Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-27

DENVER, Col, July 19-The panic was
IN in this city to-day with renewed vigor
and as the result the Old German National
with a reputation for stability of 20 years
standing aud the equally reputable state
National failed to open their doors for BUSH
ness this morning. Later the Peoples Ma
tional failed.
Ali night long depositors stood in line in
front of the German and by o'clock there
was one long sea of faces stretching down
tine streets. At the opposite corner, where
the State has long done business, there was
also quite n crowd of anxious depositors
awaiting the opening of the doors. Hero
the people were relieved Of their agony at II
few minutes after 8 O'Clock, when a notice
was posted on the door that the bank would
not open, owing to lack OF ready cash an 1
the crowd moved away.
AT the German Il slip of paper was posted
the windows stating that tao doors
would remain closed temporarily. Then
the women down the long line broke out in
tears and wailing. By this time there was
run on every bank in the city and
soon came the announcement that the
Peoples National bank had closed
its doors. The notice on tho doors read.
'This bank closed by order of the board of
directors. Net assets, 81, 100, 900; liabili-
ties, $50, 0O0.n
President MCNEIL OF the State bank says
his bank has uad out in cash n tritis moro
than $500, 600 within the last 30 days. He
evidently tried to call in his loans in order
to keep the doors open, but it proved to be
an impossibility.
In concluding long talk, lie said: ''Our
nj rxUir lar liab IL
ties " Charles NJ. Clinton, cashier of the
German National, stated that the exceed
ingly hard times and inability to place
curities, together with the failure to call in
loans, had forced them to close their doors.
During the last GO days, he said, thero
has been constant drain on the bank and
over 81, 600, 0U0 had been raid to deposi-
tors. The bank expected $780, 900 from
The east this morning, but it failed to arrive
and as had paid out nearly all our
money during Yesterdays we were
forced to close. The officers expect it to ro-
sumo i'll time, as its assets are greatly in ex-
cess Of the liabilities.
The statement OF the Peoples National
published ON the 18th showed that they
had less than $50, 600 in cash on
hand, while tho individual deposits sub
ject to check, not counting any other,
amounted to $4,000. The capital stock
Of the bank is 5000, goo.
Later ia the day Tucker g. Co., dealers
In gentlemen's furnishings and the Peoples
company, made cssignmonts.
This afternoon the run at the Denver Ma
tonal was over, with an enormous amount
OF money still in sight, The same is true ct
the city and all the other banks, and BUSH
men breathing freely.
at the closing hour there were not half
dozen people in around any of tho ma
tional banks here. The weak banks have
ali been closed and there can be but little
doubt Of the soundness of the five that with
stood the storm of yesterday and to-day.
D. a. Thatcher, president of the Denver
National and also of the clearing house, this
evening said that he anticipated no more
bank lsures. Those that kept open passed
through the clearing house in good shape
and showed that the were in excellent con-
dition for the future. An examination of
the affairs of the closed banks has been
made and in no instance has there been
found the slightest dishonesty or crooked
work.
II am conident,n said Mr. Thatcher,
that if the financial condition of the coua-
try brighteus a little. they will all resume
aud every depositor will be paid dollar for
dollar"
The J. i. Whoolng Banking company of
Aspen, Col, Bank of Sterling, Sterling Col,
and the Bank Of Lovelsnd, Col, have as
signed. No statements have been issued
Two National Dank, Close Doors.
WASHINGTON, July 10. The comptroller
Of the currency has been advised that the
Hutchinson National bank, Hutchinson,
Kansas, closed its doors to business this
morning, and that the Bozeman National
bank OF Bozsman, Montana, has failed.
Failure of Two Kansas State BANKS.
TOPEKA, Kan, July 10 Information
has been received at the Office of the State
bank commissioner, Of the failure of the
State bank of Parker, Linn county, and the
Woodsoh State bank OF Yates Centre,
Woodson county, both small concerns.
More Il sino,s Ea!lurs..
WASHINGTON, July 2l.-The comptroller
Of the currency has been informed that the
Farmers National bank of Henrietta, Tex,
has failed. The First National bank of
Grand Junction, Co.., has suspen ded also
tie First National bank of Canon City,
COL; J. b. Wheeler &, Co., bankers of Co.
orudo City; T. A. Kent broker, and the
First National bank of Cheyenne, Wyo. ;
the First National bank OF Harrisouville
Mo. and the Johnson County Savings
bank Of Warrensburg, No. The Traders
bank OF Tacoma failed TO open for business
this morning.
Failures FOR tho Week.
New YoRK, July 2l.-Bradstreet's re-
ports OPT failures in the United States this
week the largest number for week on
record against l19 in the third week Of
July, 1892.