1227. First National Bank (Canon City, CO)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: national
Start Date: July 20, 1893
Location: Canon City, Colorado (38.442, -105.221)

Metadata

Model: gpt-5-mini
Short Digest: 1b71f364

Response Measures

None

Description

The First National Bank of Canon City suspended around July 20, 1893 after failures of Denver banks (i.e., contagion from other local/state banks). Sources explicitly state there was no run at Canon City and the bank reopened about a month later (Aug 29–30, 1893).

Events (2)

1. July 20, 1893 Suspension

Cause: Local Banks
Cause Details: Suspension triggered by failures and suspensions of Denver banks, causing a lack of ready cash and contagion pressure on Canon City's bank.
Newspaper Excerpt: When the hour for opening banks arrived this morning passers-by were confronted with a notice on the doors of the First National Bank announcing that, owing to failures of Denver banks, it would have to suspend for a short time.
Source: newspapers

2. August 29, 1893 Reopening

Newspaper Excerpt: The First National bank, which closed its doors about a month ago, opened again this morning. The showing made by the institution is one of the best made by the recently suspended banks.
Source: newspapers

Newspaper Articles (11)

1. July 21, 1893 The Indianapolis Journal Indianapolis, IN

Article from The Indianapolis Journal, July 21, 1893

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Other Failures. NEW YORK, July 20. - -David McClure has been appointed receiver for the Truth Company, on the application of Charles Eddy, Lonis Ettlinger and Gustave H. Buck, directors, for a dissolution of the company. It was incorporated Dec. 10, 1892, with a capital stock of $200,000. succeeding to the business previously carried on by the News Letter Company. and issued bonds to the amount of $100,000. SHARON. Pa., July 20.-Sheriff Burnett. of Mercer, at the instance of attorney Ingersoll, of Cleveland, served writs of attachment on the Douglass Furnace Company, of Sharpsville, foreclosing judgments for $250,000 to-day. The failure is perhaps directly attributable to the recent assignment of Forsythe, Hyde & Co., of Chicago, by which firm the furnace has been operated. CANON CITY, Col., July 0.-When the hour for opening banks arrived this morning bassers-by were confronted with a notice on the doors of the First National Bank announcing that, owing to failures of Denver banks, it would have to suspend for a short time. CHEYENNE, Wyo., July 20.-The failure of the Kent Bank, this morning, precipitated & run on the other banks and this afternoon the First National Bank closed its doors. Liabilities, $502,000; assets $725,000. Both banks will probably reopen. NASHUA, N. H., July 20.-The Security Trust closed its doors this morning. The bank had not met with losses but stopped business on account of the withdrawal of deposits. It has deposits and surplus amounting to $250,000. GRAND JUNCTION, Col., July 20.-The First National Bank failed to open its doors this morning. A notice posted on the doors stated the liabilities to be $50,000. assets $108,000, leaving a balance of $58,000 in favor of the bank. FRANKFORT, Ky.. July 20.-Coi. E. H, Taylor,jr. the distiller, made an assignment to-day to the Lexington Trust Company. The liabilities are not given out but it is supposed that they are not nearly 80 large as the assets. COLORADO SPRINGS, Col., July 20.-The banking houses of J. R. Wheeler & Co., at Colorado City and Manitou, failed to open

2. July 21, 1893 The Times Richmond, VA

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ECKELS' GOOD CHEER ASSURES DENVER BANKERS THAT HE WILL HELP THEM. The Comptroller's Comforting Words Have Splendid Effect Upon the Financial Situation Other Failures. WASHINGTON D. C., July 20.-Mr. James H. Eckels, Comptroller of the Currency immediately on his return from New York this morning, addressed to the National Bank Examiner at Den. ver a dispatch defining the policy of the administration with reference to insolvent banking institutions generally, as follows "Frank Adams, National Bank Examiner Denver, Col. you would announce to the officers of the banks which have failed in Denver that it is my Intention to lend them every aid possible looking towards resumption on their part, and shall grant to them sufficient time to enable them to not only collect in such amounts as are speedily collectable, but to get together such amounts of will enable them to open upon small basis. It seems to me that such citizens as have by a foolish course of conduct in withdrawing their deposits from the banks, which so long enjoyed their complete confidence, and brought about this condition, ought. in view of the damage they have done their city as quickly as possible repair it by stand ing ready to deposit with them. I fully appreciate all the circumstances of the situation, and that no unnecessary loss may be entailed, you are authorized to employ as assistants. to protect the paper and collect in moneys. most competent and trustworthy employes in such institutions have also ordered Exami ner McHugh of Iowa, to report at once assist to desire this telegram to be given to the press at Denver, evidencing as does that the Comptroller has faith in the ability of the Banks of Denver to resume. and of his desire to lend them every assistance consistent with his officlal duty When asked to express more fully his views on the condition of affairs. Mr. Eckels said the failures in Denver yesterday, like number of national bank failures, were caused by no fault of the bank officials, but through a fool. ish and uncalled-for lack of confidence the part of the depositors "It is my intention," he said, "where bank has been properly conducted and whose assets under ordinary circumstances would have permitted it to remain solvent. to give the institution opportunity to resume business All the Denver banks that failed were conducted and every opportunity will be given them to reopen. The people have caused this Denver disaster foolish runs should do all thy can to help the banks to resume The Comptroller has been notified that the directors of the Chemical National Bank of Chicago have abandoned the attempt to reopen that bank. They were unable to collect the assessments required. The Dispatch Has a Good Effect. DENVER COL July 20. -The cheering news from Washington has had a wor derful upon Denver this morning dispatch from Comptroller the the effect that he the aid possible give banks applauded on every Adams, to whom is besieged hear and report an get Mr. Eckels' comof those Dencourse in had lost confidence are looked upon as being most are running off extras. and already things The bright offiaspect. banks all notify will be able pay in customers But take some time to re that learned is It have been made from banks during the past few would indicate that some anticipated trouble the city in the past noticeable that very few or business men of the their deposits the run by the working the feel greatly daily epting one. havby reducing in size larger type ASHINGTON July 20 -Other busireported as follows banking house of J. B Wheeler and Manitou, did not open Their branch at Aspen closed private banking house of T A at Chevenne, W Vyoming. d'd not o-day, and is in the hands of an At Grand Junction Col.. the First Na onal Bank failed to open its doors to As soon as this became known istness men began depositing in the County Bank, in order to make its edit good The First National Bank of Canon Ity, Colorado, suspended to-day be use its funds are in the suspended He enver banks Two More Colorado Banks Fall. DENVER COL July 20.-The First she ational Banks at Canyon City and rand Junction this State, failed to open eir doors this morning. It is probable the failures were caused by the spension of Denver banks Fly A Business Failure Results ENVER COL July 20 -The Flanders Goods Company has been attached dre and in consequence were comdre make an assignment this mornmil The assets are estimated at $200,000 order liabilities at $125,000 The failure not aused by the suspension of the in People's National Bank Security Trust Company Suspends whi bod NASHUA N. H. July 20.- The Security ing Company closed its doors this mor orning The bank has not met with in stopped business on account pow withdrawal of deposits The Treas states that the bank will be able to have depositors in full. It has a capipito surplus amounting to $250,000. are must be paid out before loss can depositors. There is considerable pect ritement in consequence of the suspenLE is er Colonel E. H. Taylor, Jr., Assigns. road FRANKFORT KY., July 20.- sencaused in business circles ming to-day by the assignment of Colonel for H Taylor, Jr the famous distiller

3. July 21, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 21, 1893

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First National bank, of which G. A. Rice is president and G. A. McFarland cashier, failed to open its doors this morning. A notice was posted on the doors stating the liabilities to be $50,000 and assets $109,000, leaving a balance of $59,000 in favor of the bank. The depositors were further informed that no one would lose a penny, and that the bank would reopen as soon as it could realize upon its securities. As soon as the First National closing became known the business men began depositing in the Meabo bank in order to make its credit good. The runs were very light, and it is thought it may weather the storm without any trouble. CANON CITY, Col., July 20.-When the hours for opening the banks arrived this morning passers-by were confronted with a notice on the First National bank announcing that owing to failure of Denver banks it would have to suspend for a short time. This announcement caused no excitement, and no run is being made on the Fremont County bank, which is perfectly solid, and no fears are entertained in regard to it. The assets of the First National are largely in excess of liabilities, but ready funds could not be realized on securities, so suspension was necessary. It is thought the bank would be closed for only a short time. CHEYENNE, Wyo., July 20.-The private banking house of T. A. Kent failed to open its doors this morning. There has been a quiet steady, drain for some weeks, and closing was inevitable. Most of the deposits of this bank were time certificates, and but few of the business houses are affected. J. W. Foster is made assignee, and is now in charge. He believes that depositors will be paid in full.

4. July 27, 1893 Burlington Weekly Free Press Burlington, VT

Article from Burlington Weekly Free Press, July 27, 1893

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DENVER, Col., July The panic was in in this city to-day with renewed vigor and as the result the Old German National with a reputation for stability of 20 years standing and the equally reputable State National failed to open their doors for business this morning. Later the People's National failed. All night long depositors stood in line in front of the German and by 9 o'clock there was one long soa of faces stretching down the streets. At the opposite corner, where the State has long done business, there was crowd of anxious depositors also quite awaiting the opening of the doors. Here the people were relieved of their agony at FL few minutes after 9 o'clock, when B notice was posted on the door that the bank would not open, owing to a lack of ready cash and the crowd moved away. At the German a slip of paper was posted on the windows stating that the doors would remain closed temporarily. Then the women down the long line broke out in tears and wailing. By this time there was a run on every bank in the city and soon came the announcement that the People's National bank had closed its doors. The notice on the doors read. "This bank closed by order of the board of directors. Net assets, $1,100,000; liabilities, $310,000." President McNeill of the State bank says his bank has Daid out in cash a trifla more than $900,000 within the last 30 days. He evidently tried to call in his loans in order to keep the doors open, but it proved to be an impossibility. In concluding a long talk, he said: "Our assets are fully twice as large as our liabilities." Charles M. Clinton, cashier of the German National, stated that the exceedingly hard times and inability to place securities, together with the failure to call in loans, had forced them to close their doors. During the last 60 days, he said, there has been a constant drain on the bank and over $1,000,000 had been paid to depositors. The bank expected $800,000 from the east this morning, but it failed to arrive and as we had paid out nearly all our money during yesterday's run we were forced to close. The officers expect it to rosume in time, as its assets are greatly in excess of the liabilities. The statement of the People's National published on the 12th showed that they had less than $60,000 in cash on hand, while the individual deposits subject to check, not counting any other, amounted to $210,000. The capital stock of the bank is $600,000. Later in the day Tucker & Co., dealers in gentlemen's furnishings and the Peoples' company, made assignmenta. This afternoon the run at the Denver National was over, with an enormous amount of money still in sight. The same is true at the city and all the other banks, and business men are breathing freely. At the closing hour there were not half a dozen people in or around any of the national banks here. The weak banks have all been closed and there can be but little doubt of the soundness of the five that withstood the storm of yesterday and to-day. D. A. Thatcher, president of the Denver National and also of the clearing house, this evening said that he anticipated no more bank failures. Those that kept open passed through the clearing house in good shape and showed that the were in excellent condition for the future. An examination of the affairs of the closed banks has been made and in no instance has there been found the slightest dishonesty or crooked work. "I am confident," said Mr. Thatcher, "that if the financial condition of the country brightens a little. they will all resume and every depositor will be paid dollar for dollar." The J. B. Wheeling Banking company of Aspen, Col., Bank of Sterling, Sterling, Col., and the Bank of Loveland, Col., have assigned. No statements have been issued. Two National Bank, Close Doors. WASHINGTON, July 19. -The comptroller of the currency has been advised that the Hutchinson National bank, Hutchinson, Kansas, closed its doors to business this morning, and that the Bozeman National bank of Bozeman, Montana, has failed. Failure of Two Kansas State Banks. TOPEKA, Kan., July 19.- Information has been received at the office of the State bank commissioner, of the failure of the State bank of Parker, Linn county, and the Woodson State bank of Yaltes Centre, Woodson county, both small concerns. More Business Failures. WASHINGTON, July comptroller of the currency bas been informed that the Farmers National bank of Henrietta, Tex., has failed. The First National bank of Grand Junction, Col,, has suspended; also the First National bank of Canon City, Col.; J. B. Wheeler & Co., bankers of Colorado City; T. A. Kent, broker, and the First National bank of Cheyenne, Wyo.; the First National bank of Harrisouville, Mo.: and the Johnson County Savings bank of Warrensburg, Mo. The Traders' bank of Tacoma failed to open for business

5. July 27, 1893 Eagle River Review Eagle River, WI

Article from Eagle River Review, July 27, 1893

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NEWS PARAGRAPHS. GRESHAM denies that he will be a presidential candidate. Cleveland will probably elevate him to the supreme bench. INVESTIGATION shows that Shoemaker, who killed the Lukens brothers at Metropolis, Ill., did not commit suicide as reported. AT Friend, Neb., Michael Kesier, fired his son's house in the hope of cremating his wife, who refused to sign mortgages. GOV. MARKHAM has appointed ex-Gov. George C. Perkins United States senator to succeed the late Leland Stanford, of California. ANDREW SPEAR, a negro living in Lima, O., shot his wife dead for talking. He then decamped with her body and has not been found. THE heretofore thriving city of Pittsburg, Kas., contains 6,000 idle miners and has been ruined by the strike urged on for political ends. JOHN KRIDER, a wealthy farmer, was thrown from his wagon at Elkhart, Ind., and died later in the day of the injuries he received. THE McKutchan carriage works, at Princeton, Ill., were burned to the ground, involving a loss of $30,000 and throwing out of employment over fifty men. DANIEL YOAHNKLE, a well-known German of Chanderville, Ill., drowned himself in the Sangamon River at Virginia. No reason for his suicide is known. LIEUT. CLARK, U. S. A., aged 30, son of Dr. Clark, of Baltimore, Md., was drowned at Fort Custer, Mont. He was married about a year ago, to Miss Elsie Clemens, of St. Louis. OFFICERS of the Kansas Farmer's Alliance have conceived the plan of loaning wheat to destitute farmers until next year. A LETTER from the captain of the Alexandria totally disproves the rumor about the Mohican having been fired upon. LEE JONES, of Indianapolis, convicted of the murder of Thomas Moody in 1872, has been pardoned by Gov. Matthews. HARPER & BROTHERS have been warned by secret service men not to portray government money on books published by them. CHARLES GREETON, a 17-year-old bicycle rider, was killed by falling over an embankment with his wheel near Lebanon, O. THE engagement of Dr. Albert Shaw, editor of the Review of Reviews, and Miss Bessie Bacon, of Reading, Pa., is announced. THE jury at Fresno, Cal., in the case of Richard Heath, charged with the murder of L. B. McWhirter, was unable to agree. BANKER LITTLE, who killed Attorney Johnston at Kansas City, Kas., has been held for murder in the first degree by a coroner's jury. OWING to the economical policy of the Nebraska legislature there are no appropriations to meet current expenses of state institutions. PENSION officials, in purging the rolls, have cut off Supreme Judge Charles Dean Long, of Michigan, who lost an arm in the service. THE steamer Paris made the westward run from Southampton to Fire Island in 6 days, 9 hours and 30 minutes, breaking the record. THE St. Louis Wood and Pump Company has failed. ALL the banks at Gutherie, Ok., are experiencing runs. THE Yorktown has sailed from New York for the Pacific station. Is a fall from a scaffold at Elgin, Ill., Edward Dewey was fatally injured. A RECEIVER has been appointed for Truth, the New York publication. THE Burlington Railroad decides on a general reduction in its working force. WILLIAM SCHWARTZ, because of domestic trouble, took poison at Decatur, Ill. E. H. TAYLOR, the Frankfort, Ky., distiller, made an assignment. No figures. WELLS, FARGO & Co. will establish a bank in New York with a capital of $500,000. THE Silver convention at Topeka, Kas., is all but a failure. There is a scarcity of big men. THE First National Bank at Harrisonville, Mo., failed with $80,000 assets and $40,000 liabilities. MISS WINNIE DAVIS is slightly ill at Narragausett Pier, but no apprehension is felt by her friends. THE Hotel Vorcelli, at Boston, has gone into the hands of an assignee. The debts are $30,000. MRS. W. C. HOLMES was buried at Mattoon, Ill. She was a cousin of John Bright, English commoner. ABOUT 1,000 boilermakers and helpers are on a strike at St. Louis for a nine-hours' day at ten hours' pay. A LARGE consignment of tobacco was seized at Philadelphia. Importers had placed an undervaluation upon it. THE First National Bank at Cannon City, Col., and the First National at Grand Junction, Col., have failed. CONVICTS in the Ohio penitentiary at Columbus were detected in the act of digging a tunnel through the walls. JACOB KABERICK and wife had a desperate fight with a robber at Hillsboro, Ill., who failed to secure their money. ANDY MANDEBACH, aged 17, was fatally shot by a boy named Littell, aged 11, while frog hunting at Washington, Ind. BILL MCCOY and Joe Haygood, Star gang outlaws, are under arrest at Dennison, Tex. Others will soon be caught. on demands 2,000,000,0 from

6. August 30, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, August 30, 1893

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Denver's Banks Reopening. DENVER. Aug. 29.-The German Na. tional bank reopened its doors this morning and received large deposits. The other two failed national banks expect to resume this week. CANON CITY, Colo., Aug. 29.-The First National bank. which closed its doors about a month ago, opened again this morning. The showing made by the institution is one of the best made by the recently suspended banks.

7. August 30, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, August 30, 1893

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Another Bank Open. CANON CITY, Col., Aug. 29.-The First National bank, which closed its doors about a month ago, was opened again this morning. The showing inade by the institution is one of the best made by the recently suspended banks.

8. August 30, 1893 St. Paul Daily Globe Saint Paul, MN

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Another Bank Open. CANON CITY, Col., Aug. 29.-The First National bank, which closed its doors about a month ago, was opened again this morning. The showing made by the institution is one of the best made by the recently suspended banks.

9. August 31, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, August 31, 1893

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TELEGRAPHIC BREVITIES. NEW YORK, Aug. 30.-Mrs. R. D. Shepherd, known to the stage as Marie Prescott, died in a hospital Mond y. MILWAUKEE, Aug. 30.-Linday Bros'. agrionitural machinery wayehouse burned to-day. The loss is benvy. CHICAGO, Aug. 30.-Judge Geo. H. Kettelle, of the superior court, died at Evanston this morning of constipation of the bowels. BUZZARDS BAY, Ang. 30.-President and Mrs. Cleveland left for New York on the yacht Oneida, this afternoon, on their way to Washington. ASPEN, Col., Aug. 30. The plant of the Holden Smelting com any was attached today for $199.310 by Charles H. Graham and is now in the hands of the sheriff. HARRISBURG, Pa., Aug. 30. -The republican state convention met hero to-day. Judge D. N. Fell. of Philadelphia, was nominated for supreme justice and S. I. Jackson for state trensurer. CANON CITY, Col., Aug. 30.-The - First National bank, which closed its doors about n month ago, opened again this morning. The showing made by the institution is one of the best by recently BOApended banks. DENVER. Aug. 30.-The Evening Post. the only administration organ In Colordo, was compelled to temporarily saspend ou ROcount of the present business stringency. The paper expects to resume as soon as times become better. PITTSBURG, Ang. 30.-The Oliver Iron and Steel company has definitely decided to attempt to operate without the amalgamated association agreement and will start to-morrow non-union. There is much excitement among union men. The firm employs 6,000 men.

10. August 31, 1893 The Yellowstone Journal Miles City, MT

Article from The Yellowstone Journal, August 31, 1893

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BUSINESS ON A BOOM. Suspended Banks Opening Their Doors, and Money Pouring In. Fifty Manufacturing Establishments and: Twenty Banks Have Resumed in the Last Three Weeks. KANSAS CITY. Mo., August 30.-The statement issued today by the national banks of this city shows that since the height of the financial Hurry. which was reached July 19. deposits have increased 82.000.000. SAN FRANCISCO. August 30. The People's Home Savings Bank. which closed its doors June 23. opened for business this morning. The bank has deposits of 82.000.000. DENVER. Col., August 30. The German National Bank opened its doors for business at the regular hour this morning. This is one of the oldest banks in the city and one of the last to suspend during the July panic. Soon as the doors were opened County Treasurer Hart deposited 820,000. and other merchants 825.060. several others nearly as large amounts. while the list of smaller depositors reached to the street. The other two suspended banks expect to resume this week. WAUPACA. Wis.. August 30. - The County National Bank. of this city. reopened its doors for business yesterday after a suspension of less than a month. NEW YORK. August 30. -The World to-day prints a list of twenty banks which have resumed business, also a list of about tifty manufacturing establishments which have resumed operations since August 12. CANON CITY, Col.. August 30.-The First National Bank. which closed its doors about a month ago. was opened again this morning. LE MARS. la.. August 30.--The Ger. man State bank has opened its doors for business. and is now transacting the business of this town. The other three banks will be running before long.

11. September 6, 1893 The Star Reynoldsville, PA

Article from The Star, September 6, 1893

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# BANK RESUMPTIONS. Many Reported From Different Parts of the Country. A telegram from Washington says: The following national banks, which recently suspended payment, have been permitted to reopen their doors for business: The State national bank of Denver, Col.; the Louisville city national bank, of Louisville, Ky.; the Merchants' bank of Louisville; Ky.; the First national bank of Ashland, Wis., and the First national bank of Platteville, Wis.; the German national bank of Denver, Col.; the First national bank of Canon City, Col. At Minneapolis, the Bank of New England, which suspended about a month ago, has resumed business. At San Francisco the People's home savings bank, which closed its doors June 23, opened for business. A statement issued by the national banks of Kansas City shows that since the height of the financial flurry, which was reached on June 19, the deposits have increased $2,000,000. The First national bank of Dubuque, Ia.; the First National bank of Grand Rapids, Col. The American national bank of Omaha, Neb.; the American national bank of Nashville, Tenn. The First national bank of Mankato, the National Citizens' bank of Mankota the Mankato national bank, all of Mankato, Minn.