100 Frank S. Philbrick 



When the money arrived they opened again. Thus of 158 

 national bank failures with a capital stock of |30,350,000, 

 no less than 86, having a stock of |18,205,000, shortly re- 

 sumed. And this was of course most marked in the West. 

 The interior towns east showed little prominence in this 

 respect, not only because short distances enabled them to 

 obtain their reserves, but because the financial trouble in 

 the East from 1890 to 1892 had already weeded out the 

 market. Thus of five such banks suspending in the New 

 England and Middle States, none resumed; of 6 in Iowa, 

 5 resumed; 14 out of 16 in Colorado; 4 out of 6 in Cali- 

 fornia ; and the same in Oregon. 



Returning to the table above referred to, it would be 

 evidently interesting and important, were space available, 

 to determine what sections of the country were specially 

 involved in the failures, since this would add one more 

 tost of the business conditions and tendencies of each sec- 

 tion in the years preceding the crisis. 



It is necessary, however, in order to complete the divi- 

 sion of the study, that what has just been done for the 

 whole country be done for the different sections; that is, 

 it is necessary to connect the actual facts as to the special 

 features of the crisis in each section with results inde- 

 pendently arrived at by the writer for the years preceding 

 the crisis, in order that apparent tendencies may be com- 

 pared with actual verities. If we take a table giving the 

 actual liabilities in each section yearly, and take the ratio 

 of liabilities in 1893 to those in 1892, we shall get an ac- 

 curate measure of the force of the crisis in each section, 

 and we can compare the results with the tendencies in 

 1891-92. Now, although we can not compare the absolute 

 number of failures or the absolute total of liabilities for 

 different sections, because the greatly different sizes of 

 the sections, and the varying "business density" vitiate 



306 



