New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-20
PRICE THREE CENTS.
DENVER QUIETS DOWN.
THREE BANKS FAIL, HOWEVER
THEIR SUSPENSION SEEMS TO HAVE A GOOD
EFFECT. ~
EFFECT.

! THEIR MONEY-DEPOSfTORs IN OTHER
BANKS THEREUPoN SEEN TO TAKE
IEAIx AND GO ABOUT THEIR
BUSINESS MANY
! FIRMS FAIL.
Denver, Col, July 10.-The timorous feeling
among depositors in the Denver banks. which
has resulted in the closing of number of these
institutions this week, seems at last to have
reached it's limit, and the people are now stopping
to think with the result that this afternoon
more money was being deposited than is being
withdrawn. The German, State and Peoples Ma
tional banks closed their doors early this morn
ing in order to forestall the heavy demands that
il was evident would be made. As soon as the
action had been taken depostors in other banks
seemed to take new courage, and during the day
tall, the streets was much more conservative
and rational than it has been lately. During
the afternoon the five National banks that arc
still open for business showed sign of any
unusual excitement among their patrons. Indeed
THEN banking houses were quieter than on many
days during ordinary times and everybody seems
TO feel that the end OF the unJustiabe excitement
has been reached
All night long depositors stood in line in front
of the German National, and by o'clock there
was a sea of faces stretching down the street.
At the opposite corner, where the State National
has so long done business, there was also GROVE
of anxious depositors waiting the opening Of the
doors Here the people were relieved OF ther
agony few minutes after o'clock, when .
notice was posted the door to the effect that
the bank would not open owing to the lack OF
ready cash, but that depositors would be paid
In full and the crowd moved away
At the German there evidently determt
nation to go ahead with business up TO almost the
last moment, when slip of paper was pasted
on the window, stating that the doors would re-
main closed temporarily. Then the scene became
distressing Men and women down the long line
broke out in tears and wailing.
BY this time there was a run on every bank In
the city, and soon came the announcement that
the Peoples National Bank had closed. The
notice on its doors read:
This bank is closed by order of the Board OF
Directors Net assets, SI,lOO,OOO; liabilities
$4,000"
President MdNeill, of the State National, says
that his bank has paid out in cash trlfie moro
than 5000, 900 within the last thirty days. lie
evidently tried to call in his loans in order to
keep the doors open, but it proved to be an I'M
possibility In concluding long talk he said:
Please say for me that our assets to-day are
fully twice as large as our liabilities
Charles NJ Clinton, cashier of the German
National, stated that rpe cyceedingly hard tmes
and inability TO plac68secuIities, together with
the failure to call in loans, had forced them TO
close their doors.
During the last sixty davs,' he said, there
has been constant drain on the bank, and over
81 900, 900 had been paid TO depositors. Some
DAYS the demand was all the way from $4,000
a.. nod G.i0O 000 from
the East this morning, but it failed to arrive, and
as they had paid out nearly all their money
during yesterdays run, they were forced TO close.
The bank has been very lencnt with its creditors
and never made an attachment until yesterday,
which was against the AIouatt Lumber Company
for $4,000, and this was not done until ao-
solutely necessary
The president of the bank is John j. Reithman,
and its capital and surplus is $500,000 lts
officers expect it to resume in time as its assets
are greatly in excess of its liabilities.
The long-expected closing of the Peoples Ma
tional Bank came about at IL o'clock, when Preei-
dent Lawrence had notice posted on the doors
leading into their magnificent rooms, stating that
the stringency of the money market was so severe
that il was impossible for the concern longer to
withstand the storm. Their statement, published
on July II, showed that they had less than $60,-
900 in cash on hand, while the individual de-
posts, subject to check, not counting any others,
amounted to S2l0 1000. The capital stock Of the
bank is 100000.
Frank Adams National bank examiner, took
charge of the Union National, Commercial Ma
tional, National Bank of Commerce. State Ma
tional and German National banks. 4 report
of their condition will not be made for several
days.
This afternoon the run at the Denver National
was over, with enormous amount Of money
still in sight. The same is true at the City and
all tie other banks, and business men are be
ginning TO breathe freely.
The morning train from Omaha brought In
so 900 in cash for Denver banks. Another
bank last night received two iron safes full Of
money from thc East by express. 1t reported
In commercial circles this afternoon that the Bank
OF Sterling, at Sterling, Col, has suspended. N.
H. Smith is president and principal owner.
Fred ii. Hanchett, the Capitol Bank. and Ste
pfons, Iianchett d Co., of Curtis-st, assigned as
4 80 yesterday afternoon 10 William j. hoDh-
SON The bank was owned by Stephens. Hanchett
& Co.. and had about 500 depositors, who have
small claims.
The North Denver Bank closed its doors late
Yesterday afternoon There was no great run,
but the bank had been unable to realize upon lts
securities and was short Of funds. The deposit
tors have been assured that they will be paid 100
cents on the dollar w. II. Yankee is vice-preSi-
dent and s. ). Kennedy president
The Tucker Shirt and Furnishing Company,
loing business on Sixteenth-st.. assigned to-day
10 Charles H. Burpie. The assets are placed u
sS5. 900, and the liabilities amount to Sl5,ooo
Tho Eallack- k-Sayre-Newton Lumber Company
,.s ASSIGNED TO Frederick f. Sayre. No schedule
,iven +. +. Sayre, the assignee. said that the
assignment was the direct result OF the closing
# the State National Bank and was necessary
mply to gain time during the present excitement
be firm is one of the most extensive in the city,
The Blake Lumber Company assigned to Emmett
/, Annis No schedule filed. This company was