The herald., 1893-07-20
The German National Among
the Number.
Age and Stability Count for Nothing
In Such Times.
Distressing Scenes with essed in Front Of
the Suspended Institutionss
The Worst Believed
to Be Over.

By the Associated Press.
DENVER, July 19.-The panic was or
in this city this morning with renewed
vigor. AS the result, the old German
National bank, with a reputation for
stability of 20 years. standing; the
equally reputable State National, and
the extremely strong Peoples National
failed this morning.
All night depositors stood in line in
front OF the German National, and by 8
O'Clock there was one long sea of faces
stretching down the street. AT the op-
posite corner, where the State National
has go long done business, was also a
crowd Of anxious depositors. Here the
people were relieved OF doubt when, at 8
O'Clock, notice was posted on the doors
that the bank would not open, owing to
lack of ready cash.
At the German National. Just before
opening time, notice was posted on
the window stating that the doors were
closed temporarily. This notice caused
q distressing scene. Men and womsn
down the long line broke out in tears
and wailing.
The run on all the remaining banks in
the city was renewed. Reliable people,
however, say there will be no more sus-
pensions.
President McNeill of the State bank
says his bank has paid out over $500, 900
in the last 30 days. He declares the as
sets are twice as large as the liabilities.
The cashier of the German National
bank says inability to place securities
and failure to call in loans caused the
suspension OF hiH bank. There has
been 9 constant drain on the bank for
60 days. Over 1000, 600 has been paid
depositors. The bank expected $500, ,0CO
from the east this morning, but it failed
to come. The banks capital and sur
plus ls $500, 900. 1t is expected to re-
sumo. The assets exceed greatly the
liabilities.
The Peoples National closed at IL
O'Clock. A notice en- the door said
strlngency in the money market was too
severe. 1t was impossible longer to
Withstand the storm. A statement pub.
lished the 18th inst. showed les5 than
100000 cash, with deposits subject to
check of $210.000. The capital OF the
bank is 100000.
Bank Examiner Adams this morning
took charge OF the Union National, the
Commercial National, the National Bank
of Commerce, the State National and
the German National.
A number of minor commercial con-
Germs went under today.
The run on the Denver National ia
over, with plenty of money still in sight.
The same is true.of the City and all the
other unfailed banks. Business men
are beginning to breathe more freely.
The run on the national banks had
entirely subsidized by noon and at the
closing hour there were not half dozen
people around any of these institutions.
The weak banks had all been closed and
soundness of the five that withstood the
terrible storm yesterday and today.
j. A. Thatcher, president of the Dem
YER National and also of the clearing
house, this evening stated he antici-
pated no more failures. The banks that
had been kept open got through the
clearing house in good shape and showed
that they are in excellent condition for
the future. II am confident that if the
financial condition of the country
brightens little," he said, "the failed
banks will all resume and that every de-
positor will be paid dollar for dollar"
The Halleek- -Sayre-Newton Lumber
company assigned this evening to Fred
erick Il. Sayre. No schedule is given.
F. D. Sayre. assignee, said the assign
ment was the result of the closing of
the State National bank and was neces-
sary simply to gain time during the
present excitement. The company is in
very good condition and has assets
standing against liabilities in the ratio
OF 8 to 1, provided good securities could
be realized upon.
The Blake Lumber company assigned
to Emil B. Anna. No schedule was
fled. This company is connected in
business way with the Kaleidoscope
Newton company.
Denver failures affected other Colorado
points. At Aspen the Wheeler Banking
company, the pioneer bank of the city,
closed its doors this afternoon. A state
ment cannot be obtained at the present
time.
At Lovelend the Bank OF Lovelend
closed about noon. The assets are
largely in excess of the liabilities.
At Sterling the Bank of Sterling
closed. No schedule has been filed,