The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-27
FINANCIAL DISTURBANCE.
BAD STATE OF AFFAIRS AFFECTING
ALL PARTS OF COLORADO.
Thirty Thousand Men Thrown Out of EN-
ployment by Shutting Down Of Mines,
Shelters and Dependent Institutions.
Numerous Business Failures.


banks. This morning when the First,
Colorado, Denver City and American
National banks opened their doors
there were hardly dozen depositors
in all of them at the paying iellers'
windows. In the First and Colorado
National banks long strings of depos-
itors reaching nearly to the street were
lined up in front of the receiving
Q window and money was going
back into the bank vault almost as
rapidly as it was withdrawn during
the past three days. The German,
State and Peoples Nationals could pay
three for one if they could realize on
securities.
There may be few commercial
failures in the city within the next few
days as result of the suspension of
banks, but it is believed that in no in
cial houses, will the failure be COM
plete and resumption of busin SIS will
surely follow shortly. 1t is stated to-
day that the Mcnamara dry goods
house which failed Monday for $780,
900 have settled with their principal
creditors and will resume business
Monday.
UNEMPLOYED LABOR.
DENVER, Colo, July 20.-The clos
ing down of the silver mines, smelters,
and reduction of working forces OF
coal mines, railways and manufactures
in this state because of the re-
duction in the price of silver has
caused adeplorable condition of affairs
among the laboring classes. It is es-
timated today that there Is in Denver
10, 900 men unable to secure employ
ment. There are 10000 in outside
whom are making their way to this
city where they will become public
charge if conditions do not speedily
change. In order to avoid this all the
commercial bodies in the city met rep
resentatives of eastern roads this after
noon and the latter were asked to make
So rate from here to the Missouri river
for this class of people. 1t is argued
that these men are not paupers but if
they can get into the agricultural dis
tricts they may be aDle to secure EN-
ployment in harvest fields where men
will soon be in demand. The Typo
graphical union at a meeting last
night appropriated $1,000 for the pur
pose of sending unemployed men to
their homes in the East. Railroads
have been asked to make a $l5 rate
for these men to any point between
here and Chicago. A conservative
estimate of the men discharged by
railways, mines, business houses and
factories since the silver panic started
places the number at 10000 to $4,000.
1t is also estimated that Colorado,
U ali, Montana and New Mexico mer-
chants have countermanded orders on
New York wholesale houses for goods
during this time amounting to over
$4,000, 900.
FROM COMPTROLLER ECKELS.
WAsHINGToN, July 2O-James H.
Eckels, comptroller of the currency,
this morning addressed to National
Bank Examiner Adams at Denver a
dispatch defining the policy of the ad-
ministration with reference to insol-
vent national bank institutions gener
ally AZ follows:
Il wish you would announce to off.
GERS of banks which failed in Denver
that it is my intention to lend them
every aid possible looking towards g
speedy resumption on their part and
shall grant them sufficient time tc
enable them not only to collect such
accounts as are speedily collectible, but
get together such amounts of money
as will enable them to open up on {
safe basis. 1t seems to me that sucl
citizens as have by foolish course @
conduct in withdrawing de,
posts from banks which 81
long enjoyed their complete conf
dence and brought about this condi
ton right in view of the damage the,
have done their city as quickly as pos
sible repair it by standing ready to de
post with them. fully appreciat,
all the circumstances of the situation
and that no unnecessary loss may D(
entailed you are authorized to emplo,
as assistants to protect paper an(
collect in moneys the more competen
and trustworthy employees in such in
stitutions. | have also ordered Elk
, aminer McHugh of Iowa to report a
once to assist you.
dCollO lhlo GclCs5lulu W No SlNOi
to the press at Denver, evidencing a
) it does that the comptroller has faitI
+ in the ability of the banks of Denve
: to resume and of his desire to len
L them every assistance consistent wit
n his official duty"
= A BANKERS VIEWS.
y DENVER, July 20.-In speaking {
, the financial condition in Denver tc
day d. H. Moffatt, president of th
First National bank, said: "Fiv
. National banks are absolutely all rigt
- and perfectly able to pay every dolla
~ to their depositors and still continu
q business. rhe only persons who wi
g have trouble from this time on al
y those who caused their money to
u locked up in suspended banks. TIL
IS trouble so far as the banks are c1I
,, cerned is over. 1t was bound to com
:. and am glad it is ended, as confidenc
g will now begin to restore itself, al
- times will grow better in Colorado
Other bank presidents spoke sin
ilarly.
q. DENVER DRY GOODS HOUSE.
80 DENVER, July 2O.--The Flande
L Drygoods house, occupying five stol