First National Bank (Leadville, CO)

View Charter #2420 on SPMC View balance sheet

Episode Information

Episode UID
242001009
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
24200 national
Charter Number
2420
Start Date
January 23, 1884
Location
Leadville, Colorado (39.251, -106.293)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f101c4a61b4efb1a

Response Measures

Full suspension

Other: Bank officers petitioned for the appointment of a receiver to prevent attachment (i.e., sought receivership after closing the bank).

Receivership Details

Depositor recovery rate
57.2%
Date receivership started
1884-01-24
Date receivership terminated
1893-12-05
OCC cause of failure
Fraud
Share of assets assessed as good
31.3%
Share of assets assessed as doubtful
24.3%
Share of assets assessed as worthless
44.3%

Description

President Dewalt reportedly fled the city and was later arrested on related charges.

Events (5)
1. March 19, 1879 Chartered
Source
historical_nic
2. January 23, 1884 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals following disclosures/rumors of large deficiencies in officers' accounts (president allegedly $50,000 overdrawn) and insolvency concerns.
Measures
Bank asked for appointment of a receiver and the sheriff guarded the bank; officers fled.
Newspaper Excerpt
The First National bank of this city closed its doors, after a heavy run this afternoon.
Source
newspapers
3. January 24, 1884 Receivership
Source
historical_nic
4. January 24, 1884 Receivership
Newspaper Excerpt
Col. L. C. Ellsworth was on the 24th appointed Receiver of the First National Bank, Leadville.
Source
newspapers
5. January 24, 1884 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed following the heavy run and sought a receiver to prevent attachments; large deficiencies alleged in officers' accounts.
Newspaper Excerpt
At midnight tonight it was made public that the bank would not open in the morning. To prevent an attachment the bank has asked for the appointment of a receiver.
Source
newspapers

Newspaper Articles (14)
1. August 1, 1883 Delta Chief Delta, CO
Article from Delta Chief, August 1, 1883

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Article Text

BANK FAILURE. The Bank of Leadville Placed In the Hands of 18 Receiver. The bank of Leadville closed its doors on the 26th, and petitioned for a receiver. George W. Trimble was appointed recelver, and gave bonds in the sum of $50,000. An approximate statement of the condition of the bank shows $228, 450 assets, and $410,129 liabilities. There was R heavy run on the other Leadville banks, more particulary the First National bank, but they Imported large amounts of coin and currency from Denver, and wjil doubtless pull through.

2. January 23, 1884 Daily Globe Saint Paul, MN
Article from Daily Globe, January 23, 1884

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Article Text

A Big Bank Failure. LEADVILLE, Jan. 27.-The First National bank of this city closed its doors, after a heavy run this afternoon. Preparations were made for a disastrous run in the morning. At midnight, to-night, it was made public that the bank would not open in the morning. To prevent an attachme. t the bank has aske for the appointment of a receiver. It is thought that the deposits will reach over $300 000. At this hour the streets are lined with excited people.

3. January 23, 1884 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 23, 1884

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Article Text

TO-DAY'S TELEGRAPHIC NEWS. James Nutt was released from custody at Pittsburg, Pa., to-day. Perkins' stove foundry, at Port Jackson, N. Y., was destroyed by fire last night. Six cardinals will be created at the consistory to be held in Rome on the 21st of February. The Portland, Oregon, iron manufacturers have cut down their employees' wages 121 per cent. Charles Plynn died last night in Portland, Me., from injuries supposed to have been inflicted by bis brother during a row. B. W. Mason, a broker of Cairo, III., was knocked down and robbed in that city last night. He died soon after from the injuries received. The First National Bank of Leadville Col., closed its doors yesterday after a heavy run upon it. The bank officers have asked that a receiver be appointed. Great excitement prevails. A Hong Kong dispatch points out that the French occupation of Chusan, Formosa, or Hai-Nan, would amount to a casus belli with England, as according to the treaty of 1846, it was stipulated that upon the evacuatian of Chusan by the British, that Island should never be ceded to any other foreign power.

4. January 23, 1884 Daily Los Angeles Herald Los Angeles, CA
Article from Daily Los Angeles Herald, January 23, 1884

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Article Text

Bank Suspension at Leadyille, DENVER, Col., Jan. 22 The Republican's Leadville special says: The First National Bank of this city closed its doors after a heavy run this afternoon. Preparations were made for a disastrous run in the morning. At midnight to. night it was made public that the bank would not open in the morning. To prevent attachment the bank has asked for the appointment of a Receiver. It is thought the deposits will reach over $300,000. At this hour the streets are lined with excited people.

5. January 24, 1884 The Portland Daily Press Portland, ME
Article from The Portland Daily Press, January 24, 1884

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Article Text

FINANCIAL. Run Upon a Leadville Bank. LEADVILLE, Col., Jan. 23.-The First National Bank of Leadville closed its doors after a heavy run yesterday afternoon. Preparations were being made for a disastrous run in the morning, but a midnight item made public that the bank would not open this morning. To prevent attachments the bank has asked for the appointment of a receiver. It is thought that the deposits aggregate over $300,000. The people are very much excited. It is rumored that President DeWatt's account is $50,000 overdrawn. Other Colorado banks are not affected. The bank is guarded by the sheriff. President De Watt and Vice President Finn of the bank left the city in a carriage at daybreak this morning. Their destination is unknown.

6. January 24, 1884 Daily Kennebec Journal Augusta, ME
Article from Daily Kennebec Journal, January 24, 1884

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Article Text

LEADVILLE BANK Run to the Earth, Leaving Depositors Starving at the Hole. DENVER, Col., Jan. 23. The First National Bank of Leadville closed it doors after a heavy run yesterday afternoon. Preparation were being made for a disastrons run in the morning, but at midnight it was made public, the bank would not open this morning, To prevent attachments the bank has asked for the appointment of a receiver. It is thought the deposits aggregate over $300.000. The people are very much excited. The bank is guarded by the sheriff. The president and vice president of the bank left the city at daybreak this morning; destination unknown.

7. January 24, 1884 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, January 24, 1884

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Article Text

Collapse of a Leadville Bank. Leadville, Col., January 23.-The First National bank of this city closed its doors. There was a disastious run yesterday afternoon. To prevent attachment the bank has asked for the appointment of a receiver. It is thought the deposits will reach $300,000.

8. January 30, 1884 Watertown Republican Watertown, WI
Article from Watertown Republican, January 30, 1884

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Article Text

Financial Embarrassment. Failures for the week ending on the 25th in the United States and Canada number 317. Vansickler's cotton mill at Pittsfield, Mass.. stopped work on the 25th, being financially embarrassed. Its indebtedness is $70,000, The assets of the mill property are $80,000. The First National Bank of Leadville closed its doors on the 22d, and asked that a receiver be appointed. The liabilities of the institution are estimated at in the neighborhood of $300,000. Great excitement is caused by the suspension.

9. January 30, 1884 Delta Chief Delta, CO
Article from Delta Chief, January 30, 1884

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Article Text

Delta. Colorado. WEDNESDAY, JANUARY 30, 1884. STATE NEWS. The ice crop to be put up in Denver this winter is estimated at 200,000 tons. Silverton paid over $70,000 last year in freights to and from Red Mountain. Nellie Dean. a Leadville cyprian, micided by taking morphine on the 19th. Addison Baker, a Colorado pioneer, died on the 20th, at his residence, on Grand avenue. Col. L. C. Ellsworth was on the 24th appointed Receiver of the First National Bank, Leadville. Chapman's flouring mill at Canon City burned on the 21st. Loss between $15,000 and $16,000. Insurance $11,000. The Catholics at Gunnison are buildmg a neat addition to the church, which will be used as a residence by Rev. Father Quinn. While the millers report a surplus of 100,000 bushels of wheat in Colorado, the Farmers' Alliance finds a shortage of some 50,000. Cyrus King, colored. was instantly killed at Denver on the 25th, by being thrown from a wagon, the wheels passing over his head. On the 22d, the failure of the First National Bank of Leadville was announced. Its liabilities to depositors were stated at $325. 000. Governor Grant has appointed John M. Freeman, of Weld county, a delegate to the Western Water Way convention at Washington. The Pryor brothers pay 8877.84 taxes in Huerfano county. The Denver & Rio Grande Railroad pays $11,069.11 in the same county. The Arapahoe county commissioners contemplate the purchase of an eighty-acre tract of land down the Platte on which to build a poor house. On the 21st a quarrel at Gunnison over a game of cards ended when old man Kissee was killed and Jack Kellogg war shot in the abdomen. On the 23d Jesse B. Tate. a brakeman slipped and fell under a freight car at Windsor'Station, and his left arm and left leg were terribly crushed. The City bank of Leadville has been summoned to appear in the Supreme court Ton February 11, to show cause why its charter should not be forfeited. P. M. Hinman, of Longmont, died from an over dose of morphine at the St. James hotel, Denver, on the 21st. The deceased had lived in Colorado since the war. Allen L. Johnson,a miner at Alcante, was killed on the 25th, by the explosion of a stick of Hercules powder. which he held in his hand near a fire in order to thaw it. The question of water works is agitating the minds of the people of Telluride, and there is a popular move on foot for establishing such works in the near future. A committee from the Wyoming Territorial Council and House was in Denver on the 19th, for the purpose of buying a portion of the Exposition for Wyoming exhibits. Colonel S. H. Baker, of Montrose, has a party of men at work prospecting the placers on Cutler Creek, near Portland. The result so far has been"very satisfactory. The "conservative" element in the Geeeley Alliance has been overcome, the offers of wheat at $1.25 have been withdrawn, and the asking price has been advanced to $1.50. It was recently discovered that exCounty Treasurer Blair was short in his accounts to the amount of several thousand dollars. His bondsmen will probably adjust the matter. A boulder rolling on the track wrecked Engine No. 49 near Curicanti on the Denver & Rio Grande, killing George Hutchinson, the engineer, and slightly injuring the Areman. Ex-Senator Dorsey filed his answer in the United States courts to the claims of the London creditors. He denies his responsibility for the indebtedness and sets up the plea of bankruptcy. On the evening of the 25th a meeting of bank, was were Leadville, the depositors held in and the funds First National subscribed for pursuing and capturing De Walt, the fleeing president. The residence of Samuel Jacks, at Gardner. was destroyed by fire on the 8th instant. It was said to be the largest adobe building in Huerfano county. The loss is estimated at about $1,500. A Durango hotel clerk endeavored to start a fire in the office with a pint of coal oil, and the consequences were that he caused a fire alarm, fooled five hundred people and burned his face quite badly. A terrible explosion of fire damp occurred at a mine belonging to the Colorrdo Coal and Iron Company at Crested Butte on the 24th, by which fifty-seven men were killed and many more terribly injured. Mrs. Caroline Wharton, an aged

10. January 31, 1884 Turner County Herald Hurley, SD
Article from Turner County Herald, January 31, 1884

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willing to fight. A large body of Arabs from the tribes actually with the rebels have entered the eamp. Financial Embarrassment. Failures for the week ending on the 25th in the United States and Canada number 317. Vansickler's cotton mill at Pittsfield, Mass., stopped work on the 25th, being financially embarrassed. Its indebtednoss is $70,000, The assets of the mill property are $80,000. The First National Bank of Leadville closed its doors on the 22d, and asked that a receiver be appointed. The liabilities of the institution are estimated at in the neighborhood of $300,000. Great excitement is caused by the suspension.

11. January 31, 1884 McCook Weekly Tribune McCook, NE
Article from McCook Weekly Tribune, January 31, 1884

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old, deserted h's sick wife and three children, and eloped with Varina Pearson. aged 13. Jenks is a merchant at Apex, N. C. The girl is a daughter of his clerk, and very small for her age. The secretary of the navy has recelved a cable message from Minister Hunt, St. Petersburg, announcing the departure of Lieut. Harber, from Moscow, with the remains of DeLong and party. Senator Ingalls says he is not a candidate for the position on the bench made vacant by the resignation of Judge McCrary Minnie Cummings, of Marshalltown, Iowa, pleaded guilty to keeping a house of prostitution. As she has before been convicted, she will have to go to the penitentiary this time. At Wyandotte, Kansas, Mrs. Jacob Hartmann, aged 67, while alone, was assaulted by an unknown person, beaten and robbed. Her son, returning at 6 o'clock, found her unconscious upon the floor, and she died soon after. One hundred and four Italian immigrants arrived at New Orleans on thesteamship Prince George, whose tale of starvation at sea and indifferent treatment caused the captain to be held for trial. A. S. Crocker, a prominent citizen of Ripon, Wis., was caught in the belt of the Ripon flouring mill and carried into the machinery and whirled around a pulley fully fifty times, breaking both arms and legs in several places. He will die. The state prison at Stillwater, Minn., was entirely destroyed by fire on the 26th. All convicts were rescued except one, who was burned to death within the walls. The defaulting president of the First National bank of Leadville has been arrested. Backwoods settlers in Ontario are threatened with starvation owing to the snow blockade and suspension of traffic. The committee on pensions will recommend a bill to relieve claimants of the burden of evidence regarding their condition when entering the service. The committee on claims has recommended a bill to prevent the duplication of army pay accounts. Hoffman, to have been executed at Port Chester, N. Y., has obtained a stay of execution.

12. February 7, 1884 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, February 7, 1884

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and 189,000 foreign voters in this State, leaving a clear majority of 40,000, foreign votes. The county clerk of New York city has confessed that he is not only ignorant of law generally, but of the duties of his office and the clerks under him. Messrs. B. F. Runyan and John T. Miller received the job of laying the new floor at the Roller Skating Rink. They have done an excellent job. The hardwood was furnished by Messrs. N. Gerard & Son, of Centralia and prepared at Tibbit's planing mill. County Tresurer Kuntz remitted $17,838,86 to State Treasurer McFetridge on the fourth instant being in part payment of our county tax due the state. This speaks well for Wood County tax-payers. Leadville, Colo., was in a hubbub the other day. The First National Bank failed with about $850,000 in deposits. The president did not wait for the miners to pass a vote of confidence in him but fled down the mountain side. Martin Benson who was injured by a falling tree a few days since at Buttons camp and brought to this city for treatment by Dr. Witter, died from his injuries Wednesday morning last and was interred Thursday. The funeral services were held at the Cong. Church, Rev. Rowland officiating. William H. Brown is at work with a crew of six men and one team putting up ice for the season of 1884. The ice is first class measuring full fifteen inches in thickness. Mr. Brown informs us that he puts up about 1000 tons each year for home consumption. Our people use a heap of ice. Any newspaper that attempts to get subscribers through a lottery scheme is a fraud, without one single exception. It has become the way of publishers of snide, good-for-nothing journals, to offer a chance in a big lottery for subscribers. All the money goes into their pockets. There is not one chance in a million for anybody to get anything in such schemes. It is thoroughly dishonest. Fine and fashionable masquerade costumes can be secured at B. Silber's store from the 7th untill the 22nd instant inclusive. Young folks wishing to enjoy the pleasures of the mask ball are invited to call early and make their selection. Charges reasonable. Parties will please call at Mr. Silber's store where Mr. H. H. Strasser, who is acting as agent, will wait upon you. Among the callers at the REPORTER office this week was Dr. J. P. Salter a Homeopathic Physician from Storm Lake, Iowa. He has come to this place with a view of locating and for the present has his office with Dr. Peeso in Centralia. Dr. Salter is a young, energetic physician of three years successful practice and brings excellent credentials. Frank Williams and John Gray, who murdered Orian Kurtz on Sunday morning at Rosita, Colorado, were taken from jail and hung, by vigilantes. Masked men took them from jail and hung them to a log cabin. A supposed accessory to the murder made his escape from the lynchers and the other one was turned over to the officials for trial. The vigilantes numbered one hundred men. A generous citizen of Milwaukee who refuses to make himself known has ordered from Italy a $12,000 bronze statue of Washington to be presented to that city. It is to be eleven feet high, and will be placed upon a granite pedestal of the same height at the east end of Grand Avenue Park. It is designed to have

13. April 22, 1884 The Democratic Leader Cheyenne, WY
Article from The Democratic Leader, April 22, 1884

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Dewalt Arrested. CANTON, O., April 21.-Frank W. Dewalt, a former Canton young man but for two years past President of the First National bank. of Leadville, Colo., was arrested yesterday on the charge of being a fugitive from justice. The bank failed for $250,000 and President Dewalt was deficient in his accounts $50,000. He left the city the night before the suspension of the bank and was arrested at El Paso two weeks later, but obtained a release on account of the imperfection of the warrant. A reward of $5,000 was offered for his arrest.

14. April 22, 1884 Seattle Daily Post-Intelligencer Seattle, WA
Article from Seattle Daily Post-Intelligencer, April 22, 1884

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EASTERN NEWS. ASSOCIATED PRESS DISPATCHES. Arrest of a Fugitive. CANTON (O.), April 21.-Frank W. Dewalt, a former Canton young man, for two years President of the First National Bank of Leadville, Col., was arrested yesterday, charged with being a fugitive from justice. The bank failed for $250,000, and ex-President Dewalt was deficient in his accounts $50,000. He left the city the night before the suspension of the bank, and was arrested at El Paso two weeks later, but obtained a release on account of an imperfection in the warrant. A reward of $5000 was offered for his arrest.