Rico State Bank - Rico, CO

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1897*
Location: Rico, Colorado (37.693, -108.030)

Metadata

Model: gpt-5-mini
Short Digest: 71da315a

Response Measures

None

Description

Article (The Democratic Advocate, 1897-10-02) states 'The closing was caused by the failure of the Rico bank a few days previous.' No run is described in the excerpt; only that Rico bank failed, which led another (Montrose) bank to close. Date of failure not specified beyond 'a few days previous' to 1897-10-02; I use September 1897 as approximate. Cause of suspension/closure is not specified in the text; classified as bank-specific adverse information (failure) because the article attributes the Montrose closing to the Rico bank's failure.

Events (1)

1. September 1, 1897* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Article reports a failure of the Rico bank (no further details provided). Likely bank-specific insolvency or failure precipitated closure/suspension of payments elsewhere; exact trigger not described in text.
Newspaper Excerpt: The closing was caused by the failure of the Rico bank a few days previous.
Source: newspapers

Newspaper Articles (1)

1. October 2, 1897 The Democratic Advocate Westminster, MD

Article from The Democratic Advocate, October 2, 1897

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Article Text

McKinley's Prosperity (?) Increasing. A receiver has been appointed in New York, for the Merriam Company, publishers. Liabilities $100,000; assets $20,000. A. F. Williams, Bristol, Conn., manufacturers of incubators, has made an assignment. At Scranton, execution has been issued against Herman Langfeld, dealer in millinery, for $5,135. Gibson-Labuzan Grocery Co., Mobile, Ala., has made an assignment. Shuck Dry Goods Co., Decorah, Iowa, has given four chattel mortgages for $9,789. Ten properties are advertised by the sheriff of Adams county, Pa. The Richmond, Indiana, Bicycle Company is to be put in the hands of a receiver. The liabilities are about $87,000, and estimated assets $89,000. Four hundred miners at three of the Simpson & Watkins Collieries, in the Carbondale (Pa.) section, are on a strike, owing to "short weight on loaded cars." Attachments have been issued on the stock of J. F. Strobel, merchant, Ephrata, Pa. A despatch from Sharon, Pa., to the Philadelphia Ledger, of September 25, says :--A terrible state of destitution prevails among the miners of Mercer and Butler counties. The miners have just issued a statement in which they claim that nearly all the miners are impoverished and some are almost reduced to starvation. They also assert that their places were taken by foreigners and that they are unable to obtain a day's work. W. L. Harris & Co., Milwaukee, Wis., merchant tailors, have made an assignment. There were 237 business failures reported throughout the United States last week. The Martinsburg (West Virginia) Improvement, Loan and Building Association has failed, involving a probable loss to the stockholders of $60,000. About 1400 men employed in four collieries in the upper Lackawanna Valley, Pa., have gone on strike and it is feared the trouble may spread. The American Paper Company, Chicago, dealers in printing paper, have assigned. Assets, $52,000; liabilities, about $80,000. Difficult collections are said to have caused the failure. At Middletown, Md., Charles L. Garver, shoedealer, has assigned. Edward F. Taggart, Elkton, Md., cigar manufacturer, has failed. Roy W. Snavely, druggist, and William D. Bowser, farmer, both of Williamsport, Md., have petitioned for insolvency. The bank of Montrose, Colorado, has closed. The closing was caused by the failure of the Rico bank a few days previous. The Campbell Barrel Machine Company, of Baltimore, Md., has asked for a receiver. William Wade & Son, merchants, Sharpsburg, Md., have appointed receivers.