The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1893-07-20

this morning with renewed vigor.
AS result, the old German National
Bank, with reputation for stability of
twenty years standing; the equally repu-
table State National and the extremely
strong Peoples National failed this morn
ing.
All night depositors stood in line in
front of the German National, and by 9
o'clock there was one long sea of faces
stretching down the street. At the oppo-
site corner, where the State National has
so long done business, was also a crowd
OF anxious depositors. Here the people
were relieved of their doubts when at
O'Clock notice was posted on the door of
the bank that it would not open owing to
lack of ready cash.
At the German National, lust before
opening time, notice was posted on the
window stating that the doors would be
closed temporarily. This notice caused
distressing scene. Men and women down
the long line broke out in tears and wall
ing.
The runs on all the remaining banks in
the city were renewed. Reliable people.
however, say there will be no more sus-
pensions.
President Mcneil of the State Bank
says that his bank has paid out over
$4,000 in the last thirty days. He de-
clares That the assets are twice as large as
the liabilities.
The Cashier of the German National
says that inability to place securities and
the failure to cali in loans caused the sus-
T1aneirr1 Of Ia,
constant drain on the bank for sixty days
past, and over million dollars was paid
to depositors. The bank expected $780,
600 from the East this morning. but it
failed to come. The banks capital and
surplus is 100000. 1t is expected to re-
sumo business, as the assets exceed
greatly the liabilities.
The Peoples National closed at II
O'Clock. The notice on the door said that
the strIngency of the money market was
too severe, and it was impossible to
longer withstand the storm. It's state
ment, published the 18th inst, showed
less than 100000 cash with deposits sub
.iect to check of $4,000. The capital of
the bank is S6O0,00O.
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 Banks.
a number Of minor commercial con-
Germs went under to-day. The run on
the Denver National is over with plenty
of money still in sight. The same is true
NJ the City and all the other INHALED
banks. Business men are beginning to
breathe more freely.
The run on the national banks entirely
subsidized by noon, and at the closing
hour there were not half a dozen people
around any of these institutions. The
weak banks have all been closed. and
there can be but little doubt of the sound
ness of the five that withstood the terri
bic storm yesterday and to-day.
J. a. Thatcher, President of the Den
yer National, and also OF the Clearing
house, this evening stated that he antici-
pated no more failures. The banks that
had kept open got through the Clearing
house i'll good shape, and showed that
they were in excellent condition for the
future. Pm confident that if the finan-
cial condition brightens little" he said.
''the failed banks will all resume. and
that every depositor will be paid dollar
Tor dollar"
The Hallack-SayreN Newton Lumber
Company assigned this morning. to Fred
orick +. Sayre. No schedule was given.
i. d. Sayre, assignee, said the assign
ment was the result of the closing of the
State National Bank and necessary
simply to gain time during the present
excitement. The company is in very
good condition, and the assets stand
against the liabilities in the ratio of three
10 one, provided good securieties could
be realized upon.
The Blake Lumber Company assigned
TO Emil b. Anna. No schedule was filed.
This company was connected in BUSH
ness way with the Hallacll- Sayre- New
ton Company.
The Denver failures affected other COL
orado points. AT Aspen, the Wheeler
Banking Company, the pioneer bank Of
the city, closed its doors this afternoon.
4 statement cannot be obtained at the
present time. At Loveland, the Bank Of
Loveland closed about noon. The assets
largely exceed the liabilities.
At Sterling the Bank of Sterling closed.
No schedule was filed.
SEATOR TELLER TALKS.
DENVER, July Ex-senator Teller. in
an interview upon the financial situa-
ton in this city, says: There is no one
reason to which the trouble can be
charged. 1t is partly silver, but more to
the general depression affecting the entire
country. The bank failures yesterday
were unwarranted and directly charge
able to the people, who became fright
ened. panic stricken at a shadow. No
hanks in the United States are in a better
condition than those in this city. There
is nothing less fair than to blame all our
ills 10 silver. 1t is much better to blame
some to silver speeches. Such unbridled
language and excited talk as the press
dispatches brought while / was East. can
have nothing but the most injurious
action on our case"
Teller expressed the belief that the
sherman law would be repealed, but not
without substitute of greater benefit to
silver.
He referred to Acting Director of the
Mint Preston as a young sprig" and
''ofiicious clerk because of his attempt
to jew down the price of silver and de-