The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-07-19
Small Depesitrs Rush to the Banks to
Find Closed Doors


Find Closed Doors.
DENVER, Col. July l8.---The failure of
three savings banks in this city has great
ly excited the masses. At the hour of
opening today the streets were crowded
with anxious depositors. At II, the
clearing houses and the banks, located
within four blocks of each other, were
surrounded. and far into the street the
crowd gathered until officers and special
police were called to clear way for
traffic. At 10, the Union National post
ed notice that they would not open
their doors. This started a panic, and
following quickly the Commercial Ma
tional posted similar notice. Then the
same. A run was Immediately started
on all the other banks. The First Ma
tional appears to be the soundest of all,
it having over 60 per cent of its deposits
on hand, with private funds Of 81, 500, 900
in addition to draw upon. The Colorado
National and several others are in equal
ly good condition. Those withdrawing
money were small depositors. Largeh hold
ers are satisfied to let their accounts re-
main in the banks. The banks are pay
ing all demands except time certificates.
President Tatcheas of the Clearing
House Association, said: Sat a meeting
of the clearing house last night it was
decided that we could not help the banks
so some Of them have gone to the wall.
ALI of them, believe, have ample Sc
curity to protect all deposits"
At the Union National Bank it was
stated the bank had realized on its secur-
tiles as rapidly as possible, but it could
not do so fast enough to suit the deposit
ors. 1t has, it is said, 81 100000 in Sc
curities, and~owes approximately $780,
600. 1t is thought the bank will be able
to realize upon its securities, when all
the depositors will be paid in full. The
bank expects to open again for business
as soon as it can realize.
The Commercial National Bank was in
bad shape this morning. 1t has capital
stock of $3.50, ,00O, and had only $4,000 in
cash on hand.
Small depositors rushed to the Ameri-
can National this morning and began to
draw out their deposits. The American
National has less small depositors than
any other of equal capital in the city.
The vice president ofs,she bank said that
those who were drawing their money are
those who usually paid their grocers and
butchers with checks which came to the
bank through the clearing house. The
dspositors had to go to the bank in per-
son to draw their money.
The Mercantile Bank, private insti-
tuition with capital stock of 500, 900,
closed it's doors today owing to the fail
ure of the Union National Bank. The
general opinion among bankers and bus
mess men is that the panic is over and
no more banks will be obliged to close.
The suspended banks expect to resume
business in short time. There were
ten failures here today, including the
Mcnamara Dry Goods Co., Albert Nell
Sill, 900, and the John Mouat Lumber
Co. attached for $153, 900.
Troubled by Rumors.
NEW YORK, July 1S.-The heaviness of
the stock market this morning was due
to arumor from London that leading
international house with branches in
New York, Boston and Montreal was in
trouble. A canvass of foreign banking
houses here shows there is no truth in the
story. Another thing which added to
the uneasiness was the rumored embar-
rassment of certain railway companies.
Receiverships were talked of for half
dozen roads, the Union Pacific and Erie
being the most frequently mentioned.
The reports are all denied in official cir
cles but the denials do not kill the
rumors.
Six Kansas Banks.
TOPEKA, Kans., July 1S.-Six Kansas
state banks went down in the financial
furry Yesterday. They are the bank of
Ritter & Doubleday of Columbus. the
johnson City Bank of johnson City, the
Bank of Weir City, the Bank of Pleas
anton, the Caney Valley Bank of Caney
and the Bank of Meade, at Meade Centre.
Home Market Club Resolves.
BosToN, July 18.-The officers of the
Home Market Club today unanimously
adopted a resolution recommending the
repeal of the silver purchasing lecture
of the law Of July IA, 1890.
Yesterdays List.
Business troubles reported yesterday
were:
The First National Bank of Fort Scott,
Kansas, payment suspended.
George r. SchofeId, dealer in horses,
Indianapolis, assignment; assets $50, 1000,
liabilities $4,000.
First National Bank, Cedartown, Ca,
failed.
Mrs. Mary A. Kaufman, Cincinnati,
executrix of the late John Kaufman, as
signment; liabilities 100000, assets
much greater.
President Lumley and Directors Lei
chester, Wilson and Foster of the Doug
lass county South Dakota) bank are un-
der arrest
CANNOT SELL THEIR GOODS.