The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-07-19
PANIC AT DENVER
Three Enre Eatiaaat Banks There
Perez. 4, Make Assign 81
nlenls.
Depositcrs d. tie Remaining Banks
Wildly tlamoring For Their
!Ioney.
Euspensioa Of a Zig Dry Goods Hsase
Adds to the Intense Excite

men6
DENVER. July ly--Never IN the
history of commercial and mercantile
life In the Rocky mountains has such q
state of financial affairs existed as now
prevails in Denver and throughout
Colorado. 1T was hoped that the banks
that had weathered Mondays financial
storm would be in such position as to
cope with all the demands made upon
them by depositor& This hope was
dissipated by the announcement in
quick succession of the failure of the
National Bank of Commerce, the Union
National bank and the Commercial
National bank. In the attending ex-
citement il ia almost impossible to
ascertain the assets and liabilities OF
each bank, and this information may
not be given out until later in the day.
Dcpositors Panic-stricken.
The depositors in the different banks
have become almost completely panic
stricken and long lines of people are
pushing and crowding each other in
order TO get to the paying teller's win
dows m the dozen remaining banks tina.
they may secure their money on deposit
To add to the excitement the failure of
the Mcnamara Dry Goods company, with
liabilities OF $26J,O00 was announced.
The amount OF assets is not stated but it
is believed they will more than equal
the liabilities. The failure was pre-
cipitated by the filing OF an attachment
for $71. $50 in favor Of the Union Ma
tional bank. This attachment was
served at o'clock a. m. and shortly be-
fore business hours another attachment
for &20. S46 IA in favor OF the Colorado
National bank was served upon the
company and the doors were closed.
The dry goods company had . large
amount OF money outstanding On credit
and on account or the stringency 6f the
pa0pey market was unable to collect
from country customers and thereby
make their credit good at different
banks
Claim 60 he SQUAD. ~
The First National bank appears to
De ON the best footing OF ell the banks.
1t claims TO have on hand over 90 per
cent OF its deposits and 10 have q
private fund Of si.5O0. 900 in sddition
TO draw upon, making 1t impossible for
any demand to 20 unattended. The
Colorado National bank and several
Others claim to be equally well forti-
fed against any run. Over 30 per cent
of the people who are clamorjng for
their money are small depositora The
large holders express confidence In the
ability ofrthe banks to successfully ride
the storm. As every bank is crowded
the clearing house is rendering no
assistance and each bank is compelled
to stand on its own resources.
Believe the Worst Over.
In an interview at noon President
John A. Thatcher. Of the clearing house
association, said: II am confident that
the worst OF this is over and people will
soon come to their senses At the meet
ing OF the gearing house we decided
that we cou.d not help the banks and
90 some Of them have gone to the wall.
All OF thosn. 4 believe, have ample
security to protect all depositors, but
unfortunately ut this time cash and not
security Ii what the majority or the
people are clamoring for"
Up to 10 o'clock everything was COM
parativaly quite at the Colorado Ma
tional bank. Its stated that the bank
received nearly half million dollars in
gold just before the opening hour.
At the National Bank of Commerce.
every entrance has the following
placard:
This bank is closed by order of the
board Of directors"
The doors are locked and no one ;s
allowed to enter. At ! 80 no additional
failures had been announced. but the
feeling was still OF panicky nature.
still Another.
nm~ TT.