1143. National Bank of Commerce (Denver, CO)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
4358
Charter Number
4358
Start Date
July 18, 1893
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
5c163bc52cecfa2e

Response Measures

Capital injected, Full suspension, Books examined

Description

Contemporary newspaper accounts (July 18, 1893) describe heavy withdrawals and a posted notice/closing of the National Bank of Commerce in Denver amid a citywide panic triggered by failures of savings banks and other Denver national banks. The bank suspended (closed doors) July 18 and later reopened (reports dated Aug 17–26, 1893). Cause is local contagion from other bank failures/runs. OCR errors in some articles corrected (e.g., National Bank of Commerce consistent across sources).

Events (5)

1. July 8, 1890 Chartered
Source
historical_nic
2. July 18, 1893 Run
Cause
Local Banks
Cause Details
Panic triggered by the recent failure/suspension of several savings banks and contemporaneous closures/notices at other Denver national banks, producing heavy withdrawals and crowds at doors.
Measures
Posted notice/closed doors; ceased paying out (board posted notice that bank was closed).
Newspaper Excerpt
A run was immediately started on all the other banks ... The National Bank of Commerce.
Source
newspapers
3. July 18, 1893 Suspension
Cause
Local Banks
Cause Details
Closed in response to heavy demands from depositors amid the citywide panic and the failure/suspension of other Denver banks.
Newspaper Excerpt
At the National Bank of Commerce every entrance has the following placard: This bank is closed by order of the board of directors.
Source
newspapers
4. August 17, 1893 Reopening
Newspaper Excerpt
The National Bank of Commerce reopened for business today with almost 100 per cent of its liabilities on hand.
Source
newspapers
5. November 14, 1908 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (25)

Article from Deseret Evening News, July 18, 1893

Click image to open full size in new tab

Article Text

THE PANIC IN DENVER People Needlessly Excited - The Banks Paying the Depositors. DENVER, Col., July 18.-No scene was ever witnessed here before like that this morning shortly after the hour when the banks opened for busi. ness. The failure of three savings banks yesterday had excited the missses, and at the hour of opening, the streets were crowded with anxious depositore. Eleven clearing house banks, located within four blocks O each other, were surrounded and far into the streets the crowd gathered till the police was called on to clear the way for traffic. At 10 o'clock the Union National, with is capital of a million dollars. posted notice that they would not open the doors. This started a panic and following quickly the Commercial National posted a similar notice. Then the National Bank of Commerce. A run was immediately started on all the other banks, though to 110 great extent on the People's National. The First National appears to have been in an unexceptionable condition, having overeixty per cent of the deposits on hand with a private fund of is million and a half in addi.


Article from Alexandria Gazette, July 18, 1893

Click image to open full size in new tab

Article Text

Failures. As a result of the recent Thornto: bank failure, Nancy M., W. N. and John D. Stewardson, extensive farmers and stock raisers of Shellbyville, Ills., have ,assigned to W. E. Walker. Liabilities about $30,000; asserts $25,000. The Bank of Anacortes, Washn., failed to-day. The First National Bank of Fort Scott, Kas., the oldest financial institution in southeastern Kansas, has suspended. The Citizens Bank of Ada, the most prominent one in Hardin county, Ohio, failed to open its doors this morning. The Union National Bank of Denver, Col., failed to open its doors this morning. The capital is $1,000,000, No statement can be had. The Commercial National Bank and the National Bank of Commerce have also assigned. A run is now being made on the City National, German National, First Na. tional, Colorado National and all the 11 clearing house banks in Denyer. The panic is on.


Article from The Indianapolis Journal, July 19, 1893

Click image to open full size in new tab

Article Text

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:


Article from The Times, July 19, 1893

Click image to open full size in new tab

Article Text

UNPRECEDENTED SCENE. Four More Bank Failures Added to Denver's List. DENVER, COL., July 18.-No such a scene was ever witnessed in all the West as could be seen here this morning shortly after 10 o'clock, when the banks were supposed to open their doors for business. The failure of three savings banks yesterday had affected the masses as the smell of blood would wolves, and at the hour of opening the streets were crowded with anxious depositors. The eleven clearing house banks, located within four blocks of each other, were surrounded, and far into the streets the crowds gathered until policement were called out to clear the way for traffic. At 10 o'clock the Union National, with a capital of $1,000,000, posted a notice that they would not open their doors. This started the panic, and the Commercial National posted a similar notice, and then the National Bank of Commerce


Article from Evening Journal, July 19, 1893

Click image to open full size in new tab

Article Text

EARLY NEWS SUMMARY. Held Responsible for Deaths in the Cold Storage Fire. THE JURY RENDERS A DECISION. Director of Works Burnham, Fire Marshal Murphy. President Skinner and Secretary McDonald, of the Hercules Iron Company. That Built the Building, Found{Guilty. The coroner's jury investigating the Cold Storage fire disaster held Director of Works Burnham, Fire Marshal Murphy, President Skinner, of the Hercules Iron Company, that built the building, and Secretary McDonald, of the same com pany, responsible for the deaths. 4 Denver Bank Failures, The Union National, National Bank of Commerce, Commercial National and Mercantile banks, of Denver, failed and the McNanara dry good house and several other business houses went under owing to the financial panic there. Crusade Against Colored People. Founder Bradley, of Asbury Park, has begun a crusade against the col ored people who monopolize the seats on the beach and pavilions. A Celebrated Case Decided. Judge Acheson in the United States Circuit Court at Erie decided the cele brated case of the Stonemetz Printing Machinery Company vs. the Brown Fold ing Machinery Company in favor of the former. Paid $600,000 in Gold. The New York Sub-Treasury was debtor at the Clearing House to the extent of $669,000, and Treasurer Jorden ordered that the difference should again be paid mostly in gold. Of the total amount $600,000 was paid over in gold and the balance in currency notes. Oldest Bank in Kansas Falls. The First National Bank of Fort Scott, Kan., the oldest financial institution in Southeastern Kansas, suspended payment and the Citizens' Bank at Kan. sas City, the bank of Richmond and the Farmers' and Merchants' Bank at Ossa wattomie have also failed. Prominent Club Man a Forger. : Lloyd Aspinwall, the New York club man, is confined in Yorkville prison, N Y., in default of $5.000 bail, upon the charge of forgery. It is charged that he forged the name of William Aspinwall in indorsing a check. 1 A World's Fair Tradgedy. Miss Emma Garrett, of Philadelphis, who has charge of the Pennsylvania ex t hibit of the work of pupils in institu tions for the blind at the Fair, became 0 insane from overwork and killed herself f by jumping from the fifth story of a hotel. a Meyer, the Poisoner, Arraigned. Dr. Henry C. W. Meyer, the alleged wholesale poisoner, was arraigned be fore Judge Cowing in New York to plead to the indictment charging him with murder. At the request of Lawyer v Joseph Moss. the prisoner's counsel, the judge allowed the case to go over until Thursday.


Article from Echo De L'ouest, July 20, 1893

Click image to open full size in new tab

Article Text

Faillites de Banques et antres depuis quelques jours -Le Schleisinger Syndicate de Nigaumee, Mich, representant des millions de dollars de capital allemand a fait faillite. Les pertes des créanciers seront énormes. W.H. Rush et H, M. Tabor de Denver, Col., ont deposé leur bilan. Passif 650000 dollare. La Bank of Springfield, Mo, a fermée ses portes. C'est la premiè re fois qu'une banque fait faillite dans la ville. Passif 256,000 dollare. Fermée est la Bank of Garnet, Kan. Les déposants perdront énormé ment et le comté 23,000 dollare que le tréforier y avait déposés. Trois faillites de banques de New-York, celles de MM. C. H. Bunell, celle de M. H. S. Tober et enfin celle de M. W. Barrow. La Philadelphia Mutual Life Insurance Company de Harris burg, Pa., et la Keyatone Benefit Association de Beaver Falls, Pa., sont insolvables. O. E. Nettleton banquier de Deeham, Mass., a dépost son bilan. Le "Universal Order of Coope ration" de Philad-lphie va être mis entre les mains d'nn syndic. Harris Bros de New York ont suspendu leurs paiements. Passif 100,000 dollars. La N W Jersey Sheep & Wool Company de Trenton N. Y. a fermé ses portes. En faillite auesi dans le Kansas La "Bank of Balter and Double Bay de Columbus" la "City Bank" de Johnson City, et la "Book of Weir City" La Peoples Savings Bank de Denver, Col., a ferme see portee. Passif 350,000 dollare. La Rocky Mountain Dime et Dollar Bank de la même ville a suspendu ees paiements. Il en est de même de la Colorado Savings Bank. La Missouri National Bank et la Grande Avenue Bank de Kan888 City ont fait faillite. Passif 250,000 dollars. Et la liste eat loin d'être épuisée. Enfin les banques "Union National," "Commercial National," "National Bank of Commerce" et "Mercautiie Bank" de Denver, Col., ont aussi sombré. Il en est de même de la "Citizen's Bank" de Kansas City, de la "Bank of Richmond" et de la "Farmers et Merchants Bank" de Oaawatomie, Kan., ainsi que de la "First National Bank" de Fort Scott et de la "Armourdale CitiZons Bind," Kansas. On va bien sous le régime démocratique.


Article from The Morning News, July 20, 1893

Click image to open full size in new tab

Article Text

DENVER'S CRAZY PANIC. Banks Worth Three Times What They Owe Forced to Close. Denver, July 19.-The panic was on in this city to-day with renewed vigor and as a result the old German National, with a reputation for stability of 20 years standing, and the equally reputable State National failed to open their doors for business this morning. Later the People's National failed. All night long depositors stood in the line in front of the German, and by 9 o'clock there was one long sea of faces stretching down the street. On the opposite corner, where the State Bank has so long done business, there was also quite a crowd of anxious depositors waiting for the opening of the doors. Here the people were relieved of their agony at a few minutes after 9 o'clock. when notice was posted to the offect that the bank would not open, owing to a lack of ready cash, and the crowd moved away. THE GEPMAN FAILS TO OPEN. At the German there was evidently a determination to go ahead with business up to almost the last moment, when a slip of paper was pasted on a window stating that the doors would remain closed temporarily. Then the scene became distressing. Men and women down the long line broke out in tears and wailing. By this time there was a run on every bank in the city, and soon came the announcement that the People's National bank had closed its doors. A notice on its doors read: "This bank is closed by order of the board of directors. The assets are $1,100,000, and the liabilities $310,000. THE OTHER BANKS CLSO SOLID. The assets and liabilities of the other two failed banks bear about the same proportion as the People's bank. Their failure is chargeable to a long continued drain by depositors and inability to raise ready cash. All expect to resume shortly. Frank Adams, bank examiner, to-day took charge of the Union National, Commercial National, National Bank of Commerco, State National and German National. This afternoon the run at the Denver National, was over, with an enormous amount of money still in sight. The same is true at the City and all the other banks and business men are beginning to breathe freer. There has been a considerable number of failures among business houses of all kinds within the last few days, caused by attachments taken out by banks who foresaw their suspension. Five national banks are still open. OTHER FAILURES. Among the failures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. The business firms whose embarrassments became known range from liquor saloons to street railroads. There are in the list drug stores, lumber companies, gentlemen's furnishers, milliners, coal companies, dry goods houses, jewelers, ready-made clothing dealers, tailors and grocers. Two bank failues are reported at Aspen and one at Loveland. Commercial failures are also reported from many points in the state outside of Denver, due principally to the fact that the sufferers deposited in the Denver banks which have suspended. TWO CLOSE AT GREELEY. Greeley, Col., July 19.-The Union Bank closed its doors at p. m. to-day and a half 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 suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the steady withdrawal of deposits, amounting to about $80,000 in the past ninety days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $300,000. As soon as the fact of the suspension of 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 hour cashed two checks presented.


Article from The Sauk Centre Herald, July 20, 1893

Click image to open full size in new tab

Article Text

PANIC AT DENVER Three More National Banks There Forced to Make Assign ments. Depositors at the Remaining Banks Wildly Clamoring For Their Money. Suspension of a Big Dry Goods House Adds to the Intense Excitement. DENVER, July 19.-Never in the history of commercial and mercantile life in the Rocky mountains has such a state of financial affairs existed as now prevails in Denver and throughout Colorado. It was hoped that the banks that had weathered Monday's financial storm would be in such a position as to cope with all the demands made upon them by depositors. This hope was dissipated by the announcement in quick succession of the failure of the National Bank of Commerce, the Union National bank and the Commercial National bank. In the attending excitement it is almost impossible to ascertain the assets and liabilities of each bank, and this information may not be given out until later in the day. Depositors Panic-Stricken. The depositors in the different banks have become almost completely panicstricken and long lines of people are pushing and crowding each other in order to get to the paying teller's windows of the dozen remaining banks that they may secure their money on deposit. To add to the excitement the failure of the McNamara Dry company, with liabilities of $260,000 was announced. The amount of assets is not stated but it is believed they will more than equal the liabilities. The failure was precipitated by the filing of an attachment for $71,780 in favor of the Union National bank. This attachment was served at 1 o'clock a. m. and shortly before business hours another attachment for $20,846.74 in favor of the Colorado National bank was served upon the company and the doors were closed. The dry goods company had a large amount of money outstanding on credit and on account of the stringency of the money market was unable to collect from country customers and thereby make their credit good at different banks. Claim to Be Sound. The First National bank appears to be on the best footing of all the banks. It claims to have on hand over 60 per cent of its deposits and to have a private fund of $1,500,000 in addition to draw upon, making it impossible for any demand to go unattended. The Colorado National bank and several others claim to be equally well fortified against any run. Over 90 per cent of the people who are clamoring for their money are small depositors. The large holders express confidence in the ability of the banks to successfully ride the storm. As every bank is crowded the clearing house is rendering no assistance and each bank is compelled to stand on its own resources. Believe the Worst Over. In an interview at noon President John A. Thatcher, of the clearing house association, said: "I am confident that the worst of this is over and people will soon come to their senses. At the meeting of the clearing house 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 what the majority of the people are clamoring for." Up to 12 o'clock everything was comparativaly quite at the Colorado National bank. It is stated that the bank received nearly half a million dollars in gold just before the opening hour. At the National Bank of Commerce every entrance has the following placard: "This bank is closed by order of the board of directors." The doors are locked and no one is allowed to enter. At 1:30 no additional failures had been announced, but the feeling was still of a panicky nature.


Article from The Daily Morning Astorian, July 20, 1893

Click image to open full size in new tab

Article Text

CURRENT CURRENCY COMMENT A Regular Monkey and Parrot Time in Denver. SENATOR TELLER'S LATEST TALK A Nephew of Leland Stanford Turns up in Idaho-Married to Suit Himself. Associated Press. Denver, July 19.-The panic in this city was resumed this morning with renewed vigor, and as a result the Old German National bank, with a reputation for stability of twenty years' standing, the equally reputable State National, and extremely strong Peoples' National, failed this morning. All night depositors stood in line in front of the German National, and by 9 o'clock there was a long sea of faces stretching down the street. At the opposite corner, where the State National has so long done business, was also a crowd of anxious depositors, Here people were relieved of doubts, when at 9 o'clock a notice was posted on the doors that the bank would not open, owing to the lack of ready cash At the German National, just before opening time, a notice was posted on the (window stating that the doors would be closed temporarily. This notice caused a distressing scene. Men and women down the long line, broke out in tears and wailing. A run on all the remaining banks in the city was renewed. Reliable people, however, say there will be no more suspensions. Bank Examiner Adams this morning took charge of the Union National, Commercial National, National Bank of Commerce, State National andGerman National banks. A number of minor commercial concerns went under today, The run on the Denver National is over, with plenty of money still in sight. The same is true of the City and all the other unfailed banks. Business men are beginning to breath more freely. Washington, July 19.-The comptroller of Currency has been advised that the Hutchinson National Bank of Hutchinson, Kan., has failed. Topeka, Kan, July 19.-The state bank commissioner has been informed of the failure of the State Bank of Parker, and Woodson's State Bank, of Yates Center. Both were small concerns. Washington, July 19.-The comptroller of currency is informed of the failure of the Bozeman National Bank, of Bozeman, Mont. Brooklyn, July 19.-The large carpet house of Hardenburg & Co. has assigned.


Article from The Western Sentinel, July 20, 1893

Click image to open full size in new tab

Article Text

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,


Article from Delaware Gazette and State Journal, July 20, 1893

Click image to open full size in new tab

Article Text

FINANCIAL TROUBLES. KANSAS CITY, Mo., July 17.-The Bank of Grand Avenue and the Missouri National Bank have suspended payment at noon to-day. DENVER, CoL., July 17.-The Peoples Savings, the Rocky Mountain Dime and Dollar, and the Colorado Savings Banks failed to open their doors for business this morning. The assets of the People's Savings Bank are $1,500,000; $1,350,000. President Lawrence of the Peoples' National Bank says the failure of the savings institution in no way affect the People's National Bank. 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 the City National, German National, First National, Colorado National and all the Clearing House banks. The panic is on. The Commercial National Bank has closed its doors. A notice says: "This bank has gone into liquidation, by order of the board of directors." The National Bank of Commerce has closed its doors. Ex-Governor Job A. Cooper is president of this bank. ANACORTES, Wash., July 18.-The Bank of Anacortes failed to open its doors, yes. terday, owing to inability to realize on securities. Liabilities, $29,000; assets, $78,000. Depositors will be paid in full. INDIANAPOLIS, IND., July 18.-George K. Schofield, for many years a dealer in horses, mules and buggies, made an as signment yesterday, for the benefit of creditors. The assets are estimated at $30,000 and the liabilities at $40,000. LIMA, O., July 18.-Conrad Betzer, Jr., furniture dealer, made an assignment yes terday. It is thought the assets will largely exceed the liabilities. SHELBYVILLE, ILL., July 18.-As a result of the recent Thornton bank failure Nancy M., W. N., and John D. Steward son, extensive farmers and stock raisers S have assigned to W. E. Walker. Liabili ties, about $30,000; assets, $25,000. FORT ScoTT, KAS., July 18.-The First National Bank of this city, the oldes financial institution in Southeastern Kan sas, has suspended payment. TOLEDO, OHIO. July 18.-The Citizen Bank of Ada, the most prominent one in Hardin county, failed to open its door this morning. Its owner, Peter Ahlfeld f has controlled it for over a quarter of century, and is one of the wealthiest mei of that section. No statement of assets and liabilities or the cause of the failure can be obtained. CINCINNATI, O., July 18.-Mrs. Mary S Anna Kauffmann, widow and executri of the late John Kauffmann, made a per sonal assignment late last evening. Lia d bilities $100,000; assets much greater. Sh owns a large portion of the Kauffman: brewery, which went into assignment las Friday. DENVER, CoL., July 18.-The McNamar e Dry Goods Company, one of the larges houses in the west, was closed on attach f ment this morning. They will probably make a general assignment. n DENVER, Col., July 19.-The following notice was posted on the doors of the Stat National Bank, this morning: e "This bank will not be opened for busi ness this morning. Depositors will be pai in full." At the hour of opening for bankin business crowds had assembled at the dif ferent banks, but there did not appear t be the same excitemedt among the de positors as existed yesterday. n STILL ANOTHER-EXCITEMENT INCREASING. e The doors of the German National Ban were not opened for business at 10 o'cloc this morning. No notice has been poste on the doors, but it is believed that it ha suspended payment. e The excitement is rapidly increasing an runs are threatened on other banks. FAILED WITH $40,000 COUNTY FUNDS. ARMOUR, KAN., July 19.-The Citizen Bank suspended payment, yesterday, wit assets of $151,500, and liabilities o $126,500. State Bank Commissione Breidenthal took possession of th h bank. Among the heavy creditors of th bank is the county of Wyandotte, whic had on deposit some $40,000 of its funds. ANOTHER KANSAS BANK FAILURE. WASHINGTON. D. C., July 19.-The Com) troller of currency has been advised the the Hutchinson National Bank, Hutchir son, Kansas, closed its doors to busines this morning.


Article from Oakes Weekly Republican, July 21, 1893

Click image to open full size in new tab

Article Text

BUSTED BANKS Seven Bad Fallares III Two Days at Denver. DENVER. July 18. --Commercial - circles are greatly excited over the failure of three banks in this city during the day. The banks constituting the triple failure are the Colorado Savings bank; the People's Savings bank and the Rocky Mountain Dime and Dollar Savings bank. An estimate of the total assets are $1,500,000 and liabilities are placed at nearly that amount. Charles H. Blakeney was made assignee of the Rocky Mountain Dime and Dollar Savings bank. DENVER, July 19.--Three national banks, the Union National. the Coinmercial 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. Mercantile vallures. In addition to the bank failures the following firms went to the wall during the day: McNamara Dry Goods company; M. S. Noah. installment 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 dealors, and McHiver & Drip, mantels and tiles.


Article from Vermont Phœnix, July 21, 1893

Click image to open full size in new tab

Article Text

The Week in Business Circles. The commercial agencies report improvement in the business situation, but there are many indications that the storm is not over. The Amoskeag mills at Manchester, N. H., will be shut down during August on account of the congested condition of the market, and 8000 hands will be thrown out of employment. The iron mill operatives and representatives of the amalgamated association have failed to reach an agreement in Pittsburg, Pa., and in the meantime 40,000 workmen in Pennsylvania and Ohio are idle. The property of the Schleisinger syndicate, controlling a dozen large mines in northern Michigan and Wisconsin has been attached. The suspension of the Kansas City national bank of Kansas City, Mo., which had a capital of $1,000,000, caused a dozen other banks in Kansas City and in other places in Kansas to go to the wall. Six large building and loan associations of St. Louis transferred their property Monday. The greatest excitement has been at Denver, Col., where eight banks closed their doors. The People's savings bank, the Rocky Mountain Dime and Dollar and the Colorado savings banks went down Monday. The National bank of Commerce, Commercial national and Union national were unable to meet the demands of depositors Tuesday, and Wednesday the People's national and the German national were also obliged to cease business. The streets of Denver were filled with excited throngs, and special policemen had to be called out for service in the vicinity of the banks. Great indignation was expressed against Gov. Waite, the Populist, it being alleged that his unguarded remarks at the silver convention were the indirect cause of the failures. If the financial situation in other parts of the country brightens, it is hoped that the Denver banks will be able to resume business.


Article from The Dickinson Press, July 22, 1893

Click image to open full size in new tab

Article Text

BANKS IN DENVER FAIL. Denver, July -The Union National bank, of which R. W Woodbury is president. failed to open its doors yesterday morning The capital is $5,000,000. No statement can be had. A run was made on the City National, German National, First National, Colorado National and all the eleven clearing house banks. The Commercial National bank and the Na tional Bank of Commerce are also closed. Ex-Gov. Job Cooper is president of the last named bank.


Article from The Lamar Register, July 22, 1893

Click image to open full size in new tab

Article Text

A 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 statements 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 bands 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 remainlug 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 lla. bilities 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 $730,000. 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 other 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 from aggregate $255,000. The John Moust Lumber Company also assigned.


Article from The Bessemer Indicator, July 22, 1893

Click image to open full size in new tab

Article Text

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


Article from Shenandoah Herald, July 28, 1893

Click image to open full size in new tab

Article Text

South and West. AT Denver. Col.. the People's Savings, the e Rocky Mountain Dime and Dollar and the I Colorado Savings Banks have closed their e doors. At Kansas City, Mo., the Missouri National Bank has suspended payment: also 1 the Grand Avenue Bank, a private institu: tion. The assets are $200,000; liabilities, $140,000. l FOUR people were killed and several injured in a collision between a Grand Trunk train and a horse car in Chicago, III. THE foreign exhibitors at the World's e Fair are getting ready to file claims against the National Government for damages, claims to the amount of $400,000 having already been prepared. THE First National Bank at Cedartown. Ga., closed its doors. The suspension was caused by inability to realize at once on collaterals. SECRETARY MOHLER has issued a statement saying that if the conditions continue favorable Kansas will have the largest corn crop in the State's history, with the exception of that of 1889. Miss EMMA GARRETT. of Philadelphia, who with her sister, Miss Mary 8. Garrett, had charge of the Pennsylvania blind children's exhibit at the World's Fair, committed suieide by leaping from a window at the Briggs House, THREE Denver (Col.) National banks-the Union National, the Commercial National and the National Bank of Commerce-closed their doors, owing to the heavy demands of excited depositors. The Mercantile Bank, a small private institution. also suspended, owing to the closing of the Union Bank. URUGUAY'S exhibition in the Agriculture Building, World's Fair. was thrown open to the public view, and was visited by large crowds. THE drouth, which exten led over an area of 40,000 square miles in Western Texas, has been broken by good rains. AT Denver, Col., the German, State and People's National Banks closed their doors to forestall the heavy demands that it was evident would be made. The list of closed banks in Denver is now thirteen. of which six are National, five savings and two private institutions. Two men were mortally wounded and on? instantly killed in a pitched battle between tramps and citizens near Sheffield, Ind. AT Green Bay, Wis., Rear-Admiral Melancton Smith. United States Navy, died after a two-days' illness. He was born in New York City, May 24, 1810, and entered the navy as 8 midshipman at the age of sixteen. THE Brazilian Building was dedicated at the World's Fair. THE Commissioners of Agriculture of the Southern States, in session at Atlanta, passed a resolution calling for the adoption of a uniform system of control and regulation of the manufacture and sale of commercial fertilizer. SWEDEN'S day at the World's Fair was celebrated by a big procession and a concert: Columbia's Building was opened on the same day. A NUMBER of striking miners, with their wives, attacked the strip pit miners in one of the mines near Weir City, Kan. A fierce fight ensued, in which clubs and firearms were used. About 100 shots were fired and a number on both sides were injured. No one was killed. IT is estimated that ten thousand persons in Denver, Col., and twenty thousand out. side of it have been thrown out of work by the cessation of silver mining. They are in great distress.


Article from Idaho County Free Press, July 28, 1893

Click image to open full size in new tab

Article Text

THE SITUATION IN DENVER Three More Supposedly Solid Banks Go to the Wall. I CROWD OF ANXIOUS DEPOSITORS Who Break Out in Tears and Wallings When the German National Closes. Teller Expresses His Views. DENVER, July 19.-The panic in this city was resumed this morning with renewed vigor. As a result the old German National Bank, with a reputation for stability of twenty years standing, and the equally reputable State National and the extremely strong Peoples' National failed this morning. All night depositors stood in line in front of the German National and by 9 o'clock there was one long sea of faces stretching down the street. At the opposite corner, where the State National has so long done husiness, was also a crowd of anxious depositors. Here the people were relieved of their doubts when at 9 o'clock a notice was posted on the door that the bank would not open, owing to a lack of ready cash. At the German National just before opening time a notice was posted on the window stating that it had closed temporarily. This notice caused a distressing scene. Men and women down the line broke out in tears and wailing. The run on all the remaining banks in the city was renewed. Reliable people, however, say there will be no more suspensions. Bank Examiner Adams this morning took charge of the Union National, Commercial National, National Bank of Commerce, State National and the German National. A number of minor commercial concerns went under today. The run on the Denver National is over, with plenty of money still in sight. The same is true at the City Bank and all other unfailed banks. Business men are beginning to breathe more freely. Teller on the Situation. DENVER, July 19.-Senator Teller, in an interview upon the financial situation in this city, says: "There is no one reason to which the trouble can be charged. It is partly to the silver agitation, but more to the general depression affecting the entire country. The bank failures yesterday were unwarranted and are directly chargeable to the people who became frightened and panic stricken at a shadow. There is nothing less fair than to blame all our ills to silver. You had much better blame some to the silver speeches. Teller expressed the belief that the Sherman law will be repealed but not without a substitute of greater benefit to silver. Oakes Denies the Report. NEW YORK, July 19.-A story is current this afternoon that there is danger of the Northern Pacific passing into the hands of a receiver. President Oakes emphatically denied the report. Both Are small Concerns. TOPEKA, Kan., July 19.-The state bank commissioner is informed of the failure of the State Bank of Parker and Woodson's state bank of Yate's Centre. Both are small concerns. Two Banks in Oklahoma. OKLAHOMA CITY, O. T., July 19.-The Bank of Oklahoma and the Oklahoma National bank have failed. The First National stood a heavy run. No statements are given out. A Newspaper Assigns. MOBILE, Ala., July 19.-The Daily Register, one of the oldest newspapers in the South, has made an assignment. Publication will be continued under authority of the court. A California Bank Re-opens. Pomona, Cal., July 19.-The People's Bank re-opened this morning with plenty of coin. Only four dollars were drawn out the first hour. The deposits are liberal. A Moutana Bank Closes. WASHINGTON, July 19.-The comptroller of the currency is informed of the failure of the Bozeman National Bank, at Bozeman, Mont. A Carpet House Fails. BROOKLYN, July 19.-The large carpet house of Bardenburg & Co. has assigned.


Article from The Abbeville Press and Banner, August 2, 1893

Click image to open full size in new tab

Article Text

LATER NEWS. A DINNER was given in honor of James H. Eckels, Controller of the Currency, at the Union League Club, New York City. THE corner stone of the Odd Fellows' Temple, which will cost $1,000,000, was laid at Philadelphia, Penn., with impressive ceremonies. MISS EMMA GABRETT, of Philadelphia, who with her sister, Miss Mary S. Garrett, had charge of the Pennsylvania blind children's exhibit at the World's Fair, committed suicide by leaping from a window at the Briggs House. THREE Denver (Col.) National banks-the Union National, the Commercial National and the National Bank of Commerce-closed their doors, owing to the heavy demands of excited depositors. The Mercantile Bank, a small private institution, also suspended, owing to the closing of the Union Bank. URUGUAY'S exhibition in the Agriculture Building, World's Fair. was thrown open to the public view, and was visited by large crowds. IT was reported that the warship Mohican was disabled on June 25 by a shot from the seal-poaching steamer Alexandria passing through her machinery; the story was discredited in Washington. THE Navy Department formally accepted the cruiser Detroit and authorized the payment to the builders of reserved funds amounting to about $225,000. IN the court-martial of the officers of the Victoria, at Valetta, Malta, Flag-Lieutenant Gilltord and Staff-Commander HawkinsSmith-testified that Vice-Admiral Tryon said immediately after the Camperdown struck the Victoria, "It was all my fault." BRIGANDS raided the village of Lipkaey, Bukowina. The villagers killed five of them and wounded several more. The villagers were finally routed and the place looted. PRESIDENT CLEVELAND returned to Gray Gables, Buzzard's Bay, Mass., from his fishing trip; he said that his health was splendid and that his rheumatic trouble had left him. FIRE on the dairy farm near Carteret, N. J., occupied by Thomas Stugg destroyed buildings covering seven acres, and caused a loss of about $30,000. THE drouth, which extended over an area of 40,000 square miles in Western Texas, has been broken by good rains. AT Denver, Col., the German, State and People's National Banks closed their doors to forestall the heavy demands that it was evident would be made. The list of closed banks in Denver is now thirteen, of which six are National, five savings and two private institutions. Two men were mortally wounded and one instantly killed in a pitched battle between tramps and citizens near Sheffield, Ind. AT Green Bay, Wis., Rear-Admiral Melancton Smith, United States Navy, died after a two-days' illness. He was born in New York City, May 24, 1810, and entered the navy as a midshipman at the age of sixteen. THE Brazilian Building was dedicated at the World's Fair. THE manufacture of the new army rifle (the Krag-Jorgensen) is being pressed vigorously, and a large number of special cutters and sharpers have already been procured. It is believed that the first lot of completed arms will be ready for delivery and issue to the service about September 1. FRANCE sent an ultimatum to Siam giving her forty-eight hours in which to comply with her demands. REAR ADMIRAL MARKHAM, in his testimony before the Malta court martial, said that Sir George Tryon's command was impossible to follow with safety.


Article from The Morning Call, August 18, 1893

Click image to open full size in new tab

Article Text

YET THEY GO DOWN. The Financial Cloud Hangs Low in the Eastern Sky. There Is a Brightening in Spots, but Still the Storm Is Not Over. Special to THE MORNING CALL PITTSBURG, Aug. 17.-The Oliver Iron and Steel Company, one of the largest concerns in this country, went into the hands of a receiver to-day, on the application of the National Tube Works Company of New Jersey and E. C. Converse of New York. The capital of the company is $1,000,000; apparent indebtedness, $600,000: bonded indebtedness, $585,000. H. W. Oliver was appointed receiver. The company has extensive plants in Pittsburg and Alleghany and employs 4000 inen. It is also largely interested in coke and natural gas, The sales aggregate $5,500,000 annually, George T. Oliver. president of the Oliver and Roberts Wire Company, said: "The appointment of a receiver for the Oliver Iron and Steel Company will not affect the other Oliver operations under my active egement. These companies, like other siness interests, are suffering from the gency in money and the unprecebusiness depression, but so far as I now see, they are fully able to meet liabilities." NDIANAPOLIS, Aug. 17. -Receiver Hawof the Indianapolis National Bank a a sworn statement to-day which indicates that perjury was committed by the bank's officers in making tax returns. CHICAGO, Aug. 17.-A proposition was made to-day to the creditors of John Cudaliy which will yield $1,300,000 instead of $800,000. John's brothers, Michael Edward and Patrick, have signed a contract to pay the creditors $500,000 in yearly installments and $100,000 in addition to the securities which Cudahy heretofore furnished. DENVER, Aug. 17.-The National Bank of Commerce reopened for business today with almost 100 per cent of its liabilities on hand. Three more of the suspended banks are expected to open by September 1. The American National Bank, which suspended July 1, resumed business this morning. DUBUQUE, Aug. 17.-The First National Bank, one of the oldest institutions in the city, with a capital of $200,000, suspended this morning. The last statement showed deposits of $520,890. The failure is due to withdrawals. CINCINNATI, Aug, 17.-The Standard Wagon Company, the largest company of its kind in the United States, assigned this morning to Grant H. Burrows. The assets are $1,200,000; liabilities, $700,000. NEW YORK, Aug: 17.-Davis & Co., wholesale dry-goods dealers of this city and Chicago, assigned to-day. The liabilities and assets are about $200,000 each; Stringency of the money market is the cause of the failure. HUNTINGTON, Pa., Aug. 17.- The national bank at Wyndham, Bedford County, closed its doors to-day. The bank was operated by John K. and George B. White, who besides operated four large tanneries located at Wyndham, Dry Run and Manns Choice, which were also forced to close down. The liabilities are estimated at $350,000, with assets of $450,000. PORTLAND, Or., Aug. 17.-Depositors of the suspended Portland Savings Bankheld a meeting this afternoon and appointed a committee of five to wait upon the stockholders of the suspended bank and request them to pledge their individual property as a guarantee that the depositors of the bank will be paid in fill. It is understood that D. P. Thompson has resigned the receivership and that H, H. Northrup will succeed him.


Article from Deseret Evening News, August 18, 1893

Click image to open full size in new tab

Article Text

Other Banks Resume. DENVER, Aug. 17.-The National Bank of Commerce re-opened for business today with almost a hundred per cent of its liabilities on hand. Three more of the suspended banks are expected to open by September 1st.


Article from The Comet, August 24, 1893

Click image to open full size in new tab

Article Text

Controller Eckels has given the suspended National Bank of Commerce of Denver, and the American National Bank of Leadville, Col, permission to resume:


Article from Perrysburg Journal, August 26, 1893

Click image to open full size in new tab

Article Text

Miss.) opposed unconditional repeal. Cooper (dem., Ind.) opposed free coinage Mr. Alexander (dem., N. C.) favored it. DOMESTIC. MICHAEL CLENAN, a fireman, was tilled and several others injured at a laze in St. Paul which did $100,000 lamage to the music house of W. J. & Bro. MORE than 5,000 unemployed men in New York smashed doors and windows nd took forcible possession of a hall. "Tom KING," the notorious woman thief, was arrested at Denison, Tex. MR. AND MRS. MARTIN SCHULTZ, an couple living near Cherokee, Ia., murdered and their home ranacked by robbers. THE firm of T. J. Davis & Co., wholedry goods in New York, failed for 200,000. THE Pennsylvania railroad shops in Altoona, Pa., have been ordered to vork half time. The shops employ 8,men. THE supreme council of the American Legion of Honor in session in Milwauelected J. M. Gwinnell, of Newark, J.. supreme commander. THE National bank of commerce at Denver, Col., that suspended recently, eopened its doors. THE Standard Wagon company at incinnati, one of the largest concerns the kind in the west, failed for $700,assets, $1,200,000. FIRE destroyed the Grand opera ouse, city hall and 200 feet of the 'ennsylvania railroad depot at AtlanCity, N. J., causing a loss of $100,WESTERN Kansas politicians want he capital removed from Topeka to section. McPherson is the town uggested. TREASURY officers in Washington received an appeal from dis inguished Frenchmen asking closer rade relations with the United States. THE exchanges at the leading clearhouses in the United States during he week ended on the 18th aggregated 732,542,203, against $729,905,224 the preweek. The decrease, compared with the corresponding week in 1892, 27.6. BENTON, Ill., was visited by a fire vhich destroyed the city hall, post ofand the Chronicle office. THREE children of J. L. Casey, of Little Rock, Ark., are dead and the of the family seriously ill from rinking water from a polluted well. NEAR Martin's Ferry, O., a traction ngine became unmanageable and ran ackward down a hill, killing Carrie Nellie Ackerman, aged 5 and 11 ears, respectively, and fatally injuring Ella King. BUSINESS failures to the number of occurred in the United States in he seven days ended on the 18th, gainst 208 the preceding week and for the corresponding time last IN a bicycle race at Minneapolis J. Johnson made 3 miles in 7:15%, lowthe record 15½ seconds. WILLIAM J. JAMISON, a negro herb loctor, who murdered Supervisor Charles N. Aaron April 19, 1892, was anged at Quincy, Ill. This was the hanging in Quincy in sixty five TWENTY members of the Meachim have been killed near Jackson, within ten days. Five others were urrounded, but escaped. TWENTY-TWO pensioners at the solhome in Marion. Ind., received otice that their pensions had been disontinued. This makes overa hundred uspensions at the home since May. EPPINGER & RUSSELL, lumber dealers New York, failed for $400,000. A CIRCULAR, dated Chicago, has been to labor organizations throughout he country urging the unemployed to


Article from The Meeker Herald, August 26, 1893

Click image to open full size in new tab

Article Text

Three of the suspended national banks of Denver have resumed business again. They are-the National Bank of Commerce, the People's national and the Union national. The Central national of Pueblo, the Greeley national of Greeley, the American national of Leadville, and the First national of Rico, have also resumed. This shows that confidence is returning and the outlook for Colorado much brighter.


Article from The Times, September 3, 1893

Click image to open full size in new tab

Article Text

BANKS HAVE RESUMED. Those That Were Temporarily Embarrassed Now All Right. WASHINGTON, D. C. Sept. 1.Controller Eckels has prepared the following statement of banks which temporarily suspended during the late stringency and have since resumed business: Black Hills National Bank, Rapid City, S. D., capital stock, $125,000; Gate City National Bank, Atlanta, Ga., $250,000; Capital National Bank, Indianapolis, Ind., $300,000; Washington National Bank, Spokane Falls, Wash., $250,000; First National Bank, Palouse city, Wash., $75,000: Southern California National Bank, Los Angeles, Cal: $200,000; First National Bank, Los Angeles, Cal., $200,000; First National Bank, San Diego, Cal., $300,000; First National Bank, Santa Ana, Cal., $150,000; First National Bank, Kendallville, Ind., $50,000; First National Bank, San Bernardino, Cal., $100,000; Second National Bank, Ashland, Ky., $50,000; First National Bank, Rico, Col., $50,000; National Bank of Commerce, Provo City, Utah, $50,000; First National Bank, Cisco, Texas, $50,000; American National Bank, Leadville, Col., $100,000; Central National Bank, Pueblo, Col., $50,000; Missouri National Bank, Kansas City, Mo., $250,000; First National Bank, Fort Scott, Kan., $300,000; Union National Bank, Denver, Col., $1,000,000; National Bank of Commerce, Den ver $500,000; Hutchinson National Bank, Hutchinson, Kan., $100,000; People's National Bank, Denver, Col.,$600,000; First National Bank, Anthony, Kan., $50,000; Greeley National Bank, Greeley, Col., $50,000; Farmer's National Bank, Henrietta, Tex., $50,000; State National Bank, Vernon, Tex., $100,000; Fourth National Bank, Louisville, Ky., $200,000; First National Bank, The Dalles, Ore., $50,000; Waupaca County National Bank, Waupaca, Wis., $50,000: Waxabachee National Bank, Waxabachee, Tex., $100,000; Citizen's National Bank, Attica, Ind., $50,000; First National Bank, San Marcos, Tex., $80,000; First National Bank, Lockhart, Tex., $50,000. Total capital stock of $6,030,000. Since January 1 last 154 national banks have suspended. Of this number one has gone into voluntary liquidation, 57 have been placed in the hands of receivers, 62 are in the hands of national bank examiners with excellent prospects of early resumption, in addition to the 34 above named which have already resumed business.