The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-07-25

DdIIk OL LON0lduu. COl q, nave GSSlSl0u.
No statements Of assets or liabilities
have been issued.
DENVER, Col, July 18.-The Union
Natl nal bank, Of which r. w. Wood
bury Is president, failed to open its
doors this morning. It's capital is
81 600, 600. No statement can be had.
a run is now being made on the City
National, German National, First Ma
tiOnal, Colorado National and all the
eleven clearing house banks. A panic
is on.
A DESCRIPTION OF THE PANIC.
DENVER, Col, July 18-No such
scene was ever witnessed in all the
West as could be seen here this morn
ing shortly after 10 o'clock, when the
banks were supposed to open their
doors for business. The failure Of three
savings banks yesterday had affecteI
the masses as the smell of blood would
| wolves and at the hour of opening the
streets were crowded with anxious de-
pOsitOrs. The eleven clearing house
banks, located within four blocks of
each other, surrounded, and far
into the streets the crowds gathered,
until officers and special police were
called out to clear the way for traffic.
At 10 O'clock the Union National,
with a capital Of 81, 600, 900, posted g.
notice that they would not open their
doors. This started the panic and the
Commercial National posted a similar
NOTICE, end then the National Bank of
Commerce, and people asked: Where
will this stOp?"
A run was Immediately started on
all other banks. though to no great ex-
tent on the Peoples National. The
First National appears to be the sound
est Of them all, they having i've 80
per cent. of their deposits on hand,
with a private fund of 81. 500, 900 in adj
dition to draw upon, making it impOs-
sible to close their doors.
The Colorado National and several
others r in equally as good condition.
The mob withdra wing their money
are all small depositors, the large hold
ers being satisfied to let their accounts
remain in the banks.
The banks are paying all demands,
except on time certificates, they de-
handing that these remain until the
expiration of the time. AS every bank
is crowded, the clearing house is rem
dering no assistance, each institution
being compelled to stand upon its own
foundation.
The Commercial National Bank
closed it's doors within a few minutes
after the opening, because it was ap-
parent from the size of the crowd in
front of the bank that a run was to be
inaugurated. This notice was posted
on the door when closed: CLOSED for
liquidation by order of the directors. ="
The bank was in bad shape. 1t had a
capital stock of $3.50, O0O and only had
50, 900 in cash in the bank.
The Mercantile Bank, u private insti-
tuition with a capital of 500, 600, closed
its doors at noon. The failure was
caused by the failure of the Union
National Bank, through which it
cleared. @. O. Girda, city auditor, is
president. w. T. Robinson, formerly
treasurer of the Repub ic Publishing
Company, one of the oldest and most
respected individuals in the State, has
been made assignee.
GREELEY, Col, July 2O.-The Union
and Greeley National banks have
closed. The liabilities of each are about
800, 900.
The Peoples Coal Company has also
assigned. It is capitalized at 81, 900, OO0.
ELwOOD, Ind. July 18.-A~ deplorable
condition of affairs exists among the
poorer classes of this city. Over two
thou and/workmen are out of employ
ment and many are in suffering cir
cumstances with starvation staring
them in the face. The stagnation in
business circles prevents them from
obtaining any work and without pros
poets of any immediate relief in this
direction they are in a pitiable con
dition, with rent to pay and food to
procure. They are helpless, and in
order to furnish relief Mayor Dehorty
has called a meeting of citizens for this
evening to devise some means for their
support.
FRANKFORT, KY. July 2O.-A sensa-
ton was caused in business circles here
to day by the assignment of Col. E. A.
Taylor, Jr-, a famous distiller, to the
Lexington Trust Company. Liabilities
are not given out, but it is said they
are far exceeded by the assets. The
tightness of the money market winch
made it difficult to realize on goods con
sumed caused the assignment.
PORTLAND, Me, July 20.-Ata dlrec