Jb Wheeler Banking Company - Manitou Springs, CO

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 8, 1897
Location: Manitou Springs, Colorado (38.860, -104.917)

Metadata

Model: gpt-5-mini
Short Digest: 5971e03b

Response Measures

None

Description

Article describes a bank failure and the president discussing financial downfall and losses since 1893. No run or depositor panic is mentioned; the bank is described as failed and will pay depositors in full, implying permanent closure rather than a temporary suspension. Date taken from article dateline (May 8, 1897).

Events (1)

1. May 8, 1897 Suspension

Cause: Bank Specific Adverse Info
Cause Details: President Jerome B. Wheeler described his financial downfall and sustained losses since 1893 leading to failure; not attributed to rumors or external shocks.
Newspaper Excerpt: WHEELER BANK FAILURE. The President of the Company Says All Depositors will Be Paid in Full.
Source: newspapers

Newspaper Articles (1)

1. May 9, 1897 The Sun New York, NY

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Article Text

WHEELER BANK FAILURE. The President of the Company Says All Depositors will Be Paid in Full. COLORADO SPRINGS, Col., May 8.-Jerome B. Wheeler, President of the J.B. Wheeler Banking Company, which until recently did business both in Aspen and Manitou, Col., arrived at Manitou yesterday from New York and discussed his financial downfall. "Both banks," he said. "will pay all depositors in full." He denies having said that he would leave Colorado, as was reported from New York, but admits that he has suffered great loss lately in business deals. "Since 1893," said Mr. Wheeler, "I have been running the Manitou and Aspen banks a: a very material loss, but I have been holding on hoping for better times." Mr. Wheeler had amassed a fortune which had run up in the millions, and in his prosperity built a mountain home near Manitou at a cost of $300,000.