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national
9cb531ff427c9cd8Full suspension, Books examined
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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.
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Financial Panic at Denver. DENVER, July 19.-The Union National bank failed to open its doors yesterday. The capital is $1,000,000. A run is now being made on the City National, German National, First National and Colonial and even the clearing house banks. There is a panic in financial circles. The National Bank of Commerce and the Commercial National bank have closed their doors.
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DENVER'S CRAZY PANIC. Banks Worth Three Times What They Owe Forced to Close. Denver, July 19.-The panic was on in this city to-day with renewed vigor and as a result the old German National, with a reputation for stability of 20 years standing, and the equally reputable State National failed to open their doors for business this morning. Later the People's National failed. All night long depositors stood in the line in front of the German, and by 9 o'clock there was one long sea of faces stretching down the street. On the opposite corner, where the State Bank has so long done business, there was also quite a crowd of anxious depositors waiting for the opening of the doors. Here the people were relieved of their agony at a few minutes after 9 o'clock. when notice was posted to the offect that the bank would not open, owing to a lack of ready cash, and the crowd moved away. THE GEPMAN FAILS TO OPEN. At the German there was evidently a determination to go ahead with business up to almost the last moment, when a slip of paper was pasted on a window stating that the doors would remain closed temporarily. Then the scene became distressing. Men and women down the long line broke out in tears and wailing. By this time there was a run on every bank in the city, and soon came the announcement that the People's National bank had closed its doors. A notice on its doors read: "This bank is closed by order of the board of directors. The assets are $1,100,000, and the liabilities $310,000. THE OTHER BANKS CLSO SOLID. The assets and liabilities of the other two failed banks bear about the same proportion as the People's bank. Their failure is chargeable to a long continued drain by depositors and inability to raise ready cash. All expect to resume shortly. Frank Adams, bank examiner, to-day took charge of the Union National, Commercial National, National Bank of Commerco, State National and German National. This afternoon the run at the Denver National, was over, with an enormous amount of money still in sight. The same is true at the City and all the other banks and business men are beginning to breathe freer. There has been a considerable number of failures among business houses of all kinds within the last few days, caused by attachments taken out by banks who foresaw their suspension. Five national banks are still open. OTHER FAILURES. Among the failures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. The business firms whose embarrassments became known range from liquor saloons to street railroads. There are in the list drug stores, lumber companies, gentlemen's furnishers, milliners, coal companies, dry goods houses, jewelers, ready-made clothing dealers, tailors and grocers. Two bank failues are reported at Aspen and one at Loveland. Commercial failures are also reported from many points in the state outside of Denver, due principally to the fact that the sufferers deposited in the Denver banks which have suspended. TWO CLOSE AT GREELEY. Greeley, Col., July 19.-The Union Bank closed its doors at p. m. to-day and a half hour later the Greeley National pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the steady withdrawal of deposits, amounting to about $80,000 in the past ninety days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $300,000. As soon as the fact of the suspension of these banks became known a steady run was made on the First National, but it continued to honor all checks and drafts, and even after the regular closing hour cashed two checks presented.
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A GREAT CRASH. The Union National, the National Bank of Commerce, and the Commercial National bank of Denver failed to open their doors on Tuesday morning. This has created great consternation and a run is now in progress on every bank in the city. The great McNamara Dry Goods Co. has failed and several smaller firms have also made assignments. Intense excitement prevails.
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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.
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-Last Monday was a wild day in all Colorado banks, but especially SO at Denver. Tuesday followed with no abatement of the excitement and the runs on the banks began early and lasted all day, and one after the other in rapid succession the National Bank of Commerce, the Union National Bank and the Commercial National Bank went down. A big dry goods establishment also went down with $260,000 liabilities. Confidence in a Democratic administration is not growing to any alarming extent.
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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.
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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.
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IT is not the Wall street gold bugs who are responsible for the financial troubles in Denver, but the distrust and lack of confidence of her own people. There is no bank that can stand a drainage of hundreds of thousands in a day without preparing for it. There is not a doubt that the Denver banks are sound, but this insane run upon them for hundreds of thousands of dollars has simply forced them to suspend payments. It is a fool movement of the home simpletons.
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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.
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More Banks Reopen in Denver. DENVER. Colo., Aug. 31.-The Second National bank. the last one of the city's six suspended national banks to suspend, opened its doors again this morning. The Commercial National will resume in a few days. or the score of national banks compelled to close their doors a few weeks ago, all have resumed save three, and it is said that they will again be doing business before the middle of the month.
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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.
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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,
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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.
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Denver, Col., Oct. 27.-The Commercial National Bank has gone into the hands of a receiver.
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DENVER. Oct. 27.-The Commercial National bank has gone into the hands of a receiver, on the application of Chicago men who held one-third of the stock.
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Denver Bank Goes to a Receiver. DENVER, Col., Oct. 27.-The Commercial National Bank, of which C.L. Dow is president, was to-day placed in the hands of a receiver.
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Denver Bank Goes to a Receiver. DENVER, Col., Oct. 27.-The Commercial National Bank, of which C.L. Dow is president, was to-day placed in the hands of a receiver.
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A Denver Bank in Trouble. DENVER, Oct. 27.-The Commercial National Bank has gone into the hands of a receiver.
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The Denv r Bank Wreckers. Denver, May 20.-C. H. Dow. president of the Commercial National bank which failed in the panic of 1893, was arrested here to-day on indictments charging him with misappropriation of the funds of the bank and making false reports to the government. He was released under $5,000 bail. Sidney B. Clurkin, paying teller of the bank, indicted with Dow, was arrested this afternoon at Colorado Springs. It is said that O. E. Miller, president of the Miller Hernia company of Chicago, who obtained $145,000 from the Commercial bank on almost worthless securities, has also been indicted, but the federal authorities refuse to talk about the matter.
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Ex-Bank President Arrested. DENVER, May 21.-C. H. Dow, president of the Commercial National bank, who failed in the panic of 1893, was arrested here yesterday on indictments charging him with misappropriation of funds of the bank and making false reports to the government. He was released under $5,000 bail.
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BANK SCANDAL IN DENVER Alleged Frauds Connected with Management of Commercial National Bank Being Investigated. CHECK KITING IS FRANKLY ADMITTED President Dow Says He Was Not Aware of "Dr." Miller's Heavy Overdrafts Till It Was Too LateRotten Chicago Concern. Denver, Colo., Dec. 19.-0. E. Miller president of the Miller Hernia Treatment company and one of the three defendants in the Commercial National bank fraud case, now on trial in the United States district court here, told the story of his transactions with the bank with the utmost sang-froid on the witness stand today. He admitted that he kited checks with all the Denver banks and took upon himself all the blame for the failure of the Commercial bank in 1893, in consequence of his overdrafts, amounting to $125,000. He said his affairs and ac. counts were 80 involved and complicated that he supposed his indebtedness to the Commercial bank was only $25,000, when it actually reached S total of $110,000. He declared that the eco-defendants, President Charles H. Dow and Teller Sidney G. McClurken, had nothing to do with his schemes. As Dow and McClurken are charged in the indictment with being principals in the misappropriation of the bank's funds, and Miller only as an accessory, it is said that, if the jury should fail to convict the bank officers, Miller would himself escape under the provision of the common law, which provides that the accessory can not be convicted without the conviction of the principals. Following Miller, President Dow took the witness stand. He testified that, while he authorized the kiting of checks by Miller, he was not informed of the overdrafts until after they had become 80 large that it was impossible for Miller to make good his indebtedness to the bank. ROTTEN CONCERN IN CHICAGO. Chicago.-A bill for a receiver for the International Building & Loan Investment company was filed in the United States circuit court to-day in the name of Gustav Konze, of Newark, N.J. It is alleged that the association is hopelessly insolvent and has been wrecked by a majority of the directors, who are seeking to evade responsibility by placing in their stead reputable business men for the purpose reorganization. It is charged that the assets do not exceed $370,000, while the liabilities are $940,000.
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BANK WRECKERS CONVICTED. Denver, Col., Dec. 24.-The case of the government against C. H. Dow, president; Sydney G. McClurken, teller of the defunct Commercial Nationayl bank, and Dr. E. O. Miller, of Chicago, charged with misapplying funds and defrauding the depositors of the wrecked institution have come to an end the jury returning a verdict against all three defendants. The Commercial National, owing to the "kiting" of Miller's checks for a sum aggregating $125,000, was forced to suspend during the great panic of 1893.
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for manslaughter to imprisonment for life for murder in the first degree. Buffalo, N. Y.—Henry Duck, cashier of the First National bank, of Niagara Falls, which recently suspended, was arrainged last night before United States Commissioner Norton, in this city, on a charge of being implicated in the failure of the bank. He pleaded not guilty, and was admitted to bail in $10,000. Springfield, Ill. — Gov. Altgeld has commuted the sentence of the Chicago bankers, Charles J. and Frank R. Meadoweroft, convicted of receiving deposits when their bank was insolvent. The sentence was changed from a penitentiary sentence to sixty days in jail. The governor states that both the state's attorney and judge who presided at the trial recommended clemency. O. F. Miller, convicted in the United States district court, with C. H. Dow and Sidney G. McClirken, of having defrauded the Commercial National bank of Denver out of $125,000 by means of "kiting," was released from jail under $10,000 bonds. The three convicted bank wreckers will be sentenced Jan. 23, and the case will then be taken to the supreme court.