T. A. Kent (Cheyenne, WY)

Episode Information

Episode UID
6614921091123
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
661492109 hash
Start Date
July 20, 1893
Location
Cheyenne, Wyoming (41.140, -104.820)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
962797b38ba0a986

Response Measures

None

Description

Bank made a voluntary assignment and remained suspended (later litigation in 1895 confirms unresolved suspension).

Events (2)
1. July 20, 1893 Run
Cause
Macro News
Cause Details
Withdrawals accelerated during the wider Denver banking panic, building on a steady drain over preceding weeks.
Measures
None reported beyond continued withdrawals; assignee later appointed.
Newspaper Excerpt
There has been a steady run for some weeks and closing was inevitable.
Source
newspapers
2. July 20, 1893 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank failed to open and made a voluntary assignment (assignee J. W. Foster) after sustained withdrawals and panic pressures.
Newspaper Excerpt
The private banking house of T. A. Kent failed to open this morning; made a voluntary assignment; J. W. Foster is assignee.
Source
newspapers

Newspaper Articles (10)
1. July 21, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 21, 1893

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Article Text

Brevities Electric The banking-house of J. B. Wheeler & Co., Colorado City, and Manitou, Col., did not open yesterday. The branch telephone office on Eighteenth street, New York, was burned out last night. $ $120,000. The United States steamer Yorktown, Commander Harrington, left New York for the Pacitic yesterday afternoon. The private banking-house of T. A. Kent. at ( heyenne, Wvo. did not open yesterday, and is in the hands of an asignee. The First National Bank of Canon City, Col. suspended yesterday owing to the fact that its funds are in suspended Denver banks. The "Senate' of the National Union (mutual benefit insurance organization) will meet next year in July at Lookout Mountain, Tennessee. The last eleven clauses of the Irish home-rule bill were taken through the committee stage under closure in the British House of Commons last evening. A reduction of 85 on round-trip rates between Chicago and points south of the Ohio river was agreed upon at meeting of southern-line representatives in Chicago yesterday. A sensation was caused in Frankfort (Ky.) business circlea yesterday by the assignment of Colonel E. 11. Taylor, Jr., the famous distilter, to the Lexingtion Trust Company. A third furnace of the Maryland Stool Company at Sparrows Point, Baltimore, was banked Wednesday night. throwing all of the furnaces which had been in operation out of blast. At a directors' meeting yesterday it was de. cided to shut down the mills of the Westbrook Manufacturing Company. makers of ginghame, Portland, Me., from July 27th until September 4th. A dispatch from Montevideo says that the confliet in Rio Grande do Sul has become a series of small and utterly indecisive encounters between insignificant forces of revolutionista and government troops. In the United States Court at Atlanta yesterday an attorney for the Central Trust Company filed a bill to foreclose a $14,500,000 mortgage on the Georgia Pacific railroad, this being a part of the reorganization scheme. It is said at Leavenworth, Kan., with railroad officers as authority, that 1.000 colored met were put on the cars at Birmingham, Ala., Wednesday night and started for Kaneas to take the places of the Sterling coal-miners. At Grand Junction, Col., the First National Bank failed to open its doors yesterday. Assoon this became known the business-men of the town commenced depositing in the Mesa County Bank in order to make its credit good. A special from Washington, Ga.. says that the Tom Watson meeting passed off without any trouble. About 2,000 people were present 1,500 negroes and 500 white Populists. The Democrats kept away, not over 25 being present. The last will and testament of Anthony J. Drexel was admitted to probate yesterday at Philadelphia. dtidposes of between $25,000.000 and $30,000,000 worth of property, large sums being devoted to charitable and educational purposes. The report that Italy has proposed that 21/6frane pieces be no longer regarded as international coins has been confirmed. Belgium and Greece approve of the proposal. If France and Switzerland refuse to accept it Italy will withf draw from the Latin Union. 4 Governor Jones, of Alabama. has appointed Willis G. Clark, of Mobile, Railrond Commiss sioner of Alabama, to succeed the late General Holtzclaw. He is a business-man. and during Mr. Cleveland's former administration was Collector of the port of Mobile The agent ot the Waumbeck Company. Milton Mills, N. H., has issued orders for closing the mills for three months 33 8007 as the goods now in process of manufacture are finished. the reason assigned for the action being a lack of or1 ders, except at ruinous prices. The Chautanqua Ore and Iron Company, whose mines and iron foundries are located Lyon Mountain, N.Y. closed yesterday. did also the Crown Point iron-cap mines and iron makers. at Crown Point. N.Y., the cause a given being dulness in the iron trade. The Reynoldsville (Pa.) Woolten-Milla-Sykes 2 Allis & Moorehouse, proprietors- burnet yesterday. Loss, 8100,000; insurance. $20,000. The fire originated in the picking-room, on the 1 third floor, and was caused by a nail among the wool getting into the machinery and sending off sparks. There is a complication in the affairs of the d Atlanta (Ga.) Provision and Commission Company, 8 small concern whose principal stockholders are country merchants. Application for a receiver has been made, and the stockholders are anxious to find N. W. Murphy, the general manager. ₫ At Vidalia. Montgomery county. Gs., James : Strickland killed James Lockley yesteria It 4 is said that Lockley had killed Strickland's dog 0 the day before. and that when Strickland n learned this fact he took his shot-gun, went to Lockley's house, and shot him while at supper. Strickland is in jail. 8. 4 The business portion of the town of Ewin, 1 Mich., has been entirely destroyed by fre, and d the people there are holding as prisoner & man supposed to have started the blaze, who is almost certain to be lynched, as the citizens are worked up to a frenzy by the loss of their property. Loss by the fire, about $250,000. Insurance, less than $50,000.

2. July 21, 1893 The Herald Los Angeles, CA
Article from The Herald, July 21, 1893

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THE DENVER PANIC ENDED, No Further Bank Failures Expected. Banks in Outside Cities Now Collapsing. Thousands of Idle Men in the Silver Producing States. Hard Times Beginning to Be Felt in New England as Well as the West-Comptroller Eckels' Insulting Speech. By the Associated Press. DENVER, July 20.-There will be no more bank failures here now. The panic wore itselfontyesterday. Scarcely a dozen depositors were at the paying tellers' windows of the unsuspended banks at the opening this morning, while at the receiving tellers' windows were several strings of depositore, reaching nearly to the street and the money was going back into the bank vaulte almost as fast as it went out the past three dave. There may be a few commercial failures the next few days as the result of the bank failures, but it is believed no bad ones. It is stated the McNamara dry goods house, which failed Monday, has Bettled with its principal creditore, and will resume next Monday. The Flanders dry goods house was attached this morning. Its assets are estimated at $200,000; liabilities, $120,000. OUTSIDE BANK FAILURES. The banking house of J. B. Wheeler & Co. at Colorado City and Manitou, whose branch at Aspen closed yerterday, failed to open doors this morning. The assets and liabilities of the Colorado City institution are not known. The assets of the Manitou bank are $114,000 and liabilities $84,000. At Cafion City, the First National bank did not open this morning. and a notice was posted on the window that owing to the temporary embarrasement of the Colorado respondents of the bank, strain in resources and inability to furnish ready currency, the bank directors had decided to anspend payments. The assets are ample to more than meet the liabilities. At Grand,Junction the First National bank closed its doors this morning, not being able to realize on securities. The following notice was displayed: "Payment suspended. The people owe us $75,000. Our cash, bonds, securities and real estate is $33,000; total assets $108,000. We owe the people $50.000 et assets $58.000. No depositor will lose a cent. We will re-open as soon as we can realize on our securities.' THE PANIC STRIKES CHEYENNE. At Cheyenne, Wyo., the private banking house of T. A. Kent failed to open this morning. Most of the deposits were time claims, and but a few business houses were affected. A statement ia unobtainable. Following the failure of the Kent banking house, the First National euspended at 2:40, owing to a heavy run. J. W. Foster was appointed bank examiner and has taken charge. The asseste are $780,000, and liabilities, $525,000. Several attachments were issued this evening against Denver business houses, the principal being the Roberts Hardware company and the Livermore & Mayne Lumber company. The sums in any instance do not exceed $25,000. ECKLES PROMISES ASSISTANCE. WASHINGTON, July 20.-Comptroller Eckels sent a dispatch to the National bank examiner in Denver today in which he says: "I wish you would announce to the officers of the banks which have failed in Denver that it is my intention to lendthem every aid possible looking towards speedy resumption on their part, and that I shall grant them sufficient time to enable them to collect such amounts as are speedily collectable, but get together such amounts as will enable them to open on a email basis. The comptroller advises the citizens who have foolishly brought about the crisis by withdrawing funds to do the best they can toward repairing the damage by redepositing. He authorizes the examiner to employ assistants in collecting money to the end in view, and ordered Examiner McHugh of Iowa to assist him. Spea ing of the matter, he said the failures are not the fault of the bank officiale, but foolish lack of confidence on the part of the depositora. In all such casea he would help the failed banks to 19. sume. COLORADO'S IDLE LABORERS. DENVER, July 20.-The closing down of the silver minee, smelters, reduction works, coal mines, railwaye and factories has put the laboring classes in B deplor able condition. It is estimated that 10,000 idle mon are in Denver and 20,000 in the outside towns, half of whom are working their way here to become public charges. To avoid this the commercial bodies will ask the railroads to make a $5 rate to the Missouri river for this class. in expectation that thev may be able to get work on farms. It is estimated that Colorado, Utah, Montana and New Mexico have countermanded orders for goods in New York amounting to over $12,000,000. FREE TRANSPORTATION FURNISHED. , July 20.-In connection with a dispatch from Denver city today saying a citizens' committee would endeavor to induce the railroads to get a large number of idle men. now in Colorado east to the agricultural regione. an interesting dispatch came tonight from Hastinge, where 75 men took possession of the Burlington freight train, eaying they were from Denver and wanted to get east. When the superintendent was notified be directed the night yardmaster at Lincoln to make up a special train of empty box

3. July 21, 1893 The Morning News Savannah, GA
Article from The Morning News, July 21, 1893

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ECKELS SENDS GOOD CHEER. The Government to Stand By the Denver Banks. Each of Them to Be Given Every Opportunity to Resume Business-All of Them in Good Condition if the People Would Keep Cool-The City Much More Cheerful on the Receipt of the Good News. Washington, July 20.-James H. Eckels, controller of the currency, immediately on his return from New York, this morning addressed to the national bank examiner at Denver, a dispatch defining the policy of the administration; with reference to insolvent banking institutions generally, as follows: Frank Adams, National Bank Examiner, Denver. Col.: I wish you would announce to the officers of the banks which have failed in Denver that it is my intention to lend them every aid possible, looking towards speedy resumption on their part, and that shall them sufficient them not to collect as are grant only to in such time amounts to together enable speedily collectible, but to get such amounts of money as will enable them to openupon a small basis. It seems to me that such citizens as s have by their foolish course of conduct in withdrawing deposits from banks which so long enjoyed their complete confidence and brought about this condition ought, in view of the damage they have done their city, as quickly as possible to repair it by standing ready to deposit with them. fully appreciate all the circumstances of the situation. and that no unnecessary loss be entailed, you are authorized to emto paper collect the trustworthy may ploy as in assistants, moneys, employes protect most in such competent institutions. and and have also ordered Examiner McHugh, of Iowa. to report at once to assist you. I desire that this telegram be given to the press at Denver, evidencing, as it does, that the controller has faith in the ability of the banks of Denver to resume, and of his desire todend them every assistance consistent with his official duty THE ASSETS ALL RIGHT. When asked to express more fully his views on the condition of affairs, Controller Eckels said the failures in Denver yesterday, like a number of other national bank failures, were caused by no fault of the bank officials, but through foolish and uncalled for lack of confidence on the part of depositors. "It is my intention," he said, "where a bank has been properly conducted and whose assets under ordinary circumstances would have permitted it to remain solvent, to give the institution every opportunity to resume business. All the Denver banks that failed were well conducted, and every opportunity will be given them to reopen. The people who have caused this Denver disaster by foolish runs should do all they can to help the banks to resume." The controller has been notified that the directors of theChomieal-National bank of Chicago have abondoned their attempt to reopen that bank. They were unable to collect the assessments required. A GOOD EFFECT ON DENVER. Denver, Col., July 20.-The cheering news from Washington has had a wonderful effect upon Denver this morning. The dispatch from the controller of the currency to the effect that he would give every possible aid to the banks of this city is applauded on every side. Bank Examiner Adams, to whom the telegram was addressed, is besieged by excited people anxious to hear confirmation of the good report and get an expression from him. Mr. Eckels comments on the foolish course of those Denver citizens who had lost confidence in the banks are looked upon as being most righteous. Newspapers are running off extras announcing the news, and already things begin to wear a brighter aspect. The officers of the closed banks notify the public that they will be able to pay every cent due to customers, but in some cases it will take some time to realize on their securities. It is learned that heavy withdrawals have been made from the banks during the past few months, which would indicate that some of the far-seeing ones anticipated trouble such as has come upon the city in the past few days. It is noticeable that very few of the merchants or business men of the city withdrew their deposits. the run being made principally by the working people and poorer classes of customers. The newspapers feel greatly the distress, every daily excepting one having curtailed expenses by reducing in size or using smaller type. OTHER WESTERN TROUBLES. Washington, July 20. -Western business stroubles are reported as follows: The banking houses of J. B. Wheeler & Co., at Colorado City and Manitou did not open to-day. Their branch at Aspen closed yesterday. The private banking house of T. A. Kent at Cheyenne, Wy., did not open today and is in the hands of an assignee. At Grand Junction, Col., the First National Bank failed to open its doors today. As soon as this became known business men began depositing in the Mesa County Bank in order to made its credit good.

4. July 21, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 21, 1893

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sold until October, and no money can be realized until the spring. MILTON MILLS. July 20.-The agent of the Waumbeck Company has issued orders for the closing of the mills here for six months, as soon as the goods now in progress of manufacture are finished. The reason assigned is a lack of orders, except at ruinous prices. This is the first time in the history of the company that work had been ordered to cease on account of the condition of the markets, and the result will be a serious blow to many employes. PLATTSBURG, N. Y., July 20.-The Chateaugay Ore and Iron Company closed down to-day, as did also the Crown Point Iron Company's mines and ironmakers at Crown Point. The cause given is the dullness of the iron trade. Thousands of men are thrown out of employment. HARRISONVILLE, Mo., July 20.-The First National has suspended payment and is in the hands of the Comptroller of Currency. The liabilities are between $30,000 and $40,000. while the assets amount to $80,000. The stringency in the money market and the failure to realize on collateral were the causes of the suspension. CHICAGO, July 20.-It was stated in court to-day that the assets of Banker Hermann Schaffner, who recently committed suicide, would not pay over 12 1/2 cents on the dollar of the liabilities. NEW YORK, July 20.-David McClure has been appointed receiver for the Truth Company on the application of the directors of the company. It was incorporated in December, 1892, with a capital stock of $200,000, succeeding to the business previously carried on by the News Letter Company. NASHUA, N. H., July 20.-The Security Trust Company closed its doors this morning on account of the withdrawal of deposits. The depositors will be paid in full. The company has a capital and surplus of $250,000. SHARON, Pa., July 20.-The She riff has served attachments on the Douglass Fur Dace Company of Sharpsville, aggregating over $250,000. The chief creditors are Corrigan, Ives & Co. of Cleveland, $102,000. and the Wisconsin Marine and Fire Insurance Company, $125,000. The failure is attributed to the assignment of Forsythe, Hyde & Co., Chicago, by whom the furnace has been operated. CHEYENNE, July 20.-The private banking-house of T. A. Kent failed to open this morning. Most of the deposits were time claims and but few business houses were affected. A statement is not obtainable. Following the failure of the Kent Bankinghouse, the First National suspended at 2:30 o'clock owing to a heavy run. J. W. Foster was appointed bank examiner and has taken charge. The assets are $780,000 and the liabilities $525,000.

5. July 21, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 21, 1893

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J. B. Glasser." The assets of the Manitou Bank are $114,000. The liabilities are $84,000, of which the personal deposits of J. B. Wheeler are $31,000, leaving the liabilities about $53,000. All depositors will be paid in full, and the hotels are cashing all checks on the bank. Cheyenne, Wyo., July 20-The private bankinghouse of T. A. Kent failed to open its doors this morning. There has been a quiet, steady decline for several weeks. Most of the deposits of this bank were time certificates, and few of the business houses are affected. J. W. Foster, the assignee, believes that depositors will De paid in full. Topeka, Kan., July 20.-Notice of the failure of the Bank of Belleville, Republic County, has been received at the State Bank Commissioner's office. It was a private bank, with a capital of $20,000. Peoria, Ill., July 20.-All fears of trouble at the banks as a consequence of the failure of Oberhouser's private bank on Saturday have died away. Preparations were made to stand any possible run, but none materialized. All the savings banks have now taken advantage of the sixty-day notice clause governing withdrawals. Nashua, N. H., July 20.-The Security Trust Company closed Its doors this morning. The bank has not met with losses, but stopped business on account of the withdrawal of deposits. The treasurer states that the bank will be able to pay all depositors in full. It has capital and surplus amounting to $250,000. which must be paid out before loss can come to the depositors. There is considerable excitement in consequence of the suspension.

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

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Two Cheyenne Banks Suspend. CHEYENNE, Wy., July 20.-Two of Cheyenne's banks have suspended. The private banking house of T.A. Kent made a voluntary assignment. This precipitated a run on the two national banks of the city, which resulted in the suspension of the First National this afternoon. The Stock Growers' National met all demands. The liabilities of Kent's bank Aggregate $258.00 00, but three times this amount can be realized from the Assets placed in the hands of J. W. Foster. the assignee. 1 he First National Bank has a capital stock of $200,000. The liabilities are $502,000. and the assets $725,000. Mr. Kent and President F. B. Hicks of the First National both state that the banks will be able to resume as soon it is possible to realize upon securities.

7. July 21, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 21, 1893

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A Suspension at Cheyenne. CHEYENNE, Wy., July 20.-The private banking house of T. A. Kent failed to open this morning. Most of the deposits were time claims and but few business houses are affected. A statement is unobtainable. Following the failure of the Kent banking house the First National suspended at 2:30 owing to a heavy run. J. W. Foster was appointed bank examiner and has taken charge. The assets are estimated at $780,000, and liabilities $525,000.

8. July 21, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 21, 1893

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First National bank, of which G. A. Rice is president and G. A. McFarland cashier, failed to open its doors this morning. A notice was posted on the doors stating the liabilities to be $50,000 and assets $109,000, leaving a balance of $59,000 in favor of the bank. The depositors were further informed that no one would lose a penny, and that the bank would reopen as soon as it could realize upon its securities. As soon as the First National closing became known the business men began depositing in the Meabo bank in order to make its credit good. The runs were very light, and it is thought it may weather the storm without any trouble. CANON CITY, Col., July 20.-When the hours for opening the banks arrived this morning passers-by were confronted with a notice on the First National bank announcing that owing to failure of Denver banks it would have to suspend for a short time. This announcement caused no excitement, and no run is being made on the Fremont County bank, which is perfectly solid, and no fears are entertained in regard to it. The assets of the First National are largely in excess of liabilities, but ready funds could not be realized on securities, so suspension was necessary. It is thought the bank would be closed for only a short time. CHEYENNE, Wyo., July 20.-The private banking house of T. A. Kent failed to open its doors this morning. There has been a quiet steady, drain for some weeks, and closing was inevitable. Most of the deposits of this bank were time certificates, and but few of the business houses are affected. J. W. Foster is made assignee, and is now in charge. He believes that depositors will be paid in full.

9. July 22, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, July 22, 1893

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Result of a Run. CHEYENNE, Wy., July 22.-The private banking house of T. A. Kent has suspended. There has been a steady run for some weeks and closing was inevitable. This precipitated a run on the other banks and the First National closed its doors during the afternoon.

10. January 6, 1895 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 6, 1895

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NOT A PREFERRED CREDITOR. Cheyenne, Wyo., Jan. 5.-The Wyoming supreme court decided today adversely to the application of the state of Wyoming and of Laramie county to be made preferred creditors of the suspended banking house of T. A. Kent. The state had $56,000 and the county $16,000 on deposit in the Kent bank at the time of its failure in July, 1893. The state and county treasurer have contended that these deposits were'trust funds and should be classed as preferred claims.