and
assets of $500, 900. The Greeley nation
al bank also suspended, but has made
no statement. The failures are at
tributed to the Denver troubles. The
Bank of Loveland, at Loveland, Col,
has closed its doors having been
caught by the general depression.
President Benson, of the bank. assures
depositors they win be paid in full
Word has reached here that the First
national banks at Canon City and
Grand Junction, in this state, failed to
open their doors. There are as yet no
particulars, but probably the failures
were caused by the suspension of Den
yer banks.
The banking house of j. H. Wheeler
& Co. at Colorado City and Manitou,
whose branch at Aspen closed Wednes-
day, failed to open their doors Thurs
duy All depositors were paid in full.
and the hotels are cashing all checks
on the bank.