1154. State National Bank (Denver, CO)

View Charter #2694 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
2694
Charter Number
2694
Start Date
July 18, 1893
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
d38b44ac353cd277

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Date receivership started
1895-08-24
OCC cause of failure
Losses

Description

Contemporary newspapers report heavy withdrawals (runs) on July 18–19 that forced the State National to suspend payment; bank examiner took charge of several banks. The State National was later permitted to reopen and did resume business on Aug 31, 1893. Cause of the run is attributed to panic following closures of other Denver banks and a general local banking contagion (not a single discrete false rumor). OCR errors in articles corrected where obvious (e.g., dates and bank names).

Events (8)
1. May 16, 1882 Chartered
Source
historical_nic
2. July 18, 1893 Run
Cause
Local Banks
Cause Details
Panic and heavy withdrawals triggered by failures/closures of other Denver banks (Union National, Commercial National, National Bank of Commerce and savings banks); widespread depositor panic and contagion among local banks.
Measures
Paid out large sums to depositors (reports cite about $100,000 paid out); demanded time certificates remain until maturity; relied on securities and hoped for incoming funds.
Newspaper Excerpt
At the State national bank quite a run is in progress.
Source
newspapers
3. July 19, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Official notices cite inability to realize immediately upon assets and lack of ready cash after prolonged drains; suspension announced by board and bank examiner took charge.
Newspaper Excerpt
The old German National bank, the State National and the People's National closed this morning, owing to a lack of ready cash.
Source
newspapers
4. August 31, 1893 Reopening
Newspaper Excerpt
The State National Bank, the last one of the city's six suspending national banks, opened its doors again this morning.
Source
newspapers
5. July 28, 1894 Voluntary Liquidation
Source
historical_nic
6. August 24, 1895 Receivership
Source
historical_nic
7. February 1, 1896 Restored To Solvency
Source
historical_nic
8. February 1, 1896 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (25)
1. July 16, 1893 Tombstone Epitaph Tombstone, AZ
Article from Tombstone Epitaph, July 16, 1893

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IZONA. SUNDAY, JULY 2: ge NEWS BY WIRD it me Great numbers of Mexican parrd Ve are being imported through Lare itfor sale at the World's Fair. er One thousand negro men were p e ; on the cars at Birmingham last nigi efand started for Kansas to take tl by, place of the striking miners. ket Several attachments were issue old last evening against Denver busine ily houses, the principal ones being th silRoberts Hardware company and th ind Livermore Wayne Lunber Co. in a the The Kansas Bi-metallic convention wo convened at Topeka yesterday after ennoon in representative hall with SEV nd eral hundred delegates in attendance Dy There will be no more bank failure to in Denver. The panic wore itself ou are yesterday with the failure of the Pec We ple's, German and State National in banks. This morning when the Firs me Colorado. Denver, City and America kopened their doors there was hardly It dozen customers in all of them at th use paying tellers' windows. bly Information has been received fror ue Pekin to the eff ct that China ha taken measures to support Sia: against the French, Siam has fc fer many years paid tribute to China. bu ur only as a matter of usage or conver ience, and it is now apparent the ilt China is determined to assist th :Siamese against the French encroach as ments upon their territory. as A conservative estimate of the me be discharged by railwave, mines, busi at ness houses and factories since th of silver panic started places the number in at from 12,600 to 15,000. It is als Irestimated that Colorado, Utah, Mon ty tana and New Mexico merchanti by have countermanded orders on Nev d York wholesale houses for goods dur. flu ing this time amounting to over 1e $12,000. e. The Santa Fe management he a just unearthed extensive frauds of d that division of the road included be :tween Topeka and Chicago, Th ly frauda, it is said, have resulted in se loss to the road of $17,000 a month 1The conspiracy is far reaching in i h ramifications and includes, it is said of various officiale, from assistants to th division superintendents, down to th section bosses.

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

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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. WRECKS AWONG THE MERCHANTS. A Large Dry Goods Firm Succumbs-Other Financial Troubles. The store of the McNamara Dry Goods company, doing business at Sixteenth and California streets, is in the hands of the sheriff. Attachments aggregating $250,000 were served on the firm at an early hour. The Union National bank, which itself suspended in the morning, precipitated the trouble by securing the first attachment. The rest of the attachments followed in rapid succession. M.S. Norh, installment furniture dealer, assigned to Calvin C. Hill. His assets are placed at $35,000 and his liabilities at $16,000, about equally divided between local and eastern creditors. Albert Nelson, the well-known restaurant man of Curtis street, made an assignment for the benefit of his creditors to Frank Anderson. A He places his assets at about $111,510 and his liabilities at about $96,725 The John Mount Lumber company was attached on a claim from the German National bank for $155,200. The sheriff placed three custodians in charge of the company's property and the company then made an assignment to William B. Paimer, No schedule was presented. Luther J. Wygant, tiles and grates, 1609 Court Place, assigned to Robert J. Pitkin. Assets, $14,765.52; liabilities, $14,830.48 The Evans-Littlefield Confectionery company assigned to George A Smith; no schedule presented. "The Hub," conducted by Engle & Harris, general merchandise, at 2201 to 2209 Larimer street, assigned to George Burger. The assets are placed at $18,100. The liabilities are placed at $4,664.31.

5. 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.

6. July 19, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 19, 1893

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A SENSELESS SCARE. Denver People Needlessly Excited Pre cipitate a Ran on Her Banks. DENVER, July 18.-No scene was ever witnessed here before like that this morning. Shortly after the hour when the banks opened for business the failure of the three savings banks yesterday had excited the masses, 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 street a crowd gathered till the police was called 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 the doors. This started a panic and following quickly the Commercial National posted a similiar notice, then the National Bank of Commerce. A run was immediately started on all the other banks, though to no great extent on the People's National. The First National appears to be in unexceptionable condition, having over 60 per cent. of its deposits on hand, with a private fund of in addition to draw upon, makit to $1,500,000 ing impossible close their doors. The Colorado National and several others are equally good. The mob which is withdrawing its money is composed of small depositors. The banks are paying all demands except on time certificates, demanding that these remain till the expiration of the time. President J. A. Thatcher, of the clearing house, savs: "I am confident today will see the worst of this, and the people will come to their senses. At a meeting of the clearing house last night we decided that we could not help the banks, and so some of them haye 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 a majority of the people are clamoring for." At the State National bank quite a run was in progress. The officers appear to be in the best humor and say they are confident they can weather the storm. Up to noon everything was quiet at the Colorado National. It is understood $500,000 in gold was received there just the doors morning. a crowd of people was before Quite opened this about the doors of the Denver National. It was rumored that a run was in progress there, but it was soon seen that the men were Union Pacific employees simply getting checks cashed for last month's work. 'This bank is closed by order of the board of directors" is the notice posted every entrance to the National Bank of Commerce. Officers inside refuse admisa sion to outsiders. The condition of this e bank is not known, as it did not print a a statement yesterday, as was done by almost all the other banks. John H. Hanna of the City National e said they were in as good condition as e any body. Hanna hopes to be able to a control enough deposits to tide over the bank. Several of the principal depositors n made large deposits this morning. Some S who owe the bank in the shape of notes , but have cash deposited had payment refused on their checks. Their liabilities

7. 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.

8. July 20, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 20, 1893

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ANOTHER DAY OF PANIC. Many Denver Business Firms Go Down In the Crash. THINK THE BANK RUNS ARE OVER. Now Six National Banks of Denver Are Closed, but All Claim That They Will Resume-The Situation In Kansas a Lit. tle Better-Results Are Far Reaching. DENVER. July 20.-The timorous feeling among depositors in the Denver banks, which has resulted in closing a number of these institutions this week, seems at last to have reached its limit, and the people are now stopping to think, with the result that more money is being deposited than is withdrawn. The German, State and People's national banks closed their doors in order to forestall the heavy demands that it was evident would be made. As soon as the action had been taken, depositors in other banks seemed to take new courage, and during the day the talk on the streets was much more conservative and rational. The fivenational banks that are still open for business showed no signs of any unusual excitement among their patrons. Indeed, their banking houses were quieter than on many days during ordinary times, and everybody seems to feel that the end of the unjustifiable excitement has been reached. The run which was started on the First National bank was completely broken, and quiet was restored. The run was caused principally by those who were near at hand when notices declaring the suspension of the German and State National were posted. These people at once became panic stricken, although the remarkably strong condition of the First National is a matter of common knowledge. Around the Denver National, Colorado National, American National and City National banks all was quiet. There were very few calls for money, and a few of those who had withdrawn their money from the suspended banks were depositing in the banks that yet remained open. Among the officers of the banks which were open for business the expression was unanimous that the flurry was at an end, and that the people would now see the folly of their action in forcing a suspension of the banking institutions by all withdrawing their deposits at once and taking from circulation all the money that would ordinarily flow through the regular channels and help in sustaining the business public and the banks. The suspended banks all had much more than enough money to be considered a perfectly safe guaranty in ordinary circumstances and with business at its normal condition would have laughed at the idea of run. Business Firms Go Down. The Tucker Shirt and Furnishing company, Sixteenth street, assigned to Charles H. Burpie. Assets. $35,000, and liabilities $13,000. The Hallack-Sayre Newton Lumber company assigned to Frederick F. Sayre as a result of the closing of the State National bank. The Blake Lumber company assigned to Emmet B. Annis. The Palace drug store, Sixteenth and Curtis streets, made an assignment to F. F. Sayre. J. H. Naylor. a furniture dealer on Fifteenth street, assigned to Simon T. Horn. y The Stanley Shoe company attached the Union Clothing company. An assignment was made by the People's Coal company to John O'Neill. S Goldhammer & Weiss, saloon and restaurant keepers on Larimer street, were closed on d chattel mortgage. 8 August Werhle, jeweler, assigned to Otto d Schneider. The Harrison Hannahs, millinery store, Fif n teenth and Welton streets, assigned to Wil d liam F. Sherry. 1. Demange & Co., dealers in gentlemen's fur nishing goods. made an assignment to A E. Demange. e Silas B. Jacobs. gentlemen's furnishing goods on Seventeenth street, near Curtis, assigned F.J. White. The Denver. Lakewood and Golden Railroad e company has been sued by the General Electric company for $5,705.05, and a writ of at is tachment was issued out of the district court 1The Denver failures have affected other d Colorado points. At Aspen the Wheeler KBanking company, the pioneer bank of the city, closed its doors. 1At Loveland, Colo., the bank of s; land closed. Its assets will largely exceed ithe liabilities. S. At Sterling, Colo., the bank of Sterling closed. No schedule filed. t run was made on the First National r bank at Aspen, and the greatest excite of ment prevailed. One thousand people were n in line when the bank closed for the day.

9. July 20, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 20, 1893

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IN THE BUSINESS WORLD. Senator Teller on a Repeal of the Sherman Law. CALIFORNIA SILVER MEN. A Meeting Held Which Is Addressed by Congressman Newlands. Free Expression of Opinion on the Subject of Silver Legislation-The General Sentiment That Western Congressmen Must Stand Together. DENVER, July 19.-The old German National bank, the State National and the People's National closed this morning, owing to a lack of ready cash. The run on other banks is continued, but no more failures are anticipated. President McNeill of the State National bank says his bank has paid out over $900,000 in the last thirty days, and declares that the assets are twice as large as liabilities. The cashier of the German National says inability to place securities and failure to call in loans caused the suspension of his bank. There has been a constant drain on the bank for sixty days and over $1,000,000 has been paid depositors. The bank expected $300,000 from the east this morning, but it failed to come. The bank's capital and surplus is $500,000. It expects to resume. Assets exceed greatly the liabilities. The People's National closed at 11 o'clock. The notice on the door said the stringency of the money market was too severe, and it was impossible to longer withstand the storm. The statement published on the 12th showed less than $60,000 cash, with deposits subject to check of $210,000. The capital of the bank is $600,000. Bank Examiner Adams this morning took charge of the Union National, Commercial National, National Bank of Commerce, State National, and German National. The run on the Denver National is over, with plenty of money still in sight. The same is true at the City and all other unfailed banks. Business men are beginning to breathe more freely. The run on national banks entirely subsided by noon and at the closing hour there was not half a dozen people around any of these institutions, and there can be but little doubt of the soundness of the banks that withstood the pressure yesterday and today. J. A. Thatcher, president of the Denver National, and also of the Clearing House, this evening stated that he anticipated no more failures. The banks that had kept open through the Clearing House were in good shape and showed that they were in excellent condition for the future. "Pm confident that if the financial condition of the country brightens a little,' he said, "the failed banks will all resume and that every depositor will be paid dollar for dollar."

10. July 20, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, July 20, 1893

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FAILURE OF DENVER BANKS. The Panic is Ended and no More Failures Expected. By Associated Press to the News. DENVER, July 30.-There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, the German and the State National banks. This morning when the First, 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. In the First and Colorado National banks a long string of depositors, reaching nearly to the street, were lined up in front of the receiving tellers' windows, and money was going back into bank vaults almost as rapidly as it was withdrawn du ring the last three days. The German, State and People's National banks could pay three dollars for one if they could realize on securities. There may be a few commercial failures in the city within the next few days as the result of the suspension of the banks, but it is believed that in no instance, whether a banking or commercial house, will the failure be complete and the re. sumption of business will surely fol!ow shortly. It is stated today that the MeNamars dry goods house, which failed Monday for $260,000 have settled with their principle creditors and will resume business Monday.

11. July 20, 1893 Evening Star Washington, DC
Article from Evening Star, July 20, 1893

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AFFAIRS OF BANKS. A Better Condition of Things Reported From the West. DENVER, Col., July 20.-There may 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 national banks opened their doors there was hardly a dozen depositors in all of them at the paying tellers' 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 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. 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, and that resumption of business will surely follow shortly. It is stated today that the McNamara drv goods house which failed Monday for $260,000 have settled with their principal creditors and will resume business Mondav. The cheering news from Washington has had a wonderful effect upon Denver this morning. The dispatch from Controller of the Currency Eckels. to the effect that he would give every posssible aid to the banks of this city, is applauded on every 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. Eckels comments on the foolish course of those Denver citizens who had lost confidence in the banks, are looked upon in a most righteous light. The newspapers are running off extras announcing the news and already things begin to wear a bright aspect. SAN BERNARDINO. CAL., July 20.-The national bank examiners who have been looking into the affairs of the First National Bank of this city have made a report to Controller Eckels, recommending that the bank be allowed to open at once. They state they found the affairs of the bank in good condition. PEORIA, ILL, July 20.-All fears of trouble at the banks as a consequence of the failure of Oberhauser's private bank Saturday have died away. Preparations have been made to stand any possible run, but none materialized. All the savings banks have now taken advantage of the sixty day notice clause governing withdrawals. Nashua, N. H., July 20.-The Security Trust Company closed its doors this morning. The bank has not met with losses. but stopped business on account of the withdrawal of deposits. The treasurer states that the bank will be able to pay all depositors in full. It has capital and surplus amounting to $250,000, which must be paid out before loss can come to the depositors. DENVER, CoL., July 20.-The First National Banks at Canon City and Grand Junction, this state, failed to open their doors this morning. It is probable the failures were caused by the suspension of the Denver banks. The New York Banks in Good Condition. NEW YORK, July 20.-Charles M. Preston, state bank examiner, was in this city yesterday. He spent most of the day in Wall street. calling upon a number of the bankers, with whom he discussed, informally, the condition of the banks in this city and state. "The banks of this state," he said, "generally are in good condition. anticipate no failures. The last report from those that come within my jurisdiction was on June 1, and the general average of the banks was sound at that time. Partial reports received since that time show no change. I do not think any of the banks need my attention. with the exception of the two or three which ceased to do business a month or 80 ago. So far as my examination goes, all the banks are abundantly secured, and the only possibility of trouble might come from a run at some particular time when there was 8 lack of ready cash. The banks are holding as much cash as possible. Depositors have no difficulty in getting their money when they want it. The bankers of this city are deserving of great praise for the promptness with which they sent money to Chicago when there were threats of a crash among the banks there. About $8,000,000 were sent and that action probably saved serious trouble in that city. Had the New York banks not done this a panic in Chicago might have occured."

12. July 20, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 20, 1893

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teenth street almost to Market. Just before the hour of opening had arrived a notice was posted on the front door of the bank. announcing suspension of payment. The notice was as follows: "Owing to the inability of this bank to realize immediately upon its assets it has been decided by the board of directors to close the same." The posting of this notice caused a general stampede for the doors, all being anxious to read the announcement, but there was no show of hostile demonstration on the part of assembled depositors, and the police that had been placed there to keep order had little trouble in dispersing the crowd. Despite the naturally trying condition of things the people were remarkably cool, and aside from one or two women, who broke into tears when they learned that the bank would not open, there was little display of feeling. All was comparatively quiet around the People's National bank this morning, and the bank was open for a short time. When the suspension of the German and State banks was known the directors of the People's decided to close, and this notice was accordingly posted on the doors: "This bank is closed by order of the board of directors. Net assets, $1,100,000; liabilities, $310,000. Following the suspension of the State and German National, a Few Small Depositors who had their money in the First National renewed the run on that institution, but it was a small a fair and soon wore itself out. At 11 o'clock the run which was started on the First National bank was completely brok n. and quiet was restored. Around the Denver National, Colorado National, American National and City National banks all was quiet. There were very few calls for money, and a few of those who had withdrawn from the suspended banks, doubtless repenting their hasty and wholly unjustifiable actions in aiding in closing the suspended concerns, were depositing in the banks that yet remained open. Among the officers of the banks which were open for business the expression was unanimous that the flurry was at au end. and that the people would now see the folly of their actions in foreing a suspension of the banking institutions by withdrawing their deposits at once, and taking from circulation all the money that would ordinarily flow through the regular channels and help in sustaining the business public and the banks. The suspended banks all had much more than enough money to be considered a perfectly safe guaranty under ordinary circumstances, and with business at its normal condition, would have laughed at the idea of a run. Cashier Charles M. Clinton, of the German National. stated that during the past three months over $1,000,000 in deposits had been withdrawn, and The Continual Drain, together with the run yesterday. had placed the bank in such a condition that a temporary suspension was an absolute necessity, and that Frank Adams, bank examiner for the district, had taken charge. "I can say this much, however," continued Mr. Clinton, "the depositors will all get their money in time. We had the largest number of depositors of any bank in this city, consequently many of them were comparatively poor people, who easily became frightened. and drew out their savings, the aggregate amounting to a very large sum. The business men and heavier creditors have with drawn proportionately less than the class referred to. "The bank's statement will be out as soon as possible. and the only statement I can make at this time is our securities are of the first class and largely in excess of our liabilities, thus guaranteeing depositors against loss in the end." The State National was unable to give out a detailed statement. The withdrawal of deposits has been heavy for several months, eniminating in a run yesterday, which forced a temporary suspension of payment. The statement of the bank published in Monday's papers showed deposits to the amount of $756,789.79, with currency certificates, clearing house exchange, bank bills. specie and other available cash items amounting to $115,000.23, with which to meet demands. Other assets, large in value, but not Immediately Convertible Into Cash will protect the depositors from loss. A tour of the banks just before their closing hour showed that all excitement had died away, and there was not the semblance of a run. The officers of the banks stated that they were taking in more money than they were paying out. "I do not think I will have to place a bank in Denver in the hands of a receiver," said Hon. Frank Adams, bank examiner for Coiorado, today. Mr. Adams further stated that he believed that the suspended banks will all re-

13. 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.

14. 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.

15. July 21, 1893 Fort Worth Gazette Fort Worth, TX
Article from Fort Worth Gazette, July 21, 1893

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BUSINESS. DENVER, Colo., July 20.-There will reparently be no more bank failures in Denver, The panic wore itself out yesterday with the failure of the Peoples', German and State National banks. This morning when the First 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. 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 money was given back to the bank almost as rapidly as It was withdrawn during the past three days. The German, State and Peoples' Nationals could pay three for one, if they could 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 the banks, but it is believed in no instarce, whether banking or commercial house, will the failure be complete, and a resumption of business will surely follow short! It is stated to-day that McNamara's dry goods house, which failed Monday for $20,000 has settled with their principal creditors and will resume business Monday. In speaking of the financial condition in Denver to-day, D. H. Moffatt, president of the First National bank, sald: "Five National banks are absolutely all right and perfectly able to pay every dollar of their deposits and still continue business. The only person who will have trouble from this time on are those who caused their money to be locked up in suspended banks. The trouble, as far ILS banks are concerned. is over. " was bound to come, and I am glad It is ended, as confidance will now begin to restore itself and times grow better in Colorado."

16. July 27, 1893 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, July 27, 1893

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FINANCIAL DISTURBANC BAD STATE OF AFFAIRS AFFECTI ALL PARTS OF COLORADO. Thirty Thousand Men Thrown Out of ployment by Shutting Down of Mines Smelters and Dependent Institutions. Numerous Business Failures. DENVER, July 20.-There will parently be no more bank failures Denver. The panic wore itself yesterday with the failure of Peoples, German and State Nation banks. This morning when the Colorado, Denver City and Americ National banks opened their there were hardly a dozen deposite in all of them at the paying celle windows. In the First and Colora National banks long strings of itors reaching nearly to the street lined up in front of the receivi 0 window and money was back into the bank vault almost rapidly as it was withdrawn the past three days. The Germa State and Peoples Nationals could three for one if they could realize securities. There may be a few commerc failures in the city within the next days as a result of the suspension bauks. but it is believed that in no stance, whether banking or cial houses. will the failure be plete and resumption of busin SS surely follow shortly. It is stated day that the McNamara dry house which failed Monday for 000 have settled with their princi Monday. creditors and will resume busin UNEMPLOYED LABOR DENVER, Colo., July 20,-The

17. July 27, 1893 The Pickens Sentinel Pickens, SC
Article from The Pickens Sentinel, July 27, 1893

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# A BIG PANIC IN DENVER. Many Banks Compelted to Close their Doors-Sad Scenes. DENVER, COL, July 18. No such scenes 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 the 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 streets crowds gathered until the officers and special police were called out to clear the way for traffic. At 10 o'clock the Union National Bank, with a capital of $1,000 000, posted a notice that it would not open its doors. This started a panic. The Commercial National Bank posted a similar notice, and then the National Bank of Commerce, and the people asked "Where will this stop?" A run was immediately started on all the other banks, though to no great extent upon the People's National. The First National appears to be the soundest of all, it having over 60 per cent. of its deposits on hand, with a private fund of $1,500,000 in addition to draw upon making it impossible to close its doors The Colorado National and several others are in equally as good condition. The mob withdrawing their money are all small depositors, the large holders being satisfied to let their accounts remain in the banks. The banks are paying all demands except on time certificates, they demanding that these remain until the expiration of the time. As every bank is crowded, the clearing house is rendering no assistance, each institution being compelled to stand upon its own foundation. The Commercial National Bank closed its doors within a few minutes after the opening, because it was apparent from the size of the crowd in front of the bank that a run was to be inaugurated. This notice was posted on the door: "Closed for liquidation by order of the directors." The bank was in bad shape. It had a capital stock of $250,000 and only had $2,000 in cash in the bank. The Mercantile Bank, a private institution with a capital stock of $400,000, closed its doors at noon. The failure was caused by the failure of the Union National Bank, through which it cleared. C. C. Girda, city auditor, is president. W. F. Robinson, formerly treasurer of the Republic Publishing Company, one of the oldest and most respected individuals in the State, has been made assignee. DENVER, COL, July 19. The panic was on in this city today with renewed vigor, and as a result the old German National, with a reputation for stability of twenty year's 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 line in front of the German, and by 9 o'clock there was one long sea of faces stretching down the street. At the opposite corner where the State Bank has so long done business, there was also quite a crowd of anxious depositors waiting the opening of the doors. Here the people were relieved of their agony at a few minutes after 9 o'clock when a notice was posted on the door to the effect that the bank would not open owing to the lack of ready cash, and the crowd moved away. At the German there was evidently a determination to go ahead with the business up to almost the last moment, when a slip of paper was pasted on the window stating that the doors wou'd remain closed temporarily. Then the scene became distressing: men and women down the long line broke out in tears aad 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. The notice on its doors read: "This bank is closed by order of the board of directors. Net assets, $1,100,000; liabilities, $310,000." 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, today took charge of the Union National, Commercial National, National Bank of Commerce, 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 National and all 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 past three days caused by attachments taken out by banks which foresaw their suspension. Five national banks are still open. # Arrested Agent Davis. ROCK HILL, S. C., July 19.-H. W. Lineberger, a Dispensary constable, yesterday arrested J. D. Davis, agent of the Georgia, Carolina & Northern Railroad, at Catawba Junction, on a charge of receiving alcohol in violation of the Dispensary law. The alcohol was in a jug and was consigned to Dr. W. G. White, at Yorkvill, S. C. It was shipped from L. C. Young, of Rich-

18. July 28, 1893 Shenandoah Herald Woodstock, VA
Article from Shenandoah Herald, July 28, 1893

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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.

19. July 28, 1893 Evening Journal Wilmington, DE
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ECKELS'S PLAN WORKS WELL. Signatures to His Special Plan for the Denver Banks Come in Rapidly. DENVER, Col., July 88.-The - signatures to the special plan submitted by Comptroller Eckels are coming in rapidly from depositors in the Denver suspended banks. The State National depositors representing over $100,000 have signed and a great many have yet to be heard from. The National Bank of Commerce has received the signatures of depositors representing about $100,000 The German National for between $150,000 and $200,000 and the Commercial National signatures for about $50,000.

20. August 30, 1893 St. Paul Daily Globe Saint Paul, MN
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Allowed to Reopen. WASHINGTON, Aug. 29.-The following national banks, which recently sus= pended payment, have today been permitted to reopen their doors for business: The German National Bank of Denver, Col.; the State National Bank of Denver, Col.; the First National Bank of Canon City, Col.; the Louisville City National bank, of Louisville, Ky.; the Merchants' National Bank of Louisville, Ky.; the First National Bank of Ashland, Wis., and the First National Bank of Platteville, Wis.

21. August 30, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 30, 1893

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Allowed to Reopen. WASHINGTON, Aug. 29.-The following national banks, which recently suspended payment, have today been permitted to reopen their doors for business: The German National Bank of Denver. Col.; the State National Ban k of Denver, Col.; the First National Bank of Canon City, Col.; the Louisville City National bank, of Louisville, Ky.; the Merchants' National Bank of Louisville, Ky.; the First National Bank of Ashland, Wis., and the First National Bank of Platteville, Wis.

22. September 1, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, September 1, 1893

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Denver Banks Reopening. DENVER, Aug. 31.-The State National Bank, the last one of the city's six suspending national banks, opened its doors again this morning. The Commercial National will resume in a few days. Of the score of national banks which were compelled to close their doors a few weeks ago, all have resumed save three, and it is said they will again be doing business before the middle of the month.

23. September 1, 1893 The Durham Daily Globe Durham, NC
Article from The Durham Daily Globe, September 1, 1893

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A man named JIM Once wrote a hymn, I think his name was DAVIS. It was so tuff Folks cried enough And yelled "Oh, good LORD, save us." And that ended the business. * * COL. HOWELL HARRIS says that he is in a position now to walk to Fairntosh every day in the week. But he will secure a position pretty soon and we will hear of him going a fishing. *** The football scheme of Trinity is good-but what! good is a football when creditors are kicking people down the stairs. * * * The wonder is that Easter hats are still worn. But the stringency of the times account for many strange things. THE BRIGHTER DAY. What Was Tapped Over the Wires Yesterday Concerning Better Times. The Walter A. Wood Harvester works, of St. Paul, Minn., will start up in a few days. Work will be provided for between 1,500 and 2,000 men. Judge Jenkins, of Milwaukee, yesterday granted the receivers of the Northern Pacific permission to issue $5,000,000 receivers' certificates for the purpose of redeeming stocks and bonds held as collateral to secure the company's floating indebtedness. A statement of the condition of the American Tube and Iron company, Har risburgh, shows assets of $2,624,841.10 and liabilities of $1,376,857.20, leaving a net surplus of $1,247,983.90. The sum of $56,654.03 doubtful accounts is not included in the assets. The State National Bank of Denver opened its doors for business yesterday, having had the permission of the comptroller for several days. The Commercial, the only remaining national bank which closed during the recent flurry, will probably open before the end of the week. The German National has resumed, also the Union bank at Greeley, Col., and the St. Louis Stamping company, after an idleness of several weeks. Mr. W.F. Niedringhaus, the proprietor, has agreed to sign the Amalgamated scale. Yesterday 2,000 men were at work. Ten thousand persons will be affected. bankers of Kansas Business men and City, Mo., are unanimous in their opinion that the low point in the present financial depression has been reached by Kansas City and that the upward movement has begun. Bank presidents estimate that the banks have gained $2,000,000 in deposits since the run in July.

24. September 1, 1893 The Morning Call San Francisco, CA
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RESUMING BUSINESS. Brighter Outlook for the National Banks of Denver. DENVER, Aug. 31.-The State National Bank, the last one of the city's six suspended national banks, opened its doors again this morning. The Commercial National will resume in a few days. Of the score of national banks compell ed to close their doors a few weeks ago all have resumed save three, and it is said they will again be doing business before the middle of the month.

25. September 1, 1893 St. Paul Daily Globe Saint Paul, MN
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Banks Resuming. DENVER, Col., Aug. 31-The State National bank, the last but one of the citv's six suspended banks, opened its doors again this morning. The Commereial National will resume in a few days. Of the score of national banks which were compelled to close their doors a few weeks ago, all have resumed save three, and it is said they will again be doing business as of old before the middle of the month,