1381. First National Bank (Greeley, CO)

View Charter #3178 on SPMC

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
national
Bank ID
3178
Charter Number
3178
Start Date
July 19, 1893
Location
Greeley, Colorado (40.423, -104.709)

Metadata

Model
gpt-5-mini
Short Digest
728c372e

Response Measures

Accommodated withdrawals

Description

Newspaper accounts (Jul 19–20, 1893) report a run on the First National in Greeley after several Denver national banks suspended; some sources state the Greeley 'Greeley National' pulled down its blinds and other roundups list the First National among suspensions in the state. Contemporaneous items explicitly say the First National honored checks and even cashed two after closing, but later compilations list it as suspended. There is no clear statement of a permanent closure or receivership in these clippings, so I classify as run → suspension but uncertain whether it remained closed.

Events (3)
1. May 6, 1884 Chartered
Source
historical_nic
2. July 19, 1893 Run
Cause
Correspondent
Cause Details
A run triggered by the suspension of several Denver national banks which had deposits or correspondent balances with Greeley banks, producing steady withdrawals (~$80,000 over prior 90 days) and immediate panic.
Measures
Continued to honor checks and drafts; even cashed two checks after regular closing hour.
Newspaper Excerpt
As soon as the fact of the suspension of these banks became known a steady run was made on the First National, but it continued to honor checks and drafts
Source
newspapers
3. July 19, 1893 Suspension
Cause
Correspondent
Cause Details
Suspension attributed to inability to raise ready cash following the suspension of Denver banks (which held deposits of local banks) and heavy withdrawals from depositors (~$80,000 over 90 days).
Newspaper Excerpt
The Union Bank closed its doors at 1 P. M. to-day and a half hour later the Greeley National pulled down its blinds and turned the key in its door.
Source
newspapers

Newspaper Articles (8)
1. July 20, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, July 20, 1893

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Article Text

Caused by Deaver Failures. Special to the Indianapolis Journal. GREELEY. Col., July 19.-The Union Bank closed its doors at 1 P. M. to-day and a half hour later the Greeley National pulled down its blings and turned the key in its door. The Union liabilities are $100,000, with assets and paid-up capital of $300,000. As BOON as the fact of the suspension of these banks became known a steady run was made on the First National, but it continued to honor checks and drafts until the e losing hour.

2. July 20, 1893 The Morning News Savannah, GA
Article from The Morning News, July 20, 1893

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Article Text

DENVER'S CRAZY PANIC. Banks Worth Three Times What They Owe Forced to Close. Denver, July 19.-The panic was on in this city to-day with renewed vigor and as a 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 the line in front of the German, and by 9 o'clock there was one long sea of faces stretching down the street. On the opposite corner, where the State Bank has so long done business, there was also quite a crowd of anxious depositors waiting for the opening of the doors. Here the people were relieved of their agony at a few minutes after 9 o'clock. when notice was posted to the offect that the bank would not open, owing to a lack of ready cash, and the crowd moved away. THE GEPMAN FAILS TO OPEN. At the German there was evidently a determination to go ahead with business up to almost the last moment, when a slip of paper was pasted on a window stating that the doors would remain closed temporarily. Then the scene became distressing. Men and 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. A notice on its doors read: "This bank is closed by order of the board of directors. The assets are $1,100,000, and the liabilities $310,000. THE OTHER BANKS CLSO SOLID. The assets and liabilities of the other two failed banks bear about the same proportion as the People's bank. Their failure is chargeable to a long continued drain by depositors and inability to raise ready cash. All expect to resume shortly. Frank Adams, bank examiner, to-day took charge of the Union National, Commercial National, National Bank of Commerco, State National and German National. 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 beginning to breathe freer. There has been a considerable number of failures among business houses of all kinds within the last few days, caused by attachments taken out by banks who foresaw their suspension. Five national banks are still open. OTHER FAILURES. Among the failures that almost escaped notice was that of the Bank of North Denver yesterday afternoon. The business firms whose embarrassments became known range from liquor saloons to street railroads. There are in the list drug stores, lumber companies, gentlemen's furnishers, milliners, coal companies, dry goods houses, jewelers, ready-made clothing dealers, tailors and grocers. Two bank failues are reported at Aspen and one at Loveland. Commercial failures are also reported from many points in the state outside of Denver, due principally to the fact that the sufferers deposited in the Denver banks which have suspended. TWO CLOSE AT GREELEY. Greeley, Col., July 19.-The Union Bank closed its doors at p. m. to-day and a half hour later the Greeley National pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the steady withdrawal of deposits, amounting to about $80,000 in the past ninety days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $300,000. As soon as the fact of the suspension of these banks became known a steady run was made on the First National, but it continued to honor all checks and drafts, and even after the regular closing hour cashed two checks presented.

3. July 20, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 20, 1893

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Article Text

Denver Did It. GREELY, Col., July 19.-The Union bank closed its doors at 1 p. m. today, and half an hour later the Greely national pulled down its blinds and turned the key in the door. The Union statement states that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the fact of a steady withdrawal of $80,000 the past nine days they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $600,000. As soon as the fact of the suspension of these banks became known a steady run was made on the First National, but they continued to honor all checks and drafts and even after the regular closing hour cashed two checks presented.

4. July 20, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 20, 1893

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Article Text

Denver Did It. GREELY, Col., July 19.-The Union bank closed its doors at 1 p. III. today, and half an hour later the Greely national pulled down its blinds and turned the key in the door. The Union statement states that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the fact of a steady withdrawal of $80,000 the past nine days they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital at $600,000. As soon as the fact of the suspension of these banks became known a steady run was made on the First National, but they continued to honor all checks and drafts and even after the regular closing hour cashed two checks presented.

5. July 20, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 20, 1893

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Article Text

IN COLORADO AND KANSAS. State and National Banks Forced to Suspend Business. GREELEY, Colo., July 20.-The Union bank closed its doors, and a half hour later the Greeley National pulled down its blinds. The Union statement is to the effect that owing to the suspension of certain Denver national banks which had on deposit several thousand dollars of its money, and the fact of a steady with. drawal of deposits-about $80,000 the past ninety days-they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid-up capital at $300,000. As scon as the fact of the suspension of these banks became known a steady run was made on the First National, but it continued to honor all checks and drafts, and :even after the closing hour cashed two checks presented.

6. July 21, 1893 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, July 21, 1893

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Panic Over in Denver. DENVER, Col., July 20. - There will apparently be no more bank failures in Denver. The panic wore itself out yesterday with the failure of the People's, German and State National Banks. This morning when the First, Colorado, Denver, City and American Nationals opened their doors there was hardly a dozen depositors in all of them at the paying teller's windows. In the First and Colorado Nationals a long string of depositors reaching nearly to the street were lined up in front of the receiving tellers' windows, and the money was going back into the bank vaults almost as rapidly as it was withdrawn during the past three days. The German, State and People's Nationals could pay $3 for $1 if There they could realize on securities. may be a few commercial fallures in the city within the next few days, as a result of the of banks, but it is believed that in no instance, a or a commercial failure be and banking suspension complete, that house, resumption whether will the of business will surely follow shortly. It is stated today that the McNamara dry goods house, which failed Monday for $260,000, have settled with their principal creditors and will resume business on Monday. Run On Banks in Greeley, Col. GREELEY, Col., July 20.-The Union Bank closed its doors at 1p. m. yesterday, and half an hour later the Greeley National pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspen sion of certain Denver National banks, which had on deposit several thousand dollars of its money, and the fact that there was a steady withdrawal of deposits, about $80,000 in the past 90 days, they were compelled to suspend business. They say their liabilities are about $100,000, with assets and paid up capital $300,000. As soon as the fact of the suspension ot these banks became known a steady run was made on the First National, but it continued to honor all checks and drafts, and even after the regular closing hours cashed two checks presented. On Change in Gotham. NEW YORK, July 20.-There was a sensational decline in general electric securities in the stock exchange after midday. The stocks broke 46 1-2, against 55 3-4 early, the debenture fives sold down to 74 regular. The stock| 1 is absolutely without support and the same crowd in the stock exchange which has been prominent in breaking the stock from 100 down, were conspicuous in today's movement. There were heavy liquidations, holders being unable to stand the pressure any longer. One report was that the company had lost a suit at the West, involving an incandescent lamp patent. Other rumors affeeting the property were of a highly sensational character and up to a late hour this afternoon had not been traced to any authentic source. New Hampshire Bank Enjoined. FARMINGTON, N. H., July 20.-The Farmington Savings bank was enjoined from doing business this afternoon upon the petition of the bank commissioners because of the inability of the institution to realize on its assets, the uneasiness of depositors caused by losses on investments and to prevent a run on the bank. This Plant Cost $1,000,000. SAN FRANCISCO, July 20.-Attachments aggregating several thousand dollars have been filed against the Union Stock Yards company whose packing establishment is at Rodoe, Contra Costa county. The immense,plant, it is said, has practically shut down. The plant cost $1,000,000 and was started May 15. Money Is Tight and the Distillery Closed. FRANKFORT, N. Y., July 20.-A sensation was caused in business circles here today by the assignment of Col. E. H. The Taylor, Jr.. the famous distiller. liabilities are not given out. It is said they are far exceeded by assets. The tightness of the money market caured the assignment.

7. 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

8. July 28, 1893 The Times Owosso, MI
Article from The Times, July 28, 1893

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'he News Condensed. Important Intelligence From All Parts. DOMESTIC. IN Colorado the J. B. Wheeler Bank g company at Aspen, the Bank of erling at Sterling, and the Bank of veland at Loveland, have assigned. JOHN SWARTOUT. of Morrison, Ill., eted for the murder of hisfather, jail of consumption. THE Milburn wagon works at Toledo, , employing 1,500 men, the largest itution of its character in the United ates, closed down for six months. MRS. CONRAD VEILHAM, of Tonawan , N. Y., has fallen heir to $4,000,000 rough the death of an uncle in India DURING the twelve months ended ne 30, 1893, the number of immigrants riving in the United States was 497, 3,and during the corresponding period the preceding year 619,320 arrived. A FIRE at Susanville, Cal., resulted e destruction of sixty buildings and used a loss of about $250,000. CoL. BENJAMIN F. JOHNSON, one of e leading attorneys of Kansas City, an., was shot down in the streets and stantly killed by A. W. Little, one of e most prominent citizens of the wn. Financial trouble was given canse. e AN incendiary fire at Greenville, Miss., used a loss of $100,000. THE National bank at Hutchinson, in., failed with liabilities of $131,000 d the Bank of Parker and the Woodn bank of Yates Center, in the ate, closed their doors. THREE sons of Mr. Lave, of Gregg unty, Tex., robbed their father of 2,000 and fled. Two were caught. LIGHTNING killed James Witts' two ildren while they were standing un r a tree during a shower at Sadlers lle, Tenn. THE pension office in Washington tes that the total number of penners dropped from the rolls since arch 4, 1893, was 245, and that the tal number of pensioners suspended ce March 4, pending a further invesration of their cases, was 5,090. IN a freight wreck near Jonesboro, ., Engineer Ben Wade, Fireman Joe mmis and Brakeman J. W. Marshall ere killed. BANK failures were reported as fol ws: First national at Harrisonville o., Oklahoma national at Oklahoma, rst national at Anthony, Kan., Bank Belleville, Kan., First national reeley, Col., National at Grand June on, Col., First national at Cheyenne, yo., and First national at Canyor ty, Col. OVER 30,000 men were idle in Colo do as a result of the closing down of ver mines, and it was feared that eat suffering would follow. IN territory near Toledo, O., aban ned thirty years ago as practically orthless, oil has been struck in im ense quantities. By the explosion of a gasoline stove ar Cincinnati John Ulrich, wife ild were fatally burned. THREE men were burned to death by dden flow of ignited oil at wells O ADVICES from Pittsburgh, Pa., at the plate glass trust has collapsed d that the many idle factories roughout the country will resume erations. THE Flanders dry goods house enver failed for $125,000. and will of the late Anthony