The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-07-20

cltemeut IN Ghe Larry morning Wn6n
Crowds of Depositors Gathered in the
Streets-Bank Officers Express Conf
dence That All Demands viii Eventual
Iy Be Paid in Full-Other News of
Financial Troubles.
DENVER. Col, July 19.-The long ex-
pected closing of the Peoples National
Bank came at about IL O'Clock today,
when notice was posted on the doors
stating that the stringency of the money
market was so severe that it was i'm
possible for the concern to longer stand
the storm. The statement published the
18th showed that the bank had less than
$4,000 cash on hand. Its capital stock is
100000. This was one of three bank
suspensions during the day, the others
being the old German National, with a
reputation for stability of 20 years
standing, and the equally reputable
State National.
All night long depositors stood in line
in front of the German, and by 8 O'Clock
there was one long sea of faces stretch
ing down the street. At the opposite
corner where the State has so long done
business, there was also quite crowd Of
anxious depositors awaiting the opening
of the doors. Here the people were re-
lieved of their agony at few minutes
after O. clock, when notice was posted
on the door to the effect that the bank
would not open owing to the lack of
ready cash, and the crowd moved away.
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 the window
stating that the doors would remain
closed temporarily. Then the scene be-
came distressing. Men and women
down the line broke out in tears and
wailing. By this time there was run
on every bank in the city, and soon came
the announcement that that the Peoples
National bank had closed it's doors. The
notice on it's doors read:
'sThis bank is closed by order Of the
Board of Directors. Net assets, 81, 1O0,ss
900; liabilities, $310,000."
President McNeill. of the State Bank,
says that his bank has paid out in cash
trife more than 100000 within the
last 80 days. He evidently tried to call
in his loans in order to keep the doors
open, but it proved to be an impossible
ty.
In concluding long talk he said:
"Our assets are fully twice as large as
our liabilities"
Charles M. Clinton, cashier of the Ger
man National, stated that the exceeding
ly hard times and inability to place Sc
curities, together with the failure to call
in loans, had forced them to close their
doors.
''During the last go days." he said,
ssthere has been a constant drain on the
bank, and over $1,0O0,000 has been paid
to depositors, some days the demand be-
ing all the way from S25, 900 to 900.
The bank expected $4,000 from the
East this morning, but it failed to ar
rive, and as we had paid out nearly all
our money during Yesterdays run, we
were forced to close"
The president of the bank is John J.
Reithman, and it's capital and surplus is
$5OO,0O0. Its officers expect it to resume
of it's liabilities.
This afternoon the run at the Denver
National was over, with an enormous
amount of money still in sight.
Later in the day, Tucker & Co., deal
ers in gentlemen's furnishing goods, and
the Peoples Tool Company assigned.
At the closing hour not half dozen
people were in or around any of the ma
tional banks here. The weak banks
have all been closed, and there can be
but little doubt Of the soundness of the
five that have withstood the storm of
Yesterday and today. j. A. Thatcher,
president of the Denver National and of
the clearing house, this evening said he
anticipated no more bank failures. Those
that kept open passed through
the clearing house in good shape,
and showed that they were in
excellent condition for the future. An
examination of affairs of the closed
banks had been made, and in no instance
had there been found the slightest dis
honesty or crooked work. Il am con-
fident.n said Mr. Thatcher, s'thatif the
financial condition of the country bright
ems little, they will all resume and
every depositor will be paid dollar for
dollar
About dozen failures in all were re-
ported here today, including the assign
ment of two small private banks.
Furnace Company Attached.
SHARON, Pa, July 19.-Attachments
aggregating $55, 10000 were served today
on the Douglass Furnace Company OF
Sharpsville. The failure is attributable
to the recent assignment of Forsyth,
Myde & Co., Chicago, by whom the
furnace has been operated.
Bankers Arrested.
MILWAUKEE, July ia despatch
to the Sentinel last night from Shell
Lake, Wis, says that A. G. Probert and
Edwin Probert, bankers who operated
banking institutions at Washburn, Ash
land, and Shell Lake, were arrested at
Washburn yesterday charged with hav-
ing violated the banking laws. The
three banks in which the prisoners were
interested failed recently and an ex-
animation shown, it is said. that all the
institutions were in bad shape, and that
deposits were received after it must
have been known that they were in
solvent.
New York Failures.
NEW YORK, July ia. Cohen q Co.,
lace importers, III Prince street, as
signed today; liabilities, SAC, 900; nominal
assets, $4,000. The carpet house OF