First National Bank - Salida, CO

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 4172
Charter Number: 4172
Start Date: July 1, 1893
Location: Salida, Colorado (38.535, -105.999)

Metadata

Model: gpt-5-mini
Short Digest: ba8660bb

Response Measures

Full suspension

Other: Temporary closure until Monday; directors publicly assured depositors would be paid in full.

Description

Multiple July 1893 newspaper reports describe a run on the First National Bank of Salida that caused the bank to close at 11:30 (temporarily) and then reopen several days later with deposits returned. The run appears linked to local bank distress (Chaffee County Bank's assignment and regional stringency). Dates derived from articles dated July 2–7, 1893.

Events (4)

1. December 5, 1889 Chartered

Source: historical_nic

2. July 1, 1893 Run

Cause: Local Banks
Cause Details: Run began after news of local banking failures/assignments (Chaffee County Bank assignment and regional stringency) leading depositors to withdraw funds.
Measures: Bank closed at 11:30 a.m. until Monday; directors announced depositors would be paid in full.
Newspaper Excerpt: A run was started on the First National bank, which closed at 11:30 until Monday.
Source: newspapers

3. July 1, 1893 Suspension

Cause: Local Banks
Cause Details: Temporary suspension/closing of doors in reaction to heavy withdrawals triggered by nearby bank failures and regional money stringency.
Newspaper Excerpt: closed at 11:30 until Monday.
Source: newspapers

4. July 6, 1893 Reopening

Newspaper Excerpt: At Salida the First National reopened, and $15,000 of deposits were returned to the bank.
Source: newspapers

Newspaper Articles (5)

1. July 2, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 2, 1893

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Article Text

has been selling a good many freightears on time, and, being unable to realize on them, went to the wall. When the news reached St. Louis it created great consternation among the brokers, as all the parties interested were heavily concerned in a number of big local enterprises. The Madison Car Works were controlled by what is known as the "Granite" Mountain people, who were also behind the Merchants' bridge, the Security building and a number of mining enterprises. Six months ago it bonded itself for $500,000. This was used to pay off the outstanding indebtedness and to enlarge the plant, and is known to have left the company with plenty of working capital. The works were running at full capacity, turning out between forty and fifty cars a day. Major Rainwater, one of the leading members of the company, says that it was embarrassed by paper they had indorsed and which was not paid at maturity. This paper has been received by the company in the settlement of accounts, etc. Major Rain water had no idea how much of this paper is in existence. The concern is one of the largest of the kind in the United States. It was the intention of the capitalists who operated the plant to make the town of Madison another such a place as Pullman, and the project was meeting with much success. PITTSBURG, July 1.-The Speat White Sand Company has assigned. Liabilities $60,000, assets $200,000. The stringency in the money market and the complete shut-down of the glass factories are the cause of the failure. SALIDA, Colo., July 1.-The Chaffee County Bank made an assignment this morning. Its liabilities are. between $80.000 and $90,000, while its assets are not yet known. Slow collections are given as the cause of the failure. A run was started on the First National Bank, which closed at 11:30 until Monday. The directors say the depositors will be paid in full. WEBB CITY, Mo., July 1.-The Exchange Bank of this city assigned to-day. The deposits amount to about $60,000. The liabilities are not yet known. The stringency of the money market and the withdrawal of deposits are assigned as the cause of failure. OURAY, Colo., July - The First National Bank closed this morning, owing to the want of currency. The assets are $110.000, and the liabilities $42,000. The bank will probably resume in a few days. A run was inaugurated on Thatcher Brothers' Merchants' and Miners' Bank, but it was only a slight flurry.

2. July 2, 1893 The Herald Los Angeles, CA

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Article Text

WESTERN BANK FAILURES. Nebraska, Colorado and Other States Farnish Their Quota. BEATRICE, Neb., July .-The Nebraska National bank and the American bank failed this morning. Each had a capital of $100,000. The American bank's deposits will not exceed $60,000, and the assets are entirely sufficient to pay all demands. The Nebraska National bank has deposits of over $100,000, but the assets are in good ehape if no run is made on the other banks. SALIDA, Colo., July 1.-The Chaffe County bank made an assignment this morning with liabilities between $80,000 and $90,000, while the assets are not yet known. Slow collections is given as the cause of the failure. A run was averted on the First National bank, which closed at 11:30 until Monday. The directors say the depositors will be paid in full. OURAY, Colo., July 1.-The First National bank closed this morning, owing to the want of currency. Assets $110,000 and liabilities $42,000. It will prob ably resume in a few days. A run was inaugurated on Thatcher Brothers' Merchants' and Miners' bank, but it was only a slight flurry. WEBB CITY, Mo., Julr 1.-The Exchange bank of this city assigned today. Deposits, $60,000; liabilities not yet known. The stringency in the money market and withdrawal of deposits are assigned as the cause of the failure. WASHINGTON, July 1. - Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipeburg, Mont. Comptroller Eckels has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the First National bank of Provo, Utah.

3. July 2, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 2, 1893

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Article Text

A Colorado Bank Fails, SALIDA, Colo., July 1. - -The Chaffee County bank made an assignment this morning with liabilities between eighty and ninety thousand dollars while the assets are not yet known. Slow collections A 1S given as the cause of the failure. run was started on the First National bank which closed at 11:30 until Monday. The directors say depositors will be paid in full.

4. July 3, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 3, 1893

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Article Text

WESTERN BANKS CLOSE THEIR DOORS. Webb City, Mo., July 2.-The Exchange Bank of this city, Incorporate. capital $30,000. closed its doors yesterday and assigned to 11. D. Newman, of Joslin, for the benefit of creditors. The deposits are $60,000: liabilities not yet ascertained. Ouray, Col., July 2.-The First National Bank of this place closed its doors yesterday. Deposits amount to about $50,000. and loans and discounts about $120,000. No definite statement has been made. There was a slight run on the Miners and Mechanics' but 11 was promptly met and the indications are there will be no more trouble. Salt Lake City, Utah. July 2.-The National Bank of Commerce, at Provo, closed Its doors yesterday morning, owing to a run caused by the failure of the First National Bank. The bank's assets are $90,000, capital $50,000. other liabilities 825,000. Salida, Col., July 2.-The Chaffee County Bank, of which William E. Robertson is cashier, made an assignment last evening to 8. J. Foster of this city. Mr. Foster states that the liabilities are between $80.eco and $90,000. being near the latter figure. The deposits are $73,600, including $21,000 in certificates of deposits. He is unable to give the assets. There was a run on the first National Bank from the first moment it opened yesterday morning. At 11 :20 o'clock Director Holtenback addressed the crowd and told them there would be $100,000 on hand Monday morning, and all demands would be met promptly. They closed their doors at 11 :30 until Monday morning.

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

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Article Text

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.