1104. City National Bank (Denver, CO)

View Charter #1955 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1955
Charter Number
1955
Start Date
July 18, 1893
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
0c8c5dc9f32b07a9

Response Measures

Accommodated withdrawals, Fed/other loan, Public signal of financial health, Capital injected, Partial suspension, Full suspension, Books examined

Description

Contemporary articles (July 18–20, 1893) report a heavy run on the City National in Denver triggered by failures/suspensions of other Denver banks (Union National, Commercial National, National Bank of Commerce). City National met demands (paid out ~ $30,000) and remained open; later reports describe resumption of normal business. Thus this is a run on the bank but not a suspension/closure.

Events (3)
1. April 9, 1872 Chartered
Source
historical_nic
2. July 18, 1893 Run
Cause
Local Banks
Cause Details
Run followed failures/suspensions of other Denver banks (Union National, Commercial National, National Bank of Commerce) which triggered depositor panic and withdrawals at City National.
Measures
Paid out deposits (about $30,000 reported); continued to meet demands and reassure depositors; remained open.
Newspaper Excerpt
A run is now being made on City National...At the City National the run was over by 1 o'clock; the City National paid out about $30,000
Source
newspapers
3. January 7, 1895 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (15)
1. July 18, 1893 The Jersey City News Jersey City, NJ
Article from The Jersey City News, July 18, 1893

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EXTRA! DENVER'S BANK PANIC Three More Collapse and Rumors Are Rife on Several. DENVER, Col., July 18.-The Union National Bank, of which R. W. Wood, bury is president, failed to open its doors this morning. The capital is $1,000,000. No statement can be bad. A run is now being made on City National. German National, First National, Colorado National and all the eleven clearing house banks. The panic is on. DENVER, Col., July 18, 1893.-The National Bank of Commerce has closed its doors. Ex.Governor Job A. Cooper is President of this bank. DENVER, Col,, July 18, 1893. I The Commercial National Bank has closed its doors. A notice says:-"This bank has gone into liquidation by order of the Board of Directors,"

2. July 18, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, July 18, 1893

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tion to draw upon,making It im possible to close their doore. The Colorado National and several others were equally good. The peo+ ple withdrawing their money were all small depositors. The banks are paying all demands except those on time certificates, demanding these to remain till the expiration of the time. President J. A. Thatcher of the clearinghouse saye: am confident that today will see the worst of this, and people will come to their senses. At a meeting of the clearinghouse last night we decided that we could not help the banks, and 10 some of them have gone to the wall. All of them, believe, have ample security to protect all their depositore, but unfortunately at this time cash and not security is what the majority of the people is clamoring for. At the State national bank quite a run is in progress. The officers appear to be in the best humor land say they are confident that they can weather the storm. Upt to noon everything was quiet at the Col rado national. It understood that half 11 million in gold was received there just before the doors opened this morning. Quite a crowd of people are about the doors of the Denver Na. tions. It was rumored that a run W&F in progress there but it was soon learned that the men of the Union Pacific employee were simply getting checks cashed fo the last month's work. "This bank is closed by orders of the board of directors," is a notice posted every entrance to the National Bank of Commerce. The officers inside refuse admission to outsiders. The condition of this bank is not known as it did not print a statement yesterday as was done by almost all the other banks. Joh H. Hanna of the City National said that they were in as good condition anybody. Hanna hopes to be able to control enough deposits to tide over. Several of the principal depositors made large deposits this morning. Some who owe the bank in the shape of notes but have cash deposits had payment refused on their checks. Liabilities subject to check are $559,808. Of this the officials control nearly two-thirds, 80 that the cash on hand, amounting to $333,338, will meet the demands of the email depositors. The Union National closed its doors this morning. and a notice was posted explaining that the bank had paid out B million dollars to the depositors in the last few weeks. It had realized on securities as rapidly as possibly but not fast enough. It has $1,600,000 in securities and owes approx. imately half a million. It is thought it will be able to realize on the securities when all the depositors will be paid in full. It expects to open again soon. The bank's resources ed sist of loans and discount, $1,622,689 and United States bonds to secure a circulation of hundred fifty thousand; cash and exchange $147,568; overdrafts $32,078; deposits $583,558. Due other nationnal banks $14,098; state bank $29,809; paper outstanding $170,000. President Wood. bury thinks it will reopen. The Commercial National closed its doors when it became evident from the size of the crowd outside that a run was to be inaugurated and a notice was posted: "Closed for liquidation, by the order of the board of directors." It has a capital stock of a quarter of a million, but only $2000 cash on hand. At the American National the small dei ositors who are not numerous made a run. The bank has a million capital and deals largely with men who handle big sume. The following are the first reports received: PANIC IN DENVER. DENVER, July 18.-The Union Na. tional bank has failed. It has a capital of $1,000,000. There is no statement yet. A run is now being made on the City National, German National, First National, Colorado National and all A eleven clearing house banks. panic ison. Later-The Commercial National has closed its doors. A notice on the doors saye: "This bank has gone into liquidation by order of the board of directors." The National Bank of Commerce has closed its doors. Ex.Governor J. A. Cooper is president of this bank.

3. July 19, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 19, 1893

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This bank closed by order of the! board of drectors. Those inside were forced into the street with curses on their lips, while those outside raved about the doors. attracting a crowd that extended far down the thoroughfare. People began to ask when would it all end, when they learned that the Mercantile Bank. recently incorporated with a capital stock of $100,000. and located in the Mining Exchange Building, had closed its doors, with W. F. Robinson as assignee. C. E. Gard, the present city auditor. is the president of the bank, and the directors of the concern were considered as being among Denver's most substantial business men. The suspension of payment here was brought about by the closing of the Union National Bank, through which the Mercantile had made clearances. It was stated that the bank's depositors will receive every dollar due them. This bank had been in operation only a few months and had comparatively few depositors. RUNS ON THE OTHER BANKS. At the Colorado National there was no run at all. The City National officials an. nounced after the run that they had paid out about $30,000 more than what had come in., At the same hour, nearly. the run was stopped at the First National. The officials said not more than $10,000 was paid out above receipts. At the State National all those standing in line were inside the doors at o'clook. and it was estimated that $100,000 had been paid out. The run was practically broken at 2 o'clock. At the German National there Was a long line reaching far out on the sidewalk, but not a business man was seen in the line. At 2:15 the crowd was still in line. but many were tiring and droppingout. About $70.000 had been paid ent, mostly in small amounts. The run was still on at 3 P. M., the regular closing hour. A run was re. ported on the Deaver National, but 16 proved a mistake. The crowd was composed of the Union Pacific employes and others from the Grant smelter with their checks. There was no run. The City National Bank met all demands and exPresident Barth said if the depositors wanted to keep the run up for the next two months, the bank would still be meeting demands on presentation. At the Denver Savings Bank, the only savings bank now open. there was a run in the morning which was over by noon. It refused to pay out, taking advantage of the time loan limit. The excitement and demand on the banks after money continued unabated until about 2 o'clock, when it almost entirely ubaided at all the banks except the Utab State National and the German National. where the line of depositors seemed to increase instead of diminish. This bank is said to have a special train on the way from Kansas City bearing $490,000

4. July 19, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 19, 1893

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Streets Thronged with a Mob of Nervous Depositors, Who Mades Rush for Their Money the Moment Banks Opened Their Doors. Nine Banks in Two Days Forced to Saspend in the Silver-Ridden State. Almost Without an Exception the Officers and Directors Assert that Depositors Will Be Paid in Full-Other Suspensions THE DENVER CRISIS. Three National, One Private and Two Savings Banks Forced to the Wall. Special to the Indianapolis Journal DENVER, July 18.-This city was struck by the financial storm to-day in a way which indicated that yesterday's excite. ment was merely a side show. Those who didn't have money in the tottering and falling banks stopped business and watched the fighting crowds in the street vainly clamoring for their deposits at the doors of the institutions that were forced to close. In addition to yesterday's record. six more banks went to-day. making nine for the 0 days. Those to-day include three nationalbanks-The Union National. the Commercial National and the National Bank of Commeree-whieh closed their doors this morning, owing to the heavy demands of excited depositors, and the Mercantile Bank, a small private institution, doing business in the Mining Exchange Building, which suspended owing to the close of the Union Bank. through which its clearances were made, and two additional savings banks-the North Denver and the Capital Savings. The suspension of three sav. inge banks yesterday so warmed the community that at 10 o'elock this morning, the hour for opening the banks, crowds had gathered in front of nearly all the financial institutions, ready for a turious run. At the German and City National banks the run was heavy. although the First National, the People's and one or two others felt the unusual pressure to some extent. The streets were full of people, discussing the situation. It was a wild crowd, and the police at times had to be called to maintain order. The run on the People's Bank soon exhausted itself, and by 11 o'clock af. fairs had resumed their normal condition. At the City National the run was over by 1 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 teller's window all the afternoon. THE FIRST NOTICE. A few minutes before 10 o'clock, posted on the front and side doors of the Union National Bank. was the following notice, signed by R. W. Woodbury. president: "The Union National Bank is in the hands of the Controller of the Currency. We have paid to our depositors in round numbern $1,000,000 in the past month. and have $1,660,000 in assets to meet our remaining liabilities, which amount to about $500,000. We have realized on our assets as rapidly as we could, and enough loan payments have been promised the last of the week to enable us to take care of depositors again. If then paid. the Controller assenting, we shall then reopen. In the meantime every depostor may be fully assured that he can by DO means lose a dollar of his deposit." No sooner was the notice posted than crowds began to gather at each door. and for hours they remained there. The Commercial National Bank did not open its doors at all. preferring to avoid the inevitable run. It was in bad shape, having $250,000 capital stock and only $2,500 in its vaults. This notice was posted:

5. July 19, 1893 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, July 19, 1893

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al in have our and ining liabilities We about have $500.000 as rapidly have been to us alized and BOOKS last of amount to our social loan of the positors paid then sould, the take care and the roopea COIDP be may enable agrin. assents. If then we every phall can by no means kraller is the that he leposit posted than for and fully dollar of his the notice at each emport door were Jose No a was to rather their components changing. individuals the warmed upon crowde of reading enowda began hours though stantly the President stops of invariety nemed this putting Nobody univer frightened the Worldary and upon rightened it and deposits the were did bank The at its door# not open the This run. avoid revitable inevitamente in has one was perfock/commercial safe all, to bank posited This of of di ation the by order board liquidation rectora whatever. no escitement to read the sign and full There who was stopper about the proepects ultimate not chatted Thom quietly dent of an there Bank of Commerce window time tlement At the in Nationaline at aming the minute of at the 10 great was teller long within unlocked coin was hand the paying the doors rack were of and void for as thirty funt that at o'clock the tellers passed out the depos By itors he were of presiding and the fore. ed. as checks the number to nearly time 100 by the was still on hand. at time had increase decided to take actual cash a notice ng each hung ticers save what at 10:30 doors read By bank lock and Therefore the in closed of order with inside of board This quietly of directors tement filed out and in any many though Thoma trace the of corder paused was clear to read the in recently Mercantile capital and bank stock echange of $100, its doors clowni F. as wish The with in the mining this morning. more Hobinson is assignees the the city present auditor. and the actors as being most imong Denver's Bird, of the are bank substantial busiof was suspension closing payment of the the The about bank by the clearances through which it is dewattors Seought Inion National had made the bank's llar due bank had been and had confidently tereantile stated receive that every in d operation compara few its sently lively caused nent soly a them. few This depositors. monthsan very conseque little excite was there National Colorado was business of new so and the officiale At the but the the number of that inannounced accounts to look happy officials had paid out about run was the stitution City national that they hour nearly First national after The the $30,000. run At stopped the same at the a did not that run. was however, said The anything. officials the run that invited than than otherwise. out It to had rather but not more paid of all those at doors c'elock had been $20,000 the was State were national estimated the that run at was standing At in and line it was paid out. The To'clock a At the German was & out far reaching was 100,000 broken National on there the side need man business was still line About long walk line but not a 2:15 the tiring crowd and been drop paid in the line but many were $70,000 had The run on was still clos hour the on was out. ping in mostly out in at email m., amounts. the regular Denver reported a The National mistakes. Pa composed and A run but it proved posed of the others Union from checks the Grant no run. met bank crowd eitle railway was smelter employewith time all deif said the witors ip two There The City was National ex President Bard the bank run negt on be nanda and wanted to the premeeting demands the ly bank. in which open there by Denver Savings was a noon. run No out paid M Dry Namara at Six and money of the business is in the California The doing streets. ag served teenth the $50,000 were this morning National Union this an early hour bank, which iteelf morning. by precipitated nest the attach ecuring at at fter 12:47 ment midjust o'clock The other ments night. followed No and tiles grates, Pit 1600 Robert Court 814. Assets, Luther place, Wyant. Bit. The Conte fectionery 890. kin Evans Littlefield George A. Smith by The Engle at 2201 No to street, assigned are place follows: Harris Larimor The awseta Stock on hand, ac. book $000, placed are There The fixtures liabilities only two are Denver of the proprietors Lari Hyman Copen. at to Manual 1,627 Hyman and Dripps. mantele

6. July 19, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 19, 1893

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A FINANCIAL FLUTTER Denver Still Somewhat Uneasy After the Panic. THREE BANKS EXPECT TO RESUME. They lar All For Promise to Pay Depositors to Collect Dollar. but It will Dol. Went Down. sas Banks the Dollars A String Take of Time Kan. tion DENVER. here this July 19 The financial have easy and feverish. morning was decidedly situa unbeen three expected after Nothing else the Union the National, when national Commercial yesterday panic, could National National owing to the -closed small The heavy excited depositors their doors in the private Bank institution of Commerce Mercantile demands of bank. and suspended. Mining Exchange doing business bank, owing to the close building. also made through which its of the Union before had savings banks on the day The suspension of three clearances were of that at the hour for the all had gathered opening the banks nearly munity crowds the so alarmed com the the tional, run German was the heavy. and financial City although National institutions the in banks First front At felt Na. the The It the situation. streets was unusual People's were full of people to or some two discussing extent others and run talk. there was The an much orderly crowd. however and their soon exhausted itself on and the affairs People's conservative bank excite other normal the run banks WAS condition. over by At 1 the resumed City National ment except the o'clock, and the noon. the teller crowd kept in Ger- in man front National was of all over the by window noon German, all At the the the line at lowing of the Union on the front and doors There notice was posted National after side is in bank the hands National president: The Union signed by R. w bank Woodbury, the fol. of the in $1.000,000.00 two past sets meet which liabilities our local the the of week If paid again. sents fully may no by can Doors. Bank No the than posted to at and door each began crowds for indihours though the were viduals changing the crowds the statement of variety putting a varies it. Nobody frightened and the the that deposits The did bank immercial its open doors the he inevitable d This bank has of of the board Those There was to who stopped ly the about of an in fident of the along the ing teller gold doors the he he passed out were presented of time Bythat had positors the the officers decided and cash forelock on in hand still of at the each bank "This inside board Those of directors. is of few trace the was in to many paused ny The Mercant 88 ated. with in the en located its doors closed er city Assignee n the the itor, bank president r of the directors er being among men is business pension The suspens at the by Union about the bank through nt made clearance he that the bank due dollar had ery This bank to in only operation ms comparatively at little ld The First arat a little National on on sold. lis the Think its. York fatt at the for closing It bullion It was after hour money he had bank due President H. D. Moffatt be National greatly exceeded old always withdrawal house during stated the that day the deposits of the First res and most is most in owned don exclusivesyovatively the general opinion and men business age that and and mild may way en af close continulthough against no more the panic obliged banker day or two. and is It of hay and fidence in the in the that the as hat a withdrawn will better result believed feeling will strong by financiers that banks more to of resum circles_ The which will be "Posited in he business The in short easier financial constant rbtus that ne scared the crisis depositors is what the banks been the three during the less banks than $0,000,000 L by bankers brought about Of has this be $3,000,000 regular the alt. that and the res posit suppose 000,000 contain vaults hoarded lines are of the in full, homes city, there of but The to there is &5. is the safety de months amount ve- WAS are hidden. let into If circulation places one-fifth in which of that workingment their savings

7. July 19, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 19, 1893

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SEVEN OF 'EM NOW. Four More Denver Banks Suspend Their Business. OTHERS HAVE TO WITHSTAND RUNS. All To Be Able to Pay Their LiaBut Need Time to bilities, Claim Raise in Trade the Cash-An Epidemic of Failures Goods Firm Goes -Big Dry Under-A ClosesBank at Fort Scott. Kansas, Chicago Chemical Not to Resume. DENVER, July 19.-Three national banks -the Union National, the Commercial National, and the Bank of Commerce-have closed their doors owing to the heavy demands of excited depositors. The Mercantile 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 savings banks Monday so alarmed the community 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 National, the People's, and one or two others felt the unusual pressure to some extent. First Concern to Shut Down. The streets were full of people discussing the situation. It was an orderly crowd, however, and there was much sensible and conservative talk. The run on the People's bank soon exhausted itself and by 11 o'clock affairs had resumed their normal condition. At the City National the run was over by 1 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 teller's window all the afternoon. A 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, president, announcing that the Union National bank was in the hands of the comptroller of the currency: that it had paid to depositors in round numbers $1,000,000 in the past month and had $1,600,000 in assets to meet remaining liabilities, which amount to about $500,000. 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 inevitable 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 a 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 presented. But at 10:30 a notice was hung at each of the doors reading as follows: "This bank is closed. By order of the board of directors." The Fourth to Lay Down. The Mercantile bank, recently incorporated with a capital stock of $100,000, and located in the Mining Exchange building, also closed its doors with W. F. Robinson as assignee. C. E. Gird, 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 made clearances. It is confidently stated that the bank's depositors will receive every dollar due them. This bank had been in operation only a few months, and had comparatively few deposits, consequently its suspension caused very little excitement. Where Runs Were Withstood. The City National paid out about $30,000 and the run stopped, while at the First National $20,000 sufficed to satisfy depositors. At the State National the run was broken after $100,000 were paid out. The German National paid out $70,000 up to the closing hour and the run was still on. At the Denver Saving bank there was a run in the morning but it stopped at noon, no money being paid out, as the bank demanded the legal notice.

8. July 19, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 19, 1893

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Trouble - Yesterday's Calamities. DENVER, Col., July 18.-The Union National bank, of which R. W. Woodbury is president, failed to open its doors this morning. The capital is $1,000,000. No statement can be had. A run is now being made on City National, German National, First National, Colorado National and all the eleven clearing house banks. The McNamara dry goods house, one of the largest institutions of the kind, failed this morning. The liabilities are placed at $260,000. The assets at this not known. on an time brought are by attachment The failure served was on the house at 10 o'clock this morning by the Union National bank, which failed to open its doors this morning, for $71,780, and the Colorado National bank for $20,847.74. The president of the latter bank had a private claim of $25,000, and D. Sheedy, an officer in the Denver National bank, one for $40,000. The failure was not unexpected, but it had been hoped that money would be easier and that the firm would be able to pull through. The stringency in the money market and inability to place securities or secure an extension from the banks, aided by the closing of three savings banks yesterday, was the direct cause. Had the banks which closed yesterday been able to secure cash with which to carry it over the "hard spots" the failure would not have occurred. Nearly the entire amount falls on Denver banks and commercial houses. Hyman & Co., proprietors of the Bee Hive store; McWhirter & Dipps, dealers in mantels and tiles, and Engle & Harris, dry goods, have just assigned today. No statements available, but amounts probably not large. The Mercantile bank, with a capital of $100,000, has assigned to W. F. Robinson. The Mercantile bank, a private institution, with a capital stock of $100,000, closed its doors at noon. The failure was caused by the failure of the Union National bank, through which it cleared. C.C. Mird, the city auditor, is the president. W. A. Robinson, formerly treasurer of the Republican Publishing company, one of the oldest and most prominent men in the state, has been named as assignee. DENVER, July 18.-The Commercial National bank has closed its doors. A notice says: "This bank has gone into liquidation by order of the board of directors." DENVER. Col., July 8.-The National Bank of Commerce has closed its doors. Ex-Gov. John F. Cooper is president of this bank. DENVER, July 18.-The excitement and demand upon the banks for money continued unabated till about2 o'clock when it had almost entirely subsided at all the banks except the State National and the German National, where the line of depositors seemed to increase instead of diminish. This bank is understood to have a special train on the way from Kansas City bearing $490,000, and that it will reach here early tomorrow morning. The First National bank received $170.000 at a little after 1 o'clock today. and $250,000 more at the closing hour. This came from New York. It was money due President Moffatt for bullion he had sold. Just before the close the failure of the

9. July 19, 1893 The Representative Saint Paul, Minneapolis, MN
Article from The Representative, July 19, 1893

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EXCITEMENT AT DENVER. Bank and Mercantile Failures Are Numerous. DENVER, July 19.-Three national banks, the Union National, the Commercial National and the National Bank of Commerce, closed their doors during the morning, owing to the heavy demands of excited depositors. The Mercantile bank, a small institution doing business in the Mining Exchange building, also suspended, owing to to the close of the Union Bank, through which its clearances were made. The suspension of three savings banks Monday so alarmed the community that at 10 a. m., 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 National, the People's and one or two others felt the unusual pressure to some extent. The streets were full of people discussing the situation. It was an orderly crowd, however, and there was much sensible and conservative talk. The run on the People's bank soon exhausted itaelf and by 11 o'clock affairs had resumed their normal condition. At the City National the run was over by 1 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 teller's window all the afternoon. Mercantile Failures. In addition to the bank failures the following firms went to the wall during the day: McNamara Dry Goods company; M. S. Noah, nstallment furniture dealer; Albert Nelson, restaurant; John Mouatt Lumber company; Luther J. Wygant, tiles and grates; Evans-Littlefield Confectionary company; "The Hub," general merchandise; Hyman & Cohen, shoe dealers, and McHiver & Drip, mantels and tiles.

10. July 20, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 20, 1893

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STILL SHAKEY At Denver, Although the Report Says it Looks Better. DENVER, Col., July 20.-There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, German and State National banks. This morning when the Colorado, Denver City and American National banks opened their doors, there was hardly a dozen depositors in all of them at the paying tellers' windows. At the First and Colorado National banks a long string of depositors reaching nearly to the street were lined up in front of the receiving teller's window, and money was going back into the bank's vaults, almost as rapidly as it was withdrawn during the past three days. The German, State and People's National banks could pay three for one, if they could only realize on securities. There may be a few commercial failures in the city within the next few days as a result of the suspension of banks, but it is believed, that in no instance, whether banking or commercial house, will failure be complete and `resumption of business will surely follow shortly. It is stated today that the McNamara Dry Goods House, which failed Monday for $260,000, have settled with their principal creditors, and will resume business Monday.

11. July 20, 1893 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, July 20, 1893

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A Panic. DENVER, Col., July 18.-A regular panic has been experienced in this city today. The first failure announced was that of the First National Bank, with a capital of $1,000,000, which precipitated a run on the City National, the German National and all the clearing houses. The National Bank of Commerce closed,

12. July 21, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 21, 1893

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Panic Over in Denver. DENVER, Col., July 20. - There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, German and State National Banks. This morning when the First, Colorado, Denver, City and American Nationals opened their doors there was hardly a dozen depositors in all of them at the paying teller's windows. In the First and Colorado Nationals a long string of depositors reaching nearly to the street were lined up in front of the receiving tellers' windows, and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German, State and People's Nationals could pay $3 for $1 if There they could realize on securities. may be a few commercial fallures in the city within the next few days, as a result of the of banks, but it is believed that in no instance, a or a commercial failure be and banking suspension complete, that house, resumption whether will the of business will surely follow shortly. It is stated today that the McNamara dry goods house, which failed Monday for $260,000, have settled with their principal creditors and will resume business on Monday. Run On Banks in Greeley, Col. GREELEY, Col., July 20.-The Union Bank closed its doors at 1p. m. yesterday, and half an hour later the Greeley National pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspen sion of certain Denver National banks, which had on deposit several thousand dollars of its money, and the fact that there was a steady withdrawal of deposits, about $80,000 in the past 90 days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital $300,000. As soon as the fact of the suspension ot these banks became known a steady run was made on the First National, but it continued to honor all checks and drafts, and even after the regular closing hours cashed two checks presented. On Change in Gotham. NEW YORK, July 20.-There was a sensational decline in general electric securities in the stock exchange after midday. The stocks broke 46 1-2, against 55 3-4 early, the debenture fives sold down to 74 regular. The stock| 1 is absolutely without support and the same crowd in the stock exchange which has been prominent in breaking the stock from 100 down, were conspicuous in today's movement. There were heavy liquidations, holders being unable to stand the pressure any longer. One report was that the company had lost a suit at the West, involving an incandescent lamp patent. Other rumors affeeting the property were of a highly sensational character and up to a late hour this afternoon had not been traced to any authentic source. New Hampshire Bank Enjoined. FARMINGTON, N. H., July 20.-The Farmington Savings bank was enjoined from doing business this afternoon upon the petition of the bank commissioners because of the inability of the institution to realize on its assets, the uneasiness of depositors caused by losses on investments and to prevent a run on the bank. This Plant Cost $1,000,000. SAN FRANCISCO, July 20.-Attachments aggregating several thousand dollars have been filed against the Union Stock Yards company whose packing establishment is at Rodoe, Contra Costa county. The immense,plant, it is said, has practically shut down. The plant cost $1,000,000 and was started May 15. Money Is Tight and the Distillery Closed. FRANKFORT, N. Y., July 20.-A sensation was caused in business circles here today by the assignment of Col. E. H. The Taylor, Jr.. the famous distiller. liabilities are not given out. It is said they are far exceeded by assets. The tightness of the money market caured the assignment.

13. July 21, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 21, 1893

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THE PANIC OVER. Denver Banking Houses will All Resume. Matters Settle Down. DENVER, July 20.-There will apparently be no more bank failures in Denver. The panic run itself out yesterday with the failure of the People's, German and State national banks. This morning when the First Colorado, Denver, City and American nationals opened their doors there was hardly a dozen depositors in all of them at the paying teller's window. In the First and Colorado nationals a long string of depositors reaching nearly to the street were lined up in front of the tellers' windows and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German, State and People's Nationals could pay $3 for $1 if they could realizo on securities. There may be n few commercial failures in the city within the next few days as a result of the suspension of banks, but it is bolieved that in no instance, whether a banking or commercial house, will the be follow tion failure of business complete will and surely that resumpshortly. It is stated to-day that the McNainara dry goods house which failed Monday for $200,000 have settled with their principal creditors and will resume business Monday.

14. July 21, 1893 The Sun New York, NY
Article from The Sun, July 21, 1893

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HELP FOR DENVER BANKS. COMPTROLLER ECKELS WILL GIVE THEM ALL THE AID HE CAN. Ec will Grant Them Time to Collect oney to Start Again-The News Halled with Joy in Denver Many People Putting Their Money Back in the Banks Sun Open-A Sharp Brenk in General Electric the Feature Yesterday in Wall StreetThe Army of Unemployed is Very Large. WASHINGTON, Jul" 20.-Comptroller Eckels. immediately on his return from New York this morning. addressed to Frank Adams. the Nntional Bank Examiner at Denver. a despatch defining the policy of the Administration with reference to insolvent national banking institutions generally. as follows: "I wish you would announce to the officers the banks which have failed in Denver that my intention to lend them every aid possible looking toward speedy resumption on their part. and that I shall grant to them sufflcient time to enable them to not only collect in such amounts as are speedily collectible. but to get together such amounts of money as will enable them to open upon a small basis. It seems to me that such citizens as have by a foolish course of conduct in withdrawing deposits from banks which so long enjoyed their complete confldence. and brought about this condition. ought. in view of the damage they have done their city. as quickly as possible to repair it by standing ready to deposit with them. I fully appreciate all the circumstances of the situation. and. that no unnecessary loss may be entailed. you are authorized to employ as assistants. to protect paper and collect in moneys. the most competent and trustworthy employees in such institutions. I have also ordered Examiner McHugh of Iowa to report at once to assist you. I desire that this telegram be given to the press at Denver. evidencing as t does that the Comptroller has faith in the ability of the banks of Denver to resume. and of his desire to lend them every assistance consistentwith his official duty. When asked to express more fully his views the condition of affairs. Mr. Eckels said the failures on in Denver yesterday. like a number of other national bank failures. were caused by no fault of the bank officials. but through a foolish and uncalled-for lack of confidence on the part of depositors. It in my intention." he said. where a bank has been properly conducted. and whose assets under ordinary circumstances would have permitted it to remain solvent. to give the institution every opportunity to resume business. Allthe Denver banks that failed were well conducted. and every opportunity will be given them to reopen. The people who have caused the Denver disaster by foolish runs should do all they can to help the banks resume. Notifications of two more failures reached Mr. Eckels this forenoon. The unfortunate banks are the First National Bank of Harriconville. Mo which went under this morning. and the Oklahoma National Bank of Oklahoma City. Oklahoma. which closed its doors yesterday Comptroller Eckels's efforts to secure a reopening of the insolvent Chemical Bank of Chicago have failed. This morning Mr. Eckels received the following telegram from the Chemical Bank Committee: After long. patient. and earnest efforts. the committee of the stockholders of the Chemical National Bank of Chicago has concluded that resumption is not practicable at this time. At first the problem seemed easy. but the many financial disasters throughout the country have excited the public and produced unusual cath tion. and made it very difficult to collect outstanding bills or raise money by usual processes. The conditions Imposed by the Comptrol or were well received. but the present stringency seems an obstacle too serious to be overcome by the stockholders. DENVER. July 20.-There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's. German, and State National banks. This morning. when the First, Colorado. Denver. City. and American Nationals opened their doors. there was hardly a dozen depositors in all of them at the paving tellers' windows. In the First and Colorado Nationals along string of depositors reaching nearly the street were lined up in front of the reselving tellers windows. and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German. State. and People's (nationals) could pay $3 for $1 if they could realize on securities. There may be a few commercial failures in the city within the next few days. result of the suspension of banks. but it 16 believed that in no instance. whether a banking or commercial house, will the failure becomplete. and that resumption of business will surely follow shortly. It is said to-day that the McNamara dry goods house. which failed on Monday for $250,000. has settled with its principal creditors. and will resume business on Monday The cheering news from Washington has had a wonderful effect upon Denver. The despatch from Comptroller of the Currency Eckels to the effect that he would give every possible aid to the banks of this city is applauded on overy side Bank Examiner Adams. to whom the telegram was addressed. is besieged by excited people anxious to hear a confirmation of the good report and get an expression from him. Mr. Eckeis's comments on the foolish course of those Denver citizens who had lost contidence in the banks are strongly commended. The newspapers ran off extras announcing the news. and already things begin to wear a brighter aspect. The officers of the several closed banks all notify the public that they will be able to pay every cent due to customers. But in some cases it will take some time to realize on securities. It is learned that heavy withdrawals have been made from several of the banks during the past few months. which would indicate that some of the far seeing ones anticipated trouble such as has come upon the city in the past few days. It is noticeable that very few of the merchants or business men of the city withdrew their deposits. the run being made principally by the working people and poorer classes of customers. The newspapers feel greatly the distress. every daily excepting one having curtailed expenses by reducing in size or using largertype. The closing down of many silver mines, smelters. and the reduction of the working forces of coal mines. railways. and manufactories in this State has, however. caused a deplorab condition of affairs among the laboring classes. It WAS estimated that to-day there 10.000 men in Denver unable to secure

15. July 27, 1893 River Falls Journal River Falls, WI
Article from River Falls Journal, July 27, 1893

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WILL AID THE BANKS. Comptroller Eckels Will Do All in His Power to Help Embarrassed But Reputable Banks to Resume-The Flurry in Denver About Over. WASHINGTON, July 21.-Comptroller Eckles has sent a dispatch to Bank Examiner Adams at Denver in which he said, in effect, that he would give every possible aid to the banks of that city, and would grant to them sufficient time to enable them to not only collect such amounts as are speedily collectable, but to get together such amounts of money as will enable them to open upon a small basis. The comptroller also said: "It seems to me that such citizens as have. by a foolish course of conduct in withdrawing deposits from banks which so long enjoyed their complete confidence, brought about this condition, ought, in view of the damage they have done their city, as quickly as possible to repair it by standing ready to deposit with them.' Referring to his action the comptroller said the failures in Denver, like a number of other national bank failures, were caused by no fault of the bank officials, but through a foolish and uncalled-for lack of confidence on the part of depositors. He continued: "It is my Intention where a bank has been properly conducted and whose assets under or dinary circumstances would have permitted it to remain solvent, to give the institution every opportunity to resume business. All the Denver banks that failed were well conducted, and every opportunity will be given them to reopen. The people who have caused the Denver disaster by foolish runs should do all they can to help the banks resume." "What is true regarding Denver applies with equal force to banks in other portions of the west where suspension has not resulted from reckless investments or bad managemento the part of officers. Wherever the citizens of a place have precipitated trouble by*instituting a run upon long-established and well-conducted institutions it is but just that they should take hold and assist these banks by redepositing with them, thus placing them in A position to resume their business on a sound financial basis. Wherever possible and advisable the most trusted employes of suspended banking institutions are to be retained by the bank examiners in the interests of the creditors and stockholders, so that every possible means of realizing on the absets of the institution may be accomplished. Instructions to the examiners. however, are to the effect that only in cases of reputable, -established banks are these conditions to be imposed, and no wild-cat institutions or methods will be sanctioned by this office." DENVER, Col., July 21.-There will be no more bank failures in Denver. The panie wore itself out Wednesday with the failure of the People's, German and State national banks. This morning when the First, the Colorado, Denver, City and American nationals opened their doors there was hardly a dozen depositors in all of them at the paying teller's window. In the First and the Colorado nationals a long string of depositors reaching nearly to the street were lined up in front of the receiving teller's windows, and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German, State and People's nationals could pay $3 for $1 if they could realize on securities. Bank Examiner Adams has received a dispatch from Comptroller Eckels which has gone far toward restoring confidence. The officers of the several closed banks all notify the public that they will be able to pay every cent due to customers. But in some cases it will take time to realize on securities. It is learned that heavy withdrawals have been made from several of the banks during the last few months, which would indicate that some of the farseeing anticipated the trouble. It is noticeable that very few of the merchants or business men of the city withdrew their deposits, the runs being made principally by the working pec ple and poorer classes of customers. There may be a few commercial failures in the city within the next few days as a result of the suspension of banks, but it is believed that in no instance, whether a banking or commercial house, will the failure be complete. A resumption of business will surely follow shortly. It is stated that the McNamara dry goods house, which failed Monday for $260,000, have settled with their principal creditors and will resume business Monday. The Flanders dry goods house, occupying premises of five store fronts and five stories high on Sixteenth street, was attached by H. F. Bradley, of Boulder, Col., for $24,000. There is no definite statement of the condition of the firm yet available. Competent judges place the assets at $200,000 with liabilities at $125,000. The failure was caused by the suspension of the People's national bank, to which $25,000 was due. The Union bank of Greeley has closed, with liabilities of $100,000 and assets of $300,000. The Greeley national bank also suspended, but has made no statement. The failures are attributed to the Denver troubles. The Bank of Loveland, at Loveland, Col., has closed its doors, having been caught by the general depression. President Benson, of the bank, assures depositors they will be paid in full. Word has reached here that the First national banks at Canon City and Grand Junction, in this state, failed to open their doors. There are as yet no particulars, but probably the failures were caused by the suspension of Denver banks. The banking house of J. B. Wheeler City and Manitou