The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1893-07-20
PANIC AT DENVER.
Three More National Banks There
Forced to Make Assign.
ments.
Depositors at the Remaining Banks
Wildly Clamoring For Their
Money.
Suspension of q Big Dry Goods House
Adds to the Intense Excite.
ment.

DENVER, July 19.--Never IN the
history of commercial and mercantile
life in the Rocky mountains has such a
state of financial affairs existed as now
prevails ins Denver and throughout
Colorado. It was hoped that the banks
that had weathered Mondays financial
storm would be in such position as to
cope with all the demands made upon
them by depositors. This hope was
dissipated by the announcement in
quick succession of the failure of the
National Bank of Commerce, the Union
National bank and the Commercial
National bank. In the attending ex-
element it is almost impossible to
ascertain the assets and liabilities of
each bank, and this information may
not be given out until later in the day.
Depositors Panic-Stricken.
The depositors in the different banks
have become almost completely panic
stricken and long lines of people are
pushing and crowding each other in
order to get to the paying teller's win
dows of the dozen remaining banks that
they may secure their money on deposit.
To add to the excitement the failure of
the Men amara Dry Goods company, with
liabilities of $3.50, 900 was announced.
The amount of assets is not stated but it
is believed they viii more than equal
the liabilities. The failure was pre-
cipitated by the filing of an attachment
for 81, $50 in favor of the Union Ma
tional bank. This attachment was
served at o'clock a. m. and shortly be-
fore business hours another attachment
for $2O, S46. IA in favor of the Colorado
National bank was served upon the
company and the doors were closed.
The dry goods company had large
amount of money outstanding on credit
and on account Of the stringency Of the
money market was unable to collect
from country customers and thereby
make their credit good at different
banks.
Claim to Be Sound.
The First National bank appears to
be on the best footing of all the banks.
It claims to have on hand over 20 per
cent of its deposits and to have a
private fund of $4,000 900 in addition
to draw upon, making it impossible for
any demand to go unattended. The
Colorado National bank and several
others claim to be equally well forti-
fed against any run. Over 30 per cent
of the people who are clamoring for
their money are small depositors. The
large holders express confidence in the
ability of the banks to successfully ride
the storm. AS every bank is crowded
the clearing house is rendering no
assistance and each bank is compelled
to stand on its own resources.
Believe the Worst Over.
In an interview at noon President
John A. Thatcher, Of the clearing house
association, said: ~ am confident that
the worst of this is over and people will
soon come to their senses. At the meet
ing of the clearing house we decided
that we could not help the banks and
so some of them have gone to the wall.
All of them, I believe, have ample
security to protect all depositors, but
unfortunately at this time cash and not
security is what the majority of the
people are clamoring for"
Up to 10 o'clock everything was com.
parativaly quite at the Colorado Ma
tional bank. It is stated that the banl
received nearly half million dollars In
gold just before the opening hour.
At the National Bank of Commerce
every entrance has the following
placard,
s'This bank is closed by order of the
board Of directors.
The doors are locked and no one il
allowed to enter. At $50 no additional
failures had been announced, but the
feeling was still of panicky nature.