1438. 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: c9d5bf5b

Response Measures

Books examined

Description

Multiple contemporaneous articles (dated July 5–8, 1893) report runs on several Pueblo banks after the American National suspended. The First National experienced a run but continued to pay depositors and did not suspend; Bank Examiner took charge of the suspended banks (American, Western, Central), not the First National. Classified as run_only.

Events (2)

1. June 5, 1871 Chartered

Source: historical_nic

2. July 5, 1893 Run

Cause: Local Banks
Cause Details: Run was triggered after knowledge of the American National's suspension and runs on other local Pueblo banks amid the wider bank panic.
Measures: Paid depositors as fast as the paying teller could handle them; received some money from the East to bolster funds.
Newspaper Excerpt: 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 the run did not last long.
Source: newspapers

Newspaper Articles (11)

1. July 6, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, July 6, 1893

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THE BANK PANIC. IT REACHES PUEBLO WITH A VENGEANCE. Four Institutions Close Their Doors in One Day-A Savings Bank at Omaha Goes Under. Special to the RECORD-UNION. PUEBLO, (Col.), July 5.-The bank panic did not reach Pueblo until this morning, and 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 stating that the bank would commence business again soon, and that the assets were $1,250,000 and the liabilities $650,000. Runs commenced on both the Western National and the First National. The Western National closed its doors before noon. They have deposits of over $1,000,000, and were always considered very strong. Hundreds stood in and about the First National Bank all day, and the 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 when called for, and they cannot be forced to close. The Central National closed at noon. The assets are about $170,000, and the liabilities about $70,000. A run was made on the Pueblo Savings Bank, but they took advantage of the law which allows them sixty days. The bank is regarded as perfectly safe. A much better feeling prevails this evening, and the worst is believed to have passed. Each of the closed banks will pay in full as soon as they can realize on collateral. FAILURES AT OMAHA. OMAHA (Neb.), July 5.-The American Savings Bank has gone into voluntary liquidation, and asked the State Banking Board to wind up its affairs. The action is due to the failure of the American Loan and Trust Company, which was placed in the hands of a receiver this afternoon at the instance of the directors of the concern, the company being the principal stockholder in the savings bank. The failure of the investment company is attributed to the failure of the Omaha and South Texas Land Company and the American Loan Company. The first of the concerns embarrassed had a paid-up capital of $400,000. The savings bank was an offshoot, with a capital stock of $400,000, of which $100,000 was paid up. O. M. Garter is President of both institutions. Since the failure of the McCague Bank the American Savings has effected a reduction of deposits to $9,000, the remaining securities amounting to $253,000 of the best. The total liabilities amounted to but $153,000. Carter gave a mortgage on his residence property yesterday for $50,000, to protect one of the Eastern creditors, from whom no money was secured, No statement of the bank's exact condition can be obtained to-night.

2. July 6, 1893 The Times Richmond, VA

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In Receiver's Hands, OMAHA, NEB., July .-The - American Loan and Trust Company of this city, O. M. Carter, president, and C. S. Montgomery, vice-president, went into the hands of a receiver this afternoon at the request of the stockholders. The company has a paid up capital of $100,000, has done a good business, and has been considered a sound institution. The cause of the failure was the failure yesterday at Houston, Texas, of the Omaha and Houston Improvement Company, a town-development enterprise, in which the American Loan and Trust Company had $250,000. The directors of the American Savings Bank, controlled by the American Loan and Trust Company, requested the State Bank Examiner to take charge of the bank when the receiver of the trust was appointed. Carter and Montgomery assert that the institution will resume when relieved from the present embarrassment. They say they have two dollors of good assets for one dollar of indebtedness. Deposits in the institution amounts to $295,000. Other Banks Frightened. PUEBLO, COL., July 5.-After the suspersion of the American National became known something of a run was started on the First National Bank, but it was ready for everybody, and the run did not last long. It served to frighter , WO 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 assets are ample. The Central National has assets of $200,000 and liabilities of $85,000. "The Western can pay all depositors tvice and then have enough for all stockholders," is the statement made by its president, W. is. Graham. Florence Bank Closed. FLORENCE, COL., July 5.-The Bank of Florence closed its doors this afternoon 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 the claim is made that the depositors will be paid in full.

3. July 6, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 6, 1893

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Colorado Banks Suspend. [By telegraph to the Dispatch.) PUEBLO, COL., 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. It is believed that the bank will be able to resume shortly. because its assets are in good shape. There 18 no excitement among the depositors of the 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 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 an unusual number of calls for money ap. peared. These are all sound concerns and their assets are ample, The Central Na. tional has assets of $200,000 and liabilities of $85,000. "The Western can pay all depositors twice and then have enough for all stockholders" is the statement made by its president, W. L. Grabam. FLORENCE, COL., July - The Bank of Florence closed its doors this afternoon 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. The assets are claimed to be in excess of the liabilities, and the claim is made that depositors will be paid in full.

4. July 6, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, July 6, 1893

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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.)

5. July 6, 1893 Pawtucket Tribune Pawtucket, RI

Article from Pawtucket Tribune, July 6, 1893

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PUEBLO'S BANKS. Trouble With the American National Caused Two Others to Suspend. PUEBLO, Colo., July a-The American National bank was not opened yesterday. Notices on the door stated that the bank would resurre as soon AB It secured money on its paper. The suspension was a general surprise, and a large number of de positors will have to wait a couple of weeks for their money. The bank has 89 sets of over a million and a quarter, yet could not get hold of sufficient currency on its terms to keep going and closed in order to give everybody an even chance. Liabilities, including deposits, $633,000. 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 the run did not last long. It served, how. ever, to frighten two of the other banks. The Central National closed up at once, and the Western National closed the moment an unusual amount of depositors appeared. These are all sound concerns and assets are ample. The Central National has assets of $200,000 and liabilities of $85,000.

6. July 7, 1893 The Weekly Tribune Great Falls, MT

Article from The Weekly Tribune, July 7, 1893

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A BANK SCARE. Fueble Banks Experience a Run-Three Succumb to the Strain. PUEBLO, Col., July 5. The bank panie did not reach this city until this morning. But then it came with a vengeance. For a week or more past large withdrawals have been made from the banks almost daily, and the American National when it opened for business this morning 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'clock the doore were closed. A notice was posted stating that the bank would commence business again soon. and that the assets were $1,250,000 and the liabil ities 8650,000. Runs had already commenced on both the Western National and 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 Central National closed at noon. This bank does a light business, but the withdrawale 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 870,000 and liabilities about $70,000. A sort of a run was also made of the Pueblo Savings bank, but they took advantage of the law which allows them sixty days and the bank IS regarded as perfectly safe, There is a much better feeling this evening and the worst is believed to be past.

7. July 7, 1893 The Sun New York, NY

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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.

8. July 8, 1893 The Providence News Providence, RI

Article from The Providence News, July 8, 1893

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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.

9. July 8, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 8, 1893

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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.

10. July 21, 1893 Idaho County Free Press Grangeville, ID

Article from Idaho County Free Press, July 21, 1893

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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

11. August 6, 1893 Fort Worth Gazette Fort Worth, TX

Article from Fort Worth Gazette, August 6, 1893

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GOING BACK TO EUROPE. Pueblo Austrians and Italians Leaving by the Hundreds. PUMBLO, Colo., Aug. 5.-During the past twenty days the departures of Austrians and Italians from Pueblo for their native country have almost reached the extent of a stampede. The movement began soon after the banks closed their doors in one of which a considerable number of these people had their savings. The majority of them, however, had their money in the First National and they were the people who rushed to that bank and drew out their deposits when the other banks closed and thus created something of a run. After carrying their money around for a few days and spending or losing more or less of it they took it back in most cases to redeposit it, but it is said the banks refused to open accounts with them again. They construed this action as a conspiracy to get them to put their money in. a bank that might soon close and they thus be defrauded out of it entirely. A meeting of those regarded as leaders was held and they decided that the time had come when mill superintendents and others would not employ their class of people if they could get Americans or even negroes. Also that there was such a feeling of hatred towards them that they could no longer remain with safety to their property or even their persons, and they recommended that all who were in a position to do so return to their old homes. The agent who sells tickets to most of these passengers says they have considerable money and that they take back with them an average of $800 per family at least.