gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bbe01f4655aba30b
Response Measures
Accommodated withdrawals, Full suspension, Books examined
Clearinghouse involved: Yes
(loan, examination, or other measures)
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1895-08-02
Date receivership terminated
1902-09-30
OCC cause of failure
Losses
Share of assets assessed as good
34.5%
Share of assets assessed as doubtful
53.8%
Share of assets assessed as worthless
11.7%
Events (5)
1.July 30, 1890Chartered
Source
historical_nic
2.July 18, 1893Run
Cause
Local Banks
Cause Details
Run triggered by failures/suspensions of other Denver banks and savings banks and widespread withdrawals by scared depositors.
Measures
Posted notice that doors would not open; bank examiner took charge of the bank.
Newspaper Excerpt
A run was made on the City National, German National, First National, Colorado National, and all the clearing house banks today.
Source
newspapers
3.July 18, 1893Suspension
Cause
Local Banks
Cause Details
Closed / failed to open owing to lack of ready cash after the run precipitated by other bank failures and heavy withdrawals.
Newspaper Excerpt
The Union National bank... failed to open its doors this morning... a notice that they would not open their doors.
Source
newspapers
4.August 22, 1893Reopening
Newspaper Excerpt
The Union and Peoples National banks, 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.August 2, 1895Receivership
Source
historical_nic
Newspaper Articles (20)
1.July 18, 1893The Providence NewsProvidence, RI
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Article Text
New York Market. SPECIAL TO THE NEWS. NEW YORK, July 18.-This is a market demoralized by ignorance and suspicion, and the depth of those feelings can not be calculated. There is no sign of improving conditions such as may form a foundation for any advance. The belief that easy money only was needed to cause a boom has given way in the face of facts. There is an abundance of money in certain hands, but the desire of its holders to part with it seems to decrease as the market declines. The news of the day was the report of St. Paul's earnings, which show a decrease of $67,700. There were rumors of the failure of the Union National Bank of Denver (capital $1,000,000), but the truth of the telegram was doubted by President Porter of the Chase National in New York. The Close National is the eastern correspondent of the Union and the president of the latter is reported as a very conservative banker and could easily secure assistance had he needed it. Six more private banks in Kansas have gone the way of their predecessors. It was agreeable to note that of the $667,000 owed the clearing house by the sub treasury and paid today, $600,000 was paid in gold. London was not a buyer. What orders there were were to sell. The closing of the Anuskeg mills during August will throw 8,000 men out of employment and deprive 30,000 people of food to eat. This was not railroad stock, out its effect was felt in declining prices. Shortly before 3 o'clock the report of the failure of the Capital Bank of Denver burst upon the market. Its effect was instantaneous. The bank is a large and important one, with deposite from all over the States. Stocks became more demoralized than ever, and had it not been for the closing gong a panic might have ensued. Crews, Lichenstadst & Co of London were reported in trouble. and other disheartening news added to the burden. Stocks averaged a decline of nearly 3 points for the day.
2.July 18, 1893Deseret Evening NewsSalt Lake City, UT
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Article Text
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 20, 1893Echo De L'ouestMinneapolis, MN
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Article Text
Faillites de Banques et antres depuis quelques jours -Le Schleisinger Syndicate de Nigaumee, Mich, representant des millions de dollars de capital allemand a fait faillite. Les pertes des créanciers seront énormes. W.H. Rush et H, M. Tabor de Denver, Col., ont deposé leur bilan. Passif 650000 dollare. La Bank of Springfield, Mo, a fermée ses portes. C'est la premiè re fois qu'une banque fait faillite dans la ville. Passif 256,000 dollare. Fermée est la Bank of Garnet, Kan. Les déposants perdront énormé ment et le comté 23,000 dollare que le tréforier y avait déposés. Trois faillites de banques de New-York, celles de MM. C. H. Bunell, celle de M. H. S. Tober et enfin celle de M. W. Barrow. La Philadelphia Mutual Life Insurance Company de Harris burg, Pa., et la Keyatone Benefit Association de Beaver Falls, Pa., sont insolvables. O. E. Nettleton banquier de Deeham, Mass., a dépost son bilan. Le "Universal Order of Coope ration" de Philad-lphie va être mis entre les mains d'nn syndic. Harris Bros de New York ont suspendu leurs paiements. Passif 100,000 dollars. La N W Jersey Sheep & Wool Company de Trenton N. Y. a fermé ses portes. En faillite auesi dans le Kansas La "Bank of Balter and Double Bay de Columbus" la "City Bank" de Johnson City, et la "Book of Weir City" La Peoples Savings Bank de Denver, Col., a ferme see portee. Passif 350,000 dollare. La Rocky Mountain Dime et Dollar Bank de la même ville a suspendu ees paiements. Il en est de même de la Colorado Savings Bank. La Missouri National Bank et la Grande Avenue Bank de Kan888 City ont fait faillite. Passif 250,000 dollars. Et la liste eat loin d'être épuisée. Enfin les banques "Union National," "Commercial National," "National Bank of Commerce" et "Mercautiie Bank" de Denver, Col., ont aussi sombré. Il en est de même de la "Citizen's Bank" de Kansas City, de la "Bank of Richmond" et de la "Farmers et Merchants Bank" de Oaawatomie, Kan., ainsi que de la "First National Bank" de Fort Scott et de la "Armourdale CitiZons Bind," Kansas. On va bien sous le régime démocratique.
4.July 20, 1893The Morning NewsSavannah, GA
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Article Text
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.
BANK DOORS CLOSED. WILD RUN ON LEADING DENVER INSTITUTIONS. 10 Ball The Union National Bank Ope diately by Closing Its Doors, and It anicky the Streets are Througed WI Have Depositors- Banks All Sale Am ple Security.
6.July 20, 1893The Daily Morning AstorianAstoria, OR
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Article Text
CURRENT CURRENCY COMMENT A Regular Monkey and Parrot Time in Denver. SENATOR TELLER'S LATEST TALK A Nephew of Leland Stanford Turns up in Idaho-Married to Suit Himself. Associated Press. Denver, July 19.-The panic in this city was resumed this morning with renewed vigor, and as a result the Old German National bank, with a reputation for stability of twenty years' standing, the equally reputable State National, and 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 a long sea of faces stretching down the street. At the opposite corner, where the State National has so long done business, was also a crowd of anxious depositors, Here people were relieved of doubts, when at 9 o'clock a notice was posted on the doors that the bank would not open, owing to the lack of ready cash At the German National, just before opening time, a notice was posted on the (window stating that the doors would be closed temporarily. This notice caused a distressing scene. Men and women down the long line, broke out in tears and wailing. A 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 andGerman National banks. 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 of the City and all the other unfailed banks. Business men are beginning to breath more freely. Washington, July 19.-The comptroller of Currency has been advised that the Hutchinson National Bank of Hutchinson, Kan., has failed. Topeka, Kan, July 19.-The state bank commissioner has been informed of the failure of the State Bank of Parker, and Woodson's State Bank, of Yates Center. Both were small concerns. Washington, July 19.-The comptroller of currency is informed of the failure of the Bozeman National Bank, of Bozeman, Mont. Brooklyn, July 19.-The large carpet house of Hardenburg & Co. has assigned.
7.July 22, 1893The Dickinson PressDickinson, ND
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Article Text
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.
8.July 22, 1893The Hood River GlacierHood River, OR
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Article Text
Denver has had a panic its banks being besieged by clamorous depositors. Asa result the Union National with a capital of a million dollars went down, quicklv followed by five others. Over 8,000,000 had been withdrawn from these banks in the past eight months, and they were in poor condition to stand a run.
9.July 22, 1893Mineral Point TribuneMineral Point, WI
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DENVER IS DONE FOR GENERAL PANIC IN THE COLORADO CITY, SEVERAL BANKS CLOSED THEIR DOORS YESTERDAY. Withdrawals by Scared Depositors the Cause-Union National, With $1,000,000 Capital, Goes Under-MeNamara Dry Goods Company Fails-Nervous People the Authors of Much Ruin.
10.July 22, 1893Mineral Point TribuneMineral Point, WI
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Article Text
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.
12.July 25, 1893Southwest-SentinelSilver City, NM
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Article Text
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.
13.July 28, 1893Idaho County Free PressGrangeville, ID
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A PANIC IN DENVER. A Run on All the Banks, Over Half of Which Close. Denver, July 18.-The Union National Bank failed this morning. It has a capital of a million dollars. No statement is yet made. A run is being made on the City National, German National, First National, Colorado National and all the eleven clearing house banks. A panic is on. The Commercial National closed its doors at 11 o'clock, and the National bank of Commerce closed its doors at noon. 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, through which it cleared. No scene was ever witnessed here before like that of this morning, shortly after the hour when the banks opened for business. The failure of three savings banks yesterday had excited the masses and at the hour of opening the streets were crowded with anxious depositors. Eleven clearing house banks located within four blocks of each other were surrounded and far into the streets the crowd gathered until the police were called to clear the way for traffic. At ten o'clock the Union National, with a capital of $1,000,000, posted a notice that they would not open their doors. This started the panic, and following quickly, the Commercial National posted a similar notice. Then the National Bank of Commerce followed. A run immediately started on all the other banks, although to no great extent upon the People's National. The First National appears in unexceptional condition, having over sixty per cent of its deposits on hand, with a private fund of a million and a half in addition to draw upon, making it impossible to close their doors. The Colorado National and several others are equally as good. The mob that is withdrawing money are all small depositors, and the banks are paying all demands except on time certificates, demanding that these remain until the expiration of their time. President J. A. Thatcher of the clearing house says, "I am confident today will see the worst of this and people will come to their senses."
14.August 22, 1893The Madison Daily LeaderMadison, SD
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Article Text
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.
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. |
16.August 23, 1893The Roanoke TimesRoanoke, VA
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Denver Banks Resume. DENVER, Aug. 22. - The Union and Peoples' national banks, which suspended on July 18 and 19, respectively, opened their doors for business at the regular hour yesterday, they having complied with all the requirements of the controller of the currency. The result has been a very material relieving of the financial stringency
17.August 23, 1893New Ulm ReviewNew Ulm, MN
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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.
18.August 24, 1893The SunMorris, MN
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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.
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.
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.
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.
