1315. People's Savings Bank (Denver, CO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
June 29, 1895
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini
Short Digest
098ea720

Response Measures

None

Description

Multiple contemporaneous newspaper accounts (June 29, 1895) report the People's Savings Bank of Denver was forced to make a second assignment (F. J. Spencer named assignee) because it could not meet certificate payments. The bank had been closed to deposits since the 1893 panic and had been operating under an earlier assignee; the 1895 assignment effectively continued receivership/closure. A 1896 report refers to F. J. Spencer as receiver/trustee, confirming ongoing receivership. No run is described in the articles.

Events (2)

1. June 29, 1895 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Insufficient funds to pay July receivers' certificates; longstanding insolvency since 1893 panic led to assignment
Newspaper Excerpt
The People's Savings Bank was forced to make a second assignment today. F. J. Spencer was named assignee.
Source
newspapers
2. May 18, 1896 Receivership
Newspaper Excerpt
F. J. Spencer, receiver of the People's Savings bank, of Denver, and trustee of the Lincoln-Lucky-Lee company, may be enabled to operate the properties ... for the benefit of all the creditors until pending litigation is disposed of . . .
Source
newspapers

Newspaper Articles (7)

Article from The Seattle Post-Intelligencer, June 30, 1895

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Article Text

FAILURES AT DENVER. The Mining Stock Exchange and the People's Savings Bank. Denver, June 29.-Suit was begun today by the Mercantile Trust Company of New York for the appointment of a receiver for the Colorado Mining Stock Exchange, The trust company holds $250,000 worth of bonds issued on the mining exchange building, the interest on which cannot be paid. The People's Savings bank was forced to make a second assignment today. F. J. Spencer was named assignee. The action was taken for the reason that sufficient funds could not be raised to pay the July certificates with. The bank has been open for deposits since the panic two years ago. At that time J. W. Graham was made assignee. A scheme was devised to pay the depositors by the certificate plan, and in May, 1894, the bank was taken from the hands of the assignee and placed under the management of the directors. The directors succeeded in paying the installments when due until the present one, which is due Monday. There are no funds for the payment of this, hence the assignment. The bank still owes its depositors $226,000, having paid out only 40 per cent. since it closed during the 1893 panic.


Article from The Wichita Daily Eagle, June 30, 1895

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Mining Suit Founded on an Old Grubstake--Denver Bank Makes Second Assignment--Blanche NewSerger Drinks Carbolic Acid--Peralta-Reavis in Court --Chaves' Murderers Confess-The West Oakland, Cal., June 29.-Fire broke out this afternoon in the works of the California Powder company at Hercules Point. The sulphur house was soon consumed and the fire began to spread in the direction of the storage house where 500 tons of nitro-glycerine and thousands of pounds of giant powder are kept. By heroic work on the part of the employes the flames were kept from the storage house and the fire at 5:30 p. m., was under control, later being entirely extinguished. Hot coals dropped on wood work by a plumber started the fire. The loss will be about $15,000. When the news of the fire reached Oakland the wholetown became panic stricken as an explosion would have done enormous damage here. FOUND DEAD ON THE TRAIN San Francisco, June 29.-Louis J. Ruffino, who was found dead in a Virginia rilroad train, where he is thought to have committed suicide, was a member of the San Francisco firm of Ruffino & Bianca, marble dealers. Mrs. Ruffino was seen at her residence. "It is impossible that my husband committed suicide," she said. "He had everything to live for. I am sure his relations here at home were perfectly congenial, while in business he was prosperous. His eastern trip was taken for business purposes. He left here June 5 by the Southern route and was due to return here on August 21. Since his absence he has written to me every day. His letters were of the most cheerful character and he looked forward to his return home with evidence of pleasure. In fact he gave instructions regarding the magnolia trees in the garden. Mr. Ruffino always wore a silk handkerchief over his head at night, as he was subject to severe colds in his head. To my mind he had placed the handkerchief around his heal as usual and possibly in his sleep had forced it down until strangulation ensued. I am positive he did not commit suicide for there was no reason for his doing so." Mr. Ruffino was born in this city thirty-nine years ago, and has been married seventeen years. DENVER'S AFFAIRS. Denver, June 29.-A special to the News from Colorado Springs says: Les lie W. Popejoy, through Attorneys Geo. A. Corbin, of Denver and A. N. Ashenfelter of Colorado Springs, today fieled a complaint against Winfield Stratton to recover a half interest in the Independence Washington and other mines at Cripple Creek and setting the value at over $3,000,000. Popejoy claims he grubstaked Stratton when the latter made the discovery of these mines in 1891. Stratton bought him out in July 1891, for the amount of the grubstake. Popejoy now claims Stratton was a mining engineer, knew the value of the properties and concealed the same. During the intervening years Popejoy worked at his trade of plasterer in Denver and only recently learned the value of the mines. The notice of suit puts a lien upon fifty mines, as well as much town property in the towns of Colorado Springs, Victor, Cripple Creek, Freemont and Anaconda. Denver, 'Colo., June 29.-The People's Savings bank was forced to make J. a second assignment today. F. Spencer was named assignee. The action was taken for the reason that sufficient funds could not be raised to pay the July certificates The bank has no.t been open for deposits since the panic two years ago. At that time J. W. Graham was made assignee. A scheme was devised to pay the depositors by the certificate plan and in May, 1894, the bank was taken from the hands of the assignee and placed under the management of the directors. The directors succeeded in paying the installemnts when due until the present one, which is due Monday There are no funds for the payment of this, hence the assignment. The bank still owes its depositors $226,000 having paid out only 40 per cent since it closed during the 1893 panic. Denver, Colo., June 29.-Suit was begun today by the Mercantile Trust com pany of New York for the appointment of a receiver for the Colorado Mining Stock Exchange. The trust company hold $250,000 worth of bonds issued on the Mining Exchange building. the interest on which has not been paid. Denver, Colo., June 29.-Blanche New berger, 15 years old, committed suicide today by taking carbolic acid because she had been severely scolded for quarreling with her younger sister. PERALTA-R7AVIS IN COURT. Santa Fe, N. M., June 29.-In the preliminary examination before United States Commisioner Pope, the claimant of the famous peralta land grant for twelve million acres of land in Arizona and New Mexico, was held in $5,000 bail to appear before the United States court here in December upon a charge of filing a fraudulent claim against the United States. Defendant James Peralta-Reavis is trying to secure bond. It is believed he will succeed. Santa Fe. N. M., June 29.-Laurena Alarid and Patricio Valcencia, two of the four men under sentence of death for the murder of ex-Sheriff Francis00 Chaves have confessed that they were accessories in the murder and that the shots that killed the ex-sheriff were fired y the Borrego brothers, now in jail under sentence of death, and by Hipolita Vigil, who was killed by the sheriff's officers. They assert that no one but these five were involved in the murder, and that they made these confessions to clear their consciences. THE WEST. Trinidad, Colo., June 29.-This vicinity was visited yesterday by the most severe thunder storm in years. Rain and hall fell in great quantities, filling the streams and flooding low lands. The large arroya that crosses Main street and runs under two business blocks. is bank full. El Paso, Texas, June 29.-Forty-eight capiases were executed today against gamblers, who gave $100 bond in each case. Citizens are determined to put a stop to gambling in spite of the indifference of the grand jury and city officials. Santa Cruz. Cal, June 29.-In the superior court today Dr. F. X. Spranger's petition to be appointed guardian of


Article from The Indianapolis Journal, June 30, 1895

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Second Assignment of a Bank. DENVER, Col., June 29.-The People's Savings Bank was forced to make a second assignment to-day. F. J. Spencer was named assignee. The action was taken for the reason that 'sufficient funds could not be raised to pay the July certificates. The bank has not been open for deposit since the panic two years ago. At that time J. W. Graham was made assignee. A scheme was devised to pay the depositors by the certificate plan, and in May, 1894, the bank was taken from the hands of the assignee and placed under the management of the directors. The directors succeeded in paying the installments when due until the present one, which is due Monday. There are no funds for the payment of this, hence the assignment.


Article from The Washington Times, June 30, 1895

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Business Troubles. Denver, Col., June 29.-The People's Savings Bank was forced to make a second assignment to-day. F. J. Spencer was named as assignee. The action was taken for the reason that sufficient funds could not be raised to pay the July certificates. Denver, Col., June 29.-Suit begun to-day by the Mercantile Trust Company of New York for the appointment of a receiver for the Colorado Mining Stock Exchange.


Article from The Princeton Union, July 11, 1895

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Otherwise. Two of the five poolrooms in Cincinnati closed for lack of business. George Sheppard awoke at McKeesport. Pa., to find himself deaf and dumb. The Springfield, Ill., Iron company will advance the wages of its 800 employes 10 per cent. Swindlers are working the Indiana farmers by delivering fake telegrims and collecting extravagant charges for delivery. The People's Savings bank at Denver assigned because of inability to meet receivers' certificates. It had failed once before. Maj. William H. Hastings, is flooding Philadelphia with copies of a letter viciously attacking Gov. Hastings of Pennsylvania his brother. Bessie Seymour loved against the wishes of her father, a wealthy fruitgrower at Clermont, Fla., and he cowhided her. The Citizen's Street Railway Company of Detroit filed a $7,00,000 blanket mortgage covering its property, to the New York Security and Investment company. Sigmund Freitsch Co., a packing firm of Cincinnati, assigned to Moses Ruskin, who estimates the assets at $110,000 and the liabilities at $58,000. The Otis Steel Company of Cleveland, Ohio. has announced that commencing July 1, all employes of the company will receive a 10 per cent increase in wages. A. G. Jenney, for twenty years bookkeeper of the Consolidated Coal company at Cincinnati, was found dead in the river. It is believed he met with foul play, as his books are straight and his domestic relations were happy. Dr. Leroy B. Smith of Millersburg, Ky., and Miss Elizabeth Smedley, daughter of William Smedley, a banker of Salt Lake City, had their courtship, eloped and were married all with. in a week. The general manager of the Texas Coast Canal company announces the inauguration of the enterprise of clearing a line for inland water traffic on the Pacific coast by dredging the natural channel extending from Sabine pass to the mouth of the Rio Grande. The daughter of President C. B. Foote of the Commercial bank at Cincinnati has gone to work to support the family, which has been educed almost to poverty by the failure of the bank. She is making and selling a silver polish and has realized several hundred dollars in a few weeks.


Article from The Dickinson Press, July 13, 1895

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Otherwise. Two of the tive poolrooms in Cincinnati closed for lack of business. Each of the Dakotas receive $1,600 war tax refund for Dakota territory. The Peary expedition sailed from St. Johns, N. F. The launching of the American yacht Defender was bungled. George Sheppard awoke at McKeesport. Pa., to find himself deaf and dumb. Swindlers are working the Indiana farmers by delivering fake telegeums and collecting extravagant charges for delivery. The People's Savings bank at Denver assigned because of inability to meet receivers' certificates. It had failed once before. The Marion circuit court decided that the Adams Express company can only be taxed on personal property .in Indiana. Maj. William H. Hastings, is flooding Philadelphia with copies of a letter viciously attacking Gov. Hastings of Pennsylvania his brother. Bessie Seymour loved against the wishes of her father, a wealthy fruitgrower at Clermont, Fla., and he cowhided her. Mrs. Mary Stewart has sued Mrs. Elizabeth Barrell of Zanesville, O., for saying a house the former owns is haunted. The union carpenters engaged on the Catholic university at Washington, D. C., have struck for an advance of wages. The Citizen's Street Railway Company of Detroit filed a $7,00,000 blanket mortgage covering its property, to the New York Security and Investment company. The Cleveland City Forge works has announced a 10 per cent advance in the wages of employes. The increase was voluntary on account of the better condition of trade. President Collier of the Atlanta Cotton States and International exposition received application from Kansas for space for a state exhibit. This is the tifteenth state that has applied. A company of 100 persons from parts of Kentucky and Ohio has left Cincinnati for Mexico, where it will settle near Coatzacoalcos and raise coffee and rubber. A decided sensation was caused at Buffalo when it became known that Cyrus J. Wheelock, a prosperous real estate dealer, was maintaining two households.


Article from Santa Fe Daily New Mexican, May 18, 1896

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LINCOLN-LUCKY-LEE CASE. Motion to Dissolve Injunction Against the Company's Trustee Will Be Argued To-morrow. It was expected that a motion to dissolve the injunction procured by A. M. Hendry et al against the Lincoln-Lucky Lee Mining Co. wonld be heard to Osy by Judge Laughlin, but, in the absence of Mr. N. B. Field, attorney for Hendry et al, the hearing was deferred until to-morrow morning. The dissolution of the in junction is sought 80 that F. J. Spencer, receiver of the People's Savings bank, of Denver, and trustee of the Lincoln-Lucky-Lee company, may be enabled to operate the properties of the company for the benefit of all the creditors until pending litigation is disposed of and the company's affairs are finally adjusted. Mr. Spencer is here in person and is also represented by Attorneys H. M. Orahood, of Denver; H.L. Warren, of Albuquerque, and Francis Downs, of Santa Fe. It is understood that Mr. Field will be present to-morrow to resist the motion. Ladies and children lowcut shoes and slippers in any style at SANTA FE MERCANTILE CO.