Western Bank (Denver, CO)

Episode Information

Episode UID
2499166391268
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
249916639 hash
Start Date
August 8, 1905
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d57bb0f5aa522cc6

Response Measures

None

Description

Officers later arrested and assignee/receiver appointed; assets later sold in receivership.

Events (3)
1. August 8, 1905 Run
Cause
Local Banks
Cause Details
Run at other Denver banks (Denver Savings Bank and Central Savings) spilled over and a slight run began on the Western.
Newspaper Excerpt
A slight run was started at the Western Bank yesterday.
Source
newspapers
2. August 9, 1905 Receivership
Newspaper Excerpt
The Western bank closed its doors at 10 o'clock and is in the hands of an assignee. Frank Beatty (Henry/ H. M. Beatty / assistant cashier) appointed assignee; later receiver sells assets and dividends paid to depositors in 1906-12-14/15/16 articles describing asset sale and dividends declared (20%).
Source
newspapers
3. August 9, 1905 Suspension
Cause
Local Banks
Cause Details
Following runs on Denver Savings Bank and pressure on local banks, Western Bank failed to open and was placed in hands of an assignee.
Newspaper Excerpt
The Western bank closed its doors at 10 o'clock and now is in the hands of an assignee.
Source
newspapers

Newspaper Articles (21)
1. August 9, 1905 The Fairmont West Virginian Fairmont, WV
Article from The Fairmont West Virginian, August 9, 1905

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Article Text

Denver Savings Bank opened its doors at 10 A. M. and the blg run started Monday afternoon was resumed. A slight run was started at the Western Bank yesterday afternoon: Leonard Imboden, the power behind the Denver Savings Bank, a short time ago held a heavy interest in the Western but is said to have sold out. The statement is now made that both of the banks have close Interests in common. There is much talk of asking Governor McDonald to at once summon the Legislature to pass adequate laws for the protection of depositors and cred itors of savings and loan associations, It was only a few months ago that the Fidelity Assurance Society; of Detiver, failed for almost a million dollars, nine-tenths of the losers being from the working classes.

2. August 9, 1905 The Spokane Press Spokane, WA
Article from The Spokane Press, August 9, 1905

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DENVER, Col., Aug. 9.-As early as 6 o'clock this morning savings and commercial depositors of the Denver Savings bank began forming in line. By 8 o'clock fully 500 persons were waiting for the opening of the doors. The Western bank closed its doors at 10 o'clock and now is in the hands of an assignee. A slight run started on it yesterday.

3. August 9, 1905 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, August 9, 1905

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Article Text

DENVER BANKS IN TROUBLE. Stan on One Bank and Another Closes Down Denver. Aug. 9.-As early as 6 this morning the savings and commercial depositors with the Denver Savings bank began forming in line and by eight fully 500 are waiting the opening of the doors. The Western bank closed its doors at 10 o'clock and is in the hands of an assignee. A slight run was started on it yesterday. Leonard Imboden, the power behind the Denver Savings bank, a short time ago held a heavy Interest in the Western, but it is said to have sold out. The statement is made that both banks have close interests in 'common. Frank Beatty is assignee of the Western bank. Aj large crowd of angry depositors are at the deors, making threats against the officers.

4. August 9, 1905 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 9, 1905

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Article Text

Bank Closed. Denver, Aug. 9.-The Western Bank has closed its doors and is now in the hands of an assignee. The Denver Savings Bank opened its doors at 10 a. m., and the big run started Monday afternoon was resumed. A slight run was started at the Western Bank yesterday afternoon. Denver, Aug. 9.-Leonard Imboden, the power behind the Denver Savings Bank, a short time ago held a heavy interest in "the Western, but is said to have sold out. The statement is now made that both of the banks have closed interests in common.

5. August 9, 1905 The Seattle Star Seattle, WA
Article from The Seattle Star, August 9, 1905

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CHILDREN BURY PLAY MATE ALIVE. MANSFIELD, 0., Aug. 9.By playing "burying" Raymond Woodward, aged 3, and Howard Straub, aged 4, caused the death of 6-year-old Corman Stimens, and then, in childish glee, ran away and told what they had done. The three children. playing in a sandbank, conceived the idea of partly burying each other, and dug a hole for the purpose. The Stimens lad fell into the hope while walking around It. His playmates threw sand in upon him. His efforts to get out only served to draw more sand in upon him. Finally, when they could no longer see him or hear his cries, the two ran across the street, where some men were working, and said: "He's dead now. We've buried him." A physician worked over the child for hours, but he was beyond aid, and died. The lads who caused the doath of their playmate are still unable to realize what they have done. PORTSMOUTH, Aug. 9.-King Edward reviewed the French English fleet, comprising 70 ships, today, it being the anniversary of his coronation. The weather was gloomy, but immense crowds were ashore and a great number of excursionists witnessed the event, which lasted an hour. The French fleet entered the harbor. DENVER, Colo., Aug. 9.-The Western bank closed its doors at 10 o'clock and is in the hands of an assignee. A elight run started on It yesterday.

6. August 9, 1905 The Seattle Star Seattle, WA
Article from The Seattle Star, August 9, 1905

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Article Text

DENVER, Colo., Aug. 9.-The Western bank closed its doors at 10 o'clock and is in the hands of an assignee. ^ nlight run started on It yesterday.

7. August 10, 1905 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 10, 1905

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party will be given to-night at the corner of Laurel and Spring Streets. DEPOSITORS BESIEGE BANK IN DENVER (By Associated Press.) DENVER, COL., August 9.-The Western Bank, a State institution, failed to open to-day. It is understood that a run on the bank was feared. The run on the Denver Savings Bank, which began yesterday, was resumed today. There was also a run on the Central Savings Bank.

8. August 10, 1905 The Vinita Weekly Chieftain Vinita, OK
Article from The Vinita Weekly Chieftain, August 10, 1905

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BIG BANK FAILURE The western at Denver Failed to Open Today. Associated Press. Denver, Aug. I.-The Western Bank, a state institution. failed to open this morning. Hy M. Heatty, assistant cashier. has been appointed assignee. The run on the Denver Havings bank was resumed today. Three hundred people were in line when the bank opened. The bank continues to pay ten per cent of its deposits. The Western's deposits are in the neighborhood of one million dollars.

9. August 10, 1905 The Oskaloosa Herald Oskaloosa, IA
Article from The Oskaloosa Herald, August 10, 1905

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Article Text

BANK PAYS DEPOSITORS. Run Continues at Denver But All Are Accommodated / 0000000000000 Scripps-McRae Telegram. Denver Aug. 9.-The Western bank closed its doors this morning. A slight run had started yesterday. The Deaver Savings bank opened this morning and the big run was resumed. Great crowds were present. Ten per cent is being paid to depositors and the thirty day rule is being enforced.

10. August 10, 1905 The Cairo Bulletin Cairo, IL
Article from The Cairo Bulletin, August 10, 1905

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Batteries-MeFarland, Taylor and 1 Grady; Scanlon and Bergen. a R. H. E. S 11 1 1 Cincinnati 3 7 3 Philadelphia Batteries-Chech and Schlel; Duggleby: and Abbort. DENVER bank IN ASSIGNEE'S HANDS r Denver, Aug. 9.-The Western bank closed its doors this morning. and is now in the hands of an assignee. The bank opened its doors at 10 o'clock and the big run started Monday afternoon was resumed. A slight run was started at the Wesern bank yesterday afternoon. There is much talk of asking Gov. McDonald to at once summon the legislature to pass adequate laws for the protéction of the depositors and creditors of savings and loan associations. It was only a few months ago that the Fidelity Assurance society of Denver failed for almost a million dollars, nine-tenths of the losers be ing from the working classes. Leonard Imboden. the power behind the Denver Savings bank, short time ago held a heavy interest in the Western. but is said to have sold out. The statement is now made that both of the banks have close interests in common. The assignee of the Western bank is Frank M. Beatty. There is a large crowd of angry depositors outside, who are making dost the officers. No state at this time,

11. August 11, 1905 Barton County Democrat Great Bend, KS
Article from Barton County Democrat, August 11, 1905

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Article Text

Western Bank Closed. Denver, Colo., Aug. 9 -The - Western. Bank, of this city, is now closed in the hands of au assignee. A slight run was started on the Western yesterday. A large crowd of depositors in the Western are threatening violence to the officers. Calls at the door are unanswered, and policemen stand at the doors and guard them. No statement is procurable.

12. August 12, 1905 Chicago Eagle Chicago, IL
Article from Chicago Eagle, August 12, 1905

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Cost of Chicago Strike. Chicago's big teamsters' strike, for which Shea, in his speech, accepted responsibility, cost $110,620, according to the union finance committee's report. Denver Bank Falls. Following the run on the Denver Savings Bank, Denver, Colo., the Western Bank, a State institution, closed its doors. Leonard B. Imboden, the "Texas plunger," is said to be responsible for the failure.

13. August 16, 1905 The Miller Sun Miller, SD
Article from The Miller Sun, August 16, 1905

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BANK GOES UNDER. Western, of Denver, Owes Depositors a Million. The Western Bank at Denver, Colo., a state institution, failed to open Wednesday. It is announced Henry M. Beatty, assistant cashier, has been appointed assignee. The Western Bank deposits are about $1,000,000. The Central Savings Bank also experienced a run, but paid depositors in full on demand. The run on the Denver Savings Bank, which began Tuesday, was resumed Wednesday.

14. August 18, 1905 Eagle River Review Eagle River, WI
Article from Eagle River Review, August 18, 1905

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Bank in Denver Closes Doors. Following the run on the Denver Savings Bank, Denver, Colo., the Western Bank, a State institution, closed its doors. Leonard B. Imboden, the "Texas plunger," is said to be responsible for the failure.

15. August 18, 1905 The Delta Independent Delta, CO
Article from The Delta Independent, August 18, 1905

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The Western bank which closed its doors in Denver last week to prevent a run is said to have ample funds to pay depositors in full.

16. August 18, 1905 Rocky Ford Enterprise Rocky Ford, CO
Article from Rocky Ford Enterprise, August 18, 1905

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BANK OFFICERS ARRESTED. Further Developments in Denver Financial Muddle. Denver, Colo., Aug. 11.-The News this morning says: As a result of the assignment of the Western bank, W. G. Brown, president; B. F. Blair, cashfer: H. M. Beatty, assistant cashier, and Mark F. Postlewalt, clerk. were arrested last night charged with larceny as bankers. A warrant was also issued for W. T. Perkins, vice president, but not served. as Perkins is now in the East. The complaints were sworn out by Elmer D. McColly. who deposItem $120 in the Western bank on Monday afternoon. The Niles & Moser Cigar Company has brought sult against the defunct Western bank to have the deed of as. signment set aside and a receiver ap. pointed for the assets. In the complaint the officers and directors of the bank are specifically charged with fraud in conspiring and confederating to divest themselves of liability by selling a controlling interest to Imboden, whom they knew to be a convict and lacking in financial responsibility. B. F. Blair, cashier of the defunct bank. who is avowedly friendly to Imboden and looking after his interests, made serious charges against the offlcials of the Denver National bank and also those of his own institution. He says they brought about the assignment of the bank in order to oust Imboden and ruin him in Denver. The charge is strongly denied by John C. Mitchell, cashier of the Denver National bank. Mark F. Postlewait charges that there has been much internal corruption in the Western bank. John H. Chiles, assistant district attorney, states that the accused men will be vigorously prosecuted, and that If the Denver Savings bank closes its doors the officers of that bank will be arrested and prosecated the same as those of the Western bank.

17. September 12, 1905 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, September 12, 1905

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DENVER BANKERS ON TRIAL. (By Associated Press.) Denver, Colo., Sept. 12.-Carlos Wood, cashier, and Robert. Brown, teller of the suspendéd Western bank, were placed on trial here today charged with bankers' larceny. It is alleged that Wood and Brown received deposits when they knew that the bank was insolvent They presented a plea of not guilty,

18. January 4, 1906 Iron County Register Ironton, MO
Article from Iron County Register, January 4, 1906

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Business Failures Jan. 3-First national bank of Faribault, Minn., closed; receiver appointed. 9-Brott cotton mills, Massachusetts, capital $1,200,000. 23-Strauss-Green Co., Toledo, O.; liabilities $115,000. assets $100.000. 27-Standard Rope & Twine Co., N. Y., for $12,000,000. 29--Pan-Amefican bank, Chicago; assets $17,200, liabilities $75,900. Mar. 5-Arnold Brewing Co., Saulte St. Marie, Mich.; liabilities $85,000; assets $65,000. 6-Spartansburg, Pa., bank; capital, $25,000. 7-Coe Co., Minneapolis; liabilities, $200,000. 31-Citizens' bank, Lorain, O., as result of defalcation. Apr. 3-Ladoga, Ind., bank; assets $80,000. liabilities $109,000. 16-Owosso, Mich., private bank closes. 23-Merchants' Trust Co., New York, closed. Lexing24-Canton, O., state bank closes ton, Okla., First national bank fails. 26-Barberton, O., First national bank 27-R. H. York & Co., old Cleveland, O., brokers; liabilities, $40,000. Jun. 2-Ladysmith, Wis., First national bank closed. 19-Fyfe & Munson, Chicago, placed in receiver's hands, 21-City Trust Co., Philadelphia, closes doors. 23-Vicksburg, Mich., exchange bank. 26-Knight. Donnelly & Co., Chicago. 28-Terre Haute, Ind., national bank closed doors. Jul. 5-Spring Valley, Ill., and Toluca, Ill., national banks close. 6-Hagerstown, Ind., Commercial bank; liabilities. $125,000. 13-Citizens' bank, Yellow Springs, O.; liabilities, $50,000. 19-Spring Valley, O., bank closes. 20-City national bank, Kansas City, Mo. Aug. 3-West Liberty, Ky., bank closes. 10-Four Denver, Col., Western bank officials arrested on fraud charge. 21-Western bank, Louisville, Ky.; due to overloans. Sep. 19-Minot, S. D., national bank closes doors. 27-Johnson & Sloan, Minneapolis, Minn.: liabilities, $200,000 First national bank, Orville, O., closes doors. Oct. 6-Peoria (III.) national bank closes because of Dougherty indictments. Nov. 1-Kingfisher (Okla.) national tank closed by comptroller of currency. Dec. 18-John R. Walsh's three banks in Chicago. Chicago National, Home Savings and Equitable company in liquidation. Local clearing house guarantees payment of 826,000,000. Public and private accounts involved. 27-Merchants Trust company, American Savings bank and Mechanics Savings bank. Memphis, Tenn., close doors; first named in liquidation.

19. August 11, 1906 The Colorado Statesman Denver, CO
Article from The Colorado Statesman, August 11, 1906

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with matches, which set fire to her dress. Governor McDonald will be requested to open the annual flower show to in North at August 22nd to 24th be Springs, the held park, inclusive, Colorado by El Paso County Horticultural society. A terrific hail storm struck the camps of Primero and in county on the 5th mining Las Animas Secundo inst., coal covering the six inches. windows depth hailstones of Many ground to the were broken. Fiurino, an Gaetano Italian, living on Delgany street in Denver, was shot his wife on the accused her of with and because other killed he by going 6th, inst., men and started to in him ter to her brother Italy, write telling a letso. of the man found at of the The headgate body Robinson's lake dead and irrigating reservoir, eight miles north on the Globeville has been as the of Denver 5th, inst., identified road, on that of Fred Luksik, a resident of Denver. The offer of Abraham Bosler of Philto certain adelphia purchase of the assets of the defunct Western Bank at to be worth was refused after exfor Denver, $80,000, said $90,000 an pression against it by a meeting of depositors. During a panic on an Interurban car at caused fear electric being down Trinidad, by of run by a Santa Fe enThomas & residgine, Colorado at Mrs. Wyoming Dowd, engineer, wife of a ing Jansen, fell and at the knee in an to right leg fractured attempt her jump from the car. of LiNotice State of bank the dissolution filed the in mon has been the office of the secretary of State. The notice says that the bank has been sold out to J. M. Bailey and J. M. Mcclure, who will continue the business as a private bank. The institution was capitalized at $30,000. The September term of the District Court at Trinidad promises to be of ever held in the are cases There the longest twenty-one on county. one the criminal docket at the time and state there probably will ten or twelve added the be the officers present during month. Three are murder cases. El Paso county is given a valuation of $23,850,000 in the annual report of Assessor F. F. Schreiber. The valuation is about fifty per cent. of the actually due, making the wealth of the county approximately $50,000,000. Of the assessor's estimate, $16,350,000 is on real estate, $4,000,000 on personal property and $3,500,000 on railroads. Governor McDonald attended the pic nic of the Caledonian Club at Military Park, near Denver, on the 4th inst. and watched with great interest the numerous Scotch games and diversions. He also donated a gold medal for putting the sixteen-pound shot, which was awarded to Thomas McCall. There were several other medals and valuable prizes. J.J. Manuel, an employe at the state capitol, E. Ford and W. have Rev. been John selected by B. Fields the People's and the colored men as business Sunday alliance of Denver delegates to the National Negro Business League, which organization will hold a convention in Atlanta, Georgia, August 27th, 28th and 29th. The Denver delegates will endeavor to secure the 1907 convention. The engineer in charge of the work on the Gunnison tunnel, Uncompahgre irrigation project, reports that 718 feet were excavated in July and to date 14,614 linear feet. Less headway was made in July than in previous months on account of friable material encountered in heading No. 2, an accident by a premature explosion in heading No. 1, and the quantity of water flowing in the latter heading. At the meeting of the State Board of was to who was by extended Pardons sentenced August Herman from 3d Lake Anderson, clemency county 10, 1903, to a term for Judge of Owers fifteen February to twenty years murder in the second degree. His sentence was commuted to four to twenty years, under which commutation he will obtain his lberty as soon as the papers reach the penitentiary. Prof. Joseph Reed of Denver, former principal of the Glenwood schools, will take charge of a department of humane in schools the state. education Professor the Reed's public work of in this line has already attracted attention, and the Roaring Fork Teachers' Association, which comprises educators in Garfield, Eagle and Pitkin met and approved and views counties, adopted last Professor winter Reed's on the matter, based on his work at Glenwood.

20. December 15, 1906 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 15, 1906

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Deal Enables Depositors to Obtain Another Dividend. Denver, Dec. 15.-District Judge John I. Mullins today accepted the offer of Clint O. Heath, representing himself and two eastern associates, whose names are withheld, of $108,350 for the entire assets of the western bank, which sailed about a year ago. This will enable the receiver to declare a dividend of 20 per cent in favor of the depositors, immediately making in all

21. December 16, 1906 The Salt Lake Tribune Salt Lake City, UT
Article from The Salt Lake Tribune, December 16, 1906

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Bank Will Pay 70 Per Cent. DENVER, Colo., Dec. 14.-District Judge John I. Mullins today accepted the offer of Clint Heath, representing himself and two Eastern associates, whose names are withheld, of $108,350 for the entire assets of the Western bank, which failed about a year ago. This will enable the receiver to declare a dividend of 20 per cent in favor of the depositors immediately, making in all 70 per cent declared since the receivership.