The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-27
TWO MORE DENVER BANKS
TIE GERMAN NATIONAL AND The
STATE NATIONAL SUSPEND.
Panic Stricken Dspositors Stand il Line
All Night to Be Confronted With the
Unwslcoms Notice-Failures at
Various Other Points.


the equally reputable State National,
failed to open their doors for business.
All night long depositors stood in
line in front of the German and by 8
o'clock there was one long sea of faces
stretching down the street. At the
opposite corner, where the State has
SO long done business, there was also
quite crowd of anxious depositors
waiting the opening of the doors.
Here the people were relieved of their
agon minutes after y clock
when notice was posted on the door
to the effect that the bank would not
open, owing to a lack of ready cash,
and the crowd novel away.
At the German it was evidently the
determination TO go ahead with bust
ness up to almost the last moment,
when slip of paper was pasted on the
window stating that the doors would
remain closed temporarily. Then the
scene became distressing. Men and
women down the long line broke in
tears and wailings.
President Mcneil of the State bank
saws his bank paid out in cash a trifle
more than 100000 in the last 30 days.
He vainly tried to call loans in order to
keep the doors open but it proved an
impc SSH ility. In concluding long
talk, he said please say for me that
our assets are today fully twice as
large as our liabilities.
Charles McLinton, cashier of the
German National, stated that exec ed
ingly hard times and inability to place
securities, together with failure to call
in loans, forced them to close their
doors. "During the last 60 days.
he said, there has been a constant
drain on the bank and over $1,000.00O
has been paid depositors The bank
expected $500, 900 from the East this
morning, but it failed to arrive and as
thew had paid out nearly all their
money during yesterdays run, they
were forced to close. The president of
the bank is John J. Reithman and
its capital and surplus is $500, 1000. The
officers expect it to resume in time, as
it's assets are greatly in excess of its
liabilities.
The long expected closing of the
Pc, ple's National bank came about
when President Lawrence had a,notice
posted on the doors that the stringency
of the money market was 80 severe it
was impossible to longer Withstand
the storm. The statement published
on the 18th showed they had less than
$50, 900 cash on hand, while individual
deposits subject to check, not counting
any others, amounted to $2l0, 900. The
capital stock of the bank is 5000, 000..
SENATOR TELLER's VIEWS.
Senator Teller in an interview upon
the financial situation in this city,
said: There is no one reason to which
the present trouble can be charged.
1t is partly silver but more to the gen.
eral depression now affecting the entire
country. Failures yesterday were I'M
warranted and directly chargeable to
the people who became frightened
and panic stricken at a shadow.
No bank can pay its depositors if all
rush in and demand money, and had
our institutions been given time to
realize on their securities they could
be paid in full, for no houses in the
United States are in better condition
than those in this city. OF course we
suffer here from depression of silver,
but not entirely from this. The Sher-
man law is not repealed yet, and it
does seem to me that we are crossing
the bridge before we come to it. There
$ nothing less fair than to blame all
the ills to silver. Much better blame
some to silver speeches. So much un-
bridled talk aud excited language as
the press dispatches brought while |
was east can have nothing but most
injurious action on our cause. Does
any one pretend to tell me such talk OF
Reputation, war, revolution and other
talk made lately has anything but an
amusing and really ridiculous effect on
the people of the east? Why, it is
simply stupid. In speaking Of
extra session of congress he
expressed a belief the Sherman law
would be repealed, but not with
out substitute of greater benefit tc
silver. He referred to Acting Director
of Mint Preston as ''young sprig" and
"officious clerk because of his at
rempt to "iew down" the price o
silver, anu uoCldIeu Uhebu Aoi d SlSu
government like this ''pottering abou
for job lot silver is contemplate ant
inexcusable."
BANK EXAMINER IN CHARGE.
DENVER, Colo, July 1S.-Hon
Frank Adams, bank examiner, thi
morning took charge of the Uniol
National, the National Bank of Com
: merce, the State National and tn
German National banks, which failed
A report of their condition will not b
made for several days.
THE RUN CEASED
The run on the Denver Nations
is over with an enormous amount c
, money still in sight. The same
true at the City and all other banks
! and business men are beginning
| breath freely.
!. THREE COLORADO BANKS.
5 DENVER, July 19.-At Aspen til
Wheeler Banking company, tn
pioneer bank of the city, closed il
doors this afternoon AT LovelanC
r Colo, the Bank of Loveland closed
noon today. Assets largely excee
liabilities. AT Sterling, Colo, tt
IS ponI- &c S+arlinC closed TODAY. N