1294. First National Bank (Denver, CO)

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1016
Charter Number: 1016
Start Date: July 18, 1893
Location: Denver, Colorado (39.739, -104.985)

Metadata

Model: gpt-5-mini
Short Digest: 36e529d9

Response Measures

Accommodated withdrawals, Books examined

Description

Contemporary articles describe heavy depositors' lines and withdrawals at the First National around July 18, 1893 but show the First National remained open, paid out funds, and the run was broken. Several other Denver banks suspended. Thus this episode for the First National is a run that did not lead to suspension or failure.

Events (1)

1. July 18, 1893 Run

Cause: Local Banks
Cause Details: Runs and suspensions at other Denver banks (Union National, Commercial National, Bank of Commerce, etc.) and posting of closure notices prompted deposit withdrawals at First National.
Measures: Paid out deposits to depositors; officers emphasized strong condition and large private fund to meet demands; satisfied most withdrawals and broke the run by midday.
Newspaper Excerpt: The First National appears to have been in an unexceptionable condition, having over sixty per cent of the deposits on hand with a private fund of $1,500,000 in addition. ... A run was immediately started on all the other banks, though to no great extent on the People's National.
Source: newspapers

Newspaper Articles (21)

1. July 16, 1893 Tombstone Epitaph Tombstone, AZ

Article from Tombstone Epitaph, July 16, 1893

Click image to open full size in new tab

Article Text

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

Click image to open full size in new tab

Article Text

THE PANIC IN DENVER People Needlessly Excited - The Banks Paying the Depositors. DENVER, Col., July 18.-No scene was ever witnessed here before like that this morning shortly after the hour when the banks opened for busi. ness. The failure of three savings banks yesterday had excited the missses, and at the hour of opening, the streets were crowded with anxious depositore. Eleven clearing house banks, located within four blocks O each other, were surrounded and far into the streets the crowd gathered till the police was called on to clear the way for traffic. At 10 o'clock the Union National, with is capital of a million dollars. posted notice that they would not open the doors. This started a panic and following quickly the Commercial National posted a similar notice. Then the National Bank of Commerce. A run was immediately started on all the other banks, though to 110 great extent on the People's National. The First National appears to have been in an unexceptionable condition, having overeixty per cent of the deposits on hand with a private fund of is million and a half in addi.

3. July 18, 1893 Evening Star Washington, DC

Article from Evening Star, July 18, 1893

Click image to open full size in new tab

Article Text

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.

4. July 19, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, July 19, 1893

Click image to open full size in new tab

Article Text

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

5. July 19, 1893 The Wheeling Daily Intelligencer Wheeling, WV

Article from The Wheeling Daily Intelligencer, July 19, 1893

Click image to open full size in new tab

Article Text

of the The failure the masses, vesterday located clearing of were each four other blocks within the the far and into streets surrounded, and until speofficers crowd gathered to the out were clear called police the for way Union truffic. 10o'clock a of with 000,000, capital National, not that they would notico posted the This their doors. startod the and Comno quickly National follow posted.ru of the Bank inercial then National and "Where asked: people on all started other Peoples run was banks, immediately thouNational to no groat The dest of of the extent National upon the having over appear to be with 60 per a private cent draw upon. First they on handdition close their doors. their all, deposits $1,500,000 impossible in National as others The mob fund of making The it Colorado are in are thdrawing equally their money deposit let being all small satisfied to in their holdor main banks. Accounts all ox. are The banks paying demandand time they rtificates, demand. the ing these until ing that expira remain As bank every crowded is no as rendering combeing tion clearing time. Institution the meeting it was sistance, stand each alone. house last and night gome pelled of the clearing to help banks, of which decided of them not went National Bank, quite a run is men Altho Stato is for of their in progrous a in large line waiting can get their ap. pear and women are 80 they of the bank and come officers of humor are say they storm. o'clock money. turn to to Confident The the best they can weather was overything National. of the "This bank of is board directors, to the at every entrance National the quiet Up at the 12 Colorado is closed by notice order posted Bank of of which Governor Commerce, is The offiCooper president. of but no amount been sufficers Job A. are indentraty or has to gain admis- is not pounding cient for newspaper condition men of public, as this bank vester offiThe the general statement of the banks cere day, was done City sion. known did to not print by a almost all National to other John R Hanna, they of felt the the any body. as selves $40,000 east Bank said good that condition borrowed in gold The be in bank as recently and is paying from this morning. the the deposite such and Several of deposits this putting can made large of bank the have at are hand and runs ac- on the bank spare. sums friends Those they are those who are who making have small posted had a counts Union National that Bank the bank 000 to notice approxime few The explaining mately $1,000, weeks. The had on realized it but paid out in the stated last that the rapidly bank as that notice depositor further its securities was not as fast enough in to suit possible, depositors. and owes that the bank securities It is thought upon been its socur paid in $500,000. will be able depositors realize have to realize. again Commercial when all The bank BOOD expects as can bank post- for notice: for full. business as National "Closed of diboard ed The the following by order of the in bad shape. only liquidation The bank $250,000 was and had jcan rectors. It has cash in of the rushed bank to the Amer and $2,000 in depositors bank this morning The has than Small National out their deposits. less sidall depositors capital. as city, began American to draw National any bank other of its dealing handled The $1,000,000. in the with who ot the who have been largely vico president and had to the big money. said that those thoso who paid The grocera depositors draw butchers money are with checks bank in person to in private a with noon. money Mercantile capital Bank, stock a of The $100,- fail. of the stitution, its doors at failure which 000, closed caused by Bank, the through audi F. ure was Union National O.C. Girda, Robinson the clip Pub- fortor.is cleared. president of W. the Republican oldest and been merly tishing treasurer Company, dividuals one of the in the state, and exeitement upon the respected made the assignee demands banks after una money continued it about al when o'clock all the banks the bated entirely until subsided State National line and of deseemed to increaso is bank National, Utah where the instead of to underato from way City reach here early special This bearing train on $400.000 the and that ved First little National after closing Bank 1 o'clock hour. recei This and money Moffatt President New nt the York. for Icua, bullion he the before the of close, failure Savings with Bank, Its $100,000, the hour dozen people hardly half the institutions except First president of the

6. July 19, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 19, 1893

Click image to open full size in new tab

Article Text

AT PANIC DENVER. Four Banks Compelled to Suspend. ALL THE OTHERS SUFFERED. Flurried and Weak Disqui- at New Stocks York on Account of eting Rumors. special to THE MORNING CALL ever was scene here witness hour when DENVER July 18.-No that this the morning, banks of failure shortly after for the business. yesterday The had excite streets three opened savings banks at the hour remaining of opening banks the wded were cro banks, the masses. in front and with anxious of the depositors. locate Clearing-house each other, were S until Eleven four blocks into of the street called crowds to within rounded, and far the police were gathered elear the way for the traffic. Union National, notice with that At 10 o'clock $1,000,000. posted a doors. The notice capital of open their had paid to depositors on they would explained not that the in bank the last few securities rapidlyas possible. and the panic weeks $1,000,000 and had realized but enough. few minThis started it utes became from when later, apparent on of the the the size crowd gathering inbe to run was that about sidewalk the closed National Commercial "Closed notice of augurated doors and posted order this of stock the board of $250,$2000 its for liquidation has by capital cash on hand. National Almost Commerce of the order 000. directors." There simultaneously is only suspended the payment. board is entrance Bank "This bank of is closed the notice by Commerce. posted at every The inside officers refused is this of directors, the Bank of admission to out- not bank condition yesstatement as other terday, known. siders. as The it was did done not by almost all of the noon were these the banks only it were suffering to suspend banks. Up failures, to the hour and was though hoped all that that no more hour, Bank. private with a institution by called it however, would be forced the Mercandie capital of $106.000 that of failed the cleared. after The failure National, was through demand which unabated upon the when 'clock. Union The excitement money and continued it subsided State Utah until banks about banks 2 except the National, instead where of depositors two National all the and seemed the German to increase asbanks more Bank aiminishing. Late this afternoon North Denver of Savings Stephens Savings & signed- the bank Capital 11a. Bank. the private as the assets or are filed. and Hanchett, No knowment statement of The the deposits bilities has to beer have been heavy. of the Clearingwill not President thought J. A. confident to-day people will house worst "I of am this and the meeting decided of the we could see come the to their senses. last night we and o some of them have gone have security ample Clearing-house not help the to the banks wal' All of to protect them, at unfortung is what this time of the majority all I believe. the depositors. cash people But not security are clamoring in unexcep of cent the for. First National having appears over private 60 per of fund $1,500,000 The condition. on hand. with a to draw it possible tionable deposits in addition close their and sevNational upon, making Colorado City National doors. The are equally of good. the as anysaid they hopes Hanna tide eral John others P. were Hanna in good be condition able over control the deposits depositors enough body Several of the of the this morning, notes. Some bank. made large deposits bank in the had shape payment reto check, who owe cash the deposited, Liabilities officials subject but have their checks Of this the cash nearly control two-third hand, $333,338, fused on $589,808. thirds so that will the meet amounting of small depositors. of consist and United Loans to ation, States bonds and cash on the The demand Union discounts Bank's $1,622,689 $147,566 $150,000; due exchange deposits. $32,078; overdrafts, State Bank, other banks, national $170,000 $29,809; the bank outstanding woodbury President will reopen. on by the banks scared drain Constant It about crisis. brought depositors no by less than stated bankers the from was banks drawn $8,000,000 Of a this the last three during is up city. least $5,000,000 were side While the feel the business bankommunity of the and hour shortly distress, the for Drybusiness McNamara the one largest houses open an in the attachment unThe liabilities The known. failure for the by Bank Goods West, was are closed $250,000; vas caused assets by attachUnion ments National The $20,847. $71,780: Colorado National, of had the ivate latter president an of and officer claim Sheedys. for in the $40,000. Denver $25.00 of Nabig Me the the failure Following other house mermara dry-goods were They failures cantile announced. the Mouat John Lumber Company. the on German National for restau Albert Nelson. Bank $155,200 of and with rant saloon, $111,510. M. Noah, $96,725; liabilities of with assets house. $40,000 furniture with firms other Three $16,000. liabilities also of failed. liabilities ON THE ECKELS SITUATION. a at the Comptroller New of York Banquet.

7. July 19, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, July 19, 1893

Click image to open full size in new tab

Article Text

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.

8. July 20, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 20, 1893

Click image to open full size in new tab

Article Text

years' 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 National, 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 long done business, there was also quite a crowd of anxious depositors await. ing the opening of the doors. Here the people were relieved of their agony at a few minutes after 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 National there was evidently & determination to go ahead with business up to almost the last moment, when a slip of paper was pasted on the window stating that the doors would remain closed temporarily. Then the scene became distressing. Men and women down the long line broke out into tears and wailing. By this time there on bank 11) the city, and the announcement BOOD was a came run every that the Peo. ples' National Bank had closed its doors. The notice on its doors read: "This bank 18 closed by order of the Board of Directors. Net assets. $1,000,000; liabilities. $310,000." The assets and liabilities of the other two failed banks bear about the same proportions as those of the People's Bank. Their failure is chargeable to the longcontinued drain by depositors and 111ability to raise ready cash. All expect to resume shortly. Frank Adams, Bank Examiner. to-day 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 was true at the City and all the other banks. and the 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. VARIETY OF EMBARRASSMENT. DENVER. COL. July 9.-Among the fail. ures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. Business firms whose embarrassment has become known range from liquor-saloonstostreet.railroads. in the list drugstores. lumber companies, Thereare gentlemen's furnishing houses, milliners, coal companies, dry-goods houses, jewellers, ready-made-clothing dealers, tailors, and grocers. Two bank failures are reported at Aspen and one at Loveland Commercial failures are also reported from many points in the State outside of Denver. due principally to the fact that the sufferers deposited in Denver banks which have suspended. TROUBLE AT GREELY, GREELY, COL. July 19.-The Union Bank closed its doors at 1 P. M. to-dav. and a half hour later the Greely National pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money and the fact of a steady withdrawal of deposits-about $30,000 the past ninety days-they were compelled to suspend business. They say their liabilities are about $100,000 with assets and paid-up capital amounting to $300,000. As the fact of the suspension of these known a SOOD banks as became steady Bank, run but was it made on the First National continued to honor all checks and drafts, and even after the regular closing hour cashed two checks presented, Colorado Banks Assign.

9. July 20, 1893 San Antonio Daily Light San Antonio, TX

Article from San Antonio Daily Light, July 20, 1893

Click image to open full size in new tab

Article Text

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.

10. July 20, 1893 The Wilmington Daily Republican Wilmington, DE

Article from The Wilmington Daily Republican, July 20, 1893

Click image to open full size in new tab

Article Text

SENSELESS BANK RUNS They Compel Denver Banks to Temporarily Suspend. DEPOSITORS WILL NOT SUFFER. The State Bank Examiner Thinks All Depositors will be Paid in Full, as the Banks Are in Good Condition - The Scare About Over. DENVER, July 20.-The timorous feeling among depositors in the Denver banks, a which has resulted in the closing of number of these institutions this week, at last to have reached its limit, are now stopping that yesterday and seems with the the people result afternoon to think, withmore money was deposited than was drawn. The German, State and People's banks closed their doors yesterin order to forestall the day National would heavy be made. demands that it was evident As soon as the action had been taken depositors in other banks seemed to take new courage, and during the day talk on the streets was much more conservative and rational. The North Denver bank closed its doors late in the afternoon. There was no great run, but the bank had been unable to realize upon its securities and was short of funds. The depositors have been assured that they will be paid 100 cents on the dollar. During the afternoon the five national banks that are still open for business showed no signs of any unusual exciteamong their patrons. Indeed, these 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. 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 affair and soon wore itself out. In two hours 10 run was completely broken and quiet was restored. The run was caused principally by those who were nearat hand when notices declaring the suspension of the German and State National were posted. These people at once became penic 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 & nks that yet remain open. Am 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 notions 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 perfectly safe guaranty in ordinary circumstances and with business at its normal condition would have laughed at the idea of u run. A tour of the banks just before their closing hour showed that all excitement had died away and there was not the least semblance of a "run." The officers of all 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 Frank Adams, the bank exnminer for Colorado, Mr. Adams further said that he believed the suspended banks will all resume business in a short time. He has the clerks at all of the banks engaged in making out the reports, which will be sent to the comptroller as soon as they can be gotten ready. Mr. Adams seems to have the utmost confidence in the belief that the banks will reopen again in a few days, and that no losses will follow to depositors. The morning train from Omaha brought in $50,000 in cash for Denver national banks. Another night

11. July 20, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, July 20, 1893

Click image to open full size in new tab

Article Text

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.

12. July 20, 1893 The Western Sentinel Winston-Salem, NC

Article from The Western Sentinel, July 20, 1893

Click image to open full size in new tab

Article Text

A Panic. DENVER, Col., July 18.-A regular panic has been experienced in this city today. The first failure announced was that of the First National Bank, with a capital of $1,000,000, which precipitated a run on the City National, the German National and all the clearing houses. The National Bank of Commerce closed,

13. July 20, 1893 The Waco Evening News Waco, TX

Article from The Waco Evening News, July 20, 1893

Click image to open full size in new tab

Article Text

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.

14. July 20, 1893 Evening Star Washington, DC

Article from Evening Star, July 20, 1893

Click image to open full size in new tab

Article Text

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."

15. July 21, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, July 21, 1893

Click image to open full size in new tab

Article Text

A WONDERFUL EFFECT. Assurances of Eckels Greatly Restore Confidence at Denver. DENVER. July 21. - -The cheering news from Washington has had a wonderful effect upon Denver. The dispatch from Comptroller of the Currency Eckels to the effect that he would give every possible 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 to get an expression from him. Mr. Eckels comments on the foolish course of those Denver citizens who had lost confidence in the banks. The newspapers are running off extras announcing the news and already things begin to Wear a Brighter Aspect. 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 some time to realize on securities. It is learned that heavy withdrawals have been made from several of the banks during the past few months which would indicate that some of the farseeing ones anticipated trouble such as has come upon the city in the past few days. It is noticeable that very few of the merchants or business men of the city withdrew their deposits. The newspapers feel greatly the distress, every daily having curtailed expenses. Difficulty in making collections is given as the cause. Opinion of Examiner Adams. Bank Examiner Frank Adams, who came up hurriedly from Pueblo to look into the condition of affairs, said that so far as he had been able to make an inspection of the suspended banks he did not believe that their condition was so serious as many were led to believe. He would, however begin at once a thorough examination of the several institutions, and would in a few days be able to make a more satisfactory report. The opinions of leading financiers in the East to the effect that the crisis would soon be passed will doubtless have a beneficial effect in restoring confidence among the people here. Those banks that have not suspended are transacting business as usual. President D. H. Moffett of the First National is greatly pleased with the news from Washington, and predicts an early resumption of business.

16. July 21, 1893 The Sun New York, NY

Click image to open full size in new tab

Article Text

HELP FOR DENVER BANKS. COMPTROLLER ECKELS WILL GIVE THEM ALL THE AID HE CAN. Ec will Grant Them Time to Collect oney to Start Again-The News Halled with Joy in Denver Many People Putting Their Money Back in the Banks Sun Open-A Sharp Brenk in General Electric the Feature Yesterday in Wall StreetThe Army of Unemployed is Very Large. WASHINGTON, Jul" 20.-Comptroller Eckels. immediately on his return from New York this morning. addressed to Frank Adams. the Nntional Bank Examiner at Denver. a despatch defining the policy of the Administration with reference to insolvent national banking institutions generally. as follows: "I wish you would announce to the officers the banks which have failed in Denver that my intention to lend them every aid possible looking toward speedy resumption on their part. and that I shall grant to them sufflcient time to enable them to not only collect in such amounts as are speedily collectible. but to get together such amounts of money as will enable them to open upon a small basis. 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 confldence. and 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. I fully appreciate all the circumstances of the situation. and. that no unnecessary loss may be entailed. you are authorized to employ as assistants. to protect paper and collect in moneys. the most competent and trustworthy employees in such institutions. I have also ordered Examiner McHugh of Iowa to report at once to assist you. I desire that this telegram be given to the press at Denver. evidencing as t does that the Comptroller has faith in the ability of the banks of Denver to resume. and of his desire to lend them every assistance consistentwith his official duty. When asked to express more fully his views the condition of affairs. Mr. Eckels said the failures on in Denver yesterday. 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. It in my intention." he said. where a bank has been properly conducted. and whose assets under ordinary circumstances would have permitted it to remain solvent. to give the institution every opportunity to resume business. Allthe 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. Notifications of two more failures reached Mr. Eckels this forenoon. The unfortunate banks are the First National Bank of Harriconville. Mo which went under this morning. and the Oklahoma National Bank of Oklahoma City. Oklahoma. which closed its doors yesterday Comptroller Eckels's efforts to secure a reopening of the insolvent Chemical Bank of Chicago have failed. This morning Mr. Eckels received the following telegram from the Chemical Bank Committee: After long. patient. and earnest efforts. the committee of the stockholders of the Chemical National Bank of Chicago has concluded that resumption is not practicable at this time. At first the problem seemed easy. but the many financial disasters throughout the country have excited the public and produced unusual cath tion. and made it very difficult to collect outstanding bills or raise money by usual processes. The conditions Imposed by the Comptrol or were well received. but the present stringency seems an obstacle too serious to be overcome by the stockholders. DENVER. 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 paving tellers' windows. In the First and Colorado Nationals along string of depositors reaching nearly the street were lined up in front of the reselving 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 realize on securities. There may be a few commercial failures in the city within the next few days. result of the suspension of banks. but it 16 believed that in no instance. whether a banking or commercial house, will the failure becomplete. and that resumption of business will surely follow shortly. It is said to-day that the McNamara dry goods house. which failed on Monday for $250,000. has settled with its principal creditors. and will resume business on Monday The cheering news from Washington has had a wonderful effect upon Denver. The despatch from Comptroller of the Currency Eckels to the effect that he would give every possible aid to the banks of this city is applauded on overy 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. Eckeis's comments on the foolish course of those Denver citizens who had lost contidence in the banks are strongly commended. The newspapers ran off extras announcing the news. and already things begin to wear a brighter aspect. 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 some time to realize on securities. It is learned that heavy withdrawals have been made from several of the banks during the past few months. which would indicate that some of the far seeing ones anticipated trouble such as has come upon the city in the past few days. It is noticeable that very few of the merchants or business men of the city withdrew their deposits. the run being made principally by the working people and poorer classes of customers. The newspapers feel greatly the distress. every daily excepting one having curtailed expenses by reducing in size or using largertype. The closing down of many silver mines, smelters. and the reduction of the working forces of coal mines. railways. and manufactories in this State has, however. caused a deplorab condition of affairs among the laboring classes. It WAS estimated that to-day there 10.000 men in Denver unable to secure

17. July 22, 1893 The Kimball Graphic Kimball, SD

Article from The Kimball Graphic, July 22, 1893

Click image to open full size in new tab

Article Text

WAS A BAD DAY IN DENVER. State National, German National and Peo. ples National Close. DENVER, Colo., July 20.-The following notice was posted on the door of the State National bank Wednesday: "This bank will not be opened for business this morning. Depositors will be paid in full." At the hour of opening for banking business crowds had assembled at the different banks, but there did not appear to be the same excitement among the depositors as exlisted yesterdny. The doors of the German National bank were not opened for business at 10 o'clock in the morning. A card was placed on the door which read: "Closed by order of the directors." The People's National bank sue cumbed to the inevitable at 11 o'clock. Inability to secure funds to meet the demands of depositors was the cause of the failure. The liabilities are placed at $310,000 and the assets at $1,100,000. Thesrun on the First National bank has about exhausted itself and the in. stitution remains firm. The banks which closed Tuesday are still closed today, including the Capital and the North Denver banks, two private concerns. The Union National is in charge of Frank Adams, the bank examiner. President Woodbury is hopeful of resaming business in a few President Riethdays. man, of the German National, is greatly disappointed at the failure of aid to arrive. He says that while the assets of the bank are greatly in excess of the liabilities it was necessarily compelled to suspend business for lack of available funds to supply depositors. The Tucker Men's Furnishing company, at Sixteenth and Arapahoe streets, made an assignment. Liabilities $8,000, mostly in the east. Assets not given.

18. July 22, 1893 Morning Journal and Courier New Haven, CT

Article from Morning Journal and Courier, July 22, 1893

Click image to open full size in new tab

Article Text

CONFIDENCE IS RESTORED. Banking and Commercial Houses in Denver Resume Business- Merchants and Bankers Meet and Declare for Free Coinage of Silver. DENVER, Col., July 21.-Confidence in the Denver banks and the commercial houses is being restored in the east and at home with nearly the same rapidity that our people attempted its destruction for the first three days of this week. There has been no suspension of magnitude for two days and no more are expected. The banking houses have determined that they will push no creditor nor serve any attachments upon those who show an honest disposition toward settling. Times will probably be hard here until congress meets, and it is predicted that if silver then receives fair treatment it will not take long to place Denver and Colorado far in advance of where they were when trouble came. President D. H. Moffatt of the First National bank has received a telegram from one of the leading banks of New York offering assistance if needed. Mr. Moffatt replied with thanks that he had more money than he needed. Other houses have had offers. It is understood that the German and State National banks have received large sums of money and will be ready to open their doors again within a very short time. Comptroller Eckels' telegram to Bank Examiner Adams was opportune and did untold good. Mr. Adams is of the opinion that all the closed banks can settle in full and have & balance left. It will be some days, however, before he can prepare his statement. The commercial houses that went down with the banks are in equally good condition. The Hallack, Sayre, Newton Lumber company, which assigned Wednesday with assets of $600,000, resumed business to day. The Flanders Dry Good company, which closed for $200,000, have also resumed. Many others will follow shortly. The merchants and bankers to day issued a card to the public in which they declare their faith in Colorado's future, and that the present tronble is but temporary. They regret the violent utterances recently made by excited individuals and declare that these do not represent the people of this city or of the state. They conclude by declaring for free coinage of silver and ask all members of congress to aid them in securing this at the coming extra session.

19. July 27, 1893 River Falls Journal River Falls, WI

Article from River Falls Journal, July 27, 1893

Click image to open full size in new tab

Article Text

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

20. July 27, 1893 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, July 27, 1893

Click image to open full size in new tab

Article Text

THE PANIC SUBSIDING. MONEY GETTING EASIER EVERYWHERE AND CONFIDENCE RETRUNING. Money Going Back Into the Denver Banks -Suspended. Banks Will Resume Business Shortly-Commercial Bank of Milwaukee Assigns. DENVER, July 21.-Confidence in Denver banks and commercial houses is being restored in the East and at home with nearly the same rapidity that our people attempted its destruction the first three days of this week. There has been no suspension of magnitude for two days and no more are expected. Banking houses have determined that they will push no creditors nor serve an attachment upon those who show an honest disposition towards settling. Times here will probably be until congress meets and that it is expected that if silver then receives fair treatment it will not take long to place Denver and Colorado far in advance of where they were when this transfer came. President D. H. Moffatt of the First National bank has received a telegram from one of the leading banks of New York offering assistance if needed. Mr. Moffat replied with thanks that he had all the money he needed. Other houses have had offers. It is understood that the German and State National have received large sums of money and will be ready to open their doors again within a very short time. CALIFORNIA BANKS REOPEN. SAN BERARDINO, Cal., July 21.-Jas. H. Eckels, comptroller of the currency, has authorized the First Natlonal bank to reopen, which it did this morning. The bank has a large amount of capital on hand, more than enough to pay every possible demand. It is said the Farmers' Exchange bank will also reopen in a short time. BETTER FEELING PREVAILS. NEW YORK, July 21.-The bank presidents reported today that the situation was fairly easy with some shipments of currency to St. Louis, Denver and Kansas City. Money is is easy and there is a more confident feeling everywhere. MILWAUKEE BANK ASSIGNS. MILWAUKEE. July 21.-The Commercial bank failed. It assigned to A. B. Fiefuss, cashier, who filed a bond of $165,000. The troubles of the bank are said to result from its acceptance of a large amount of paper of Corrigan, Ives & Co. The officers of the bank are, E. R. Paine, president; J. C. Flint, vice president, and A. B. Guilfuss, cashier. Capital stock $250,000. The July statement gave total liabiliwhich of ties $1,656,850.85, due is depositors $557,743.22 on demand, $528,915.22 due depositors on time. The direct cause of the sus pension of the bank at this time is attributed to the failure of the Douglass Furnace company of Sharpesville, Pa., of whose certificates of stored pig iron the Commercial bank had about $130,000. It is claimed that somebody ignoring those certificates had the sheriff attach the iron. For some time also depositors in the bank have been quietly withdrawing money from it. A TACOMA BANK. TACOMA, July 21.-The Traders bank suspended today. SCHLESINGER MINING PROPERTY. MILWAUKEE, Wis., July 21.-The first step toward re-organizing the Schlesinger mining property was taken today. A meeting of the Chapin mine owners was held and flve new directors were ehosen. John H. Tweedin, Jr., was elected treasurer. No other changes were made in the directory. GREELY BANK GOES. GREELY, Colo., July 21.-The Union bank assigned today to James F. Benedict of Denver. Depositors are safe. A SMALL BANK. CRESTED BUTTE, Colo., July 21.The Bank of Crested Butte elosed today. Liabilities $35.000, assets $65,000.

21. July 27, 1893 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, July 27, 1893

Click image to open full size in new tab

Article Text

DOINGS AT DENVER. Depositors Hustling Money Back Into Banks' Vaults. Denver, Col., July 20.-There will 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 Amerian National 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 drawn 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 com mercial house, will the failure be complete A resumption of business will follow shortly. It is stated today that the McNamara dry goods house, which failed Monday for $260,000, has settled with the principal creditors and will resume business Monday. While the situation in Denver is quieting down the effect of the local bank failures is being felt in interior towns in the state. Word was received here today that the First National bank at Canon City and the First National at Grand Junction, this state, failed to open their doors this morning. No particulars are at hand, but it is probable the failures were caused by the suspension of the Denver banks. The Flanders dry goods house, occupying five store fronts and five stories high on Sixteenth street, was attached this morning by H. N. Bradley, of Boulder, Col., for $24,000. There is no definite statement of the condition of the firm available. Competent judges place the assets at $200,000 wih liabilities at $25,000. The failure was caused by the suspension of the People's National bank to which $25,000 was due.