1.
December 18, 1925
The Washington Daily News
Washington, DC
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Four Denver Banks Close in Two Days; Crowds Panicky
Depositors Start Run on Fifth Bank, But it Continues to Pay Off; No Fraud Found
By United Press
DENVER-Another bank - the fourth in two days-closed here today when the Metropolitan Bank failed to open its doors. Yesterday the Drovers National, Broadway National and the North Denver State Banks were placed in the hands of federal and state examiners.
Deposits Dwindle
James E. Adams, president of the Metropolitan Bank, said his institution had been turned over to the examiners at his request. The Metropolitan several weeks ago had deposits of $400,000, and since then they have dwindled to about $100,000 Adams said. "In view of the bad banking situation here, and to protect the interests of our depositors, we thought It advisable to turn the bank over to state officials," he said.
Crowds Panicky When the three banks closed yesterday, word spread rapidly thru the shopping district and throngs waited for hours in front of the banks, but no word came from examiners. Scores of panicky depositors started a run on the Central Savings & Trust Co., but this bank continued to pay off until closing time, when it was announced the institution was sound. No evidence of fraud has been found. A sudden shrinkage in cattle values is blamed.
2.
December 18, 1925
Visalia Daily Times
Visalia, CA
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CLOSING OF FIVE BANKS HARD BLOW TO DENVER
All Sorts of Rumors Said to Be Afloat in Colorado City
CHRISTMAS BUSINESS IS STANDSTILL
Police Called to Preserve Order When Run Is Started on Bank
(United Press Leased Wire) Colo., Dec. local bankers and financiers were conference today to devise some means bring an end to the sitnation here that has caused the closing of five banks within two days, hundreds depositors exchanged rumors and discussed their Christmas outlook with their money tied in the closed up The series of bank closings startyesterday when the Drovers National bank. the National bank and the North Denver State closed their doors. Today the Metropolitan State and the Capitol Hill State banks failed to open. The Central Savings bank and Trust company took advantage of law making it give sixty days' notice before their savings accounts. The total amount of deposits tied in the five banks which have closed approximates The greatest excitement prevailed here today that has been seen for Business the Christmas shopping season felt sharply the financial condition. Many persons could not get their refused to spend. front of the Central Savings Trust company, where 500 perthere was much excitement and police were called to order believed that all the small banks in the city will before the day closes take advantage of the sixty day law. According the officials of all but the two national banks that closed yesterday, there is no cause alarm as the banks were placed the hands of examiners to protect depositors. many rumors were afloat throughout the morning that was impossible to check half of them. Employes offices and laborers (Continued Page Three)
3.
December 18, 1925
Visalia Daily Times
Visalia, CA
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CHRISTMAS BUSINESS A STANDSTILL
Police Called to Preserve Order When Run Is Started on Bank
(United Press Leased Wire) Dec. local bankers and financiers were today to devise some means to bring an end to the sitnation here that has caused the closing of five banks within two days. hundreds of depositors exchanged rumors and discussed their Christmas outlook with their money tied up the closed institutions. The series of bank closings startyesterday when the Drovers National bank, the Broadway National bank and the North Denver State bank closed their doors. Today the Metropolitan State and the Capitol Hill State banks failed open. The Central Savings bank and Trust company took advantage of law making give sixty days' notice before their The total amount of deposits tied in the five banks which have closed approximates The greatest prevailed here today that has been seen for years. Business height the shopping season felt sharply the financial condition. Many persons could not get their money refused to spend. In front of the Central Savings Trust company, where 500 pergathered. there was much excitement and police were called to believed that the small banks in the city will before the day closes take advantage of the sixty day law. According to the officials of all but two national banks that closed yesterday, there is no cause for alarm as the banks were placed the hands of examiners to prodepositors. So many rumors were afloat throughout the morning that was impossible to check half of them. Employes in and laborers (Continued on Page Three)
4.
December 18, 1925
The Hanford Sentinel
Hanford, CA
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FIVE BANKS UNDER
CLOSING OF TWO BANKS TO RUN ON OTHERS WHICH RE. SULTS IN STATE AND
AL EXAMINERS TAKING CON-
TROL.
Denver. Dec. Press) Five banks have closed their doors in Denver within two days. The Metropolitan State Bank today failed to open its doors. Yes. terday the Drovers National, Broadway National and the North Denver State Bank all were placed in the hands of federal and state examinors. James E. Adams, president of the Metropolitan bank. said today that the bank had been turned over the state examiners at his request. The Metropolitan several weeks ago according to Adams, had deposits of $400,000 and since that time they have been reduced to about $100,000. "In view of the banking situation here and to protect the interests fo our depositors. he said, deemed it advisable to turn the bank over to state officials.' A heavy run developed this morning when the Central Savings Bank and Trust company opened its doors. was estimated that 500 persons were waiting in the street in front of the bank. Police were in charge of the crowd and only few were let into the bank at time. Rumors afloat all over town and serious situation ing with withdrawals increasing at many banks The Capitol Hill State Bank was put in the hands of state examiners shortly after opening this morning when crowd waiting to withdraw their accounts. This makes five banks with closed doors. The Capitol Hill State Bank is small suburban bank.
5.
December 18, 1925
The Whittier News
Whittier, CA
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FIVE DENVER BANKS ARE FORCED TO CLOSE
Serious Situation Is Developing as Runs Are Started
DENVER, Colo., Dec. 18. (United Press)-Four banks have closed their doors in Denver within two days. The Metropolitan State Bank today failed to open its doors. ter the Drovers' National, Broadway National and the North Denver State bank were placed in the hands of Federal and State examiners. James R. Adams, president of the Metropolitan bank, said today that the bank had been turned over to State Examiners at his request. The Metropolitan several weeks ago, according to Adams, had deposits of $400,000 and since that time they have been reduced to about In view of the bad banking situation here and to protect the interests our depositors,' he said. "We deemed advisable to turn the bank over to State officials. A heavy run developed this morning when the Central Savings Bank and Trust Company opened its doors. It was estimated that 500 persons were waiting in the street in front of the bank. Police were in charge of the crowd and only a few were let into the bank at time. Rumors were afloat all over town and serious situation was developing with withdrawals increasing at many banks. The Capitol Hill State bank was put in the hands of state examiners shortly after opening this morning when crowd was found waiting to withdraw their accounts. This makes five banks with closed doors. The Capitol Hill State bank is a small suburban bank.
By United Press Leased Wire. DENVER, Colo., Dec. 18.-With
(Continued on Page Two)
6.
December 18, 1925
Daily American Republic
Poplar Bluff, MO
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FIVE DENVER BANKS CLOSED
Ey United Press DENVER. Colo., Dec. five local banks closed and in the hands of bank examiners. all Denver nervously awaited the next move in firencial circles today. The Capitol Hill State Bank was put into the kinds of receivers this afternoon after the Metropolitan State Bank failed to open its doors. Yesterday. the Drovers' National. The Broadway National and the North Denver State Banks were placed in the hands of federal and state examiners. Frozen credits and the depression in the live stock industry were jointly blamed for the closing of the Institutions whose deposits total seven millions of dollars. While the belief was expressed by officials that the banks would open for business as soon as their affairs were straightened out, the depositors about notices of closing and speculated on their chances. Police were in charge of a crowd estimated at more than 500 persons who started on the Central Savings Bank today. Only few depesitors were admitted at'a time. With Christmas shopping at its peak, depositors found themselves unable to do much buying and recalling two previous bank failures in the past two years.
By United Press
DENVER. Colo., Dec. 18.-With Christmas shopping at its height, *hree Denver banks today were in the hands of bank examiners. The National Bank and the Broadway National Bank were closed at noon yesterday when it was found they could not meet their liabilities. The North Denver State Bank was closed last night at the request of the officers of the institution after a heavy run during the afternoon. Although no statement has been issued by Gordon Hollis, president of the two closed National banks, he replied affirmatively to questions that frozen paper cattle loans were the cause of their closing. It was announced today that all business done during the forenoon yesterday was kept separate and that deposits made will be returned in full
7.
December 19, 1925
The Washington Daily News
Washington, DC
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Preacher Stops Run on Denver Bank by Depositing $100
Bishop Rice Then Preaches Sermon to Mob of Panicky Depositors; Bank Is Saved
By United News
DENVER, Colo. What would have been Denver's sixth bank failure in two days was averted dramatically yesterday by Bishop Frank Rice, of the Liberal Church, Inc. Bishop Rice ploughed thru an excited mob of depositors clamoring at the Central Savings Bank, and deposited a $100 note to his account. His action halted a run on the institution. Frenzied depositors looked on the churchman with amazement as he turned from the cashier's window with a smile. He raised his hand and quiet fell.
"See," began the bishop. "I have faith. I have placed my money in the hands of these men. It would be foolish to make a run on this institution. It would be bringing ruin on yourselves. I,beg you to have faith."
8.
December 19, 1925
The San Diego Sun
San Diego, CA
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Churchman's Faith In Bank Foils Sixth Denver Failure
Bishop Backs Up Dramatic Plea to Prevent Run With Deposit
(By United News) Dec. 19. What been the sixth bank would have failure in two days in Denver was averted in dramatic fashion here by Bishop Frank Rice of the Liberal Church, Inc., who, ploughing his way through an excited mob of depositors. clamoring at the Central Savings bank, note to his credit and thereby saved the bank. The agonized depositors looked upon the churchman with amazement as he turned from the cashter's window with a smile upon his face. He raised his hand as If to speak and quiet fell upon the depositors, who, moment before, back the had been fighting specter of black Christmas day. PRACTICAL FAITH began the have placed my have money in the hands of these men
It would be foolish thing make run on this bank would be bringing ruin upon yourselves. I beg you to have faith.' No sermon ever preached by Rice had more telling effect, whether it was his words or whether It was his own faith that affected the excited crowd would be hard to say. Anyway, the man who preaches faith as business, as well as religion, had shown some of it himself. It produced its effect and as he walked away great crowd followed him. FEW REMAIN Only a few mystified shamefaced few remained at the doors of the Central Savings bank. They will be open again in 60 taken advantage of the law requiring depositors to give 60 days' notice before withdrawing funds.
9.
December 19, 1925
The Bulletin
Pomona, CA
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BISHOP HALTS RUN ON BANK BY STRATEGIC $100 DEPOSIT
(By United News Service) DENVER, Dec. 18.-What would have been the sixth bank failure two days in Denver was averted in dramatic fashion here today by Bishop Frank Rice, of the Liberal church, who, plowing his way through an excited mob of depositors, at the Central Savings Bank, deposited $100 note to his account and thereby halted run on the Institution. The agonized depositors looked upon the churchman with amazement as he turned from the cashier's window with smile upon his face. He raised his hand as if to speak, and quiet fell upon the depositors who, moment before, had been fighting back the spectre of a black Christmas Day. "See," began the bishop. "I have faith. have placed my money in the hands of these men. It would be foolish to make run on institution. It would be bringIng ruin upon yourselves. I beg you to have faith.'
10.
December 19, 1925
Star-Herald
Scottsbluff, NE
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MORE BANKS CLOSE DOORS YESTERDAY
Sixth Bank Remains Open Because of Quick Wit of Preacher.
Denver, Dec. 18. would have been the sixth bank failure in days in Denver, was averted dramatic fashion Friday by Bishop Frank Rice of the Liberal Church, Inc., who forced his way through an excited mob of depositors clamoring the door of the Central Savings bank, made deposit $100 his account, and therehalted run on the institution. have faith. have placed my money in the hands of these men. would be foolish thing to make on this institution: would bring ruin yourselves. beg of you to have No sermon ever had more telling effect and he walked away with the crowd following him. The bank will reopen in days, having taken advantage of the depositors to notice fore withdrawing their funds. In the banks closed Thursday, two more were closed Friday the request of their officers, the Capital State bank and the Metropolitan State bank. both known neighborhood banks and operating in the residence districts. Both declare dthemiselves to be solvent and strong and expect to reopen scon enough securities can be turned into cash to withstand run develops. small run the Metropolitan bank Friday morning, hastening the decision of the officers take precautionary measures. Both institution's will be able to liquidate and depositors will be paid full, according to The total deposits in the five banks now closed amount to nearly five million dollars.
11.
December 21, 1925
The Houston Post
Houston, TX
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BISHOP STOPS RUN ON DENVER BANK IN TIME
(United Dec. Depositors with funds five Denver closed in the past three more Sunday following of bank of ficials that three of the institutions probably would reopen within short However, there was little hope of doing any payment by check. so far the deaffected were concerned. The excitement and panic that prevailed Friday have disappeared as bank examiners continued their inNo was man fest patrons of other banks. brisk run on the Central Bank and Trust company stopped by Bishop Frank Rice the Liberal the bank after he had $100 the Most of the persed Rice's which he assured hearers there was cause for alarm.