1263. City National Bank (Denver, CO)

View Charter #1955 on SPMC

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
21cf8b5b

Response Measures

Accommodated withdrawals

Description

In July 1893 a run occurred on the City National Bank of Denver (along with many other Denver banks) after the Union National and other local banks failed/closed. The City National met demands and remained open; reports indicate the run subsided the same day and the bank continued operations.

Events (3)
1. April 9, 1872 Chartered
Source
historical_nic
2. July 18, 1893 Run
Cause
Local Banks
Cause Details
Run triggered by failures/closures of other Denver banks (Union National, National Bank of Commerce, Commercial National) and ensuing panic.
Measures
Paid out depositors' demands; received large deposits from principal depositors; officials reported controlling a large share of liabilities to meet withdrawals.
Newspaper Excerpt
A run is at present being made on the City National bank.
Source
newspapers
3. January 7, 1895 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (12)
1. July 18, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 18, 1893

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A PANIC OF FAILURES. Big Dry Goods House AttachedMore Banks Gone Under. DENVER, Colorado, July 18.-The McNamara, a dry goods company, one of the largest houses in the west, was closed on attachment this morning. They will probably make a general assignment. FORT SCOTT, Ks., July 18.-The First National bank, of this city, the oldest financial institution in Southeastern Kansas, has suspended payment. DENVER, July 18.-The Union National bank, of which R. W. Woodbury is president, failed to open its doors this morning. Its capital is a million dollars. No statement can be had. A run is at present being made on the City National bank, German National, First National, Colorado National, and all of the eleven clearing house banks. The panic is on. DENVER, Colo., July 18. - The National Bank of Commerce has closed its doors. DENVER, Colorado, July 18. The Commercial National bank has closed its doors. The notice says: "This bank has gone into liquidation by order of Board of Directore."

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 18, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 18, 1893

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

4. July 18, 1893 Evening Star Washington, DC
Article from Evening Star, July 18, 1893

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FAILED TO OPEN THEIR DOORS. Western Banks That Have Been Forced to the Wall. TOLEDO, OHIO, July 18.-The Citizens' Bank of Ada, the most prominent one in Hardin county, failed to open its doors this morning. Its owner, Peter Ahlfield, has controlled it for over a quarter of n century and is one of the wealthiest men of that section. No statement of assets and liabilities or the cause of failure can be obtained. FORT SCOTT, KAN., July 18.-The First National Bank of this city, the oldest financial institution in southeastern Kansas, has suspended payment. Excitement at Denver. DENVER. COL. July 18. - The Union National Bank, of which R. W. Woodbury is president. failed to open its doors this morning. The capital is $1.000,000. No statement can be had. A run is now being made on the City National, German National, First National, Colorado National and all the eleven clearing house banks. The panic is on. Assignment of a Dry Goods House. DENVER, COL.. July 18.-The McNamara Drv Goods Company, one of the largest houses in the west, was closed on attachments this morning. They will probably make a general assignment as soon as the courts open at 10 o'clock.

5. 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

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

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

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

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

8. July 19, 1893 Pawtucket Tribune Pawtucket, RI
Article from Pawtucket Tribune, July 19, 1893

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Financial Panic at Denver. DENVER, July 19.-The Union National bank failed to open its doors yesterday. The capital is $1,000,000. A run is now being made on the City National, German National, First National and Colonial and even the clearing house banks. There is a panic in financial circles. The National Bank of Commerce and the Commercial National bank have closed their doors.

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

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

10. July 22, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 22, 1893

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

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

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

12. July 29, 1893 Mohave County Miner Mineral Park, AZ
Article from Mohave County Miner, July 29, 1893

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B.N. Freeman's Bank. Apropos of the financial situation in Denver we are gratified to clip the following from the Denver Times in regard to the City National Bank: The City National Bank met all demands and ex-president Barth said if the depositors wanted to keep the run for the next two months the bank would still be meeting demands on presentation. Mr. Barth said that he had been over the affairs of the bank very carefully with President Hanna and Cashier Freeman, and they estimated this morning when run started in that they had over 70 per cent of all deposits after eliminating deposits of officers, directors and stockholders of the bank, and the bank was perfectly aware that if the run continued to an unlimited degree, long before the remaining 30 per cent was reached, the money would be on hand to meet it. In fact, a stronger position for a commercial bank would be simply impossible. Mr. Barth was outspoken in his statements that bis interests in