The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-18
A REGULAR KNOCkDOWN.
Three Denver Savings Banks Close
Their Doors simultaneously,
IRSTFAILURESM NINETEENYEARS
A Scarcity of Money, Inability to Re.
allze on Securities and tho Action
of tho Silver Convention tho Con-
tributiug Causes epOsItOrsw will be
Paid in Fun-Two Moro Banks in
Kansas CITY sueoumb to tho Pres
sare-sald to bo Perfectly Solvent.

DENVER, CoLo., July 1.-THE first
baak failure in Denver since 1874 oc-
CURED this morning when the Peoples
Savings, the Colorado Savings and the
Rocky Mountain Dime and Dollar saw
ings banks closed their doors, An
estimate of assets are Sl,5OO,OO0, with
liabilities of 81, $4,000. Tho Colorado
Savings Bank, Of which F, X, Atkins IL
president and O. o, Atkins, cashier, in
their statement to the assignee, Alfred
Buffers, place tho open accounts due
depositors ut $435, l0S 81; certificates Of
deposits S5O,GO0 3Ui due other banks
S., 2s054 Cashiers checks, SG95. Their
assets oyer liabilities in what is de-
Clsred TO be good commercial papsr
well secured il $73,003 ".
r. W. Woodbury. IL president and o.
y. Clark cashier OF the Rocky Noun.
tain Dime and Dollar Savings bank, Of
which Charles II. Biakeney was this
morning made assignee. A detailed
statement has not yet been made, but
from the books Of the institution 1t
| would appear that the assets are $685.
S03.53 and liabilities $lO5, 56492 Z. The
officers Of the institution positively as
sert that the depositors will not lose a
dollar. II is understood that all the
assignments were preeoncerted and
were done for self protection and the
protection OF tho depositors. Thedirect
cause OF the failures was the universal
hard times and inability to realize on
securities. The president OF each bank
declares that each depositor will be
paid in full and that the institutions
will resume again.
A run onthe Denver Savings bank is
impending. The bank 10 taking advan-
tage Of the thirty and sixty days nottf'
cation law and Is paying out no amounts
over sos.
President Lawrence, OF the Peoples
Savings bank, in q statement this
morning said the sayings bank up to
six weeks ago had q most successful
career, having in deposits Sl,300,000,
and had paid to its depositors In inter
eat $l72,4s2. The causeless run began
on May | and continued up to last
Saturday night, when the entire avaita-
BILE meant OF the bank were exhausted
and nothing was left but to assign. Tho
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 at thirty days
NOTICE, for $4,000 signed by Colorado
parties worth 100000, to raise imme-
diate money was not worth the paperi 1t
was written on.
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 dolngs Of the recent convention be-
came known oil over tho country these
promises were cancelled by telegraph
and no alternative was loft us-with no.
tees amounting to nearly $50O,OO0 for
Withdrawals Of deposits maturing in the
near future staring us in the face and
cash on hand pulled down to S223-bul
to make q full assignment for tho pro
lection and benefit OF all. The failure
IN the savings bank will in nc way al.
feet the Peoples Bank, which with all
other national banks are perfectly
sound, and anticipate no trouble out
side the savings banks.