Mineral Point Tribune

DENVER IS DONE FOR.

GENERAL PANIC IN THE COLORADO CITY.

SEVERAL BANKS CLOSED THEIR DOORS—YESTERDAY.

Withdrawals by Scared Depositors the Cause—Union National, With $1,000,000 Capital, Goes Under—McNamara Dry Goods Company Fails—Nervous People the Authors of Much Ruin.

Denver, July 18.—The Union National bank has failed. It has a capital of $1,000,000. No statement is yet made.

A run was made on the City National, German National, First National, Colorado National, and all the clearing house banks today. A general panic is on.

The Commercial National has closed its doors.

The National Bank of Commerce has also closed its doors. Ex-Governor J. A. Cooper is president of the bank.

The McNamara Dry Goods company, one of the largest houses in the world, was closed by attachment this morning. Liabilities $250,000; assets unknown.

President J. A. Thatcher, of the clearing house says: "I am confident today will see the worst of this and the people will come to their senses."

At the State National bank quite a run progressed. The officers appeared in the best of humor, and say they are confident they can weather the storm.

The Commercial National closed its doors when it became evident a run would be inaugurated, and a notice was posted: "Closed for liquidation, by order of board of directors." It has a capital stock of $250,000 and only $2,000 cash on hand.

At the American National small depositors, who are not numerous, made the run. The bank has $1,000,000 capital, and deals largely with men who handle big sums of money.

The Mercantile bank, a private institution, with a capital of $100,000, failed at noon. The failure was caused by that of the Union National.

Hyman & Company proprietors of the Beehive store, and McWhirter & Dipps, dealers in mantels and tiles, and Eagle & Harris, dry goods, have assigned.

The excitement and demand upon the banks continued unabated until about 3 o'clock when it subsided at all the banks except the Utah State National and the German National where the depositors seemed to increase instead of diminishing. Just before the close the failure of the Mercantile Savings bank with a capital of $100,000 was announced. Its assets are sufficient to pay all liabilities in time.

The constant drain on banks by scared depositors brought about the crisis. It is stated by bankers that no less than $500,000 has been drawn from banks in the last three months. Of this at least $5,000,000 is locked up in this city.

Late this afternoon two more savings banks assigned. The North Denver Savings bank and the private bank of Stephens & Blanchett, known as the Capital Savings bank.