The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-07
THE CRISIS In COLORADO.
DENVER BANKERS REFUSE TO CASH
CHECKS ON EASTERN BANKS.

| Unbourded Coincidence that Puebio'r Gus
| pended Bank. VIII Reconsideration
| Bank Resources In View OF Post
| Bile Run--Frnuds or ssniida Finnnc'eru
DENVER, July 6-Senator Walcott to-dal
said: II cannot talk ON the financial situation
| now. We are looked upon as extremists. AM
| wav. think the condition o! the country II
extremely critical juet now. and hope some
l way will be found to relieve The tension In the
East and restore confidence. The Eastern
| creditors must not force too hard the collec.
| tion Of Western sureties at this time. and II
they are cautious we shall be saved from ter.
rible disaster and ruin. Our State ia fell oil
resources. and with returning confidence we
| will meet all obligations"
| A strange feature Of tho situation IN Denver
to-day was the refusal OF all tho hanks to cash
checks drawn on Eastern banks no matter
how well they were endorsed by local people.
Some OF the banks have hung out q sign read
| ing: Checks on country banks received for
| collection. but not for deposit" Tourists
from the East experience no end OF difficulty
In getting currency on drafts, checks. or let
ters Of credit for this reason. The Denver
banks arc guarding their resources most care
fully In anticipation OF a possible run.
Pueblo people are showing unbounded conf
dence in the three suspended banks. Half OF
the merchants in town to-day advertise to ac-
cept checks on any bank. whether suspended
or not and tho same rule applies nearly every
where Spectators are trying to buy deposits
| at discount. but thoy report no success ex-
cent with very small dcpositors;
tho circumstances They couldhay continued
longer by closing on number Of firms firms they
It is said they havo si556o0 cash ' ready for
FRI We wSn Ss sni s en nearly all
S9 asS ses
teTday being pay day there.
The First National withstood a persistent
run yesterday; In the crowd were a, large
with certificates of deposits of from 800 to
$500 each. Small amounts were paid in silver
a m and he SnnE eses
out the statement that it can continue under
the present conditions easily. 1t received some
money from the East this morning.
from the various banks Of Pueblo in the last
900. When banking hours came to an end all
the runs had ceased. and the feeling of conf
sSda s rs Nanna and
The Jelrerson County Bank: at Golden, viii re.
Treas9rsr The assets loot up sii3o66 Su and
The only serious bank failure is that OF the
shGIee GSnpty Bhnk rriyate I'm instnson in
the bank. was taken suddenly i'll. but this did
not prevent his arrest. Immediately after the
closing OF its doors an Investigation was made
amounted to about SB1 900 and its i'm m ediate
available assets to $500. A further In, estiga-
been considerable money in the bank lew
days before the failure. 1t was estimated that
there was S31 900 in cash and gilt edged
securities on hand. Where this has disnp.
peared to was the question.
Several OF the bank directors remembered
that Elmer y. Williams n Dan var hod
been in Salida- lie was formerly connected
with the hank. and he and Robertson were fast
friends. In January last he came to Denver
and open cd a Colorado Bureau of Information
with Irwin Malone AS assistant and himself as
Secretary and Treasurer. He was arrested
late last night and taken to salida. where he
will be tried for conspiracy to defraud.