First National Bank (Pueblo, CO)

View Charter #1833 on SPMC View balance sheet

Episode Information

Episode UID
183301123
Episode Type
Run Only
Bank Type
national
Bank ID
18330 national
Charter Number
1833
Start Date
July 5, 1893
Location
Pueblo, Colorado (38.254, -104.609)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
64f6d91700d3d08f

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Partial suspension, Full suspension, Books examined

Events (2)
1. June 5, 1871 Chartered
Source
historical_nic
2. July 5, 1893 Run
Cause
Local Banks
Cause Details
Run began after the suspension/closing of the American National (and other local banks), prompting depositors to withdraw from the First National.
Measures
Paid depositors as fast as paying teller could handle them; continued operations and received some money from the East.
Newspaper Excerpt
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.
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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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 Grand Rapids Herald Grand Rapids, MI
Article from Grand Rapids Herald, July 6, 1893

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COULD NOT GET CASH. The Solvent Pueblo Banks Were Forced to Suspend. PUEBLO. Colo., July 5. -The American National bank was not opened this morning Notice on the door stated that the bank will resume as soon as it can secure money on its paper. The suspension was a general surprise and a large number of depositors will have to wait a couple of weeks for their money. The bank has assets of over a million and a quarter, yet could not get hold of sufficient currency on any terms, to keep going and closed in order to give every. body an even chance. Liabilities, in eluding deposits, are $630,000. The officers are men of large individual wealth and excellent standing. O.H. P. Baxter is president, and Robert Gib son cashier. Either of them could carry the bank's debts if it were possible to raise money in the usual ways. The affair is in no sense a failure. as all the depositors are sure of their money as soon as an adjustment of af fairs can be made. After the suspension of the American National became kn onn something of a run was started on the First National bank but as there is not a more solid institution in the state. and as it was ready for every body, 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 that an un usual number of calls for money ap peared These are all sound concerns and the ameta are ample. The Central National has assets of $200,000 and lia bilities of $85,000. Its president. D.L. Holden, is a man of large property The Western can pay all depositors twice and then have enough for all stock holders. This statement in made by the president. W. L. Graham.

3. July 6, 1893 The Times Richmond, VA
Article from The Times, July 6, 1893

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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.

4. 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.

5. July 6, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 6, 1893

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BUSINESS REVERSES. Three Banks in Pueblo, Colo., Forced to Close. PUEBLO, Colo.. July 5.-The - bank panic did not reach Pueblo until this morning. 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 which stated that the bank would commence business again soon. The assets are $1,250,000 and the liabilities $650,000. Runs were commenced 00 both the Western National and the First National. The Western National closed its doors before noon. The Western has deposits of over $1,000,000 and has always been considered very strong. Hundreds stood in and about the First National Bank. all day and 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 and that it cannot be forced to close. The Central National closed at noon. Its assets are about $170,000 and its liabilities about $70,000. A run was made on the Pueblo Savings banks, but the bank took advantage of the law, which allows them sixty days, and the bank is regarded as perfectly safe. A much better feeling prevailsthis evening and the worst is believed to be past.

6. July 6, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 6, 1893

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PUEBLO BANKS CLOSE. Runs Are Made on Them and Three Shut Their Doors. PUEBLO, Colo., July 5.-The bank panic did not reach Pueblo until this morning, then it came with a vengeance. When the American National bank opened for business a large numbar of depositors were waiting to take out their money. A notice posted up stated that the bank would commence business again soon and that its assets were $1,250,000 and liabilities $650,000. Runs commenced on both the Western National and 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 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 creditors in full when called for and that they cannot be forced to close. The Central National closed at noon. Assets abount $170,000 and liabilities about $70,000. A run was made on the Public Savings bank but they took advantage of the law which allows them sixty days. The bank is regarded as perfectly safe. There is a much better feeling this evening and the worst is believed to be past. Each of the closed banks can pay in full as soon as they can realize on collateral. The Bank of Florence, at Florence, Colorado, closed its doors today. It was a branch of the American National Bank of Pueblo. Assets and liabilities are unknown but it is claimed creditors will be paid in full.

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

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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 Sun New York, NY
Article from The Sun, July 8, 1893

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Minor Business Troubles. OAKLAND. Me., July 7.-The postponed meeting of the directors and stockholders of the Madison Woollen Mill. the largest in Maine. was held yesterday. This mill is at present in financial straits in consequence of disagreement with the former selling agents, H.J. Libby & Co. of New York. It was decided to shut down the mill temporarily and to take account of stock. Thus several hundred operatives will be thrown out of employment. DES MOINES, Ia., July 7.-Attachments aggregating $20.000 and mechanics' liens to the amount of $89,000 were filed yesterday against Lowry Goode. the Highland Park Land Company. the Des Moines Electric and Water Power Company. and other concerns with which Goode is prominently connected. Goode claims that with time he will be able to pay. The amount involved is probably $200,000. RED CLIFF. Col.. July i.-The Eagle County Bank has suspended payment. The 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. PUEBLO. Col., July 7.--There was no further run on the First National Bank this morning. Bank Examiner Adams has taken charge of the suspended banks here and will push his examination of their affairs an rapidly as possible. There was no very heavy run yesterday on the First National Bank. Most of the depositors who called for their money have but small accounts deposited. MINNEAPOLIS, July 7.-The Bank of New England assigned yesterday to Judge John P. Rea. the result of a suit brought by the Attorney-General on behalf of the State. asserting that the bank holds a balance of the State funds now on deposit aggregating $81,331.17. which it is unable to pay. The assets are placed at $280,000.

9. July 8, 1893 The Lamar Register Lamar, CO
Article from The Lamar Register, July 8, 1893

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The financial flurry in Pueblo is ever. The First National and Stock Growers banks, were unaffected by the runs on them.

10. July 14, 1893 The State Herald Holyoke, CO
Article from The State Herald, July 14, 1893

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A special D & R. G. train, conveying $100,000 in currency for the relief of the Pueblo banks, made the run from Burnham to 8th street in Pueblo, on Thursday, in 2 hours and thirty-six minutes. The distance is 116 miles and includes a climb of 2,000 feet. This breaks the record of Colorado railroads. Several minutes were consumed in necessary stoppages, so that the actual running time was only about two hours and twenty minutes, an average of nearly 50 miles an hour. —Rocky Mountain Herald

11. 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