Pueblo Savings Bank - Pueblo, CO

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: July 5, 1893
Location: Pueblo, Colorado (38.254, -104.609)

Metadata

Model: gpt-5-mini
Short Digest: 70877c7a

Response Measures

Partial suspension

Description

Newspaper accounts from July 5–8, 1893 describe a run on the Pueblo Savings Bank during the wider bank panic. The savings bank took advantage of the law which allows them sixty days (temporary suspension) and was described as regarded as perfectly safe and expected to resume. Thus a run led to a temporary suspension under the 60-day law and the bank was expected to reopen.

Events (3)

1. July 5, 1893 Run

Cause: Macro News
Cause Details: Run occurred as part of the wider July 1893 national bank panic that reached Pueblo, causing depositors to withdraw funds
Measures: Bank invoked the law allowing a sixty-day suspension of payments (invoked 60-day rule)
Newspaper Excerpt: A run was made on the Pueblo Savings Bank
Source: newspapers

2. July 5, 1893 Suspension

Cause Details: Bank voluntarily invoked the 60-day law to suspend payments temporarily in response to runs and heavy withdrawals during the panic
Newspaper Excerpt: they took advantage of the law which allows them sixty days
Source: newspapers

3. July 8, 1893 Other

Newspaper Excerpt: The run on Four Pueblo Banks has Ceased and the Three now Closed Will Shortly Resume. ... The Pueblo Savings Bank ... smilingly paid out deposits but many turned away without drawing their money when assured by Mr. Wilson that the bank was all right. ... The suspension is only temporary and the three banks will open up for business in a very short time, probably some time next week. The bank is regarded as perfectly safe. (multiple articles).
Source: newspapers

Newspaper Articles (5)

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

Article from The Record-Union, July 6, 1893

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Article Text

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 Herald Los Angeles, CA

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Article Text

LOS ANGELES: THURSDAY MORNING, JULY 6, 1893. morning and then came with a vendeclared that the value of the sealing industry was the chief consideration in geance. When the American National CENES IN PARIS. A SCARCITY OF CURRUNCY the purchase of Alaska by the United opened for business a large number of States. depositors were watching to take out COMING ROYAL NUPTIALS. money. The crowd grew and about 10 ntinued by the o'clock the doora were closed. A notice Is Now the Burden of the All Ready for the Duke of York's Wed. posted stated that the bank would comding Today. of the City. mence business again soon, and that its Bankers' Complaint. LONDON, July 5.-The queen arrived assets are $1,250,000 and liabilities $650,at Buckingham palace today for the pur000. Runs were commenced on both the pose of attending the marriage of the Longer Indulging The Treasury Officials Trying Western National and the First Naduke of York and Princess May, which I Disorders. to Relieve the Strain. tional. The Western National closed takes place at 12:30 tomorrow in the its doors before noon. They have deChapel Royal, St. James palace. The posite of over $1,000,000 and were alduke of York was today made a knight ions Between Troops, Unrest and Lack of Confidence in ways considered very strong. Hundreds of the Most Ancient and Most Noble I the Mob. stood in and about the the First NaFinancial Circles. Order of the Thistle, by the queen. Dr. tional bank all day, and deposits William H. Broadbent, the physician were paid as fast as the paying-teller amber of Deputies-The who attended the duke of York during The Bank Panic Strikes Pueblo, Colo could handle them. The general expecCaused by the Preshis attack of typhoid fever, also came in Failures at Omaha and Other tation is that the First National will be for recognition by her majesty, who creScantily Clad Places-No Silver Offers Acable to pay its creditors in full when ated him as baronet. , at a Ball. called for, and they cannot be forced to cepted at Present. close. An Unsinkable Ship Launched. The Central National closed at noon. GLASGOW. July 5.-Denny Brothers of Press. By the Associated Press. Its assets are about $170,000 and liabilDumbarton.launched at their yard yes-It now appears that ities about $70,000. NEW YORK, July 5.-Much interest is terday a steel twin-screw cargo and pasA run was made on the Pueblo Savg yesterday was not by being manifested in a special meeting of senger steamer of 10,000 tons, built for ings bank, but they took advantage of the riffraff who took adthe chamber of commerce called for tothe American line to ply between Liverthe law which allows them 60 days, and occasion to raise a dismorrow. The members who are moat pool and Philadelphia. Mrs. Griscom, the bank is regarded as perfectly safe. class resumed rioting wife of the president of the company, actively urging the chamber to take a There is much better feeling this christened the steamer Southwark. The d had numerous conevening, and the worst is believed to be strong stand were busy today bringing vessel, it is claimed, is unsinkable. She past. Each of the closed banks can pay lice and soldiery. Numtogether men who represent sectional has a double bottom and a hull divided in full as soon as they can realize on des were injured. The interests in various parts of the nation. by bulkheads into water-tight compartcollateral. d such a serious aspect ments. The chief features in the monetary The bank of Florence, at Florence, ties have determined to situation today, according to several of Colorado, closed its doors today. A Reign of Terror in Seville. any cost. Almost the It is a branch of the American the leading bank presidents, were unSEVILLE, Spain, July 5.-This city is National bank of Pueblo. Its asseta ccupied by troops who rest, lack of confidence and scarcity of in a state of constant alarm. All last and liabilities are unknown, but it is repress disorder with a night many prominent official residente currency. The latter is apparently beclaimed the depositors will be paid in dared not seek their beds, fearing their he body of Nuger, the coming a very serious matter, and some full. residences might be blown un. The AXof the banks are nretty hard numbed to a in vastorday's siota

3. July 6, 1893 The Sun New York, NY

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Article Text

PUEBLO'S BANKS SUSPEND. THE EDICT OF COLORADO MINE OWN. ERS CAUSES A TEMPORARY SCARE The Confidence or the People is Shaken and They Start a Ren-Three or the Banks Are Sound and May Reopen-Despondency nt Denver Giving Way to Better Feeling. PUEBLO, July 5.-The edict of the mining men last week severely shook the confidence of the people of Colorado. and the failure of small banks in mining towns resulted. The scare crept into the large towns. and this morning the American National Bank of Pueblo opened its doors to find n crowd of depositors waiting to withdraw their money. The bank closed its doors and posted a notico stating its assets to be $1,250,000 and its liabilities $635,000. This started a run on the other banks of the city. and at noon the Western National. the Central National. and the Pueblo savings banks all closed for the day. President W. L. Graham of the Western said to-night that his bank has three times the necessary assets to meet all liabilities. and he regretted very much that he had to close his bank. but deemed It best. When confidence is restored and time 18 given to make collections on outstanding notes the bank will be able to resumo. President D. L. Holden of the Central states that the bank is sound and will certainly resume. The Pueblo Savings Bank has its securities in first-class order and will be only temporarily embarrassed. The condition of the American National is not considered NO bright. and though all its liabilities may he met. It is now not thought that the bank will resume It is a young bank. and its policy has been to bid strongly for business It had for correspondents within the State a number of country banks whose failures crippled 11. President Baxter is one of the most wealthy men of Colorado. and he alone is good for all the liabilities. The fear is maining ground that these bank failures may drag down prominent firms. not only in this city but in every section of the State. Colorado has resources enough to meet all its obligations.

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

Article from The Weekly Tribune, July 7, 1893

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Article Text

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.

5. July 8, 1893 The Bessemer Indicator Pueblo, Bessemer, CO

Article from The Bessemer Indicator, July 8, 1893

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Article Text

THE CRISIS IS PASSED. The run on Four Pueblo Banks has Ceased and the Three now Closed Will Shortly Resume. The financial flurry now agitating every portion of the United States reached Pueblo last Wednesday. It was bound to come. Men had been talking about it for weeks and BO when the crash came it was no surprise, and people having unbounded confidence in the soundness of the banks but little apprehension was felt as to the result. of the seven banks in Pueblo three closed their doors Wednesday, the American National Bank leading and followed by the Western National Bank and the Central National Bank. Soon runs were made by small depositors on the First National Bank, the Pueblo National Bank, The Pueblo Savings Bank and the Stockgrowers Bank, which continued throughout the day and up to Thursday noon when the depositors who presented checks were paid off in full. The four banks nobly weathered the storm and proved themselves strong. The Pueblo National especially received much praise and President D. R. Greene has made for himself and his bank a good name. Chris Wilson of the Savings bank smilingly paid out deposits but many turned away without drawing their money when assured by Mr. Wilson that the bank was all right. The banks which closed their doors were obliged to do so on account of the quiet run of depositors for several weeks past who have been withdrawing their money and placing it in safty deposit boxes, $280,000 having been taken from the American National and $175,000 from the Western National bank in this way. The suspension is only temporary and the three banks will open up for business in a very short time, probably some time next week. There is not a failure among them. Each 18 perfectly solvent and will satisfy every depositor as soon as their loans are collected and they can obtain money on their securities. To the credit of the citizens at large it must be said that they behaved magnanimously in not withdrawing their deposits from the suspended banks while they could nor from the open banks while therun was going on. They realized that they owed a debt to the community and stood aloof from further cramping the banks. The class of Bohemians, Chinese, dagoes, negroes and such like who went wild were scarcely responsible for what they did, although some good people were obliged to draw their money from necessity. Pueblo has had its "object lesson" in finance as the inevitable result of the debasement of silver