The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-01-06
RECENT FAILURES.
Many Banks and Large Business
Concerns Forced to the Wall.

Many Banks and Large Business
Concerns Forced to the Wall.
Comptroller Eckels Says Suspensions We're
Due to Local Caus es- Condition Of Banks
Throughout tho Country Go cd
An Insolvent County.
Washington, Dec. 30.-Comptroller
OF the Currency Eckels said Tuesday
afternoon that he feels no apprehen-
sion over the bank failures which have
occurred of late. Mr.. Eckels, when
asked by representative of the AS.
ISOLATED Press as to the general bank.
ing situation, said:
"Of course bank failures are more or les.
disquieting. but those which have occurred
have little or no general significance at
tached 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 failure at all, but
was mere voluntary liquidation. everr de-
positor being paid in full. The two failures
tuesday are OF minor Importance, in each
case the banks capital being only 5000 900
AS against these few failures, based on
local causes, the general condition of the
banks Is excellent. The reports received
under the last call. that of December II.
are uniformly favorab BILE and show an aver
age reserve h ed of consdera BILE above the
rs per- cent. required by the law. One of
the last reports. that of the Brooklyn banks,
shows the average reserve to be 34.O2 per
cent, and most of the reports run five OF
ten per cent. above the legal requirement.
In each case, too, the assets in detail make
an entirely satisfactory showing as COM
pared with the liabilities. On the whole IT
is evident that tho national banks to-day
are as stable as they ever were. and the
sporadic failure OF bank here and there
through defects peculiar to the failing
bank Is of small Importance. wholly with
out general significance. l am advised from
Minneapolis that the failure there has &C.
casioned no disturbance beyond the insti-
tuition concerned.
The Van NOrtwicks Fail.
Geneva, ILL.,, Dec. 29.-William NJ. and
W. NJ. Van Nortwick, bankers at Bata-
via. Ill.,, made an assignment in the Kane
county court here Monday evening. All
their property, both in the Batavia hank
and stock in the large corporations in
which they are interested were turned
over to the Equitable Trust company, of
Chicago. There were three assign
ments in all. John S. and William M
assigned all their personal property and
homes, and then assigned as firm. The
failure was due to the liquidation uf the
Atlas national bank, of Chicago.
Banks of Superior. Wis.
West Superior. Wis.,. Dec. 90. - The
Bank of Superior, doing business a. the
east end, suspended on account of a
run with which it was threatened after
the recent failures.
Another Voluntary Liquidation.
Kansas City, Mo-, Dec. 29.-The Nc
Coy Banking company of Independence
went into voluntary liquidation Mon
day. The bank refused to receive de-
posts in the morning and began pay
ing it's depositors in full. There was
put an advertisement in the Independ-
ence newspapers asking depositors to
come after their money. The reason
given for the bank going out of bust
ness is that it's president. William Nc
Coy, is too advanced in years to man
age it's affairs longer. He is IS years
old. The capital stock of the bank is
$4,000. On August 10. when the last
report was made, it owed to it's de-
positors $55,1s It's outstanding loans
amounted to $72.262.
Suspension of the Scandal Bank.
Minneapolis, MIMI, Dec. %. = The
Scandal bank suspended Monday. 1t
was one of the smaller banks Of the city
and was loaded up with real estate on
which it could not realize.
A Car Company Closes Shop.
Laconia, n. H., Dec. 29.-The Laconia
Car company was forced into insolvency
Monday. The total liabilities are placed
at $617 900 and assets at $407 900.
Minneapolis Banks Suspend.
Minneapolis, Mimi, Dec. 3O.-The Co.
lumbia national bank, whose president
is Charles Kittleson, eX-state treasurer,
and whose cashier is Joseph Bobleter,
also an ex-state treasurer, failed to open
its doors Tuesday morning, and George
rency. who happened to be in the city.
took charge. Cashier Bobleter said
that the liabilities, not including the
capital stock, ETC., and including prn-
cipally deposits. amount in round num-
bers to $247,GOO. while the assets, most
ly notes, amounted to $450.O00. He said
that he had no doubt but that the de-
pcsitors would in time be paid in full.
The state is creditor to the amount OF
$4,000 and the county to about $4,000.
The city had $1,000 on deposit. At the
present time, according to Cashier Bob
letter, there is $4,000 cash in the vault,
and 100000 will be collected within the
next 80 days. The suspension was or
dered for the purpose of protecting the
majority of the creditors. The banks
capital is 100000.
Closed Its Doors.
The suspension of the Scandal Mon
day and the Columbia Tuesday morn
ing created CONSERVATION among the
Of tho Mash hn MI nd