Chaffee County Bank (Salida, CO)

Episode Information

Episode UID
7516158591123
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
751615859 hash
Start Date
July 1, 1893
Location
Salida, Colorado (38.535, -105.999)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a3f3cd38cae186cb

Response Measures

None

Description

Contemporary reports call it a private institution and report an assignment for benefit of creditors; dates vary slightly across articles.

Events (2)
1. July 1, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Slow collections and apparent missing funds; reports of possible looting/conspiracy to defraud leading to insolvency.
Newspaper Excerpt
The Chaffee County Bank made an assignment this morning; liabilities between $80,000 and $90,000.
Source
newspapers
2. July 2, 1893 Receivership
Newspaper Excerpt
The Chaffee County Bank made an assignment to S. J. Foster of this city.
Source
newspapers

Newspaper Articles (12)
1. July 2, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 2, 1893

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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
Article from The Herald, July 2, 1893

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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 Sun New York, NY
Article from The Sun, July 2, 1893

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NO SPECIAL LEGISLATIVE SESSION. Gov. Walte Says the Only Thing It Could Do It Could Have Done Before. DENVER. July 1.-The rise in the price of silver to-day had the effect to restore confldence to some extent. though the mines will probably not resume work. The most important question is the matter of convening the Legislature. "I shall not call an extra session of the Legislature. at least, not until I see things differently from what I do now." said Governor Waite to a large delegation of representative business men. headed by M. J. McNamara. from the foremost business houses of the city. who waited on him. He had been looking up the "Stay" law. and had discovered that the Supreme Court of the United States had decided such a law to be unconstitutional. as no law can be passed inpairing or interferinc with existing contracts. He said: 'There will be no use in calling a session of the present Legislature. as the only thing that it could do in the present situation would be to repeal the Attachmentlaw. The Assembly had A chance to repeal it last winter. and refused to do it." Notwithstanding the wild utterances of a few. the people of Colorado, as a whole. do not. nor does any considerable portion of them. purpose to take steps which look either toward repudiating or toward the impairment of any obligation entered into. The provisions of the notes and deeds of trust cannot in any respect be affected by any law which may be hereafter passed. Even as regards the manner of foreclosure. banks in mining towns will all suffer tem porarily. and some may have to go out of business entirely. To-day the Chaffee County Bank at Salida assigned to S. J. Foster. Liabilities, $85,000; deposits. $73,000; assets unknown. A run started on the First National Bank here. and at noon the doors were closed after Director Hollenbach had assured the depositors that currency would be on hand on Monday to meet all obligations. The First National Bank at Ouray was compelled to close to-day for a similar cause. President L. L. Bailey of the well-known firm of Gelder. Bailey & Co. of Denver. has gone there with currency to meet all obligations, and that bank will open on Monday. Last year the agricultural products of Colorado amounted to $50,000,000, the manufacturers did n business of $45,000,000. and the mining output was $20,000,000. When it is considered that Colorado gold camps are booming. the outlook is not bad. The serious feature is the sudden throwing out of employment of thousands of wage earners and the curtailment of all lines of trade.

4. July 2, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 2, 1893

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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.

5. July 3, 1893 New-York Tribune New York, NY
Article from New-York Tribune, July 3, 1893

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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.

6. July 3, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, July 3, 1893

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ABBREVIATED TELEGRAMS. E.M. and James C. Powell, brothers, of Lowndes county, Miss., quarreled, and James got the worst of it. He then sent word to his brother that he would kill him on sight and kept his word like a man of honor and veracity. Byciclist Edge, an English wheelman, has beaten the 1,000 mile road record hours and 49 minutes. Ex-County Recorder King, of Nevada, Mo., charged Governor Stone in that gentleman's presence with lying and the result was a "scrap" that ended with nobody hurt. Two men killed and four seriously wounded was the result of a row at Catoosa, I. T., caused by bad whisky. The rolling and plate mills of the Portage Iron company at Duncansville, Pa., have closed, throwing 600 men out of work. A storm cloud formed in a clear sky at Pleasant Valley, Pa., and flooded the town and vicinity in forty-five minutes SO that fifteen houses were inundated and six small bridges were swept away. The Mutual Life Insurance company of New York, has, it is said, been swindled out of $44,000 by a Wyoming real estate swindle. The Chaffee County bank, Salida, Col., has made an assignment. For the first time in its history it was impossible July 1 to buy a drink of nose paint at Charleston, S. .C., owing to the going into effect of the new liquor law which provides that the state shall run all saloons, which shall be established only where a majority of the people petition for them. General Warner, the silver man, and president of the Bimetallic league, will probably call that body in convention at Chicago July 25. He says that foreign bankers and "gold bugs" have influenced American financiers to conspire to produce just the state of affairs obtaining at present. Senator Allison says the United States cannot maintain free coinage of silver without an international agreement. At Pawnee, Ills., sombody hanged Governor Altgeld in effigy because he epardoned Fielden, Schwab, and Neebe. The latest specimen of our civilization was the slicing off of one of J. L. Fleming's ears at Marian, Ark. Fleming is a negro editor who had made himself obuoxious. Herr Krupp, the German maker of guns, will sail for the World's fair July 8. Englishmen who have been to visit the World's fair and gone home again are writing letters to London papers charging that the New York custom house is a place where you can get what you want for a consideration. A genuine gold mine, it is said, has been discovered on the Hudson farm near Battle Creek, Mich. Nellie Sullvan, Alice Leonard and Maggie King, three girl's from Cincinnati, have been arrested at Chicago and sent home. They were visiting the World's fair without their parents' consent. Six moonshiners were found guilty at Birmingham, Ala., of ntimidating wit nesses in United States cases. Their crime was the beating with sticks of two witnesses, the rape of the wife of one, and the shooting off of one of her legs.

7. July 6, 1893 Grant County Herald Lancaster, WI
Article from Grant County Herald, July 6, 1893

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BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. GEORGETOWN, Col., July 1.-The Bank of Clear Creek county at this place made an assignment yesterday with liabilities of $233,000 and assets of $397,000. Provo, U. T., July 1.-The First national bank of this place closed its doors yesterday, with liabilities of $60,000. SALIDA, Col., July 3.-The Chaffee county bank, of which William E. Robertson is cashier, has made an assignment to S. J. Foster, of this city. Mr. Foster says that the liabilities are between $80,000 and $90,000. The deposits are $73,000, including $21,000 in certificates of deposit. He is unable to give the assets. OURAY, Col., July 3.-The First national bank of this place closed its doors Saturday. Deposits amount to about $50,000 and notes and discounts to about $120,000. No definite statement has been made. BEATRICE, Neb., July 3.- - The Nebraska national bank and the American bank failed to open their doors here. Each bank had a capital of $100,000.

8. 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.

9. July 8, 1893 The Irish Standard Minneapolis, Saint Paul, MN
Article from The Irish Standard, July 8, 1893

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BANKS FAIL. Sevenal Financial Institutions in Various Places Forced to Suspend. SALIDA, Col, July 3.-The Chaffee county bank, of which William E. Robertson is cashier, has made an assignment to S. J. Foster, of this city. Mr. Foster says that the liabilities are between $80,000 and $90,000. The deposits are $73,000, including $21,000 in certificates of deposit. He is unable to give the assets. OURAY, Col., July 3.-The First national bank of this place closed its doors Saturday. Deposits amount to about $50,000 and notes and discounts to about $120,000. No definite statement has been made. BEATRICE, Neb.. July 3.-The Nebraska national bank and the American bank failed to open their doors here. Each bank had a capital of $100,000. LEADVILLE, Col., July 5.-The American national bank, of Leadville, closed its doors, with liabilities of $342,000. GOLDEN, Col., July 5.-The Jefferson county bank closed its doors, with liabilities of $76,000.

10. July 14, 1893 The Weekly Union Times Union, SC
Article from The Weekly Union Times, July 14, 1893

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FAILU Troubles In States Banks and Merchants Cannot Main. Until tain Their Position Congress lieves the Situation. KANSAS BANK FAILURE. TOPEKA, KAN.-Two Kansas banks have closed their doors. The failure of the Finney county bank, at Garden City, was not unexpected, as the bank ER. has for some time been in bad condition. ke The bank of Leroy, Coffey county, was b. also closed. oudon A PUGET SOUND BANK FAILS. $ and EVERETT, WASH.-Or account of the (inability realine the at 1 n the has suspended. D y Sir COUNTY MONEY IN A FAILED BANK. b Sudi WORTHINGTON, MINN.--No County he he. Bank closed its doors Thursday morning. t the f Its owner, Peter Thomas, has made an amous assignment. Several thousand dollars of t es be G county money are tied up in it. about A SAVINGS BANK COLLAPSES. W or on t OMAHA, NEB.-The American Savings was tl Bank suspended Thursday with deposits club tl of $153,000 and assets of $259,000. It atrol was involved in the embarrassment of the t yman z American Loin and Trust Company, re he F through the latter's enterprise, the Omaha e was rd and South Texas Land Company. was A SPECULATOR FAILS. b wrote li OTTUMWA, IA.-A. C. Leighton, a truck ca prominent capitalist and speculator of was this city has assigned. His liabilities are id the st about $189,000; assets $890,000. riate to A TEXAS LAND COMPANY ASSIGNS. h GALVESTON, TEX.-Judge Bryan apmes, to pointed H. E. McGregor receivor of the isky be Omaha & South Texas Land Company. Agrico The liabilities are $400,000. No schedule July, of assets was filed. su burt. an THIS IS GRATIFYING tatew An analysis of the Statistics of business the in failures of the United States for the past cious ba six months by the Ghattanooga Trades derly ste man discloses the fact that the Southern rend States have withstood the financial crisis ph be Or better than any other section of the r for mi country. reDISTRESS OUT WEST. E O tw TOPEKA, KAN.-The Findlay County CO Bank, of Garden, Kan., has failed. State we Bank Commissioner Breitdenthal is there di investigating. sta AMERICAN NATIONAL BANK SUSPENDS. se are placed by the bank officers at $1,250.th 000, and the liabilities at $635,000. O. to P. H. Baxter, one of the wealthiest men in the State, is president. It is believed that the bank will be able to retio sume business shortly, because its assets Pr are in good shape. There is no excitement among the depositors of the other banks. da A BAD FAILURE. wr ho DENVER, CoL.-The failure of the Chaffee County Bank at Salida Saturday pla 1 proves to have been a bad one, and it ion. vil looks as though the institution had been looted. Liabilities, $80,000, and the par e. dis genuine assets only $8,000. Irson A NORTH CAROLINA BANK. tri avis far WINSTON, N. C. -The Frst National arn. DAUS or rul They Go day morning. It is believed that the I., me bank will be reorganized and that it will son. mu resume business within a month. ding be

11. July 14, 1893 The Kinsley Graphic Kinsley, KS
Article from The Kinsley Graphic, July 14, 1893

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THE WEST. THOMAS ST. CLAIR, who was convicted of the murder of Mate Fitzgerald, of the bark Hesper. while the vessel was at sea in January last, was sentenced to be hanged October 6 at San Francisco. Two women and a man were burned to death in the floating Bethel at St. Paul, Minn, Two other persons were badly burned. Gov. JONES respited the condemned Choctaws for one month, in response to imperative demands from Washington. It was thought the respite was tantamount to pardon as. the executions would certainly not be allowed. AT Galesville, Wis., Anton Falls and Ida Johnson, an engaged couple, attempted to drive across the tracks in front of a fast approaching passenger train, but were struck and killed. IT has been decided that it will be best to leave troops at Antlers, I. T., for a while yet. A TORNADO swept through Cherokee county and other parts of Iowa on the afternoon of the 6th. Meager reports had it that 100 persons were killed. SEYMOUR, the mind reader, proposes to be buried alive in Chicago in the socalled East India fashion. ELMER E. WILLIAMS, secretary of the Colorado bureau of information, has been arrested charged with having in his possession $31,000 of the funds of the Chaffee county bank, which recently failed at Salida. The bank gave-up business under very peculiar circumstances. INABILITY to secure an extension of his paper has forced Lowry W. Goode, the most extensive real estate dealer of Des Moines, to the wall. Attachments and mechanies' liens to the amount of $120,000 were filed. Mer. SATOLLI was credited at Tacoma, Wash., with saying that the czar was preparing to place the Greek church in the hands of the pope. Russians at New York declared the report altogether absurd. THE St. Louis & Eastern has been formally opened for traffic, a train running from Marine, III., to St. Louis and back. @ MOST of the Cherokees entitled to allotments on the strip have made their selections. About two-thirds of them take farms in the eastern neck of the strip east of the Pawnee reservation. The rest will be near the Santa Fe railway. D.S. KREEDER, his wife and four children were murdered at Cando, N. D., by a hired man named Bomburgh. THE directors of the Denver & Rio Grande have passed the quarterly dividend of 1 per cent. C.M. PEOPLES, after jumping bail twice, was turned over to Deputy Sheriff Clerk, of Denver, by the Chicago authorities. Peoples is wanted in Denver on two charges of forgery and one of embezzlement. THE Western Passenger association roads have agreed upon a one-fare round-trip world's fare excursion rate good for either "seven or eleven" days. SUNDAY attendance at the world's fair continues disappointingly small. Attendance other days is fairly good. THE ruffian who murdered six members of a family near Cando, N. D., was captured in Manitoba. HEAVY rains damaged the ditches near La Junta and other parts of Colorado. A large amount of live stock was lost. The damage was at least $100,000. FOUR persons were drowned and many had narrow escapes by a storm at Chicago on the 9th.

12. July 15, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, July 15, 1893

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GENERAL. Lieut. Peary and party sailed for the Arctic ocean. Jay Gould's estate is listed at $10,600,000, as against $500,000 during his lifetime. The National Bank of Commerce at Provo, Utah. has suspended. The liabilities are $75,000. Clifford Calvery ran across Niagara Falls on a wire, making the run in 2:35 25. E. J. Bracken of Columbus is the Ohio Prohibition candidate for gov. ernor. Gov. Pattison and Mayor Bishop delivered speeches of welcome to the crew of the Viking on her arrival at Buffalo. A Montana elergyman states that an immense sum of money has been raised by the Mormons for the wholesale bribery of congress. The liabilities of the Chaffee County bank at Salida. Colo., which failed recently, are $800,000 and the assets $8,000. The Philadelphia & Reading railway company defaulted principal and inter. est on the Lancaster Quarryville roads. The militia has been withdrawn from Tonawonda, N. Y., deputy sheriff's taking the place of the troops in guarding lumbermen's property. The marriage of Fred H. Leonard and Mrs. Rice of Grand Rapids, Mich., has been declared invalid on the ground that Leonard was mentally incompetent when it was contracted. About fifty insurance companies have withdrawn from Tennessee because of a law requiring them to life copies of their charter with the secretary of state.