New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-19
FOUR DENVER BANKS CLOSE.
ADAYOF FINANCIAL DISASTER
RUNS MADE ON SEVERAL OTHER INSTI
TUTIONS
MANY BUSINESS FIRMS DRAGGED DOWN BY THE
FALL OF THE BANKS. THREE OF
WHICH WERE NATIONAL


Denver, July ls.-Three National banks-thc
Union National, the Commercial National and the
National Bank of Comnerce-closed their doors
this morning, owing to the heavy demands of eX-
cited dcpositors. The Mercantile Bank small
private institution doing business in the Mining
Exchange Building, also suspended, owing to the
closing of the Union Bank, through which its
cearances We're made.
The suspension of three savings banks yesterday
so alarmed the community that at | 0 o'clock this
morning, the hour for opening the banks, crowds
had gathered in front of nearly all the financial
institutions. At the German and City National
banks the run was heavy, although the first Ma
tional, the Peoples and one or two others felt the
unusual pressure to some extent The streets
were full of people discussing the situation. Ii
was an orderly crowd. however, and there
much sensible and conservative talk The run
on the Peoples Bank soon exhausted itself and
by II o'clock Affairs had resumed their normal
condition. Al the City National the run was
over by o'clock: and at the other banks, except
the German, the excitement was all over by noon.
At the German National the crowd kept in line
in front of the teller's window all the afternoon.
A few minutes before % o'clock there was
posted on the front and side doors Of the Union
National Rank the following notice. signed by
r. w. Wv lbury, president:
me Union National Bank is in the hands OF the
Controller of currency. We have paid to our de-
posors round numbers ST. 900 600 in the las; two
months have 81 COO.OoO ia assets to meet our re-
naming liabilities, which amount to about sSoO0oo
We have realized assets rapidly as we could,
and enough local payments have been promised the last
OF enable 70 take OF dep1sitor again
II then raid and the Controller shall then
reopen. In time depositor may be fuIly
assured that he can by no means lose dollar on MS
deposits
No sooner was the notice posted than crowds
began TO gather at each door, and for hours.
though their component individuals were con-
stantly changing, the crowds swarmed upon the
steps reading the statement of President Wood
bury, and putting variety of interpretations
upon it, Nobody seemed TO be badly frightened,
and the universal sentiment was that the deposits
were perfectly safe
The Commercial National Bank did not open
its doors at ALL preferring TO avoid the inevitable
run. This notice posted:
This bank has gone liquidation. BY order Of the
Board of Directors.
There was no excitement whatever. Those who
stopped 10 read the placard chatted quietly about
the prospects, and all seemed confident of an
ultimate settlement in full
At the National Bank of Commerce there was
q long line at the window of the paying teiier
within a minute of the time the doors wer"
unlocked, at 10 o'clock. great rack OF eol1
coin was at the teller's hand, and for thirty
minutes he passed out the money as last as
checks were presented. BY that time the numoer
of waiting depositors had increased to nearly loo'
and the officers decided to save the cash that was
still on hand. Therefore at 80 notice was
hung at each of the doors reading as follows
This closed BY order Of the Board OF Directors
Those inside quietly filed out, with scarcely
trace of excitement, and in few minutes the
corner was clear of any crowd, though many
paused TO scan the announcement.
The A..'.hnt,.. Bank, 10" ntlN lncorlora'eu
with a capital stock Of 100000 and having
Offices in the Mining Exchange Building, closed
its doors this morning. with w. F. Robinson as
assignee C. F.. Gird, the present City Aud'tor'
is the president of the bank, and the directors
are considered as being among Denvers most SUD
stantial business Hen The Suspension OF pay
ment was brought about by the closing ol INC
Union National Bank, through which the Mer-
camille had made clcaranoes 1t is confidently
stated that the banks depositors will receive
every dollar due them This concern had been in
opcration only few months and had compara-
tiveIv few depositors consequently ito suspension
caused little excitement
At the Colorado National there was no run
at ALL but the usual business was transacted
and the number of new accounts caused the
officials OF the institution IT, look happy.
The CITY Nationals officials announced after
the run that they had paid out about S5o,ooo.
At the same hour the run was stopped at the
First National. The officials Of the latter In
stitution said that they had rather invited the
run than otherwise. and that not more than
$40 600 he'd been paid out. At the State Ma |
tional all Of those standing iii line were lhside
the doors at 2 o'clock, and it was estimated
XaS
practically broken at =? o'clock. In the long line
at the German National not business man was
seen The run was still oil at the regular closing
hour
,un was reported on the Denver National, Dut |
the rumor proved baseless. The crowd was com
nosed of the Union Pacific Railway emp ana
mon from the Grant smelter with time checks
Al the Denver Savings Bank, the only savings |
institution now open, there was a run III tie hoii-
ing. but il was over by noon NO money was /
paid out the bank demanding the legal no'ice ior
the withdrawal of deposits
Tho store OF the Mcnamara Dry Goods Company |
doing business at Sixteenth and Caliiorhia s's'' II
In the hands of the sheriff. Attachments "sS'o
oatinc 100000 were served on the hrm az an
early hour this morning. The UNION ->a'ion''
Bank which itself suspended TINS nlGin,s . ;,pnh
cipitated fine trouble by securing the nrst a''% ~
mn, st 70 AZ o'cIock lust after mldni9ht. Inc
resi- Of the attachments fouOwet III raplu sucous as
g. ~ Thn ,@nion National Banks attachment was |
for So 900 The attachment was oDtaineh & from aa
Mata hdams clerk of the District cour1, m MY at
awakened from his slumbers py '"c ''
torneys ... do,lar assigned |
NJ : Noah, instaiment furniture deaier; CT LASS Yas
to Calvin c. Hill this morning Inc % laILu, and e.
due 10 inability 10 collect outstanding pni, arrot "
the General depression Of the money Iiarht, ma; i
Noahs assets are placed at $4,000. ana M, an
bilities at SIG, 900 about equally divided "c'"'"
local and Eastern creditors. .o,,r.,t man |
Albert Nelson, the wcll-known restauran. ;nnt m%
of Curts-st, this morning made an assn1La snd.rSon
for the benefit of his creditors 10 RAM i hi.
He places his assets at about Sll1,olo, am ii
at about ,725. The assets Sonsis' % "
real estate valued AZ SIO7, 800. and subrc' ~
of S5l $50, and personal proPcit