The herald., 1896-12-30
And Withdraw Deposits From
Minneapolis Banks
THOUGH ENTIRELY SOLVENT
The Managers Promptly Decide to Shul
Up Their Shops
Comptroller Eckles Opines That the
Failures Due to Local Causes Have
No Special Significance
Associated Press Special wire

Associated Press Special Wire
MINNEAPOLIS, Dec. 29.-The wanh-
ington bank, state institution, closed
its doors this noon. 1t had a capital OF
100000, and by its last statement It the
close Of business Dec. 18th, had $5D7, ,10l
loans and discounts; $14,22S overdrafts
secured; $20,165 in stocks and bonds:
s14,475 In real estate, and $SS, ,272 cash ON
hand. Deposits. $363, 1872; certified de-
posits, $112,5S7; bank deposits, $s49s7.
A. c. Haughtan, city treasurer, was one
Of the founders of the bank and one of
the directors. o. e. Breecke is cashier.
The suspension of the Washington
bank was due to the fact that its cli-
entele, being the same as that OF the
suspended Columbian National bank
and the Scandia bank, became alarmed
and began to draw out deposits this
morning at a rate that the manage
ment decided that the best interests Of
all would be served by closing the bank,
Its condition is most excellent, the assets
being 100000 and the liabilities $500 900.
There is little real estate among the
former and it can be quickly converted
into money.
A LITTLE ONE
MINNEAPOLIS, Dec. 29-The Colum.
bia National bank, a small institution
OF comparative recent establishment.
and with 100000 capital, closed this
morning. and is in the hands of the bank
examiner. According to the last state
ment, Dec. 18th, it had loans and dis
counts Of $348, ,145; bonds to secure cir
culation. $4,000; real estate and mort
cages, $4S.72S; due from other banks.
$4997; cash reserve, $34,S72: other cash
items, $11,S52. The liabilities are: Ma
tional bank notes outstanding, $45, 900:
Que other banks, $136,579; deposits SUBJ
ject to checks, $101 .507; certificates of
deposit, 1884; certified checks, $3313:
bills payable. $4,000.
The following announcement was made
by the clearing house committee this
afternoon:
The clearing house committee deem
1t their duty to announce that their in
vestigations warrant them in advancing
Whatever sum of money may be needed
by the Swedish-American bank to meet
promptly any calls upon them by the
depositors. This bank has an unusually
large available cash reserve, amounting
to about 90 per cent of it's obligations,
and its bills receivable are of such a
class that we have no hesitation in say
ing we will make them the necessary
advances to meet al demands and that
we do not look for further trouble among
the banks of this city.
IN VIRGINIA
WASHINGTON, Dec. 29-Comptroll-
er of the Currency Eckles received a tel.
egraph notice today that the CONNER
cial National bank of Roanoake. Va.
has suspended payment Bank Exam
iner Sands was sent to take charge.
Eckles does not regard the failure as
serious. The last report, Nov. Ist, show
ed the assets of the bank to be $263, ,7O4.
including bonds for circulation, stocks,
100000; surplus. $25,0Oo; undivided
profits, $4,000; owing depositors, SIS, 900;
other liabilities, $4,000.
The liabilities are about $65, 600, while
the available assets are estimated to be
worth double that amount.
NOT SIGNIFICANT
WASHINGTON, Dc. 29.-Comptroller
Eckels said this afternoon that he feels
no apprehension over the bank failures
which have occurred. Two more failures,
of Roanoke, Va, and the Columbia ma
tional of Minneapolis, We're added to the
list today. They are comparatively
small institutions, however. and under
ordinary circumstances their failure, it
is said, would attract only passing at
tention. Mr.. Eckels, when asked today
Press as to the general banking situa-
ton, said: "Of course, bank failures are
more or less disquieting, but those which
have occurred recently have little or no
general significance attached to them.
They were due largely to local causes,
wholly unconnected with the general
condition of the banks throughout the
country at large. The case of the Atlas
bank was not a failure at all, but was
a mere voluntary liquidation, every de-
positor being paid in full The two fall
ures today are of minor Importance, in
each case the banks capital being only
100000. AS against these few failures,
based on local causes, the general con-
dition of the banks is excellent. The re-
ports received under the last call, that
of December II, are uniformly favora bile
and show an average reserve held of
considerably above the 25 per cent re-
quired by law. One of the last reports,
that of the Brooklyn bank, shows the
average reserve held to be 34.02 per cent,
and most of the reports run five or ten
per cent above the legal requirements.
In each case, too, the assets in detail
make an entirely satisfactory showing,
as compared with the liabilities. On
the whole it is evident that the national
banks today are as stable as they ever
We're and the sporadic failure of bank
here and there. through defects peculiar
to banks of small Importance, is wholly
without general significance.
Il am advised from Minneapolis that
the failure there has occasioned no dis
turbance beyond the institution con-
cerned."
CAUSES ASSIGNED
CHICAGO, Dec. 29.-Attorney W. A.
Green, who drew up the assignment
papers for the Batavia bank. disclosed
the principal causes which led up 70 the
assignment, in an interview today Aside
from the Atlas bank liquidation, the
most important factor in the Van Mort
wick crash. he said. was the recent fall
ure to dispose of 100000 worth of bonds
in the Boston market secured by the
great combined lock mills situated on
Fox river in Wisconsin and valued AZ
$1,000 in clear market. Negotiations
for a close of this deal had nearly been
completed when the National Bank of
Illinois failed. This put a stop to the
sale of the bonds and the Van Nortwicks
were thrown upon their cash resources.