St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-08-04
A BUSINESS REVERSE.

To say that the closing of the doors
of the National German-A merican bank
this morning noted in detail elsewhere
is not serious business disaster, would
be both absurd and untrue.
There is, however, the bright feature
| that it entails only Inconvenience, but
no loss to the depositors. There is even
no certainty that it will bring loss to
the stockholders, and if it does it will be
so small and so widespread as not 10
seriously affect the stockholders per-
sonally or the community.
Whatever immediate damage comes
will be from the shock of the Suspen-
sion rather than any actual loss. If the
business men and citizens general ly
will bear in mind the important fact
and it is fact-that no depoSit0rs in
St.Paul banks are in ddngero Of loss, they
will aid themselves by strengthening
rather than depicting our financial in
situations.
The blief statement of the directors
of the suspended bank shows clearly
that it was forced to cali temporar Y
halt as matter Of protection and JUS
tice to its depOsitors. 1t was not fair to
pay some of the depositorS who did not
need their money for personal or bust
ness necessities, and compel others to
wait, and the depositors themselves in
vited and forced a suspension until as
sets can be realized upon and all de-
mandS met. The officers would have
been deIelict if they had not acted in
the interest of all instead of the few.
The lesson to the business community
is severe one, but it should be studied
with profit. People with good iudg-
ment, who desire to live, do not cut their
Threats to aid their respiration.
In the country at large the financial
storm has spent its force. Improvement
is manifest in all directions. Gold is
flowing in from Europe. Money which
has been tied up in speculation has been
put i'll circulation. and the statement
from Comptroller ECKEIs. quoted in
yesterdays GLOBE, that The crisis is
passed." is a correct diagnosis Of the
business of the country.
While st. Paul meets with a reverse
just as the skies are Frightening in the
East, it should be remembered that the
East was in advance of us in being
swept by the wave of disaster, and
profiting by the present outlook, we can
stem the tide where those who were
obliged to meet a protracted strain
could not.
Milwaukee set st. Paul an example it
would do we'll to follow. When one of
her large banks suspended recently her
business men and citizens generally
manifested their confidence in the CITY
and its financial institutions by sup
porting. instead of destroying, those
which remained. AS the result, the
failure could almost be termed bless
ing in disguise, leading, as 1t did, to
united effort, and not another Suspen-
sion has been recorded in that city.
There is no city in the country more
solid financially than St. Paul. The
very suspension of the National German
American bank demonstrates this show
ing as it does assets, including the stock,
of almost So for every one on deposit.
The suspension Is cause for regret, but
not for alarm or repining. Just as an
emergency is almost certain TO produce
the man, so this event should develop
the manly characteristics of commuu-
lty courageous because it is strong.
To President JOCKEY and his asso-
ciates a personal and business sympa-
ny will be extended today, sincere and
heartfelt. They will be welcomed bac k
to the ranks of business activity when
the temporary suspension has enabled
them to reorganize and resume.
a business suspension does not carry
with it destruction. 1t gives, instead,
opportunity for recuperation and re-
newed vigor.