Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-19
GRGAT EXCITEMENT AT DENVER.
The Failure of the savings Banks Stirs Up
the PeOpls-Throngs In the streets.

DENVER, Col, July 1S.-NO such q
scene was ever witnessed in all the West
as could be seen here this morning short
ly after 9o'clOck, when the banks were
supposed 10 open their doors for busi-
ness. The failure of the savings banks
yesterday had excited the masses. The
eleven clearing house banks, located
within four blocks Of each other, were
surrounded, and far into the streets the
crowd gathered until officers and special
police were called out to clear the way
for traffic. AT 10 o'clock the Union Ma
tiOnal, with a capital Of 81 ,060, 600, posted
a notice that they would not open their
doors. This started the panic and fol-
lowing quickly the Commercial National
posted a similar notice and then the Na-
tional Bank Of Commerce, and people
asked: where will this stOp?" A run
was Immediately started on all the other
banks, though to no great extent upon
the Peoples National. The First Ma
tional appears TO be the soundest Of all,
they having over 60 per cent. OF their
deposits on hand, with private fund OF
81, 500, 600 in addition TO draw upon,
making it impossible TO close their
doors. The Colorado National and sew
eral others are in equally as good condi-
tion.
The mob, withdrawing their money
are all small depOsitOrs, the large hold
ers being satisfied ID let their accounts
remain 10 the banks. The banks are
paying all demands, eXcegt on time GER
tifcates, they demanding that these re-
main until the expiration Of time. As
every bank Is crowded the clearing
house is rendering no assistance, each
institution being compelled TO stand
alone. At the meeting OF the clearing
house last night II was decided not TO
help the banks, and so some OF them
weat under.
At the State National Bank, Of which
J. ID. Mcneil is president, quite run
is in progress and large number OF
men and women are in line waiting for
their turn 70 come 50 they can get their
money. The officers of the bank ap-
pear TO be- in the best OF humOr and say
they are confident they can weather the
storm. Up TO 70 o'clock, this writing,
everything is quiet at the Colorado Ma
tional. This bank Is closed by order
OF the board Of directors" is
the notice posted at every
entrance 10 the National Bank OF Com
mercs Of which Ex-Governor Job A.
Cooper, Is President. The officers are
inside but no amount of pounding or
entresty has so far been sufficient for
newspaper men to gain admission. The
condition OF this bank is not known to
the general public as It's officers did not
print statement yesterday as was done
by almost all of the other banks. John
r. Hanna, of the City National Bank,
said that they felt themselves to be In
as good condition as anybody. The
bank recently borrowed S400 600 from
the east and is paying in gold this morn
ing.
Several OF the principal depositors
made large deposits this morning, and
friends of the bank are putting In such
sums as they have at hand and can
spare. Those who are making runs on
the bank are those who have small ac-
counts.
The Union National Bank closed its
doors this morning, and notice was
posted explaining that the bank had
paid out approximately $1,000, 600 10 de-
positors In the last few weeks. The no.
tiCe further stated that the bank had re-
allied on its securities as rapidly as pos
sible, but that IL was not fast enough TO
suit depositors. 1t has 81, 600, 900 In Sc
curities and owes approximately $780,
600. 1t Is thought that the bank will
be able to realize upon its securities,
when all depositors will De paid In full.
The bank expects to open again for
business as soon as il can realize.
The Commercial National Bank closed
its doors this morning within few min
utes after the opening. A notice was
posted on the door: "Closed for liquida-
tiOn, by order of the Board Of Direc-
tors" The bank was in bad shape. 1t
has a capital stock Of $3.50, 200, and had
only s., 600 ia cash In the bank. Small
deDOsitors rushed to the American Ma
tional Bank this morning, and began to
draw out their deposits. The American
National Bank has less small deposltors
than any other Of its capital, $1,000, 900,
In the city, as its dealings have been
largely with men who handle big money.
The vice president Of the bank said that
those who are drawing money are
those who paid grocers and butchers
with checks. The depositOrs had to go
70 the bank In person TO draw money.
The Mercantile Bank, private insti-
tuition with a capital stock OF Sl00, 900,
closed its doors at noon. The failure
was caused by the failure Of the Union
National Bank, through which 1t
cleared. @. c. Girda, the City Auditor,
is president. T. w. f. Robinson, form
erly treasurer OF the Republican Pub
fishing Company, one OF the oldest and
most respected individuals in the State,
has been made the assignee.
The excitement continued until about 2
O'Clock when it almost entirely suoslded.
The First National Bank received 500,
OQ9 az little after l o'clock and $25O,OOO
more at the closing hour. This came from
New York. IL was money due President
Motfatt for bullion he had sold.
Just before the close the failure OF the
Mercantile Savings Bank, with capital OF
SlOO. .OOO was announced.
The general opinion among the bankers
and business men is that the panic is over
and that no banks will be obliged TO close.
It's stated by bankers that not less than
IS OOO. 900 has Oeen drawn from the banks
the last three months. or this, $1,000,
600 has gone 10 the East in regular lines OF
business. but there is 5000, 600 boarded in
the city. The safety deposit vaults are
full.
CONCERNING BUSINESS AND FINANCE.