The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-07-19
Special TO the REcoRD-Ux1ox.

witnessed here like that of this morning,
shortly after the hour when the banks
were opened for business. The failure of
three savings banks yesterday had ex-
cited the masses, and at the hour of open
ing the street was crowded with anxious
depOsitors.
Eleven Clearinghouse banks, located
within four blocks of each other, were
surrounded and far into the streets crowds
gathered until the police were called to
clear the way for traffic.
At 10 o'clock the Union National, with
capital of 81, 900, 900, posted a notice that
they would not open their doors. This
started the panic and following quickly
the Commercial National posted similar
notice, and then the National Bank of
Commerce.
A run was Immediately started on all
the other banks. though to no great ex-
tent on the Peoples National.
The First National appears in unexcep-
fionable condition, having over 60 per
cent. of deposits on hand, with a private
fund of Sl,50O,OOO in addition to draw
upon, making it impossible to close their
doors. The Colorado National and sew
eral others are equally good.
The mob Withdrawing money is COM
posed of small depositors. The banks
are paying all demands except on term
certificates, demanding that these remain
until the expiration of their time.
President j. a. Thatcher of the Clear
ing House says: II am confident to-day
will see the worst of this and the people
will COYra tn THAR oapcac
of the Clearing House last night we de-
cided we could not help the banks, and
some of them have gone to the wall. All
of them, 1 believe, have ample security
10 protect all depositors. But, unfortu-
nately, at this time cash and not security
is what the majority of the people are
clamoring for"
AT the State National Bank quite run
Is in progress. The officers appear in the
best of humor and say they are confident
they can weather the storm.
Up to noon everything was quiet at the
Colorado National. 1t is understood half
million in gold was received there Just
before the doors opened this morning.
There is quite crowd of people about
the doors of the Denver National. TWAS
rumored run was in progress there, but
II was soon found that the men were
Union Pacific employees, simply getting
their checks cashed for the last months
work.
This bank is closed by order of the
Board of Directors is the notice posted
at every entrance of the National Bank of
Commerce. The officers inside refuse adj
mission to outsiders. The condition of
The bank is not known, as it did not print
statement yesterday, as was done by al
most all the other banks.
John p. Hanna of the CITY National
said they were in as good condition as
anybody. Hanna hopes to be able to con
trol enough of the deposits to tide over
the bank. Several of the principal de-
positors made large deposits this morn
ing. Some who owe the bank in the shape
of notes, but have cash deposited, had
payment refused on their checks. LA
bilities subject to check, $3.50. sos. OF this
the officials control nearly two-thirds, so
that the cash on hand, amounting to 1888,
33S, will meet the demands of small de-
positors.
The Union National closed its doors this
morning, and notice was posted explain
ing the bank had paid 81, 200, 900 to deposit
ors in the last few weeks and had real
lied on its securities as rapidly as possi-
BILE, but not fast enough. 1t has s. 6OO.-
600 of securities, and owes approximately
$4,000.
1t is thought to be able to realize on Sc
curities, when all the depositors will be
paid in full. 1t expects to open again.
The Union Banks resources consist of:
Loans and discounts, 81, 622, $50; United
States bonds to secure circulation, $780,
900; cash and exchange, sl47, 500; over
drafts, S32,07S; deposits, 1888, 55S; due
other national banks, Sl4,O9s; State Bank,
so, 500; paper outstanding, $4,000
President Woodbury. thinks the bank
will reopen.
The Commercial National closed its
doors when it became evident from the
size of the crowd outside that a run would
be inaugurated, and notice was posted:
"Closed for liquidation, by order of the
Board of Directors" 1t has capital
stock of $3.50, 900. There is only s., 600 cash
on hand.
Attic American National the small de-
positors, who are not numerous, made a
run. The bank has Loco, 900 capital and
deals largely with men who handle big
sums.
The excitement and demand upon the
banks after money continued undated
until about o'clock, when it subsidized at
all the banks except the Utah State Ma
Jional and German National, where the
depositors seemed to increase instead of
diminishing. Just before the close the
failure of the Mercantile Savings Bank.
with capital of 100000, was announced.
Its assets are sufficient to pay all liabiIi-
ties in time.
d. II. Moffatt, President of the Ma
tional. stated that the deposits at his bank
during the day greatly exceeded the with
drawals. The constant drain on the banks
by scared depositors brought about the
crisis. 1t is stated by bankers that no
less than SS000,000 were drawn from the
banks the last three months OF this at
least $4,000 is locked up in this city.
DRY-GooDs HOUSE ATTACHED.
denver, July IS.-The Mcnamara
Dry Goods Company, one OF the largest
houses in the West, was closed by an at
tachment this morning. The liabilities
are S2JO,0O0; assets unknown. The fail
ure was caused by attachments by the
Union National Bank for 81, $50; Colo
RADIO National. $50, s47. The President of
the latter bank had a private claim Of
$4,000, and d. Sheedys, an officer in the
Denver National, for $4,000.
Hyman & Co., proprietors of the Bee