Union Bank (Greeley, CO)

Episode Information

Episode UID
6403534991123
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
640353499 hash
Start Date
July 19, 1893
Location
Greeley, Colorado (40.423, -104.709)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c68f2e6c8e6fa804

Response Measures

None

Description

Multiple articles state the bank made an assignment but emphasize it was solvent and that depositors were safe.

Events (4)
1. July 19, 1893 Run
Cause
Correspondent
Cause Details
Depositors withdrew funds after suspension of certain Denver national correspondent banks that held Union Bank's deposits; steady withdrawals (~$80,000) preceded the run.
Measures
Issued statement; attempted to continue business until reserves exhausted
Newspaper Excerpt
As soon as the fact of the suspension of these banks became known a steady run was made on the First National
Source
newspapers
2. July 19, 1893 Suspension
Cause
Correspondent
Cause Details
Compelled to suspend due to suspension of Denver correspondent banks that had on deposit several thousand dollars of its money and large prior withdrawals (~$80,000).
Newspaper Excerpt
The Union Bank closed its doors at 1 P. M. to-day ... they were compelled to suspend business.
Source
newspapers
3. July 22, 1893 Other
Newspaper Excerpt
The Union bank has made an assignment to James F. Benedict of Denver. It is said that the bank is perfectly solvent, but that the assignment was made because it was feared some creditor would take advantage of the new attachment law recently passed by the legislature, In Greeley, Colorado, GREELEY, Col. July 22.-The Union bank has made an assignment to James F. Benedict of Denver.
Source
newspapers
4. August 30, 1893 Reopening
Newspaper Excerpt
The Union Bank at Greeley, Col., also opened for business yesterday.
Source
newspapers

Newspaper Articles (24)
1. July 20, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 20, 1893

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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 line in front of the German National, and by 9 o'clock there was one long sea of faces stretching down the street. At the opposite corner. where the State Bank has long done business, there was also quite a crowd of anxious depositors await. ing the opening of the doors. Here the people were relieved of their agony at a few minutes after o'clock when a notice was posted on the door to the effect that the bank would not open, owing to the lack of ready cash, and the crowd moved away. At the German National there was evidently & determination to go ahead with business up to almost the last moment, when a slip of paper was pasted on the window stating that the doors would remain closed temporarily. Then the scene became distressing. Men and women down the long line broke out into tears and wailing. By this time there on bank 11) the city, and the announcement BOOD was a came run every that the Peo. ples' National Bank had closed its doors. The notice on its doors read: "This bank 18 closed by order of the Board of Directors. Net assets. $1,000,000; liabilities. $310,000." The assets and liabilities of the other two failed banks bear about the same proportions as those of the People's Bank. Their failure is chargeable to the longcontinued drain by depositors and 111ability 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 Commerce, 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 was true at the City and all the other banks. and the business.men are beginning to breathe freer. There has been a considerable number of failures among business houses of all kinds within the past three days. caused by attachments taken out by banks which foresaw their suspension. Five national banks are still open. VARIETY OF EMBARRASSMENT. DENVER. COL. July 9.-Among the fail. ures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. Business firms whose embarrassment has become known range from liquor-saloonstostreet.railroads. in the list drugstores. lumber companies, Thereare gentlemen's furnishing houses, milliners, coal companies, dry-goods houses, jewellers, ready-made-clothing dealers, tailors, and grocers. Two bank failures 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 Denver banks which have suspended. TROUBLE AT GREELY, GREELY, COL. July 19.-The Union Bank closed its doors at 1 P. M. to-dav. and a half hour later the Greely 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 fact of a steady withdrawal of deposits-about $30,000 the past ninety days-they were compelled to suspend business. They say their liabilities are about $100,000 with assets and paid-up capital amounting to $300,000. As the fact of the suspension of these known a SOOD banks as became steady Bank, run but was it made on the First National continued to honor all checks and drafts, and even after the regular closing hour cashed two checks presented, Colorado Banks Assign.

2. July 20, 1893 The Morning News Savannah, GA
Article from The Morning News, July 20, 1893

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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.

3. July 20, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 20, 1893

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Denver Did It. GREELY, Col., July 19.-The Union bank closed its doors at 1 p. m. today, and half an hour later the Greely national pulled down its blinds and turned the key in the door. The Union statement states that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the fact of a steady withdrawal of $80,000 the past nine days they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $600,000. As soon as the fact of the suspension of these banks became known a steady run was made on the First National, but they continued to honor all checks and drafts and even after the regular closing hour cashed two checks presented.

4. July 20, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 20, 1893

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

5. July 20, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 20, 1893

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IN COLORADO AND KANSAS. State and National Banks Forced to Suspend Business. GREELEY, Colo., July 20.-The Union bank closed its doors, and a half hour later the Greeley National pulled down its blinds. The Union statement is to the effect that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the fact of a steady with. drawal of deposits-about $80,000 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 scon 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 closing hour cashed two checks presented.

6. 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.

7. July 22, 1893 Asheville Daily Citizen Asheville, NC
Article from Asheville Daily Citizen, July 22, 1893

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BANK TROUBLES. The Southside Savings bank, Milwaukee, Wis., did not open its doors this morning, and there was a heavy run on the German-American and the Merchant's Exchange banks. The Milwaukee National bank also closed its doors. The Kentucky National bank of Louisville, Ky., closed its doors this morning. This bank's last statement showed $190,000 to the credit of the government. The State National bank of Vernon, Tex., has closed its doors. Every cent of money was paid out except one ten cent piece before the doors closed. The private banking house of J. and L. W. Galbraith, Lampasas, Tex., failed to open its doors yesterday. Liabilities, $60,000; assets, $120,000. The Citizen's bank of Jellico, Tenn., the only banking institution in that place failed to open for business yesterday. The First National bank of Anthony, Kas., closed its doors yesterday. Assets $154,000; liabilities $50,000. The Union bank of Greeley. Col., made an assignment yesterday.

8. July 22, 1893 The Durham Daily Globe Durham, NC
Article from The Durham Daily Globe, July 22, 1893

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BANKS BURST STILL Milwaukee Wrapped Up by Big Runs and Things. Colorado Continues to Come to the Front with Many. BLEEDING KANSAS ALSO VICTIMIZED People Who Come and Go-Brief Brevities of Interest to All Readers of The Globe. NEW YORK, July 22.-[Special. 1- News from the west to-day, viewed in one light, is of a most discouraging character. There was a bank failure at Butte City, Montana, and, supposedly, a serious one. There were also runs on other banks there. A Jellico, Tenn, the Citizens' bank failed to-day. The Union bank at Greeley, Colorado, assigned this afternoon. No figures are given. The First National bank at Anthony, Kansas, assigned to day. Liabilities $50,000, assets unknown. But at Milwaukee, Wisconsin, the biggest failure is on. The Milwaukee National has gone to the wall. The South Side Savings bank closed its doors this morning. This precipitated runs on all the banks in the city. Unless excited depositors see the folly of their actions, many other banks will close this afternoon. There is intense excitement here FOWLER to day.

9. July 22, 1893 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, July 22, 1893

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crushed and burned in a horrible manner and was dead when extricated. Among the failures reported to-day are the Citizens' Bank of Jellico, Tenn; the First National Bank of Anthony, Kon.; the Milwaukee National Bank and South Savings Bank of Milwaukee: the Union Bank of Greeley, Col ; the private banking house of J. and L. Galbraith at Lampasas, Tex.; the State National Bank of Knoxville, Tenn.; the Kentucky National Bank of Louisville; and the State National Bank of Vernon, T.x. There is a heavy run on the German American and Merchants' Exchange Banks of Milwankee. At Shooting Park on the outskirts of Milwaukee, Wis., two thousand five hundred turners from all parts of the United States c ngregated yesterday, and the twenty-sixth annual bundesturufest WAS inaugurated. A duel, that resulted fatally to both the participants, took place in the outskirts of Victoria. Mex., on Thursday between a young law student and a young business man. The quarrel was over a young woman. Weather permitting Edw. Hanlan and Jacob Gaudaur will row at Orillia, Ont., this afternoon for the championship and a stake of $2,000.

10. July 22, 1893 The Bessemer Indicator Pueblo, Bessemer, CO
Article from The Bessemer Indicator, July 22, 1893

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

11. July 22, 1893 The Providence News Providence, RI
Article from The Providence News, July 22, 1893

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have GONE TO THE wall. Additional Bank Failures Announced Over the Wire Today. MEMPHIS, Tenn., Ju'y 22 -The city bank of Jollico, Tenn., the only banking nstitution in the place, has failed. In Greeley, Colorado, GREELEY, Col. July 22.-The Union bank has made an assignment to James F. Benedict of Denver. It is said that the bank is perfectly solvent, but that the assignment was smade because it as feared some creditor would take advantage of the new attachment law recently passed by the legislature, In Texas. Lampasa, Tex., July 22.-The private banking house of J. and L. W. Galbreach did not open its doors today. The liabilities of the concern are $60,000, assets $120,000. A run on the first national bank is in progress. In Wisconsin. MILWAUKEE, Wis., July 22.-The Milwaukee National bank and the South Side-Savings bank failed to open their doors this morning. Runs are now in progress on all of the principal hanks in the city and failures are hourly expected. In Kansas. TOPEKA, Kan., July 22.-The First National bank of Anthony has closed its doors. The assets are placed at $154,000, and liabilities $50,000.

12. July 22, 1893 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, July 22, 1893

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Business Complications. Flanders' dry goods house, Denver, has assigned. The Union Stock Yards company, San Francisco, was attached. The Northern Manufacturing company, Ashland, Wis., has assigned. The First National banks of Canon City and Grand Junction, Colo., have failed. The Union bank and the Greeley National bank of Greeley, Colo., have closed.

13. July 22, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, July 22, 1893

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THE FINANCIAL SCARE. Many Banks in the West Close Their Doors To-Day. MILWAUKEE, Wis, July 22.-The National bank and the South Side savings bank failed to open their doors to-day. TOPEKA. Kan July 22.-The First National bank at Anthony has closed its doors. LAMPASA, Tex, Julv 22.-The private banking house of P. & L. W. Galbray did not open to-day. A run on the First National bank is in progress. MEMPHIS, Tenn, July 22 -The City bank at Jellica has failed. GREELEY, Col., July 22 -The Union bank has made an assignment.

14. July 23, 1893 The Times Richmond, VA
Article from The Times, July 23, 1893

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Also National Banks of Tennessee, Texas and Wisconsin Forced to the Wall. LOUISVILLE, KY., July 22.-The Kentucky National Bank, of this city, closed its doors this morning. The capital stock is $1,000,000. paid up. This bank is also a Government depository, and its last statement show $190,000 to the credit of the Government The loans and discounts outstanding amounted to $1,719,366, and the surplus was $108,500. It is thought that the bank will be able to resume business in a short time. It has been carrying an immense amount of paper, which, although gilt edge, could not be realized on. The bank is the Government depository, and in the statement of the bank. published July 19th, the Government's deposits are placed at $191,731. Deposits of the United States disbursing officers, $138,268. According to the statement, the amount of cash on hand July 19th was a little over $85,000, Individual deposits subject to check of $311,693. and the loans and discounts were $1,719,966. The bank got into serious trouble in the fall of 1890, by having very heavy deposits from the country banks. which were checked so rapidly as to threaten a suspension of the bank. It has never recovered from that trouble, and its failure has been expected for several months. No other banks are hurt. The Kentucky National Bank was a United States depository, and has Government deposits amounting to about $300,000, and its inability to make prompt transfers on this account was the immediate cause of the suspension to-day. During the past three years its surplus has been changed off from $300,000 to $100,000. The officers and directors do not expect to resume for some time, if at all, and it is generally thought that it will not resume at all, unless it should be entirely reorganized. ⑉ Bank Examiner Escott b-right authorizes the official statement that he has examined all the national banks in Louisville, and its vicinity, and they are all solvent. and most of them in very good condition. Future trouble is not expected, unless the small depositors, mainly Germans, become frightened over Sunday and start runs on the banks having large numbers of small depositors. KNOXVILLE, TENN July 22.-The State National Bank closed this morning after opening four minutes. notice was posted on the door saying: "This bank has closed for liquidation. Depositors will be paid in full. The State National Bank, of this city, closed its doors this morning. The bank has long been known to be the weakest in the city. Yesterday, when $20,000 in deposits were withdrawn. it was more than it could stand. A meeting of the directors was held last night. An offer of $40,000 to pay depositors should a run occur to-day was made by other banks. The offer was not accepted, however. When it opened for business this morning a run was precipitated, which only lasted a few minutes, as the bank closed its doors for liquidation. A notice on the door says it will pay depositors dollar for dollar. The stock holders will also receive 85 cents on the dollar. It was feared that the closing of the State National would cause a panic in Knoxville financial circles, which have heretofore been considered very strong. A slight run was only made on the City National Bank, which is just opposite the street, but depositors were paid in full. The scare was soon over. There is no more uneasiness felt here. LAMPASAS, TEX., July 22. The private banking house of J. & L W. Galbraith failed to open its doors yesterday, having made an assignment to Camp bell. Liabilities, $60,000; assets, $120,000. A run on the First National Bank was started, but it was fortunately in position to withstand all demands. The depositors in the Galbraiths' bank will be paid in full. DENVER, COL., July 22.-On petition of the General Electric Company, Judge Hallett, in the United States Court to-day appointed E. B. Shattuck, of Pueblo, receiver of the Pueblo City Railway Company and the International Trust Company. The liabilities of the company are placed at $700,000. VERNON, TEX. July 22.-The State National Bank or Vernon closed its doors yesterday. Every cent of money was paid out. except ten cents, before the doors were closed. The failure is due to the inability to realize on securities. The directors state that depositors will be paid in full. MILWAUKEE, WIS. July -The Milwaukee National Bank closed its doors this morning. MILWAUKEE, WIS., July 22.-The Southside Savings Bank did not open its doors this morning. TOPUKA, KAN., July -The First National Bank of Anthony closed its doors yesterday. Assets, $154,000; liabilities, $50,000. MEMPHIS, TENN., July 22.-The Citizens' Bank, of Jellico, Tenn., the only banking institution in that place, failed to open for business yesterday. GREELEY, COL. July 22. The Union Bank made an assignment yesterday. It is thought the step was voluntarily taken to avoid a contingency that might arise should some creditor take advantage of the attachment law. The bank is perfeetly solvent, and not one depositor will lose a dollar. RUSSELL KAN., July 22 The First National Bank, of this place, closed this afternoon, and was taken possession of by C. M. Sawyer, on the order of the Comptroller of the Currency. No statement is made. Run on a Homestead Bank. HOMESTEAD, PA., July 22.-A run of mada on the

15. July 23, 1893 The Sun New York, NY
Article from The Sun, July 23, 1893

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Western Banks that Are Closed. GREELEY. Col., July 22-The Union Bank made an assignment yesterday morning to James F. Benedict of Denver. It is thought this step was voluntarily taken to avoid the contingency that might arise should some creditors take advantage of the attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. TACOMA. Wash., July 22.-A. G. Foster was appointed receiver of the Traders' Bank yea. terday. President Fitch states that the assets will pay all the obligations and leave a large surplus. Henry A. Strong of Rochester. N. 1.0 and John D. Rockefeller were the largess stockholders. It is expected that the bank will resume soon. TOPEKA. Kan., July 22.-The First National Bank of Anthony closed its doors yesterday and posted up notice of assignment. Its ase sets are $154, 000 and liabilities $50,000. RUSSELL. Kan., July 22.-The First National Bank of this place closed this afternoon. and was taken possession of by C. M. Sawyer on order of the Comptroller of the Currency. No statement is made. WASHINGTON. July 22.-The Comptroller has appointed William A. Rice receiver of the Puget Sound National Bank of Everett. Wash., and Mr. George 8. Hoffmann receiver of the Bozeman National Bank. Bozeman. Mont.

16. July 23, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 23, 1893

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BANK FAILURES SOUTH AND WEST. ONE OF THE EMBARRASSED INSTITUTIONS A GOVERNMENT DEPOSITORY. Knoxville, July 22.-The State National Bank closed this morning. The bank has long been known to be the weakest in the city. The withdrawal yesterday of $20,000 in deposits was more than It could stand. A meeting of the directors was held last night. An offer of $40,000 to pay depositors, should a run occur to-day, was made by other banks, but was not accepted. When it opened for business this morning a run was precipitated, which lasted only a few moments, as the bank closed Its doors for liquidation. A notice on the door says the bank will pay depositors dollar for dollar. Stockholders will also receive 85 cents on the dollar. It was feared that the closing of the State National would cause a panic in Knoxville financial institutions which have heretofore been considered strong. A slight run was made on the City National Bank, which is just opposite the State, but here depositors were paid in full, and the scare was soon over. There is no more uneasiness felt here. It is thought the other banks can stand the storm. Louisville, July 22.-The Kentucky National Bank of this city closed Its doors this morning. The capital stock is $1,000,000, paid up. It is thought the bank will be able to resume business in a short time. It has been carrying an immense amount of paper which, although gilt edge," could not be realized on. The bank is the Government depository, and in its statement published on July 19 the Government's deposits are placed at $191,731 83 deposits of United States disbursing officers, $138,208 17. According to the statement, the amount of cash on hand on July 19 was a little over $85,000: individual deposits subject to check were $311,695 33, and the loans and discounts were $1,719,966 52. The bank had been weak for some time, and the failure was not unexpected. Memphis, July 22.-The Citizens' Bank of Jellico, Tenn., the only banking institution in this place, failed to open for business yesterday morning. John Smith was made assignee. Assets and liabilities not known. Vernon, Texas, July 22.-The State National Bank of Vernon closed its doors yesterday. Every cent of money on hand had been paid out, except ten cents, before the doors closed. The failure is due to inability to realize on securities. The directors say that depositors will be paid In full. Lampasas, Texas, July 22.-The private banking bouse of J. & L. W. Galbraith failed to open its doors yesterday morning. having made an assignment to J. 1. Campbell. Liabilities, $60,000; assets, $120,000. A run on the First National was started, but the concern was in a position to withstand all demands. Depositors in Galbraith's Bank will be paid In full. 6 Topeka, July 22.-The First National Bank of Anthony closed its doors yesterday and posted a notice of assignment. Its assets are $154,000 and liabilities $50,000. RusseM. Kan., July 22.-The First National Bank of this place was closed this afternoon and was taken possession of by C. M. Sawyer on order of the Controller of the Currency. No statement has been made. Greetry, Col., July 22.-The Union Bank made an assignment yesterday morning to James F. Benedict, of Denver. It is thought this step was voluntarily taken to avoid the contingency that might arise should some creditor take advantage of the Attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. Crested Butte, Col., July 22.-The Bank of Crested Butte closed yesterday morning. There had been a quiet run on it for several days, SO it was decided to suspend for a time. The assets are $65,000; liabilities, $35,000. Tacoma. Wash., July 22.-A. G. Poster was ap pointed receiver of the Traders' Bank yesterday. PresIdent Fitch says that the assets will pay all the obligations and leave a large surplus. Henry A. Strong, of Rochester, N.Y., and John D. Rockefeller were the largest stockholders. It is expected the bank will resume business soon. PRESENT TREASURY POLICY TO BE CONTINUED. Washington, July as -Secretary Carlisle. after an Interview with Mr. Preston. Acting Director of the Mint. this morning authorized the statement that he fully approves the policy pursued In his absence by Mr. Preston in purchasing silver, and that the same policy. will govern silver purchases in the immediate future. This statement sets at rest the rumors that Secretary Carlisle would, on his return. reverse the policy of the Treasury in purchasing silver. Secretary Carlisle gave entire discretion in purchasing silver to Mr. Preston when he left here on his vacation. This morning, with the approval.o Secretary Carlisle, Mr. Preston refused to purchase 100,000 ounces of silver at 70 cents, the London price being about 69 1-2 cents an ounce. This was part of lot offered yesterday at 73 cents an ounce, and was declined and a counter offer was made by Mr. Preston of 71 1-2 cents an ounce,which the holder refused to accept.

17. July 23, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 23, 1893

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Sundry Banks Suspend. [By telegraph to the Dispatch.] MEMPHIS, TENN., July 22.-The Citizens' Bank of Jellico, Tenn., the only banking institution in that place, failed to open for business yesterday. No figures known. GREELEY, CoL., July 22.-The Union Bank made an assignment yesterdav. It 18 thought the step was voluntarily taken to avoid a contingency that might arise should some creditor take advantage of the attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. VERNON, TEX., July 22.-The State National Bank of Vernon closed its doors yesterday. Every cent of money was paid out, except ten cents, before the doors were closed. The failure was due to inability to realize on securities. The directors state that depositors will be paid in full. LOUISVILLE, Kr., July 22.-The Kentucky National Bank, this city, closed its doors this morning. Capital stock $1,000,000. paid up. This bank is also a government depository and its last statement showed $190,000 to the credit of the government. The loans and discounts outstanding amounted to $1,719,966, and the surplus was $108,500. MILWAUKEE, WIS., July 22.-The SouthSide Savings Bank did not open its doors this morning. There is a heavy run on the German-American and Merchant's Exchange banks. KNOXVILLE, TENN., July 22.-The State National Bank closed this morning atter opening four minutes. A notice was posted on the door saying: This bank has closed for liquidation. Depositors will be paid in full." MILWAUKEE, WIS., July 22.-The Milwaukee National Bank closed its doors this morning. LAMPASAS, TEX.. July 22.-The private banking-house of J. & L. W. Galbraith failed to open its doors yesterday having made an assignment to J. I. Campbell. Liabilities $60,000; assets. $120,000. A run on the First National Bank started, but it was fortunately in a position to withstand all demands. The depositors in Galbraith's Bank will be paid in full. TOPEKA, KAN., July 22.-The First National Bank of Anthony closed its doors yesterday. Assets, $154,000; liabilities, $50,000. RUSSELL, KAN., July 22.-The First National Bank, of this place, closed this afternoon and was taken possession ot by C. M. Sawyer on the order of the Comptroller of the Currency. No statement is made.

18. July 27, 1893 The Austin Weekly Statesman Austin, TX
Article from The Austin Weekly Statesman, July 27, 1893

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THE PANIC SUBSIDING. MONEY GETTING EASIER EVERYWHERE AND CONFIDENCE RETRUNING. Money Going Back Into the Denver Banks -Suspended. Banks Will Resume Business Shortly-Commercial Bank of Milwaukee Assigns. DENVER, July 21.-Confidence in Denver banks and commercial houses is being restored in the East and at home with nearly the same rapidity that our people attempted its destruction the first three days of this week. There has been no suspension of magnitude for two days and no more are expected. Banking houses have determined that they will push no creditors nor serve an attachment upon those who show an honest disposition towards settling. Times here will probably be until congress meets and that it is expected that if silver then receives fair treatment it will not take long to place Denver and Colorado far in advance of where they were when this transfer came. President D. H. Moffatt of the First National bank has received a telegram from one of the leading banks of New York offering assistance if needed. Mr. Moffat replied with thanks that he had all the money he needed. Other houses have had offers. It is understood that the German and State National have received large sums of money and will be ready to open their doors again within a very short time. CALIFORNIA BANKS REOPEN. SAN BERARDINO, Cal., July 21.-Jas. H. Eckels, comptroller of the currency, has authorized the First Natlonal bank to reopen, which it did this morning. The bank has a large amount of capital on hand, more than enough to pay every possible demand. It is said the Farmers' Exchange bank will also reopen in a short time. BETTER FEELING PREVAILS. NEW YORK, July 21.-The bank presidents reported today that the situation was fairly easy with some shipments of currency to St. Louis, Denver and Kansas City. Money is is easy and there is a more confident feeling everywhere. MILWAUKEE BANK ASSIGNS. MILWAUKEE. July 21.-The Commercial bank failed. It assigned to A. B. Fiefuss, cashier, who filed a bond of $165,000. The troubles of the bank are said to result from its acceptance of a large amount of paper of Corrigan, Ives & Co. The officers of the bank are, E. R. Paine, president; J. C. Flint, vice president, and A. B. Guilfuss, cashier. Capital stock $250,000. The July statement gave total liabiliwhich of ties $1,656,850.85, due is depositors $557,743.22 on demand, $528,915.22 due depositors on time. The direct cause of the sus pension of the bank at this time is attributed to the failure of the Douglass Furnace company of Sharpesville, Pa., of whose certificates of stored pig iron the Commercial bank had about $130,000. It is claimed that somebody ignoring those certificates had the sheriff attach the iron. For some time also depositors in the bank have been quietly withdrawing money from it. A TACOMA BANK. TACOMA, July 21.-The Traders bank suspended today. SCHLESINGER MINING PROPERTY. MILWAUKEE, Wis., July 21.-The first step toward re-organizing the Schlesinger mining property was taken today. A meeting of the Chapin mine owners was held and flve new directors were ehosen. John H. Tweedin, Jr., was elected treasurer. No other changes were made in the directory. GREELY BANK GOES. GREELY, Colo., July 21.-The Union bank assigned today to James F. Benedict of Denver. Depositors are safe. A SMALL BANK. CRESTED BUTTE, Colo., July 21.The Bank of Crested Butte elosed today. Liabilities $35.000, assets $65,000.

19. August 5, 1893 The Lamar Register Lamar, CO
Article from The Lamar Register, August 5, 1893

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THE GREAT QUESTION. Senator Pugh of Alabama:-"The unconditional repeal of the Sherman law would place silver where it was under the act of 1873 and would amount to a recognition and indorse ment of that law which every Demo. crat has denounced as: a crime. Senator Sherman would live to see his life long financial policy, for which the Republican party has struggled the for twenty years, fully vindicated by votes of the Democratic representatives. The Sherman law repealed un conditionally leaves silver at the mercy of its enemies." The New York World is inquiring of bankers who have failed, as to the cause of their failure. In response to such a query the directors of the Greeley Union Bank replied: 'The closing of the Indian mints, the fight against silver causing the shutting down of silver mines throughout the and the entire currency West consequent thereupon, contraction has of caused widespread shrinkage in values of all securities, while the uncertainty as to tariff legislation has added largely to the general distrust by depressing prices of all products and alarm and apprehenthe of investors sion causing on general part and pat depositors. As a direct result our rons feared for our safety and their own, which precipitated a panic and an otherwise senseless run upon us of such presistence as to exhaust all our reserve and compel the temporary elosing of our doors." Congressman Bell:-" last com promise the silver will accept is a rehabilitation of the Bland bill with duty on foreign silver. If a compul sory coinage of $4,000,000 a month is secured silver will go to $1 and stay close to that figure. Under such con ditions the mines of Colorado will be reopened with vigor." Senator Teller:-"No there is an error under which a great many people in this country are laboring, and that is the belief that the Sherman law is responsible for all our present troubles. It is all rot to attribute financial pressures to that source. The Sherman is no more to blame for the state of affairs present act than I am. Why, is it responsible for the recent financial disasters in Australia, which s dropped far harder than this country has, and so have several European states, notably Austro-Hungary? Besides these, how about India and the South American states? Can the Sherman act be held to account for their present difficulties? That's nonsense. It is a fact that conditions have been bad and have been growing worse-that one of those periodical crises that cannot be avoided is upon us-hence the deplorable state of af fairs in this and other countries. It is something that cannot be prevented in this age of the world. Rev. E. S. Ralston, Aspen:-"My friends, you and I de.nand, and I deand we want to put it very we demand the of mand, clearly, restoration silver to its true place in the money markets of the world at the ratio to gold of 16 to 1. We demand this for the sake of our industries which are now paralyzed. We demand it for the sake of our homes over which the shadow of destruction is hovering. We demand it for the sake of those whom we over whom we can see love, disaswith its great it for our true as a that we may ence ter We hanging demand nation, black independ- cloud. stand We independent and free once more. demand it for the sake of the laboring men of all this world. If we would

20. August 11, 1893 The State Herald Holyoke, CO
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The New York World is inquiring of bankers who have failed, as to the cause of their failure. In response to such a query the directors of the Greeley Union Bank replied: "The closing of the Indian mints, the fight against silver causing the shutting down of silver mines throughout the entire West and the contraction of currency consequent thereupon, has caused widespread shrinkage in values of all securities, while the uncertainty as to tariff legislation has added largely to the general distrust by depressing prices of all products and causing general alarm and apprehension on the part of investors and depositors. As a direct result. our patrons feared for our safety and their own, which precipitated a panic and an otherwise senseless run upon us of such persistence as to exhaust all our reserve and compel the temporary closing of our doors."

21. August 30, 1893 Evening Star Washington, DC
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SIGNS OF BETTER TIMES. Bank Deposits Increase and Mills Resume Operations. KANSAS CITY, Aug. 30.-Business men and bankers are unanimous in their opinion that the low point in the present financial depression has been reached by Kansas City, and that the upward movement has begun. Bank presidents estimate that the banks have gained $2,000,000 in deposits since the run in July. DENVER, Aug. 30.-The State National Bank will probably open its doors today, having had the permission of the controller for several days. The Commercial, the only remaining national bank which closed during the recent flurry, will probably open before the end of the week. The German National resumed yesterday. The Union Bank at Greeley, Col., also opened for business yesterday. ST. PAUL, Minn., Aug. 30.-The Walter A. Wood Harvester Works will start up in a few days. Work will be provided for between 1,500 and 2,000 men. ST. LOUIS, Mo., Aug. 30.-The St. Louis Stamping Company resumed operations yesterday, after an idleness of several weeks. Mr. W. F. Neidringhaus, the proprietor, has agreed to sign the amalgamated scale. Tomorrow 2,000 men will be at work. The importance of the resumption will be understood when it is known that 10,000 persons will be directly or indirectly affected by it. LEAVENWORTH, Kan., Aug. 30.-At a general mass meeting of the striking coal miners held yesterday it was decided by an almost unanimous vote to declare the struggle at an end and return to work at the old scale. It is expected that all the. mines will soon be in full operation.

22. August 31, 1893 Richmond Dispatch Richmond, VA
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BETTER TIMES COMING. Banks Deposits Increase and Mills to resume Oyerations. (By Telegraph to The Dispatch.) KANSAS CITY, Aug. -Business men and bankers are unanimous in their opinion that the low point in the present financial depression has been reached by Kansas City, and that the upward movement has begun. Bank presidents estimate that the banks have gained $2,000,000 in deposits since the run in July. DENVER, Aug. 30.-The State National Bank will probably open its doors today, having had the permission of the controller for several days. The Commercial, the only remaining national bank which closed during the recent flurry, will probably open before the end of the week. The German National resumed yesterday. The Union Bank at Greeley, Col., also opened for business yesterday. ST. PAUL, Minn., Aug. 30.-The Walter A. Wood Harvester Works will start up in a few days. Work will be provided for between 1,500 and 2,000 men. ST. LOUIS Mo., Aug. 30.-The St. Louis Stamping Company resumed operations yesterday, after an idleness of several weeks. Mr. W. F. Neidringhaus, the proprietor, has agreed to sign the amalgamated scale. Tomorrow 2,000 men will be at work. The importance of the resumption will be understood when it is known that 10,000 persons will be directly or indirectly affected by it. LEAVENWORTH, Kan., Aug. 30.- At a general mass meeting of the striking coal miners held yesterday it was decided by an almost unanimous vote to declare the struggle at an end and return to work at the old scale. It is expected that all the mines will soon be in full operation.

23. August 31, 1893 Delaware Gazette and State Journal Wilmington, DE
Article from Delaware Gazette and State Journal, August 31, 1893

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United Press Dispatch by Special Wires. DENVER, CoL., Aug. 30.-The State National Bank will probably open its doors for business, to-day, having had the permission of the comptroller for several days. The Commercial, the only remaining national bank which closed during the recent flurry, will probably open between now and theend of the week. The German National resumed yesterday. The Union Bank at Greeley, Col. also opened for business yesterday. THE UPWARD MOVEMENT HAS BEGUN. KANSAS CITY, Mo., Aug. 30.-Business men and bankers are unanimous in the opinion that the low point in the present financial depression has been reached by Kansas City, and that the upward movement has begun. Bank presidents state that the banks have gained $2,000,000 in deposits since the run in July. WILL GIVE WORK TO MANY MEN. ST. PAUL, MINN., Aug. 30.-The Walter A. Wood harvester works will start up in a few days. Work will be provided for between 1,500 to 2,000 men. GOOD NEWS FOR 10,000 PEOPLE. ST. LOUIS, Mo., Aug. 30.-The St. Louis Stamping Company resumed operations yesterday, after an idleness of several weeks. W.F. Neidringhaus, the proprietor, has agreed to sign the Amalgamated scale. To-morrow 2,000 men will be at work. The importance of the resumption will be understood when it is known that 10,000 persons will be directly or indirectly affected by it. MINERS DECLARE THEIR STRIKE OFF. LEAVENWORTH, KAN., Aug. 30-At a geveral massmeeting of thestriking coal miners, held yesterday, it was decided by an almost unanimous vote to declare the struggle at an end and return to work at the other scale. It is expected that all the mines will soon be in full operation.

24. September 1, 1893 The Durham Daily Globe Durham, NC
Article from The Durham Daily Globe, September 1, 1893

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A man named JIM Once wrote a hymn, I think his name was DAVIS. It was so tuff Folks cried enough And yelled "Oh, good LORD, save us." And that ended the business. * * COL. HOWELL HARRIS says that he is in a position now to walk to Fairntosh every day in the week. But he will secure a position pretty soon and we will hear of him going a fishing. *** The football scheme of Trinity is good-but what! good is a football when creditors are kicking people down the stairs. * * * The wonder is that Easter hats are still worn. But the stringency of the times account for many strange things. THE BRIGHTER DAY. What Was Tapped Over the Wires Yesterday Concerning Better Times. The Walter A. Wood Harvester works, of St. Paul, Minn., will start up in a few days. Work will be provided for between 1,500 and 2,000 men. Judge Jenkins, of Milwaukee, yesterday granted the receivers of the Northern Pacific permission to issue $5,000,000 receivers' certificates for the purpose of redeeming stocks and bonds held as collateral to secure the company's floating indebtedness. A statement of the condition of the American Tube and Iron company, Har risburgh, shows assets of $2,624,841.10 and liabilities of $1,376,857.20, leaving a net surplus of $1,247,983.90. The sum of $56,654.03 doubtful accounts is not included in the assets. The State National Bank of Denver opened its doors for business yesterday, having had the permission of the comptroller for several days. The Commercial, the only remaining national bank which closed during the recent flurry, will probably open before the end of the week. The German National has resumed, also the Union bank at Greeley, Col., and the St. Louis Stamping company, after an idleness of several weeks. Mr. W.F. Niedringhaus, the proprietor, has agreed to sign the Amalgamated scale. Yesterday 2,000 men were at work. Ten thousand persons will be affected. bankers of Kansas Business men and City, Mo., are unanimous in their opinion that the low point in the present financial depression has been reached by Kansas City and that the upward movement has begun. Bank presidents estimate that the banks have gained $2,000,000 in deposits since the run in July.