1246. Colorado Banking & Trust Company (Cripple Creek, CO)

Bank Information

Episode Type
Run Only
Bank Type
trust company
Start Date
November 5, 1903
Location
Cripple Creek, Colorado (38.747, -105.178)

Metadata

Model
gpt-5-mini
Short Digest
b828f0e5

Response Measures

Public signal of financial health

Description

Multiple newspapers (Nov 5–7, 1903) report that the Bimetallic Bank failed to open and that this caused a run on the allied Colorado Banking & Trust Company. No suspension or closure of the Colorado Banking & Trust Company is reported in the articles.

Events (1)
1. November 5, 1903 Run
Cause
Local Banks
Cause Details
Run triggered by the failure/closure (failure to open) of the Bimetallic Bank of Cripple Creek, an allied local bank.
Measures
Public statements by president James F. Hadley reassuring depositors that the trust company was in good condition; noted only about $50,000 of deposits subject to withdrawal.
Newspaper Excerpt
In consequence of the closing of the Bimetallic bank, a run was started on the Colorado Banking and Trust company, an allied institution. Hundreds are in line at this company's offices seeking to draw out deposits.
Source
newspapers

Newspaper Articles (10)
1. November 5, 1903 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, November 5, 1903

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Article Text

WASHINGTON, Nov. 5.-The First National bank of Victor, Colorado has been closed by order of the acting comptroller of the currency, the examiner reporting the bank to be insolvent. James B. Lazear, national bank examiner, has been appointed receiver. The bank was organized in September, 1900, The failure, the act ing comptroller states, was due to losses sustained by reason of excessive accommodations extended to mining interests with which officers of the bank were connected. The statement of the bank September 9th last, showed deposits of over $300,000. Will Be Paid in Full. VICTOR, Colo., Nov. 5.-Frank M. Woods, general manager of the Woods Investment company, which is president of the First National bank which failed, said: "The Woods Investment company is behind the bank and depositors will be paid in full. The strike resulted in withdrawals from the bank chiefly by men leaving the district, and our reserve was depleted." CRIPPLE CREEK, Colo., Nov. 5.The Bimetallic Bank of Cripple Creek failed to open today. A notice on the door announced: "Bank closed; statement later." CRIPPLE CREEK, Colo., Nov. 5.The Bimetallic State bank was established in 1891 by D. H. Moffatt and sold by him in 1901 to Jas. F. Hadley. It is capitalized at $100,000 and the deposits aggregate $220,000. The officers are: President, Jas. F. Hadley; vice-president, Bruno Hobbs; cashier, E. P. Arthur. City Treasurer A. G. Jones, assistant cashier of the bank said this morning: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." The news of the close of the Bimetallic bank spread rapidly and a run began on the Colorado Banking and Trust company, of which James F. Hadley is also president. Hundreria are in line.

2. November 5, 1903 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 5, 1903

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Article Text

CAUSED A RUN. Bimetallic Failure Makes Trouble for Allied® Concern. Cripple Creek, Colo., Nov. 5.-In consequence of the closing of the Bimetallic bank, a run was started on the Colorado Banking and Trust company, an allied institution. Hundreds are in line at this company's offices seeking to draw out deposits. "The company is in good condition," said James F. Hadley, who is president of both the trust company and the bank, "and will not be affected by the closing of the bank. We have only about $50,000 on deposit subject to withdrawal."

3. November 5, 1903 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, November 5, 1903

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Article Text

COLORADO BANK FAILS. The Bimetallic of Cripple Creek Closes its Doors. Cripple Creek, Colo., Nov. 5.-The Bimetallic Bank of Cripple Creek failed to open today. A notice on the door announced "Bank closed. Statement later." The Bimetallic is a state bank. established by David H. Moffatt in 1891 and sold by him in 1901 to James F. Hadley and others. It is capitalized at $100,000, and its deposits aggregate about $220,000. The officers are: President, James F. Hadley; vice president, Bruno Hobbs; cashier, E. P. Arthur. City Treasurer A. G. Jones, assistant cashier of the bank, said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." In consequence of the closing of the Bimetallic bank, a run was started on the Colorado Banking & Trust company, an allied institution. Hundreds are in line at this company's office seeking to draw out deposits. "The company is in good condition," said James F. Hadley, who is president of the trust company and the bank, "and will not be affected by the closing down of the bank. We have only about $50,000 on deposit subject to withdrawal." Rear Admiral Bradford's Report.

4. November 6, 1903 The Times Dispatch Richmond, VA
Article from The Times Dispatch, November 6, 1903

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Article Text

ONE BANK GLOSES RUN ON ANOTHER Bimetallic Bank of Cripple Creek Fails to Open its Doors for Business. (By Associated Press.) CRIPPLE CREEK, COL., Nov. 5.-The Bimetailic Bank, of Cripple Creek failed to open its doors to-day. The Bimetallic is a State bank. capitalized at $100,000, and its deposits aggregate about $220,000. City Treasurer A. G. Johns, assistant cashier of the bank. said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for for dollar. but we must have time." In consequence of the closing of the Bimetallic Bank a run was started on the Colorado Banking and Trust Company, an allied Institution. Hundreds were In line during the afternoon. "The company is in good condition." said James F. Hadley, who is president of both the trust company and the bank. "and will. not be affected by the closing of the bank. We have only about $50,000 on deposit subject to withdrawal."

5. November 6, 1903 The Daily Silver State Winnemucca, NV
Article from The Daily Silver State, November 6, 1903

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Article Text

Financial Institutions in Colorado Closed Their Doors Yesterday DEPOSITORS WILL BE PAID Heavy Decline in Mining Stocks Causes a Failure at Cripple Creek Cripple Creek, Colo.; Nov. 5.-The Bi-metallic bank of Cripple Creek failed to open today. A notice on the door announced "Bank closed. Statement later." The Bi-metallic is a state bank, established in 1891, by David H. Moffat, and sold by him in 1901 to James F. Hadley and others. It is capitalized at $100,000 and its deposits aggregate $220,000. City Treasurer A. G. Jones, assistant cashier of the bank, said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." In consequence of the closing of the Bi-metallic bank a run was started on the Colorado Banking and Trust company, an allied institution. Hundreds are in line at this company's ouice seeking to draw out deposits. "The company is in good condition," said James F. Hadley, who is president of the trust company and the bank, "and will not be affected by the closing down of the bank. We have only about $50,000 on deposit subject to withdrawal."

6. November 6, 1903 Daily New Dominion Morgantown, WV
Article from Daily New Dominion, November 6, 1903

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Article Text

Closed Bank Starts Run. Cripple Creek, Col., Nov. 6.-In consequence of the closing of the Bimetallic bank a run was started on the Colorado Banking and Trust company, an allied institution.

7. November 6, 1903 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, November 6, 1903

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Article Text

RUNS ON BANKS. Another Colorado Institution Closed Its Doors. Cripple Creek, Col., Nov. 5.-The Bimetallic Bank of Cripple Creek failed to open its doors to-day. The Bimetallic is a state bank, capitalized at $100,000, and its deposits aggregate about $220,000. City Treasurer A. G. Johns, assistant cashier of the bank, said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." In consequence of the closing of the Bimetallic Bank a run was started on the Colorado Banking and Trust Company, an allied institution. Hundreds were in line during the afternoon. "The company is in good condition," said James Hadley, who is president of both the trust company and the bank, "and will not be affected by the closing of the bank. We have only about $50,000 on deposit subject to withdrawal."

8. November 6, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 6, 1903

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Article Text

BIMETALLIC BANK FAILS CRIPPLE CREEK INSTITUTION WILL GO INTO LIQUIDATION. Its Assets Impaired by Decline in Mining Stocks and Real Estate-Other Colorado Banks in Trouble. CRIPPLE CREEK, Col., Nov. 5.-The Bimetallic Bank of Cripple Creek failed to open its doors to-day. A notice on the door announced, "Bank closed; statement later." The Bimetallic is a State bank, established in 1891 by David H. Moffatt and sold by him in 1901 to James F. Hadley and others. It is capitalized at $100,000, and its deposits aggregate about $220,000. The officers are: President, James F. Hadley; vice president, Bruno Hobbs; cashier, E. P. Arthur. City Treasurer A. G. Jones, assistant cashier of the bank, said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." The directors of the Bimetallic Bank this afternoon made an assignment to -E. P. Arthur, the cashier. It is understood the bank will liquidate and go cut of business. In consequence of the closing of the metallic Bank a run was started on the Colorado Banking and Trust Company, an allied institution. "The company is in good condition," said John F. Healy, who is president of both the trust company and the bank, "and will not be affected by the closing of the bank. We have about $50,000 on deposit subject to withdrawal."

9. November 6, 1903 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 6, 1903

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Article Text

BANK FAILURES IN COLORADO Bimetallic at Cripple Creek Failed to Open Yesterday. WILL GO OUT OF BUSINESS TROUBLE AT VICTOR AND PUEBLO. Cripple Creek, Colo., Nov. 5.-The Bimetallic bank of Cripple Creek failed to open today. A notice on the door announced: 'Bank closed. Statement later." The Bimetallic is a state bank, established by David H. Moffat in 1891 and sold by him in 1901 to James F. Hadley and others. It is capitalized at $100,000, and its deposits aggregate about $220,000. The officers are: President, James F. Hadley; vice president, Bruno Hobbs; cashier, E. P. Arthur. City Treasurer A. G. Jones, assistant cashier of the bank, said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." The directors of the Bimetallic bank this afternoon made an assignment to E. P. Arthur, the cashier. It is understood that the bank will liquidate and go out of business. In consequence of closing of the Bimetallic bank a run was started on the Colorado Banking & Trust company, an allied institution. Hundreds are in line at this company's office seeking to draw out deposits. "The company is in good condition," said James F. Hadley, who is president of the Trust company and the bank, "and will not be affected by the closing down of the bank. We have only about $50,000 on deposit subject to withdrawal."

10. November 7, 1903 The News & Observer Raleigh, NC
Article from The News & Observer, November 7, 1903

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Article Text

Colorado Banks Shut Doors. I (By the Associated Press.) Cripple Creek, Col., Nov. 5.-The Bimetallic Bank of Cripple Creek failed to open its doors today. The Bimetallic is a State bank, capitalized at $100,000 and its deposits aggregate about $220,000. City Treasurer A. G. Johns, assistant cashier of the bank, said: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar but we must have time." In consequence of the closing of the Bimetallic bank a run was started on the Colorado Banking and Trust Company, an allied institution. Hundreds were in line during the afternoon. "The company is in good conditions," said James F. Hadley, who is president of both the trust company and the bank, "and will not be affected by the closing of the bank. We have only about $50,000 on deposit subject to withdrawal." Pueblo, Colo., Nov. 5,-The Pueblo Title and Trust Company did not open today, the managers being in fear of a run. E P Shrone, of Colorado Springs, to whom an assignment was made, stated today that the Title and Trust Company is perfectly solvent and can pay all demards within thirty days. The bank's deposits are about $250,000, including the accounts of a large number of workingmen. The assets are said to be about $450,000.