18567. First National Bank (Park City, UT)

View Charter #4564 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
4564
Charter Number
4564
Start Date
June 12, 1893
Location
Park City, Utah (40.646, -111.498)

Metadata

Model
gpt-5-mini
Short Digest
d08acede160f6ff3

Response Measures

Accommodated withdrawals

Description

Articles report that the Park City Bank suspended/failed on 1893-06-12, which triggered a run on the First National Bank (Park City). The First National met all demands and did not suspend, so this is classified as run_only. Dates taken from newspaper dispatches (June 12, 1893).

Events (3)
1. May 6, 1891 Chartered
Source
historical_nic
2. June 12, 1893 Run
Cause
Local Banks
Cause Details
Failure/suspension of the Park City Bank (June 12, 1893) caused depositors to run on the First National.
Measures
Met all calls promptly; met all demands and cashed checks; correspondents able to assist.
Newspaper Excerpt
The failure started a run on the only other bank in the town, the First National, and was due to heavy withdrawals of deposits.
Source
newspapers
3. February 9, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
1. June 12, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 12, 1893

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Article Text

SUSPENDS PAYMENT. The Park City Bank Goes to the Wall. RUN ON THE FIRST NATIONAL Ed. Kimball Assignee of the Insolvent Institution.-The Cashier Disappears. The Park City bank, the oldest in the town, closed its doore this morn. ing, creating great agitation among the depositors. The notice ansounce ing the suspension of payment named Ed. Kimball as assignee. The bank officers claim that the suspension is only temporary, and that all they need to get through all right is a little time to realize oa their securities. There 18 some question, however, in the minds of outside pardes as to whether there will be any resumption. The Salt Lake correspondents of the Park City institution were Wells, Fargo & Co. The failure was not on tirely unexpected in this city, as it was snown among bankers that the Park institution was closely pressed in its finances. All checks presented at for payment city banks Were, however, cashed up to Saturday, the Utan National having taken up quite a number that day. The excitement cousequent upon the closing of the Park City bank caused a run upon the romaining bank of the town, The First National. This institution WHY, however. meeting all calls promptly. Lis correspondents 111 this city are: McCormek & Co., and the Commercial National bank. They state that there is no danger with the First National. as it can meet all of its liabilities without difficulty. It is not likely, therefore, that any other financial organization will be drawn down by the failure. Cashier Richardson, of the Park City bank, was in Salt Lake yesterday, and went up to the Park. He prepared the assignment papers, and at 7 o'clock this morning took the Union Pacitic train out 01 the Park. His where. abouts were unknown to the people up there today. His absence, however, is probably on legitimate business and will be ex. plained all right. This afternoon the following special dispatch came to the NEWS: PARK CITY, June 12, 1893.-The Park City bank Resigned to Ed Kimball this morning. Liabilities unknown at present. There is great excitement the Richardson, the among cashier, is out depositore. of town and nothing is known of bis where abouts.

2. June 15, 1893 Santa Fe Daily New Mexican Santa Fe., Santa Fe, NM
Article from Santa Fe Daily New Mexican, June 15, 1893

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Article Text

CONDENSED NEWS. The Exchange bank at Moberly, Mo., has assigned. Believed it will pay out in full. The Sulphur Lumber company, of Sulphur, Texas, has failed. Assets, $300,000; liabilities, $100,000. Key Rossman, who caused an explosion at a Helena, Mont., bank, is to be tried for insanity. The arbitration meeting between owners and strikers at the Kansas Coal mines is indefinitely postponed. Charles Egley, a work train employe, fell from the train at Cokeville, Idaho, and was instantly killed. The People's Guarantee Savings bank, at Kansas City, has assigned. Liabilities, $70,000; assets, $50,000 to $65,000. Extremely warm, dry weather prevailed yesterday in the Dakotas, Iowa and Miniesota. Crops are suffering. Charges of fraud and corrupt management are made in connection with the failure of the Mackaye Spectatorium at Chicago. John T. Wickham, who is wanted in Wyoming for the murder of two cattlemen during the rustler war, has skipped from Billings, Mont. The bank of Burr Oak, at Mankato, Kas., has failed. Liabilities, $35,000; assets, nothing. C. D. Hurlburt, one of the owners, has fled. The American Wheel Co.'s works, at Indianapolis, have closed and discharged the men. Branches at Memphis, Tenn., Paducah, Ky., and Hamboldt, Tenn., will also shut down. The McCague Savings bank, at Omaha, has closed. Its liabilities are estimated at $400,000 and assets at $460,000 to $475,000. Much of the latter are long-time real estate loans. The Park City bank, at Park City, Utah, has suspended. This caused a run on the First National bank, which met all demands. Cashier Richardson, of the Park City bank, is missing. Henry Lucas, while stealing a ride on a train, was run over and fatally at injured passenger Pocatello, Idaho. Before dying he said he had recently worked on a street car line in Denver. Train robbers boarded a Missouri Pacific train yesterday near Omaha and covered the engineer. At the Elkhorn crossing the headlight of an approaching engine frightened them and they fled. The report that the north line of the Cherokee Strip is to be fenced to keep out boomers is not true. There are public roads north and south at every mile, and on the border is another public road 175 miles long. Morris Wheeler, of Chicago, traded some Kansas City property for 2,400 acres of land in West Virginia. He searched for this land, but failed to find it, and James A. Bergon and Horace McKay are under $1,000 bonds in Chicago for their part in the deal.

3. June 21, 1893 The Advocate and Topeka Tribune Topeka, KS
Article from The Advocate and Topeka Tribune, June 21, 1893

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Article Text

Loan and Trust Company, the Dime Savings bank, the German Savings bank and Nebraska Savings bank. The American Savings bank and the Dime-Savings bank took advantage of the sixty days' rule and refused to pay any deposits. The Globe and Trust Company paid off 50 per cent. of the deposits and held the balance under the rules. At the Omaha Savings bank President Manderson made an extended speech at 1 o'clock and announced that the bank was prepared to pay every dollar. PARK CITY, UTAH, June 12.-The Park City bank to-day failed. Liabilities $116,000; assets unknown. The failure started a run on the only other bank in the town, the First National, and was due to heavy withdrawals of deposits. KANSAS CITY, June 12.-The People's Guaranty Saving bank made an assignment to-day for the benefit of creditors. The liabilities are supposed to be about $70,000; the assets between $50,000 and $65,000. Clarence Park is president of the bank. SIOUX CITY, IA,, June 12.-The Union Stock Yards State bank, capital $250,000, assigned. The failure was unexpected until within twenty-four hours. It is stated that all depositors will be paid out and there will be little or no loss to stockholders. MANKATO, KAS., June 12.-The Bank of Burr Oak, Jewell county, closed its doors this morning. The bank is owned by Hulbert Bros., and the liabilities are placed at $35,000; the assets are practically nothing. C. D. Hulbert, one of the proprietors of the institution, has fled, and his whereabouts are unknown. The depositors are greatly incensed and if he should return, either of his own accord, or to answer a criminal charge, there being some inclination among the depositors of preferring éuch a charge, he would be roughly dealt with. OMAHA, NEB, June 12.-The McCague Savings bank closed this afternoon by order of the state bank examiner. No statement has been issued yet, though Vice President McCague fixes the liabilities at $400,000, and estimates the assets at from $460,000 to $475,000. The suspension, he says, is due solely to the inability to realize on securities and states positively depositors will be paid in full. The clearing house made an examination of affairs of the bank this afternoon and decided the assets were not as strong as they should be. TEXARKANA, TEX., June 12.-The Sulphur Lumber Company of Sulphur Springs was placed in the hands of a receiver to-day. The liabilities are $100,000, assets, $300,000. LITTLE Rock, June 12.-M. Pollock & Co., the oldest clothing house in the state, made an assignment to-day. The liabilities are $52,000; assets are estimated at $75,000. The Exchange National bank of this city and several creditors are preferred to the amount of $22,000. The remaining creditors are New Yorkers. CINCINNATI, June 10.-The Citizen's National bank, of Hileboro, O., is closed by order of Comptroller Eokles and pleased in the hands of hank examinous