Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-20

DENVER Col, July 1S-The r. ure OF
three savings banks yesterday q greatly
excited the masses, and at the hour of open
Ing to-day the streets were crowded. WIN
,nxious depositors. The II clearing house
banks located within four blocks OF ench
other. were surrounded and far into the
street the crowd gathered until officers ana
,pecial police were called out to clear the
way for traffic.
At 10 o'clock thu Union National with
! capital of 81 600, 600 posted notice that
they would not open their doors. This
started the panic, and following quickly
the Commercial National posted a similar no
lice and then the NAtionalBank ofCommerce.
A run was Immediately started on all this
other banks, though to no great extent on
the Peoples National.
The First National appears to be the
Ioundest Of all, with over 60 per cent of its
deposits on hand with private fund Of
81, 800, 900 in addition to draw upon. The
Colorado National and several others are In
equally as good condition.
Those Withdrawing their money are all
smell depostors, the largest holders being
satisfied to let their accounts remain In the
banks. The banks are paying all demands
except on time certificates.
President j. A. Thatcher of the clearing
house association, eaid At the meeting of
the clearing house last night we decide d
that We could not help the banks and some
Of them have gone to the wall. All OF
them, | believed, have ample security to
protect all depositors. The Union National
bank in its notice states that the bank had
realized on its securities as rapidly as posi-
bic but that 1t was not fast enough to suit
deposltors 1t has $500, ,000 in securities
and owns approximately $500, 600.
1t is thought that bank will be able to
realize upon its securities when all dcpos-
TORS have been paid in full. The bank ex-
poets to open again for business as soon as
it can realize.
The Commercial National bank was in
bad shape 1t has a capital STOCK of $3.50,
200 and had only $4,000 in cash on hand;
small depositors rushed to the American Ma
tionRl aud began drawing out their de-
posits.
The American National bank has less
small depositors than any other of equal
capacity in this city. Tho vice-president of
the bank said that those who are drawing g
money are those who usually paid the gro
GERS and butchers with checks which came
to the bank through the clearing house. The
depostors had to go to the bank in persor
to draw the money.
The Mercantile bank, private institu
tion with capital stock OF $780, 900, nls'
Closed its doors to-day. The failure wa
caused by the failure of the Union Nation
al bank, through which it cleared. Tn
run upon the banks continued until
o'clock, when it almost entirely subsded a
hl the banks except the German National
where it continued until the closing hour.
The general opinion among bankers ant
business men is that the panic Is over ant
that no more banks will be Obliged to close
The suspended banks expect 10 resume bust
ness in a short time 1t is stated by bank
Ers that S., ,000 600 has been drawn fron
the banks during the last three month. |
oue-fifth OF that amount was let into circu
lGton the stringency in Denver would cease
There were nine business failures here to
day le,iGes that of the Mcnamara DR.,
goods company, already reported. Ih
most importrnt of these were Albert Nol
sou, restaurant, liabilities 500, 600; asset
Sill, 600; John Mount Lumber company
attached FOR $lJ3, 900.