First National Bank (Pueblo, CO)

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
9adca7722e94d51f

Response Measures

Accommodated withdrawals, 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 was triggered by the suspension/closing of the American National and runs on other Pueblo banks.
Measures
Paid depositors as fast as paying teller could handle; remained open and met withdrawals.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (11)

Article from Richmond Dispatch, July 6, 1893

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Article Text

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.


Article from The Morning Call, July 6, 1893

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Article Text

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.


Article from The Daily Morning Astorian, July 6, 1893

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YESTERDAY'S FAILURES. Kansas and Colorado Banks Compelled to Suspend. Pueblo, Col., July 5.-The panic did not reach Pueblo until this morning, Then it came with a vengeance. When the American National opened for bus iness a large number of depositors were waiting to take out their money. The crowd was great, and about 10 o'clock the doors closed. Runs were com menced on both the Western National and the First National. The Western National closed its doors before noon. Sumas, Wash., July 5.-The Bank of Sumas suspended on Monday. No statement has been made, but it is thought creditors will be paid in full. Everett, Wash., July 5.-On account of the inability to realize on securities, the Puget Sound National Bank of Everett suspended today. The suspension is said to be due to the refusal of Eastern banks to honor heavy drafts on the security offered. The bank or ganized last fall ith a capital of $100,000 Winnipeg, July 5.-The Commercial Bank has gone into liquidation. Liabilities, $1,270,000; assets, 1,981,000. The bills of the bank go under the dominion law. Pueblo, Col., July 5.-The American National Bank has suspended. The assets are $1,250,000; liabilities $635,000. It is believed the bank will resume shortly Howard, S. D., July 5.-Vilas, Christianson & Co.'s bank has failed. No statement is given. Garden City, Kan., July 5.-The Finley County Bank has failed.


Article from Pawtucket Tribune, July 6, 1893

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PUEBLO'S BANKS. Trouble With the American National Caused Two Others to Suspend. PUEBLO, Colo., July a-The American National bank was not opened yesterday. Notices on the door stated that the bank would resurre as soon AB It secured money on its paper. The suspension was a general surprise, and a large number of de positors will have to wait a couple of weeks for their money. The bank has 89 sets of over a million and a quarter, yet could not get hold of sufficient currency on its terms to keep going and closed in order to give everybody an even chance. Liabilities, including deposits, $633,000. 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, how. ever, to frighten two of the other banks. The Central National closed up at once, and the Western National closed the moment an unusual amount of depositors appeared. These are all sound concerns and assets are ample. The Central National has assets of $200,000 and liabilities of $85,000.


Article from Pawtucket Tribune, July 8, 1893

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Pueblo's Banks PUEBLO, Colo., July &-There was no further run on the First National bank yesterday. Bank Examiner Adams bas taken charge of the suspended banks here and will push his examination of their affairs as rapidly as possible There . as a very heavy run on the First Nation al bank Thursday.


Article from The Lamar Register, July 8, 1893

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Article Text

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


Article from The Providence News, July 8, 1893

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Pueblo's Seare. PUEBLO, Colo., July 8. -There was no further run on the First National bank yesterday. Bank Examiner Adams has taken charge of the suspended banks here.


Article from Barton County Democrat, July 13, 1893

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THE CRISIS AT PUEBLO. The Panic Was Slow Getting There, but It Came at Last. PUEBLO, Col., July The bank panic did not reach Pueblo until yesterday. But then it came with a vengeance. A week or more past large withdrawals have been made from the banks almost daily, and the American National, when it opened for business, found a large number of depositors waiting to take out their money. The crowd continued to grow and it soon became evident that with the ready cash on hand they could not hold out much longer, and about 10 o'elock the doors were closed. The notice posted stated that the bank would commence business soon again and that the assets were $1,250,000 and the liabilities $650,000. Runs had already commenced on both the Western National, of which V. L. Graham is president, and the First National, H. D. Thatcher, president. The Western closed its doors before noon. They have deposits of over $1,000,000 and have always been considered very strong. The Central National, of which Delos L. Holden is president, closed at noon. This bank does a light business, but withdrawals of deposits had been so heavy of late that they could not stand any further run, and they thought it best to close. Their assets are about $170,000 and liabilities $70,000.


Article from The Iola Register, July 14, 1893

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THE CRISIS AT PUEBLO. The Panic Was Slow Getting There, but It Came at Last. PUEBLO, Col., July 6. - -The bank panie did not reach Pueblo until yesterday. But then it came with a vengeance. A week or more past large withdrawals have been made from the banks almost daily, and the American National, when it opened for business, found a large number of depositors waiting to take out their money. The crowd continued to grow and it soon became evident that with the ready cash on hand they could not hold out much longer, and about 10 o'clock the doors were closed. The notice posted stated that the bank would commence business soon again and that the assets were $1,250,000 and the liabilities $650,000. Runs had already commenced on both the Western National, of which V. L. Graham is president. and the First National, H. D. Thatcher. president. The Western closed its doors before noon. They have deposits of over $1,000,000 and have always been considered very strong. The Central National, of which Delos L. Holden is president, closed at noon. This bank does a light business, but withdrawals of deposits had been so heavy of late that they could not stand any further run. and they thought it best to close. Their assets are about $170,000 and liabilities $70,000.


Article from Western Kansas World, July 15, 1893

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Runs on Pueblo Banks. PUEBLO, COL.. July - -For a week or more large withdrawals have been made of deposits in all the banks, which culminated in a general run. commencing at the American National. This bank was compelled to close its doors. Meantime runs had commenced upon the Western National and the First National; the first named closing up; but the last paying out money as fast as there was room at the counters to do it. The Central National closed at noon. The Pueblo Savings bank was visited by a long line of depositors, but was saved by the sixty days notice privilege given it by the law.


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