gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
16b4fae9aca1c7c2
Response Measures
Accommodated withdrawals, Fed/other loan, Full suspension, Books examined
Receivership Details
Date receivership started
1896-07-25
Date receivership terminated
1897-01-07
OCC cause of failure
Losses
Description
Sources report an initial suspension dated July 1 and a citywide run/panic mid-July; reopening reported Aug 17.
Events (7)
1.November 13, 1889Chartered
Source
historical_nic
2.July 1, 1893Suspension
Cause
Local Banks
Cause Details
Suspension attributed to heavy withdrawals and runs in Denver's banking panic.
Newspaper Excerpt
The American National bank which suspended July 1st.
Source
newspapers
3.July 18, 1893Run
Cause
Local Banks
Cause Details
Run on multiple Denver banks after several national banks failed to open, producing a citywide panic and heavy withdrawals from other banks.
Measures
Depositors lined up at paying tellers; banks later suspended payments (see suspension event).
Newspaper Excerpt
A run is now being made on the City National, German National, the First National, the Colorado National and all the eleven clearing house banks.
Source
newspapers
4.August 17, 1893Reopening
Newspaper Excerpt
The American National bank which suspended July 1st, resumed business this morning (Aug. 17).
Source
newspapers
5.July 25, 1896Receivership
Source
historical_nic
6.January 7, 1897Restored To Solvency
Source
historical_nic
7.April 1, 1899Voluntary Liquidation
Source
historical_nic
Newspaper Articles (22)
1.July 18, 1893Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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-:-BRIEF WIRINGS-:DENVER CRASHES. Three National Banks Go Under-The Sheriff Busy. Special to the New Mexican. DENVER, July 18.-Three national banks, namely the Union National, the National Bank of Commerce and the Commercial National, failed to open their doors this morning and notices of their suspension were posted outside the doors of these institutions. This caused wide-spread consternation and fear, and as a result there is a frantic rush toward the other banks and a run is now in progress on every bank in the city. The greatest of excitement prevails and this is intensified by the announcement of the suspension of the McNamara Dry Goods company, one of the oldest and largest houses in the city. The immense stock of this house was attached ist night at midnight by the sheriff for the Union National bank on a debt of $65,000 and by noon to-day the attachments amount to about $275,000, creditors coming in rapidly and filing attachments in regular succession. Several small firms have made assignments this forenoon and the sheriff is kept busy serving writs of attachments. The wealthiest and most level headed men in the city predict an end of this panic and crash before night, but at noon and this afternoon excitement is still at fever heat and more failures are expected.
CLOSED DOORS. Serious Times Among The Denver Banks. DENVER, Col., July 18.-The Union National bank, of which W. R. Woodbury is president, failed to open its doors this morning. Capital $100,000. No statement can be had. A run is now being made on the City National, German National, the First National, the Colorado National and all the eleven clearing house banks. The Commercial National bank and the National Bank of Commerce have closed their doors. FORT SCOTT, Kans, July 18.-The First National bank of this city, the oldest financial institution in south eastern Kansas, has suspended payment. TOLEDO, O., July 18.-The Citizens' bank of Ada, the most prominent one in Hardin county, failed to open its doors this morning. Its owner, Peter F. Ahlfield, has controlled it over a quarter of a century and is one of the wealthiest men in that section.
3.July 18, 1893Alexandria GazetteAlexandria, VA
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Failures. As a result of the recent Thornto: bank failure, Nancy M., W. N. and John D. Stewardson, extensive farmers and stock raisers of Shellbyville, Ills., have ,assigned to W. E. Walker. Liabilities about $30,000; asserts $25,000. The Bank of Anacortes, Washn., failed to-day. The First National Bank of Fort Scott, Kas., the oldest financial institution in southeastern Kansas, has suspended. The Citizens Bank of Ada, the most prominent one in Hardin county, Ohio, failed to open its doors this morning. The Union National Bank of Denver, Col., failed to open its doors this morning. The capital is $1,000,000, No statement can be had. The Commercial National Bank and the National Bank of Commerce have also assigned. A run is now being made on the City National, German National, First Na. tional, Colorado National and all the 11 clearing house banks in Denyer. The panic is on.
4.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.
5.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.
6.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.
THE PANIC OVER. Denver Banking Houses will All Resume. Matters Settle Down. DENVER, July 20.-There will apparently be no more bank failures in Denver. The panic run 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 window. In the First and Colorado nationals a long string of depositors reaching nearly to the street were lined up in front of the 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 they could realizo on securities. There may be n few commercial failures in the city within the next few days as a result of the suspension of banks, but it is bolieved that in no instance, whether a banking or commercial house, will the be follow tion failure of business complete will and surely that resumpshortly. It is stated to-day that the McNainara dry goods house which failed Monday for $200,000 have settled with their principal creditors and will resume business Monday.
8.July 21, 1893The SunNew York, NY
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liabilities are believed to be covered by the assets. CHICAGO. July 20.-It was said in court today that the assets of the suicide banker. Herman Schaffner. would not pay over 12½ per cent. of the liabilities. Judge Tuley this morning appointed N. H. Culver receiver for the Commercial Lumber Company of Havenswood. The concern was incorporated in 1891 with a capital of $30,000. It is declared that the assets are in excess of the liabilities. SAN FRANCISCO. July 20.-Attachments have been filed against the Union Stock Yards Company. whose meat packing establishment is at Rodeo. These claims are said to be preliminary to larger suits by Eastern holders of the company's bonds. The plant has practically shut down. It cost $1,000,000 and Was started on May 15. Attorney-General Hart has decided that the People's Home Savings Bank. which closed a few weeks ago. is solvent, and recommends that if the bank can make sufficient collections within a reasonable time it should do so. SAN BERNARDINO. Cal., July 20.-The national band examiners who have been! looking into the affairs of the First National Bank of this city have made a report to Comptroller Eckels. recommending that the bank be allowed to open at once. They say they find the affairs of the bank in good condition. ASHLAND. Wis., July 20.-The Northern Manufacturing Company. manufacturers of hard wood. assigned yesterday. Assets. $60.000: liabilities unknown. The failure is due to the recent loss of the factory by fire. TACOMA. Wash.. July 20.-S. B. Dusinberre. cashier of the Bank of Puyallup. who was arrested forthe emberglement of $41,000 and released on bail, has been rearrested on a second charge of embezzlement. Ho was held in $15,000 bail. in default of which he went to jail. DENVER, July 20.-The First National banks at Cañon City and Grand Junction. this State. failed to open their doors this morning. The failures were caused by the suspension of the Denver banks. TOPEKA. Kan., July 20.-Notice of the failure of the Bank of Belleville. Republic county. has been received at the State Bank Commissioner's office. It was a private bank with a capital of $20,000.
9.July 22, 1893Arizona Silver BeltGlobe, Miami, AZ
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The work of closing Denver banks by excited depositors may be said to have been effectually completed. The night of the 18th, the city was agog, and but few retired to rest. Streets in the vicinity of banks were crowded with people many of whom stood in line in order to maintain a position which would favor them in reaching paying tellers' counters at the earliest possible moment, but the night's vigils did not avail them. Before the hour for opening notices were posted on doors of banks that on account of exhaustion of ready cash, consequent upon the previous day's run, the bank would not open and thus it stood, at latest dates. This is not the worst feature of the depressing influence that encompasses Colorado. Mines in every part of the state are shut down. Leadville is as pulseless as a graveyard, and some of her best paying mines are virtually abandoned by the withdrawal of the pumps and consequent ruin by reason of accumulation of water, which in a brief period fills every shaft, tunnel and drift.
10.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.
11.July 22, 1893The Helena IndependentHelena, MT
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COMPTROLLER ECKLES showed the right spirit when he announced to the officers of the Denver banks that he would lend every possible assistance in order that they might resume business at an early date. He fully appreciated the fact that these banks were closed not because of the lack of sufficient capital or bad management, but simply because of a run of depositors who could neither be advised nor restrained. Under these conditions the comptroller is entitled to all credit for his efforts as an officer of the government to bring business back into its legitimate channels.
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.
13.July 25, 1893Southwest-SentinelSilver City, NM
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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.
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
15.July 27, 1893Wood County ReporterWisconsin Rapids, WI
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DOINGS AT DENVER. Depositors Hustling Money Back Into Banks' Vaults. Denver, Col., July 20.-There will 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 Amerian National opened their doors, there was hardly a dozen depositors in all of them at the paying tellers' 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 teller's windows and the money was going back into the bank vaults almost as rapidly as it was drawn during the past three days. The German, State and People's nationals could pay $3 for $1 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 banks, but it is believed that in no instance, whether a banking or com mercial house, will the failure be complete A resumption of business will follow shortly. It is stated today that the McNamara dry goods house, which failed Monday for $260,000, has settled with the principal creditors and will resume business Monday. While the situation in Denver is quieting down the effect of the local bank failures is being felt in interior towns in the state. Word was received here today that the First National bank at Canon City and the First National at Grand Junction, this state, failed to open their doors this morning. No particulars are at hand, but it is probable the failures were caused by the suspension of the Denver banks. The Flanders dry goods house, occupying five store fronts and five stories high on Sixteenth street, was attached this morning by H. N. Bradley, of Boulder, Col., for $24,000. There is no definite statement of the condition of the firm available. Competent judges place the assets at $200,000 wih liabilities at $25,000. The failure was caused by the suspension of the People's National bank to which $25,000 was due.
16.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.
17.July 31, 1893San Antonio Daily LightSan Antonio, TX
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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.
18.August 18, 1893The Yellowstone JournalMiles City, MT
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Denver Banks Resume. DENVER. August 17. The American National bankwhich suspended July 1st. resumed this morning. DENVER. August 17. The National Bank of Commerce reopened for business to-day, with almost a hundred per cent. of its liabilities on hand. Three more of the suspended banks are expected to open by Sept. 1st.
19.August 18, 1893The HeraldLos Angeles, CA
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Denver Banks Resuming. DENVER, Aug. .-The American National bank, which suspended July let, resumed business this morning. The National Bank of Commerce aleo reopened for business today, with almost 100 per cent of its liabilities on hand. Three more of the suspended banks are expected to open by September 1st.
20.August 18, 1893The Seattle Post-IntelligencerSeattle, WA
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TWO DENVER BANKS REOPEN. Three of the Others Will Do So Before September 1. DENVER, Aug. 17.-The American National bank, which suspended July 1, resumed business this morning. The National Bank of Commerce reopened for business today with almost 100 per cent. of its liabilities on hand. Three more of the suspended banks are expected to open by September 1.
21.August 18, 1893The Salt Lake HeraldSalt Lake City, UT
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TELEGRAPHIC BREVITIES. Treasury purchases of silver yesterday was 164,000 ounces at $0.7260. A cable from Antwerp yesterday reported six new cases of cholera, five of them fatal. The American National bank of Denver, which suspended July 1, has resumed business. The street car employes of West Superior. Wis., struck yesterday on a 10 per cent. cut in wages. The Sons of Veterans in convention at Cincinnati selected Davenport, Ia., as the next place of meeting. Colonel Brannan, charged with being the leader of the mob hanging the Italian, Arrata, in Denver, has been acquitted. The New York clearing house committee issued $365,000 in certificates yesterday. The total to date is $37,387,000. Acting General Manager Kendrick has been appointed general manager of the Northern Pacific railroad by the receiver. Six hundred and fourteen thousand pounds in gold was withdrawn from the Bank of England yesterday for shipment to the United States. The steamer Munchan from Bremerhaven has arrived in New York with $250,000 in gold. Bankers are in receipt of cables advising further heavy consignments. The Standard Wagon company, Cincinnati, 0., the largest company of its kind in the United States, has assigned to Grant H. Burrows, Assets, $200,000; liabilities, $700,000.
22.August 25, 1893Idaho County Free PressGrangeville, ID
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MORE BUSINESS FAILURES. Several Large Concernsin the East Forced to Assign. PITTSBURG, Aug. 17.-The Oliver Iron and Steel company, one of the heaviest concerns in the country, today went into the hands of a receiver. The capital of the company is $1,600,000, and the apparent indebtedness is $600,000. The bonded indebtedness is $585,000. First National Bank of Dubuque. DUBUQUE, Aug. 17.-The First National Bank, one of the oldest institutions in this city, with a capital of $200,000, euspended this morning. The last statement showed half a million dollars deposits. A Large Wagon Company Assigns. CINCINNATI. Aug. 17.-The Standard Wagon Co., the largest company of its kind in the United States, assigned this morning to Grant H. Burrows. Assets, $120,000; liabilities, $700,000. Depositors Want a Piedge. PORTLAND, Aug. 17.-At a meeting of the depositors of the Portland Savings Bank, held this afternoon, a motion was adopted to appoint a committee of five to wait upon all the stockholders of the bank and ask them to pledge the depositors that they will receive their money in full. Receivers for the Northern Pacific. PORTLAND, Aug. 17.-In the United States circuit court today, W. H. Payne, T. F. Oakes and Henry Crouse were appointed receivers for the Northern Pacific in the State of Oregon. Their bonds were fixed at fifty thousand dollars. A Denver Bank Reopens. DENVER, Aug. 17.-The Bank of Commerce reopened today with almost a hundred per cent of its liabilities on hand. Three more of the suspended banks are expected to open by September 1st. Mr. Thompson Resigns. PORTLAND, Aug. 17.-It is reported this afternoon that David P. Thompson has resigned as receiver of the suspended Portland Savings bank. E. J. Northrup is mentioned as bis sucessor. How It Affects Exchange. LONDON, Aug. 17.-The action of the government in lowering the price of India council bills has caused a great awakening in exchange here today. A National Bank Resumes. DENVER, Aug. 17.-The American National Bank resumed business this morning.
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.
