Bank of Crested Butte - Crested Butte, CO

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: July 21, 1893
Location: Crested Butte, Colorado (38.870, -106.988)

Metadata

Model: gpt-5-mini
Short Digest: 2d794fcc

Response Measures

Full suspension

Other: Multiple dispatches state the Bank of Crested Butte 'closed' or 'suspended' after several days of withdrawals; no reopening or receivership mentioned in these articles.

Description

Newspapers report a quiet/heavy run for several days followed by suspension/closure in late July 1893. Articles variously state the bank 'closed' or 'suspended' (July 21–24, 1893). No clear evidence in the provided clippings that the bank later reopened or was placed in receivership, so I classify as run → suspension with uncertain final outcome.

Events (2)

1. July 21, 1893 Run

Cause: Macro News
Cause Details: Part of the wider July 1893 banking panic in Colorado and the West; 'crazy actions of the people' and runs in Denver/Colorado contributed to heavy withdrawals at Crested Butte.
Measures: Bank officers decided to suspend payments temporarily (invoked suspension/closed doors).
Newspaper Excerpt: There was quite a run on the bank for several days, so it was decided to suspend for a time.
Source: newspapers

2. July 21, 1893 Suspension

Cause: Macro News
Cause Details: Suspension/closure after several days of heavy withdrawals tied to the regional panic and runs on Colorado banks; described as decision to suspend for a time following run(s).
Newspaper Excerpt: The Bank of Crested Butte closed today. Liabilities $35,000, assets $65,000.
Source: newspapers

Newspaper Articles (6)

1. July 22, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 22, 1893

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Telegraphic Tersities. The Commercial Bank of Milwaukee, Wis., has made an assignment. The Johnson County Savings Bank, Warrensburg, Mo. suspended Thursday. The Bank of Crested Butte, Col., has closed. Assets, 865,000 : liabilities, $35,000. The Campbell Lumber Company, Can. ton, O., assigned yesterday for the benefit of creditors. The Traders' Bank, of Tacoma, Wash., failed to open for business yesterday morning owing to its inability to procure ready money. The cruiser Detroit was placed in commission at the Norfolk navy-yard yesterday and the gun-boat Machias at Ports. mouth, N. H. Mrs. William F. Patrick, daughter of the late William G. Brownlow. of Knoxville, Tenn., died yesterday afternoon after a prolonged illness. Vice. President Stevenson and party visited the points of interest at San Francisco yesterday, and at 2.30 in the afternoon took a train for Monterey. A colored woman and her two children were smothered to death in a tenementhouse fire early yesterday morning in the colored quarter of Savannah, Ga. Harry Hill, of Atlanta, charged with forgery and against whom additional warrants were sworn out after he had been released on bond, surrendered yesterday. Mail advices from Mazatlan, Mex., on the Pacific coast. are to the effect that yel. low-fever has made its appearance there, and that many deaths from the disease are reported daily. The Cairo (III.) harbor.boat A. Egans, belonging to the Cairo City Company, broke in two and sank in the Mississippi river at Greenlest's Bend Thursday night. Insured for $10,000. A dispatch from Rome states on good authority that there 18 no cholera at Napies. The dispatch adds, however, that there are several cases of suspicious sickness at Cueno, fifty-five miles southwest of Turin. The miniature battle-ship Bancroft arrived at Annapolis yesterday and was transferred to the charge of Superintendent Phythian. of the Naval Academy, for use in the practical instruction of cadets in the arts of modern warfare. Governor Lewelling, of Kansas, denies the report that he ordered Major- General Percy Daniels, of the State Guard, to goto Pittsburg and assume command of the troops to be sent there to prevent riots and violence among the striking coalminers. The Dutch steamer P. Caland, reported towed into Queenstown by the British steamer Damara, with a broken shaft, will be towed to Rotterdam for repairs. The passengers embarked on a Cork steamer for Millford, and will travel overland to Holland. A Branford (Fla.) special says the negro convict who criminally assaulted and murdered the 9-year-old daughter of Carr Elliott. in Lafayerte county, last week. was lynched Thursday night on the spot where he committed the crime by a mob numbering between three and four hundred. The negro confessed that he was guilty. M. Ducret. editor of the Paris Cocarde, who was arrested on a charge of complicity in the forgery of certain docu. ments alleged to have been stolen from the British Embassy in Paris, was yesterday committed for trial, Norton, the mulatto who furnished M. Ducret with the documents, being committed also on the charge of having forged them.

2. July 22, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 22, 1893

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TELEGRAPHIC TIPS. Princess Amelie, wife of Baron Paul Heugel and youngest sister of the Duke of Teck, died at Gratz. Two hundred and ninety-five thousand ounces of silver and 40,000 Mexican dollars will be shipped out on two steamers today. The Naples newspapers contain no news of cholera in the city, and correspondents profess inability to gain any information concerning an epidemic there. A threshing machine engine at Belina, N. M., exploded, and the engineer, Charles Pitman, was instantly killed, being almost blown to pieces. Several others were seriously injured. The Bank of Crested Butte, Colo., is closed. There was quite a run on the bank for several days, SO it was decided to suspend for a time. The assets are $65,000. liabilities $35,000. James Williams, who was to hang at Fort Gibson, 1. T., for the murder of Dick Braggs November last, has been respited until Aug. 18, when Williams, Zalton and Christie will all hang. The treasury department was offered 67,000 ounces of silver at prices ranging from 70 to 70½ cents. Of this amount 30,000 ounces were purchased at 70 cents, the balance being declined and the same rate offered. In the United States court at Atlanta, Ga., the attorney for the Central Trust company filed a bill to foreclose a $14.500,000 mortgage on the Georgia Pacide railroad. This is a part of the reorganization scheme. An Italian family named Trabaco, numbering five persons, and living in a filthy nest in the tenement quarters of New York, were found sick of smallpox yesterday. They were huddled together in two beds, where they have been sick for many days. Commissioner A. Wermuth, of Germany, sailed on the Aurania. He said he was going to Germany in response to summons, the object of which he did not know. He had learned from unofficial sources that it was among the possibilities that Emperor William would visit the fair. If he was consulted on the question, Commissioner Wermuth said he would do all in his power to persuade him to come.

3. July 23, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 23, 1893

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BANK FAILURES SOUTH AND WEST. ONE OF THE EMBARRASSED INSTITUTIONS A GOVERNMENT DEPOSITORY. Knoxville, July 22.-The State National Bank closed this morning. The bank has long been known to be the weakest in the city. The withdrawal yesterday of $20,000 in deposits was more than It could stand. A meeting of the directors was held last night. An offer of $40,000 to pay depositors, should a run occur to-day, was made by other banks, but was not accepted. When it opened for business this morning a run was precipitated, which lasted only a few moments, as the bank closed Its doors for liquidation. A notice on the door says the bank will pay depositors dollar for dollar. Stockholders will also receive 85 cents on the dollar. It was feared that the closing of the State National would cause a panic in Knoxville financial institutions which have heretofore been considered strong. A slight run was made on the City National Bank, which is just opposite the State, but here depositors were paid in full, and the scare was soon over. There is no more uneasiness felt here. It is thought the other banks can stand the storm. Louisville, July 22.-The Kentucky National Bank of this city closed Its doors this morning. The capital stock is $1,000,000, paid up. It is thought the bank will be able to resume business in a short time. It has been carrying an immense amount of paper which, although gilt edge," could not be realized on. The bank is the Government depository, and in its statement published on July 19 the Government's deposits are placed at $191,731 83 deposits of United States disbursing officers, $138,208 17. According to the statement, the amount of cash on hand on July 19 was a little over $85,000: individual deposits subject to check were $311,695 33, and the loans and discounts were $1,719,966 52. The bank had been weak for some time, and the failure was not unexpected. Memphis, July 22.-The Citizens' Bank of Jellico, Tenn., the only banking institution in this place, failed to open for business yesterday morning. John Smith was made assignee. Assets and liabilities not known. Vernon, Texas, July 22.-The State National Bank of Vernon closed its doors yesterday. Every cent of money on hand had been paid out, except ten cents, before the doors closed. The failure is due to inability to realize on securities. The directors say that depositors will be paid In full. Lampasas, Texas, July 22.-The private banking bouse of J. & L. W. Galbraith failed to open its doors yesterday morning. having made an assignment to J. 1. Campbell. Liabilities, $60,000; assets, $120,000. A run on the First National was started, but the concern was in a position to withstand all demands. Depositors in Galbraith's Bank will be paid In full. 6 Topeka, July 22.-The First National Bank of Anthony closed its doors yesterday and posted a notice of assignment. Its assets are $154,000 and liabilities $50,000. RusseM. Kan., July 22.-The First National Bank of this place was closed this afternoon and was taken possession of by C. M. Sawyer on order of the Controller of the Currency. No statement has been made. Greetry, Col., July 22.-The Union Bank made an assignment yesterday morning to James F. Benedict, of Denver. It is thought this step was voluntarily taken to avoid the contingency that might arise should some creditor take advantage of the Attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. Crested Butte, Col., July 22.-The Bank of Crested Butte closed yesterday morning. There had been a quiet run on it for several days, SO it was decided to suspend for a time. The assets are $65,000; liabilities, $35,000. Tacoma. Wash., July 22.-A. G. Poster was ap pointed receiver of the Traders' Bank yesterday. PresIdent Fitch says that the assets will pay all the obligations and leave a large surplus. Henry A. Strong, of Rochester, N.Y., and John D. Rockefeller were the largest stockholders. It is expected the bank will resume business soon. PRESENT TREASURY POLICY TO BE CONTINUED. Washington, July as -Secretary Carlisle. after an Interview with Mr. Preston. Acting Director of the Mint. this morning authorized the statement that he fully approves the policy pursued In his absence by Mr. Preston in purchasing silver, and that the same policy. will govern silver purchases in the immediate future. This statement sets at rest the rumors that Secretary Carlisle would, on his return. reverse the policy of the Treasury in purchasing silver. Secretary Carlisle gave entire discretion in purchasing silver to Mr. Preston when he left here on his vacation. This morning, with the approval.o Secretary Carlisle, Mr. Preston refused to purchase 100,000 ounces of silver at 70 cents, the London price being about 69 1-2 cents an ounce. This was part of lot offered yesterday at 73 cents an ounce, and was declined and a counter offer was made by Mr. Preston of 71 1-2 cents an ounce,which the holder refused to accept.

4. July 24, 1893 The Madison Daily Leader Madison, SD

Article from The Madison Daily Leader, July 24, 1893

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Small Colorado Failure. CRESTED BUTTE, July 24.-The Bank The of Creasted Butte has suspended. assets are $65,000; liabilities, $35,000.

5. July 27, 1893 The Austin Weekly Statesman Austin, TX

Article from The Austin Weekly Statesman, July 27, 1893

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THE PANIC SUBSIDING. MONEY GETTING EASIER EVERYWHERE AND CONFIDENCE RETRUNING. Money Going Back Into the Denver Banks -Suspended. Banks Will Resume Business Shortly-Commercial Bank of Milwaukee Assigns. DENVER, July 21.-Confidence in Denver banks and commercial houses is being restored in the East and at home with nearly the same rapidity that our people attempted its destruction the first three days of this week. There has been no suspension of magnitude for two days and no more are expected. Banking houses have determined that they will push no creditors nor serve an attachment upon those who show an honest disposition towards settling. Times here will probably be until congress meets and that it is expected that if silver then receives fair treatment it will not take long to place Denver and Colorado far in advance of where they were when this transfer came. President D. H. Moffatt of the First National bank has received a telegram from one of the leading banks of New York offering assistance if needed. Mr. Moffat replied with thanks that he had all the money he needed. Other houses have had offers. It is understood that the German and State National have received large sums of money and will be ready to open their doors again within a very short time. CALIFORNIA BANKS REOPEN. SAN BERARDINO, Cal., July 21.-Jas. H. Eckels, comptroller of the currency, has authorized the First Natlonal bank to reopen, which it did this morning. The bank has a large amount of capital on hand, more than enough to pay every possible demand. It is said the Farmers' Exchange bank will also reopen in a short time. BETTER FEELING PREVAILS. NEW YORK, July 21.-The bank presidents reported today that the situation was fairly easy with some shipments of currency to St. Louis, Denver and Kansas City. Money is is easy and there is a more confident feeling everywhere. MILWAUKEE BANK ASSIGNS. MILWAUKEE. July 21.-The Commercial bank failed. It assigned to A. B. Fiefuss, cashier, who filed a bond of $165,000. The troubles of the bank are said to result from its acceptance of a large amount of paper of Corrigan, Ives & Co. The officers of the bank are, E. R. Paine, president; J. C. Flint, vice president, and A. B. Guilfuss, cashier. Capital stock $250,000. The July statement gave total liabiliwhich of ties $1,656,850.85, due is depositors $557,743.22 on demand, $528,915.22 due depositors on time. The direct cause of the sus pension of the bank at this time is attributed to the failure of the Douglass Furnace company of Sharpesville, Pa., of whose certificates of stored pig iron the Commercial bank had about $130,000. It is claimed that somebody ignoring those certificates had the sheriff attach the iron. For some time also depositors in the bank have been quietly withdrawing money from it. A TACOMA BANK. TACOMA, July 21.-The Traders bank suspended today. SCHLESINGER MINING PROPERTY. MILWAUKEE, Wis., July 21.-The first step toward re-organizing the Schlesinger mining property was taken today. A meeting of the Chapin mine owners was held and flve new directors were ehosen. John H. Tweedin, Jr., was elected treasurer. No other changes were made in the directory. GREELY BANK GOES. GREELY, Colo., July 21.-The Union bank assigned today to James F. Benedict of Denver. Depositors are safe. A SMALL BANK. CRESTED BUTTE, Colo., July 21.The Bank of Crested Butte elosed today. Liabilities $35.000, assets $65,000.

6. July 27, 1893 The Redwood Gazette Redwood Falls, MN

Article from The Redwood Gazette, July 27, 1893

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BUSINESS OUTLOOK. The Country Passing Through an Extraordinary Strain. Record of Bank Failures in Kansas and Colorado-A Milwaukee Bank Closes -Big Mills and Factories Ceasing Operations. WEEKLY TRADE REVIEW. NEW YORK, July 22.-R. G. Dun & Co.'s weekly review of trade says: "This week the country has withstood surprisingly well an extraordinary strain. The failure of many banks and firms have come despite the relaxation in eastern and in some southern and western money markets. Denver banks were overthrown largely by the crazy actions of the people, but in most cities statements show the banks in a healthy condition, and there has since been noticed more readiness to extend accommodation. Under all the conditions it is astonishing that business has been so well maintained with so little evidence of unsoundness. "The stagnation in iron has closed some mag. netite mines in this state and New Jersey and most of the mines in Michigan. Coke is moving downward, pig iron is inactive, and though dealings in bar and structural projects are somewhat larger prices are the lowest ever known. "Wheat has fallen 2 cents, corn 1 cent. Pork products and oil are lower. In place of the expected advance in sugar a decline has come and cotton, after some advance, recedes again. Western receipts of wheat are moderate and exports fairly large, but unprecedented stocks press for sale. The stock market closed last week hopefully, but by Wednesday had reached the lowest average of prices since 1884. London and short sellers then bought and some recovery has followed. "At Philadelphia banks are holding currency and strengthening themselves. An easier feeling prevails at Pittsburgh in ircn. The Cincinnati money market is easier and Cleveland reports grocery trade good, but iron wholly inactive. Toronto notes better feeling. Indianapolis no improvement but banks in strong position, and Detroit a quiet business with the outlook not very cheerful "At Milwaukee the closing of some manufactures and reduction of wages in others and the failure of the great iron syndicate are noticed. At St. Paul trade is restricted; at Minneapolis lumber sales are reduced and sales of flour below the output Omaha trade is good and St. Joseph fair. Receipts of cattle light at Kansas City. Denver trade is demoralized, but now more hopeful, and many reported assignments are regarded as a measure of protection. St. Louis reports business good. in volume and character. but trade checked by closeness of money, banks fortifying themselves. "The treasury has been paying gold to the banks, but on the whole increasing its holdings. Exports of products are a little larger than a year ago, but imports a so large. "The failures during the past week number 467 in the United States, against 168 last year, and twenty-five in Canada against nineteen, two of the failures exceeding $500,000 and 101 others exceeding $5,000 each. Last week the failures in the United States numbered 374." KANSAS BANK FAILURES. TOPEKA, Kan., July 2.-During the past week the following banks in the state have closed their doors: Bank of Johnson City, Bank of Weir City, Caney Valley bank of Caney. Bank of Meade, Meade county, First national of Fort Scott, Citizens' bank of Kansas City, Bank of Richmond, Farmers' and Merchants' bank of Ossawattomie, Citizens' of Armourdale, First national of Anthony, Bank of Belleville and the Hutchinson national of Hutchinson. -COLORADO BANKS. DENVER, Col., July 22.-Seven banks in this city suspended during the past week. Throughout the state suspensions were reported as follows: The Bank of Sterling, the Bank of Loveland, First national and Union at Greeley, National at Grand Junction, First national at Canyon City and the Bank of Crested Butte. A MILWAUKEE BANK ASSIGNS. MILWAUKEE, Wis, July 22.-The Commercial bank has made a voluntary assignment. The assignee named in the papers filed is A. B. Geilfuss, the cashier of the bank, and his bond is placed at $1,700,000. The entire fund of Milwaukee county, amounting to $310,624, was deposited in the Commercial bank. Another big depositor was the newly-organized Milwaukee Electric Railway company, to the extent of $200,000. The last statement of the bank showed demand deposits amounting to $557,748 and time deposits $528,919. The bank had a capital of $250,000. The liabilities of the bank® are estimated at about $1,500,000 and the assets at about $1,700,000. BIG MILLS TO CLOSE. MILTON MILLS, N. July 22.-The