Peoples National Bank (Denver, CO)

Episode Information

Episode UID
408401121
Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
40840 national
Charter Number
4084
Start Date
May 25, 1893
Location
Denver, Colorado (39.739, -104.985)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c45e00ad6cedfa11

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
76.2%
Date receivership started
1899-12-20
OCC cause of failure
Losses
Share of assets assessed as good
7.6%
Share of assets assessed as doubtful
39.4%
Share of assets assessed as worthless
53.0%

Description

Bank name appears as both People's and Peoples in sources (OCR variants).

Events (6)

1. July 30, 1889 Chartered
Source
historical_nic
2. May 25, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors of weakness about the People's (Peoples) National Bank and related institutions precipitated heavy withdrawals
Measures
Officials stated they would be able to withstand the onslaught and continued paying out at tellers
Newspaper Excerpt
Rumors have been current for some days of a weakness of the People's national bank ... which culminated yesterday morning in a heavy run by depositors
Source
newspapers
3. July 19, 1893 Suspension
Cause
Local Banks
Cause Details
Runs spread after failures/closures of other Denver banks and suspensions of savings banks, leading Peoples National to fail to open
Newspaper Excerpt
The old German National ... and the equally reputable State National and the extremely strong Peoples' National failed this morning. ... a notice was posted on the door that the bank would not open, owing to a lack of ready cash.
Source
newspapers
4. August 22, 1893 Reopening
Newspaper Excerpt
The Union and Peoples National bank which suspended on July 18 and 19 respectively, opened their doors for business at the regular hour, they having complied with all the requirements of the comptroller of the currency.
Source
newspapers
5. April 27, 1897 Voluntary Liquidation
Source
historical_nic
6. December 20, 1899 Receivership
Source
historical_nic

Newspaper Articles (21)

Article from The Jasper Weekly Courier, June 2, 1893

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Two Denver Banks Sustain Rans Without Weakening. DENVER. Cel., May 25.-The general financial depression is being seriously felt in this city. Rumors have been current for some days of a weakness of the People's national bank and the People's savings bank. which culminated yesterday morning in a heavy run by depositors of both institutions. The tellers were kept busy all morning paying out. and at noon depositors were still in line pressing forward for their money. The officials of the bank say they will be able to withstand the onslaught.


Article from Deseret Evening News, July 18, 1893

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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.


Article from San Antonio Daily Light, July 20, 1893

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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.


Article from The Waco Evening News, July 20, 1893

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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.


Article from Fort Worth Gazette, July 21, 1893

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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."


Article from The Dickinson Press, July 22, 1893

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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.


Article from The Portland Daily Press, July 24, 1893

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Bank Troubles Since January 1. 1 WASHINGTON, July 22.-Since Jan. nearly 200 national banks have closed their doors, against less than 50 during the same period last year. Of the failures this year five have been United States depositories, as follows: The First national bank of Little Rock, the Gate City national 1 ank of Atlanta, the People's national bank of Denver, the German national bank of Denver, the Kentucky national bank of Louisville. The latter bank which closed its doors today had by the last report received $330,000 of United States funds. The government, however, will not lose anything by these failures, as each national bank that is a government depository has to deposit United States bonds to the amount of government money it is allowed to carry. These bonds, in case of failure, are sold for the account the government and as United States bonds are at a premium in the financial market there is never any difficulty in realizing. Saturday's Bank Failures. LOUISVILLE, 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 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. KNOXVILLE, July 22.-The - State National bank closed this morning. The notice posted on the door says: "This bank has closed for liquidation. Depositors will be paid in full." Liabilities and assets are not known. MILWAUKEE, July 22.-The Milwaukee National bank and South Side Savings bank failed to open their doors this morning. Runs were made on all the leading banks in the city. Cleveland Counts Up. NEW YORK, July 25.-The - Bond Buyer today prints the following: "Just as we go to press we learn that President Cleveland has had made by one of the most


Article from The Progressive Farmer, July 25, 1893

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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.


Article from Southwest-Sentinel, July 25, 1893

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LAST week was a bad one for the banks of Denver. Depositors had been drawing their deposits for weeks and a number of the banks were in bad condition. The failure of three savings banks precipitated a run on all the banks in the city and there were several big failures.


Article from Burlington Weekly Free Press, July 27, 1893

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WAILING DEPOSITORS. DLD RELIABLES OF DENVER CLOSE THEIR DOORS. With Abundant Assets the German National, People's National and State Banks Forced to Announce Empty Coffers-Other Banks Survive the Run and the Crisis Seems Past.


Article from The Austin Weekly Statesman, July 27, 1893

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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


Article from Idaho County Free Press, July 28, 1893

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THE SITUATION IN DENVER Three More Supposedly Solid Banks Go to the Wall. I CROWD OF ANXIOUS DEPOSITORS Who Break Out in Tears and Wallings When the German National Closes. Teller Expresses His Views. DENVER, July 19.-The panic in this city was resumed this morning with renewed vigor. As a result the old German National Bank, with a reputation for stability of twenty years standing, and the equally reputable State National and the extremely strong Peoples' National failed this morning. All night 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 National has so long done husiness, was also a crowd of anxious depositors. Here the people were relieved of their doubts when at 9 o'clock a notice was posted on the door that the bank would not open, owing to a lack of ready cash. At the German National just before opening time a notice was posted on the window stating that it had closed temporarily. This notice caused a distressing scene. Men and women down the line broke out in tears and wailing. The run on all the remaining banks in the city was renewed. Reliable people, however, say there will be no more suspensions. Bank Examiner Adams this morning took charge of the Union National, Commercial National, National Bank of Commerce, State National and the German National. A number of minor commercial concerns went under today. The run on the Denver National is over, with plenty of money still in sight. The same is true at the City Bank and all other unfailed banks. Business men are beginning to breathe more freely. Teller on the Situation. DENVER, July 19.-Senator Teller, in an interview upon the financial situation in this city, says: "There is no one reason to which the trouble can be charged. It is partly to the silver agitation, but more to the general depression affecting the entire country. The bank failures yesterday were unwarranted and are directly chargeable to the people who became frightened and panic stricken at a shadow. There is nothing less fair than to blame all our ills to silver. You had much better blame some to the silver speeches. Teller expressed the belief that the Sherman law will be repealed but not without a substitute of greater benefit to silver. Oakes Denies the Report. NEW YORK, July 19.-A story is current this afternoon that there is danger of the Northern Pacific passing into the hands of a receiver. President Oakes emphatically denied the report. Both Are small Concerns. TOPEKA, Kan., July 19.-The state bank commissioner is informed of the failure of the State Bank of Parker and Woodson's state bank of Yate's Centre. Both are small concerns. Two Banks in Oklahoma. OKLAHOMA CITY, O. T., July 19.-The Bank of Oklahoma and the Oklahoma National bank have failed. The First National stood a heavy run. No statements are given out. A Newspaper Assigns. MOBILE, Ala., July 19.-The Daily Register, one of the oldest newspapers in the South, has made an assignment. Publication will be continued under authority of the court. A California Bank Re-opens. Pomona, Cal., July 19.-The People's Bank re-opened this morning with plenty of coin. Only four dollars were drawn out the first hour. The deposits are liberal. A Moutana Bank Closes. WASHINGTON, July 19.-The comptroller of the currency is informed of the failure of the Bozeman National Bank, at Bozeman, Mont. A Carpet House Fails. BROOKLYN, July 19.-The large carpet house of Bardenburg & Co. has assigned.


Article from Barbour County Index, August 9, 1893

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POINTS FOR THE PEOPLE. -Sects and creeds cut no figure in the battle for human rights. One Father McGlynn is worth more to humanity's cause than a regiment of Henry Ward Beechers. -Which would you prefer to have, a clearing house certificate or a green back issued by the government? Yet the latter has been branded by the national bankers as fiat money-Tacoma Sun. -If silver has no claim as a money metal because it is a product of the earth, gold loses its claim on the same ground. All the people ask is that the two metals shall be treated alike by our government.-Journal of Agriculture. -England had rather rule this country financially and commercially, by manipulating our legislation, than to conquer it by the arts of war. It serves her purpose as well, and is more healthful and less expensive.-Journal of Agriculture. -The present panic was deliberately planned and executed to bluff congress into the demonetization of silver, the purpose being to enhance the value of the securities held by the panic makers, by making them payable in gold val ues.-Journal of Agriculture. -Franklin was without doubt the all round wisest man this continenti ever produced, and he declared at that early day in favor of paper money, pure legal tenders, after a trial of the principle in the colony of Pennsylvanie from 1722 to 1762-National Watch man. 'Whatever a government agrees to receive in payment of the public dues, as a medium of circulation, is money, no matter what its form may be; treasury notes, drafts, etc. Such bills or paper, issued under authority of the United States, are money. ."-Henry Clay in the Senate, 1887. -The populist cause is sure to triumph. There is a moral wave sweeping over the country and by that wave one or both of the old parties will be lashed to pieces. The new issues are coming to the front and they will never down till they are settled and settled right.-Alliance Independent -In 1892 the production of silver was 58,000,000 ounces, of which the government bought 54,129,727 ounces, putting into circulation therefor $47,394,291 in treasury notes. Free coinage of the American product would have put into circulation $19,595,609 more money, after deducting silver used in the arts. This is $88,974,927 less than the gold lost by export during the year. -When we get a postal note or P. O. money order we know to an absolute certainty that it is as good as the cash itself, but when .we get a bank draft we look to see what bank drew the draft and upon what bank it was drawn and then look at the list of fallures. The Nebraska people's party boys were right when they took the lead for government banks.-Missouri World. -Since January 1 nearly two hun dred national banks have closed their doors, against less than fifty during the same period last year. Of the fall. ures this year five have been United States depositories, as follows: The First national bank, of Little Rook, Ark.: the Gate City national bank, of Atlanta, Ga.; the People's national bank, of Denver, Col.: the German national bank, of Denver, Col., and the Kentucky national bank, of Louisville. -Chicago has a new illustrated weekly devoted to the free coinage of silver. Its energies had better be expended in explaining the money function and the uselessness and waste of all the labor in digging and dying for some yellow and white minerals. The same labor expended in creating food, clothing, shelter, instruction and amusement would happify untold millions. The people can create all the money they want and print it on paper that didn't have to be mined at such lbor.-Coming Nation. -The industrial millions demand justice. Through special privileges and class legislation they have been defrauded. Throughallowing politicians and interested newspapers to do their thinking, they have permitted themselves to be well nigh enslaved. Their hope now lies in independent thinking. and in political unity of action. The first thing to be done is to abolish all class legislation, and to demand the government ownership of natural "monopolies,' as well as an expansion of the volume of currency, which will tend to relieve congested business conditions, and enable the slaves of the gold barons at least to live after paying their interest.-B. O. Flower. d -Superintendent-"You want a job driving one of our street sprinklers, eh? Ever had any experience?" Applicant-"No, but-" 'But what?" "Everybody tells me I'm so blind I can't see a street crossing ten feet away and-" "That'll do. Come 'round in the morning and take out the biggest sprinkler we own." - Buffalo Courier -Five-year-old Frances had been spending an afternoon with a little friend. When she returned home she found another little friend there who hadcometovisither "Etheldoesn'tlove you," said Frances to the second little to one the calling girl, referring upon. 'Why the not?" she asked had been visitor, somewhat surprised. "Tause she doesn't know you,' explained


Article from The Madison Daily Leader, August 22, 1893

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More Denver Banks Resume. DENVER, Aug. 22. -The Union and Peoples National bank which suspended on June 18 and 19 respectively, opened their doors for business at the regular hour. they having complied with all the requirements of the comptroller of the currency.


Article from Fort Worth Gazette, August 22, 1893

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BANKS RE-OPEN. I DENVER, Col., Aug. 21.-The Peo. ple's National and Union National banks, two more of the suspended banks, opened their doors for business this morning. |


Article from New Ulm Review, August 23, 1893

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More Denver Banks Resume. DENVER, Aug. 22. -The Union and Peoples National bank which suspended on June 18 and 19 respectively, opened their doors for business at the regular hour, they having complied with all the requirements of the comptroller of the currency.


Article from Daily Kennebec Journal, August 23, 1893

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Denver Banks Resume Business. DENVER, Aug. 22-The Union and People's National banks, which suspended on July 18 and 19, respectively, have opened their doors for business.


Article from The Sun, August 24, 1893

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BANKS REOPEN. Denver, Aug. 22.-The - Union and People's National banks which suspended on July 18 and 19, respectively, opened their dcors for business at the regular hour this morning, they having complied with all the requirements of the controller of the currency.


Article from The Princeton Union, August 24, 1893

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BANKS REOPEN. Denver, Aug. 22.-The Union and People's National banks which suspended on July 18 and 19, respectively, opened their doors for business at the regular hour this morning, they having complied with all the requirements of the controller of the currency.


Article from The Austin Weekly Statesman, August 24, 1893

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Denver Banks Reopen. DENVER. Aug. 21.-The Peoples National and the Union National banks, two more of the suspended banks, opened their doors this morning.


Article from The Madison Daily Leader, August 26, 1893

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To Buy Bank Assets. DENVER, Aug. 26.-The directors of the People's National bank, who are also the directors of the suspended People's Savings bank, have proposed to the depositors in the institution to assume all its liabilities and purchase its assets. The deposits are $1,000,000. A committee will confer and the consent of Comptroller Eckels is all that is necessary to bind the bargain.