1259. Central Savings Bank & Trust Company (Denver, CO)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
August 9, 1905
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
399902ff

Response Measures

Accommodated withdrawals

Description

Multiple articles (Aug 9, 1905) report a run on Denver banks. The Central Savings (referred to as Central Savings bank) experienced a run but paid depositors in full on demand (continuing payments, sometimes reporting payment of 10%). The Western Bank failed/assigned separately. No suspension or closure is reported for the Central.

Events (1)
1. August 9, 1905 Run
Cause
Local Banks
Cause Details
Contagion from runs on other Denver savings institutions (Denver Savings Bank and concerns around the Western Bank/Imboden scandal) prompted depositors to withdraw from Central.
Measures
Paid depositors in full on demand; continued paying (reported as paying 10% of deposits at times).
Newspaper Excerpt
The Central Savings bank also experienced a run, but is paying all depositors in full on demand.
Source
newspapers

Newspaper Articles (10)
1. August 9, 1905 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, August 9, 1905

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Article Text

RUN KEEPS UP. Denver Savings Depositors Insist on Getting Their Money. Denver, Aug. 9.-The \run on the Denver Savings bank, which began yesterday, was resumed today. There were about 300 people in line when the bank opened at 10 o'clock. The bank continued paying 10 per cent. of deposits. Vice President F. P. Jones made the following announcement: "The public is assured, on the honor of the management of this bank, that there is absolutely no occasion for any uneasiness as to the bank's condition. The Denver Savings bank has cash on hand to pay to its depositors every cent due on commercial deposit, and all that the savings depositors can call for up to the full limit." Another One Closes. Denver, Aug. 9.-The Western bank, a state institution, failed to open this morning. A notice was posted announcing that Henry M. Beatty, assistant cashier of the bank, had been appointed assignee. W. G. Brown is president and W. T. Perkins cashier of the Western bank. No statement from the officers of the bank was forthcoming during the forenoon, but they announced that one would be made public later in the day. According to the bank's statement made on July 1, its resources and liabilities had shrunk during the previous year from $928,386 to $816,465. The amount of deposits on July 1 last was $614,676, and the loans and discounts were $642,678. The bank's capital is $100,000, and its surplus $10,000. It is said that L. A. Imboden, one of the principal stockholders of the Denver Savings bank, on which a run is being made, recently acquired an interest in the Western bank. The Central Saving is also having a run but is paying all depositors in full on demand.

2. August 9, 1905 Evening Times-Republican Marshalltown, IA
Article from Evening Times-Republican, August 9, 1905

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Resume Run on Bank. Denver, Aug. 9.-The run on the Denver Savings Bank, which began yesterday, was resumed today. The Central savings bank also experienced a run but paid its depend tors in full, on demand.

3. August 9, 1905 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 9, 1905

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DENVER BANKS EXPERIENCE RUNS Central Savings and Denver Savings Beth Paying Their Depositors. THE WESTERN CLOSES DOORS. Henry M. Beatty, Assistant Cashier, Is Appointed Assignee for the Unlucky Institution, Denver, Aug. 9.-The Western bank, a state institution. failed to open this morning. A notice was posted announcing that Henry M. Beatty, assistant cashier of the bank, had been appointed assignee. W. G. Brown is president, and W. T. Perkins cashier of the Western bank. STATEMENT PROMISED. No statement from the officers of the bank was forthcoming during the forenoon, but they announced that one would be made public later in the day. According to the bank's statement made on July 1, 1905, its resources and liabilities had shrunk during the previous year from $928,386. to $816,465. The amount of deposits on July 1 last was $614,676, and the loans and discounts were $642,658. The bank's capital is $100,000, and its surplus $10,000. It is said L. M. Imboden, one of the principal stockholders of the Denver Savings bank, on which a run is being made, recently acquired an interest in the Western bank. RUN ON DENVER SAVINGS The run on the Denver Savings bank, which began yesterday, was resumed today. There were about 300 people in line when the bank opened at 1) o'clock. The bank continued paying ten per cent of the deposits. Vice President F. P. Jones made the following announcement: "The public is assured. on the honor of the management of this bank, that there is absolutely no occasion for any uneasiness as to the bank's condition. "The Denver Savings bank has cash on hand to pay to its depositors every cent due on commercial deposits,and all that the savings depositors can call for un to the full limit." CENTRAL BANK ALSO. The Central Savings bank is also experiencing a run, but is paying all depositors in full on demand.

4. August 10, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 10, 1905

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party will be given to-night at the corner of Laurel and Spring Streets. DEPOSITORS BESIEGE BANK IN DENVER (By Associated Press.) DENVER, COL., August 9.-The Western Bank, a State institution, failed to open to-day. It is understood that a run on the bank was feared. The run on the Denver Savings Bank, which began yesterday, was resumed today. There was also a run on the Central Savings Bank.

5. August 10, 1905 Arizona Republican Phoenix, AZ
Article from Arizona Republican, August 10, 1905

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CAUGHT IN THE CRASH The Failure of Another Denver Banking Institution. Denver, Aug. 9.-The Western bank, a state institution, failed to open its doors this morning. A notice was posted announcing that Henry M. Beatty, assistant cashier, had been appointed assignee. W. G. Brown is president and W. T. Perkins, cashier, of the Western bank. According to the bank's statement made July 1, 1905, its resources and liabilities had shrunk during the previous year from $928,386 to $816,465. The amount of deposits on July 1, last, was $614,676, and loans and discounts, $642,658. The bank's capital is $100,000, and surplus, $10,000. It is said that L. A. Imboden, one of the principal stockholders of the Denver Savings bank, on which a run is being made, recently acquired an interest in the Western bank. The run on the Denver Savings bank was resumed today, about 300 people being in line at the opening hour. The bank continued paying 10 per cent of the deposits. The Central bank is also experiencing a run, but is paying all depositors in full on demand. The Denver Clearing House association, it was announced, had refused assistance to the Western bank on the securities offered. None of the Denver national

6. August 10, 1905 Ottumwa Tri-Weekly Courier Ottumwa, IA
Article from Ottumwa Tri-Weekly Courier, August 10, 1905

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NEW FAILURE A SECOND DENVER BANK CLOSES DOORS-THE RUN CONTINUES. Denver, Aug. 9.-The Western bank, a state institution, failed to open today. It is announced that Henry M. Beatty, assistant cashier, has been appointed assignee. The Western bank's deposits are about $1,000,000. Run Continues. The run on the Denver savings bank, which began yesterday, was resumed today. The Central Stops Run. The Central Savings bank also experienced a run today, but paid its depositors in full on demand.

7. August 10, 1905 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, August 10, 1905

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DENVER BANK CLOSES DOORS State Institution Announces that Assistant Cashier is Now Assignee. PRECIPITATED BY RUN ON SAVINGS BANK L. A. Imboden is One of the Principal Owners of Both Concerns-Story of Frensied Finance. DENVER Aug. 9.-The Western bank, a state institution, failed to open today. A notice was posted announcing that Henry M. Beatty, assistant cashier of the bank, had been appointed assignee. W. G. Brown is president and W. T. Perkins cashier of the Western bank. Up to 11 o'clock no statement was made by the officers of the bank. It is understood that a run on the bank was feared, as L. A. Imboden, one of the principal stockholders of the Denver Savings bank, on which a run is being made is also interested in the Western. The Western's deposits are in the neighborhood of $1,000,000. According to the bank's statement made on July 1, 1905, its resources and liabillties had shrunk during the previous year from $928,386 to $816,465. The amount of deposits on July 1 last was $614,676 and the loans and discounts were $642,658. The bank's capital 18 $100,000 and its surplus $10,000. Run on Savings Bank. The run on the Denver Savings bank, which began yesterday, was resumed today. There were about 300 people in line when the bank opened at 10 o'clock. The bank continued paying 10 per- cent of deposits. Vice President F. P. Jones made the following announcement The public is assured, on the honor of the management of this bank, that there is absolutely no occasion for any uneasiness as to the bank's condition. The Denver Savings bank has cash on hand to pay to its depositors every cent due on commercial deposits and all that the savings depositors can call for up to the full limit. The Central Savings .bank also experienced a run, but paid all depositors in full on demand. Waldron, Thomas & Blakney, attorneys for the Western Bank, stated this afternoon that there would be no proceedings in court, as an assignment can be made without application to a court. "The bank was advised," said a member "to make an to itself and its depositors. of protect the Arm, assignment There is no cause for uneasiness." The Denver Clearing House association, it was announced, had refused assistance to the Western Bank on the securities offered. None of the Denver National banks is affected in the least by the embarrassment of the Imboden institution. Buys Two Banks Without Money. The Times says: Imboden is said to have secured control of the stock of the two banks (the Western and the Denver Savings) without a dollar of investment. He bought the holdings of former President Wilfley of the Denver Savings bank, which were hypothecated in the Within the last six to have New is is claimed. understood York, assuming borrowed Wilfley months from which notes, the he he it Denver Savings bank $51,000, with purchased control of the Western, putting up as collateral with the Denver, the stock of the Western. Mr. Imboden is beHeved to be in St. Louis trying to raise funds. H. M. Beatty, the assignee of the Western, is treasurer of the local Order of Eagles. A few days ago the Eagles drew out about $25,000, leaving a small balance to cover outstanding checks. The last statement of the condition of the Western Bank, at the close of business July 3. 1905, was as follows: RESOURCES

8. August 10, 1905 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, August 10, 1905

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WESTERN BANK FAILS TO OPEN Run Upon Other State Institutions in Denver. SOME HIGH FINANCIERING CAREER OF ONE OF THE PRINCIPAL STOCKHOLDERS. ENVER, Aug. 9.-The Western bank, a state institution, failed D to open this morning. A notice was posted announcing that Henry H. Beatty, assistant cashier of the bank, had been appointed assignee. W. G. Brown is president and W. T. Perkins cashier of the Western bank. No statement from the officers of the bank was forthcoming during the forenoon, but they announced that one would be made public later in the day. According to the bank's statement. made on July 1. 1905. its resources and liabilities had shrunk during the previous year from $928,386 to $816.465. The amount of deposits on July 1 last was $614,676 and the loans and discounts were $642,658. The bank's capital is $100,000 and its surplus $10,000. It is said L. M. Imboden, one of the principal stockholders of the Denver Savings bank, on which a run is being made. recently acquired an interest in the Western bank. Run on Other Banks. The run on the Denver Savings bank, which began yesterday, was resumed today. There were about 300 people in line when the bank opened at 10 o'clock. The bank continued paying 10 per cent of the deposits. VicePresident F. P. Jones made the following announcement: The public is assured, on the honor of the management of this bank, that there is absolutely no occasion for any uneasiness as to the bank's condition. The Denver Savings bank has cash on hand to pay to its depositors every cent due on commercial deposits, and all that the savings depositors can call for up to the full limit." The Central Savings bank is also experiencing a run, but is paying all depositors in full on demand. Simply an Assignment. Waldron, Thompson and Blankney. attorneys for the Western bank, stated this afternoon that there would be no proceedings in court as an assignment can be made without application to a court. "The bank was advised," said a nber of the firm, "to make an asament to protect itself and its depositors. There is no cause for uneasiness." The Denver Clearing House association, it was announced, had refused assistance to the Western bank on account of the security offered. None of the Denver national banks are affected in the least by the embarrassment of the Imboden institutions. How Imboden Got In. The Times says: "Imboden is said to have secured control of the stock of the two banks, (the Western and the Denver Savings). without a dollar of investment. He bought the holdings of Former President Wilfley of the Denver Savings bank, which were hypothecated in New York, assuming Wilfley's note, it is claimed. Within the past six weeks he is understood to have borrowed from the Denver Savings $61,000, with which he purchased control of the Western, putting up as collateral with the Denver the stock of the Western." H. M. Beatty, the assignee of the Western. is treasurer of the local order of Eagles. A few days ago the Eagles drew out about $25,000, leaving a small balance to cover outstanding checks. Last Statement. The last statement of the condition of the Western bank, made at the close of business July 3, 1905, was as follows: Resources-Loans and discounts, $642,658: overdrafts. $18,157; furniture and fixtures. $15,000; real estate, $23,366: stocks, securities, etc., $7,313; due from national and state banks, $72,632; cash and cash items, $37,336; total, $816,465. Liabilities-Capital stock paid in $100,000: surplus fund, $10,000: undivided profits, $30,215; due depositors, $614,676; due toe state banks, $61,572; total, $816,465. A meeting of depositors of the bank was held tonight and a committee of three appointed to investigate the condition of the bank, along with work of the assignee in that direction. The latter announced tonight that he would give out a statement concerning the affairs of the bank in a day or two.

9. August 10, 1905 The San Francisco Call San Francisco, CA
Article from The San Francisco Call, August 10, 1905

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DENVER BANK'S DOORS CLOSED Assignee Appointed for the Western, One of the Imboden Private Concerns ROMANCE IN FINANCE Hustler Gets Control of Two Savings Institutions Without Paying a Dollar DENVER, Aug. 9.-The Western Bank, a State institution, failed to open this morning. A notice was posted announcing that Henry M. Beatty, assistant cashier of the bank, had been appointed assignee. W. G. Brown is president and W. T. Perkins cashier of the Western Bank. It is understood that "a run" on the bank was feared, as L. A. Imboden, one of the principal stockholders of the Denver Savings Bank, is also interested in the Western. The Western's deposits aggregate nearly $1,000,000. Waldron, Thompson & Blankeney, attorneys for the Western Bank, said this afternoon that there would be no proceedings in court, as an assignment could be made without application to a court. "The bank was advised," said a member of the firm, "to make an assignment to protect itself and its depositors. There is no cause for uneasiness." The Denver Clearing-House Association, it was announced, had refused assistance to the Western Bank on the securities offered. None of the Denver national banks are affected in the least by the embarrassment of the Imboden institution. The Times says: Imboden is said to have secured control of the stock of the two banks (the Western and the Denver Savings) without a dollar of investment. He bought the holdings of former President Wilfley of the Denver Savings Bank, which were hypotheacted in New York, assuming the Wilfley note, it is claimed. Within the past six weeks he is understood to have borrowed from the Denver Savings $51,000, with which he purchased control of the Western. putting up as collateral with the Denver Savings the stock of the Western. H. M. Beatty, the assignee of the Western, is treasurer of the local order of Eagles. A few days ago the Eagles drew out about $25,000, leaving a small balance to cover outstanding checks. The "run" on the Denver Savings Bank which was begun yesterday was resumed to-day. About 300 depositors were in line when the bank opened at 10 o'clock. The bank continued paying 10 per cent of deposits. Vice President F. P. Jones made the following announcement: "The public is assured on the honor of the management of this bank that there is absolutely no occasion for any uneasiness as to the bank's condition. The Denver Savings Bank has cash on hand to pay its depositors every cent due on commercial deposits and all that savings depositors can call for up to the full limit." The Central Savings Bank also is experiencing a "run," but it is paying all depositors in full on demand. KANSAS CITY, Aug. 9.-Leonard Imboden formed the Planters' Bank here in 1899. An examination by the State Bank Examiner showed that the bank's capital on hand some ten days after it opened its

10. August 16, 1905 The Miller Sun Miller, SD
Article from The Miller Sun, August 16, 1905

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BANK GOES UNDER. Western, of Denver, Owes Depositors a Million. The Western Bank at Denver, Colo., a state institution, failed to open Wednesday. It is announced Henry M. Beatty, assistant cashier, has been appointed assignee. The Western Bank deposits are about $1,000,000. The Central Savings Bank also experienced a run, but paid depositors in full on demand. The run on the Denver Savings Bank, which began Tuesday, was resumed Wednesday.