Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1893-07-19
SEVEN OF EN- NOW.
Four More Denver Banks Sus-
pend Their Business.
OTHERS HAVE TO WITHSTAND RUNS.

All Claim To BE Able to Pay Their La
bfIitics, But Need Time TO Raise the
Cash-An Epidemic of Failures in Trade
Big Dry Goods Firm Goes Under-A
Bank at Fort scott. Kansas, Closes
Chicago Chemical Not to Resume.
DENVER, July 19-Three national banks
the Union National, the Commercial Ma
tional, and the Bank of Commemorative
closed their doors owing to the heavy de-
mands Of excited depositors. The Mercan-
tile bank, a small private institution doing
business in the Mining Exchange building,
also suspended owing to the close of the
Union bank, through which its clearances
were made. The suspension of three saw
ings banks Monday so alarmed the com
munity that at the hour for opening the
banks crowds had gathered in front of
nearly all the financial institutions. At
the German and City National banks the
run was heavy, although the First Ma
tional, the Peoples, and one or two others
felt the unusual pressure to some extent.
First Concern to shut Down.
The streets were full of people discus
sing the situation. 1t was an orderly
crowd, however, and there was much sen
sible and conservative talk. The run on
the Peoples bank soon exhausted
itself and by II o'clock affairs had re-
sumed their normal condition. At the
City National the run was over by
O'Clock and at the other banks except the
German the excitement was all over by
noon. At the German National the crowd
kept in line in front of the tellers window
all the afternoon. 4 few minutes before
10 O'Clock there was posted on the front
and side doors of the Union National bank
a notice signed by r. W. Woodbury., presi-
dent, announcing that the Union National
bank was in the hands of the comptroller
of the currency: that it had paid to deposi-
tors in round numbers 100000 in the
past month and had 81 10000 in assets to
meet remaining liabilities, which amount
TO about $500, 600. and that if promises to
the bank were kept it would reopen in a
few days.
At Two of the Other Banks.
The Commercial National did not open
its doors at all, preferring to avoid the in
evitable run. This notice was posted:
''This bank has gone into liquidation by
order of the board of directors" At the
National Bank of Commerce there was a
long line at the window of the paying
teller within minute of the time the
doors were unlocked at 10 o'clock. A
great rack of gold coin was at the teller's
hand and for thirty minutes he passed out
the money as fast as cheeks were present
ed But at 1890 a notice was hung at
each of the doors reading as follows:
"Ths bank is closed. By order of the
board of directors"
The Fourth to Lay Down.
The Mercantile bank, recently incorpor-
ated with capital stock of 100000, and
located in the Mining Exchange building,
also closed it's doors with W. F. Robinson
as assignee. G. F. Grid, the present city
auditor, is the president of the bank, and
the directors of the concern are considered
as being among Denver's most substantial
business men. The suspension of payment
was brought about by the closing of the
Union National bank, through which the
Mercantile had nasde clearances. Its con-
fidently stated that the banks depOsitors
will receive every dollar due them. This
bank had been in operation only few
months, and had comparatively few de-
posits, consequently its suspension caused
very little excitement.
Where Runs Were withstood.
The City National paid out about $780,
600 and the run stopped, while at the First
National $4,000 sufficed TO satisfy deposi-
tors. At the State National the run was
broken after $4,000 were paid out The
German National paid out $4,000 up to
the closing hour and the run was still on
At the Denver Saving bank there was n
run in the morning but it stopped ut
noon, no money being paid out, as the bank
demanded the legal notice