City National Bank (Denver, CO)

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Episode Information

Episode UID
195501123
Episode Type
Run Only
Bank Type
national
Bank ID
19550 national
Charter Number
1955
Start Date
July 18, 1893
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
16580537e3d910a2

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Clearinghouse loan, Public signal of financial health, Books examined

Clearinghouse involved: Yes (loan, examination, or other measures)

Events (3)
1. April 9, 1872 Chartered
Source
historical_nic
2. July 18, 1893 Run
Cause
Local Banks
Cause Details
Run precipitated by failures/closures and failure to open of other Denver banks (Union National, Commercial National, National Bank of Commerce, etc.).
Measures
Honored withdrawals; paid out significant sums (reported about $30,000 more than receipts) and continued to meet demands.
Newspaper Excerpt
A run is at present being made on the City National bank, German National, First National, Colorado National, and all of the eleven clearing house banks.
Source
newspapers
3. January 7, 1895 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (21)
1. July 18, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 18, 1893

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A PANIC OF FAILURES. Big Dry Goods House AttachedMore Banks Gone Under. DENVER, Colorado, July 18.-The McNamara, a dry goods company, one of the largest houses in the west, was closed on attachment this morning. They will probably make a general assignment. FORT SCOTT, Ks., July 18.-The First National bank, of this city, the oldest financial institution in Southeastern Kansas, has suspended payment. DENVER, July 18.-The Union National bank, of which R. W. Woodbury is president, failed to open its doors this morning. Its capital is a million dollars. No statement can be had. A run is at present being made on the City National bank, German National, First National, Colorado National, and all of the eleven clearing house banks. The panic is on. DENVER, Colo., July 18. - The National Bank of Commerce has closed its doors. DENVER, Colorado, July 18. The Commercial National bank has closed its doors. The notice says: "This bank has gone into liquidation by order of Board of Directore."

2. July 18, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, July 18, 1893

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CLOSED DOORS. Serious Times Among The Denver Banks. DENVER, Col., July 18.-The Union National bank, of which W. R. Woodbury is president, failed to open its doors this morning. Capital $100,000. No statement can be had. A run is now being made on the City National, German National, the First National, the Colorado National and all the eleven clearing house banks. The Commercial National bank and the National Bank of Commerce have closed their doors. FORT SCOTT, Kans, July 18.-The First National bank of this city, the oldest financial institution in south eastern Kansas, has suspended payment. TOLEDO, O., July 18.-The Citizens' bank of Ada, the most prominent one in Hardin county, failed to open its doors this morning. Its owner, Peter F. Ahlfield, has controlled it over a quarter of a century and is one of the wealthiest men in that section.

3. July 18, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 18, 1893

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Failures. As a result of the recent Thornto: bank failure, Nancy M., W. N. and John D. Stewardson, extensive farmers and stock raisers of Shellbyville, Ills., have ,assigned to W. E. Walker. Liabilities about $30,000; asserts $25,000. The Bank of Anacortes, Washn., failed to-day. The First National Bank of Fort Scott, Kas., the oldest financial institution in southeastern Kansas, has suspended. The Citizens Bank of Ada, the most prominent one in Hardin county, Ohio, failed to open its doors this morning. The Union National Bank of Denver, Col., failed to open its doors this morning. The capital is $1,000,000, No statement can be had. The Commercial National Bank and the National Bank of Commerce have also assigned. A run is now being made on the City National, German National, First Na. tional, Colorado National and all the 11 clearing house banks in Denyer. The panic is on.

4. July 18, 1893 Evening Star Washington, DC
Article from Evening Star, July 18, 1893

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FAILED TO OPEN THEIR DOORS. Western Banks That Have Been Forced to the Wall. TOLEDO, OHIO, July 18.-The Citizens' Bank of Ada, the most prominent one in Hardin county, failed to open its doors this morning. Its owner, Peter Ahlfield, has controlled it for over a quarter of n century and is one of the wealthiest men of that section. No statement of assets and liabilities or the cause of failure can be obtained. FORT SCOTT, KAN., July 18.-The First National Bank of this city, the oldest financial institution in southeastern Kansas, has suspended payment. Excitement at Denver. DENVER. COL. July 18. - The Union National Bank, of which R. W. Woodbury is president. failed to open its doors this morning. The capital is $1.000,000. No statement can be had. A run is now being made on the City National, German National, First National, Colorado National and all the eleven clearing house banks. The panic is on. Assignment of a Dry Goods House. DENVER, COL.. July 18.-The McNamara Drv Goods Company, one of the largest houses in the west, was closed on attachments this morning. They will probably make a general assignment as soon as the courts open at 10 o'clock.

5. July 19, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 19, 1893

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This bank closed by order of the! board of drectors. Those inside were forced into the street with curses on their lips, while those outside raved about the doors. attracting a crowd that extended far down the thoroughfare. People began to ask when would it all end, when they learned that the Mercantile Bank. recently incorporated with a capital stock of $100,000. and located in the Mining Exchange Building, had closed its doors, with W. F. Robinson as assignee. C. E. Gard, the present city auditor. is the president of the bank, and the directors of the concern were considered as being among Denver's most substantial business men. The suspension of payment here was brought about by the closing of the Union National Bank, through which the Mercantile had made clearances. It was stated that the bank's depositors will receive every dollar due them. This bank had been in operation only a few months and had comparatively few depositors. RUNS ON THE OTHER BANKS. At the Colorado National there was no run at all. The City National officials an. nounced after the run that they had paid out about $30,000 more than what had come in., At the same hour, nearly. the run was stopped at the First National. The officials said not more than $10,000 was paid out above receipts. At the State National all those standing in line were inside the doors at o'clook. and it was estimated that $100,000 had been paid out. The run was practically broken at 2 o'clock. At the German National there Was a long line reaching far out on the sidewalk, but not a business man was seen in the line. At 2:15 the crowd was still in line. but many were tiring and droppingout. About $70.000 had been paid ent, mostly in small amounts. The run was still on at 3 P. M., the regular closing hour. A run was re. ported on the Deaver National, but 16 proved a mistake. The crowd was composed of the Union Pacific employes and others from the Grant smelter with their checks. There was no run. The City National Bank met all demands and exPresident Barth said if the depositors wanted to keep the run up for the next two months, the bank would still be meeting demands on presentation. At the Denver Savings Bank, the only savings bank now open. there was a run in the morning which was over by noon. It refused to pay out, taking advantage of the time loan limit. The excitement and demand on the banks after money continued unabated until about 2 o'clock, when it almost entirely ubaided at all the banks except the Utab State National and the German National. where the line of depositors seemed to increase instead of diminish. This bank is said to have a special train on the way from Kansas City bearing $490,000

6. July 19, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 19, 1893

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A FINANCIAL FLUTTER Denver Still Somewhat Uneasy After the Panic. THREE BANKS EXPECT TO RESUME. They lar All For Promise to Pay Depositors to Collect Dollar. but It will Dol. Went Down. sas Banks the Dollars A String Take of Time Kan. tion DENVER. here this July 19 The financial have easy and feverish. morning was decidedly situa unbeen three expected after Nothing else the Union the National, when national Commercial yesterday panic, could National National owing to the -closed small The heavy excited depositors their doors in the private Bank institution of Commerce Mercantile demands of bank. and suspended. Mining Exchange doing business bank, owing to the close building. also made through which its of the Union before had savings banks on the day The suspension of three clearances were of that at the hour for the all had gathered opening the banks nearly munity crowds the so alarmed com the the tional, run German was the heavy. and financial City although National institutions the in banks First front At felt Na. the The It the situation. streets was unusual People's were full of people to or some two discussing extent others and run talk. there was The an much orderly crowd. however and their soon exhausted itself on and the affairs People's conservative bank excite other normal the run banks WAS condition. over by At 1 the resumed City National ment except the o'clock, and the noon. the teller crowd kept in Ger- in man front National was of all over the by window noon German, all At the the the line at lowing of the Union on the front and doors There notice was posted National after side is in bank the hands National president: The Union signed by R. w bank Woodbury, the fol. of the in $1.000,000.00 two past sets meet which liabilities our local the the of week If paid again. sents fully may no by can Doors. Bank No the than posted to at and door each began crowds for indihours though the were viduals changing the crowds the statement of variety putting a varies it. Nobody frightened and the the that deposits The did bank immercial its open doors the he inevitable d This bank has of of the board Those There was to who stopped ly the about of an in fident of the along the ing teller gold doors the he he passed out were presented of time Bythat had positors the the officers decided and cash forelock on in hand still of at the each bank "This inside board Those of directors. is of few trace the was in to many paused ny The Mercant 88 ated. with in the en located its doors closed er city Assignee n the the itor, bank president r of the directors er being among men is business pension The suspens at the by Union about the bank through nt made clearance he that the bank due dollar had ery This bank to in only operation ms comparatively at little ld The First arat a little National on on sold. lis the Think its. York fatt at the for closing It bullion It was after hour money he had bank due President H. D. Moffatt be National greatly exceeded old always withdrawal house during stated the that day the deposits of the First res and most is most in owned don exclusivesyovatively the general opinion and men business age that and and mild may way en af close continulthough against no more the panic obliged banker day or two. and is It of hay and fidence in the in the that the as hat a withdrawn will better result believed feeling will strong by financiers that banks more to of resum circles_ The which will be "Posited in he business The in short easier financial constant rbtus that ne scared the crisis depositors is what the banks been the three during the less banks than $0,000,000 L by bankers brought about Of has this be $3,000,000 regular the alt. that and the res posit suppose 000,000 contain vaults hoarded lines are of the in full, homes city, there of but The to there is &5. is the safety de months amount ve- WAS are hidden. let into If circulation places one-fifth in which of that workingment their savings

7. July 20, 1893 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, July 20, 1893

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STILL SHAKEY At Denver, Although the Report Says it Looks Better. DENVER, Col., July 20.-There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, German and State National banks. This morning when the Colorado, Denver City and American National banks opened their doors, there was hardly a dozen depositors in all of them at the paying tellers' windows. At the First and Colorado National banks a long string of depositors reaching nearly to the street were lined up in front of the receiving teller's window, and money was going back into the bank's vaults, almost as rapidly as it was withdrawn during the past three days. The German, State and People's National banks could pay three for one, if they could only realize on securities. There may be a few commercial failures in the city within the next few days as a result of the suspension of banks, but it is believed, that in no instance, whether banking or commercial house, will failure be complete and `resumption of business will surely follow shortly. It is stated today that the McNamara Dry Goods House, which failed Monday for $260,000, have settled with their principal creditors, and will resume business Monday.

8. July 20, 1893 The Western Sentinel Winston-Salem, NC
Article from The Western Sentinel, July 20, 1893

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

9. July 20, 1893 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, July 20, 1893

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FINANCIAL TROUBLES. KANSAS CITY, Mo., July 17.-The Bank of Grand Avenue and the Missouri National Bank have suspended payment at noon to-day. DENVER, CoL., July 17.-The Peoples Savings, the Rocky Mountain Dime and Dollar, and the Colorado Savings Banks failed to open their doors for business this morning. The assets of the People's Savings Bank are $1,500,000; $1,350,000. President Lawrence of the Peoples' National Bank says the failure of the savings institution in no way affect the People's National Bank. DENVER, CoL., July 18.-The Union National Bank, of which R.W. Woodbury is president. failed to open its doors this morning. The capital is $1,000,000. No statement can be had. A run is now being made on the City National, German National, First National, Colorado National and all the Clearing House banks. The panic is on. The Commercial National Bank has closed its doors. A notice says: "This bank has gone into liquidation, by order of the board of directors." The National Bank of Commerce has closed its doors. Ex-Governor Job A. Cooper is president of this bank. ANACORTES, Wash., July 18.-The Bank of Anacortes failed to open its doors, yes. terday, owing to inability to realize on securities. Liabilities, $29,000; assets, $78,000. Depositors will be paid in full. INDIANAPOLIS, IND., July 18.-George K. Schofield, for many years a dealer in horses, mules and buggies, made an as signment yesterday, for the benefit of creditors. The assets are estimated at $30,000 and the liabilities at $40,000. LIMA, O., July 18.-Conrad Betzer, Jr., furniture dealer, made an assignment yes terday. It is thought the assets will largely exceed the liabilities. SHELBYVILLE, ILL., July 18.-As a result of the recent Thornton bank failure Nancy M., W. N., and John D. Steward son, extensive farmers and stock raisers S have assigned to W. E. Walker. Liabili ties, about $30,000; assets, $25,000. FORT ScoTT, KAS., July 18.-The First National Bank of this city, the oldes financial institution in Southeastern Kan sas, has suspended payment. TOLEDO, OHIO. July 18.-The Citizen Bank of Ada, the most prominent one in Hardin county, failed to open its door this morning. Its owner, Peter Ahlfeld f has controlled it for over a quarter of century, and is one of the wealthiest mei of that section. No statement of assets and liabilities or the cause of the failure can be obtained. CINCINNATI, O., July 18.-Mrs. Mary S Anna Kauffmann, widow and executri of the late John Kauffmann, made a per sonal assignment late last evening. Lia d bilities $100,000; assets much greater. Sh owns a large portion of the Kauffman: brewery, which went into assignment las Friday. DENVER, CoL., July 18.-The McNamar e Dry Goods Company, one of the larges houses in the west, was closed on attach f ment this morning. They will probably make a general assignment. n DENVER, Col., July 19.-The following notice was posted on the doors of the Stat National Bank, this morning: e "This bank will not be opened for busi ness this morning. Depositors will be pai in full." At the hour of opening for bankin business crowds had assembled at the dif ferent banks, but there did not appear t be the same excitemedt among the de positors as existed yesterday. n STILL ANOTHER-EXCITEMENT INCREASING. e The doors of the German National Ban were not opened for business at 10 o'cloc this morning. No notice has been poste on the doors, but it is believed that it ha suspended payment. e The excitement is rapidly increasing an runs are threatened on other banks. FAILED WITH $40,000 COUNTY FUNDS. ARMOUR, KAN., July 19.-The Citizen Bank suspended payment, yesterday, wit assets of $151,500, and liabilities o $126,500. State Bank Commissione Breidenthal took possession of th h bank. Among the heavy creditors of th bank is the county of Wyandotte, whic had on deposit some $40,000 of its funds. ANOTHER KANSAS BANK FAILURE. WASHINGTON. D. C., July 19.-The Com) troller of currency has been advised the the Hutchinson National Bank, Hutchir son, Kansas, closed its doors to busines this morning.

10. July 21, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 21, 1893

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Panic Over in Denver. DENVER, Col., July 20. - There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, German and State National Banks. This morning when the First, Colorado, Denver, City and American Nationals opened their doors there was hardly a dozen depositors in all of them at the paying teller's windows. In the First and Colorado Nationals a long string of depositors reaching nearly to the street were lined up in front of the receiving tellers' windows, and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German, State and People's Nationals could pay $3 for $1 if There they could realize on securities. may be a few commercial fallures in the city within the next few days, as a result of the of banks, but it is believed that in no instance, a or a commercial failure be and banking suspension complete, that house, resumption whether will the of business will surely follow shortly. It is stated today that the McNamara dry goods house, which failed Monday for $260,000, have settled with their principal creditors and will resume business on Monday. Run On Banks in Greeley, Col. GREELEY, Col., July 20.-The Union Bank closed its doors at 1p. m. yesterday, and half an hour later the Greeley National pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspen sion 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 past 90 days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital $300,000. As soon as the fact of the suspension ot these banks became known a steady run was made on the First National, but it continued to honor all checks and drafts, and even after the regular closing hours cashed two checks presented. On Change in Gotham. NEW YORK, July 20.-There was a sensational decline in general electric securities in the stock exchange after midday. The stocks broke 46 1-2, against 55 3-4 early, the debenture fives sold down to 74 regular. The stock| 1 is absolutely without support and the same crowd in the stock exchange which has been prominent in breaking the stock from 100 down, were conspicuous in today's movement. There were heavy liquidations, holders being unable to stand the pressure any longer. One report was that the company had lost a suit at the West, involving an incandescent lamp patent. Other rumors affeeting the property were of a highly sensational character and up to a late hour this afternoon had not been traced to any authentic source. New Hampshire Bank Enjoined. FARMINGTON, N. H., July 20.-The Farmington Savings bank was enjoined from doing business this afternoon upon the petition of the bank commissioners because of the inability of the institution to realize on its assets, the uneasiness of depositors caused by losses on investments and to prevent a run on the bank. This Plant Cost $1,000,000. SAN FRANCISCO, July 20.-Attachments aggregating several thousand dollars have been filed against the Union Stock Yards company whose packing establishment is at Rodoe, Contra Costa county. The immense,plant, it is said, has practically shut down. The plant cost $1,000,000 and was started May 15. Money Is Tight and the Distillery Closed. FRANKFORT, N. Y., July 20.-A sensation was caused in business circles here today by the assignment of Col. E. H. The Taylor, Jr.. the famous distiller. liabilities are not given out. It is said they are far exceeded by assets. The tightness of the money market caured the assignment.

11. July 21, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 21, 1893

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THE PANIC OVER. Denver Banking Houses will All Resume. Matters Settle Down. DENVER, July 20.-There will apparently be no more bank failures in Denver. The panic run itself out yesterday with the failure of the People's, German and State national banks. This morning when the First Colorado, Denver, City and American nationals opened their doors there was hardly a dozen depositors in all of them at the paying teller's window. In the First and Colorado nationals a long string of depositors reaching nearly to the street were lined up in front of the tellers' windows and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German, State and People's Nationals could pay $3 for $1 if they could realizo on securities. There may be n few commercial failures in the city within the next few days as a result of the suspension of banks, but it is bolieved that in no instance, whether a banking or commercial house, will the be follow tion failure of business complete will and surely that resumpshortly. It is stated to-day that the McNainara dry goods house which failed Monday for $200,000 have settled with their principal creditors and will resume business Monday.

12. July 21, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 21, 1893

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NEW YORK, July 20.-The nervous feeling in Wall street, which was s noticeable to-day, was said to be due largely to the uncertainty regarding of some corporations on bewhich an application was the half identity of Court made for yesterday in the U. S. Circuit the appointment of a receiver, without disclosing the name of the applicant. By direction of Judge Brown the papers in accordance with the request of counsel on both sides were kept private, so that the name of the embarrassed company should not be divulged. This action of Judge Brown was vigorously condemned in financial circles this morning. It resulted in the names of several prominent companies being suggested as the one concerned, and in a least one case a serious decline of in the price of the stock ons of those companies resulted therefrom. Prompt denials were, of course, made by the officers of the companies against whom suspicion of was thus directed, but in the absence precise information as to what company the application referred to, weil informed bankers, and others finally learned that none of the campanies mentioned was the one referred to in the application. Several bank presidents said that the action of Judge Brown was ill-advised, because it might be the means of doing a great injustice to innocent parties. "For instance," said one of them, "this bauk might in good faith to-day discount a note of this mysterious corporation, or accept some of its checks only to learn to-morrow, too late to protect ourselves, that the company was in the hands of a receiver." The sub-treasury was debtor at the clearing house this morning $451,000, of which about $400,000 was settled in gold. The sub-treasury up to midday had exchanged $200,000 in currency, mostly "tives," "tens" and "twenties." for large greenbacks and gold certificates and it was expected that's little more would be exchanged later in the day. It was supposed that the currency thus obtained from the sub-Treasury was for shipment to St. Louis and Kansas City from which points demands for cash were reported to-day by two or three of the larger banks. Regarding the shipments of cash to St, Louis, the president of one of the large banks which sent out the money said that be did not regard the demand from that center at this time as at all serious. The threatened closing of the mills in the East is regarded as a much more serious feature of the present situation than the closing of the Denver banks. The situation in Philadelphia was said by New York bankers to-day to be worse. Application had been received from there for cash, in order that this week's pay rolls might be supplied. barks which received the applications The forwarded the necessary currency. The clearing house committee met . this morning and issued $50,000 of loan I certificates to a small uptown bank. No certificates were retired, but it was regarded as probably that $150,000 would be retired before the close of business to-day.

13. July 21, 1893 The Sun New York, NY
Article from The Sun, July 21, 1893

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HELP FOR DENVER BANKS. COMPTROLLER ECKELS WILL GIVE THEM ALL THE AID HE CAN. Ec will Grant Them Time to Collect oney to Start Again-The News Halled with Joy in Denver Many People Putting Their Money Back in the Banks Sun Open-A Sharp Brenk in General Electric the Feature Yesterday in Wall StreetThe Army of Unemployed is Very Large. WASHINGTON, Jul" 20.-Comptroller Eckels. immediately on his return from New York this morning. addressed to Frank Adams. the Nntional Bank Examiner at Denver. a despatch defining the policy of the Administration with reference to insolvent national banking institutions generally. as follows: "I wish you would announce to the officers the banks which have failed in Denver that my intention to lend them every aid possible looking toward speedy resumption on their part. and that I shall grant to them sufflcient time to enable them to not only collect in such amounts as are speedily collectible. but to get together such amounts of money as will enable them to open upon a small basis. It seems to me that such citizens as have by a foolish course of conduct in withdrawing deposits from banks which so long enjoyed their complete confldence. and brought about this condition. ought. in view of the damage they have done their city. as quickly as possible to repair it by standing ready to deposit with them. I fully appreciate all the circumstances of the situation. and. that no unnecessary loss may be entailed. you are authorized to employ as assistants. to protect paper and collect in moneys. the most competent and trustworthy employees in such institutions. I have also ordered Examiner McHugh of Iowa to report at once to assist you. I desire that this telegram be given to the press at Denver. evidencing as t does that the Comptroller has faith in the ability of the banks of Denver to resume. and of his desire to lend them every assistance consistentwith his official duty. When asked to express more fully his views the condition of affairs. Mr. Eckels said the failures on in Denver yesterday. like a number of other national bank failures. were caused by no fault of the bank officials. but through a foolish and uncalled-for lack of confidence on the part of depositors. It in my intention." he said. where a bank has been properly conducted. and whose assets under ordinary circumstances would have permitted it to remain solvent. to give the institution every opportunity to resume business. Allthe Denver banks that failed were well conducted. and every opportunity will be given them to reopen. The people who have caused the Denver disaster by foolish runs should do all they can to help the banks resume. Notifications of two more failures reached Mr. Eckels this forenoon. The unfortunate banks are the First National Bank of Harriconville. Mo which went under this morning. and the Oklahoma National Bank of Oklahoma City. Oklahoma. which closed its doors yesterday Comptroller Eckels's efforts to secure a reopening of the insolvent Chemical Bank of Chicago have failed. This morning Mr. Eckels received the following telegram from the Chemical Bank Committee: After long. patient. and earnest efforts. the committee of the stockholders of the Chemical National Bank of Chicago has concluded that resumption is not practicable at this time. At first the problem seemed easy. but the many financial disasters throughout the country have excited the public and produced unusual cath tion. and made it very difficult to collect outstanding bills or raise money by usual processes. The conditions Imposed by the Comptrol or were well received. but the present stringency seems an obstacle too serious to be overcome by the stockholders. DENVER. July 20.-There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's. German, and State National banks. This morning. when the First, Colorado. Denver. City. and American Nationals opened their doors. there was hardly a dozen depositors in all of them at the paving tellers' windows. In the First and Colorado Nationals along string of depositors reaching nearly the street were lined up in front of the reselving tellers windows. and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German. State. and People's (nationals) could pay $3 for $1 if they could realize on securities. There may be a few commercial failures in the city within the next few days. result of the suspension of banks. but it 16 believed that in no instance. whether a banking or commercial house, will the failure becomplete. and that resumption of business will surely follow shortly. It is said to-day that the McNamara dry goods house. which failed on Monday for $250,000. has settled with its principal creditors. and will resume business on Monday The cheering news from Washington has had a wonderful effect upon Denver. The despatch from Comptroller of the Currency Eckels to the effect that he would give every possible aid to the banks of this city is applauded on overy side Bank Examiner Adams. to whom the telegram was addressed. is besieged by excited people anxious to hear a confirmation of the good report and get an expression from him. Mr. Eckeis's comments on the foolish course of those Denver citizens who had lost contidence in the banks are strongly commended. The newspapers ran off extras announcing the news. and already things begin to wear a brighter aspect. The officers of the several closed banks all notify the public that they will be able to pay every cent due to customers. But in some cases it will take some time to realize on securities. It is learned that heavy withdrawals have been made from several of the banks during the past few months. which would indicate that some of the far seeing ones anticipated trouble such as has come upon the city in the past few days. It is noticeable that very few of the merchants or business men of the city withdrew their deposits. the run being made principally by the working people and poorer classes of customers. The newspapers feel greatly the distress. every daily excepting one having curtailed expenses by reducing in size or using largertype. The closing down of many silver mines, smelters. and the reduction of the working forces of coal mines. railways. and manufactories in this State has, however. caused a deplorab condition of affairs among the laboring classes. It WAS estimated that to-day there 10.000 men in Denver unable to secure

14. July 21, 1893 The Sun New York, NY
Article from The Sun, July 21, 1893

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liabilities are believed to be covered by the assets. CHICAGO. July 20.-It was said in court today that the assets of the suicide banker. Herman Schaffner. would not pay over 12½ per cent. of the liabilities. Judge Tuley this morning appointed N. H. Culver receiver for the Commercial Lumber Company of Havenswood. The concern was incorporated in 1891 with a capital of $30,000. It is declared that the assets are in excess of the liabilities. SAN FRANCISCO. July 20.-Attachments have been filed against the Union Stock Yards Company. whose meat packing establishment is at Rodeo. These claims are said to be preliminary to larger suits by Eastern holders of the company's bonds. The plant has practically shut down. It cost $1,000,000 and Was started on May 15. Attorney-General Hart has decided that the People's Home Savings Bank. which closed a few weeks ago. is solvent, and recommends that if the bank can make sufficient collections within a reasonable time it should do so. SAN BERNARDINO. Cal., July 20.-The national band examiners who have been! looking into the affairs of the First National Bank of this city have made a report to Comptroller Eckels. recommending that the bank be allowed to open at once. They say they find the affairs of the bank in good condition. ASHLAND. Wis., July 20.-The Northern Manufacturing Company. manufacturers of hard wood. assigned yesterday. Assets. $60.000: liabilities unknown. The failure is due to the recent loss of the factory by fire. TACOMA. Wash.. July 20.-S. B. Dusinberre. cashier of the Bank of Puyallup. who was arrested forthe emberglement of $41,000 and released on bail, has been rearrested on a second charge of embezzlement. Ho was held in $15,000 bail. in default of which he went to jail. DENVER, July 20.-The First National banks at Cañon City and Grand Junction. this State. failed to open their doors this morning. The failures were caused by the suspension of the Denver banks. TOPEKA. Kan., July 20.-Notice of the failure of the Bank of Belleville. Republic county. has been received at the State Bank Commissioner's office. It was a private bank with a capital of $20,000.

15. July 22, 1893 Arizona Silver Belt Globe, Miami, AZ
Article from Arizona Silver Belt, July 22, 1893

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The work of closing Denver banks by excited depositors may be said to have been effectually completed. The night of the 18th, the city was agog, and but few retired to rest. Streets in the vicinity of banks were crowded with people many of whom stood in line in order to maintain a position which would favor them in reaching paying tellers' counters at the earliest possible moment, but the night's vigils did not avail them. Before the hour for opening notices were posted on doors of banks that on account of exhaustion of ready cash, consequent upon the previous day's run, the bank would not open and thus it stood, at latest dates. This is not the worst feature of the depressing influence that encompasses Colorado. Mines in every part of the state are shut down. Leadville is as pulseless as a graveyard, and some of her best paying mines are virtually abandoned by the withdrawal of the pumps and consequent ruin by reason of accumulation of water, which in a brief period fills every shaft, tunnel and drift.

16. July 22, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 22, 1893

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# BRADSTREET'S. # A Birds-Eye View of the General Situation. NEW YORK, July 21.-Bradstreet's weekly review of the state of trade will tomorrow say: A birds-eye view of general trade conditions throughout the country indicates the South Atlantic and gulf states have suffered no material change in condition, dullness or exceptionally quiet trade being reported from almost all points with slight exceptions. There is a disposition West also to curtail the output of manufactured products, and runs on Kansas City and Denver banks, now ended, created for a time a renewal of exceptional caution on the part of banks at many Western centers. A large proportion of the suspended Colorado banks and mercantile institutions will pay in full and resume business, inability to borrow or sell collaterals alone being the cause of Denver banks closing their doors. Bank clearings this week naturally show a decrease, the falling off being not less than 7.5 per cent as compared with a year ago, and a smaller decrease as compared with the preceding week: Our Australian and London cables showed no material change in stocks of wheat available abroad last week, so that the net decrease was practically that in the United States, about 3,200,000 bushels. Exports of wheat, both coasts United States and Canada, seven days ending July 20, aggregate 5,077,000 bushels, as compared with 2,716,000 bushels in the third week of July a year ago, with 2,330,000 bushels two years ago, with 1,544,000 three years ago, and 1,385,000 bushels four years ago. The financial position at New York has been to some extent unfavorably affected by the demands for money at St. Louis and Denver. Near-by manufacturing centers are also calling for currency to meet pay rolls, and it is believed that the result will be a loss in cash holdings to an undetermined amount. Few changes have been made in the outstanding New York clearing house loan certificates, which are now nearly $23,000,000. The money market is unaffected by the break in stock values, call loans being at 6 per cent or less, while time loans and commercial discounts are exceedingly restricted at high rates. Foreign exchange is somewhat firmer on diminished foreign stock purchases. About $1,000,000 gold came in from Europe and the West Indies, and some $200,000 is in transit from London. Silver is weaker on the threatened adverse action by some nations of the Latin union. The number of failures for a week is the largest ever reported for a like period.

17. July 26, 1893 Watertown Republican Watertown, WI
Article from Watertown Republican, July 26, 1893

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DENVER, Col., July 20.-There will b more bank failures in Denver. Th wore itself out yesterday with th lure of the People's, German an National banks. This mornin the First, Colorado, Denver, Cit American National opered thei there was hardly a dozen depos in all of them at the paying tellers ndows. In the First and Col nationals a long string € positors reaching nearly. to the stree lined up in front of the receiving windows and the money was go back into the bank vaults almost a as it was drawn during the pas days. The German, Stat People's nationals could par for $1 if they could realiz securities. There may be commercial failures in the city with the next few days as a result of th spension of banks, but it is believe in no instance, whether a banking commercial house, will the failure b mplete. A resumption of business will low shortly. It is stated to-day tha McNamara dry goods house, which Monday for $260,000, has settle the principal creditors and will re business Monday. While the situation in Denver i lieting down the effect of the loca failures is being felt in interio in the state. Word was receive to-day that the First Nationa at Canon City and the First Na at Grand Junction, this state to open their doors this morning particulars are at hand, but it i obable the failures were caused b spension of the Denver banks. The Flanders dry goods house, occu five store fronts and five storie on Sixteenth Street, was attache morning by H. N. Bradley, o oulder, Col., for $24,000. Ther no definite statement of th ndition of the firm available. Con judges place the assets at $200,00 liabilities at $125,000. The failur caused by the suspension of th cople's National Bank to which $25,00 due. speaking of the financial conditio Denver yesterday, D. H. Moffat esident of the First National Bank "The Denver national banks ar solutely all right and perfectly able j every dollar of their deposits an continue business. The onl who will have trouble from th on are those who have cause money to be locked up in the sus ended banks. The trouble SO far a banks are concerned is over. ] bound to come, and I am glad it as confidence will begin to re itself and business will grow be in Colorado."

18. 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

19. July 28, 1893 Bismarck Weekly Tribune Bismarck, ND
Article from Bismarck Weekly Tribune, July 28, 1893

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BISMARCK WEEKLY TRIBUNE: FRIDAY, JULY 28 1893 xpectant of an early turn in the current of affairs. They attach no serious importance to the troubles among the far western small banks, as it is found that those institutions are generally in a sound condition and may be expected to resume payment so soon as the temporary panic among depositors subsides. The "run" on the Denver banks appears to be chiefly due to the exciting harangues of certain local demagogues and silver fanatics, and therefore must subside on the sober second thought; while there will remain the advantage of its weakening the pro-silver element in Congress during the coming debate on the Sherman act. The silver states are having a taste of the fruits of their policy and will henceforth better understand what that policy means. The stock market has been unsettled and widely fluctuating. The "bears" have summoned their whole force of attack, employing every resource of rumor and canard and assailing almost every important stock on the list in detail. With allies in London, they have also attacked our securities in the transatlantic markets, causing heavy declines there and London sales in this city. Their forces have been handled in concert and with great skill, and some heavy declines have resulted from "short" sales from which however there have been quick recoveries upon purchases to cover the sales. The unsettled condition of the London market and the bank troubles in the west have encouraged the "bear" side, and that they have rot made a deeper impression on the market is clear evidence of its intrinsic strength. Purchases for investment are certainly on the increase, and hoarded money is gradually being turned into the dividend paying stocks. again into similar channels. Intelligence, enterprise, and genius would assert itself in the future as in the past, and it would be but a question of time when practically the same conditions as now exist would be brought about. It is pleasant to contemplate a condition of universal peace, contentment and prosperity for all, and quite another thing to put theory into practice. A sliding scale of taxation is the most logical theory. Remove the burdens of taxation as much as possible from the poor and add them to the rich. The millionaires do not pay their proportion of the taxes. They have not borne their just proportion in the past, else the accumulation of these vast fortunes in so short a time would not have been possible. THE North Dakota Independent, the organ of the present administration, goes out of its way to hit ex-Governor Burke, by declaring that "the people of the northern part of the state have lost faith in criminals getting their just deserts since Governor Burke pardoned, etc." Governor Burke pardoned one man out of the penitentiary for every month he was governor. Governor Shortridge's record has been the same and the TRIBUNE doesn't for a moment question the justness of this action. The pardoning power is one of the most difficult problems a governor has to deal with and those who know the least about the matter should be the last to criticise. The Independent is right when it says that the pardoning power should be in the hands of a board and not in the hands of the executive. It would relieve the governor of great embarassment. THE silver producing states that are endeavoring to pit area against capital full confession of his awful crime, and that it was taken down by a stenographer, has been transcribed, read to him and signed by the murderer. It ought not to require much time to meet out justice to this tiend, who, driven to the deed by lust as he confesses, brutally killed six people. DURING the fireworks display at the World's Fair, Saturday night, a bomb lost its bearings and fell through a light in the roof of the Manufactures building and set fire to one of the window screens. Now the authorities announce that there will be no more displays of fireworks on the grounds. On this mode of reasoning, if the roof should be taken off by a cyclone some day an order would be issued to put no more roofs on buildings. THE appointment of ex-Gov. Geo. C. Perkins, of San Francisco, United States senator to succeed the late Senator Stanford, was a disappointment to the friends of Editor Mike DeYoung, who thought they knew the intentions of Governor Markham. The dispatches say that Perkirs is a strong man and his greatest unpopularity comes from his friendship towards the Southern Pacific railway corporation. OCTOBER 11th is the day decided upon for North Dakota day at the fair, the theory being that at this late date very many farmers will be enabled to be present. The month of October will be the most interesting time for farmers to go to Chicago. The great display of live stock will be made in that month and it is certain that it will be the greatest display of the kind ever seen in the world. ATTORNEY GENERAL STANDISH has issued another proclamation. This time A ments of THE greatly d is being belief that state is v trust to i twine. I to make July pier binding t A. FEW

20. September 4, 1893 The Providence News Providence, RI
Article from The Providence News, September 4, 1893

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gency will have disappeared. P1 ttsburg Dispatch. Business better, money easier, and the outlook good. Troy Times. There is a slight improvement in the industrial and financial situation here. heeling Register. Business conditions in this locality and near by portions of Ohio and Pennsylvania show a decided improvement over the situation during the past thirty days. St.Louis Republic. Money here is much easier and business is picking up in all jobbing departments. Many manufacturers are resuming, among which is ex-Congressman Neidringhaus' tin plate mills. Building trades are especially active while the prospects for the unemployed are unexcep ionally bright. Chicago Inter-Ocean. The retail trade of Chicago is greater than it has ever been this season of the year. Wholesa merchants report only fair buying by country merchants. The banks are strong in reserves and are loaning large amounts to move the crops. If New York would retire its clearing house certificates our bankers say over eight milligns of new loans would be made in ten days. Chicago Tribune. Business outlook very promising here. Collections improving, money growing easier day by day and merchants doing a splendid business for the present time of the year. Minneapolis Journal. Business prospects in the northwest have improved a good deal of late in a general way. Confidence is growing through the resumption of suspended banks. Money is somewhat easier than a month ago, and bankers feel much better. St. Louis Post-Dispatch. The business outlook here is decidedly encouraging. The banks are all sound, and merchants are letting money needed at fair rates. Real estate sales at full prices show evidence of the confidence of the people. Factories that closed down two months ago have resumed operations. Cincinnati Inquirer. Financial condition much improved. and everything indicates more prosperous times. Cleveland Leader. If congress would adjourn at once so the country could havesomething else to think of the panic would soon be forgotten. Portland Oregonian The past two weeks has notei a decided improvement in finances here at the Pacific Northwest, of which this city is the leading jobbing and banking centre. While there is still a scarcity of money, there is evidently a mutual understanding between buyer and seller not to crowd payments at the present time, and, as a result, no large business failures have been noted. Denver Republican. The business depression following the closing of Denver's banks in July is passing away, and all the national banks except one have reopened and report good lines of depositors. Confidence is being restored, money that was withdrawn is being deposited in the banks, and business in all lines is better. Cheyenne. Wyo., Leader, Encouraging features of business conditions are in mining. All coal mines are being worked to full capac ty. Great activity is being shown in prospecting for gold and developing gold mines, and numerous oil wells are being put down. Propositions made to connect oil pumps with railroad by pipe line makes prospects for placing oil on the market very bright. Indianapolis Sentinel. The business outlook for this city is all that can be expected. Sloux City Journal. There are some signs of improvement in business here. Detroit Free Press. The financial situation in this section is in provingdaily. Money is easier, general business is reviving and confiden e rapidly being restored. Notices of withdrawals, filed with the savings banks, are being cancelled and deposits largely increasing. The effect of the repeal of the purchase clause of the Sherman act by ongress has already made itself felt: merchants and manufacturers are encouraged and looking forward to a 200 I fall trade. Atlanta Constitution, Economic methods of the farmers, together with home supplies, which they have raised, have made cotton a surplus. Crop cotton is beginning to move, and there is money enough to handle it. Tradeis improving, and the outlook is very encouraging. Natchez Democrat. E. K. Thompson, acting president of

21. October 21, 1897 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, October 21, 1897

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Result of Free Trade and Pro tective Laws. ONE BRINGS RUIN; THE OTHER PROSPERITY Sixty Days Under the Wilson and Sixty Under the Dingley Law. close of the first 60 days of law and vis operations of the new a are in every that 10 compatison B suggested 1919 have during the two months conditions with those of the correspond Cleve question date in the first year of the which ing administration, during elected land the free trade congress be time President Cleveland was just with its attack upon the protective day system ginning which the Dingley law 60 ago two periods re-established. from July 24 to in The the years of 1893 and 1897, 24. spectively, present a marked contrac business conditions, and it is as to to obtain from government ords sible some data bearing upon this and now especially interesting. ject SIXTY DAYS UNDER WILSON LAW The following data, gathered largely official reports, presents a picture 1893 from the 60 day period of the year ended of which the two months just with correspond. both as to the portion and the period of the presi the dential year administration and also proxim ity to tariff legislation. Week ending June 24, 1893.-Failur bank Bezeman, Mont., National doors of Denver banks closed their cit Four suspensions in other western Bank Two bank failures in Milwauke banks ies. runs on numerous other fails and Commercial bank, of Denver, Ver $250,000. Bank failures at capi capital, Tex., and Knoxville, Tenn.: non. $200,000. Failure of Tacoma, Wash. also tal, National bank; capital, $200,000; Mont. failures of banks at Great Falls, Sus Orlando, Fla.: capital, $200,000. and pension of work in manufactories ported from all sections. Week ending Aug. 1, 1893.-Nationa In at Manchester, N. H., and banks dianapolis, Ind., fall: capital, $500,000 of First National bank at bank Spo Failure Wash.: capital, $250,000. Ten kane, in one day (July 27): capital Da suspend $2,000,000. Bank failures in South Texas Montana, Illinois, Kansas, cor kota, Washington, New Hampshire, and business respondingly large number of Week suspensions. ending Aug. 8, 1893.-Collaps Chicago provision deal and Failure many of failures of commission houses. Fail National bank of El Paso, Tex. of of National bank of San Antonio Mun ure Failure of National bank of Tex. Ind. Fifty-third congress destruc meets in cie, special session to begin its tion of the McKinley law. Week ending Aug. 28, 1893.-Encoun