Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1893-07-26
THE WHIRL AT DENVER.
Three Banks Suspend, Making Twelve Fail
UreS in Forty, eight Hours.


UreS in Forty eight Hours.
DENVER, Col, July 19.-Three banks
failed here this morning. Six closed
their doors yesterday and three sus-
pended Monday, making twelve bank
failures in this city in forty eight hours.
A panic is on to-day to an extent per-
haps hitherto unknown in any city in
the West, and the financial and COM
mercial situation is Of the gravest kind.
The old German National Bank, with
a reputation for stability Of twenty
years standing, and the equally
reputable State National, failed to
open their doors for business
this morning. All night long de-
positors stood in line in front Of the
German and by 9 o'clock there was
one long sea of faces. At the opposite
corner, where the State National has SO
long done business, there was quite a
crowd of anxious depositors waiting the
opening Of the doors. Here the people
were relieved of their agony a few min
utes after 9 o'clock, when no
tice was posted on the
door to the effect that the
DciIIh WOUllu IOG Opch ON1hS W
the lack of ready cash, and the crowd
moved away. At the German there
was evidently a determination to 90
ahead with business up to almost the
last moment, when slip Of paper was
pasted on the window, stating that the
doors would remain closed temporarily.
Then the scene became distressing.
Men and women down the long line
broke out in tears and wailing. There
is a run on every Bank in the city.
President Mcneil, of the State Bank,
SAYS that his bank has paid out in cash a
trif1e more than 5000, 900 within the last
thirty days. He vainly tried to call in
his loans in order to keep the doors
open, but it proved to be an impossible
ity. In concluding long talk, he said:
"Please say for me that our assets to-
day are fully twice as large as our la
bilities."
Charles N. Clinton, cashier of the
German National, stated that the ex-
ceedingly hard times and inability to
place securities, together with the fail
ure to call in loans had forced them to
close their doors. 'During the last
sixty days." he said, "there had been a
constant drain on the bank, and over
81 100000 had been paid to depositor5,
some days the demand being all the
way from oZ0,UO TO SI0,UUU.
The bank expected $500, 900 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 lenient with all it's creditors
and never made an attachment until
yesterday, which was against the Mouatt
Lumber Company for $155, 900, and this
was not done until absolutely necessary.
| The president Of the bank is John J.
Reitham and it's capital and surplus is
100000. It's officers expect it to resume
in time, as its assets are greatly in eX
cess of its liabilities.
Later came the greatest crash Of the
day, when the Peoples National Bank
closed it's doors. The notice on its
doors read: ''This bank is closed by
order of the board of directors Net
assets, 81 ,100,0 900; liabilities, $40, 000."
The Mercantile Bank, private insti-
tuition in the Mining Exchange build
ing, suspended late yesterday, owing to
the closing of the Union Bank, through
which it's clearances were made. The
| Capital Bank, another private concern,
! also suspended in the afternoon because
the German National declined to help it
farther. The North Denver Bank also
assigned
The Peoples National Bank closed at
II o'clock to-day, when President Law
renee had a notice posted on the doors
! leading into their magnificent rooms
stating that the stringency of
the money market was so severe
that it was impossible for the
concern to longer withstand the storm.
Their statement published on the 18th
showed that they had less than 100000
cash on hand, while the individual de-
posts subject to check, not counting
any others, amounted to $4,000. The
capital stock of the bank is 100000.
Tucker & Co., dealers in gents fur
nishing goods, failed this morning.
Assets are placed at $35, 900; liabilities,
! $4,000. The Peoples Coal Company
! made an assignment at l O'Clock A
schedule of assets and liabilities cannot
be had, but they are not large.
Frank Adams, bank examiner, this
morning took charge Of the Union Ma
| tiOnal, Commercial National, National
Bank of Commerce, State National and
German National banks, which have
failed. The report Of their condition
will not be made for several days.
The run at the Denver National is
over with an enormous amount of
money still in sight. The same is true
at the City and all the other banks, and
business men are beginning to breathe
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