1496. First National Bank (Victor, CO)

View Charter #5586 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5586
Charter Number
5586
Start Date
November 4, 1903
Location
Victor, Colorado (38.710, -105.140)

Metadata

Model
gpt-5-mini
Short Digest
02a10db0

Response Measures

Full suspension, Books examined

Other: Receiver appointed; trust company connected (Pueblo Title & Trust) made voluntary assignment after Victor suspension.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1903-11-04
Date receivership terminated
1908-09-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
29.4%
Share of assets assessed as doubtful
66.5%
Share of assets assessed as worthless
4.1%

Description

Multiple articles report a 'quiet run' and shrinkage of deposits due to a long miners' strike, followed by the bank being closed by the Comptroller/Bank Examiner and a receiver (James B. Lazear / Francis A. Chapman) appointed. The run's immediate trigger was deposit withdrawals tied to the miners' strike (local shock); underlying insolvency is attributed to excessive accommodations to mining interests (bank-specific adverse loans). Dates from contemporaneous reports: run and closing early Nov 4–5, 1903; receiver reported by Nov 5 and again noted Nov 17.

Events (5)
1. September 25, 1900 Chartered
Source
historical_nic
2. November 4, 1903 Receivership
Source
historical_nic
3. November 4, 1903 Run
Cause
Local Shock
Cause Details
Shrinkage of deposits and withdrawals by miners leaving the district due to a long miners' strike triggered withdrawals.
Measures
None reported beyond eventual suspension/closure by examiner; managers posted notice and the bank closed.
Newspaper Excerpt
A quiet run on the bank had been in progress for several days.
Source
newspapers
4. November 4, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Acting Comptroller reported the bank insolvent due to losses from excessive accommodations extended to mining interests; strike-induced withdrawals depleted reserves.
Newspaper Excerpt
The First National bank of Victor closed its doors shortly before 2 o'clock this afternoon. A notice was posted saying that the bank was in the hands of the comptroller of the currency.
Source
newspapers
5. November 5, 1903 Receivership
Newspaper Excerpt
James B. Lazear, national bank examiner, has been appointed receiver.
Source
newspapers

Newspaper Articles (20)
1. November 5, 1903 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, November 5, 1903

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Article Text

BANKS FAIL. A Trust Company Follows at Pueblo, Col. First National of Victor Closes Its Doors. Bi-Metallic at Cripple Creek Joins the Procession. DUE TO MINERS STRIKE Bank Officiais Were Interested in the Mines. Institution at Sheldon, Iowa, in Hands of Receiver. Colorado Springs, Col., Nov. 5.-A special to the Gazette from Victor states that the First National bank of Victor has closed its doors by order of Bank Examiner Lazear. Shrinkage of deposits as a result of the long continued miners' strike is given as the reason for suspending business. President F. M. Woods states that all depositors will be paid in full. The closing of the bank caused no apprehension in financial circles, either in Cripple Creek or Colorado Springs. TRUST COMPANY QUITS. Pueblo, Col., Nov. 5.-As a consequence of the failure of the First National bank of Victor, Col., the Pueblo Title and Trust company, capital $250,000, will not open for business today. The trust company is controlled by. the Woods Investment company which also owned the Victor institution. Small of the company anthat the deposits are nounce Secretary $250,000 and the assets are $450,000. An assignment has been made by the Pueblo Title and Trust company to E. P. Shove, of Colorado Springs. The bank did not open today, the managers being in fear of a run. Mr. Shove, after examining the condition of the assets stated today that the Title and Trust company is perfectly solvent and can pay all demands within 30 days. The bank's deposits are about a $250,000 including the accounts of aslarge number of working men. The sets are stated to be about $450,000. WOODS MAKES STATEMENT. Victor, Colo., Nov. 5.-Frank M. Woods, general manager of the Woods folInvestment company, has made the the lowing statement of the closing of of Victor National bank of this city, which "The he strike is president: resulted in withdrawals from the bank, chiefly by men who were leaving the district, and our reserve was depleted until T. P Kane, deputy the comptroller of the currency, ordered bank closed by Bank Examiner J. B. Lazear, who is in charge. The Woods First Investment company is behind the in National and depositors will be paid with full and the mining properties which the Woods Investment company is interested will continue operations as heretofore. DUE TO MINERS' STRIKE. Washington, Nov. 5.-The First Nabank of Victor, Col., has been tional closed by direction of the acting comptroller of the currency, the examiner James reporting the bank to be insolvent. B. Lazear, national bank examiner, was has been appointed receiver. The bank organized in September, 1900. The failure, the acting comptroller by is due to losses sustained states, of excessive accommodations extended reason to mining interests with which the officers of the bank were connected. The statement of the reand liabilities of the bank on September sources 9, 1903, the date of the last of condition made to the comp- of report troller shows loans and discounts $231,742: cash and cash items, $63,514; deposits, $304,346. FARMERS RESPONSIBLE. Ia., Nov. 5.-The Sheldon bank Sheldon, closed its doors and will go into the hands of a receiver. Officers of the bank assign the cause of the failure to the slow payment of notes by farmers the past two years. RECEIVER NAMED. Ia., Nov. 5.-Judge Gaynor, on application Sibley, of the stockholders, ap- the pointed W. R. Ady receiver of State bank at Sheldon. The assets are about $225,000; liabilities about $175,000.

2. November 5, 1903 Las Vegas Daily Optic Las Vegas, NM
Article from Las Vegas Daily Optic, November 5, 1903

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Article Text

WASHINGTON, Nov. 5.-The First National bank of Victor, Colorado has been closed by order of the acting comptroller of the currency, the examiner reporting the bank to be insolvent. James B. Lazear, national bank examiner, has been appointed receiver. The bank was organized in September, 1900, The failure, the act ing comptroller states, was due to losses sustained by reason of excessive accommodations extended to mining interests with which officers of the bank were connected. The statement of the bank September 9th last, showed deposits of over $300,000. Will Be Paid in Full. VICTOR, Colo., Nov. 5.-Frank M. Woods, general manager of the Woods Investment company, which is president of the First National bank which failed, said: "The Woods Investment company is behind the bank and depositors will be paid in full. The strike resulted in withdrawals from the bank chiefly by men leaving the district, and our reserve was depleted." CRIPPLE CREEK, Colo., Nov. 5.The Bimetallic Bank of Cripple Creek failed to open today. A notice on the door announced: "Bank closed; statement later." CRIPPLE CREEK, Colo., Nov. 5.The Bimetallic State bank was established in 1891 by D. H. Moffatt and sold by him in 1901 to Jas. F. Hadley. It is capitalized at $100,000 and the deposits aggregate $220,000. The officers are: President, Jas. F. Hadley; vice-president, Bruno Hobbs; cashier, E. P. Arthur. City Treasurer A. G. Jones, assistant cashier of the bank said this morning: "The cause of the failure to open our doors is the heavy decline in mining stocks and real estate. I believe we will be able to pay dollar for dollar, but we must have time." The news of the close of the Bimetallic bank spread rapidly and a run began on the Colorado Banking and Trust company, of which James F. Hadley is also president. Hundreria are in line.

3. November 5, 1903 The Roswell Daily Record Roswell, NM
Article from The Roswell Daily Record, November 5, 1903

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Article Text

A FAILURE. The Pueblo Title and Trust Co. Fails to Open its Doors. Pueblo, Colo., Nov. 5.-In consequence of the failure of the First National Bank of Victor, Colorado, the Pueblo Title and Trust Company of this city did not open its doors for business today. The Trust Company is controlled by the Woods Investment Company. The Presbyterian Aid Society held its regular business meeting in the church Tuesday afternoon. A plan of work for the coming year was outlined by the president, Mrs. C. A. Baker, and approved by the society. This society enters upon its year's work under very favorable circumstances and promises of a good year. Encourage it. Washington, D. C., Nov. 5.-The First National Bank of Victor has been closed today by the order of the Acting Comptroller of the Currency, the examiner having reported the bank as insolvent. The bank examiner has been appointed as receiver. The bank was organized in September, 1900. The acting Comptroller states that the failure was due to losses which were sustained by reason of excessive accommodations extended to the mining interests with which the bank officers are connected. The statement made by the bank on September 9th showed that the deposits were over $300,000. Victor, Colo., Nov. 5.-Frank M. Woods, the general manager of the Woods Investment Company, who is president of the First National Bank which failed, says; "The Woods Investment Company is behind the bank and the depositors will be paid in full. The recent strike among the miners resulted in withdrawals from the bank chiefly by many men leaving the district, and our reserve was depleted." i

4. November 5, 1903 The Daily Silver State Winnemucca, NV
Article from The Daily Silver State, November 5, 1903

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SHORT NEWS NOTES FROM EVERYWHERE Doings of the Day Reflected and Condensed for Busy Readers THE HISTORY OF THE WORLD Told in Short Paragraphs--The Latest Intelligence from All Sources Everett, Wash.--Angus McPhail, a who a saloonkeeper, rival May, murdered convicted business last was of the first degree, the jury hanging as recommending murder in the penalty for the crime. McPhail will appeal. Memphis, Tenn.,-A distinct earth quake shock was felt all over Memphis Wednesday morning. No damage was done, but in a number of instances tenants in hign buildings hastened to the street. Another distinct shock occurred at 1:15 p. m. Stroud, Ckla.-Nine miles southwest of Stroud, an unknown nian rode up to the house of Mrs. Ames, shot and killed Mrs. Ames and the hired man, Henry Jackson, and seriously Miss Ames, aged the wounded her through shoulder. 19, The known. shooting murderer escaped. No motive is Edgemont, S. D.-A posse has reached here with nine bucks and twelve squaws of the party of Sioux that killed Sheriff Miller and Deputy Falkenburgh in Wyoming. They were captured on the Cheyenne river near the South Dakota line. Other members of the band eluded the posse and escaped. a Kansas City.-In all probability general strike of the union employes of the local packing houses will be ordered within the next twenty-four hours as an outcome of the sausagestrike at Chicago. in of the makers' this city Amalgamated Officers Meat Cutters and Butchers union received word to prepare for a strike order. San Francisco.-John Jenkins, United States consul general at San Salvador, arrived on the steamer San Juan. He recently obtained from President Esalon of Salvador a promise to pay G. W. Burrell of Oakland and his associates $125,000 for the construction of a bridge over the Lempa river. The money is to be paid in installments. Constantinople.-The British, German, French and Italian ambassadors visited the porte Tuesday and notified the Turkish officials that they were in receipt of instructions from their respective governments to support the Austro-Russian reform scheme. The porte objected to the control feature of the reforms. Orders have been issued for the disbandonment of ninetysix battalions of reserves. Victor, Colo.-The First National bank of this city, a controlling interwhich is owned by Woods est Investment in company, closed Wednesday the its doors before 2 o'clock A notice was afternoon. shortly hands posted of say- the ing the bank was in the comptroller of the currency. The d bank's capital is $50,000. The deposits amounted to $300,000. A quiet run on the bank had been in progress for several days. Mont.-The transcript of the in the case Helena, proceedings of John McGinniss vs. the Boston and Montana and the Silver Mining companies, and others, was filed in the supreme court. This is the case in which Judge Clancey of Butte granted an injunction restraining the Amalgamated Copper company from voting stock of the Boston and Montana company, which resulted in the closing of all Amalgamated properties in n the state. St. Louis.-This city and vicinity experienced a decided earthquake, or series of shocks at 12:30 Wednesday afternoon. There is a difference of as to how many. The earthwas perceptible all over and was mostly felt opinion city quake in the high the blocks in the secthe city. One a tion business of down-town occupant chandeller of building said his three inches. east to west. , high swung was from The A movement message from Louisiana, Missouri, says that perceptible shock was felt there about the same time.

5. November 5, 1903 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, November 5, 1903

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Article Text

National Bank Closed. Washington, Nov. 4. The First National Bank of Victor, Colo., was closed today by direction of the Acting Comptroller of the Currency, the examiner reporting the bank to be insolvent. James B. Lazear, National Bank Examiner, was appointed receiver The bank was organized in September. 1900. The failure, the acting comptroller states, is due to losses sustained by reason of excestve accommodations to mining interests with which the officers of the bank were connected. The resources equal the "labilities of $418,886.

6. November 5, 1903 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, November 5, 1903

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Article Text

National Bank Closes Its Doors. VICTOR, Col., Nov. 4.-The First National Bank of this city, a controlling interest in which is owned by the Woods Investment Company, closed its doors shortly before 2 o'clock this afternoon. A notice was posted saying that the bank was in the hands of the controller of the currency. The bank's capital is $50,000. The deposits amounted to about $300,000. A quiet run on the bank has been in progress for several days.

7. November 5, 1903 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, November 5, 1903

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MINERS' STRIKE FORCES BANKS TO CLOSE DOORS Shrinkage of Deposits Compels Colorado Institution to Suspend Business. VICTOR, Col., Nov. 4.-The First National Bank of Victor closed its doors today by order of Bank Examiner Lazeare. Shrinkage of deposits as a result of the long continued miners' strike is given as the reason for suspending business. President F. M. Woods states that all depositors will be paid in full. The closing of the bank causes no apprehension in financial circles either in Cripple Creek or Colorado Springs.

8. November 5, 1903 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, November 5, 1903

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Colorado Bank Closed. Colorado Springs, Colo., Nov. 5.-A special to the Gazette from Victor, Colo., states that the First National bank of Victor has closed its doors by order of Bank Examiner Lazeare. Shrinkage of deposits as a result of the long continued miners' strike is given as the reason for suspending business. President F. M. Woods states that all depositors will be paid in full. The closing of the bank causes no apprehension in financial circles either in Cripple Creek or Colorado Springs.

9. November 5, 1903 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 5, 1903

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BANK CLOSED. First National Bank of Victor, Col., 1s Insolvent. Washington, November 4.-The First National bank of Victor, Col., was closed today by action of the comptroller of the currency, the examiner reporting the bank to be insolvent. James P. Lazear national bank examiner, was appointed receiver. The bank was organized in September, 1900. The failure. the acting comtroller states, is due to losses sustained by reason of excessive accommodations to mining interests with which the officers of the bank were connected. The resources equal the liabilities of $418,886.

10. November 5, 1903 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, November 5, 1903

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COLORADO BANK BROKE First National at Victor Too Liberal in Backing Mining Enterprises. Victor, Colo., Nov. 4.-The First National bank of this city, a controlling interest in which is owned by the Woods Investment company, closed its doors shortly before 2 o'clock this afternoon. A notice was posted saying that the bank was in the hands of the comptroller of the currency. The bank's capital is $50,000. The deposits amounted to about $300,000. A quiet run on the bank had been in progress for several days.

11. November 5, 1903 The Washington Times Washington, DC
Article from The Washington Times, November 5, 1903

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NATIONAL BANK FAILS IN VICTOR, COLORADO Notice was received yesterday by the Comptroller of the Currency of the closing of the First National Bank of Victor, Col. For several days there has been a quiet run on the institution. The bank's capital is $50,000 and the deposits $304,000. Loans and discounts amounted to $231,000.

12. November 5, 1903 The Providence News Providence, RI
Article from The Providence News, November 5, 1903

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TO PROTECT DEPOSITORS. Public Tit e and Trust Company Make: a Voluntary Assignment. Pueblo, Col., Nov. 5.-The Pueblo Title & Trust company of this city, the principa! stockholder in which is the Wyoming Investment company. has announced a voluntary assignment for the protection of Its depositors. The reason given is that sufficient cash to meet a run that was considered inevitable after the suspension of yesterday of the First National Bank at Victor con d be m sed at once. Secretary Small of the company announces that the deposits are $250,000 and the assets $450,000.

13. November 6, 1903 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, November 6, 1903

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The Pueblo Title and Trust Co. of Pueblo, Col., the principal stockholders in which is the Wood's Investment Co., has anounced a voluntary assignment for the protection of its depositors. The reason given is that sufficient cash to meet a run that was considered inevitable after the suspension of Wednesday, of the First National Bank at Victor, could not be raised at once. Sec. Small of the company, anounces that the deposits are 2$50,000 and the assets $450,000.

14. November 6, 1903 The Barre Daily Times Barre, VT
Article from The Barre Daily Times, November 6, 1903

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A Colorado Trust Company Suspends. Pueblo, Colo., Nov. 6.-The Pueblo Title and Trust company of this city, the principal stockholder in which is the Woods Investment company, has announced a voluntary assignment for the protection of its depositors. The reason given is that sufficient cash to meet a run that was considered inevitable after the suspension of the First National bank at Victor could not be raised at once. Secretary Small of the company announces that the deposits are $250,000 and the assets $450,000.

15. November 6, 1903 The Billings Gazette Billings, MT
Article from The Billings Gazette, November 6, 1903

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COLORADO BANK CLOSED. Shrinkage of Deposits Results From Miners' Strike. Colorado Springs, Colo., Nov. 5.-A special to the Gazette from Victor states that the First National Bank of Victor has closed its doors by order of Bank Examiner Lazeare. Shrinkage of deposits as a result of the long continued miners' strike is given as the reason for suspending business. President F. M. Woods states that all depositors will be paid in full.

16. November 7, 1903 The Intermountain Catholic Salt Lake City, Denver, UT
Article from The Intermountain Catholic, November 7, 1903

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COLORADO BANK TOO LIBERAL. Victor, Colo., Nov. 4.-The First National bank of this city, a controlling interest in which is owned by the Woods Investment company, closed its doors shortly before 2 o'clock this afternoon. A notice was posted saying that the bank was in the hands of the comptroller of the currency. The bank's capital is $50,000. The deposits amounted to about $300,000. A quiet run on the bank had been in progress for several days.

17. November 7, 1903 The Labor World Duluth, MN
Article from The Labor World, November 7, 1903

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COLORADO BANK CLOSES ITS DOORS VICTOR, Colo., Nov. 4.-The first National bank of this city, a controlling interest of which is owned by the Woods Investment Co., closed its doors shortly before 2 o'clock this afternoon. A notice was posted saying that the bank was in the hands of the comptroller of the currency. The bank's capital is $50,000. The deposits amounted to about $300,000. A quiet run on the bank had been in progress for several days.

18. November 12, 1903 The Citizen-Republican Scotland, Parkston, SD
Article from The Citizen-Republican, November 12, 1903

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Another Colorado Bank Closes. Victor, Colo., Nov. 6.-The First National bank of Victor, a controling Interest in which is owned by the Woods Investment company, has closed its doors. A notice was posted saying that the bank was in the hands of the comptroller of the currency. The bank's capital is $50,000. The deposits amounted to about $400,000. A quiet run on the bank had been in progress several days.

19. November 13, 1903 The Tomahawk White Earth, MN
Article from The Tomahawk, November 13, 1903

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LATER. The latest returns from the state elections show that in Ohio Myron T. Herrick (rep.) has 125,000 plurality for governor and in Iowa Albert B. Cummins (rep.) is reelected governor by 80,000 plurality. Republicans elected their minor state ticket in Pennsylvania by a majority of 225,000. In Rhode Island Gov. Garvin (dem.) is reelected by 1,587 plurality. Gov. Beckiam is reelected in Kentucky by 20,000 plurality. In New Jersey the legislature elected is republican. In Nebraska the republicans elected a supreme court judge and regents of the state university. Colorado elects a republican supreme court justice. In Massachusetts John L. Bates (rep.) was reelected governor by 35,000 plurality. In New York city George B. McClellan (dem.) was elected mayor by 63,617. In Mississippi J. K. Vardman (dem.) had no i the were successVirginia for governor democrats opposition, and in : ful. Maryland elects Edwin Warfield (dem.) governor. Commander Booth-Tucker, of the : Salvation Army, sailed for England on 3 the steamship Cedric for a rest. The Victor (Col.) First national bank, with $300,000 deposits, closed its doors. The report of the commissioner of education for the last fiscal year places the total number of pupils enrolled in the public schools in the United States at 15,925,887. Railway postal clerks last year handied 15,999,803,630 pieces of mail matter. Grover Goss, Harry Eltzarach and Ray Ward were burned to death in a livery barn fire at Montpelier, Ind. The Sheldon (Ia.) State bank went into a receiver's hands, with liabilities of $175,000; assets, $225,000. Washington officials believe the revolutionists will be successful in Panama and think the supremacy of the United States is complete. Six men were killed and ten injured by the explosion of a United States naval magazine at Iona Island, N. Y. The property loss was $500,000. The republicans have elected R. O. Moon for congressman from the Fourth Pennsylvania district. About 150 houses were destroyed by fire at Jermie Hayti. Two earthquake shocks were felt at St. Louis and buildings rocked and the telephone service was disarranged. Shocks were also felt at Memphis, Louisville and in Illinois.

20. November 17, 1903 The Washington Times Washington, DC
Article from The Washington Times, November 17, 1903

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BANK RECEIVER APPOINTED. Comptroller of the Currency Ridgley yesterday appointed Francis A. Chapman receiver of the First National Bank of Victor, Col., which failed 10 a few days ago, Mr. Chapman received the indorsement of the Colorado Representatives in Congress and business men generally in Denver.