The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-07-19
LOOKS LIKE A PANIC
Denver Banks and Mercantile Iastitu.
lions Forced 10 Suspend
A LACK OF READY MONEY
The Banks All Have Ample Se-
curity But They Are Una-
BILE to Realize Immediately
and People Want Cash.

sssS sSSsS ~Nes'~~-
DENVER, July i6.-No scsno was ever
witnessed here before like that OF this
morning shortly after the hour when the
banks opened for business. The failure
OF three savings banks yesterday had ex'
cited the masses, and al the hour OF OPEN
ing tho streets were crowded with anx-
ious tlcpositors. Eleven clearing house
banks located within four blocks Of each
other were surrounded. and far into the
streets crowds gathered until the police
were called to clear the way for traffic.
Al 10 the Union National bank, with
capital of 81 900, 900, posted n notice that
they would not open their doors. This
akartcd a panic. and following quickly the
Commercial National posted similar
notice. then tho National Bank OF Com
mcrcc.
A run Immediately started on all the
other hanks, though 10 no great extent
upon the Peoples national.
The First National appears in unex-
ceptionable condition, having over 80 per
cent. Of deposits Oh hand, with private
fund Of million and half in addition tn
draw upon, making il impossible to close
their doors. Tho Colorado National and
several others are equally good. The
mob withdrawing money was all small
depositors. The hanks are paying all de-
mands, except on time certificates, de-
mandina that these remain until the ex-
piration OF the time.
President j. A. Thatcher of the clearing
house says: 81 am confident that to-day
will sec tho worst Of this and the people
will como TO their senses. Al q meeting
- O. h. =. Il
citled we could not help all the banks and
SO some OF them have gone to the wall.
All of them, I believe. have ample security
TO protect all depositors, but unfortunately
at this time cash aud not security 10 what
a majority Of the people are clarnorins
for"
At the State National bank quito q run
is in progress. Tho officers appear i'm the
best of humor and say they are confident
they can weather the storm. Up to noon
National. II is understood that half n
million in gold was received there just
before the doors opened this morning.
Quite crowd Of people Ia about the doors
Of the Denver National. and II was r,i.
mored . run was In progress there. hut II
was soon found that the mon wers
Union Pacific employees simply getting
checks cashol Tor last months work.
This bank closed by orler Of the board
of directors" is the notice posted at every
entrance to the National Bank Of Com
merce. The officers inside refuse to admit
outsiders. The condition of this bank ID
not known, as IL did not print statement
yesterday. as was done by almost all tho
other banks.
The Union National closed It's doors this
morning and q notice was posted explain
ing that the hank had paid out 81 .0O0.0of
to depositors In the last fcw weeks and
had realized on securities ~ rapidly rs
possible. but not fast enough.
| II has million six hundred thousand
dollars securities and owes approxinatcl,
half million. IL is thought II will be
able to realize on securities, when all de.
positors will be paid in full. Il expects tc
open again. The Union banks resources
consist of loans.
| Tho Commercial National closed its
doors when IL became evident from the
size Of the crowd outside that run was
| to be inaugurated. and n notice was
posted, CLOSED for liquidation by order oI
the board Of directors" Il has capital
stock of quarter of million, and onl,
s.. 600 cash on hand.
At the American National bank small
depositors. who are not numerous. made
n run. The bank has million dollars
capital and deals largely with men who
handle large sums.
| Tho excitement and demand upon th,
banks after money continued unabatet
until about . 2o'clock, when It subsidized a
all the banks except tho Utah State
National and the German National. whcr,
tho depositors seemed to increase insteat
of diminishing.
just before tho close, tho failure OF th,
Mercantile Savings bank, with n capital o
100000. was announced. Its assets ar,
sufficient to pay all Liabilities. in time.
u. II. Moifet, president Of the Firs
National bank, stated that the deposits "a
his bank during the day had greatly ex
ceeded the Withdrawals. Constant draii
on the banks by scared depositors brough
about the crisis. II is stated by banker
that not less than Ss.Oc0.OU has beel
drawn from the banks in tho last thre
months. Of this. NJ least $4,000 !
locked up in this city.