Accommodated withdrawals, Full suspension, Books examined
Receivership Details
Depositor recovery rate
61.0%
Date receivership started
1891-12-05
Date receivership terminated
1899-05-31
OCC cause of failure
Fraud
Share of assets assessed as good
28.3%
Share of assets assessed as doubtful
64.8%
Share of assets assessed as worthless
6.9%
Notes
Cashier George R. Beard later committed suicide; receiver appointed in December 1891.
Events (5)
1.December 2, 1885Chartered
Source
historical_nic
+5.9 years
2.November 13, 1891Run
Cause
Correspondent
Cause Details
Deposit withdrawals triggered by failure/suspension of the Bank of California (San Diego) and shared leadership (J. W. Collins) linking the institutions.
Measures
Paid out cash during run (~$45,000–48,000); posted notice of temporary suspension.
Newspaper Excerpt
closed its doors after a run of an hour yesterday and posted a notice announcing temporary suspension on account of lack of funds to meet the demands of the depositors.
Source
newspapers
same day
3.November 13, 1891Suspension
Cause
Correspondent
Cause Details
Temporary suspension announced after inability to meet sudden withdrawals precipitated by the San Diego bank failure.
Newspaper Excerpt
business is temporarily suspended on account of the absence of funds to meet the demands of depositors.
Source
newspapers
+22 days
4.December 5, 1891Receivership
Newspaper Excerpt
Official notice of the appointment of J. Ware Foster as receiver of the Cheyenne National bank was received from the comptroller of the currency yesterday.
Source
newspapers
same day
5.December 5, 1891Receivership
Source
historical_nic
Newspaper Articles (25)
1.November 14, 1891Evening StarWashington, DC
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The Cheyenne (Wyo.) Bank Closes. The Cheyenne National Bank of Cheyenne, Wyo., closed its doors after a run of an hour yesterday and posted a notice announcing temporary suspension on account of lack of funds to meet the demands of the depositors. The liabilities are $250,000 and the bank is solvent with $40.000 in exchange in Chicago and New York. The failure was caused by the breaking of the California Bank at San Diego, Cal. J. W. Collins was at the head of both institutions. Senator John Sherman is a stockholder of this bank and John Jay Knox of New York is another.
Lack Funds. CHEYENNE, Wyo., Nov. 13.-Notice just posted at the Cheyenne National bank is to the effect that business is temporarily suspended on account of the absence of funds to meet tbe demands of depositors. This is caused by the failure of the Bank of California at San Diego, J. W. Collins having been at the head of both houses. Several large sums were drawn from the local institution the first thing this morning, and a run was precipitated. No figures on the condition can be had now but people are confident that the bank will be re-organized and resume in a few days.
3.November 14, 1891The SunNew York, NY
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SENATOR SHERMAN HAS STOCK IN IT. The Cheyenne National Bank Stops with Liabilities of $260,000, CHEYENNE. Nov. 13.-A notice posted at the Cheyenne National Bank is to the effect that business is temporarily suspended on account of the absence of funds to meet the demands of the depositors. This is caused by the failure of the Bank of California at San Diego. J. W. Collins having been at the head of both houses. Several large sums were drawn from the local institution the first thing this morning and a run followed. No statement has been made, but the people are confident that the bank will be reorganized in a few days. Senator John Sherman and John Jay Knox have stock in the bank. It is estimated that the liabilities of the bank are $260,000.
4.November 14, 1891The Salt Lake HeraldSalt Lake City, UT
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The Cheyenne National Bank Fails. CHEYENNE, Wyo., Nov. 13.-[Special telegram to THE HERALD.]-The third bank failure in the history of this town occurred to-day. The Cheyenne National went down after & hard run of fifty minutes. In that time $48,000 was paid out. Depositors were frightened by the suspension of the California bank of San Diego, Cal., as John W. Collins was president of both. That he was involved was learned last evening, too late to strengthen
5.November 15, 1891The Helena IndependentHelena, MT
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The Cheyeune Bank. CHEYENNE, Wyo., Nov. 14.-The liabilities of the Cheyenne bank are $318,000. with assets twice that amount. and such men as John Sherman and John Jay Knox hold blocks of stock. The Cheyenne National bank will liquidate in full. The only bad feature is that the calling in of loans by an examiner or a receiver will put 8 cramp on some local concerns.
NOT a ripple disturbed the financial calm in Cheyenne yesterday-a circumstance which may be attributed to two facts. First, because the belief was UDIversal that the suspension of the Cheyenne National bank was in avery respect clean handed, and second, tha madernks of the city have seldom been point, financially and never more conservative., managed.
7.November 15, 1891The Morning CallSan Francisco, CA
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The Cheyenne National Bank. CHEYENNE (Wyo.), Nov. 14.-The llabilities of the Cheyenne National Bank are $318,000, with assets twice that amount, and such men as John Sherman and John Jay Knox holding blocks of stock. The Cheyenne National Bank will liquidate in full. The only bad feature is that calling in of loans by the examiner or receiver will cramp some local concerns.
8.November 15, 1891Telegram-HeraldGrand Rapids, MI
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Closed Its Doora CHEYENNE, Wyo., Nov. 14.-The Cheyenne national bank closed its doors after 3 run of an hour Friday and posted a notice announcing temporary suspension on account of lack of funds to meet the demands of depositors. The liabilities are $260,000, and the bank is solvent with $40,000 in exchange in Chicago and New York. The failure was caused by the breaking of the California bank at San Diego, Cal.
9.November 15, 1891New-York TribuneNew York, NY
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MISPLACED CONFIDENCE IN DEPOSITORS. Cheyenne, Wyo., Nov. 14.-Controller Lacey telegraphs from Washington that Examiner Griffiths Is on the way here to take charge of the Cheyenne National Bank, the suspension of which was announced yesterday. Business is in progress as usual in the city, none of the other banks Seing bothered, though all are fortified for results. The liabilities of the Cheyenne National Bank are $318,000 with assets twice that amount, such men as Senator John Sherman and ex-Controller John Jay Knox, of New-York, holding blocks of the stock. At a meeting Thursday evening, which the other city bankers attended on invitation, the involved bank was found to be in excellent shape, and in the confidence that there would be no rush the doors were thrown open at 10 o'clock Wednesday morning, only to be closed in an hour when the $45,000 cash on hand was exhausted. Three heavy depositors who were expected to assist were the first to draw, and took two-thirds of the sum available. This frightened the small depositors. The Cheyenne National Bank will liquidate in full. The only bad feature is that the calling in of loans by the examiner or receiver will cramp some local concerns, as the bank was practically carrying a good many men. The depositors will petition for the appointment of Cashier Beard as receiver. His private fortune of $40,000 has been covered into the bunch of assets. There is $40,000 of exchange in Chicago and New-York that will be called as soon as the examiner takes hold. This bank was started in 1886.
10.November 15, 1891The Salt Lake HeraldSalt Lake City, UT
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Liabilities of the Cheyenne Bank. CHEYENNE, Nov. 14.-The liabilities of the Cheyenne National bank are $318,000 with assets twice that amount and such men as John Sherman and John Jay Knox holding blocks of stock. The Cheyenne National bank will liquidate in full. The only bad feature is that the calling in of loans by the examiner or receiver will put a cramp on some local concerns.
11.November 15, 1891The SunNew York, NY
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The Suspended Cheyenue Bank. CHEYENNE. Nov. 14.-Comptroller Lacey telegraphed from Washington to-day that Examiner Griffiths is on the way here to take charge of the Cheyonne National Bank the suspension of which was announced yesterday. The liabilities of the bank are $318,000 with assets said to be twice that amount.
12.November 17, 1891The Record-UnionSacramento, CA
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THE ALLIANCE MOVEMENT. All the Organizations to Meet at Indianapolis This Week. ACTION TO BE TAKEN ON THE UNIFICATION OF INTERESTS George A. Board, Cashier of the Suspended Cheyenne National Bank, Sends a Bullet Throngh His BrainTwo Editors Placed Under Arrest in Florida While Starting Out to Settle a Dispute on the Field of Honor.
farm His education was received in the public schools, with a finishing course at the state normal schools.
At an early age he entered a bank at York, Pa. About this date ten years ago he was brought to Cheyenne by John W. Coliins, who had known him in the East, and given a position as teller in the banking house of Morton E. Post & Co., of which institution Collins was then cashier. In the fall of 1885 Collins organized the Cheyenne National bank. N. R. Davis was president, Collins, cashier, and E. R. Hurd and F. E. Addoms heavy stockholders. Beard became assistant cashier. Some time later Collins decided to go to California, and while still holding his interest in the bank here established the California National at San Diego, with himself as president and D. D. Dare, formerly of Cheyenne, as cashier. Mr. Addoms succeeded as cashier. About two years ago the bank was reorganized, the captal stock increased from $100,000 to $150,000, Collins going in as president and Beard as cashier. The growth of the bank in that time, due almost entirely to the energy, business tact and unimpeachable integrity of Mr. Beard, has been remarkable. He was an extremely circumspect man for his years and the hold which he had on the public confidence was manifested in a remarkable manner when the bank suspended.
Mr. Beard's father is cashier of the First National bank in Wrightsville, Pa., and is in very well to do circumstances. The mother has long been an invalid. A brother is assistant cashier of a bank in York, Pa. He had a sister whose mind was unbalanced through religious enthusiasm while a half sister now lives at home.
Beard's personal estate foots up about $30,000. He carried life insurance to the amount of $40,000, all of which is payable to his estate. He was unmarried.
14.November 17, 1891Pawtucket TribunePawtucket, RI
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Lost His Courage. CHEYENNE, Wyo., Nov. 17.-George R. Beard, cashier of the Cheyenne National bank, which suspended Friday, committed suicide yesterday by shooting. Beard was despondent over the failure of the bank, though the United States examiner, who is in charge, says it will pay all claims.
15.November 17, 1891Morning Journal and CourierNew Haven, CT
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Committed Suicide. CHEYENNE, Wyo., Nov. 16.-George R. Beard, cashier of the Cheyenne National bank, which suspended Friday, committed suicide this morning by shooting. Beard was despondent over the failure, though the examiner who is in charge says it will pay all claims.
16.November 19, 1891Grant County HeraldLancaster, WI
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Killed Himself. CHEYENNE, Wyo., Nov. 18.-George L. Beard, cashier of the Cheyenne national bank, which suspended Tuesday, has committed suicide by shooting. Beard was despondent over the failure of the bank, though the United States examiner, who isin charge, says it will pay all claims.
17.November 19, 1891Wood County ReporterWisconsin Rapids, WI
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CHEYENNE BANK ALL RIGHT. All Claims Will be Settled in Full. CHEYENNE, Wyo., Nov. 14.-The liabilities of the Cheyenne national bank are $318,000, with assets twice that amount, and such men as John Sherman and John J. Knox holding blocks of stock. The Cheyenne national bank will liquidate in full. The only bad feature is that the calling in of loans by the examiner or receiver will put a cramp on some local con. cerns.
Wyoming Bank Failure. CHEYENNE, Wyo., Nov. 15.-The third bank failure in the history of this town has occurred. The Cheyenne National went down after a hard run of fifty minutes. In that time $48,000 was paid out. The depositors were frightened by the suspension of the California bank, of San Diego. Cal. John W. Collins was president of both. The bank here is said to be solvent, but had not the cash on hand to meet the unexpected run. Depositors will be paid in full,
19.November 21, 1891Macon BeaconMacon, MS
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Bank Cashier Commits Suicide. CHEYENNE, Wyo., Nov. 17.-George A. Beard, cashier of the suspended Cheyenne National bank, sent a bullet into his brain, at about 6 o'clock Monday morning.
20.November 21, 1891The Weekly TribuneGreat Falls, MT
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Another Bank suspension. CHEYENNE, Nov. 13. Notice is just posted at the Cheyenne National bank to the effect that business is temporarily suspended on account of the absence of funds to meet the demands of depositors. This is caused by the failureof the Bank of California at San Diego, J. W. Collins having been at the head of both houses. Several large sums were drawn from the local institution the first thing this morning and a run precipitated. No figures on its condition can be had now. but people are confident that the bank will be reorganized and resume in a few days.
Official Notice Received Official notice of the appointment of J. Ware Foster as receiver of the Cheyenne National bank was received from the comptroller of the currency yesterday. Mr. Foster expects to qualify either tomorrow or Friday. His bond is in the sum of $40,000.
Foster in Charge. J. Ware Foster yesterday qualified as receiver of the Cheyenne National bank and his bond in the sum of $40,000 was approved. The work of checking up and effecting the transfer from the examiner to the receiver was also completed and Mr. Foster is now in complete charge of the institution under the instructions of the comptroller of the currency. The depositors may rest assured that their interests will be carefully and intelligently guarded by Receiver Foster.
# Sues for Taxes.
City Attorney Campbell yesterday commenced suit in the district court in behalf of the city against the Cheyenne National bank, J. W. Foster as receiver and Geo. W. Hoyt as trustee, to recover $967.50 in city taxes, with interest at 12 per cent per annum from Jan. 6, 1892. He prays the court that this claim be made lien upon lots 1 and 2, block 226. This is the old foundry property of which Mr. Hoyt is trustee.
Local Effect. Receiver Foster of the Cheyenne national was seen last night and asked what effect the suicide of John W. Collins would have in the settlement of the business which he is effecting. "None whatever," was the reply. "I have not counted on recovering anything which Collins may owe this bank. I have considered him a financially ruined man, hence his death will make no difference whatever in the amount which we have counted on realizing.
25.October 18, 1900The Pacific Commercial AdvertiserHonolulu, HI
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LYCURGUS MET HIM IN ATHENS San Dieg) Absconder Dare Again Turns up in Alexandia, Egypt. CHEYENNE, (Wyo.), Oct. 7.-Disguised under an assumed name and a heavy growth of whiskers, D. D. Dare, the defaulting president of the California National Bank of San Diego, Cal., and the Cheyenne National Bank, is now posing as a prominent citizen of Alexandria, Egypt, where he is the president of the principal street railway. United States detectives have been searching for Dare ever since his flight to Europe in 1891. but until very recently no trace of him could be had. A German traveler, who knows him intimately, discovered him on a recent visit to Alexandria. He did not make himself known to Dare, but instituted a quiet inquiry, and learned that he had been there for several years; that he was the president and principal stockholder in the Alexandria street railway, and was posing as a very prominent citizen. The German said that few people would recognize in the street railway magnate the man who had wrecked two national banks. Early in 1891 the San Diego bank failed for $300,000 and the Cheyenne ir.stitution followed a few days later for $250,000. Dare fled to Europe, and it is charged that he took large sums of money belonging to the depositors with him. He was accompanied by his ife, who returned to this country soon after. when the story became current that Dare had attempted to throw her overboard while crossing the Atlantic. It is believed that secret service men are now en route to Egypt to place Dare under arrest. SAN FRANCISCO, Oct. 8.-George Lycurgys of Honolulu left his island home in 1895 for a tour of Europe and also with a view of visiting Greece, his native land. Lycurgus had been told by acquatrtances of Dare that the absconder was in Athens and asked to visit him there. He said he found Dare running a concern known as the American Rug Company, with its place of business on the main thoroughfare of the ancient n.etropolis. While Dare was not talkative on the subpect of his sudden leparture from America, he said that he had :,1t San Diego solely on account of the climate, which did not agree with him. When reminded by Lycurgus that the climates of San Diego and Athens were much the same, Dare Insisted that the temperature of the Grecian city was much more conducive to his health. He denied that he had taken any funds of the bank, and insisted that he had left San Diego without any money. He had been fairly prosperous in the rug business and said that he expected his family to join him at an early date Dare said that owing to the climate Le did not think he would ever return to America.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
