The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-20
Three More Suspensions Yesterday Bring the
Total Failures for the Three bays Up
TO Twelve in that Fair City.
Also Twenty Mercantile Houses in
Two Days Forced to the Wall.
Perfect Slough of Bank Failures ThroughOu
the West-Talk with Senator Teller
Panicky Situation in New York.
DEPOSIrORS IN LINE.
fearful Scenes In the Street Yesterday When
Three More Banks Closed.


Three More Banks Closed.
Special 10 the Indianapolis Journal.
DENVER. July 19.-Contrary to last
nights prediction. the panic was on with
removed vigor to-day and the few remain
ing banks in this SO long secure city under
went runs that more seriously crippled
them. Before the sun was many hours
high three more national banks had been
added 10 the record Of Monday and Tues
day, making the seml-week's total twelve
in number. Out of seventeen supposedly
strong and fourishing institutions In this
beautiful city last Saturday night. backed
by men supposed to he good for
$50. .OO0,0 900. only five banks remained
to do business tonight and these
were sadly crippled and using every re.
source to get support from the East. The
banks that went to the wall to-day were
having reputation as good as any In the
country; the State National. heavily
backed institution. and the popular Peo-
ples National. All last night line of de-
positors stood in front of the banks wait
ing for their chance to draw out money to-
day. Shortly before time TO open the
doors notices were posted at the first two
announcing suspension, and the sad-ey ed
crowd turned away empty handed.
The scene was distressing. Men and
women down the long line broke out In
tears and wailinR. By this time there was
run on every bank In the city, and soon
came the announcement that the PEOPLES
National Bank had closed it's doors. The
notice on the doors read: THE bank is
closed by order of the board of directors.
Net assets. S1.1OO.0OO; liabilities. $4,000"
President Mcneil. of the State Bank, says
that his bank has paid out in cash little
moro than 5000. 600 within the last twenty
days. He evidently tried to call in his
loans in order to keep the doors open. but it
proved to be an impossib bility. Charles
M. Clinton, cashier Of the German National,
stated that during the last sixty days
there has been Q constant drain. and over
Ors, some days the demand being
ali the way from s25OOO to $4,000.
The bank expected $500, 900 from the East
this morning, but it failed 10 come. and as
it had paid out nearly all the money dur
ing yesterdays run. it was forced to close.
The long-eXpected closing OF the Peoples
National came at IL O'clock. when Presi-
dent Lawrence had Q notice posted on the
rooms
stating that the striDgency of the money
market was so severe tnat il was imp0e-
sible for the concern to longer Withstand
the storm. Their statement published on
the 18th showed that they had less than
$50, 600 In cash on hand, while the individu-
al deposits subiect to check, not oountin q
any other, amounted to $4,000. The cap.
ital stock of the bank is $500, 600. A tour OF
the banks just before the closing hour
showed that the excitement had not died
md ha satii m
II do not think / Will have to place q
bank In Denver In the hands of q receiver "
said Hon. Frank Adams, tho bank examiner
for Colorado to-day. Mr.. Adams further
will all resume business in a short time.
Mr.. Adams seems to have the utmost conf.
dence In the belief that the banks will re-
open again in few days and that no losses
will follow to deposltors The morning
train from Omaha brought in $4,000 in
cash for the Denver National Bank. An
other bank last night received two iron
safes full Of money from the East by ex-
press.
ia. Thatcher, president of the Denver
National. and also of the clearing house.
this evening stated that he anticipate no
more bank failures. Those that had kept
open passed through the clearing hOuse In
good shape, and showed that they were in
excellent condition for the future. An ex-
animation of the affairs of the closed banks
has been made. and. TO the credit of their
offcers 1t can be SAID that In no instance
has there been found the slightest dishon-
esty or crooked work.
II am confident" added Mr.. Thatcher
"that if the financial condition of the coun.
try brightens q little they will all resume
and every depOsitor will be paid. dollar fol-
dollar"
The North Denver Bank closed its doors
late yesterday afternoon. There was no
great run, but the bank was unable tC
realize on it's securities and was short OF
funds. The depositors have been assured
that they will be paid 100 cents on the dol.
lar. w. Fl. Yankee Is vice president aDd s.
S. Kennedy president