1278. Denver Safe Deposit and Trust Company (Denver, CO)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 2, 1893
Location: Denver, Colorado (39.739, -104.985)

Metadata

Model: gpt-5-mini
Short Digest: 7c94c16c

Response Measures

None

Description

Multiple contemporaneous newspaper reports (dated Aug 2–3, 1893) state the Denver Safe Deposit and Trust Company assigned (assets $400,000; liabilities $100,000) and that eastern creditors caused the assignment by pushing the concern. There is no mention of a depositor run or of reopening; the firm was assigned to creditors (an assignment/insolvency), so classified as a suspension leading to closure. 'Assigned' indicates insolvency/assignment rather than a temporary banking holiday.

Events (1)

1. August 2, 1893 Suspension

Cause: Voluntary Liquidation
Cause Details: Company made an assignment to creditors (eastern creditors pushed the assignment); insolvency/assignment rather than a depositor run or government-ordered closure.
Newspaper Excerpt: The Denver Safe Deposit and Trust Company assigned last evening; assets $400,000; liabilities $100,000. Eastern creditors caused the assignment by pushing the concern.
Source: newspapers

Newspaper Articles (10)

1. August 2, 1893 Asheville Daily Citizen Asheville, NC

Article from Asheville Daily Citizen, August 2, 1893

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"BANK CLOSED." Two Hustilutions Shut for a Time -Assigned. WASHINGTON, Aug. 2.-The comptroller of the currency is informed that the First National bank of Birmingham, Ala., capital $250,000, and the El Paso National bank, El Paso, Tex., closed their doors this morning. These banks carried a heavy line of individual deposits. DENVER, Colo., Aug. 2.-The Denver Safe Deposit and Trustcompanyassigned last evening. Assets, $400,000; liabilities, $100,000. Eastern creditors caused the assignment by pushing the concern.

2. August 2, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, August 2, 1893

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TELEGRAPHIC BREVITIES. The mail stage running between San Renito and the Hernandez Valley, Cal., was robbed Monday afternoon by three armed men. The fight in the Goshen, Ind., opera house last evening between LaBlanche and Dwyer for a purse of $500, resulted in LaBlanche knocking out his opponent in the fifth round. Thomas M. King, second vice-president of the Baltimore and Ohio Rai]way Company has been chosen president of the Pittsburg and Western. The road is now owned by the Baltimore and Ohio. In the silver convention in Chicago to-day ex-Senator Hill, of Colorado, in presenting the report of the committee on resolutions, said "The gold standard countries were in an abyss of industrial misery never experienced in a century as a result of their present condition of prices, while the silver standard countries were comparatively prosperous. The amount of money now locked up and hidden away was more than double all the gold in the country. The silver men would acquiesce in any international arrangement that promised to restore bi-metallic conditions to what they were before 1873." He criticised the men who were incapable of being anything beyond the confines of Wall street. A demand would be made for uncontrovertable paper money that could not be resisted. Among the failures reported to-day are the Denver, Col., Safe Deposit and Trust Company ; the Toronto, Ohio, Banking Company ; the First National Bank of Nampa, Idaho. the First National Bank of Birmingham, Ala. the El Paso, Tex., National Bank, and the Waupaca County, Wis., National Bank. This morning Jesse Crook. ex-superintendent of the Jeffersonville, Ind., Street Car Company, deliberately jumped into the Ohio river with suicidal intent, and was drowned. He was 46 years old and leaves a wife and daughter. Despondency prompted the act. Ex-Vice President Levi P. Morton's immense new barn at Rhinebeck, N.Y.. chicken houses and outbuildings, together with 100 head of Guersney and all farm horses were destroyed by fire this morning. Loss over $100,000. Three burglars overpowered two watchmen and did a neat job on a safe in the office of the Chicago newspaper union lastnight. They secured $15,000 worth of notes and commercial paper and $100 cash. Adam Smith & Co., wholesale liquor dealers, of Chicago, assigned this morning. Liabilities $125,000.

3. August 3, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, August 3, 1893

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THE FINANCIAL DEPRESSION. Record of a Day's Suspensions and Fall. ures in the Country. DENVER, August 2.-The Denver Safe Deposit and Trust Company assigned last evening; assets $400,000, liabilities $100,000. Eastern creditors caused the assignment by pushing the concern. CLEVELAND, O., August 2.-A special from Elyria, O., says: The Lorain Manufacturing Company filed a deed of assignment to A. S. J. Newberry, of Cleveland, in the probate court yesterday. Estimated liabilities are $105,000; assets $192,500. This company had the largest brass works in the country and employed about 600 men. MASSILLON, O., August 2.-Russell & Co.'s agricultural and implement works, employing 800 men, will close for an indefinite period about August 15, on account of the uncertainty of the business future. WOONSOCKET, R. I., August 2.-The local plant of the Valley Falls Company, engaged in the manufacture of colored cotton dress goods, and running 340 looms, with 135 hands and a weekly pay roll of $1,000, shut down yesterday for an indefinite period, owing to lack of market for the goods. The same company's mills at Valley Falls, running 1,500 looms and employing 600 hands, also shut down. CHICAGO, August 2.-Adam Smith Company, wholesale liquor dealers, assigned. Assets $150,000; liabilities $125,000. CHICAGO, August 2.-The North American Provision Company made an assignment in the county court to Julius Schwabacher. While roughly estimating its assets at $500,000, more than $75,000 of this amount is owed by John Cudaby, who yielded to the crisis of Monday. LOUISVILLE, Ky., August 2.-Two big attachment suits were filed in the circuit court this afternoon against John Cudahy, the Chicago speculator. Nelson, Morris &Co, secured an attachment for $20,472 50, and the Louisville Packing Company secured one for $217,234 60. ELLWOOD, IND., August 2.-Word reached here this evening that the tin plate factory at Atlanta, Indiana, southwest or this city. had gone into the hands of a receiver. FALL RIVER, Mass., August 2.-The mill situation has reached the strangest condition ever known in the history of the local cotton industry. This morning several treasurers of mills received notices from their banks that there was difficulty in paying checks in currency. The effect of this action will be wide. spread and may call for a total suspension of operations on the part of the mills.

4. August 3, 1893 The Times Richmond, VA

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BUSINESS HOUSES ASSIGN, The Stringency of the Money Market Forces Them to the Wall. CHICAGO, ILL August 2.-Adam Smith & Co., wholesale liquor dealers, assigned this morning. Assets scheduled at $150,000; liabilities, $125,000. CHICAGO, ILL., August 2.-The failure of D. Eggleston & Co. has been announced on the Board of Trade. The failure of George G. Parker and of T. M. Gregg have also been announced. Parker did a large business. Gregg's failure is a small one. CHICAGO, ILL., August 2.-The North American Provision Company assigned this morning to William Schwabacher. The assets are scheduled at $500,000, while the liabilities are not estimated. The failure is one of the results of yesterday's Board of Trade troubles. DENVER COL., August 2.-The Denver Safe Deposit and Trust Company assigned last evening, Assets, $400,000; liabilities, $100,000. Eastern creditors caused the assignment by pushing the concern. WASHINGTON, August 2.-Comptroller of the Currency is informed that the First National Bank, Birmingham, Ala., capital $250,000, and the El Paso National Bank, El Paso, Texas, capital $150,000, closed their doors this morning. These banks carried quite a heavy line of individual deposits. BIRMINGHAM, ALA., August 2.-The First National Bank failed to open its doors this morning. A notice was posted on the outside, saying: "The continual withdrawal of deposits and the inability to collect money fast enough to meet the same, caused the suspension." Its capital is $250,000. Assets, $1,350,000; liabilities, $650,000 All depositors will be paid in full. Inability to realize was the cause. All excitement has been promptly allayed and a slight run on the banks discontinued at noon. NEW YORK, August 2.-Amaza, Lyon & Co., umbrella makers, have gone into receivers' hands. They were formerly rated at $1,000,000; now assets and liabilities estimated about equal at $350,000.

5. August 3, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, August 3, 1893

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Telegrams Made Terse. The First National Bank of Nampa, Idaho, failed Tuesday. No statement. The works of the American Rubber Company, at Cambridgeport. Mass., closed down yesterday morning for two weeks. The first bale of Alabama cotton of the present year's CTOD was sold at Ozark yesterday for 10 cents and shipped to Mobile. Adam Smith & Co., wholesale liquordealers, Chicago, assigned vesterday. Assets scheduled at $150,000; liabilities, $125,000. Ainasa Lyon & Co., umbrella-makers, New York, have gone into receivers' hands. Assets and liabilities estimated about equal at $350,000. The cotton-mill in Aurora, III., employing 590 hands, has shut down for an indefinite length of time because of lack of demand for its manufactures. Sir Edward Grey, Parliamentary Secre. tary of the British Foreign Office. announced in the House of Commons yesterday afternoon that the French blockade of Bangkok bad been raised. The Denver (Col.) Safe Deposit and Trust Company assigned Tuesday evening. Assets, 8400.000: liabilities, $100.000. Eastern oreditors caused the assignment by pushing the concern. The Methuen (Mass.) Cotton-Mills will suspend operations Saturday for one month. The Methuen Knitted Fabrics Company has also issued notices that its workswill be closed Saturday for a month. The Comptroller of the Currency is informed that the First National Bank of Birmingham, Ala., capital $250,000. and the El Paso National Bank, El Paso, Tex., capital $150,000, closed their doors yesterday. Secretary Hoke Smith has returned to Washington from his tour of the West, and expressed himself as greatly benefited by his trip. saying also that everywhere he went he received marked courtesies from the people. Levi P. Morton's immense now barn at Rhmebeek, N. ¥., his chicken-houses, and out-buildings, together with 100 head of Guernsey cattle and all his farm-houses, were destroyed by fire yesterday. Loss, over $100,000. A special from Evergreen, Ala. says: Tom Booker. a desperado wanted for murdering Frank Wells, was killed just over the Conecup county line, in Monroe counby, by Deputy-Sherif Harry Riley and posse while resisting arrest. The North American Provision Company. Chicago, assigned yesterday morning to William Schwabacher. Assets scheduled at $500,000; liabilities not estimated. The failure was the result of Tuesday's Board-of-Xrade troubles. Representative Thomas L. Johnson, of Ohio, has sent to the Cleveland Chamber of Commerce a copy of a bill to permit the exchange of United States bonds for Treasury notes which he intends to introduce on the first day of the coming session of Congress. At a meeting of the Board of Directors of the Theological Seminary. of Columbia, S. C., yesterday. Professor F. R. Beattie tendered his resignation of the Perkins professorship, which was accepted by Rev. S. 8. Laws, D. D., LL. D., late president of the University of Missouri. What threateued to be a disastrous fire started in the Central Hotel, Boise City. Idaho. Tuesday evening. There was but little water pressure and the fire department was powerless. Several buildings other than the hotel caught fire and were destroyed. Loss, $50,000: insurance, $7,000. The Spanish steamer Julia, which sailed recently from Key West for the purpose of taking back to Cuba a number of poor Cubans, who had sent a petition to the Ouban government asking assistance to enable them to return to their native land. arrived at Havana yesterday. having on board 361 of the exiles. The Woonsocket (R. I.) plant of the Valley Falls Company, engaged in the manufacture of colored cotton dress goods and running84@looms, with 135 bands, shut for an lack of market for owing down Tuesday to indefruite its goods. period The same company's mills at Valley Falls. running 1,500 looms and employing 600 hands, also shut down.

6. August 3, 1893 The Morning News Savannah, GA

Article from The Morning News, August 3, 1893

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A Trust Company Fails. Denver, Col., Aug. 2.-The Denver Safe Deposit and Trust Company assigned last night. The assets are $400,000 and the liabilities $100,000. Eastern creditors caused the assignment by pushing the concern.

7. August 3, 1893 New-York Tribune New York, NY

Article from New-York Tribune, August 3, 1893

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NATIONAL BANKS 'FORCED TO SUSPEND FOUR MORE CLOSE THEIR DOORS-A DENVER TRUST COMPANY ASSIGNS. Washington, Aug. 2.-Three National banks were reported to Controller Eckels as having closed their doors to business this morning, viz.: The El Paso National Bank, of El Paso, Tex., capital $150,000: the First National Bank, of Birmingham. Ala., capital $250,000, and the Waupaca County National Bank, of Waupaca County, Wis., capital $50,000. The Birmingham and El Paso banks carried a heavy line of individual deposits. Birmingham, Ala. Aug. 2.-The First National Bank failed to open is doors this morning. Inability to realize was the cause of the suspension. The capital is $250,000: assets, $1,350,000; liabilities, $650,000. A notice says all depositors will be paid in full. All excitement was promptly allayed. and a slight run on the other banks ceased at noon. Boise City, Idaho. Aug. 2.-The First National Bank of Nampa failed yesterday. No statement. Denver, Col., Aug. 2.-The Denver Safe Deposit and Trust Company assigned last evening. Assets. $400,000: liabilities, $100,000. Eastern creditors caused the assignment by pushing the concern.

8. August 3, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, August 3, 1893

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DENVER, CoLo., August 2.-The Denver Safe Deposit and Trust Company assigned last evening; assets, $400,000; liabilities, $100,000. Eastern creditors caused the assignment by pushing the concern.

9. August 3, 1893 The Sun New York, NY

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More Bank Failures. BIRMINGHAM. Ala., Aug. 2.-The First National Bank failed to open its doors this morning. A notice was posted saving. Continual withdrawals of deposits and inability to collect money fast enough to meet the same caused the suspension." The capital is $250,000: assets. $1,350,000: liabilities, $650,000. A run on other banks is threatened. BOISE, Idaho, Aug. 2.-The First National Bank of Nampa failed yesterday: no statement. DENVER. Aug. 2-The Denver Safe Deposit and Trust Company assigned last evening. Assets. $400,000: liabilities. $100,000. Eastern creditors caused the assignment by pushing the concern. WASHINGTON. Aug. 2-The El Paso National Bank of El Paso. Tex., capital $150,000. and the Waupaca County National Bank of Waupaca county. Wis., capital $50,000. closed their doors to-day. The Comptroller of the Currency has appointed Jeremiah Mahoney as receiver of the First National Bank of Ouray. and Col. Thomas A. Marlow receiver of the Montana National Bank of Helena. Mont.

10. August 3, 1893 Delaware Gazette and State Journal Wilmington, DE

Article from Delaware Gazette and State Journal, August 3, 1893

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CHICAGO, ILL., Aug. 2.-The InterOcean this morning has the following special from Indianapolis: A private telegram received last evening from Washington states that Comptroller Eckels yesterday imparted to Congressman Bynum the information that the Indianapolis Bank would not pay 50 cents on the dollar. The examiner's report will be completed and mailed Friday evening. There is no information as yet as to when steps will be taken looking to the prosecution of the bank officials, but something in this lline is expected as soon as the examiner's report is filed. A SMALL CONCERN ASSIGNS. Sr. LOUIS, Mo., Aug. 2.-The Na. tional Iron Cornice Company made an assignment, yesterday. The assets and liabilities are estimated at about $20,000. AN IDAHO BANK COLLAPSES. BOISE CITY, IDAHO, Aug. 2.-The First National Bank of Nampa failed yesterday. No statement. ASSIGNED WITH AMPLE ASSETS ELYRIA, O., Aug. 2.-The Lorain Manufacturing Company has assigned The estimated liabilities are $105,000 assets, $182,500. This company had the largest brass works in the country and employed about 600 men. GOOD REASONS FOR FAILING. SAN FRANCISCO, CAL., Aug. 2.-W Freze & Company, general importers have filed a petition in insolvency. The firm's creditors are both local and foreign. The total liabilities are $144,000; the assets, $100,000. The reasons for the failure given are First, the continuous decline in values of freight and all commodities; second losses in South America and inability to collect outstanding accounts caused by the continued depreciation in silver, and third, the general stagnation of trade. HAD MORE THAN THEY COULD CARRY CHICAGO, ILL., Aug. 1.-The failure S of D. Eggleston & Co., one of the bigges S carrying brokers on the Board of Trade was announced this morning. LOW WAGES INSTEAD OF A SHUT DOWN e LAFAYETTE, IND., Aug. 2.-Th O'Brien Wagon Company, one of the n largest in Indiana, has made a 10 per cent reduction in wages. The 200 em ployes accepted the cut in preference to S having the concern shut down. The company announces that the old rate 0 e will be restored as soon as practicable A. VOLUNTARY ASSIGNMENT. e o CHICAGO, ILL., Aug. 2.-John W Ayres dealer in mantels, made a volun S. tary assingment yesterday. Liabilities $25,000; assets, $40,000. I. EASTERN CREDITORS FORCED THEM. is DENVER, COL., Aug. 2.-The Denve d Safe Deposit and Trust Company as n signed last evening. Assets, $400,000 ts liabilities, $100,000. Eastern creditor at concern. caused the assignment by pushing th SHUT DOWN INDEFINITELY. st AURORA, ILL., Aug. 2.-The cutto mill in this city, employing 500 hands has shut down for an indefinite lengti ts of time, because of lack of demand fo its manufactures. is DEBTS AND ASSETS ABOUT EVEN. MINNEAPOLIS, MINN., Aug. 2. he Crocker, Fisk & Company, millers, file nan assignment to the Minneapolis Trus fiCompany. The firm has been in finan ecial straits for some time. Its assets an liabilities run about $200,000. siA CUT OF 10 PER CENT IN WAGES. its MILWAUKEE, WIS., Aug. 2-4 his official notice has been issued by th n. Chicago, Milwaukee & St. Paul Rai Wroad Company, ordering a cut of 10 pe he cent in the wages of all employes in th commercial department of the roa erwhose pay exceeds $50 per month. pA STIFF FAILURE IN HELENA. ne HELENA, MONT., Aug. 2.-H. M re Parchen & Co., wholesale druggist nimade an assignment yesterday. Th liabilities are placed at $247,000. N asschedule of assets was filed. Local bank in and foreign loan companies are th be largest creditors. ut WHY CUDAHY COLLAPSED. OMAHA, NEB., Aug. 2.-In an Inte ny rs. view last night A. E. Cudahy, in charg de of the Cudahy interests in this city, sai in regard to the failure of his brothe John Cudahy at Chicago, that th 00. Omaha and Sioux City houses will no A. be affected in the least, as he had n eal connection whatever with them. H the attributed the difficulty to a land des y, and inability to realize on securities 1 are meet margins. DRESS GOODS MILLS SHUT DOWN. ers WOONSOCKET, R. I., Aug. 2.-Th net local plant of the Valley Falls Con ect pany, engaged in the manufacture ice colored cotton dress goods and runnin om 340 looms with 185 hands and a week) no pay roll of $1,000, shut down, yeste aks day, for an indefinite period, owing to the lack of market for the goods. The sam ber company's mills at Valley Falls, rur ent ning 1,500 looms and employing 60 hands, also shut down. WILL SHUT DOWN FOR A MONTH. ngMETHUEN, MASS. Aug. 2.-Th its Methuen Cotton Mills will suspen ies, operations on Saturday for one mont reThree hundred operatives will be out employment and will suffer a loss $12,000, the amount of the monthly pa ate roll. The shut-down is ascribed to tl resfinancial stringency. The Knitte Fabrics Company, employing 50 hand have also issued notices that the worl itor will close on Saturday for a month. ills, RESUMED FOR FOUR DAYS A WEEK.