Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1893-07-19
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
lngs Bank, the Colorado Savings Bank
and the Rocky Mountain Dime and
Dollar Savings Bank closed their doors
An estimate of the assets are 81, 800, 900
with liabilities at 81, 100000.
The Colorado Savings Bank, of which
F. K. Atkins is president and G. O. At
kins cashier, in their statement to the
assignee, Frederick Buffers, place the
open accounts due depositors at $780,
1O9.54; certificates of deposit, $50, 699.3 SO;
due other banks, SIS, $685. cashiers
checks, 1928. Their assets over labili-
ties in what is declared to be good COM
mercial paper, we'll secured, is $73,-
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 that the assets
are S156, S03.53 and the liabili-
ties $105 ,65432. The officers of the
institution positively assert that the de-
pOsitors will not lose a dollar. It is I'M
derstood that all the assignments we're
DrecOnCerted and was done for selfpro-
lection and for the protection of the de-
pOsitors. The direct cause of the fail
ures was the universal hard times and
inability to realize on securities.
President 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 $1,300,000 and had
paid to its depOf TORS in interest S112,-
1872. 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 its 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 thirty-day
note for Sl00,000 or 81 600 signed by
Colorado parties worth $4,000,000 to
raise immediate money was not worth
the paper 1t 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-
its maturing within the near
future staring the banks IL the
face and the cash on hand paid down to
S223-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 davs'
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 DOS
session Of by the comptroller of the cur
rency shortly before noon to-day. The
bank was immediately closed as tight as
clam and it was impossible to Get
statement from the officers. The Mis-
souri, National is a new bank, having
opened in January, 1891. 1t has a cap
ltal stock, paid in, of $3.50, 900, and its
surplus is $4,000. According to their
statement Saturday issued in COM
pllance with the request of the
comptroller OF currency, cash and sight
exchange were placed at S271 ,O24, and
the deposits at $500, 763. The officers
are ID. Y. Rieger, president; Henry G.
kumpf,. vice-president; r. ID. Coving-
ton, cashier.
The officers show the assets to be ST.
154, 703 and the liabilities, excepting cap
ital stock about 500, 900. During
the run on the different nation
al banks here Saturday, quite
run was precipitated upon the Miss
were alone made by the small deposi-
tors. This morning, however, several
large depOSltOrS withdrew their money,
and the amounts, running we'll up into
the thousands, made fulaher cOntinu-
ance Impossible. For a while slight
confidence was restored by Ferd.
Helm, local brewer, deposition
So, 600 in the concern, at this soon lost
its effect for good. 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 per cent.
The official declared that depositors
will be paid dollar for dollar.