1258. First National Bank (Pueblo, CO)

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1833
Charter Number
1833
Start Date
July 5, 1893
Location
Pueblo, Colorado (38.254, -104.609)

Metadata

Model
gpt-5-mini
Short Digest
dcda758bf563e238

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Books examined

Description

Articles (dated July 6โ€“8, 1893) describe a heavy run on the First National Bank of Pueblo after the suspension/closure of the American National. The First National paid depositors throughout the day and remained open and able to meet withdrawals; it did not suspend. Date for the run is taken from contemporaneous reports (July 5, 1893).

Events (2)

1. June 5, 1871 Chartered
Source
historical_nic
2. July 5, 1893 Run
Cause
Local Banks
Cause Details
Run occurred after the suspension/closure of the American National (and other Pueblo nationals), which triggered depositors to withdraw from the First National.
Measures
Paid depositors as quickly as paying teller could handle; remained open and continued operations.
Newspaper Excerpt
Hundreds stood in and about the First National Bank, all day and depositors were paid as fast as the paying teller could handle them.
Source
newspapers

Newspaper Articles (11)

Article from Grand Rapids Herald, July 6, 1893

Click image to open full size in new tab

Article Text

COULD NOT GET CASH. The Solvent Pueblo Banks Were Forced to Suspend. PUEBLO. Colo., July 5. -The American National bank was not opened this morning Notice on the door stated that the bank will resume as soon as it can secure money on its paper. The suspension was a general surprise and a large number of depositors will have to wait a couple of weeks for their money. The bank has assets of over a million and a quarter, yet could not get hold of sufficient currency on any terms, to keep going and closed in order to give every. body an even chance. Liabilities, in eluding deposits, are $630,000. The officers are men of large individual wealth and excellent standing. O.H. P. Baxter is president, and Robert Gib son cashier. Either of them could carry the bank's debts if it were possible to raise money in the usual ways. The affair is in no sense a failure. as all the depositors are sure of their money as soon as an adjustment of af fairs can be made. After the suspension of the American National became kn onn something of a run was started on the First National bank but as there is not a more solid institution in the state. and as it was ready for every body, the run did not last long. It served, however. to frighten two of the other banks. The Central National closed up at once and the Western National closed the moment that an un usual number of calls for money ap peared These are all sound concerns and the ameta are ample. The Central National has assets of $200,000 and lia bilities of $85,000. Its president. D.L. Holden, is a man of large property The Western can pay all depositors twice and then have enough for all stock holders. This statement in made by the president. W. L. Graham.


Article from The Morning News, July 6, 1893

Click image to open full size in new tab

Article Text

A PUEBLO BANK CLOSED. Its Assets Estimated at Twice its Liabilities. Pueblo, Cal., July 5.-The American National Bank has suspended. The assets are placed by the bank's officers at $1,250,000 and the liabilities at $635,000. O. H. P. Baxter, one of the wealthiest men in the state, is president of the bank. It is believed that the bank will be able to resume shortly because its assets are in good shape. There is no excitement among tho depositors of other banks. After the suspension of the American National became known something of a run was started on the First National Bank, but it was ready for everybody and it did not last long. It served. however, to frighten two of the other banks. The Central National closed up at once, and the Western National closed the moment an unusual number of calls for money appeared. These are all sound concerns, and theirassets are ample. The Central National has assets of $200,000, and liabilities of $83,000. "The Western can pay all depositors twice, and then have enough for all the stockholders,' is the statement made by its president, W. L. Graham. THE BANK OF FLORENCE CLOSED. Florence, Col., July ..The - Bank of Florence closed doorsthisafternoon, after a short run. The bank is a branch of the American National at Pueblo, and the closing of that institution caused it to suspend. Assets are claimed to be in excess of the liabilities, and a claim is made that depositors will be paid in full.


Article from Wheeling Register, July 6, 1893

Click image to open full size in new tab

Article Text

WHEELING PEOPLE INTERESTED. Four National Banks at Pueblo, Col., Affected by Heavy Runs--Two of Them Close. PUEBLO, COL., July 5.-The bank panic did not reach Pueblo until this morning. But then it came with a vengeance. Runs were made on the American National, Western National and the First National. The Western National closed its doors before noon. They have deposits of over a million dollars, and have always been considered very strong. The depositors at the First National to-day were paid as fast as the paying teiler could handle them, and the general expectation is that this bank will be able to pay their creditors in full. The Central National Bank closed at noon. This bank does a light business, but withdrawals of deposits had been so heavy of late that they could not stand any further runs. PUEBLO, COL., July 5.-The American National Bank has suspended. When the opening hour arrived this morning the bank's doors were not-opened and a notice posted stating that the bank had suspended. The assets are placed by the bank's officers at $1,250,000. and the liabilities at $635,000. O. P. Baxter, one of the wealthiest men in the State, is President of the bank. It is believed the bank will be able to resume shortly, because its assets are in good shape. There is no excitement among the depositors of theother banks. [Mr. Robert Gibson, formerly of Wheeling, is Cashier of the American National, and Mr. S. F. Crawford, also a native of Wheeling, Assistant Cashier.)


Article from The Morning Call, July 6, 1893

Click image to open full size in new tab

Article Text

BUSINESS REVERSES. Three Banks in Pueblo, Colo., Forced to Close. PUEBLO, Colo.. July 5.-The - bank panic did not reach Pueblo until this morning. Then it came with a vengeance. When the American National opened for business a large number of depositors were waiting to take out their money. The crowd grew and about 10 o'clock the doors were closed. A notice was posted which stated that the bank would commence business again soon. The assets are $1,250,000 and the liabilities $650,000. Runs were commenced 00 both the Western National and the First National. The Western National closed its doors before noon. The Western has deposits of over $1,000,000 and has always been considered very strong. Hundreds stood in and about the First National Bank. all day and depositors were paid as fast as the paying teller could handle them. The general expectation is that the First National will be able to pay its creditors in full and that it cannot be forced to close. The Central National closed at noon. Its assets are about $170,000 and its liabilities about $70,000. A run was made on the Pueblo Savings banks, but the bank took advantage of the law, which allows them sixty days, and the bank is regarded as perfectly safe. A much better feeling prevailsthis evening and the worst is believed to be past.


Article from The Sun, July 7, 1893

Click image to open full size in new tab

Article Text

THE CRISIS IN COLORADO. DENVER BANKERS REFUSE TO CASH CHECKS ON EASTERN BANKS Unbounded Confidence that Pueble's Sus. pended Banks win Resume-Guarding Bank Resources in View or Possi. bio Rene-Frouds of Salida Financiers, DENVER. July 6.-Senator Waleott to-day said: "I cannot talk on the financial situation now. We are looked upon as extremists. any wav. I think the condition of the country is extremely critical just now. and I hope some way will be found to relieve the tension in the East and restore confidence. The Eastern creditors must not force too hard the collection of Wostern sureties at this time. and if they are cautious we shall be saved from terrible disaster and ruin. Our State is full of resources. and with returning confidence we will meet all obligations." A strange feature of the situation in Denver to-day was the refusal of all the banks to cash checks drawn on Eastern banks. no matter how well they were endorsed by local people. Some of the banks have hung out a sign reading: "Checks on country banks received for collection. but not for deposit." Tourists from the East experience no end of difficulty in getting currency on drafts, checks. or letters of credit for this reason. The Denver banks are guarding their resources most carefully in anticipation of a possible run. Pueblo people are showing unbounded confldence in the three suspended banks. Half of the merchants in town to-day advertise to accept checks on any bank. whether suspended or not. and the same rule applies nearly everywhere. Speculators are trying to buy deposits at a discount. but they report no success. excent with very small depositors. The American National Bank management is being praised for closing so promptly under the circumstances. They could have continued longer by closing on a number of firms they carry. but they preferred the course they took. It is said they have $125,000 cash ready for opening when the panic is over. The Western National paid out nearly all the cash on hand. and made special arrangements to pay 1,000 Colorado Smelter pay checks. yesterday being pay day there. The First National withstood A persistent run yesterday. In the crowd were a large number of Bohemians, Italians. and Chinese with certificates of deposits of from $.00 to $300 each. Small amounts were paid in silver and large amounts in gold. No withdrawals of large deposits were made. and the bank gives out the statement that it can contiaue under the present conditions easily. It received some money trom the East this morning. It is estimated that the deposits withdrawn from the various banks of Pueblo in the last sixty days amount in the aggregate to $1,000.000. When banking hours came to an end all the runs had ceased. and the feeling of confidence was growing more substantial. At Salida the First National reopened. and $15,000 of deposits were returned to the bank. The Jefferson County Bank. at Golden. will reopen on next Monday. and the business will be conducted by C. J. Schell. Deputy County Treasurer. The assets foot up $110,000. and the liabilities $70,000. The only serious bank failure is that of the Chaffee County Bank. a private institution in Salida. William E. Robertson. the manager of the bank. was taken suddenly ill. but this did not prevent his arrest. Immediately after the closing of its doors an investigation was made. and it was found that the bank's liabilities amounted to about $61,000 and its immediate available assetsto 8800. A further Investigation brought to light the fact that there had been considerable money in the bank a few days before the failure. It was estimated that there was $31,000 in cash and gilt-edged securities on hand. Where this has disappeared to was the question. Several of the bank directors remembered that Elmer E. Williams of Denver had recently been in Salida. He was formerly connected with the bank. and he and Robertson were fast friends. In January last he came to Denver and opened a Colorado Bureau of Information with Irwin Mahone as assistant and himself as Secretary and Treasurer. He was arrested late last night and taken to Salida. where he will be tried for conspiracy to defraud.


Article from Pawtucket Tribune, July 8, 1893

Click image to open full size in new tab

Article Text

Pueblo's Banks PUEBLO, Colo., July &-There was no further run on the First National bank yesterday. Bank Examiner Adams bas taken charge of the suspended banks here and will push his examination of their affairs as rapidly as possible There . as a very heavy run on the First Nation al bank Thursday.


Article from The Sun, July 8, 1893

Click image to open full size in new tab

Article Text

Minor Business Troubles. OAKLAND. Me., July 7.-The postponed meeting of the directors and stockholders of the Madison Woollen Mill. the largest in Maine. was held yesterday. This mill is at present in financial straits in consequence of disagreement with the former selling agents, H.J. Libby & Co. of New York. It was decided to shut down the mill temporarily and to take account of stock. Thus several hundred operatives will be thrown out of employment. DES MOINES, Ia., July 7.-Attachments aggregating $20.000 and mechanics' liens to the amount of $89,000 were filed yesterday against Lowry Goode. the Highland Park Land Company. the Des Moines Electric and Water Power Company. and other concerns with which Goode is prominently connected. Goode claims that with time he will be able to pay. The amount involved is probably $200,000. RED CLIFF. Col.. July i.-The Eagle County Bank has suspended payment. The capital is $12,000 and its assets. which are estimated at $40,000. are considered worth 100 per cent. The liabilities are $34,000. The withdrawal of large sums on account of the drop in silver was the cause. PUEBLO. Col., July 7.--There was no further run on the First National Bank this morning. Bank Examiner Adams has taken charge of the suspended banks here and will push his examination of their affairs an rapidly as possible. There was no very heavy run yesterday on the First National Bank. Most of the depositors who called for their money have but small accounts deposited. MINNEAPOLIS, July 7.-The Bank of New England assigned yesterday to Judge John P. Rea. the result of a suit brought by the Attorney-General on behalf of the State. asserting that the bank holds a balance of the State funds now on deposit aggregating $81,331.17. which it is unable to pay. The assets are placed at $280,000.


Article from The Providence News, July 8, 1893

Click image to open full size in new tab

Article Text

Pueblo's Seare. PUEBLO, Colo., July 8. -There was no further run on the First National bank yesterday. Bank Examiner Adams has taken charge of the suspended banks here.


Article from New-York Tribune, July 8, 1893

Click image to open full size in new tab

Article Text

TROUBLES OF WESTERN BANKS. Omaha, Neb., July 7.-The American Savings Bank. which closed on Wednesday night. was put in charge of a special examiner by the State Banking Board yesterday. The bank is believed to be solvent. The National Bank of Ashland, an offshoot of the American Loan and Trust Company, also failed. It had a capital of $100,000. Minneapolis, Minn., July 7.-The Bank of NewEngland assigned yesterday to Judge John P. Rea. as the result of a suit brought by the Attorney-General on behalf of the State, alleging that the bank holds a balance of State funds now on deposit. aggregating $81,331 17. which it is unable to pay. The assets are placed at $280,000. Pueblo, Col., July 7.-There was no further run on the First National Bank to-day. Bank Examiner Adams has taken charge of the suspended banks here. and will push the examination of their affairs as rapidly as possible. Pine Bluif, Ark., July 7 (Special).-The Arkansas State Bank. of Stuttgart, and the Arkansas Farmers and Traders' Bank, of Dewitt. near this city, have closed their doors. Neither institution had large assets and depositors will not suffer to any considerable degree. Both banks were under the same management, and the recent failure of the Stutigart and Kansas River Railway, of which T. H. Leslie, the father of C. K. Leslie, the cashier of the banks, was president, precipitated the collapse. Red Cliff, Col., July 7.-The Eagle County Bank has suspended payment. Its capital is $12,000 and its assets, which are estimated at $40,000, are considered worth 100 per cent. The liabilities are $34, 000. The withdrawal of large sums on account of the drop in silver was the cause. Washington, July 7.-Controller Eckels is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont.. have closed their doors to business. Bank Examiner Diamond has been ordered to take charge of the Hot Springs bank. and Bank Examiner Flynn will take charge of the Livingston bank.


Article from Barton County Democrat, July 13, 1893

Click image to open full size in new tab

Article Text

THE CRISIS AT PUEBLO. The Panic Was Slow Getting There, but It Came at Last. PUEBLO, Col., July The bank panic did not reach Pueblo until yesterday. But then it came with a vengeance. A week or more past large withdrawals have been made from the banks almost daily, and the American National, when it opened for business, found a large number of depositors waiting to take out their money. The crowd continued to grow and it soon became evident that with the ready cash on hand they could not hold out much longer, and about 10 o'elock the doors were closed. The notice posted stated that the bank would commence business soon again and that the assets were $1,250,000 and the liabilities $650,000. Runs had already commenced on both the Western National, of which V. L. Graham is president, and the First National, H. D. Thatcher, president. The Western closed its doors before noon. They have deposits of over $1,000,000 and have always been considered very strong. The Central National, of which Delos L. Holden is president, closed at noon. This bank does a light business, but withdrawals of deposits had been so heavy of late that they could not stand any further run, and they thought it best to close. Their assets are about $170,000 and liabilities $70,000.


Article from Idaho County Free Press, July 21, 1893

Click image to open full size in new tab

Article Text

They were both employed in the telegraph business. Mariano Leyva, a wealthy farmer of the valley of Mexico, was crossing a range of mountains recently, when he lost his footing and was precipitated into a deep chasm. He could not climb out, and remained on a small shelf of rock overhanging a precipice seven days without food or water. The Terre Haute car works, one of the largest of its class in the west and the largest in the state of Indiana, assigned Tuesdav. It employed 900 men and did an annual business of $3,000,000. The stringency in the money market was the cause. Contingent liabilities $84,467. Assets nearly $600,000. An Egytian medical delegate to Mecca says the deaths there are double the number officially reported. In the valley of Mouna it is impossible to bury the dead. The road between there and Mecca is strewn with corpses. In Mecca the bodies lie decomposed for days, owing to the impossibility to get grave-diggers. Stein's Pillow is a rectangular rock from 20 to 40 feet across it, which lifts its head way above the trees in pine timber on the south bank of Mill creek, about 18 miles east of Prineville, Crook county Or. Many persons have guessed at its height but no one knows it. Some people think it is 700 feet high. Vice President Stevenson and party of personal friends will leave Chicago next Monday night for the Pacific coast and Puget sound country. They will visit Los Angeles, San Diego, San Francisco, Portland, Tacoma, Seattle and other points of interest and return via the Great Northern railroad. Ben Howe, 25 years old, an employe of the Spokane Chronicle, treasurer of Lodge No. 103, I. O. O. F., and a prominent Son of Veteran, has absconded, after embezzling $1,100 belonging to the Odd Fellows and $100 belonging to the Sons of Veterans. He was infatuated with a prostitute, on whom he squandered the stolen money. Chicago was visited Sunday afternoon by the most terrific storm it has experienced in several years. The wind blew almost a hurricane, leveling trees and breaking in windows, and the rain fell in torrents. Many pleasure boats on the lake were overturned and sunk. The loss of life is unknown, but at least ten persons are known to have been drowned. On the Fourth, at Gladstone, Oregon, near Oregon City, a distressing accident happened. A team of horses ran away, throwing the occupants of the carriage over a bluff. Mrs. M. P. Bradley and four children fell forty feet. The mother and the baby were killed, the others seriously injured. Mr. Bradley, who was driving, escaped. Several Colorado banks have failed in the last few days. The American national, the Western national, the Central national and the First national at Pueblo, Colorado, are in trouble. The first three have suspended. All the banks in silver mining districts are in great danger of failure, owing, to the threatened fall of silver. Henry Gee, supervisor of the roads about Sheridan, Oregon, is giving the farmers great relief in fixing roads leading into that city. Three-quarters of a mile leading to McMinnville, and equal distance on the North Yamhill road is being macadamized sixteen feet wide. The county furnishes the crushed rock, the city pays one half the expense of construction, and the balance is made up by private subscription. Word reached Topeka, Kan., Monday night from Englewood, Star county, of the drowning of William Wadell, his wife and four children, while in camp on the