The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-08-10
WESTERN BANK
FAILS TO OPEN
Run Upon Other State Institutions in
Denver.
SOME HIGH FINANCIERING
CAREER OF ONE OF THE PRINCE
PAL ToCKHoLDERs

n ENVER, Aug. 9.-The Western
IL bank, state institution, failed
to open this morning. \ notice
was posted announcing that Henry II.
Beatty, assistant cashier of the bank,
had been appointed assignee W. G.
Brown is president and w. T. Perkins
cashier of the Western bank.
No statement from the officers of the
bank was forthcoming during the fore
noon, but they announced that one
would be made public later in the day
According to the banks statement.
made on July ]. 1905. it's resources and
liabilities had shrunk during the pre-
viOUs year from S92S. 1856 to $SI6. 465.
The amount of deposits on July last
was $614,676 and the loans and dis
counts were S642, 65S- The banks cap
ital is 100000 and its surplus $4,000
1t is said L. Nj. Imboden. one Of the
principal stockholders of the Denver
Savings bank, on which a run is being
made. recently acquired an interest in
the Western bank.
Run on Other Banks.
The run on the Denver Savings
bank. which began yesterday. was re-
Sumed today. There were about 800
people in line when the bank opened at
10 o'clock The bank continued pay
ing 10 per cent of the deposits Vice
President F. p Jones made the fol-
The public is assured on the honor
of the management of this bank, that
there is absolutely no occasion for any
uneaSineSS as to the banks condition.
The Denver Savings bank has cash
on hand to pay to it's depOSitOrS every
all that the savings depOsitors can call
for up TO the full limit"
The Central Savings bank is also ex-
periencing run, but is paying all de-
positors in full on demand.
Simply an Assignment.
WaIdron. Thompson and BIankney.
attorneys for the Western bank, stated
this afternoon that there would be
no proceedings in court as an assign
ment can be made without application
70 a court.
The bank was advised" said
nber Of the firm, Ito make an as
;-.,nment to protect itself and its de-
positOrs- There is no cause for I'M
easiness"
The Denver Clearing House asso-
citation, 1t was announced, had refused
assistance to the Western bank on ac-
count of the security offered
None Of the Denver national banks
are affected in the least by the en-
barrassment of the Imboden institu-
tons.
- F+0w-imhoden- Got In.
The Times says:
"ImbOden is said to have secured
control of the stock of the two banks.
(the Western and the Denver Savings
without a dollar of investment He
bought the holdings of Former President
whitley OF the Denver Savings bank,
which were hypothecated in New York,
assuming Wilhey's note, it is claim
ed. Within the past six weeks he is
understood to have borrowed from the
Denver Savings Sol 900, with which he
purchased control of the Western. put
ting up as collateral with the Denver
She stock of the Western"
II. NJ Beatty, the assignee Of the
Western. is treasurer of the local order
o. Eagles a few days ago the Eagles
drew out about S25,UO0, leaving a small
balance to cover outstanding checks
Last Statement.
The last statement of the condition
Of the Western bank, made at The close
of business July 3. 1905, vas as fol-
lows:
Resources-LOans and discounts, S642.-
65S; Overdrafts. S1S.157; furniture and
fixtures, SIS, 900; real estate, S23. 1856;
stocks, securities, etc, S7,313; due from
national and state banks, SO. $50; cash
and cash items, S21, 1886; total. SS16 ass.
Liabilities-Capital stock paid in $780,
900; surplus fund. $4,000: undivided
profits, $50, 215: due depositors, 1914. 616;
due toe state banks, SCI, 572; total, $S16,-
49,.
4 meeting of depositors of the bank
was held tonight and a committee Of
three appointed to investigate the con-
dition of the bank. along with work
of the assignee in that direction.
The latter announced tonight that
he would give out a statement cor
corning the affairs of the bank in day
or two