Rocky Mountain Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: August 6, 1895
Location: Denver, Colorado (39.739, -104.985)

Metadata

Model: gpt-5-mini
Short Digest: 697b8ab6

Response Measures

None

Description

The Rocky Mountain Savings Bank closed and made an assignment to a receiver on Aug 6, 1895. Articles cite inability to meet a $28,000 demand of county funds, the recent suspension/failure of the Union National, and damaging newspaper reports as contributing causes. The bank had previously closed during the 1893 panic and later reopened. No explicit contemporaneous depositor run on this bank in 1895 is described; the action reported is a closure/assignment (receivership).

Events (2)

1. August 6, 1895 Receivership

Newspaper Excerpt: an assignment being made to Earl N. Cranston for the benefit of the creditors.
Source: newspapers

2. August 6, 1895 Suspension

Cause: Local Banks
Cause Details: Closures and agitation following the failure/suspension of the Union National, combined with damaging reports and a demand for $28,000 county funds the bank could not pay.
Newspaper Excerpt: The Rocky Mountain Savings bank closed its doors today, an assignment being made to Earl N. Cranston for the benefit of the creditors.
Source: newspapers

Newspaper Articles (5)

1. July 22, 1893 The Bessemer Indicator Pueblo, Bessemer, CO

Article from The Bessemer Indicator, July 22, 1893

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Article Text

PANIC IN DENVER. Three National, Three Savings and Three Private Banks Close on the 17th and 18th. The financial squall struck Denver a hard blow Monday and Tuesday. The first sign of a wreck was seen when the People's, Colorado and Rocky Mountain savings banks failed to open Monday mornIng. This caused an increase in the distrust of other banks which has been growing for some time, and during the day small runs commenced on the Union bank. The statemente published in the evening payer by several national banks were not calculated to restore confidence in them, and it was evident that there would be more trouble for them the next day. The directors of the Union national and Commercial nati onal were evidently of that opinion as they did not open their doors at all, and the National Bank of Commerce after sustaining a run for twenty minutes closed. On the doors of the Union bank the following notice appeared The Union national bank is In the hands of the comptroller of the currency. We have paid to our depositors, in round numbers, a million dollars in the past few months, and have $1,600,000 in assets to meet our remaining liabilities, and which amount to about $500,000. We have realized on assets as rapidly as possible, and enough loan payments have been promised the last of the week to enable us to take care of depositors again. If then paid. and the comptroller assents, we shall then reopen. In the meantime every depositor may be fully assured that be can by no possibility lose a dollar of his deposits. R. W. WOODBURY, President. The Union bank is one of the oldest in the city and has done a large business, but apparently the depositors have recently lost confidence in its soundness. Large amounts of money have been withdrawn from this and other banks and placed in safe deposit vaults in which all the boxes are said to be full at the present time. The National Bank of Commerce has liabilities of $700,000 and assets of $1,500,000. Ex-Governor Cooper is president. The Commercial National reports liabilities at $435,000 and assets at $750,000. Three small banks. the Capital, the Mercantile and the North Denver, closed their doors as a result of the large banks closing. They have small liabilities. To a greater or lesser extent there was a run on every bank in town. In several instances it was hardly visible and was over almost before it began. it otherr it lasted until the hour at which the banks closed. There was a big run on the German National. First National, City National and State National, but the run had about ceased on them at night, and it looked as though they would pull through. The bank officers claimed that the run was participated in by check holders and small depositors and that they could weather the storm all right. The failure of the banks carried down a number of business houses. The largest of these was the McNamara Dry Goods Company, which was attached by the Union bank for $70,000. Other claims against the firm aggregate $255,000. The John Mouat Lumber Company also assigned

2. July 28, 1893 The State Herald Holyoke, CO

Article from The State Herald, July 28, 1893

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Article Text

A PANIC IN DENVER, Three National, Three Savings and Three Private Banks Close on the 17th and 18th. The financial squall struck Denver a hard blow Monday and Tuesday. The first sign of a wreck was seen when the People's, Colorado and Rocky Mountain savings banks failed to open Monday morning. This caused an Increase in the distrust of other banks which has been growing for some time, and during the day smáll runs commenced on the Union bank. The statements published in the evening payer by several national banks were not calculated to restore confidence in them, and It was evident that there would be more trouble for them the next day. The directors of the Union national and Commercial national were evidently of that opinion as they did not open their doors at all, and the National Bank of Commerce after sustaining a run for twenty minutes closed. On the doors of the Union bank the following notice appeared: The Union national bank is in the bands of the comptroller of the currency. We have paid to our depositors, in round numbers, a million dollars in the past few months, and have $1,600,000 in assets to meet our remaining liabilities, and which amount to about $500,000. We have realized on assets as rapidly as possible, and enough loan payments have been promised the last of the week to enable us to take care of depositors again. If then paid, and the comptroller assents, we shall then reopen. In the meantime every depositor may be fully assured that he can by no possibility lose a dollar of his deposits. R. W. WOODBURY, President. The Union bank is one of the oldest In the city and has done a large business, but apparently the depositors have recently lost confidence @ its soundness. Large amounts of money have been withdrawn from this and other banks and placed in safe deposit vaults In which all the boxes are said to be full at the present time. The National Bank of Commerce has llabilities of $700,000 and assets of $1,500,000. Ex-Governor Cooper is president. The Commercial National reports liabilities at $435,000 and assets at $750,000. Three small banks, the Capital, the Mercantile and the North Denver, closed their doors as a result of the large banks closing. They have small liabilities. To a greater or lesser extent there was a run on every bank in town. In several instances it was hardly visible and was over almost before It began, it otherr it lasted until the hour at which the banks closed. There was a big run on the German Na. tional, First National, City National and State National, but the run had about ceased on them at night, and it looked as though they would pull through. The bank officers claimed that the run was participated in by check holders and small depositors and that they could weather the storm all right. The failure of the banks carried down a number of business houses. The largest of these was the McNamara Dry Goods Company, which was attached by the Union bank for $70,000. Other claims against the firm aggregate $255,000. The John Mouat Lumber Company also assigned.

3. August 7, 1895 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, August 7, 1895

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Article Text

WASHINGTON.-Captain Charles A. Varnum, Seventh cavalry, has been detailed as military instructor at the University of Wyoming, at Laramie. GLOVERSVILLE, N. Y.-An earthquake shock lasting nearly a minute was felt in this locality and the alarm caused among nervous people by the shock was heightened by a heavy thunder storm, which immediately followed it. BRIDGEPORT, Conn.-W. F. Doty, a lumber dealer of this city who has been acting as agent for a Michigan and Wisconsin lumber firm, is wanted because he has failed to remit money received by him for a recent sale alone amounting to $10,000. NEW YORK.-A special to the World from Colon, Colombia, says: The management of the Panama canal has issued an alluring account that it needs all kinds of workmen, and promising that they shall be paid by special arrangement. | DETROIT.-The Detroit Dry Dock company has practically closed a contract with the Russian government for the construction of three car ferries to cross Lake Baikal. in the middle of Siberia, and thus connect the two ends of the great trans-Siberian railroad. Each of the boats will cost at least $800,000. WARSAW. Ind.-Early this morning train wreckers threw a switch on the Pennsylvania railroad at Eagle Lake station, two miles east of this city, for the evident purpose of wrecking one of the express trains. A freight train plunged into it instead. The locomotive and several cars were thrown down a steep embankment. The trainmen escaped by jumping. DENVER.-The Rocky Mountain Savings bank closed its doors today, an assignment being måde to Earl N. Cranston for the benefit of the creditors. No statement of assets and liabilities has yet been made. Last week a demand was made upon the bank for $28,000 county funds on deposit in it, and it was unable to pay. This bank was closed during the panic of 1893, but subsequently reopened, certificates being issued to the depositors.

4. August 10, 1895 Red Lodge Picket Red Lodge, MT

Article from Red Lodge Picket, August 10, 1895

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Article Text

ANOTHER DENVER BANK CLOSES The Rocky Mountain Savings Concern Made an Assignment. Denver, Aug. 6. -The Rocky Mountain Savings bank closed its doors today, an assignment being made to Earl M. Cranster for the benefit of creditors. No statement of assets and liabilities has yet been made. Last week ademand was made upon the bank for $28,000 of the county funds on deposit in it and it was unable to pay. This bank was closed during the panic of 1893 but subsequently reopened, certificates being issued depositors. The president is Frank Woodbury, a son of R. W. Woodbury, president of the Union National bank, which suspended last week, and the two institutions were intimately associated in business. F. S. Woodbury, president of the Rock Mountain Savings bank, this afternoon made the following statement in regard to the failure: "The troubles that have crowded upon us during the past seven business days, beginning with the failure of the Union National, followed by the agitation over the county treasurer's affairs and accompanied by damaging reports in some of the newspapers, have simply broken us down. We have paid off all the deposits except about $58,000. Some of the stockholders are responsible men of means, and it is my intention to devote all my personal efforts to help the depositors until all are paid."

5. August 10, 1895 The Silver Blade Rathdrum, ID

Article from The Silver Blade, August 10, 1895

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Article Text

ANOTHER DENVER BANK CLOSES The Rocky Mountain Savings Concern Made an Assignment. Denver, Aug. 6.-The Rocky Mountain Savings bank closed its doors today, an assignment being made to Earl M. Cranster for the benefit of creditors. No statement of assets and liabilities has yet been made. Last week a demand was made upon the bank for $28,000 of the county funds on deposit in it and it was unable to pay. This bank was closed during the panic of 1893 but subsequently reopened, certificates being issued depositors. The president is Frank Woodbury, a son of R. W. Woodbury, president of the Union National bank, which suspended last week, and the two institutions were intimately associated in business. F. S. Woodbury, president of the Rock Mountain Savings bank, this afternoon made the following statement in regard to the failure: "The troubles that have crowded upon us during the past seven business days, beginning with the failure of the Union National, followed by the agitation over the county treasurer's affairs and accompanied by damaging reports in some of the newspapers, have simply broken us down. We have paid off all the deposits except about $58,000. Some of the stockholders are responsible men of means, and it is my intention to devote all my personal efforts to help the depositors until all are paid."