The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-20
MORE BANKS GO DOWN.
THREE OF DENvER's NATIONAL BANKS
CLOSE THEIR DOORS.
Intense Excitement Prevails and Small De-
positors are Drawing Their Money as
Rapidly as They Can Get It-Banks
in Other Cities Close Their Doors.

seen here this morning ST. ortly after 10
o'clock when the banks were supposed
to open their doors for business. The
failure of three savings banks yester-
day 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 far into the streets the
owd gather until officers and special
| police called out to clear the way for
traffic. At 10 o'clock the Union Nat
ional, with capital of 81 100000, pos
ted notice that they would not open
their doors, This started panic and
following quickly, the Commercial
National posted a similar notice, and
then the National Bank of Commerce.
A run was Immediately started on all
the other banks though to no great
extent upon the Peoples National.
The First National appears to be the
soundest of all, they having over go
per cent of their deposits on hand,
with private fund OF $l,500,0 900 in
addition to draw upon, making it i'm
possible to close their doors. The
Colorado National and several others
are in equally good condition. The
mob withdrawing money are all
small depositors, large holders being
sotisfied to let their accounts remain
| in the banks. The banks are paying
all demands except on time certif-
Gates, they demanding that these re-
main until the expiration of the time.
President j. A. Thatcher of the
Clearing house association said: 81 am
confident that today will see the worst
of this and the people will come to
their senses. At 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 Sc
curity to protect depositors, but un-
fortunately, at this time cash and not
securities is what the majority of the
people are clamoring for.n
At the State National bank, of
which j. D. Mcneil is president, quite
a run is in progress. The officers of
the bank are in the best of humor and
say they are confident that they can
weather the storm.
Everything is quiet at the Colorado
| National. This bank was closed by
order of the board of directors. There
is a notice posted at every entrace to
the National Bank of Commerce, of
which eX Governor j. A. Cooper is
president. The condition of this bank
is not known. John r. Hanna, of the
City National bank said they felt
themselves to be in as good condition
as anybody. The bank is paying in
gold. Several principal depositors
made large deposits this morning and
friends of the bank are putting in such
sums as they have at hand and can
spare. Those making runs on the
bank are those who have small ac.
counts. The banks liabilities to de-
positors whose funds are subject to
check is $5S9, 9,S0S01. Of this the bank
officials control nearly two thirds, so
the cash on hand and that which is to
be had Immediately amounting to
$333, 33S 55 will meet the demands of
small depositors.
| The Union National bank closed lis
doors this morning and notice was
posted explaining that the bank had
paid out approximately $1,000, 900 to
| depositors in the last few weeks.
The notice further stated that the
bank had realized on its securities as
rapidly as possible, out it was not fast
enough to suit the depositors. 1t has
$1,000, 900 in securities and owes ap-
proximately 100000. 1t is thought
the bank will be able to realize upon
its securities, when all the depositors
will be paid in full. The bank expects
to open again for business as ,oou as it
can re llize.
The Union bank, r.sources consist
of loans and disc ,unts amounting to
81 ,622 6SS S5, United States bonds to
secure circulation $l50,000, cash aud
exchange SAL 1547 80, and redemption
fund due from the Uuited States treas
ury OF $3.50. 1t has overdrafts, Sc
cure1 and unsecured, amounting to
$32, ,0772. liabilities to depositors $685.
55S %. There is $l4 ,09792 due other
national banks. and 500, ,S0S G5 to
state banks, and the bank has paper
outstanding for $l70000 President
| WoOdDnry Is Oi the GplnlCn the bank
will reopen and do business as before.
1t is on, of the oldest banks in Denver
and has alwal : been regarded as solid.
| The failure OF the chamberlain Invest
ment company few days ago affected
the Union National bank considerable
| The company was indebted to the
bank III the neighb jrbood of $4,000,
which weakened the bank in the esti-
lnation OF those who knew the rela.
tionship.
The Commercial National bank
closed its door this morning within a
few minutes after rropening, Tor it be-
came app aren't from the siz9 of the
crowd Ia front OF the bank that run
would be i,augurated. A notice was
posted on the door: CLOSED for liqu-
dation by order of the board of di-
rectors." The bank is in bad shape.
1t has a capital stock of S250,000 and
only had $4,000 in cash in the bank.
Small depositors rushed to the
American National bank this morning
and began TO draw out deposits. The
American National bank has less
small depositors than any other. Its
capital is $1.000,000. Its dealings have
been largely with men who handled
/ 4 4 zG l.