The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-07-19
THE PRESSURE TOO GREAT.
Withdrawal or Deposits the
Principal Cause,
Coupled with the Failure to
Cash Paper.
The Missouri National at Kansas City
Also Suspends from Causes Practi-
caIIy the Samoa GeOrSia Institu-
tiOn Succumbs-NeVvs of other Fail
ures from Various Quarters.

DENVER, July 1.-THE first bank
failure in Denver since 1874 occurred this
morning when the Peoples savings, the
Colorado savings and the Rocky Mount
ain dime and dollar savings banks closed
their doors. An estimate of the assets
are 100000 with liabilities of 81, 1856, ,O00
The Colorado savings bank, Of which +.
X. Atkins is president and c. o. Atkins
cashier. in their statement to the as
signee, Alfred Buffers, place the open ac-
counts due depositors at S435, ,1OS.54,
certificates of deposit, $50, 1896. due
other banks $3,236.54, cashiers checks
$625. Their assets over liabilities in
what is declared to be good commercial
paper. well secured, is 73,O6S.72.
f. W. Woodbury. is president and c. T
Clark cashier of the Rocky Mountain
dime and dollar savings bank, of which
Charles H. Blakeney was this morning
made assignee. A detailed statement
has not yet been made, but from the
books of the institution it would appear
that the assets are $15S, ,S03.53, and the
liabilities $105, ,654.32. The officers of the
institution positively assert that the de-
positors will not lose a dollar. 1t is un-
derstood that all the assignments We're
preconcerted, and were made for self
protection and the protection of the de-
pOsitors. The direct cause of the failure
was the universal hard times and in
ability to realize on securities. The presi-
dent of each bank declares that each de-
positor will be paid in full, and that the
institutions will resume again.
run on the Denver savings bank is
impending. The bank Is taking ad-
vantage of the thirty and sixty days
notification law. and is paying out no
amounts over $25. President Lawrence
OF the Peoples savings bank, in state
ment this morning, said the savings bank
up to six weeks ago had a most success
full career, having in deposits 81. 10000
and that it had paid to its depositors
in interest $112, ,4S2. 1.-The causeIess run"
he says, began in May and really con-
tinued 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 institu-
ton pledged their estates to it's support,
but through the feeling that had been en-
gendered among eastern banks and
financial institutions by the recently pub
lished expressions and demonstrations
that have been heralded from Colorado,
a thirty days notice for 100000 signed
by Colorado parties worth $4,OOO,OOO, to
raise immediate money, was not worth
the paper it was written on. Most per
sistent efforts were made to obtain tenn
porary assistance to tide the bank over,
and up to four days ago this necessary
assistance was promised by eastern cor
respondent banks. But since the doings
of the recent convention in this city be-
came known all over the country these
promises were cancelled by telegraph,
and no alternative was left us with
notices amounting to nearly S5GJ,O00 for
Withdrawals of deposits. maturing with
in the near future, staring us in the
face and the cash on hand paid down to
1929 but to take a full assignment for
the protection and benefit of ALL"
The failure Of the savings bank will in
no way affect the Peoples national bank
which, with all other national banks, is
perfectly sound, and anticipate no
trouble outside of the savings banks.