The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-12-31
MINNEAPOLIS BANK FAILURES.

creditors and some left for the Van Mort
wicks."
MINNEAPOLIS BANK FAILURES.
Minneapolis, Aiinn. Dec. 29.-The
Columbia National Bank, small inst-
| tuition of comparatively recent establish
ment and with 100000 capital, closed
its doors this morning and is now in the
| hands Of the bank examiner. According
to its last statement i had loans and
disbursements of 1884, 145; United
States bonds to secure circulation, $780,
600; real estate and mortgages, $4SOOO;
due from other banks, $42,S41; cash re-
serve, $34,672; other cash items, 1852;
| national bank notes outstanding, S45,OOO;
due other banks, $136, Io0; deposits sub
ject to checks. $101, ,507; certificates OF
deposit S63594; certified and cashed
checks 1881; bills payable, $4,000.
| Cashier Bobleter said this morning:
I'VE could have stood the pressure a
little longer, but to protect the majority
we closed this morning. We have
S33000 cash in the vault and inside of
sixty days expect to have fully 100000
more collected. Our total liabilities are
only $247,000, and much If that 1t Is
| understood is not immediate. There Is
no doubt but that we will be able TO
| make n full account with our depositors
and fair settlement with stockholders
The recent Withdrawals which caused
the trouble were city and state funds, OF
which we had large deposits, and also by
country correspondents. OF the city
and state money only about 11,20O re-
mains in the bank. The majority of
our individual depostors were business
men,"
The bank is in the Immediate charge
of Geo. Coffin. deputy comptroller of the
currency. He states that the officers of
the bank applied to the clearing house
for assistance, but this body and the
directors of the bank agreed that the
best thing under the circumstances
would be to close.
II believe" said Mr.. Coffin, 'that this
action was anticipated by all parties in
cause any further trouble All the ma
tonal banks of this city are in very
strong condition"
The Washington Bank, q state institu-
tion, closed its doors today. 1t had n
capital of 100000 and by its last
statement, at the close Of business De-
cember II, had $507, 145 loans and dis.
counts, $14,22S over-drafts, $50, 100 in
stocks and bonds, $14,45 in real estate
and $SS,272 cash on hand
The suspension was due to the fact
|
the suspended Columbia National and
Scandia banks, became alarmed and
began to draw out deposits this morning
at such rate that the management de-
cided that the best interests of the bank
and all would be served by closing the
bank.
The condition is most excellent, the
assets being $G0O,0O0 and the liabilities
100000. There is little real estate
among the former and they can be
quickly converted into money.
The following announcement was
made by the clearing house committee
this afternoon:
"The clearing house committee deem 1t
their duty to announce that their investi-
cations warrant them in advancing what
ever sum of money may be needed by
the Swedish-American National Bank to
meet promptly any calls upon them by
depositors. This bank has an un-
usually large available cash reserve,
amounting to about 65 per cent Of its
obligations, and its bills receivable are
of such n class that we have no heslta-
tion in saying that we will make the
necessary advances to meet all de
mands and that we do not look for any
further trouble among the banks OF TINS
city"
TELEGRAHED TO ECKELS.
Washington, Dec. 29.-Comptroler
Eckels has received a dispatch an
nouncing the failure of the Columbia Ma
tional Bank of Minneapolis. Deputy
Comptroller Coffin, who is next in rank
to Mr.. Eckels, happened to be passing
through Minneapolis and was directed to
take charge of the bank. Examiner
Cook was ordered from Chicago to take
permanent charge.
The comptroller ascribes the failure to
lot of slow assets on which ready
money could not be realized, and he.
says this has been the cause Of most of
the recent bank failures.
VIRGINIA BANK FAILURE.
Roanoke, Va. Dec 29.-The Com
mercial Bank Of this city closed its doors
this morning by order Of the board OF
directors. The cause of the trouble was
a heavy run on the bank yesterday by
the deposltors. On December 8 j. g.
Davenport, cashier, resigned, and his