First National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 3485
Charter Number: 3485
Start Date: July 19, 1893
Location: Aspen, Colorado (39.191, -106.818)

Metadata

Model: gpt-5-mini
Short Digest: 52f425a2

Response Measures

None

Description

Newspapers report the Wheeler Banking Company (pioneer bank) closed and a large run occurred on the First National in Aspen (1,000 people in line; bank 'closed for the day'). There is no evidence First National suspended payments or entered receivership — articles describe a run and temporary closing for the day only. The Wheeler bank was closed/placed in the hands of Benjamin Ferris (receiver/agent) and appears to have failed; that failure appears to have triggered the run on First National.

Events (2)

1. July 19, 1893 Receivership

Newspaper Excerpt: The Wheeler Banking company, the pioneer bank of the city, has closed its doors. A notice on the door reads: This bank has closed and is in the hands of Benjamin Ferris. (Wheeler Banking company closed.)
Source: newspapers

2. July 19, 1893 Run

Cause: Local Banks
Cause Details: Run was triggered by the closing/failure of the Wheeler Banking Company (pioneer bank of the city) and panic from nearby suspensions.
Newspaper Excerpt: A run was made on the First National and the greatest excitement prevailed. A thousand people were in line when the bank closed for the day.
Source: newspapers

Newspaper Articles (6)

1. July 20, 1893 The Evening Herald Shenandoah, PA

Article from The Evening Herald, July 20, 1893

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Article Text

e National closed their doors yesterday of in order to forestall the heavy demands that r it was evident would be made. As soon as d the action had been taken depositors in other d e banks seemed to take new courage, and during the day talk on the streets was much more conservative and rational. The North Denver bank closed its doors late in the afternoon. There was no great run, but the bank had been unable to realize upon its securities and was short of funds. The depositors have been assured that they will be paid 100 cents on the s dollar. s During the afternoon the five national banks that are still open for business : showed no signs of any unusual excite) ment among their patrons. Indeed, these e banking houses were quieter than on e many days during ordinary times, and 0 everybody seems to feel that the end of the : unjustifiable excitement has been reached. Following the suspension of the State t and German National a few small deposiI tors who had their money in the First e National renewed the run on that institution, but it was a small affair and S soon wore itself out. In two hours the run was completely broken and quiet was restored. The run was caused principally by those who were near at hand when notices declaring the suspension of the German and State National were posted. These people at once became panic stricken, although the remarkably strong condition of the First National is a matter of common knowledge. Around the Denver National, Colorado National, American National and City National banks all was quiet. There were very few calls for money, and a few of those who had withdrawn their money from the suspended banks were depositing in the banks that yet remain open. Among the officers of the banks which were open for business the expression was unanimous that the flurry was at an end, and that the people would now see the folly of their actions in forcing & suspension of the banking institutions by all withdrawing their deposits at once and taking from circulation all the money that would ordinarily flow through the regular channels and help in sustaining the business public and the banks. The suspended banks all had much more than enough money to be considered perfectly safe guaranty in ordinary circumstances and with business at its normal condition would have laughed at the idea of a run. A tour of the banks just before their closing hour showed that all excitement had died away and there was not the least semblance of a "run." The officers of all the banks stated that they were taking in more money than they were paying out. "I do not think I will have to place a bank in Denver in the hands of a receiver," said Frank Adams, the bank examiner for Colorado. Mr. Adams further said that he believed the suspended banks will all resume business in a short time. He has the clerks at all of the banks engaged in making out the reports, which will be sent to the comptroller as soon as they can be gotten ready. Mr. Adams seems to have the utmost confidence in the belief that the banks will reopen again in a few days, and that no losses will follow to depositors. The morning train from Omaha brought in $50,000 in cash for Denver national banks. Another bank last night received : two iron safes full of money from the east by express. Owing to the tightness of the money market a large number of business houses in the city and state have made assign, ments. I The Wheeler Banking company, of Asy pen, Colo., closed its doors, and there was e an exciting run on the First National bank at that place. a

2. July 20, 1893 The Sun New York, NY

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Article Text

An Aspen Bank Goes Under. ASPEN. Col., July 19.-The Wheeler Banking Company. the pioneer bank of the city. closed its doors this afternoon. A statement of its affairs cannot be obtained. A run was made on the First National and thegreatestexcitament prevailed. A thousand people were in line when the bank closed for the day.

3. July 20, 1893 Waterbury Evening Democrat Waterbury, CT

Article from Waterbury Evening Democrat, July 20, 1893

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ANOTHER DAY OF PANIC. Many Denver Business Firms Go Down In the Crash. THINK THE BANK RUNS ARE OVER. Now Six National Banks of Denver Are Closed, but All Claim That They Will Resume-The Situation In Kansas a Lit. tle Better-Results Are Far Reaching. DENVER. July 20.-The timorous feeling among depositors in the Denver banks, which has resulted in closing a number of these institutions this week, seems at last to have reached its limit, and the people are now stopping to think, with the result that more money is being deposited than is withdrawn. The German, State and People's national banks closed their doors in order to forestall the heavy demands that it was evident would be made. As soon as the action had been taken, depositors in other banks seemed to take new courage, and during the day the talk on the streets was much more conservative and rational. The fivenational banks that are still open for business showed no signs of any unusual excitement among their patrons. Indeed, their banking houses were quieter than on many days during ordinary times, and everybody seems to feel that the end of the unjustifiable excitement has been reached. The run which was started on the First National bank was completely broken, and quiet was restored. The run was caused principally by those who were near at hand when notices declaring the suspension of the German and State National were posted. These people at once became panic stricken, although the remarkably strong condition of the First National is a matter of common knowledge. Around the Denver National, Colorado National, American National and City National banks all was quiet. There were very few calls for money, and a few of those who had withdrawn their money from the suspended banks were depositing in the banks that yet remained open. Among the officers of the banks which were open for business the expression was unanimous that the flurry was at an end, and that the people would now see the folly of their action in forcing a suspension of the banking institutions by all withdrawing their deposits at once and taking from circulation all the money that would ordinarily flow through the regular channels and help in sustaining the business public and the banks. The suspended banks all had much more than enough money to be considered a perfectly safe guaranty in ordinary circumstances and with business at its normal condition would have laughed at the idea of run. Business Firms Go Down. The Tucker Shirt and Furnishing company, Sixteenth street, assigned to Charles H. Burpie. Assets. $35,000, and liabilities $13,000. The Hallack-Sayre Newton Lumber company assigned to Frederick F. Sayre as a result of the closing of the State National bank. The Blake Lumber company assigned to Emmet B. Annis. The Palace drug store, Sixteenth and Curtis streets, made an assignment to F. F. Sayre. J. H. Naylor. a furniture dealer on Fifteenth street, assigned to Simon T. Horn. y The Stanley Shoe company attached the Union Clothing company. An assignment was made by the People's Coal company to John O'Neill. S Goldhammer & Weiss, saloon and restaurant keepers on Larimer street, were closed on d chattel mortgage. 8 August Werhle, jeweler, assigned to Otto d Schneider. The Harrison Hannahs, millinery store, Fif n teenth and Welton streets, assigned to Wil d liam F. Sherry. 1. Demange & Co., dealers in gentlemen's fur nishing goods. made an assignment to A E. Demange. e Silas B. Jacobs. gentlemen's furnishing goods on Seventeenth street, near Curtis, assigned F.J. White. The Denver. Lakewood and Golden Railroad e company has been sued by the General Electric company for $5,705.05, and a writ of at is tachment was issued out of the district court 1The Denver failures have affected other d Colorado points. At Aspen the Wheeler KBanking company, the pioneer bank of the city, closed its doors. 1At Loveland, Colo., the bank of s; land closed. Its assets will largely exceed ithe liabilities. S. At Sterling, Colo., the bank of Sterling closed. No schedule filed. t run was made on the First National r bank at Aspen, and the greatest excite of ment prevailed. One thousand people were n in line when the bank closed for the day.

4. July 20, 1893 The World Martinsburg, WV

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Article Text

positors Will be Paid in Full, as the Banks Are in Good Condition - The Scare About Over. DENVER, July 20.-The timorous feeling among depositors in the Denver banks, which has resulted in the closing of a number of these institutions this week, seems at last to have reached its limit, and the people are now stopping to think, with the result that yesterday afternoon more money was deposited than was withdrawn. The German, State and People's National banks closed their doors yesterday in order to forestall the heavy demands that it was evident would be made. As soon as the action had been taken depositors in other banks seemed to take new courage, and during the day talk on the streets was much more conservative and rational. The North Denver bank closed its doors late in the afternoon: There was no great run, but the bank had been unable to realize upon its securities and was short of funds. The depositors have been assured that they will be paid 100 cents on the 7 dollar. During the afternoon the five national banks that are still open for business showed no signs of any unusual excitement among their patrons. Indeed, these banking houses were quieter than on many days during ordinary times, and everybody seems to feel that the end of the unjustiflable excitement been reached. Following the suspension of the State and German National a few small depositors who had their money in the First National renewed the run on that institution, but it was a small affair and soon wore itself out. In two hours a run was completely broken and quiet was restored. The run was caused principally by those who were near at hand when notices declaring the suspénsion of the German and State National were posted. These people at once became panic stricken, although the remarkably strong condition of the First National is a mantter of common knowledge. Around the Denver National, Colorado National, American National and City National banks all was quiet. There were very few calls for money, and a few of those who had withdrawn their money from the suspended banks were depositing in the banks that yet remain open. Among the officers of the banks which were open for business the expression was unanimous that the flurry was at an end, and that the people would now see the folly of their actions in forcing a suspension of the banking institutions by all withdrawing their deposits at once and taking from circulation all the money that would ordinarily flow through the regular channels and help in sustaining the business public and the banks. The suspended banks all had much more than enough money to be considered perfectly safe guaranty in ordinary circumstances and with business at its normal condition would have laughed at the idea of a run. A tour of the banks just before their closing hour showed that all excitement had died away and there was not the least semblance of . "run." The officers of all the banks stated that they were taking in more money than they were paying out. "I do not think I will have to place a bank in Denver in the hands of a receiver," said Frank Adams, the bank examiner for Colorado. Mr. Adams further said that he believed the suspended banks will all resume business in a short time. He has the clerks at all of the banks engaged in making out the reports, which will be sent to the comptroller as soon as they can be gotten ready. Mr. Adams seems to have the utmost confidence in the belief that the banks will reopen again in a few days, and that no losses will follow to depositors. The morning train from Omaha brought in $50,000 in cash for Denver national banks. Another bank last night received two iron safes full of money from the east by express. Owing to the tightness of the money market a large number of business houses in the city and state have made assignments. The Wheeler Banking company, of Aspen, Colo., closed its doors, and there was an exciting run on the First National bank at that place.

5. July 20, 1893 Rock Island Daily Argus Rock Island, IL

Article from Rock Island Daily Argus, July 20, 1893

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Article Text

Excitement at Aspen. ASPEN, Colo., July 20.-The Wh+eler Banking company, the pioneer bank of the city, has closed its doors. A statement of its affairs Cia mot be learned at present. A notice on the door reads: "This bank has closed and is in the hands of Benjamin Ferris." A run was started on the First National and the greatest excitement prevailed. One thousand people were in line drawing their deposits.

6. July 22, 1893 The Carbon Advocate Lehighton, PA

Article from The Carbon Advocate, July 22, 1893

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SENSELESS BANK RUNS They Compel Denver Banks to Temporarily Suspend. DEPOSITORS WILL NOT SUFFER The State Bank Examiner Thinks All De. positors Will be Paid in Full, as the Banks Are In Good Condition The Scare About Over. DENVER, July 20.-The timorous feeling among depositors in the Denver banks, which has resulted in the closing of a number of these institutions this week, seems at last to have reached its limit, and the people are now stopping to think, with the result that yesterday afternoon more money was deposited than was withdrawn. The German, State and People's National banks closed their doors yesterday in order to forestall the heavy demands that it was evident would be made. As soon as the action had been taken depositors in other banks seemed to take new courage, and during the day talk on the streets was much more conservative and rational. The North Denver bank closed its doors late in the afternoon. There was no great run, but the bank had been unable to realize upon its securities and was short of funds. The depositors have been assured that they will be paid 100 cents on the dollar. During the afternoon the five national banks that are still open for business showed no signs of any unusual excitement among their patrons. Indeed, these banking houses were quieter than on many days during ordinary times, and everybody seems to feel that the end of the unjustifiable excitement has been reached. Following the suspension of the State and German National a few small depositors who had their money in the First National renewed the run on that institution, but it was a small affair and soon wore itself out. In two hours the run was completely broken and quiet was restored. The run was caused PAYMENT principally by those who were near at hand when notices declaring the suspension of the German and State National were posted. These people at once became panie stricken, although the remarkably strong condition of the First National is a matter of common knowledge. Around the Denver National, Colorado National, American National and City National banks all was quiet. There were very few calls for money, and a few of those who had withdrawn their money from the suspended banks were depositing in the banks that yet remain open. Among the officers of the banks which were open for business the expression was unanimous that the flurry was at an end, and that the people would now see the folly of their actions in forcing a suspension of the banking institutions by all withdrawing their deposits at once and taking from circulation all the money that would ordinarily flow through the regular channels and help in sustaining the business public and the banks. The suspended banks all had much more than enough money to be considered perfectly safe guaranty in ordinary circumstances and with business at Its normal condition would have laughed at the idea of a run. A tour of the banks just before their closing hour showed that all excitement had died away and there was not the least semblance of a "run." The officers of all the banks stated that they were taking in more money than they werepaying out. "I do not think I will have to place A bank in Denver in the hands of a receiver," said Frank Adams, the bank examiner for Colorado. Mr. Adams further said that he believed the suspended banks will all resume business in a short time. He has the clerks at all of the banks engaged in making out the reports, which will be sent to the comptroller as soon as they can be gotten ready. Mr. Adams seems to have the utmost confidence in the belief that the banks will reopen again in a few days, and that no losses will follow to depositors. The morning train from Omaha brought in $50,000 in cash for Denver national banks. Another bank last night received two iron safes full of money from the east by express. Owing to the tightness of the money market a large number of business houses in the city and state have made assignments. The Wheeler Banking company, of Aspen, Colo., closed its doors, and there was an exciting run on the First National bank at that place.