Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1893-07-20
DENVER BANKERS FAIL.
The Colorado Metropolis. Experiences a
Severe Financial Blow.


DENVER, Col, July 1.-THE first bank
failure in Denver since 1874 occurred
this morning, when the Peoples Saw
ings Bank, the Colorado Savings Bank
and the Rocky Mountain Dime and
Dollar Savings Bank closed their doors.
An estimate of the assets are 81 100000
with liabilities at 81 100000.
The Colorado Savings Bank, of which
f. X. Atkins is president and c. 0. At
kins cashier, in their statement to the
assignee, Frederick Buffers, place the
open accounts due depositors at $780,
1854; certificates of deposit, $50, 500 SO;
due other banks, SIS, 256 95; cashiers
checks, 1928. Their assets over liabili-
ties in what is declared to be good COM
mercial paper, we'll secured, is $751;
O63.72.
f. w. Woodbury. is president and G..
F. Clark cashier of the Rocky Noun
tain Dime and Dollar Savings Bank, of
which Charles H. Blakeny was this
morning made assignee. A detailed
statement has not yet been made, but
from the books of the institution it
would - appear IPop' that the assets
ties $105,654. 80. The officers of the
institution positively assert that the de-
pOsltors will not lose a dollar. 1t is I'M
derstood that all the assignments were
preconcerted and was done for selfpro
lection and for the protection of the de-
pOsltors. The direct cause of the fail
ures was the universal hard times and
inability to realize on securities.
President'L Lawrence, of the Peoples
Savings Bank, in a statement this morn
ing, said the savings bank up to six
weeks ago had most successful career,
having in deposit $l,3O0,000 and had
paid to its depos TORS in interest $112,-
4S2. The causeless run which started
May % and really continued up to last
Saturday night when the entire available
means of the bank were exhausted and
nothing was left but to assign. The
officers of the institution pledged their
estates to it's support, but the feeling
that has been engendered among East
ern banks and financial institutions by
the recently published expressions and
demonstrations that have been her
aided from Colorado that a thirty-day
note for 100000 or $1,000 signed by
Colorado parties worth $1,000, 900 to
raise immediate money was not worth
the paper it was written upon.
Most persistent efforts were made to
obtain temporary assistance to tide the
bank over and UP to four days ago, this
necessary assistance was promised by
Eastern correspondent banks, but since
the doings of the recent convention in
this city became known all over the
country these promises were cancelled
by telegraph and no alternative was left
with notices amounting to nearly
100000 for Withdrawals of depos-
it's maturing within the near
future staring the banks in the
face and the cash on hand paid down to
$223-but to make a,full assignment for
the protection and benefit of all. The
failure in the Savings Bank will in no
way affect the Peoples National Bank
which, with all other national banks, is
perfectly sound, and there is no trouble
outside the savings bank.
A run on the Denver Savings Bank is
impending. The bank is taking advan-
tage of the thirty and sixty days
notification law and is paying out no
amounts over S25.
KANSAS CITY, Mo-, July 17-Despite
assertions Of strength and the publishing
of a favorable statement Saturday, the
Missouri National Bank was taken pos
session of by the comptroller of the cur
rency shortly before noon to-day. The
bank was Immediately closed as tight as
a clam and it was impossible to get a
statement from the officers. The Mis-
souri, National is a new bank, having
opened in January, 1891. 1t has cap
ltal stock, paid in, of $250,0O0, and it's
surplus is $4,000. According to their
statement Saturday issued in COM
pliance with the request Of the
comptroller of currency, cash and sight
exchange were placed at $271 ,024, and
the deposits at 5000, 763. The officers
are d. V. Rieger, president; Henry G.
kumpf, vice-president; r. ID. Coving-
ton, cashier.
The officers show the assets to be ST.
l54, 7S5 and the liabilities, excepting cap
ital stock about 100000. During
the run on the different nation
al banks here Saturday, quite
run was precipitated upon the Miss
ouri National, though the Withdrawals
were alone made by the small deposi-
tors. This morning, however, several
large depositors Withdrew their money,
and the amounts, running well up into
the thousands, made further continu-
ance impossible. For while slight
confidence was restored by Ferd.
Helm, local brewer, deposition
$32 900 in the concern, at this soon lost
it's effect for good.a Aid had been asked
from the Third National Bank of New
York City and the assistance was on
the way. On July the bank paid the
regular annual dividend of 3 per cent.
The official declared that depositors
will be paid dollar for dollar.