Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1893-07-22
PANIC At DENVER
Three More National Bank Their.
Forced 10 Make Assign
ments.
Dcrositors at tie Remaining Bank.
Wildly ClHi:ioring For Their
1i1Eey.
Suspension Of Zig Dry Goods H0As,
Adds to The I:itense Excite.
Inent.

Inent.
DENVER, July l3-Never III the
history of commercial and mercantile
life i'll the Rocky noun tains has such a
state of financial affairs existed as now
prevails in Denver and throughout
Colorado. It was hoped that the banks
that had weathered Mondays financial
storm would be in snci a POSITION as to
cope with all the demands made upon
the1a by depositors. This hole was
dissi sirated by the announcement III
quick succession of the failure Of the
National Bank of Commerce, the Union
National bank and the Commercial
National bank. In the attending ex-
citcment it is almost Impossible to
ascertain the assets and liabilities Of
each bank, and this information may
moi be given cut until later in the day.
Dcposito;.o ranic-str:ckcn.
The 1,'po:i:oIs in the different banks
have become almost completely panic
stricken and long Ines Of people are
pushing and crowlin3 each other in
order to get to the paying teller's Win
do:vs Of the dozen remaining banks tina:
they may secure their money on deposit.
re add to the excitement the failure Of
the McNam;ra Dry Goods company. Wit !.
liabilities Of So 900 w,ss announced.
I h.. amCun; Of assets is not stated but {
il; believed they will more than equal
tie liabilities. The failure was re-
c:pitatel b.? the fling OF au attachment
for :71, 1SJ IN favor of the Union Ma
,ional bank. This attachment was
ser.:ed at o'clock a. IL. aud shortly be
fcrc business hours another attachment
for $50 S46 n Ill favor of the Colorado
National lanl1 Eas served upon the
COZ: rany ard the doors We're closed.
The dry goods company had large
amount OF money outs ;;n9ing on CT, d. t
and On account Of the stli lgancy o. the
money la"inet WAS unable TO collect
from country cuStom:.rs an thereby
III: ko their credit gcol at different
banks.
Claim, to he Sound.
Tie First National ianls appears to
be on the best foo: ing o. al lie banks.
Il claims to Lave Oh hand over 80 per
coat of is deposits and to Lave IA
n:iya Q fund Of 81 80 OGj il "a ti,.oa
TO draw; upon, making it inn os lb.e for
any demand to 60 unatten ed. The
Colorado National bank and several
others cain TO be equally we'll for'i-
fed against any run. Over 81 per ce:,t
Of the people who are clamoriny fer
their money are ~mal! depositor<. The
large holder, expr, IS confidence il the
ability Of t:.e bank, to success fully ri le
tie storm. AZ " ry bank is crowded
the clearing h Il Sc is rendering no
assistance aud each bank Is compelled
10 stand on its own resources.
Believe shc Worst Over.
III an in e"view at noon Ir'si lent
John \. Thatcher, OF tie ,lea"iny Eonsc
association. s.;isi- Il am conf ,ent that
;he worst of this is owe: and people will
S on come to ti:eir senses. At the meet
ing Of the CLEARING house we decided
ti:at we e. u d NOT lie p the banks and
SO some of them have rome to TIC wall
All of them. I D'liAve. have ample
security to pro:ec, I'll "eFosl ors, lut
I'll fortunately al til ne cash and not
security is " hat IL" anal j)rity Of tie
peopl. are clanorit!G o -
Up to IL o'clock everything was COM
para1jv:;iy quite at Tie CoorHdo Ma
,innal bank It is stated that tile bank
receives! nearly half y million dollars III
god just before The o. enins honr.
All the National Bank OF Commerce
every entrance has tie following
placard:
"Tlis bank i closed by order of the
board of directors.
The doors are locked and no one is
allowed to liter At 13) no additional
fai.nres had been announced. lut the
feeling was still o a lanicky nature.