The herald., 1893-07-19
A DARK DAY FOR DENVER.
The Like Of It Was Never
Seen There Before.
People Besiege the Banks for
Their Money.
Some of the Strongest Institutions
Compelled to Close.
All OF Them Well Supplied With securi-
ties but 1t Is Cash the Deposit
tors Want-B usiness Houses
Collapsing.


DENVER, July 1S.-No scene was ever
witnessed here before like that this
morning, shortly after the hour when
the banks were opened for business.
The failure of three savings banks yes
terday had excited the masses. At the
hour OF opening the streets were crowd
ed with anxious depositors. The IL
clearing house banks, located within
four blocks OF each other, we're sur
rounded, and far into the adjacent
streets crowds gathered. until the police
were called to clear the way for traffic.
At 10 O'Clock the Union National, with
a capital of 100000, posted notice
that it would not open its doors. This
started panic, and following quickly
the Commercial National posted SINH
lar notice, and then the National Bank
of Commerce. A run was Immediately
started on all the other banks, though
to no great extent upon the Peoples
National.
The First National appears to be in an
unexceptionable condition, having over
so per cent OF It's deposits on hand,
with private fund Of $l,500,000 In ad.
dition, to draw upon, making it impos-
sible to close it's doors. The Colorado
National and several others are equally
good. Nc heavy depositors are with
drawing money. The banks are paying
all demands, except on time certificates,
demanding that these remain until the
expiration OF the time.
President ]. A. Thatcher OF the clear
ing house says: II am confdant today
will gee the worst of this, and the peo-
pie will come to their senses. At a
meeting OF the clearing house last
night, we decided we could not help the
banks, and go some OF them have gone
to the wall. All of them,
believe, have ample securities to protect
all depositors, but unfortunately at this
time casb. and not security, is what the
At the State National bank quite run
ia in progress. The officers appear in
the best of humor and cay they are con
fident they can weather the storm.
Up to noon everything was quiet at the
Colorado National. It ia understood
$500, 900 in gold was received there Just
before the doors opened this morning.
Quite crowd OF people assembled
about the doors of the Denver National.
1t was rumored that run was in pro-
gress there, but it was soon found that
the men were Union Pacific employees,
simply getting their checks cashed for
last months work.
'This bank ia closed by order OF the
board of directors" is the notice posted
at every entrance to the National Bank
of Commerce. The officers inside refuse
admission to outsiders. The condition
OF this bank is not known, as it did not
print a statement yesterday, as was
done by almost all the other banks.
John P. Hannah of the City National,
said they were in as good condition as
anybody. Hanna hopes to be able
to control enough of the deposits to
tide over the bank. Several principal
depositors made large deposits this
morning, Some who owe the bank in
the shape of notes, but have cash de-
posted, had payment refused on checks.
The liabilities subject to check are $780,
S0S. OF this the officials control nearly
two-thirds. 30 that the cash on hand,
amounting to $685., 1893, will meet the de-
mands of the small depositors.
The Union National closed doors this
morning, and notice was posted ex-
planning that the bank had paid out
81, 600, 900 to depositors in the last few
weeks and had realized in securities as
rapidly as possible, but not fast enough.
1t has $1,006,000 securities, and owes
approximately $500, 900. 1t is thought
to be able to realize on securities, when
all depositors will be paid in full. 1t
expects to open again.
The Union banks resources consist of
loans AID discounts. 81 ,622, $50; United
States bonds to secure circulation, $780,
600; cash and exchange, $147 ,568; over
drofts, $32 2,078; deposits. $533, 3,558; due
other national banks, $14, ,096; due state
banks, $29,S09; paper outstanding.
$4,000. President Woodbury. thinks
the bank will reopen.
The Commercial National bank
closed it's doors when it became
evident from the size of the crowd
outside that run would be
and a notice was posted
that 1t was closed for liquidation, by
order of the board of directors. It has
= capital stock of $780, and only
$4,000 cash on hand.
At the American National, small de-
oositors who are not numerous, made a
'un on the bank. The bank. has 81 ,OOO.-
100 capital. 1t deals largely with men
Vno handle big sums.
The Mercantile bank, a private insti-
ution, with capital of 500, 900 failed
It noon. The failure was caused bv
hat of the Union National, through
which it cleared.
The excitement and demand upon the
ranks after money continued unabated
Until about 2 o'clock, when it subsidized |
t all the banks except the Utah State
National and German National, where
he depositors seemed to increase in
tead OF diminishing.
Just before the close, the failure of
he Mercantile Savings bank, with q
apital of $100, 900, was announced. IT,
ssets are sufficient to pay all liabilities
q time.
d. H. Moffatt. the president OF the
'irst National, stated the deposits at
is bank during the day greatly ex-
eeded the Withdrawals. The constant |