The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-19
A sESsELEss SCARE.
Denver People Needlessly Excited Pre-
eipitate a Run on Her Banks.

Denver People Needlessly Excited Pre-
eipitate a Run on Her Banks.
DENVER, July 1s.-No scene was ever
witnessed here before like that this morn
ing. Shortly alter the hour when the
banks opened for business the failure OF
the three savings banks yesterday had
excited the masses, and at the hour of
opening the streets were crowded with
anxious depositors. The eleven clearing
house banks, located within four blocks
of each other, were surrounded and lar
into the street a crowd gathered till the
police was called to clear the way for
traffic. At 10 o'clock the Union National
with capital of 81 ,000, 600, posted a no.
tice that they would not open the doors.
This started q panic and following
quickly the Commercial National posted
similar notice, then the National Bank
tof 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 to be in unexceptionabie
condition, having over 60 per cent. of its
deposits on hand, with a private fund Of
| 81 500 900 in addition to draw upon, max
! ing it impossible to close their doors. The
| Colorado National and several others are
equally good. The mob which is with
drawing it's money is composed of small
| deposItors. The banks are paying all de-
mands except on time certificates, de-
mauding that these remain till the ex-
piration of the time.
! President J. A. Thatcher, OF the clear
| ing house, saws: 81 am confident today
! will see the worst of this, and tho people
Will come to their senses. At C meeting
of the clearing house last night we decided
that we could not help the banks, and so
some OF them have gone to the wall. All
OF them, | believe, have ample security to
| protect all depositors, but unfortunately
at this time cash and not security is what
a majority OF the people are clamoring
for''
AT the State National bank quite a run
was in progress. The officers appear 20
i be in the best humor and say they are
confident they can weather the storm.
Up to noon everything was quiet at the
| Colorado National. 1t is understood
$500, 600 in gold was received there just
before the doors opened this morning.
/ Quite a crowd of people was about the
doors of the Denver National IL was ru-
mored that q r1n was in progress there,
but it was soon seen that the men wer5
Union Pacific employees simply getting
checks cashed for last months work
ssThis bank is closed by order OF the
board Of directors is the notice posted
at every entrance 10 the NatlOnal BANK OF
! Commerce. Officers inside refuse admis-
sion to outsiders. The condition of this
bank is not known, as it did not print
statement yesterday, as was done by al
most all the other banks.
4 John II. Hanna OF the City National
said they were in as good condition as
any body. Hanna hopes to be able to
control enough deposits to tide over the
bank. Several OF the principal depositors
made large deposits this morning Some
4 who owe the bank in the shape of notes
/ but have cash deposited had payment re-
fused on their checks. Their liabilities