Morning journal and courier., 1893-07-19
EXCITEMENT IN l6ENvER.
One Bank After Another Closed It Doors-Crowds of People Surroun, the Banks.

EACA nNA HIN /DHN Hns One Bank After Another Closed Hts Doors-Crowds of People Surround the Banks.
 DENVER, Col, July IS No such scene 1 was ever witnessed here as was seen this ! morning shortly after 10 o'clock, when the
 banks are supposed to open their doors for 1 business. The failure of three savings banks yesterday had greatly excited the
 masses, and at the hour of opening to-day the streets were crowded with anxious de- positors. The eleven clearing house banks located within four blocks of each other
 were surrounded, and far into the street
 tho crowd gathered until officers and spec is1 police were called out to clear the way
 for traffic.
 At 10 o'clock the Union National, with
 capital of $1 1000, ,OOO, posted a notice that
 they would not open their doors. This
 started the panic, and following quickly,
 the Commercial National posted eimilar
 notice and then the National Bank of Com
 merce. A run was immediately started on
 all of the other banks, though to no great
 extent on the Peoples National.
 The First National appears to be the
 soundest of all, it having over sixty per
 cent of it's deposits on hand with private
 fund of $1, 800, ,000 in addition to draw
 upon, making it impossible to close its
 doors. The Colorado National and several
 others are in equally as good condition.
 Those withdrawing their money are all satisfied to let their accounts remain in the banks. The banks are paying all demands except on time certificates.
 President J. A. Hatcher of the Clearing House association said: ''I am confident that to-day will see the worst of this and people will come to their senses. At the 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, I believe, have ample security to protect all depositors, but unfortunately at this time cash and not security is whst the majority of the people are clamoring for"
 At the State National bank of which J. D. McNeill Is president. quite run was in progress and & large nu nber of men and women were in line waiting for their turn to come so they could get their money The officers of the bank appeared to be in the best of humor and said they are con hdent that they can weather the storm.
 Everything was quiet at the Colorado National. It Is understood half million In gold was received there just before the doors opened this morning. President Kountz says he has no idea he will need 8 penny of the fresh supply of money.
 There was quite a crowd of people around the doors of the Denver National and it was rumored that & run was in progress there, but 1t was soon found that the men were Union Pacific employees and that they were only getting their cheeks cashed for last months work.
 "This bank Is closed by order of the board of directors" is the notice posted at every entrance to the National Bank of Commerce, of which ex Governor Job A. Cooper is president. The condition of this bank Is not known to the general public, as its officers did not print a statement yesterday, as was done by almost all of the other banks.
 John R. Hanna of the City National bank said that they felt themselves to bs In ss good condition as anybody. The bank re. gently borrowed $40, ,000 from the east and was paying in gold this morning.
 "If this thing keep up," said MT. Hanna, Git Is only question of time until every bank in the country will go down. The feeling is the same all over the country.
 Several of the 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. The banks liabilities to depositors whose funds are subject to check is S5S9,8 Of this the banks officials control nearly two-thirds, so that the cash on hand and that which is to be paid immediately, amounting to s3333, ,33S, will meet the demsnds of small depositors.
 The Union National bank expects to open again for business as soon as 1t can realize, but the Union banks resources consist of loans and discounts amounting to $1 ,622,- 6SS, United States bonds to secure circu- lation $150, ,000; cash and exchange S147,- o67, and the redemption fund due from the United States treasurer of SC, 750. It has overdrafts secured and unsecured depositors amount to $533, ,55S. There is S14, 997 due to other National banks and $29, sos to state banks, and the bank has paper outstanding for $170, 900. The fail ure of the Chamberlain Investment com pany few days affected the Union Ma tional bank quite heavily. The company had become indebted to the bank in the of $50, 900, which weakened the bank in the estimation of those who knew the relationship.
 The Mercantile bank, private institu- tion with capital stock of $100, 900, also closed it's doors to-day. The failure was caused by the failure of the Union Nation al bank, through which it cleared. City Auditor Girada is president. The run up on the banks continued until about ? o'clock, when it almost entirely subsided at ail the banks except the German Nation al, where iS continued until the close Of the h7ur. This bank is understood to have a special train on the way from Kansas City bearing $490, ,000 The First National bank received $35O, ,O0O to-day.
 The opinion among bankers and business men Is that the panic Is over and that no more banks will be obliged to close. The suspended banks expect to resume business in 8 short time.