1311. North Denver Bank (Denver, CO)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 19, 1893
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
94bb38b8

Response Measures

None

Description

Multiple newspapers (July 19–20, 1893) report the North Denver Bank 'closed its doors' late in the afternoon because it was 'unable to realize upon its securities and was short of funds.' Reports emphasize there was no great run and officials (bank examiner, officers) expected suspended banks to resume business in a few days; no receiver was mentioned for this bank. OCR errors in articles corrected (dates and minor typos).

Events (1)

1. July 19, 1893 Suspension
Cause
Correspondent
Cause Details
Unable to realize upon its securities and short of funds amid wider Denver banking crisis; contemporaneous reports mention problems with correspondents and tight money markets reducing liquidity but not insolvency evidence for this bank specifically. Officers assured depositors would be paid in full and expected reopening shortly.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (10)

Article from The Indianapolis Journal, July 19, 1893

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Article Text

Streets Thronged with a Mob of Nervous Depositors, Who Mades Rush for Their Money the Moment Banks Opened Their Doors. Nine Banks in Two Days Forced to Saspend in the Silver-Ridden State. Almost Without an Exception the Officers and Directors Assert that Depositors Will Be Paid in Full-Other Suspensions THE DENVER CRISIS. Three National, One Private and Two Savings Banks Forced to the Wall. Special to the Indianapolis Journal DENVER, July 18.-This city was struck by the financial storm to-day in a way which indicated that yesterday's excite. ment was merely a side show. Those who didn't have money in the tottering and falling banks stopped business and watched the fighting crowds in the street vainly clamoring for their deposits at the doors of the institutions that were forced to close. In addition to yesterday's record. six more banks went to-day. making nine for the 0 days. Those to-day include three nationalbanks-The Union National. the Commercial National and the National Bank of Commeree-whieh closed their doors this morning, owing to the heavy demands of excited depositors, and the Mercantile Bank, a small private institution, doing business in the Mining Exchange Building, which suspended owing to the close of the Union Bank. through which its clearances were made, and two additional savings banks-the North Denver and the Capital Savings. The suspension of three sav. inge banks yesterday so warmed the community that at 10 o'elock this morning, the hour for opening the banks, crowds had gathered in front of nearly all the financial institutions, ready for a turious run. 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. The streets were full of people, discussing the situation. It was a wild crowd, and the police at times had to be called to maintain order. The run on the People's Bank soon exhausted itself, and by 11 o'clock af. fairs 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. THE FIRST NOTICE. A few minutes before 10 o'clock, posted on the front and side doors of the Union National Bank. was the following notice, signed by R. W. Woodbury. president: "The Union National Bank is in the hands of the Controller of the Currency. We have paid to our depositors in round numbern $1,000,000 in the past month. and have $1,660,000 in assets to meet our remaining liabilities, which amount to about $500,000. We have realized on our assets as rapidly as we could, and enough loan payments have been promised the last of the week to enable us to take care of depositors again. If then paid. the Controller assenting, we shall then reopen. In the meantime every depostor may be fully assured that he can by DO means lose a dollar of his deposit." No sooner was the notice posted than crowds began to gather at each door. and for hours they remained there. The Commercial National Bank did not open its doors at all. preferring to avoid the inevitable run. It was in bad shape, having $250,000 capital stock and only $2,500 in its vaults. This notice was posted:


Article from The Evening Herald, July 20, 1893

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e National closed their doors yesterday of in order to forestall the heavy demands that r it was evident would be made. As soon as d the action had been taken depositors in other d e 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 s dollar. s During the afternoon the five national banks that are still open for business : showed no signs of any unusual excite) ment among their patrons. Indeed, these e banking houses were quieter than on e many days during ordinary times, and 0 everybody seems to feel that the end of the : unjustifiable excitement has been reached. Following the suspension of the State t and German National a few small deposiI tors who had their money in the First e National renewed the run on that institution, but it was a small affair and S soon wore itself out. In two hours the run 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 remain 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 actions in forcing & 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 a 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 examiner 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 bank last night received : two iron safes full of money from the east by express. Owing to the tightness of the money market a large number of business houses in the city and state have made assign, ments. I The Wheeler Banking company, of Asy pen, Colo., closed its doors, and there was e an exciting run on the First National bank at that place. a


Article from The Wilmington Daily Republican, July 20, 1893

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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


Article from The World, July 20, 1893

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positors 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, which has resulted in the closing of 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 yesterday afternoon more money was deposited than was withdrawn. The German, State and People's National banks closed their doors yesterday 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 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 7 dollar. During the afternoon the five national banks that are still open for business showed no signs of any unusual excitement among 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 unjustiflable excitement 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 a run was completely broken and quiet was restored. The run was caused principally by those who were near at hand when notices declaring the suspénsion 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 mantter 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 remain 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 actions 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 a 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 . "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 examiner 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 bank last night received two iron safes full of money from the east by express. Owing to the tightness of the money market a large number of business houses in the city and state have made assignments. The Wheeler Banking company, of Aspen, Colo., closed its doors, and there was an exciting run on the First National bank at that place.


Article from Rock Island Daily Argus, July 20, 1893

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THE EPIDEMIC NOT OVER. A Lot of Mercantile Concerns Find the Pressure Too Heavy. The North Denver bank has closed its doors. 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. The Tucker Shirt and Furnishing company, doing business on Sixteenth street, has assigned. The assets are placed at $35,00 00 and the liabilities at about $13,000. The Flanders dry goods house, one of the largest in the city, has made an assignment. No schedule of assets and liabilities has been made. The Hallack-Sayre-Newton Lumber company has assigned. No schedule given. F. H. Sayre, the assignee, said the assignment was the direct result of the closing of the State National bank and was necessary simply to gain time during the present excitement. The Blake Lumber company assigned to Emmet B. Annis. No schedule filed. The Palace drug store, corner Sixteenth and Curtis creets, made a assignment. J. H. Naylor, a furniture dealer, also assigned. An assignment was also made by the People's Coal company to John Q O'Neill. No schedule. Other assignments with no schedules were: Goldhammer & Weiss, saloon and restaurent keepers; August Wehrle, jeweler; the Harrison Hannahs millinery store; DeMange & Co., dealers in gentlemen's furnishing goods; Silas B. Jacobs, gentlemen's furnishing goods.


Article from St. Paul Daily Globe, July 20, 1893

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OTHER Small Banks Go Up-Dry Goods Lumber and Other House Close. ASPEN, Col., July 19.-The Wheele Banking company, the pioneer bank the city, closed its doors at 2 o'clock afternoon. A statement of its affair cannot be learned at present. A notice on the door reads: "This bank has closed and is in hands of Benjamin Ferris." A run is now being made on the National and the greatest excitemen prevails; 1,000 people are in line draw ing their deposits. LOVELAND, Col., July 19.-The lowing notice was posted upon the of the Bank of Loveland just before noon today: "Owing to the closing of our Denve correspondents, we have decided close our doors temporarily. Our are largely the excess of our liabilities Every depositor will ue paid in full. Cashier TILLING "I "D" The principal correspondent of bank in Denver was the German tional. ASPEN. Col., July 19.-The stock dry goods of Schilling & Co., who recently closed by attachments, sold at a sheriff's sale at 1 o'clock to Aspen National bank for $12,500. It understood that the sale was a compro mise. and the firm will resume ness. The attachments amounted upward of $50,000. DENVER, July 19.-The North ver bank closed its doors late yesterda afternoon. There was no great run, the bank had been unable to realiz upon its securities and was short funds. The depositors have been sured that they will be paid 100 on the dollar. W. H. Yankee is vice president and S.S. Kennedy president The Tucker Skirt and Furnishing company, doing business on Sixteent street. assigned today to Charles pie. The assets are placed at $35,000 and the liabilities amount to $13,000. The Hallack-Sayre-Newton Lumbe company has assigned to Frederick Sayre. No schedule given. F. 11. Sayre, the assignee, sald tha the assignment was the direct result the closing of the State National and was simply necessary to gain tim during the present excitement. firm is one of the most extensive in city. The Blake Lumber company assigne to Emmett B. Annis. No schedul filed. This company was slightly nected in a business way with the The Palace drug store, corner teenth and Curtis, made an assignmen to F. F. Sayre, of the Hallack-Sayre Newton Lumber company, the assign ment being due to the failure of thi company. J. II. Naylor, a furniture dealer Fifteenth street, assigned this morning Simon T. Thorn for the benefit of


Article from The Roanoke Times, July 21, 1893

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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, which has resulted in the closing of 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 yesterday afternoon more money was deposited than was withdrawn. The German, State and People's National banks closed their doors yesterday 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 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 excitement among 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 the run was completely broken and quiet was restored. The run was caused principally by those who werenear 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 A Notional


Article from The Kimball Graphic, July 22, 1893

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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.


Article from The Carbon Advocate, July 22, 1893

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SENSELESS BANK RUNS They Compel Denver Banks to Temporarily Suspend. DEPOSITORS WILL NOT SUFFER The State Bank Examiner Thinks All De. positors 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, which has resulted in the closing of 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 yesterday afternoon more money was deposited than was withdrawn. The German, State and People's National banks closed their doors yesterday 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 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 excitement among 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 the run was completely broken and quiet was restored. The run was caused PAYMENT 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 panie 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 remain 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 actions 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 a 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 werepaying 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 examiner 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 bank last night received two iron safes full of money from the east by express. Owing to the tightness of the money market a large number of business houses in the city and state have made assignments. The Wheeler Banking company, of Aspen, Colo., closed its doors, and there was an exciting run on the First National bank at that place.


Article from The Enterprise, July 26, 1893

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ple refused to De Crowds of women and and as morning. the streets. in 1 the , dawn a THE a <<<<<<<<<<<<<<<<<<<<<<<<< the in milirose over assembled National e y k, of the order State before humanity National the bank National German and bank, the other to ple's banks-all eager withdraw ally reputable baims and banks. ir sent money a from the notice was posted on bank t 9 of o'clock the State National the B 07 SUIMO 7 door lack of bank wonld not , nt a forth, but the that to a future a a this en- develop- noh nts the would hope bring forth greater he ragement. National bank business officials as re but eager THE THE t al, ted of ectors doors upon for valor the deemed and window for discretion ordered that the a the present. notice doors pue closed en uld lized letin, the their the full brief ay. ief ard, in too but Men tears. the dazed by majority their for vengeance misfortune on and utterings were to te re concerted action beir the was not be 3y control of logic. A Den- resources. u! rueq UMO strumints every pue no the моп 07 penpo pt I the at placed st! uo state SEM tra must paying tellers were boards of offices directors and the the bank o'clock. closed The sp rueq II before short S. sed ice doors by Net read as order assets, of follows: the $1,100,000; board "This of bank, liabilities, direc0,000. McNoel. of the out State in cash resident his bank has paid within the S -ifle that more days. than He $900,000 exercised in his almost t thirty efforts to gather should erhuman order that the doors were in 03 be in closed, but his efforts say B n n. me an arge ashier interview stated he that said: that our liabilithe the "Please place exceeding- se- twice Na.I al bank, times and inability to failure to o I J. ir in ard ities, doors. loans, a together had During with the forced constant the last him drain to sixty on paid the close days I (SI re and had over been $1,000,000 had the been demand at 04 000'98$ safs some r q depositors way from their tr 000. tour of the banks just that all before exciteq of id 11 [1 a y cers sing had least were of died hour all taking the away in semblance showed out. of and a "I more banks do there in not "run." stated money was than think The that Denver not u 18 y were paying place bank said Hon. IA ill have of a examiner for By he hands Adams, the bank said that nk Mr. will 47 BD up orado. believed the <<<<<<<<<<<<<<<<<<<<<<<<< <<<<<<<<<<<<<<<<<<<<<<<<< He resume at all of the be mak- sent the clerks which will they can nd smepV 01 seems SB uoos sit aq er of e got that the the ready. utmost banks that will no confidence in reopen losses the will be- again morning 1.17 u! 000'09' Ma3 1 no ow to from bank. n. st q7 h in for the North Denver bank afternoon. closed its There us th puy -08 st! rueq uodn the and und great ou by S.10 S unable to realize funds. The uu uo 1 been and was short of that they ities have been the assured dollar. as u!? ue to Frederick F. JO the with on Newton Lumber 947 said that result of the the asre. The was the direct bank and 0.1.8 ament the State National time dur1.1q L $ sing of simply to gain The firm bur necessary present excitement. in the city. the the most extensive Teller, in and you op I,, April JO en ahe ENVER, yesterday, said: view of the and L in interview taking a gloomy east are on ieve Matters in the Mr. CleveCon Jon The mend ation. and it is lesson will possible fail of its pur- SherEng