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PANIC IN DENVER. Three National, Three Savings and Three Private Banks Close on the 17th and 18th. The financial squall struck Denver a hard blow Monday and Tuesday. The first sign of a wreck was seen when the People's, Colorado and Rocky Mountain savings banks failed to open Monday mornIng. This caused an increase in the distrust of other banks which has been growing for some time, and during the day small runs commenced on the Union bank. The statemente published in the evening payer by several national banks were not calculated to restore confidence in them, and it was evident that there would be more trouble for them the next day. The directors of the Union national and Commercial nati onal were evidently of that opinion as they did not open their doors at all, and the National Bank of Commerce after sustaining a run for twenty minutes closed. On the doors of the Union bank the following notice appeared The Union national bank is In the hands of the comptroller of the currency. We have paid to our depositors, in round numbers, a million dollars in the past few months, and have $1,600,000 in assets to meet our remaining liabilities, and which amount to about $500,000. We have realized on assets as rapidly as possible, and enough loan payments have been promised the last of the week to enable us to take care of depositors again. If then paid. and the comptroller assents, we shall then reopen. In the meantime every depositor may be fully assured that be can by no possibility lose a dollar of his deposits. R. W. WOODBURY, President. The Union bank is one of the oldest in the city and has done a large business, but apparently the depositors have recently lost confidence in its soundness. Large amounts of money have been withdrawn from this and other banks and placed in safe deposit vaults in which all the boxes are said to be full at the present time. The National Bank of Commerce has liabilities of $700,000 and assets of $1,500,000. Ex-Governor Cooper is president. The Commercial National reports liabilities at $435,000 and assets at $750,000. Three small banks. the Capital, the Mercantile and the North Denver, closed their doors as a result of the large banks closing. They have small liabilities. To a greater or lesser extent there was a run on every bank in town. In several instances it was hardly visible and was over almost before it began. it otherr it lasted until the hour at which the banks closed. There was a big run on the German National. First National, City National and State National, but the run had about ceased on them at night, and it looked as though they would pull through. The bank officers claimed that the run was participated in by check holders and small depositors and that they could weather the storm all right. The failure of the banks carried down a number of business houses. The largest of these was the McNamara Dry Goods Company, which was attached by the Union bank for $70,000. Other claims against the firm aggregate $255,000. The John Mouat Lumber Company also assigned
