Accommodated withdrawals, Public signal of financial health, Full suspension
Other: Comptroller Eckels' special plan (obtaining depositor signatures for suspended banks) was used to facilitate resumption of the suspended State National and other banks.
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Date receivership started
1895-08-24
OCC cause of failure
Losses
Notes
Bank later went into receivership in 1895 (known date) but not relevant to 1893 episode.
Events (8)
1.May 16, 1882Chartered
Source
historical_nic
+11 years
2.July 18, 1893Run
Cause
Local Banks
Cause Details
Runs and failures at other Denver banks (Union National, etc.) triggered withdrawals citywide
Measures
Paid out large sums to satisfy depositors (State National paid out about $100,000 according to reports)
Newspaper Excerpt
A run was being made on all of the banks
Source
newspapers
+1 day
3.July 19, 1893Suspension
Cause
Local Banks
Cause Details
Forced to close after heavy withdrawals and the collapse/failure of other Denver banks during the panic
Newspaper Excerpt
This bank will not be open for business this morning. Depositors will be paid in full. (notice posted on State National Bank door)
Source
newspapers
+43 days
4.August 31, 1893Reopening
Newspaper Excerpt
The State National Bank, the last one of the city's suspended banks, opened its doors again this morning.
Source
newspapers
+11 months
5.July 28, 1894Voluntary Liquidation
Source
historical_nic
+13 months
6.August 24, 1895Receivership
Source
historical_nic
+5 months
7.February 1, 1896Restored To Solvency
Source
historical_nic
same day
8.February 1, 1896Voluntary Liquidation
Source
historical_nic
Newspaper Articles (24)
1.July 16, 1893Tombstone EpitaphTombstone, AZ
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IZONA. SUNDAY, JULY 2: ge NEWS BY WIRD it me Great numbers of Mexican parrd Ve are being imported through Lare itfor sale at the World's Fair. er One thousand negro men were p e ; on the cars at Birmingham last nigi efand started for Kansas to take tl by, place of the striking miners. ket Several attachments were issue old last evening against Denver busine ily houses, the principal ones being th silRoberts Hardware company and th ind Livermore Wayne Lunber Co. in a the The Kansas Bi-metallic convention wo convened at Topeka yesterday after ennoon in representative hall with SEV nd eral hundred delegates in attendance Dy There will be no more bank failure to in Denver. The panic wore itself ou are yesterday with the failure of the Pec We ple's, German and State National in banks. This morning when the Firs me Colorado. Denver, City and America kopened their doors there was hardly It dozen customers in all of them at th use paying tellers' windows. bly Information has been received fror ue Pekin to the eff ct that China ha taken measures to support Sia: against the French, Siam has fc fer many years paid tribute to China. bu ur only as a matter of usage or conver ience, and it is now apparent the ilt China is determined to assist th :Siamese against the French encroach as ments upon their territory. as A conservative estimate of the me be discharged by railwave, mines, busi at ness houses and factories since th of silver panic started places the number in at from 12,600 to 15,000. It is als Irestimated that Colorado, Utah, Mon ty tana and New Mexico merchanti by have countermanded orders on Nev d York wholesale houses for goods dur. flu ing this time amounting to over 1e $12,000. e. The Santa Fe management he a just unearthed extensive frauds of d that division of the road included be :tween Topeka and Chicago, Th ly frauda, it is said, have resulted in se loss to the road of $17,000 a month 1The conspiracy is far reaching in i h ramifications and includes, it is said of various officiale, from assistants to th division superintendents, down to th section bosses.
2.July 18, 1893Deseret Evening NewsSalt Lake City, UT
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The failure of two banks at Denver today was raised by rumor in this city to the collapse of eleven, or all the clearing house banks. The latter report doubtless arone from the fact that a run was being made on all of the banks, but with the exceptions noted they stood the pressure.
3.July 19, 1893The Jersey City NewsJersey City, NJ
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EXTRA! TWO MORE DENVER BANKS DENVER, Col., July 19, 1893.-The - doors of the German National Bank were opened for business at ten o'clock this morning. No notice has been posted on the doors, but it is believed that it has suspended payment. The excitement is rapidly Increasing, and runs are threatened on other banks. DENVER. July 19, 1893. 1 The following notice was posted on the doors of the State National Bank this morning:"This bank will not be open for business this morning. Depositors will be paid in full." At the hour of opening for banking business, crowds had assembled at the different banks, but there did not appear to be the same excitement among the depositors as existed yesterday.
THE DENVER BANKS. They Still Comtinuctosee Trouble Ahead. DENVER, Col., July 19.-The following notice was posted on the doors of the State National bank: "This bank will not be opened for business this morning. Depositors be paid in full." At the hour of opening for business, crowds had assembled at the different banks, but there did not appear to be the same excitement among the depositors as existed yesterday. The doors of the German National bank did not open for business at 10 o'clock this morning. No notice was posted on the doors, but it is believed it has suspended payment. The excitement is rapidly increasing and runs are threatened on the other banks. AMONSDALE, Kas., July 19.-The Citizens' bank suspended yesterday.
5.July 19, 1893Rock Island Daily ArgusRock Island, IL
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Where Runs Were Withstood. The City National paid out about $30,000 and the run stopped, while at the First National $20,000 sufficed to satisfy depositors. At the State National the run was broken after $100,000 were paid out. The German National paid out $70,000 up to the closing hour and the run was still on. At the Denver Saving bank there was a run in the morning but it stopped at noon, no money being paid out, as the bank demanded the legal notice. WRECKS AWONG THE MERCHANTS. A Large Dry Goods Firm Succumbs-Other Financial Troubles. The store of the McNamara Dry Goods company, doing business at Sixteenth and California streets, is in the hands of the sheriff. Attachments aggregating $250,000 were served on the firm at an early hour. The Union National bank, which itself suspended in the morning, precipitated the trouble by securing the first attachment. The rest of the attachments followed in rapid succession. M.S. Norh, installment furniture dealer, assigned to Calvin C. Hill. His assets are placed at $35,000 and his liabilities at $16,000, about equally divided between local and eastern creditors. Albert Nelson, the well-known restaurant man of Curtis street, made an assignment for the benefit of his creditors to Frank Anderson. A He places his assets at about $111,510 and his liabilities at about $96,725 The John Mount Lumber company was attached on a claim from the German National bank for $155,200. The sheriff placed three custodians in charge of the company's property and the company then made an assignment to William B. Paimer, No schedule was presented. Luther J. Wygant, tiles and grates, 1609 Court Place, assigned to Robert J. Pitkin. Assets, $14,765.52; liabilities, $14,830.48 The Evans-Littlefield Confectionery company assigned to George A Smith; no schedule presented. "The Hub," conducted by Engle & Harris, general merchandise, at 2201 to 2209 Larimer street, assigned to George Burger. The assets are placed at $18,100. The liabilities are placed at $4,664.31.
6.July 20, 1893The Seattle Post-IntelligencerSeattle, WA
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DENVER BREATHES EASIER. The Bank Rune Ended-Three Institutions Closed Yesterday. DESVER, July 19.-The German National bank, the State National bank and the People's National bank suspended this morning. The run on the Denver National is over, with plenty of money still in sight. The same is true at the City and all other unfailed banks. Business men are beginning to breathe more freely. The run on the national banks had entirely subsided by noon, and at the closing hour there were not half a dozen people around any of these institutions. The weak banks have all been closed, and there can be little doubt of the soundness of the five banks that withstood the terrible storm of yesterday and today. J. A. Thatcher, president of the Denver National and also of the clearing house, this evening stated that he anticipated no more failures. The banks that had kept open through the clearing house were in good shape and showed that they were in excellent condition for the future. "I am confident that if the financial condition of the country brightens a little," he said, "the failed banks will all resume, and that every depositor will be paid dollar for dollar."
7.July 20, 1893The Seattle Post-IntelligencerSeattle, WA
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Denver Lumber Companies Fall. DENVER. July 19.-The Hallack-Sayre Newton Lumber Company assigned this evening to Frederick F. Savre: no schodule given. F. D. Sayre, the assignee, said the assignment was the result of the closing of the State National bank and was necessary simply because of the present excitement. The company is in very good condition. the assets standing against the liabilities in the ratio of three to one, provided good securities could be realized upon. The Blake Lumber Company has assigned to Emil B. Annia: no schedule. This company was connected in a business way with the Hallack-Sayre-Newton company.
8.July 20, 1893San Antonio Daily LightSan Antonio, TX
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STILL SHAKEY At Denver, Although the Report Says it Looks Better. 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 Colorado, Denver City and American National banks opened their doors, there was hardly a dozen depositors in all of them at the paying tellers' windows. At the First and Colorado National banks a long string of depositors reaching nearly to the street were lined up in front of the receiving teller's window, and money was going back into the bank's vaults, almost as rapidly as it was withdrawn during the past three days. The German, State and People's National banks could pay three for one, if they could only realize on securities. There may be a few commercial failures in the city within the next few days as a result of the suspension of banks, but it is believed, that in no instance, whether banking or commercial house, will failure be complete and `resumption 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 Monday.
9.July 20, 1893The Waco Evening NewsWaco, TX
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FAILURE OF DENVER BANKS. The Panic is Ended and no More Failures Expected. By Associated Press to the News. DENVER, July 30.-There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, the German and the State National banks. This morning when the First, Colorado, Denver City and American National banks opened their doors there was hardly a dozen depositors in all of them at the paying tellers' windows. In the First and Colorado National banks a long string of depositors, reaching nearly to the street, were lined up in front of the receiving tellers' windows, and money was going back into bank vaults almost as rapidly as it was withdrawn du ring the last three days. The German, State and People's National banks could pay three dollars for one if they could realize on securities. There may be a few commercial failures in the city within the next few days as the result of the suspension of the banks, but it is believed that in no instance, whether a banking or commercial house, will the failure be complete and the re. sumption of business will surely fol!ow shortly. It is stated today that the MeNamars dry goods house, which failed Monday for $260,000 have settled with their principle creditors and will resume business Monday.
10.July 21, 1893The Portland Daily PressPortland, ME
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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.
11.July 21, 1893Fort Worth GazetteFort Worth, TX
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BUSINESS. DENVER, Colo., July 20.-There will reparently be no more bank failures in Denver, The panic wore itself out yesterday with the failure of the Peoples', German and State National banks. This morning when the First Colorado, Denver City and American National banks opened their doors there was hardly a dozen depositors in all of them at the paying tellers' windows. 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 money was given back to the bank almost as rapidly as It was withdrawn during the past three days. The German, State and Peoples' Nationals could pay three for one, if they could realize on securities. There may be a few commercial failures in the city within the next few days as a result of the suspension of the banks, but it is believed in no instarce, whether banking or commercial house, will the failure be complete, and a resumption of business will surely follow short! It is stated to-day that McNamara's dry goods house, which failed Monday for $20,000 has settled with their principal creditors and will resume business Monday. In speaking of the financial condition in Denver to-day, D. H. Moffatt, president of the First National bank, sald: "Five National banks are absolutely all right and perfectly able to pay every dollar of their deposits and still continue business. The only person who will have trouble from this time on are those who caused their money to be locked up in suspended banks. The trouble, as far ILS banks are concerned. is over. " was bound to come, and I am glad It is ended, as confidance will now begin to restore itself and times grow better in Colorado."
12.July 22, 1893The Dickinson PressDickinson, ND
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BANKS IN DENVER FAIL. Denver, July -The Union National bank, of which R. W Woodbury is president. failed to open its doors yesterday morning The capital is $5,000,000. No statement can be had. A run was made on the City National, German National, First National, Colorado National and all the eleven clearing house banks. The Commercial National bank and the Na tional Bank of Commerce are also closed. Ex-Gov. Job Cooper is president of the last named bank.
13.July 22, 1893Chicago EagleChicago, IL
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DENVER'S FINANCIAL DISTRESS. Ruin Seems to Lurk About Every Institution in the City. A Denver dispatch asserts that the financial panic there has not abated, and as a result the old German National Bank, with a reputation for stability of twenty years' standing, and the equally reputable State National have been added to those that failed to open their doors for business. All night long depositors stood in line in front of the German, and by 9 o'clock there was one long sea of faces stretching down the street. At the opposite corner, where the State has so long done business, there was also quite a crowd of anxious depositors waiting the opening of the doors. These people were relieved of their doubts at a few minutes after 9 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 there was evidently a 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 in tears and wailing. There is a run on every bank in the city.
14.July 22, 1893Mineral Point TribuneMineral Point, WI
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Denver, July 18.-The Union National bank has failed. It has a capital of $1,000,000. No statement is yet made. A run was made on the City National, German National, First National, Colorado National, and all the clearing house banks today. A general panic is on. The Commercial National has closed its doors. The National Bank of Commerce has also closed its doors. Ex-Governor J. A. Cooper is president of the bank. The McNamara Dry Goods company, one of the largtst houses in the world, was closed by attachment this morning. Liabilities a. $250,000; assets unknown. President J. A. Thatcher, of the clearing house says: "I am confident today will see the worst of this and the people will come to their senses." At the State National bank quite a run progressed. The officers appeared in the best of humor, and say they are confident they can weather the storm. The Commercial National closed its doors when it became evident a run would be inaugurated, and a notice was posted: "Closed for liquidation, by order of board of directors." It has a capital stock of $250,000 and only $2,000 cash on hand. At the American National small depositors, who are not numerous, made the run. The bank has $1,000,000 capital, and deals largely with men who handle big sums of money. The Mercantile bank, a private institution, with a capital of $100,000, failed at noon. The failure was caused by that of the Union National. Hyman & Company proprietors of the Beehive store, and McWhirter & Dipps, dealers in mantels and tiles, and Eagle & Harris, dry goods, have assigned. The excitement and demand upon ne banks continued unabated until about 2 o'clock when it subsided at all the banks except the Utah State National and the German National where the depositors seemed to increase instead of diminishing. Just before the close the failure of the Mercantile Savings bank with a capital of $100,000 was announced. Its assets are sufficient to pay all liabilities in time. The constant drain on banks by scared depositors brought about a crisis. It is stated by bankers that no less than $8,000,000 has been drawn from banks in the last three months. Of this at least $5,000,000 is locked up in this city. Late this afternoon two more savings banks assigned. The North Denver Savings bank and the private bank of Stephens & Hanchett, known as the Capital Savings bank.
RUN ON DENVER BANKS. One Closes Its Doors and There is a Run on the Others. DENVER, Col, July 18.-The Union National bank, of which R. W. Woodbury is President, failed to open its doors this morning Capital, $170,000. No statement can be had. A run is now being made on the City National, German National, First National, Colorado National and the eleven clearing house banks. The panic is on.
FINANCIAL DISTURBANC BAD STATE OF AFFAIRS AFFECTI ALL PARTS OF COLORADO. Thirty Thousand Men Thrown Out of ployment by Shutting Down of Mines Smelters and Dependent Institutions. Numerous Business Failures. DENVER, July 20.-There will parently be no more bank failures Denver. The panic wore itself yesterday with the failure of Peoples, German and State Nation banks. This morning when the Colorado, Denver City and Americ National banks opened their there were hardly a dozen deposite in all of them at the paying celle windows. In the First and Colora National banks long strings of itors reaching nearly to the street lined up in front of the receivi 0 window and money was back into the bank vault almost rapidly as it was withdrawn the past three days. The Germa State and Peoples Nationals could three for one if they could realize securities. There may be a few commerc failures in the city within the next days as a result of the suspension bauks. but it is believed that in no stance, whether banking or cial houses. will the failure be plete and resumption of busin SS surely follow shortly. It is stated day that the McNamara dry house which failed Monday for 000 have settled with their princi Monday. creditors and will resume busin UNEMPLOYED LABOR DENVER, Colo., July 20,-The
17.July 28, 1893Evening JournalWilmington, DE
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ECKELS'S PLAN WORKS WELL. Signatures to His Special Plan for the Denver Banks Come in Rapidly. DENVER, Col., July 88.-The - signatures to the special plan submitted by Comptroller Eckels are coming in rapidly from depositors in the Denver suspended banks. The State National depositors representing over $100,000 have signed and a great many have yet to be heard from. The National Bank of Commerce has received the signatures of depositors representing about $100,000 The German National for between $150,000 and $200,000 and the Commercial National signatures for about $50,000.
18.July 29, 1893Martinsburg HeraldMartinsburg, WV
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# The Cloud in the East.
"The threatened closing of the mills in the East I regard as a much more serious feaure of the present situation than the closing of the Denver banks," says a New York banker.
So it is beyond question. The Denver banks were forced to close by the run resulting from the insane ravings of the Governor of Colorado and his hoodlum convention. The trouble with the mills in the East is of a different nature.
They are confronted by the free trade policy of the party in power. The market will not take their product and they cannot afford to tie up money in goods that may be depreciated by an act of Congress before they can be marketed. Some of them can suspend operations and live. Others must run or go under, and since they cannot sell they must do the other thing.
If there was no fear of a radical change in the tariff policy there mills would go on as before. It is easy to fix the blame without going far.
Wheeling Intelligencer.
19.September 1, 1893The Record-UnionSacramento, CA
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Denver Banks Reopening. DENVER, Aug. 31.-The State National Bank, the last one of the city's six suspending national banks, opened its doors again this morning. The Commercial National will resume in a few days. Of the score of national banks which were compelled to close their doors a few weeks ago, all have resumed save three, and it is said they will again be doing business before the middle of the month.
20.September 1, 1893Pawtucket TribunePawtucket, RI
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Colorado Is Bracing Up. DENVER, Sept. 1.-The State National bank, the last but one of the city's six suspended national banks. opened its doors again yesterday. Of the score of national banks in Colorado which were compelled to close their doors a few weeks ago all have resumed save three
21.September 1, 1893The Daily Morning AstorianAstoria, OR
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THIS LOOKS BETTER. Denver, Aug. 31.-The State National Bank, the last one of the city's suspended banks, opened its doors again this morning. The Commercial National Bank will resume in a few days. Of a score of National banks compelled to close their doors a few weeks ago, all have resumed but three, and it is said that they will again be doing business before the middle of the month.
22.September 1, 1893St. Paul Daily GlobeSaint Paul, MN
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Banks Resuming. DENVER, Col., Aug. 31-The State National bank, the last but one of the citv's six suspended banks, opened its doors again this morning. The Commereial National will resume in a few days. Of the score of national banks which were compelled to close their doors a few weeks ago, all have resumed save three, and it is said they will again be doing business as of old before the middle of the month,
23.September 1, 1893The SunNew York, NY
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Banks Reopening in Colorado, DENVER. Aug. 31.-The State National Pan the last but one of the city's six national banks to suspend. opened its doors this morn ing. The Commercial National will resume 1) a few days. Of the score of national banks in Colorad which were compelled to close their doors) few weeks ago all have resumed save three and it is said that they will again be doin business before the middle of the month.
24.September 2, 1893Daily Kennebec JournalAugusta, ME
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Colorado Is Bracing Up. DENVER, Sept. 1.-The State National bank, the last but one of the city's six suspended national banks. opened Its doors again yesterday. or the score of national banks in Colorado which were compelled to close their doors a few weeks ago all have resumed save three.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
