The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-07-27
A BIG PANIC IN DENVER.
ManV Banks Compelled to Close their
pors-Sad Scenes.

DENVER. Col, July 18.-No such
scenes was ever witnessed in all the
WesC aa coul0 be seen here this morn
ing shortly after 10 o'clock, when the
pdlikS were supposed to open their
uoorS Tor business. The failure of the
cnree savings banks yesterday had af-
lecCen the masses as the smell of blood
"outd wolves, and at the hour of open
iue Cne StreetS were crowded with anx-
i0uS depOSitOrS. The eleven cIearinu
mousse banks, located within four
oIockS or each other, we're surrounded
ana iar into streets crowds gatherei
uh'll the officers and special police
were called out to clear the way for
traffic. "
At 10 o'clock the Union National
5ank, with capital of 81 900 coo, post
ed notice that it would not open its
doors. This started Il panic. The Com
ntrclal National Bank pos ed similar
notice, and then the National Bank of
commerce, and the people asked
"Whrre will this stop?" 4 run was
immediately started on all the other
banks, though to no great extent upOn
the Peoples National. The First Ma
| liohal appears to he tho SOundeSt of
| all, 1t having over 60 per cent. of its
deposits on hand, with private fund
OF ~ ,oOO,unO in addition to draw upon
making 1t Impossible to close its doors
The Colorado National AMI several
others are in equally as good condition.
me mop withdrawing their money are
all small depOSitOrS, The large holders
helng satisfied to let their accounts re-
main in the banks. The banks are pay
ing AL demands except on time ceItiti.
| Gates, they demanding that these re-.
| main until the expiration of the time.
AS every bank is crowded, the clearing
| mouse IS rendering no assistance, each
Institution being compelled to stand
upon It's own foundation
The Commercial National Bank closed
| It's doors within 4 few minutes after
the opening, because 1T was apparent
from the size of the crowd in front of
Ihe nank that run was to be inaugu-
r'tJed. This notice was post "a on tn.
dOor: "ClOSed for liquidation by order
OF the directors" TIE bank was in bad
shape. 1t had Il capital stock of $3.50.
700 and only had $1,000 in cash in the
BANK. The Mercantile Bank, a private
INSTITUTION with capital stock of
SiO'"m, closed its doors at noon. The
the Cnlon National Bank, through
which it cleared. G.. G. Girda. city all
dltor, Is president. w. L. Robinson.
formerly treasurer of the Republic
l'uDllShing Company, one of the Oldest
ana most respected Individuals in the
State, has been made assignee.
DENVER, Col July 19.-The panic
was on III this city today with rene we'd
Vigor, and us result the old German
National, with Il reputation for stabill-
ty OF twenty years standing, and the
equally repntabla State National, failed
to open their doors for business this
morning. Later the Peoples National
failed. All night long depositors stood
| IN line in front of the German, and by 9
o'clock there was one long sea OF faces
stretching down the street At the op-
| poSite corner where the State Bank
has so long done business, there was
also quite crowd of anxious deposi-
tors waiting the opening of the doors.
Here the people were relieved of their
| agony at Il few minutes after o'clock
when notice was posted on the door to
the effect that the bank would not open
owing TO the lack of ready cash, and
the crowd moved away. At the Ger
man there was evidently determine.
ton TO go ahead with the business up
to almost the last moment, when a
slip of paper WAS pasted on the window
stating that the doors would remain
closed emporarlly. Then the scene
became distressing: men and women
aad wailing
By this time there was a run on
every bahk IN the city, and soon came
the announcement that the Peoples
National Bank had closet its doors.
The notice on its doors read: "rhis
bank is closed by order OF the board of
directors. Net assets, 81 100000; liabil.
tiles, S3lO,OOO.' The assets and liabili
ties of the other two failed banks bear
ABOUT the same proportion as the Ipro-
pies Bank. Their failure is chargea-
hlc to long continued drain by depos.
llorS and inability to raise ready cash,
All expect to resume shortly. Frank
Adams, Bank Examiner, t0Ias took
charge Of the Union National, Com
merclal National, National Bank of
| Commerce, state National and Ger.
man National. This afternoon the run
at tie Denver National was over with
AN enormous amount of money still in
sight. The same is true at the Guy
National and all other banks and bust
ness men are beginning to breathe
1rerr. There has been Il considerable
number of failures among business
houses Of ali kinus within the past
three days caused by attachments
taken out 10y banks which forpsaw
their suspension. Five national banks
are still open.
| Arre"t -! :: gent DavIs.
| RoCK HILL, s. g., July I9.-H. w.
lhncbcr&cr, Il Dispcnsary constable,
yesterday arrested j. ID. Davis, agent
OF the Georgia, Carolina i Northern
liaiIroad, at Catawba Junction, on a
| charge OF receiving alcohol in violation
OF the Dispcnsary law. The alcohol
was i'll jug and was consigned 20 DR..
W. G. White, at Yo!kvllI, ). G.. 1t was
shipped from l.. e.. Young. of Rich