1411. Bank of Loveland (Loveland, CO)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: July 19, 1893
Location: Loveland, Colorado (40.398, -105.075)

Metadata

Model: gpt-5-mini
Short Digest: 41a84692

Response Measures

None

Description

Multiple contemporary newspapers (July 19–22, 1893) report the Bank of Loveland 'closed', 'assigned' or 'suspended' after Denver correspondent banks closed. Notices posted said the bank closed temporarily but many papers list it among banks that 'have assigned' (i.e., placed in hands of assignee). There is no clear, specific report of a depositor run at the Loveland branch itself; the immediate stated cause is the failure/suspension of Denver correspondents. It appears the bank entered assignment/closure rather than simply a temporary run-only episode.

Events (3)

1. July 19, 1893 Other

Newspaper Excerpt: The Bank of Loveland, Loveland, Colo., have assigned. No statements of assets or liabilities have been issued.
Source: newspapers

2. July 19, 1893 Receivership

Newspaper Excerpt: The J. B. Wheeler Banking company ... the Bank of Loveland ... have assigned. No statements of assets or liabilities have been issued.
Source: newspapers

3. July 19, 1893 Suspension

Cause: Correspondent
Cause Details: Bank closed because its principal Denver correspondents (notably the German National) had closed, creating inability to obtain ready cash; notice on door cites correspondents' closing as reason.
Newspaper Excerpt: Owing to the closing of our Denver correspondents, we have decided to close our doors temporarily. Our assets largely exceed our liabilities. Every depositor will be paid in full. G. L. SMITH, Cashier.
Source: newspapers

Newspaper Articles (18)

1. July 20, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, July 20, 1893

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DENVER, July 19.-This was another day of financial trouble in Denver. The terrible panic of yesterday was on again this morning with renewed vigor. As a result, the old German National Bank, with a reputation for stability of twenty years' standing; the equally reputable State National and the extremely strong People's National failed this morning. All night 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 National has so long done business, was also a crowd of anxious depositors. Here the people were relieved of their doubts when at 9 o'clock a notice was posted on the door of the bank that it would not open owing to lack of ready cash, At the German National, just before opening time, a notice was posted on the window stating that the doors would be closed temporarily. This notice caused a distressing scene. Men and women down the long line broke out in tears and wail= ing. The runs on all the remaining banks in the city were renewed. Reliable people, however, say there will be no more suspensions. President McNeill of the State Bank says that his bank has paid out over $900,000 in the last thirty days. He declares that the assets are twice as large as the liabilities. The Cashier of the German National says that inability to place securities and the failure to cali in loans caused the suspension of his bank. There has been a constant drain on the bank for sixty days past, and over a million dollars was paid to depositors. The bank expected $300,000 from the East this morning, but it failed to come. The bank's capital and surplus is $500,000. It is expected to resume business, as the assets exceed greatly the liabilities. The People's National closed at 11 o'clock. The notice on the door said that the stringency of the money market was too severe, and it was impossible to longer withstand the storm. Its statement. published the 12th inst., showed less than $60,000 cash with deposits subject to a check of $210,000. The capital of the bank is $600,000. Bank Examiner Adams this morning took charge of the Union National, the Commercial National, the National Bank of Commerce, the State National and the German National Banks, A number of minor commercial concerns went under to-day. The run on the Denver National is over with plenty of money still in sight. The same is true at the City and all the other unfailed banks, Business men are beginning to breathe more freely. The run on the national banks entirely subsided by noon, and at the closing hour there were not half a dozen people around any of these institutions. The weak banks have all been closed, and there can be but little doubt of the soundness of the five that withstood the terrible storm yesterday and to-day. J. A. Thatcher, President of the Denver National, and also of the Clearinghouse, this evening stated that he anticipated no more failures, The banks that had kept open got through the Clearinghouse in good shape, and showed that they were in excellent condition for the future. "I'm confident that if the financial condition brightens a little,' he said, "the failed banks will all resume, and that every depositor will be paid dollar for dollar." The Hallack-Sayre-Newton Lumber Company assigned this morning to Frederick F. Sayre. No schedule was given. F. D. Sayre, assignee, said the assignment was the result of the closing of the State National Bank and necessary simply to gain time during the present excitement. The company is in very good condition, and the assets stand against the liabilities in the ratio of three 10 one, provided good securieties could be realized upon. The Blake Lumber Company assigned to Emil B. Anna, No schedule was filed. This company was connected in a business way with the Hallack-Sayre-New ton Company. The Denver failures affected other Colorado points. At Aspen, the Wheeler Banking Company, the pioneer bank of the city, closed its doors this afternoon. A statement cannot be obtained at the present time. At Loveland, the Bank of Loveland closed about noon. The assets largely exceed the liabilities. At Sterling the Bank of Sterling closed. No schedule was filed. SEATOR TELLER TALKS. DENVER, July 19.-Senator Teller, in an interview upon the financial situation in this city, says: "There is no one reason to which the trouble can be charged. It is partly silver, but more to the general depression affecting the entire country. The bank failures yesterday were unwarranted and directly chargeable to the people, who became frightpanic stricken at a shadow. No the are a than There is less fair our ened, banks condition nothing in United those much than States in to better blame city. in all better ills to silver. It is to blame some to silver speeches. Such unbridled language and excited talk as the press dispatches brought while I was East, can have nothing but the most injurious action on our case.' Teller expressed the belief that the Sherman law would be repealed, but not without a substitute of greater benefit to silver. He referred to Acting Director of the Mint Preston as a "young sprig" and "officious clerk" because of his attempt to Jew down the price of silver and de-

2. July 20, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, July 20, 1893

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Country Banks Fall. DENVER, July 19.-The J. B. Wheeler Banking company: the Pioneer bank of Aspen. Colo. : the Bank of Sterling, Sterling. Colo., and the Bank of Loveland, Loveland. Colo., have assigned. No statements are made.

3. July 20, 1893 The Times Richmond, VA

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Two More Heavy Failures Added to the Already Long List-Other Failures in the State. DENVER, COL., July 19.-The panic was on in this city to-day with renewed vigor, and, as a result, the old German a for stability of and the National, twenty with years' standing, reputation 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, and by 9 o'clock there was one long sea of faces stretchthe street. At the ing down opposite corner, where the State Bank has so long done business, there was also quite a crowd of anxious depositors waiting the opening of the doors. Here the people were relieved of their agony at a few minutes after 9 o'clock, when a notice was posted on the door to the effect that the bank would not open, owing to the lack of roady cash, and the crowd moved away. At the German there was evidently a determination to go ahead with business up to almost the last moment, when a strip 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 in tears and wailing. By this time there was a run on every bank in the city, and soon came the announcement that the People's National Bank had closed its doors. The notice, on its doors read: "This bank is closed by order of the board of directors. Assets, $1,100,000; liabilities, $310,000. The assets and liabilities of the other two failed banks bear about the same proportion as the People's Bank. Their failure is chargeable to the long continued raid by depositors and inability to raise ready capital. All expect to resume shortly. Adams, bank to-day took of the Union ComFrank charge examiner, National, mercial National, National Bank of Commerce, State National and German National. This the run at the Denver was National evening over. with an enormous amount of still in sight. The same Is true and at money the business City Bank and all other banks, 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. The J. B. Wheling Banking Company, the pioneer bank of Aspen, Col.: the Bank of Sterling Sterling Col., and the Bank of Loveland, Col., have assigned. No statements of assets or liabilities have been issued. Among the failures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. Business firms, whose embarrassment has become known, range from liquor saloors to street ailroads. There are in the list drive tores, lumber companies, gentlemen's furnishings, milliners, coal companies, ry goods houses, jewellers, ready-made lothing dealers, tailors and grocers. Two bank failures are reported at Asen and one at Loveland. Commercial ailures are also reported from many points in the State outside of Denver, due principally to the fact that the sufferers Reposited in Denver banks which have uspended. GREENY, COL., July 19.-The Union Bank closed its doors at 1 P. M. to-day, S nd a half hour later the Greeny Na1 lonal pulled down its blinds and turned ( he key in its door. The Union's statement avs that owing to the suspension of cert n in deposit Denver several National thousand Banks, dollars which of had its honey, and the fact that a steady with( rawal of deposits, amounting to about I $0,000. the past few days, they were comI elled to suspend business. They say heir liabilities are about $100,000. with sets and paid-up capital at $300,000. As oon as the fact of the suspension of hese banks became known, a steady run o as made on the First National Bank, e ut it continued to honor all checks and g rafts, and even after the regular closing II our cashed two checks presented. J ARMONSDALE, KAN., July 13.-The e itizens' Bank suspended yesterday. a TOPEKA, KAN. July 9.-Information as been received at the office of the I tate Bank Commissioner of the failure V e the State Bank of Parker, Linn r ounty, and of the Woodson State Bank A : Yate's Centre, Woodson county. Both e re small concerns n CITY, 1.-The OKLAHOMA July Bank 3 Oklahoma City and the Oklahoma Naonal closed their doors afterJ Bank There heavy run this on on. was a the irst National, but it withstood it all ght Statements are

4. July 20, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 20, 1893

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Colorado Banks Assign. (By telegraph to the Dispatch.) DENVER, COL. July 19.-The J. B. Wheeling Banking Company, the pioneer bank of Aspen, Col. : the Bank of Sterling. Sterling, Col., and the Bank of Loveland, Loveland, Col., have assigned. No statements of assets or liabilities have been issued.

5. July 20, 1893 The Morning News Savannah, GA

Article from The Morning News, July 20, 1893

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Small Banks Go Under in Colorado. Denver, Col., July 19.-The - J. B. Wheling Banking Co., Pioneer Bank of Aspen County, the Bank of Sterling, at-Sterling, Col., and the Bank of Loveland, Col., have assigned. No statements of assets or liabilities have been issued.

6. July 20, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 20, 1893

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BANKS CONTINUE TO CLOSE. Hutchinson. Kan., July 19.-Owing to financial stringency, making it impossible to secure currency sufficient to meet its demands, the Hutchinson National Bank did not open its doors this morning, but posted notice of suspension of payment. The assets are $251,000, and the liabilities $131,000. The bank was in good condition and under ordinary pressure would not have experienced any difficulty. It is the first bank failure in the history of the city. There is no doubt that depositors will be paid in full. Topeka, Kan., July 19.-Information has been received at the office of the State Bank Commissioner of the failure of the State Bank of Parker. Linn County, and of the Woodson State Bank of Yates Centre, Woodson County. Both are small concerns. Washington. July 19.-The Controller of the Cur rency is informed of the failure of the Bozeman Na. tional Bank. of Boreman, Montana. Denver, July 19.-The J. B. Wheeling Banking Company. pioneer bank of Aspen, Col.: Bank of Sterling, Sterling. Col., and the Bank of Loveland, Col., have assigned. So statements of assets or liabilities have been issued. Oklahoma City, O. T., July 19.-The Pank of Ok lahoma City and the Oklahoma National Bank closed their doors this afternoon. There With a heavy run on the First National, but 11 withstood it all right. Statements are unobtainable now. Loveland. Col., July 19-The following notice was posted on the door of the Bank of Loveland just before noon to-day : Owing to the closing of our Denver correspondents we have decided to close our doors temporarily. Our assets are largely in excess of our liabilities. Every depositor will be paid in full. G. L. SMITH. Cashier. The principal correspondent of this bank In Denver was the German National Greeley, Col. July 19. The Union Bank closed Its doors in 1 p. m. to-day. and a half-hour later the Greeley National Bank 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 that there was a steady withdrawal of deposits, about $80,000 in the last ninety days, they were compelled to suspend business. They say their liabilities are about $100. 000. with assets and paid-up capital of $300,000. As soon as the fact of the suspension of these banks became known. a steady run was made on the First National bat It continued to honor all checks and drafts. and even after the regular closing hour cashed two checks presented.

7. July 20, 1893 Pawtucket Tribune Pawtucket, RI

Article from Pawtucket Tribune, July 20, 1893

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COLORADO'S BANKS. More Suspensions Announced, but the Panic Has Apparently Subsided. DENVER, July 20.-The - J. B. Wheeler Banking company, Pioneer bank of Aspen, Bank of Sterling, Sterling. and the Bank of Loveland, have assigned. No statements of assets or liabilities have been issued. J. A. Thacher, president of the Denver National bank and also of the clearing house, said last evening that he anticipated no more bank failures. Those that kept open passed through the clearing house in good shape and showed that they were in excellent condition for the future. An examination of the affairs of the closed banks has been made, and to the credit of their officers it can be said that in no instance has there been found the slightest dishonesty or crooked work. The bank panic has apparently ceased. The run on the national banks had entirely subsided by noon, and at the closing hour there was not a half a dozen people in or around any of these institutions, and the streets had ueserted appearance. The weak bank have all been closed, and there can be but little doubt of the soundness of the five that withstood the storm of yesterday.

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

Article from Waterbury Evening Democrat, July 20, 1893

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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.

9. July 20, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 20, 1893

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TELEGRAPHIC BREVITIES. At Brooklyn the large carpet house of Bardenberg & Co., assigned yesterday. Judgments aggregating over $10,000 were filed against Erastus Wiman in New York, on notes, yesterday. The comptroller of the currency is informed of the failure of the Bozeman National bank of Bozeman, Mon. The Bank of Oklahoma city and the Oklahoma National bank have failed. The First National stood a heavy run. Four hundred andeighty-five thousand ounces of silver and 40,000 Mexican dollars will be shipped to Europe today. The steam yacht Oneida, with President Cleveland on board, left Newport yesterday morning, presumably for Gray Gables. The comptroller of the currency has been advised that the Hutchinson National bank of Hutchinson, Kan., has failed. The Kansas state bank commissioner is informed of the failure of the State bank of Parker, and Wood & Sons' State bank of Yates Center. Both are small. Charles Miller, a letter carrier at Mattoon, Ill., fired five shots at Laura Mack who had thrown him over, severely wounding her, and then killed himself. The J. B. Wheeler Banking company, the pioneer bank of Aspen, Colo,, the Bank of Sterling at Sterling, Colo., and the Bank of Loveland at Lovel and, Colo. have assigned.

10. July 20, 1893 The Providence News Providence, RI

Article from The Providence News, July 20, 1893

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STORM IS OVER. Financial Affairs at Denver Now Expected to Run Smoothly DENVER, July 20.-The U. B. Wheeler Banking company, Pioneer bank of Aspen, Bank of Sterling and the bank of Loveland have assigned. No statements of assets or liabilities have been issued. The bank panic has apparently ceased. The run on the national banks has entirely subsided. The weak banks have all closed, and there can be but little doubt of the soundness of those that withstood the storm of Tuesday and yesterday. J. A. Thacher, president of the Denver National and [also of the clearing house, said that he anticipated no more bank failures. Those that had kept ope n passed through the clearing house in good shape and showed that they were in excellent condition for the future. An examination of the affairs of the closed banks has been made, and to the credit of their officers it can be said that in no instance has there been found the slightest dishonesty or Brooked work.

11. July 20, 1893 St. Paul Daily Globe Saint Paul, MN

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

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

Article from The Bessemer Indicator, July 22, 1893

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Outside of Denver. A number of country banks have suspended, among the number being the Union Bank of Greeley, the J. B. Wheeler Banking Co. of Aspen, the Bank of Loveland and the Bank of Sterling

13. July 25, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, July 25, 1893

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by the present unsettled condition of trade. DENVER, Col, July 19 -The following notice was posted on the doors of the State National bank: "This bank will not be opened for business this morning. Depositors will be paid in full" Atthe hour for 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 existed yesterday. DENVER, Col., July 19.-The doors of the German National bank were no; opened for business at 10 o'clock this morning. No notice was posted on the door but it is believed it has suspended payment. The excitement is rapidly increasing and runs are threatened on other banks. AMMONSDALE, Kansas, July 19.-The Citizens' bank suspended yesterday. MOBILE, Ala., July 19.-At 9 o'clock this morning, after an existence of seventy-two years, the Mobile Register made a general assignment to Jos. McPhillips for the benefit of all creditors. OKLAHOMA CITY, July 19.-The Bank of Oklahoma City and the Oklahoma National bank closed their doors this afternoon. There was a heavy run on the First National, but it withstood it all right. The statements are unobtainable now. NASHVILLE, Tenn, July 19 -Samuel Spencer, of New York, was to day ap pointed CO receiver of the East Tennes see, Virginia and Georgia Railroad and its controlled lines, with Messrs. Fink and McGhee, by Judge Lurton. The appointment takes effect August 1st and the bond was fixed at $100,000. DENVER, Col, July 19.-The J. B Whaling Banking Company, the pioneer bank of Ashen, Col.; the Bank of Sterling, Sterling, Col., and the Bank of Loveland, Col, have assigned. No statements of assets or liabilities have been issued. DENVER, Col., July 18.-The Union Nati nal bank, of which R. W. Wood bury is president, failed to open its doors this morning. Its 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. A panic is on.

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

Article from River Falls Journal, July 27, 1893

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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

15. July 27, 1893 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, July 27, 1893

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BUSINESS OUTLOOK. The Country Passing Through an Extraordinary Strain. Record of Bank Failures in Kansas and Colorado-A Milwaukee Bank Closes -Big Mills and Factories Ceasing Operations. WEEKLY TRADE REVIEW. NEW YORK, July 22.-R. G. Dun & Co.'s weekly review of trade says: "This week the country has withstood surprisingly well an extraordinary strain. The failure of many banks and firms have come despite the relaxation in eastern and in some southern and western money markets. Denver banks were overthrown largely by the crazy actions of the people, but in most cities statements show the banks in a healthy condition, and there has since been noticed more readiness to extend accommodation. Under all the conditions it is astonishing that business has been so well maintained with so little evidence of unsoundness. "The stagnation in iron has closed some mag. netite mines in this state and New Jersey and most of the mines in Michigan. Coke is moving downward, pig iron is inactive, and though dealings in bar and structural projects are somewhat larger prices are the lowest ever known. "Wheat has fallen 2 cents, corn 1 cent. Pork products and oil are lower. In place of the expected advance in sugar a decline has come and cotton, after some advance, recedes again. Western receipts of wheat are moderate and exports fairly large, but unprecedented stocks press for sale. The stock market closed last week hopefully, but by Wednesday had reached the lowest average of prices since 1884. London and short sellers then bought and some recovery has followed. "At Philadelphia banks are holding currency and strengthening themselves. An easier feeling prevails at Pittsburgh in ircn. The Cincinnati money market is easier and Cleveland reports grocery trade good, but iron wholly inactive. Toronto notes better feeling. Indianapolis no improvement but banks in strong position, and Detroit a quiet business with the outlook not very cheerful "At Milwaukee the closing of some manufactures and reduction of wages in others and the failure of the great iron syndicate are noticed. At St. Paul trade is restricted; at Minneapolis lumber sales are reduced and sales of flour below the output Omaha trade is good and St. Joseph fair. Receipts of cattle light at Kansas City. Denver trade is demoralized, but now more hopeful, and many reported assignments are regarded as a measure of protection. St. Louis reports business good. in volume and character. but trade checked by closeness of money, banks fortifying themselves. "The treasury has been paying gold to the banks, but on the whole increasing its holdings. Exports of products are a little larger than a year ago, but imports a so large. "The failures during the past week number 467 in the United States, against 168 last year, and twenty-five in Canada against nineteen, two of the failures exceeding $500,000 and 101 others exceeding $5,000 each. Last week the failures in the United States numbered 374." KANSAS BANK FAILURES. TOPEKA, Kan., July 2.-During the past week the following banks in the state have closed their doors: Bank of Johnson City, Bank of Weir City, Caney Valley bank of Caney. Bank of Meade, Meade county, First national of Fort Scott, Citizens' bank of Kansas City, Bank of Richmond, Farmers' and Merchants' bank of Ossawattomie, Citizens' of Armourdale, First national of Anthony, Bank of Belleville and the Hutchinson national of Hutchinson. -COLORADO BANKS. DENVER, Col., July 22.-Seven banks in this city suspended during the past week. Throughout the state suspensions were reported as follows: The Bank of Sterling, the Bank of Loveland, First national and Union at Greeley, National at Grand Junction, First national at Canyon City and the Bank of Crested Butte. A MILWAUKEE BANK ASSIGNS. MILWAUKEE, Wis, July 22.-The Commercial bank has made a voluntary assignment. The assignee named in the papers filed is A. B. Geilfuss, the cashier of the bank, and his bond is placed at $1,700,000. The entire fund of Milwaukee county, amounting to $310,624, was deposited in the Commercial bank. Another big depositor was the newly-organized Milwaukee Electric Railway company, to the extent of $200,000. The last statement of the bank showed demand deposits amounting to $557,748 and time deposits $528,919. The bank had a capital of $250,000. The liabilities of the bank® are estimated at about $1,500,000 and the assets at about $1,700,000. BIG MILLS TO CLOSE. MILTON MILLS, N. July 22.-The

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

Article from The State Herald, July 28, 1893

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Outside of Denver, A number of country banks have suspended, among the number being the Union Bank of Greeley, the J. B. Wheeler Banking Co. of Aspen, the Bank of Loveland and the Bank of Sterting. The following suspensions were announced on the 20th: The First National of Canon City, the J. B. Wheeler Banking Co. of ManItou and Colorado City, and the First National of Grand Junetion.

17. July 28, 1893 The Times Owosso, MI

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'he News Condensed. Important Intelligence From All Parts. DOMESTIC. IN Colorado the J. B. Wheeler Bank g company at Aspen, the Bank of erling at Sterling, and the Bank of veland at Loveland, have assigned. JOHN SWARTOUT. of Morrison, Ill., eted for the murder of hisfather, jail of consumption. THE Milburn wagon works at Toledo, , employing 1,500 men, the largest itution of its character in the United ates, closed down for six months. MRS. CONRAD VEILHAM, of Tonawan , N. Y., has fallen heir to $4,000,000 rough the death of an uncle in India DURING the twelve months ended ne 30, 1893, the number of immigrants riving in the United States was 497, 3,and during the corresponding period the preceding year 619,320 arrived. A FIRE at Susanville, Cal., resulted e destruction of sixty buildings and used a loss of about $250,000. CoL. BENJAMIN F. JOHNSON, one of e leading attorneys of Kansas City, an., was shot down in the streets and stantly killed by A. W. Little, one of e most prominent citizens of the wn. Financial trouble was given canse. e AN incendiary fire at Greenville, Miss., used a loss of $100,000. THE National bank at Hutchinson, in., failed with liabilities of $131,000 d the Bank of Parker and the Woodn bank of Yates Center, in the ate, closed their doors. THREE sons of Mr. Lave, of Gregg unty, Tex., robbed their father of 2,000 and fled. Two were caught. LIGHTNING killed James Witts' two ildren while they were standing un r a tree during a shower at Sadlers lle, Tenn. THE pension office in Washington tes that the total number of penners dropped from the rolls since arch 4, 1893, was 245, and that the tal number of pensioners suspended ce March 4, pending a further invesration of their cases, was 5,090. IN a freight wreck near Jonesboro, ., Engineer Ben Wade, Fireman Joe mmis and Brakeman J. W. Marshall ere killed. BANK failures were reported as fol ws: First national at Harrisonville o., Oklahoma national at Oklahoma, rst national at Anthony, Kan., Bank Belleville, Kan., First national reeley, Col., National at Grand June on, Col., First national at Cheyenne, yo., and First national at Canyor ty, Col. OVER 30,000 men were idle in Colo do as a result of the closing down of ver mines, and it was feared that eat suffering would follow. IN territory near Toledo, O., aban ned thirty years ago as practically orthless, oil has been struck in im ense quantities. By the explosion of a gasoline stove ar Cincinnati John Ulrich, wife ild were fatally burned. THREE men were burned to death by dden flow of ignited oil at wells O ADVICES from Pittsburgh, Pa., at the plate glass trust has collapsed d that the many idle factories roughout the country will resume erations. THE Flanders dry goods house enver failed for $125,000. and will of the late Anthony

18. July 29, 1893 The Meeker Herald Meeker, CO

Article from The Meeker Herald, July 29, 1893

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Outside of Denver. A number of country banks have suspended, among the number being the Union Bank of Greeley, the J. B. Wheeler Banking Co. of Aspen, the Bank of Loveland and the Bank of Sterling. The following suspensions were announced on the 20th: The First National of Canon City, the J. B. Wheeler Banking Co. of Manitou and Colorado City, and the First National of Grand Junction.