The morning call., 1893-07-20
Three More Denver Banks
Suspend.
HOPE FOR THE REMAINING.
The Institutions Still Standing Be-
Iieved to Be Sound-Teller on
the Situation.
Special to THE MORNING CALL.

DENVER, July 19--The panic struck
this city this morning with renewed vlgor
as result of the old German National
Bank. with a reputation for stability OF
twenty years standing, and the equally
reputable State National and extremely
strong Peoples National having Jailed
this morning.
All night depositors stood in line In
front of the German National. and by y
o'clock one long string of faces was
stretching down the street.
At the opposite corner. where the State
National has SO long done business, was
also a crowd of anxious deposltors Here
the people were relieved of their doubts
when, at 9 O'Clock, notice was posted on
the door of the bank that it would not
open, owing to the lack of ready cash.
At the German National, just before the
opening time, notice was posted on lhe
window stating that the doors were closed
temporarily This notice caused dis
tressng scene. Men and women down the
long line broke out in tears and wailing.
The Peoples National closed at IL
o'clock. The notice on the door said the
stringency of the money market was so
severe it was impossible to longer with
stand the storm. A statement published
on the 18th showed less than S60000 cash,
with deposits subject to check of s2lO GOO.
The capital of the bank is 5000, 000
President McNeiIl of the State Bank
says his bank has paid out over $4,000 IN
the last thirty days. and he declares the
assets are twice as large as the liabilities.
The cashier of the German National
says the inability to place securities and
the failure to call in loans caused the sus-
pension of his bank. There has been a
constant drain on the bank for sixty days.
Over million dollars has beer paid to de-
positors.
The bank expected 100000 from the
East this morning. but it failed to come.
The banks capital and surplus is S500.OO0.
1t expects tc resume. The assets exceed
greatly the liabilities.
The run on the national banks had en-
tirely subsidized by noon, and at the closing
hour there were not half dozen people
around any Of these instit utions. The
weak banks have all been closed and there
can be but little doubt of the soundness of
the FIVE that withstood the terrible storm
yesterday and to-day.
j. a. Thatcher, president of the Denver
National and also of the Clearin CHOU Sc,
this evening stated that he anticipated no
more failures. The banks that had kept
open through the Clearing house are in
good shape and showed that they are in
excellent condition for the future. ''Pm
confident that if the financial condition of
the country brightens a little," he said,
al cd han xyii al ho
every depositor will be paid dollar for
dollar"
Bank Examiner Adams this morning
took charge of the Union National, Com
mercial National. National Bank of Com
merce. State National and German Ma
tionai.
A number of minor commercial concerns
Went under to-day.
The J. 3. Wheeler Banking Company.
the Pioneer Bank of Aspen. Colo, the
Bank of Sterling. Colo, and the Bank of
Loveland. Loveland. Colo, have assigned.
No statements were made.
Senator Teller, in an interview upon the
financial situation in this city, says:
There is no reason to which the trouble
can be charged. 1t is partly silver. but
the entire country.
'"The bank failures yesterday were un-
warranted and directly chargeabe to the
people, who became frightened. panic
stricken at shadow. No banks in the
United States are in better condition
than those in this city.
"Such unbridled language and excited
talk as the press dispa tches brought while
l was East can have nothing but the most
Injurious action on our case"
Teller expressed the belief that the Sher-
man law would be repealed, but not with
out substitute of greater benefit to
silver.
He referred to acting Director of the
Mint Preston as young sprig" and
''offict ous clerk" because of his attempt to
jew down the price of silver, and declares.
for great Government. like this. 'to go
pottering about for job lot of silver" is
contemplate and inexcusable.
The Hallack Sayre Newton Lumber
Company assigned this evening to Fred
erick F. Sayre. No schedule was given.
+. d. Sayre. the assignee. said that the
assignment was the result of the closing
OF the State National Bank and was neces
sary simply to gain time during the pres
ent excitement. The company is in very
good condition, the assets standing against
the liabilities in the ratio of 5 to /. pro-
vided the securities, which are good, can
be realized upon.
The Blake Lumber Company has as
signed to Emil B. Annla. No schedule
has been FLED. This company was con-
in
Sayre-Newton Company.
The Denver failures have affected other
Colorado points. AT Aspen the Wheeler
Banking Company. the pioneer bank Of
the city, closed lis doors this afternoon.
A statement cannot be obtained at the
present time. At Loveland the Bank of
Loveland closed about noon. Its assets
largely exceed the liabilities. At Sterling
the Bank of Sterling closed. No schedule
has been filed.