gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fd2fe4ddbafed976
Response Measures
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%
Description
Suspension followed a run triggered by the failure of the California National (same president); examiner/receiver took charge and bank entered liquidation.
Events (8)
1.December 2, 1885Chartered
Source
historical_nic
2.November 13, 1891Run
Cause
Correspondent
Cause Details
Run triggered by failure of the California National (San Diego) whose president was also officer of the Cheyenne bank.
Measures
Declined assistance from other banks; closed doors; notified Comptroller; books balanced and held pending examiner.
Newspaper Excerpt
Several large sums were drawn from the local institution the first thing this morning, and a run was precipitated.
Source
newspapers
3.November 13, 1891Suspension
Cause
Correspondent
Cause Details
Temporary suspension caused by cash depletion from the run precipitated by the failure of the California National.
Newspaper Excerpt
A notice was posted ... business has been temporarily suspended on account of the absence of funds to meet the demands of the depositors.
Source
newspapers
4.November 14, 1891Other
Newspaper Excerpt
Examiner Griffiths is on the way here to take charge of the Cheyenne National bank, the suspension of which was announced yesterday.
Source
newspapers
5.November 16, 1891Other
Newspaper Excerpt
Geo. A. Beard, cashier of the suspended Cheyenne National Bank, sent a bullet into his brain this morning.
Source
newspapers
6.December 5, 1891Receivership
Source
historical_nic
7.January 6, 1892Receivership
Newspaper Excerpt
City Attorney ... commenced suit ... against the Cheyenne National bank, J. W. Foster as receiver ... (receiver in place by Jan 1892).
Source
newspapers
8.March 1, 1892Other
Newspaper Excerpt
Receiver Foster ... authorized to declare a 25 Per Cent Dividend. The money will be ready for distribution about March 15.
Source
newspapers
Newspaper Articles (23)
1.November 14, 1891New-York TribuneNew York, NY
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A WYOMING BANK SUSPENDS. Cheyenne, Wy., Nov. 13.-A notice was posted to-day at the Cheyenne National Bank to the effect that business has been 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 3 run precipitated. No figures can be had now. but the people are confident that the bank will be reorganized and resume in a few days.
with the Cheyenne National. Through no lack of confidence in the Cheyenne institution of itself, but not knowing to what extent Collins' failure, which was believed to be a bad one, would involve the local institution, they concluded that the safe side was the side of prudence and therefore went for their money and got it so long as there was anything to get. All of this was so sudden as to be startling. It was figured out that if a run was begun with the big depositors that a panicmight ensue among the smaller ones, and that the bank, to hold up against it and protect all of its depositors alike, must be able to pay on demand pretty nearly the full amount of its deposits. or something like $283,000. To stem such a current was a matter of physical impossibility. It was therefore decided to not attempt it by accepting assistance from any other banks and the doors were consequently closed. Under the circumstances this was undoubtedly the part of wisdom, as all the bank collateral is now held intact and every depositor is upon precisely the same footing. Comptroller of the Currency Lacey was immediately notified of the suspension and soon afterward telegraphed from Washington that Bank Examiner Griffith would be sent here to take charge of affairs. In the meantime the bank remains in statu quo. Its books are balanced up to the time of closing and Cashier Beard sees that everything is kept intact until the bank examiner arrives. When that official comes the bank and everything appertaining passes under his exclusive control. He makes a thorough examination of all its affairs and until that is done and he has presented his report the doors remain closed. If his report is favorable it then remains with the stockholders to reorganize and continue business if they PO desire, but in the meantime the government is in possession and the bank cannot move a wheel. The question of the extent to which Collins has involved the Cheyenne National, if at all, has naturally aroused a good deal of discussion. THE LEADER has it on what it believes to be undoubted authority that he is indebted to the bank in about $25,000 and that Mr. Beard himself is the endorser and therefore upon him will probably fall that whole loss. The Cheyenne National bank commenced business Jan. 2, 1886. It was organized by John W. Collins. who became its cashier. N. R. Davis was its first president. Subsequently Mr. Collins extended his operations to California, and settling in San Diego, established the California National bank with a capital stock of $500,000. He was succeeded as cashier by F. E. Addoms, Mr. E. R. Hurd becoming vice president. Later the interests held by Messrs. Addoms, Davis and Hurd were purchased by Collins who became president. Geo. L. Beard then assumed the position of cashier and as the president was absorbed in his California business the management of the bank fell almost altogether on Mr. Beard's shoulders. At a meeting of the board of directors held on Thursday evening the bank was reorganized with A. G. McGregor as president and John L. Murray as vice president. The Collins failure in San Diego is generally believed here to be a pretty bad one. There has been an extraordinary shrinkage in the value of real estate in that city and the electric car line in which Collins has been heavily interested has proven a losing investment, in fact a perfect sinkhole for money. The feeling in Cheyenne last night was one of equanimity. The actual state of affairs at the Cheyenne bank seemed to be pretty well understood, and while everyone sincerely regretted the suspension no one seemed to have any fears that the depositors would fail to realize every cent of their deposits.
The Cheyenne National Bank Suspends Business. The Failure of John W. Collins in California Carries Down the Home Institution With it. Money of Depositors Here Will be Secured For Them. At about 11 o'clock yesterday morning the curtains of the Cheyenne National bank were drawn, the doors closed and this hastily written notice posted up: Temporary suspension on account of insufficient funds to meet checks, caused 1. by the run. Even at this hour it was not generally known that the remotest cause in the world existed for a temporary supension of the Cheyenne National bank. Its absolute solvency was considered beyond question and to only a few had even an intimation come that through no fault of its own or its managers a run might be precipitated upon it. The news actually seemed to flash over town and very soon it was in possession of everybody in the business part of the city. Generally it was received with amazement and soon the rumors began to fly thick and fastmany of them so utterly ridiculous on their face that it is hard to understand e how they ever gained currency. The e only possible explanation is that the sus it pension was so sudden and startling that people who alwayy pretend to know it all and seldom know anything, set their imagination to work to furnish facts. For a time there was considerable excitement, particularly when many of the smaller depositors learned what was up, but soon the true condition of affairs, or at least an inkling of it, got abroad with the result of setting at rest many of the senseless rumors. reassuring a great majority of the interested parties and preventing anything which in the remotest way could be considered a run upon the other banks. At 2 o'clock Thursday afternoon George L. Beard, cashier of the Cheyenne Na tional bank, received a telegram from John W. Collins, president of the California National bank at San Diego, Cal. briefly announcing the suspension of that institution. Mr. Collins was the organizer and for several years past had been president of the Cheyenne National bank, the only Wyo Is ming banking institution with which he is now connected. Mr. Beard's first step was to consult T. B. Hicks, president o the First National; Henry G. Hay, cashier of the Stock Grower's National, and T. g A. Kent, proprietor of Kent's bank. He a laid before them the information which e he had received and invited them to the Cheyenne bank for consultation. At the same time he called in John L. Murray and A. G. McGregor. two directors o the bank. Mr. Murray was a juror in the Jarvi case now on trial in the United States district court, but was given at hour's time. At the expiration of tha re period he was forced to return to cour and Mr. Tim Dyer was left in the bank 1e as his representative. An examination of the books of the bank bythe committee of bankers made d this showing: or Loans $395,000 Cash on hand 35,000 Cash in Eastern banks 45,000 a $475,000 Due to depositors and other banks $318,000 f. Balance in favor of the bank $157,000 a As to the securities held by the bank for its loans they were examined by the in bank directors, who threw out every piece of paper about which they had the least question (which includes a large amount n that while not immediately available C. will ultimately be turned into cash) and found that there was still in the bank's favor as absolutely good security over and above all liabilities $87,000. In other words they laid aside $70,000 worth of paper which the bank carried as security when for any reason they did not con sider it gilt edged. The bankers went home with the understanding that if there was any need of their assistance they would be notified the first thing in the morning. The an nouncement of the suspension of the California National was printed in both o the morning papers just asit was
4.November 14, 1891Omaha Daily BeeOmaha, NE
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THEY CRASHED IN CONCERT. Cheyenne and San Diago Fanks Go to the Wall Completely. NO CAUSE KNOWN FOR THE SUSPENSION. Run on the Wyoming Institution a Surprise-Manager Baird of Madera Short an Hundred Thousand. CHFYENNE, Wyo., Nov. 13.-- [Special Telegram to THE BEE.]-The Cheyenne National bank closed its doors at 11 o'clock this morning. The suspension is entirely due to the failure of the California National bank of San Diego, Cal. John W. Collins of San Diego being president of both banks. The suspension was an immense surprise, as the bank was generally known to be in a perfectly solvent condition and the announcement caused great excitement for a time. The true state of affairs soon became known, however, and business at the other banks was simply of the ordi. nary nature during the day. The announcement of the failure of the Collins bank in California made in this morning papers caused a sudden and in some respects an unexpected run. The Cheyenne National had $35,000 in cash in its vaults. One depositor alone took out $13,000 and the others in large proportion. In less than an hour the bank was cleaned out of its cash. This run was from such an unexpected quarter, but it soon became evident that little short of the actual amount due depositors would satisfy them, so aid from other banks was declined and the doors were closed. At the close of business Thursday night the bank made the following showing: Loans, $395,000; cash on hand, $35,000; cash in eastern exchanges, $45,000, or $475,000 in all. To offset this there was due to depositors $318,000. After reserving nothing but gilt edged securities the bank was shown to be solvent over all liabilities $87,000. The Cheyenne bank was first opened for business January 2, 1885. John W. Collins has for several years been president and George L. Beard cashier.
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.
6.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.
7.November 15, 1891The Morning NewsSavannah, GA
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BROKEN BANKS. Examiners to Take Charge at San Diego and Cheyenne. WASHINGTON, Nov. 14.-Mr. Lacey, controller of the currency, has instructed the bank examiners to take charge of the Cheyenne National Bank of Cheyenne and the National Bank of San Diego, Cal., both of which failed during the week. Their affairs are somewhat connected, as the same officers are practically in charge of both banks. Controller Lacey says he does not know whether the report that Senator Sherman is a stockholder of the Cheyenne bank is true or not. NO NEW RUN AT CHEYENNE. CHEYENNE, WYO., Nov. 14.-Controller Lacey wires from Washington that Examiner Griffiths is on the way here to take charge of the Cheyenne National bank, which failed yesterday. Business is progressing as usual, none of the other Banks being bothered, though all are fortified for the results. The liabilities of the Cheyenne National Bank are $318,000, with assets of twice that amount and such men as Senator John Sherman and, John Jay Knox of New York holding blocks of stock. At a meeting Thursday evening when other city bankers attended on invitation, the involved bank was found to be in excellent shape and in 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 SCARED. 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 calling in of loans by the examiner or receiver will put a cramp on some local concerns, as the bank was practically carrying a good many men. The bank started in 1886 and has always been conducted aggressively by young men.
8.November 15, 1891Omaha Daily BeeOmaha, NE
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THEY CRASHED IN CONCERT. Cheyenne and San Diego Banks Go to the Wall Completely. CHTYENNE, Wyo., Nov. 13.-[Special Telegram to THE BEE.]-The Cheyenne National bank closed its doors at 11 o'clock this morning. The suspension is entirely due to the failure of the California National bank of San Diego, Cal. John W. Collins of San Diego being president of both banks. The suspension was an immense surprise, as the bank was generally known to be in a perfectly solvent condition and the announcement caused great excitement for a time. The true state of affairs soon became known, however, and business at the other banks was simply of the ordinary nature during the day. The announcement of the failure of the Collins bank in California made in this morning papers caused a sudden and in some respects an unexpected run. The Cheyenne National had $35,000 in cash in its vaults. One depositor alone took out $13,000 and the others in large proportion. In less than an hour the bank was cleaned out of its cash. This run was from such an unexpected quarter, but it soon became evident that little short of the actual amount due depositors would satisfy them, so aid from other banks was declined and the doors were closed. At the close of business Thursday night the bank made the following showing: Loans, $335,000; cash on hand, $35,000; cash in eastern exchanges, $45,000, or $475,000 in all. To offset this there was due to depositors $318,000. After reserving nothing but gilt edged securities the bank was shown to be solvent over all liabilities $87,000. The Cheyenne bank was first opened for business January 2, 1885. John W. Collins has for several years been president and George L. Beard cashier,
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 17, 1891The Record-UnionSacramento, CA
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ENDED HIS MISERY. The Cashier of the Suspended Cheyenne Bank Suicides. CHEYENNE, Nov. 16.-Geo. A. Beard, cashier of the suspended Cheyenne National Bank, sent a bullet into his brain this morning. He was in consultation the greater part of yesterday with Examiner Griffith and the attorney of the bank. During the interview he seemed despondent, and spoke of rumors circulated about him, asking if they thought best that he deny them; but they said to him to pay no attention to the stories; that time would vindicate his course. He spent the evening at the club, and on going to his own room appeared to have forgotten his trouble. He not responding when called this morning, the room was forced open, and he was found with a bullet wound bebind the right ear, dead. There is now beginning to exist fears about the bank's condition, which, however, appears solvent. Collins, the President, owes $25,000. Beard indorsed this.
11.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.
13.November 17, 1891The Seattle Post-IntelligencerSeattle, WA
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SUICIDE OF A BANK OFFICIAL. Cashier Beard, of the Cheyenne National, Shoots Himself. CHEYENNE. Wyo., Nov. 16.-George A. Beard, cashier of the suspended Cheyenne National bank, sent a bullet into his brain this morning. He was in consultation the greater part of the day with Examiner Griffith and the attorney of the bank. During the interview he seemed despondent, and spoke of rumors if circulated about him, asking the others thought best that he should deny them, but they advised, him to pay no attention to the stories, saying time would vindicate his cause. He spent the evening at a club, and on going to his room appeared to have forgotten his trouble. He did not respond when called in the morning. The door was forced open and he was found with a bullet wound through his right ear, dead. There is now beginning to exist fear about the bank's condition, which, however, appears solvent. Collins, the president, owes $25,000, and Beard had indorsed this. BOSTON, Nov. 16.-At the creditors' meeting of Irving A. Evans & Co. this afternoon, the following statement was made: Unsettled liabilities, $293,000; probable assets, $195,141. Kendrick, one of the assignees, suggested that the creditors settle on a cash basis. If this is done the dividend will be 60 per cent.
IF it is true that some parties are buying up certificates of deposit of the Cheyenne National at a discount to offset claims which they have against the bank they may possibly fall short of their cal culations. As an illustration: if a man has borrowed $500 from the bank for which he has given his note, and if at the time of the suspension the same individual had $500;deposited to his crecit, he could not now offset one claim with the other. He would be proceeded against like any other debtor and the amount owed by him to the bank first collected. He would then stand in relation to the bank as does every other depositor, accepting his dividends as they were declared in the process of liquidation and submitting to whatever loss might result. In the case of the Cheyenne National, however,* everything looks as it did at first and those who have parted with their certificates at heavv discount will very probably regret it.
here "The Daily Leader" May be Found. CHEYENNE-J. K. Jeffrey's and Theodore G. nton's. CHICAGO-Clifton House, Wabash avenue d Monroe street. ARAMIE-W. H. Williston's, Second and ornburg streets. ROCK SPRINGS-D. O. McHugh's postoffice *9.10 RAWLINS-Louis Schalk's book store. THE THING SHOULD STOP. It is high time a halt was called in the ovement now on foot with reference to el Chevenne National bank. We can el in it nothing but a deliberate determition to bring about a feeling of general security with reference to the bank's asts 80 that frightened or over credulous positors may be induced to part with their rtificates of deposit at half or less than If their face value. Since the advent Mr. E. A. Reed of Ogden the town s been filled with rumors tending to shearten depositors. The indebtedness Mr. John W. Collins to the bank has en grossly exaggerated until in the nds of some misinformed persons the titution has been actually looted by children Rightes Tenpisipal at be official (but in reality her imaginary or based on the grossest sinformation) are being hawked about show the indebtedness of various local lividuals to the bank. The credit of ny local firms has thus been assailed, eir relations to the bank misrepresented a their obligations magnified beyond reason, until, if all these malicious tements are to be believed. the instituni is hopelessly bankrupt, the credit of ny business men is utterly destroyed d the very devil is to pay throughout , corporate limits of Chevenne. These nors may not have been started by Mr. ed nor by the agents whom he has attered about the city, but this fact is ontestible, that the many baleful mors now flying about had rise coincint with the arrival of Mr. Reed in eyenne. But for its possible penicious conseences the meeting held at Keefe hall t evening would have been too ludicrous deserve serious public consideration. e addresses made by Mr. Reed and Mr. J. C. Brird in his behalf were asses of undiluted twaddle (bait cast out r suckers) and the figures were an tounding and incomprehensible mess, ewed as a whole, and,in detail absolutely correct in every particular. Suppose r. Reed should carry out his wild eyed heme to the very letter and that he cured possession of every account held ainst the bank he would then in his n person be in the precise relation to el bank* that all the depositors now are. e could not open the bank except with a consent of thd stockholders and the nptroller of the currency. Bank Examiner Griffith, when this tter was laid before him last night, d that he could give no information to yone about the condition of the bank, her as to its assets or liabilities. This an invariable rule of the department th reference to all suspended national nks. Under the peculiar circuminces he did, however, consent to say is much: "Not one item in the figures ich you show me as having been read t in the meeting at Keefe hall this ening is correct." Further than this r. Griffith did not feel justified in say-
# 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.
THE FIRST DIVIDEND. It is Declared for the Cheyenne National by the Comptroller. Receiver Foster is Authorized to Declare a 25 Per Cent Dividend. The Money Will be Ready for Distribution About March 15. Receiver Foster of the Chevenne National bank has received the pleasing information from Comptroller of the Currency Lacey declaring a dividend of 25 per cent to the depositors of the suspended bank. The money arising from this dividend will not be received until about the middle of the month. Receiver Foster must at once set to work making out a schedule of the accounts against the bank that have 80 tar been proven. Upon this basis he will figure the 25 per cent dividend for each and then make out checks to each individual, leaving the date and signature blank. This schedule and the checks will be forwarded to the comptroller, who will verify the schedule with the original schedule of indebtedness sent in by the receiver after which the checks will be dated and signed and returned to the receiver for distribution. Receiver Foster's part of this work will be finished before Saturday next and at once forwarded to Washington. The signed checks will probably not be returned here much before the middle of the month. The total amount of claims against the bank 18 about $290,000. Of this $250,000 has been proved according to the rules of the treasury department, and it is on this amount only that the first dividend will be declared. It will be seen that the amount. which will be distributed is $62,000, 80 that the benefit to the town will be about the same as though two Union Pacific paydays were combined in one. The receiver now has had some $80,000 paid in and a 30 per cent dividend could as readily be paid as one of 25 per cent. A second dividend of 25 per cent will probably be declared early in June, collections now in sight assaying this. The last 50 per cent will be slower in coming in, 80 that the affairs of the bank cannot be completely wound up inside of a year, some law suits now being in view.
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.
19.March 20, 1892The Seattle Post-IntelligencerSeattle, WA
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BUSINESS FAILURES. Denver Liquor Dealers Assign-Banker Schweisthal Sobs in Court. DENVER, March 19.-Rabs Bros., wholesale liquor dealers, have assigned. Liabilities, $64,000; assets $38,400. It is rumored that several other firms are about to go under. *TRENTON, N.J., March 19.-The Phoenix Iron Company was today placed in the hands of a receiver. The liabilities are $136,000; nominal assets, $186,000. CHICAGO, March 19.-Michael Schweisthal. the insolvent banker, appeared in the county court this afternoon and asked a continuance until Monday. Some of his creditors pressed for an immediate hearing. "I have come here without an attorney," said Schweisthal, and then added brokenly: "I have no money to hire a lawyer." After that sobs stified his voice, and he turned from the group that surrounded him. His friends hurried him from the courtroom before the scene grew more painful. The continuance was agreed to. Assignee Dwyer, of the insolvent whisky commission house of Nagle & Beecher. was brought into court on a creditor's citation, but secured a continuance. Beecher is said to be in Europe, and Nagle is reported to have left for the West. Creditors charge that before going he secreted important books and valuable assets Telegrams have been sent to intercept him. WASHINGTON CITY, March 19.-The comptroller of the currency has declared a first dividend of 25 per cent. in favor of the creditors of the Cheyenne National bank, of Cheyenne, Wyo., on claims proved, amounting to $248,842. SAN FRANCISCO, March 19.-Bradstreet's mercantile agency reports fourteen failures in the Pacific coast states and territories for the week ending the 18th inst., as compared with fourteen for the previous week and twenty-four for the corresponding week of 1891. NEW YORK. March 19.-Hernandez Hermanos and successors have obtained an injunction restraining the Montarey & Mexican Gulf railroad from disposing of any of its property. Plaintiffs hold a judgment of $20,000 against the corporation.
20.March 24, 1892Indian ChieftainVinita, OK
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1. phia/recently. THE receipts from internal revenue during the first eight months of the fiscal year ended June 80 were $100,d 667,233, an increase of $3,700,078 over the receipts during the corresponding g period of last year. THE national bank note circulation is now $161,000,000, an increase of neard ly $20,000,000 since July last THE trunk line passenger agents have decided to sell one fare tickets to those people who desire to visit the e battlefields near Washington at the G. A. R. encampment in September. THE floods in the south of Spain were disastrous. In the town of Villaverde 108 houses collapsed, one child being crushed to death. THE other day about twenty-five drunken miners engaged in a free-forall fight at Carbon, Ind. During the wrangle J. D. Bennett drew a large knife and cut John Jones, 18 years old, fatally. W. A. CROW, agent of the Illinois Central at Pulaski, 111., has been arrested on a charge of swindling. It appears that Crow has been impersonating elergymen and obtaining halffare un names from various roads permits and r assumed selling the permits. A COMMITTEE of the Portuguese chamber of deputies has decided that there are no grounds for criminal proceedings against Senor Carvalho, who, while minister of finance, loaned a large sum of money to the Royal railroad. GEORGE KIPPLE, a bachelor of Plicors, Ia., living alone, committed suicide the other day by hanging himself to a door-knob with a ropa looped around his neck, passed around his leg. looped over his foot and fastened to the doorknob. No cause is known. THE world's conference of Mormons is to be held in Independence, Mo., April 6. THE committee on rivers and harbors in its report recommends an appropriation of $925,000 for the improvement of the Missouri river. THE whisky trust officials filed motions to quash indictments against them. IVES has beat Schaefer and won the world's championship at billiards. PRESIDENT OAKES, of the Northern Pacific, has denied that his road was in any way connected with the Chicago boodling scandal. He speaks of the alleged bribery of the Coicago council by the Northern Pacific as "gross exaggeration, and not only that but an absurdity." THE president has approved the most urgent deficiency bill; the act in regard to Arizona's exhibit at the world's Columbian exposition and the agricultural appropriation bi.l. THE comptroller of the currency has declared a first dividend of 5 per cent. in favor of the creditors of the Cheyenne national bank, of Cheyenne, Wyo., on c'aims proved, amounting to $248,843. PREPARATIONS are being made for the great naval display in 1893. THE Big Four will run trains between St. Louis and Chicago, utilizing the Chicago & Eastern Illinois from Shelbyville. THE Canadian Pacific has given notice that it will build a second line across the Rockies, utilizing Crows Nest Pas for that purpose. A LETTER has been received at Washfrom of inc a $50 note posts ington osing the Italian still confederate valid, director that and asking, if it was it be redeemed and transmitted to him by a money order. TURFMAN DWYER will be stakeholder in the Sullivan-Corbett match. THERE have been received by the Argentine republic forty-eight Krupp field pieces with 5,000 projectiles. Eight batteries of mounted guns will be received shortly. GREAT anxiety is felt throughout the Indiana belt for fear of the exhaustion of natural gas, at least for manufacturing purposes. The big window-glass works at counhave been ty, Spiceland, compelled in Randolph to shut down on of a gas New wells in supply. account total recently failure of drilled the that field did not materially increase the supply, and the old wells failing their shut down became necessary.
21.September 14, 1895The HeraldLos Angeles, CA
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TOO FREE WITH THE PEN, And Now Finds Himself in Serious Trouble FOR ARRESTED FORGERY Prominent Throughout the West in Business Circles w. R. Stebbins of Kansas City Charged With Having Used Another Man's Signature SALT LAKE Sept. 13.-A special to the Tribune from Cheyenne, Wyo., says: W. R. Stebbins, who has been well known in banking and business circles throughout the west for the past twenty years, was arrested here this morning by Sheriff Armstrong of Crook county on the charge of forgery. The sheriff started north at once with his prisoner, who will have a hearing at Sun Dance early next week. Mr. Stebbins' home is in Kansas City, Kan., where he is connected with the American Loan and Trust comDany. He has large property interests here, owning the Cheyenne postoffic e building. He has been connected as a stockholder or officer in the Merchants' National bank of Deadwood, S. D.: the Stebbins, Post & Co. bank of Cheyenne; the First National bank of Sun Dance; the Stock Growers National of Miles City; Cheyenne National and California National of San Diego, all of which have failed but without loss, it is alleged, to Stebbins. It 18 charged that Mr. Stebbins owne ed a block of stock in the First National of Sun Dance from its organization. To conceal his ownership of the bank stock Mr. Stebbins transferred it to a Kansas City man named Mills. The bank was then prospering and paying dividends on the stock. It is alleged that in order to secure the dividends on the stock transferred to Mills, Stebbins made out a power of attorney to the addition of Sun Dance, signed Mills' name to it and sent the document to A. D. Dunn. It authorzed him to vote the stock and collect the dividends. It is also alleged that Mills was in ignorance of this transaction. Later the bank failed and went into the hands of Receiver Milo A. Adams, who levied an assessment on all stockholders for the benefit of the banks' creditors. Both Mills and Stebbins denied owning the stock referred to and an investigation which followed resulted in the discovery of the forgery. Besides his connection with western banks, Mr. Stebbins is connected with the banking firm of Christic & Janney of New York. Suits against him by representatives of the broken banks have been commenced in New York city. Wyoming and Kansas City. Mr. Stebbins and his family have traveled abroad considerably, and he is regarded as personally being very wealthy.
22.September 15, 1895The Seattle Post-IntelligencerSeattle, WA
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All His Banks Failed, but, It Is Said, Without Loss to Him. Salt Lake, Sept. 13.-A special to the Tribune from Cheyenne says: W. R. Stebbins, who has been well known in banking and business circles throughout the West for the past twenty years, was arrested here this morning by Sheriff Armstrong, of Crookston, on a charge of forgery. The sheriff started north at once with his prisoner, who will have a hearing at Sun Dance early next week. Mr. Stebhins' home is in Kansas City, Kan., where he is connected with the American Loan and Trust Company. He has large property interests here, owning the Cheyenne postoffice building. He has been connected as a stockholder or officer with the Merchants' National Bank of Deadwood, S. D.; the Stebbins, Post & Co. Bank of Cheyenne; the First National Bank of Sun Dance: the First National Bank of Spearfish: the Stock Growers' National Bank of Miles City: the Cheyenne National Bank and the California National Bank of San Diego, all of which have failed, but without loss, It is alleged, to Stebbins. It is charged that Mr. Stebbins owned a block of stock in the First National Bank of Sun Dance from its organization. To conceal his ownership of the bank stock Mr. Stebbins transferred it to a Kansas City man named Mills. The bank was then prospering and paying dividends on the stock. It is alleged that in order to secure the dividends on the stock transferred to Mills, Stebbins made out a power of attorney. signed Mills' name to It and sent the document to A. D. Dun. It authorized him to vote the stock, receipt for and collect the dividends. It is also alleged that Mills was in ignorance of this transaction. Later the bank failed and went into the hands of a receiver, Milo A. Adams, who levied an assessment on all the stockholders for the benefit of the bank's creditors. Both Mills and Stebbins denied owning the stock referred to, and an investigation followed. resulting in discovery of the forgery. During his connection with Western banks he has also been connected with the banking firm of Christie & Janney, of New York. Suits against him by representatives of the broken banks have been commenced in New York city, Wyoming and Kansas City. Mr. Stebbins and his family have traveled abroad considerably, and he is regarded as being very wealthy.
23.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.
