gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
7a8b1682af304bbe
Response Measures
Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Public signal of financial health, Capital injected, Partial suspension, Full suspension, Books examined
Description
Contemporaneous reports give July 5 as the suspension date but some later notices cite July 15; reopening permissions appear in Aug and reopenings reported in Sept.
Events (5)
1.August 2, 1881Chartered
Source
historical_nic
2.July 5, 1893Run
Cause
Macro News
Cause Details
Runs were part of the wider July 1893 bank panic precipitated by failures and suspensions elsewhere (American National's suspension triggered local withdrawals).
Measures
Closed doors before noon; paid out available cash and special arrangements to pay payroll checks
Newspaper Excerpt
Runs commenced on both the Western National and the First National.
Source
newspapers
3.July 5, 1893Suspension
Cause
Macro News
Cause Details
Unable to secure currency amid the regional banking panic and heavy withdrawals following the American National suspension; banks closed to stem runs.
Newspaper Excerpt
The Western National closed its doors before noon.
Source
newspapers
4.September 12, 1893Reopening
Newspaper Excerpt
Two more Colorado banks opened for business after several weeks' suspension. They are the Western national at Pueblo ... opened their doors for business yesterday after several weeks' suspension.
Source
newspapers
5.September 30, 1936Voluntary Liquidation
Source
historical_nic
Newspaper Articles (23)
1.July 6, 1893The Record-UnionSacramento, CA
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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, 1893Richmond DispatchRichmond, VA
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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.
3.July 6, 1893The Morning CallSan Francisco, CA
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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.
4.July 6, 1893The Daily Morning AstorianAstoria, OR
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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.
5.July 6, 1893Pawtucket TribunePawtucket, RI
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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.
6.July 6, 1893The Salt Lake HeraldSalt Lake City, UT
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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, 1893The SunNew York, NY
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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, 1893The Lamar RegisterLamar, CO
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On Wednesday the American National, Western National and Central National banks of Puebloclosed their doors. This was made necessary by the continued runs upon them. There is DO doubt whatever but that the depositors will receive their money in full The assets of each institutionassets that in ordinary times could at once be converted into currency, far exceed their liabilities. But at the present time, it is simply impossible to secure currency upon any securities. As soon as the presect fright subsides the banks will without trouble cash their securities, pay their depositors in full and resame business.
9.July 11, 1893Arizona RepublicanPhoenix, AZ
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NOBLE PUEBLO. Banking in Pueblo, Colo., is carried on with less risk and more satisfaction than in the towns effervescent and villages of California. The American National bank there with a capital of more than a million dollars suspended last week followed the same day by the suspension of the Western National and Central National, both strong institutions.. This was enough to rattle the town and lead to the belief that the end of the financial world had come. The majority of the people, however, kept their heads and every available dollar was placed at the disposal of the susMerchants made pended banks. changes in their ads in the newspapers and announced to their customers that checks on those banks would be gladly received in payment for merchandise. The banks have not yet resumed, but the people are cheerful and confident. It IS a significant fact that those who were engaged in the run were foreigners and persons of means who were living upon their deposits.
10.July 13, 1893The Farmers' UnionMemphis, MO
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FINANCIAL AND INDUSTRIAL --The Omaha and South Texas Company. which built manufacturing suburb to Houston, Texas, has assigned with liabilities of $400,000. -Three of the six national banks of Pueblo, Colo., closed their doors They were the American National. Western National, and Central National. - -THE Wellston (Ohio) Furnace Company. owned principally by Forsythe, Hyde & Co., of Chicago. has been placed in the hands of a receiver. -A receiver has been appointed for the American Loan and Trust Company at Omaha. The concern was interested in the Omaha and Houston Improvement Company. which failed at Houston, Texas. The American Savings Bank, controlled by the trust company. has been placed in the hands of the State Bank Examiner.
11.July 13, 1893Barton County DemocratGreat Bend, KS
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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.
12.July 14, 1893The Iola RegisterIola, KS
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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.
13.July 15, 1893Western Kansas WorldWakeeney, KS
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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.
14.August 20, 1893The Helena IndependentHelena, MT
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Banks Resume. PUEBLO, Col., Aug. 19.-Bank Examines J. Sam. Brown to-day wave permission to the Central National bank. which suapended July 15, to resume business Monday morning. The American and Western National banks, which suapended the same day. have received permission from CounD. troller Eckels to resume and are rapidly complying with the conditions required.
15.August 20, 1893St. Paul Daily GlobeSaint Paul, MN
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Will Resume. PUEBLO, Col., Aug. 19.-Bank Examiner J. Sam B rown today gave permission to the Central National bank, which suspended July 15, to resume business Monday morning. The American and Western National banks, which suspended the same day, have received permission from Comptroller Eckels to resume, and are rapidly complying with the conditions required.
16.August 20, 1893The HeraldLos Angeles, CA
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Pueblo Banks Resuming. PUEBLO, Colo., Aug. 19.-Bank Examiner J. Sam Brown today gave permission to the Central National bank which suspended July 15th to resume business Monday morning. The American and Western National banks which suspended the same day have received permission from Comptroller Eckles to resume and are rapidly complying with the conditions required.
17.August 20, 1893The Seattle Post-IntelligencerSeattle, WA
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Pueblo Banks to Resume Soon. PUEBLO, Col., Aug. 19.-Bank Examiner J. Sam Brown today gave permission to the Central National bank, which suspended July 15, to resume business Monday morning. The American and Western National banks, which suspended the same day, have received permission from Comptroller Eckels to resume, and are rapidly complying with the conditions required.
18.August 20, 1893The Salt Lake HeraldSalt Lake City, UT
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Pueblo Banks Resume. PUEBLO, Colo., Aug. 19.-Bank Examiner J. Sam. Brown today gave permission to the Central National bank, which suspended July 15, to resume business Monday morning. The American and Western National banks, which suspended the same day, received permission from Comptroller Eckles to resume and are rapidly complying with the conditions required.
19.August 24, 1893Reporter and FarmerWebster, SD
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WILL RESUME. Pueblo, Colo., Aug. 21.-Bank Examiner J. Sam Brown gave permission to the Central National bank, which suspended July 15, to resume business this morning The American and Western National banks, which suspended the same day, have received permission from Controller Eckels to resume, and are rapidly complying with the conditions required.
20.September 13, 1893Rock Island Daily ArgusRock Island, IL
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Colorado Banks Besume Payment. DENVER, Sept. 13.-Two more Colorado banks have opened for business after several weeks' suspension. They are the Western national at Pueblo and the Bank of Florence at Florence. All the failed Pueblo banks are now doing business.
21.September 13, 1893The SunNew York, NY
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More Colorado Banks Resume. DENVER. Sept. 12.-Two more Colorado banks opened their doors for business yesterday after several weeks' suspension. They are the Western National at Pueblo and the Bank of Florence at Florence.
National Banks To Reopen. WASHINGTON, Sept. 12.-The following national banks which recently suspended payment have been permitted to reopen: First national bank of Provo, Utah: Western national of South Pueblo, Col: First national of Nashville, Tenn., and the First national of Lemars, Ia.
Colorado Banks Reopen. DENVER, Sept. 13.-Two - more Colorado banks opened their doors for business Monday after several weeks' suspension. They are the Western National of Pueblo, and the Bank of Florence at Florence.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
