The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-20
DENvER's CRAZY PANIC.
Banks Worth Three Times Whet The!
Owe Forced to Close.

Denver, July i9--The panic was on in
this city to-day with renewed vigor and
as a result the old German National, with
a reputation for stability of 20 years
standing, and the equally reputable State
National failed to open their doors for
business this morning. Later the Peoples
National failed. All night long depositors
stood in the line in front of the German,
and by o'clock there was one long sea of
faces stretching down the street.
On the opposite corner, where the State
Bank has so long done business, there
was also quite a crowd of anxious de-
positors waiting for the opening of the
doors. Here the people were relieved of
their agony at few minutes after
o'clock. when notice was posted to the
OBJECT that the bank would not open,
owing to lack of ready cash, and the
crowd moved away.
THE GEPMAN FAILS TO OPEN.
At the German there was evidently a
determination TO go ahead with business
up to almost the last moment, when a
slip of paper was pasted on a window
stating that the doors would remain
closed temporarily. Then the scene be
came distressing. Men and women down
the long line broke out in tears and wall
ing.
BY this time there was a run on every
bank in the city, and soon came the an
nouncement that the Peoples National
bank had closed its doors. A notice on
it's doors read: "This bank is closed by
order of the board of directors The as
sets are 81, 100000, and the liabilities
$4,000"
THE OTHER BANKS CLso SOLID.
The assets and liabilities of the other
two failed banks bear about the same
l,ns,,
failure is chargeable to long continued
drain by depositors and inability to raise
ready cash. All expect to resume
shortly.
Frank Adams, bank examiner, to-day
took charge of the Union National, Com
mercial National, National Bank Of Com
merce State National and German Ma
tional.
This afternoon the run at the Denver
National, was over, with an enormous
amount of money still in sight. The same
is true at the City and ali the other banks
and business men are beginning to breathe
freer.
There has been a considerable number
of failures among business houses of all
kinds within the last few days, caused by
attachments taken out by banks who fore
saw their suspension
Five national banks are still open.
OTHER FAILURES.
Among the failures that almost es-
capped notice was that of the Bank of
North Denver yesterday afternoon.
| The business firms whose embarrass-
ments became known range from liquor
! saloons to street railroads. There are in
! the list drug stores, lumber companies,
| gentlemen's furnishers, milliners, coal
companies, dry goods houses, jewelers.,
ready-nade clothing dealers, tailors and
| grocers.
Two bank failues are reported at Aspen
and one at Loveland
Commercial failures are also reported
! from many points in the state outside of
Denver, due principally to the fact that
the sufferers deposited in the Denver
banks which have suspended.
TWO CLOSE AT GREELEY.
Greeley, Col, July 19.-The Union
Bank closed its doors at p. m. to-day
and a half hour later the Greeley
National pulled down it's blinds and
turned the key in its door
The Unions statement says that
owing to the suspension of certain
! Denver national banks which had
on deposit several thousand dol
! lars of its money, and the steady
withdrawal of deposits, amounting to
! about $S0,000 in the past ninety days,
! they were compelled to suspend business.
| They say their liabilities are about $780,
000 with assets and paid up capital at
| 100000. AS soon as the fact of the sus-
| pension of these banks became known a
| steady run was made on the First Ma
tiOnal, but it continued to honor all checks
and drafts, and even after the regular
closing hour cashed two checks presented.