1223. American National Bank (Leadville, CO)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
3949
Charter Number
3949
Start Date
July 3, 1893
Location
Leadville, Colorado (39.251, -106.293)

Metadata

Model
gpt-5-mini
Short Digest
b01aa8e3670d9cec

Response Measures

Public signal of financial health, Full suspension, Books examined

Description

Contemporary newspapers report a depositor run on Leadville banks (including the American National) in early July 1893; the American National closed its doors in early July citing inability to realize securities amid a nationwide stringency, and was permitted to resume business by Comptroller Eckels on or about Aug 17, 1893. Dates in reports vary between July 1โ€“3 for the closure; reopening is consistently Aug 17, 1893.

Events (4)

1. December 18, 1888 Chartered
Source
historical_nic
2. July 3, 1893 Run
Cause
Macro News
Cause Details
Run occurred amid nationwide stringency following recent suspensions of California banks and general money-market tightness; depositors demanded cash.
Measures
Paid out cash to depositors; managers made prudential preparations and met withdrawals until demand subsided.
Newspaper Excerpt
A run was made on the California, Carbonate and American banks today, but all demands of the depositors were promptly met with cash
Source
newspapers
3. July 3, 1893 Suspension
Cause
Macro News
Cause Details
Bank suspended because it could not immediately realize on securities due to the country-wide stringency in the money market; directors stated resources exceeded liabilities but liquidity was impaired.
Newspaper Excerpt
The American National bank closed its doors this morning, but the directors say the depositors will be paid in full. Owing to our inability to realize upon first-class securities, we are compelled to suspend payment for a few days.
Source
newspapers
4. August 17, 1893 Reopening
Newspaper Excerpt
Comptroller Eckels has given ... the American National Bank of Leadville, Col, permission to resume; The American National bank, which closed its doors July 1, opened its doors for business this morning (Aug. 17).
Source
newspapers

Newspaper Articles (20)

Article from The Record-Union, July 4, 1893

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BANK FAILURE. The Albuquerqne National Temporarily Suspends Business. ALBUQUERQUE (N. M.), July 3.-The following note was posted on the door of the Albuquerque National Bank this morning: The Albuquerque National Bank is compelled temporarily to suspend business. This is brought about by the unusual demands of depositors since the suspension of the California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can soon resuine business and that every creditor will be paid in full, as the assets greatly exceed the liabilities. JOHN A. LEE, Vice-President. The suspension will cause no loss to depositors, as the bank has a surplus of $40,000. Other banks are exceptionally strong, and have large cash reserves. Full confidence is expressed by citizens, and no runs whatever are being made. The liabilities of the Albuquerque National Bank are $270,000, and the assets $420,000. The New Mexico Savings Bank and Trust Company is also closed, but they say the depositors will be paid in full. RESUMING BUSINESS. WASHINGTON, July 3. - Comptroller Eckels is advised that the First National Bank at San Diego, Cal., which failed one month ago, will resume business Wednesday, having complied with the conditions imposed by the Comptroller. It is probable, also, that the failed Washington National Bank of Spokane, Wash., will resume business in ten days. A RUN AT LEADVILLE. LEADVILLE (Col.), July 3.-A run was made on the California, Carbondale and American Banks to-day, but all demands of depositors were promptly met with cash, and at the closing hour the run had ceased. The American National Bank closed its doors this morning, but the directors say the depositors will be paid in full. The statement shows the resources to be $536,134 and the liabilities $347,625. RUN ON A BROOKLYN BANK. BROOKLYN, July 3.-There was a slight run on the Williamsburg Savings Bank this morning. Nearly 1,000 persons crowded into the bank as it opened, and until noon, anxious inquiries made show the proportion of those withdrawing deposits as to five to one of those depositing. General A. V. Meserole, President of the bank, said: "We paid out $230,000 on Saturday and took in $140,000, mostly from new depositors. We are doing business fast, and preparing for a run should it come." HAS PLENTY OF FUNDS. Cisco (Tex.), July 3.-The doors of the National Bank of Cisco were closed by the Inspector to-day, while the inspections of the bank's condition are being made, to prevent a run. The Cashier stated that the bank had two and a half dollars for every dollar of liabilities. DECLARED INSOLVENT. WINNIPEG (Man.), July 3.-The Commercial Bank of Manitoba has been declared insolvent and liquidators appointed to wind up its business. Bills of the bank are as good as gold under the Dominion law.


Article from The Wheeling Daily Intelligencer, July 4, 1893

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CONDENSED TELEGRAMS. Johnson, the famous California outlaw, died in jail at Fresno yesterday. General Warner denies the story that there has been a secret conference of the free silver congressmen. Edward McCarthy jumped from the Brooklyn bridge last night and sustained fatal injuries. Ho wanted to emulate the example of Steve Brodie. A run on the Carbonato and American banks at Leadville, Col., was instituted yesterday. The bank meets all demands, and depositors are being paid in full. Fifteen hundred miners at Long Run, Dillonvale and Laurelton mines on the Wheeling & Lake Erio are out on strike because of the discharge of the check weighman. A dispatch from Hong Kong reports another fanatical outbreak against mis. sionaries in China. The dispatch says that a mob of natives attacked two Swedish missionaries at Macheng and killed them. The militia were withdrawn from Tonawanda, N. Y., yesterday atternoon. The situation has become such that deputy sheriffs can take the place of the soldiers in guarding the property of tho lumbermon. There wns a slight run on the Will. iamsburg (N. Y,) Savings Bank yesterday morning. Nearly n thousand porsons crowded to got into the bank as it opened and at noon hundreds of anxlous inquiries were made. The bank is in no danger.


Article from The Herald, July 4, 1893

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A Run on Leadville Banks. LEADVILLE, Colo., July 3.-A run was made on the California, Carbondale and American banks today, but all demands of the depositors were promptly met with cash, and at the closing hour the run had ceased. The American National bank closed its doore this morning, but the directors say the depositors will be paid in full. The statement showe: Resources, $536,134; liabilities, $347,625,


Article from The Morning Call, July 4, 1893

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BUSINESS REVERSES. Many Banks Unable to Withstand the Pressure. ALBUQUERQUE, N. M., July 3.-The following notice was posted on the door of the Albuquerque National Bank this morning: "The Albuquerque National Bank is compelled temporarily to suspend business. This is brought about by the unusual demands of depositors since the suspension of California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can soon resume business and that every creditor will be paid in full, as the assets greatly exceed the liabilities. "JOHN A. LEE, Vice-President." The suspension will cause no loss to depositors, as the bank has a surplus of $40,000. The other local banks are exceptionally strong and have a large cash reserve. Full confidence is expressed by citizens in their soundness and no runs whatever are being made. The liabilities of the Albuquerque National are $275,000 and the assets $420,000. The New Mexico Savings Bank and Trust Company also closed to-day. Its officers say the depositors will be paid in full. LEADVILLE, Colo., July 3.-A run was made on the California, Carbondale and American banks to-day, but all the demands of depositors were promptly met, and at the closing hour the run had ceased. The American National Bank closed its doors this morning, but the directors say the depositors will be paid in full. The bank's statement shows resources amounting to $3,536,134 and liabilities of $342,625. GOLDEN, Colo., July 3.-The Jefferson County Bank failed this morning. There is DO statement of assets or liabilities. The total liabilities are $76,538 and the assets $111,380. The officers are confident that every cent will be paid. CINCINNATI, Ohio, July 3.-Freiberg Bros.. liquor-dealers, have failed; liabilities, $200,000; assets, same. BROOKLYN, July 3.-There was a run on the Williamsburg Savings Bank this morning. Nearly 1000 persons crowded into the bank as it opened, and until noon anxious inquiries were made. The proportion. of those with drawing deposits was as five to one of those depositing. General A. V. Meserole, president of the bank. said: "We paid out $230,000 on Saturday and took in $140,000. mostly from the depositors. We are doing business fast, and are prepared for a run, should it come." CHICAGO, July 3.-A. G. Postlethwalte filed a bill to-day for a receiver for the Illinois Fuel Company of Sangamon County, which confessed judgment some days ago for $70,000. The complainant is holder of the company's stock. He claims that the officers put all his investment in the company and have mismanaged its affairs. He claims the company owes him $42,000 money loaned. WINNIPEG, July 3.-The Commercial


Article from The Daily Morning Astorian, July 4, 1893

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WILL BE PAID IN FULL. Leadville, Colo., July 3.-A run was made on the California, Carbendale and American Banks today, but all demands of depositors were promptly met with cash, and at the closing hour the run was ceased. The American National Bank closed its doors this morning, but depositors will be paid in full. A statement shows resources of $536, 134; liabilities, $342,625.


Article from Fort Worth Gazette, July 4, 1893

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Stood the Runs. Leadville, Colo., July 3.-Before the hour off jopening an immense crowd gathered for a run on the Carbonate and American banks The directors of each had long been expecting it and the managers had made such prudential preparations for the energency as was in their power. The-Carbonate was soon filled with an eager crowd of depositors, all showing more or less anxlety. The paying teller handed out the funds as fast as the checks were preseuted, however, and the process of disbursement went steadily on until near noon. The only other incident of the morning's business was the frequent appearances of the bank's regular commercial customers with deposits of such funds as they were able to collect during the morning. Among this class was unt manifest the slightest uneasiness, and not a single account was closed by the withdrawal of funds, President


Article from Morning Journal and Courier, July 4, 1893

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COMPELLED TO SUSPEND. More Banks Are Obliged to Close Their Doors. LEADVILLE, Col., July 3 -The American National bank, owing to the impossibility of realizing upon its securities has been compelled to suspend payment. The officers state that the bank's resources are $536,134, liabilities $342,625, and that depositors will be paid in full. There was a run on the Carbonate bank this morning, but it ceased at noon. LARNED, Kans., July 3.-The Pawnee County bank closed Saturday night, and the Larned State bank failed to open this morning. A receiver of the Larned has been appointed, and the Pawnee county has assigned. The liabilities of the Pawnee are $18,000 and of the Larned $28,000. Both have notes and discounts considered ample to cover all liabilities.


Article from The Salt Lake Herald, July 4, 1893

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Run on Leadville Banks. LEADVILLE, Colo., July 3.-A run was made on the California, Carbonate and American banks today, but all demands of depositors were promptly met with cash and at the closing hour the run had ceased. The American National bank closed its doors this morning, but the directors say depositors will be paid in full. Their statement shows resources, $536,134; liabilities, $342,625.


Article from St. Paul Daily Globe, July 4, 1893

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BANKS CLOSE UP. New Mexico and Colorado Institutions Suspend. ALBUQUERQUE, N. M., July 3.-The Albuquerque National bank, which always has been recognized as next to the largest institution of the kind in the city, failed to open its doors th : S inorning, posting un a notice to the effect that the suspension is only temporarydepositors need have no tear of not being paid in full. The New Mexico Savings Bank and Trust company. an adjunct of the Albuquerque, is also closed, with the same kind of a notice posted up. John A. Lee, vice president of the national bank, states that all depositors will be paid in full by both banks. Territorial funds to the amount of $30,000, and county funds to $30,000 had only recently been deposited in the Albuquerque National bank. No run has been made on the other banks. GOLDEN, Col., July 3.-The Jefferson County bank in this city made au assignment this afternoon. The total liab. lities of the bank are placed at $76,538.79, while the assets are $111,350.35. LEADVILLE, Col., July3.-The American National bank did not open its doors this morning, owing to the impossibility of realizing upon securities. No statement of assets and liabilities is made, A number of depositors had withdrawn their money, but a great deal more money had been deposited than taken out. The probabilities are that the bank will resume. ASPEN, Col., July 3.-The McPherson County bank did not open its doors this morning, but instead made an assignment for the benefit of its creditors. Impossibility to collect on notes outstanding is given as the cause of the failure. No statement as to assets and liabilities has so far been made public. CINCINNATI, July 3.-Freidberg Bros., one of the largest wholesale liquor firms in this city, failed at noon today for $200,000, caused by stringency of the money market.


Article from Omaha Daily Bee, July 4, 1893

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RUN ON LEADVILLE BANKS. Excitement for a Time Runs High but Soon Subsides. LEADVILLE, July 8.-Before the hour of opening of the local banks this morning an immense crowd had gathered for a run on the Carbonate and American banks. The directors of each had long been anticipating it and their managers had made such prudential preparations for the emergency as was in their power. The Carbonate was soon filled with an eager crowd of depositors, all showing more or less anxiety. The paying teller handed out the funds as fast as checks were presented. however, and the process of disbursement went steadily on until near noon, when the demand for cash at this institution almost entirely ceased. The only other incident of the morning's business was the frequent appearance of the bank's regular commercial customers with deposits of such funds as they had been able to collect during the morning. Among this class there was not manifest the slightest uneasiness, and not a single bank was closed by the withgrawal of funds. President Dougan of the Carbonate said: 'We have funds in our vaults to meet every demand and all who wish ti eir money can come and get it." At the hour for opening the American National bank the following placard was posted on the doors of the institution: "Owing to our inability to realize upon first-class securities, we are compelled to suspend payment for a few days. All depositors will be paid in full." At noon the following communication was furnished, the directors signing it for publication: For the information of our depositors we desire to make the following statement: Resources, $536,134.11; liabilities, $342,635.57; excess, $193,498.54. This is the showing on our books Saturday, July 1, at close of business. Owing to the present stringency all over the country, we cannot at once realize on our securities, but our depositors will be paid in full. The notice was signed by A. Sherwin, Charles L. Hill, George E. Taylor, Charles T. Limberg, John A. Willing and W. A. Folkinghorn.


Article from Santa Fe Daily New Mexican, July 5, 1893

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More Failures. LEADVILLE, Colo., July 5.-The American National bank has failed. Dallas, Texas.-A News' Cisco special says: The doors of the First National Bank of Cisco were closed by an inspector while an inspection of the bank's condition was being made to prevent a run by depositors. The cashier stated that the bank had $2.50 for every dollar of indebtedness.


Article from Mineral Point Tribune, July 8, 1893

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NEWS AFTERMATH. The Brazilian cabinet has resigned. Gov. Altigeld's mother is dead in Mansfield, Ohio. Edward McOarthy, aged 22, a bartender, jumped from the Brooklyn bridge and will die The Albuquerque National bank has closed its doors. Its liabilities are $175,000 and assets $425,000. The New Mexico Savings Bank and Trust company also closed but depositors will be paid in full. The American National bank at Leadville has closed. Its resources are $536,134 and liabilities $342,625. The Williamsburg Savings bank of Brooklyn enjoyed a harmless run. Two Swedish missionaries, named Wickholm and Johannsen, were killed by the Chinese. Fire cansed $150,000 loss in the dry goods store of Fish, Joseph & Co. The clerks got out after a violent scramble. The store is located in Chicago.


Article from The Wilmington Daily Republican, August 18, 1893

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MILLS AND BANKS RESUME. COLUMBUS, O., Aug. 17.-Hayden's Rolling Mill, one of the the leading iron works of this city, which shu 1 down two months ago, re-opened today, and 200 men resumed work. The mill will run night and day, and the managers state that the outlook is good. The chain works, owned by the same firm, opened a week ago, when 100 men went to work. Builders also report the outlook in their business better. CLEVELAND, O., Aug. 17.-The Cleveland Rolling Mills will resume work next week. BRISTOL, Pa., Aug. 17.-The Lead Mining Co., of Buck's County, has put 100 men at work in its new mines. PROVIDENCE, R. I., Aug. 17.-Mellor & Prendergast's mill, at Burrillville, resumed work yesterday. WOONSOCKET, R. I., Aug. 17.-The calendar rooms of the Miliville (Mass.) and Alice (Woonsocket) factories 01 the Woonsocket Rubber Co. will start on Monday. preparatory to resump. tion in all the departments. They have been closed two. weeks. WASHINGTON, D. C., August 17.Comptroller Eckels to-day permitted the National Bank of Commerce, of Denver, Col., and the American National Bank, of Leadville, Col., both of which suspended a short time ago, to begin business. MONTGOMERY, Ala., August 17.-Depositors of the Joseph Morris Bank have already agreed to a plan for its resumption, deposits to be paid in quarterly sums, beginning on February 1st, next. The good assets are found to be almost $3,000,000; liabilities, $1,641,288.


Article from The Middleburgh Post, August 24, 1893

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Financial and Commercial. The Backbone of the currency famine in Eastern cities appears to be almost broken. The First National bank, of Rico, Col., which suspended payment in June, on Thursday reopened its doors for business, The First National Bank, of Dubuque, Ia., has suspended. At Leadville, Col., 'the American National Bank, which closed July 1, opened its doors for business.


Article from The Austin Weekly Statesman, August 24, 1893

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A DENVER BANK RESUMES. DENVER, Aug. 17.-The National Bank of Commerce was today placed in the hands of its directory and the doors opened for business. It is announced that three more of the suspended banks will open before Sept. 1. A BANK RESUMES. LEADVILLE, Aug. 17.-The American National bank, which closed its doors July 1, opened its doors for business this morning. HOTEL FAILS. CHICAGO, Aug. 17.-The Hotel Im-


Article from The Comet, August 24, 1893

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Controller Eckels has given the suspended National Bank of Commerce of Denver, and the American National Bank of Leadville, Col, permission to resume:


Article from The Meeker Herald, August 26, 1893

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Three of the suspended national banks of Denver have resumed business again. They are-the National Bank of Commerce, the People's national and the Union national. The Central national of Pueblo, the Greeley national of Greeley, the American national of Leadville, and the First national of Rico, have also resumed. This shows that confidence is returning and the outlook for Colorado much brighter.


Article from Evening Star, August 29, 1893

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BANKS HAVE RESUMED. Those That Were Temporarily Embarrassed Now All Right. Controller Eckels has prepared the following statement of banks which temporarily suspended during the late stringency and have since resumed business: Black Hills National Bank, Rapid City, S. D., capital stock, $125,000; Gate City National Bank, Atlanta, Ga., $250,000; Capital National Bank, Indianapolis, Ind., $300,000; Washington National Bank, Spokane Falls, Wash., $250,000: First National Bank, Palouse city, Wash., $75,000; Southern California National Bank, Los Angeles, Cal., $200,000; First National Bank, Los Angeles, Cal., $200,000; First National Bank, San Diego, Cal., $300,000; First National Bank, Santa Ana, Cal. $150,000; First National Bank, Kendallville, Ind., $50,000; First National Bank, San Bernardino, Cal., $100,000; Second National Bank, Ashland, Ky., $50,000; First National Bank, Rico, Col., $50,000; National Bank of Commerce, Provo City, Utah, $50,000; First National Bank, Cisco, Texas, $50,000; American National Bank, Leadville, Col., $100,000; Central National Bank, Pueblo. Col., $50,000; Missouri National Bank, Kansas City, Mo., $250,000; First National Bank, Fort Scott, Kan., $300,000; Union National Bank, Denver, Col., $1,000,000; National Bank of Commerce, Denver, $500.000: Hutchinson National Bank, Hutchinson, Kan.. $100,000; People's National Bank, Denver, Col., $600,000; First National Bank, Anthony, Kan., $50,000; Greeley National Bank. Greeley, Col., $50,000; Farmers' National Bank, Henrietta, Tex., $50,000; State National Bank, Vernon, Tex., $100,000; Fourth National Bank, Louisville, Ky. $300.000; First National Bank, The Dalles, Ore., $50,000; Waupaca County National Bank, Waupaca, Wis., $50,000; Waxahachee National Bank, Waxahachee. Tex., $100,000; CitIzens' National Bank, Attica, Ind., $50,000; First National Bank. San Marcos, Tex., $80,000; First National Bank, Lockhart, Tex., $50,000. Total capital stock of $6,030,000. Since January 1 last 154 national banks have suspended. Of this number one has gone into voluntary liquidation, 57 have been placed in the hands of receivers, 62 are in the hands of national bank examiners with excellent prospects of early resumption, in addition to the 34 above named which have already resumed business.


Article from The Times, September 3, 1893

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BANKS HAVE RESUMED. Those That Were Temporarily Embarrassed Now All Right. WASHINGTON, D. C. Sept. 1.Controller Eckels has prepared the following statement of banks which temporarily suspended during the late stringency and have since resumed business: Black Hills National Bank, Rapid City, S. D., capital stock, $125,000; Gate City National Bank, Atlanta, Ga., $250,000; Capital National Bank, Indianapolis, Ind., $300,000; Washington National Bank, Spokane Falls, Wash., $250,000; First National Bank, Palouse city, Wash., $75,000: Southern California National Bank, Los Angeles, Cal: $200,000; First National Bank, Los Angeles, Cal., $200,000; First National Bank, San Diego, Cal., $300,000; First National Bank, Santa Ana, Cal., $150,000; First National Bank, Kendallville, Ind., $50,000; First National Bank, San Bernardino, Cal., $100,000; Second National Bank, Ashland, Ky., $50,000; First National Bank, Rico, Col., $50,000; National Bank of Commerce, Provo City, Utah, $50,000; First National Bank, Cisco, Texas, $50,000; American National Bank, Leadville, Col., $100,000; Central National Bank, Pueblo, Col., $50,000; Missouri National Bank, Kansas City, Mo., $250,000; First National Bank, Fort Scott, Kan., $300,000; Union National Bank, Denver, Col., $1,000,000; National Bank of Commerce, Den ver $500,000; Hutchinson National Bank, Hutchinson, Kan., $100,000; People's National Bank, Denver, Col.,$600,000; First National Bank, Anthony, Kan., $50,000; Greeley National Bank, Greeley, Col., $50,000; Farmer's National Bank, Henrietta, Tex., $50,000; State National Bank, Vernon, Tex., $100,000; Fourth National Bank, Louisville, Ky., $200,000; First National Bank, The Dalles, Ore., $50,000; Waupaca County National Bank, Waupaca, Wis., $50,000: Waxabachee National Bank, Waxabachee, Tex., $100,000; Citizen's National Bank, Attica, Ind., $50,000; First National Bank, San Marcos, Tex., $80,000; First National Bank, Lockhart, Tex., $50,000. Total capital stock of $6,030,000. Since January 1 last 154 national banks have suspended. Of this number one has gone into voluntary liquidation, 57 have been placed in the hands of receivers, 62 are in the hands of national bank examiners with excellent prospects of early resumption, in addition to the 34 above named which have already resumed business.


Article from The Iola Register, September 8, 1893

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NATIONAL BANKS RESUME. Comptroller Eckels Furnishes Quite a Long List. WASHINGTON, Aug. 31.-Comptroller Eckels has prepared the following statement of banks which temporarily suspended during the late stringency and have since resumed business: Black Hills national bank, Rapid City, S. D.; capital stock. $25,000. Gate City national bank, Atlanta, Ga; $250,000. Capital national bank, Indianapolis, Ind.; $300,000. Washington national bank, Spokane Falls, Wash: $250,000. First national bank. Palouse City, Wash; $75,000. Scuthern California national bank, Los Angeles, Cal: $200,000. First national bank, Los Angeles, Cal.; $200,000. First national bank, San Diego, Cal.: $300,000. First national bank, Santa Ana. Cal.; $150,000. First national bank, Kendallsville, Ind; $50,= 000. First national bank, San Bernardino, Cal.; $100,000. Second national bank, Ashland, Ky.; $50,000. First national bank, Rico. Col.; $50,000. National Bank of Commerce, Provo City, Utah: $50,000. First national bank, Cisco, Tex.: $50,000. American national bank, Leadville, Col; $100,000. Central national bank, Pueblo, Col: $50,000. Missouri national bank, Kansas City, Mo.; $250,000. First national bank, Fort Scott, Kan: $300,000. Union national bank, Denver, Col.; $1,000,000. National Bank of Commerce, Denver, Col; $500,000 Hutchinson national bank, Hutchinson, Kan: $100,000. People's national bank, Denver, Col.; $600,000. First national bank, Anthony, Kan: $50,000. Greeley national bank, Greelev, Col.: $50,000. Farmers' national bank, Henrietta, Tex.; $50,000. State national bank, Vernon, Tex: $100,000. Fourth national bank, Louisville, Ky.; $300,000. First national bank, The Dalles, Ore: $50,000. Waupaca County national bank, Waupaca, 1 Wis.: $50,000. Waxahachie national bank, Waxahachie, Tex.; $100,000. Citizens' national bank. Attica, Ind: $50,000. First national bank, San Marcos, Tex.; $80,000. 1 First national bank, Lockhart, Tex; $50,000. : Total capital stock, $6,030,000. Since January 1 last 154 national e banks have suspended. Of this num1 ber, one has gone into voluntary liquif dation, fifty-seven have been placed in f the hands of receivers, sixty-two are in the hands of bank examiners with ext cellent prospects of early resumption, t in addition to the thirty-four above a named which have already resumed t business.