Full suspension, Books examined
Clearinghouse involved: Yes (loan, examination, or other measures)
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The failure of two banks at Denver today was raised by rumor in this city to the collapse of eleven, or all the clearing house banks. The latter report doubtless arone from the fact that a run was being made on all of the banks, but with the exceptions noted they stood the pressure.
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of the The failure the masses, vesterday located clearing of were each four other blocks within the the far and into streets surrounded, and until speofficers crowd gathered to the out were clear called police the for way Union truffic. 10o'clock a of with 000,000, capital National, not that they would notico posted the This their doors. startod the and Comno quickly National follow posted.ru of the Bank inercial then National and "Where asked: people on all started other Peoples run was banks, immediately thouNational to no groat The dest of of the extent National upon the having over appear to be with 60 per a private cent draw upon. First they on handdition close their doors. their all, deposits $1,500,000 impossible in National as others The mob fund of making The it Colorado are in are thdrawing equally their money deposit let being all small satisfied to in their holdor main banks. Accounts all ox. are The banks paying demandand time they rtificates, demand. the ing these until ing that expira remain As bank every crowded is no as rendering combeing tion clearing time. Institution the meeting it was sistance, stand each alone. house last and night gome pelled of the clearing to help banks, of which decided of them not went National Bank, quite a run is men Altho Stato is for of their in progrous a in large line waiting can get their ap. pear and women are 80 they of the bank and come officers of humor are say they storm. o'clock money. turn to to Confident The the best they can weather was overything National. of the "This bank of is board directors, to the at every entrance National the quiet Up at the 12 Colorado is closed by notice order posted Bank of of which Governor Commerce, is The offiCooper president. of but no amount been sufficers Job A. are indentraty or has to gain admis- is not pounding cient for newspaper condition men of public, as this bank vester offiThe the general statement of the banks cere day, was done City sion. known did to not print by a almost all National to other John R Hanna, they of felt the the any body. as selves $40,000 east Bank said good that condition borrowed in gold The be in bank as recently and is paying from this morning. the the deposite such and Several of deposits this putting can made large of bank the have at are hand and runs ac- on the bank spare. sums friends Those they are those who are who making have small posted had a counts Union National that Bank the bank 000 to notice approxime few The explaining mately $1,000, weeks. The had on realized it but paid out in the stated last that the rapidly bank as that notice depositor further its securities was not as fast enough in to suit possible, depositors. and owes that the bank securities It is thought upon been its socur paid in $500,000. will be able depositors realize have to realize. again Commercial when all The bank BOOD expects as can bank post- for notice: for full. business as National "Closed of diboard ed The the following by order of the in bad shape. only liquidation The bank $250,000 was and had jcan rectors. It has cash in of the rushed bank to the Amer and $2,000 in depositors bank this morning The has than Small National out their deposits. less sidall depositors capital. as city, began American to draw National any bank other of its dealing handled The $1,000,000. in the with who ot the who have been largely vico president and had to the big money. said that those thoso who paid The grocera depositors draw butchers money are with checks bank in person to in private a with noon. money Mercantile capital Bank, stock a of The $100,- fail. of the stitution, its doors at failure which 000, closed caused by Bank, the through audi F. ure was Union National O.C. Girda, Robinson the clip Pub- fortor.is cleared. president of W. the Republican oldest and been merly tishing treasurer Company, dividuals one of the in the state, and exeitement upon the respected made the assignee demands banks after una money continued it about al when o'clock all the banks the bated entirely until subsided State National line and of deseemed to increaso is bank National, Utah where the instead of to underato from way City reach here early special This bearing train on $400.000 the and that ved First little National after closing Bank 1 o'clock hour. recei This and money Moffatt President New nt the York. for Icua, bullion he the before the of close, failure Savings with Bank, Its $100,000, the hour dozen people hardly half the institutions except First president of the
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Financial Panic at Denver. DENVER, July 19.-The Union National bank failed to open its doors yesterday. The capital is $1,000,000. A run is now being made on the City National, German National, First National and Colonial and even the clearing house banks. There is a panic in financial circles. The National Bank of Commerce and the Commercial National bank have closed their doors.
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DENVER'S CRAZY PANIC. Banks Worth Three Times What They Owe Forced to Close. Denver, July 19.-The panic was on in this city to-day with renewed vigor and as a result the old German National, with a reputation for stability of 20 years standing, and the equally reputable State National failed to open their doors for business this morning. Later the People's National failed. All night long depositors stood in the line in front of the German, and by 9 o'clock there was one long sea of faces stretching down the street. On the opposite corner, where the State Bank has so long done business, there was also quite a crowd of anxious depositors waiting for the opening of the doors. Here the people were relieved of their agony at a few minutes after 9 o'clock. when notice was posted to the offect that the bank would not open, owing to a lack of ready cash, and the crowd moved away. THE GEPMAN FAILS TO OPEN. At the German there was evidently a determination to go ahead with business up to almost the last moment, when a slip of paper was pasted on a window stating that the doors would remain closed temporarily. Then the scene became distressing. Men and women down the long line broke out in tears and wailing. By this time there was a run on every bank in the city, and soon came the announcement that the People's National bank had closed its doors. A notice on its doors read: "This bank is closed by order of the board of directors. The assets are $1,100,000, and the liabilities $310,000. THE OTHER BANKS CLSO SOLID. The assets and liabilities of the other two failed banks bear about the same proportion as the People's bank. Their failure is chargeable to a long continued drain by depositors and inability to raise ready cash. All expect to resume shortly. Frank Adams, bank examiner, to-day took charge of the Union National, Commercial National, National Bank of Commerco, State National and German National. This afternoon the run at the Denver National, was over, with an enormous amount of money still in sight. The same is true at the City and all the other banks and business men are beginning to breathe freer. There has been a considerable number of failures among business houses of all kinds within the last few days, caused by attachments taken out by banks who foresaw their suspension. Five national banks are still open. OTHER FAILURES. Among the failures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. The business firms whose embarrassments became known range from liquor saloons to street railroads. There are in the list drug stores, lumber companies, gentlemen's furnishers, milliners, coal companies, dry goods houses, jewelers, ready-made clothing dealers, tailors and grocers. Two bank failues are reported at Aspen and one at Loveland. Commercial failures are also reported from many points in the state outside of Denver, due principally to the fact that the sufferers deposited in the Denver banks which have suspended. TWO CLOSE AT GREELEY. Greeley, Col., July 19.-The Union Bank closed its doors at p. m. to-day and a half 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 suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the steady withdrawal of deposits, amounting to about $80,000 in the past ninety days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $300,000. As soon as the fact of the suspension of 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 hour cashed two checks presented.
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A GREAT CRASH. The Union National, the National Bank of Commerce, and the Commercial National bank of Denver failed to open their doors on Tuesday morning. This has created great consternation and a run is now in progress on every bank in the city. The great McNamara Dry Goods Co. has failed and several smaller firms have also made assignments. Intense excitement prevails.
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BUSTED BANKS Seven Bad Fallares III Two Days at Denver. DENVER. July 18. --Commercial - circles are greatly excited over the failure of three banks in this city during the day. The banks constituting the triple failure are the Colorado Savings bank; the People's Savings bank and the Rocky Mountain Dime and Dollar Savings bank. An estimate of the total assets are $1,500,000 and liabilities are placed at nearly that amount. Charles H. Blakeney was made assignee of the Rocky Mountain Dime and Dollar Savings bank. DENVER, July 19.--Three national banks, the Union National. the Coinmercial National and the National Bank of Commerce, closed their doors during the morning, owing to the heavy demands of excited depositors. The Mercantile bank, a small institution doing business in the Mining Exchange building, also suspended, owing to to the close of the Union Bank, through which its clearances were made. Mercantile vallures. In addition to the bank failures the following firms went to the wall during the day: McNamara Dry Goods company; M. S. Noah. installment furniture dealer: Albert Nelson, restaurant; John Mouatt Lumber company; Luther J. Wygant, tiles and grates; Evans-Littlefield Confectionary company; "The Hub," general merchandise; Hyman & Cohen, shoe dealors, and McHiver & Drip, mantels and tiles.
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The Week in Business Circles. The commercial agencies report improvement in the business situation, but there are many indications that the storm is not over. The Amoskeag mills at Manchester, N. H., will be shut down during August on account of the congested condition of the market, and 8000 hands will be thrown out of employment. The iron mill operatives and representatives of the amalgamated association have failed to reach an agreement in Pittsburg, Pa., and in the meantime 40,000 workmen in Pennsylvania and Ohio are idle. The property of the Schleisinger syndicate, controlling a dozen large mines in northern Michigan and Wisconsin has been attached. The suspension of the Kansas City national bank of Kansas City, Mo., which had a capital of $1,000,000, caused a dozen other banks in Kansas City and in other places in Kansas to go to the wall. Six large building and loan associations of St. Louis transferred their property Monday. The greatest excitement has been at Denver, Col., where eight banks closed their doors. The People's savings bank, the Rocky Mountain Dime and Dollar and the Colorado savings banks went down Monday. The National bank of Commerce, Commercial national and Union national were unable to meet the demands of depositors Tuesday, and Wednesday the People's national and the German national were also obliged to cease business. The streets of Denver were filled with excited throngs, and special policemen had to be called out for service in the vicinity of the banks. Great indignation was expressed against Gov. Waite, the Populist, it being alleged that his unguarded remarks at the silver convention were the indirect cause of the failures. If the financial situation in other parts of the country brightens, it is hoped that the Denver banks will be able to resume business.
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BANKS IN DENVER FAIL. Denver, July -The Union National bank, of which R. W Woodbury is president. failed to open its doors yesterday morning The capital is $5,000,000. No statement can be had. A run was made on the City National, German National, First National, Colorado National and all the eleven clearing house banks. The Commercial National bank and the Na tional Bank of Commerce are also closed. Ex-Gov. Job Cooper is president of the last named bank.
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-Last Monday was a wild day in all Colorado banks, but especially SO at Denver. Tuesday followed with no abatement of the excitement and the runs on the banks began early and lasted all day, and one after the other in rapid succession the National Bank of Commerce, the Union National Bank and the Commercial National Bank went down. A big dry goods establishment also went down with $260,000 liabilities. Confidence in a Democratic administration is not growing to any alarming extent.
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ECKELS'S PLAN WORKS WELL. Signatures to His Special Plan for the Denver Banks Come in Rapidly. DENVER, Col., July 88.-The - signatures to the special plan submitted by Comptroller Eckels are coming in rapidly from depositors in the Denver suspended banks. The State National depositors representing over $100,000 have signed and a great many have yet to be heard from. The National Bank of Commerce has received the signatures of depositors representing about $100,000 The German National for between $150,000 and $200,000 and the Commercial National signatures for about $50,000.
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# The Cloud in the East. "The threatened closing of the mills in the East I regard as a much more serious feaure of the present situation than the closing of the Denver banks," says a New York banker. So it is beyond question. The Denver banks were forced to close by the run resulting from the insane ravings of the Governor of Colorado and his hoodlum convention. The trouble with the mills in the East is of a different nature. They are confronted by the free trade policy of the party in power. The market will not take their product and they cannot afford to tie up money in goods that may be depreciated by an act of Congress before they can be marketed. Some of them can suspend operations and live. Others must run or go under, and since they cannot sell they must do the other thing. If there was no fear of a radical change in the tariff policy there mills would go on as before. It is easy to fix the blame without going far. Wheeling Intelligencer.
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Bank Resumption in Denver. DENVER, July 28.-The signatures to the special plan suggested by Comptroller Eckels are coming in rapidly from depositors in the suspended banks of this city. The State National's depositors representing over $100,000 have signed, and a great many have yet to be heard from. The National Bank of Commerce has received the signatures of depositors representing about $100,000, the German National for between $150,000 and $200,000, and the Commercial National's signatures for about $50,000.
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Bank Resumption in Denver. DENVER, July 28.-The signatures to the special plan suggested by Comptroller Eckels are coming in rapidly from depositors in the Denver suspended banks. The State National depositors, representing over $100,000. have signed and a great many have yet to be heard from. The National Bank of Commerce has received the signatures of depositors representing about $100.000. the German National for between $150,000 and $200,000. and the Commercial National for about $50,000.
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CONTROLLER ECKELS BUSY. Many Suspended Banks Want to Resume Business. The controller of the currency was a busy man today. President Laws of the People's National Bank of Denver, Col., which recently resumed, applied, on behalf of that bank, for authority to absorb the assets of the People's Savings Bank of that city. The controller reserved his decision. Prestdent Dow of the Commercial National Bank of Denver, and President Walters of the First National Bank of Birmingham, Ala., applied to the controller today for authority to reopen those banks. The controller has authorized the City National Bank and the Merchants' National Bank of Louisville, Ky., to resume business September 1. The only bad news received by the controller today was the suspension of the First National Bank of York, Neb.
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More Banks Reopen in Denver. DENVER. Colo., Aug. 31.-The Second National bank. the last one of the city's six suspended national banks to suspend, opened its doors again this morning. The Commercial National will resume in a few days. or the score of national banks compelled to close their doors a few weeks ago, all have resumed save three, and it is said that they will again be doing business before the middle of the month.
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Banks Reopening in Colorado, DENVER. Aug. 31.-The State National Pan the last but one of the city's six national banks to suspend. opened its doors this morn ing. The Commercial National will resume 1) a few days. Of the score of national banks in Colorad which were compelled to close their doors) few weeks ago all have resumed save three and it is said that they will again be doin business before the middle of the month.
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In the Hands of n Receiver. DENVER, Oct. 27.-The Commercial National bank has gone into the hands of a receiver, on application of Chicago men who hold one-third of the stock.
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A Bank Receivership. DENVER, Oct. 27.-The Commercial National bank has gone into the hands of a receiver on the application of Chicago men who hold one-third of the stock.
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Denver, Col., Oct. 27.—The Commercial National Bank has gone into the hands of a receiver.
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DENVER. Oct. 27.-The Commercial National bank has gone into the hands of a receiver, on the application of Chicago men who held one-third of the stock.
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THE BLOTTER UNITED STATES COURT-HANFORD, J. Frank B. Johnson vs. Great Northern Express Company-Motion to make more definite and certain; denied. James Fitzgerald vs. Great Northern Railway Company-Dismissed for lack of prosecution. Paul Hopkins vs. steamer Dispatch- Claim of Dyer & Co. for $15; not allowed. Newton Hartman vs. steamer City of Stanwood-Referred to C. E. Bowen to ascertain amount due libellant. United States vs. Z. Yamamato-Writ of habeas corpus; issued. G. W. Hunt vs. Northern Pacific Rail- road et al.-Wellington Clark appointed examiner. Frank Adams, receiver of Commercial National Bank of Denver, vs. Edward P. Caldwell et al.-Foreclosure of mortgage; demurrer; sustained. CIVIL DEPARTMENT, OSBORN, J. George F. Gund vs. Jacob Hopp et al.-
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The Denv r Bank Wreckers. Denver, May 20.-C. H. Dow. president of the Commercial National bank which failed in the panic of 1893, was arrested here to-day on indictments charging him with misappropriation of the funds of the bank and making false reports to the government. He was released under $5,000 bail. Sidney B. Clurkin, paying teller of the bank, indicted with Dow, was arrested this afternoon at Colorado Springs. It is said that O. E. Miller, president of the Miller Hernia company of Chicago, who obtained $145,000 from the Commercial bank on almost worthless securities, has also been indicted, but the federal authorities refuse to talk about the matter.
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Ex-Bank President Arrested. DENVER, May 21.-C. H. Dow, president of the Commercial National bank, who failed in the panic of 1893, was arrested here yesterday on indictments charging him with misappropriation of funds of the bank and making false reports to the government. He was released under $5,000 bail.
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BANK SCANDAL IN DENVER Alleged Frauds Connected with Management of Commercial National Bank Being Investigated. CHECK KITING IS FRANKLY ADMITTED President Dow Says He Was Not Aware of "Dr." Miller's Heavy Overdrafts Till It Was Too LateRotten Chicago Concern. Denver, Colo., Dec. 19.-0. E. Miller president of the Miller Hernia Treatment company and one of the three defendants in the Commercial National bank fraud case, now on trial in the United States district court here, told the story of his transactions with the bank with the utmost sang-froid on the witness stand today. He admitted that he kited checks with all the Denver banks and took upon himself all the blame for the failure of the Commercial bank in 1893, in consequence of his overdrafts, amounting to $125,000. He said his affairs and ac. counts were 80 involved and complicated that he supposed his indebtedness to the Commercial bank was only $25,000, when it actually reached S total of $110,000. He declared that the eco-defendants, President Charles H. Dow and Teller Sidney G. McClurken, had nothing to do with his schemes. As Dow and McClurken are charged in the indictment with being principals in the misappropriation of the bank's funds, and Miller only as an accessory, it is said that, if the jury should fail to convict the bank officers, Miller would himself escape under the provision of the common law, which provides that the accessory can not be convicted without the conviction of the principals. Following Miller, President Dow took the witness stand. He testified that, while he authorized the kiting of checks by Miller, he was not informed of the overdrafts until after they had become 80 large that it was impossible for Miller to make good his indebtedness to the bank. ROTTEN CONCERN IN CHICAGO. Chicago.-A bill for a receiver for the International Building & Loan Investment company was filed in the United States circuit court to-day in the name of Gustav Konze, of Newark, N.J. It is alleged that the association is hopelessly insolvent and has been wrecked by a majority of the directors, who are seeking to evade responsibility by placing in their stead reputable business men for the purpose reorganization. It is charged that the assets do not exceed $370,000, while the liabilities are $940,000.
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for manslaughter to imprisonment for life for murder in the first degree. Buffalo, N. Y.—Henry Duck, cashier of the First National bank, of Niagara Falls, which recently suspended, was arrainged last night before United States Commissioner Norton, in this city, on a charge of being implicated in the failure of the bank. He pleaded not guilty, and was admitted to bail in $10,000. Springfield, Ill. — Gov. Altgeld has commuted the sentence of the Chicago bankers, Charles J. and Frank R. Meadoweroft, convicted of receiving deposits when their bank was insolvent. The sentence was changed from a penitentiary sentence to sixty days in jail. The governor states that both the state's attorney and judge who presided at the trial recommended clemency. O. F. Miller, convicted in the United States district court, with C. H. Dow and Sidney G. McClirken, of having defrauded the Commercial National bank of Denver out of $125,000 by means of "kiting," was released from jail under $10,000 bonds. The three convicted bank wreckers will be sentenced Jan. 23, and the case will then be taken to the supreme court.