Jefferson County Bank (Golden, CO)

Episode Information

Episode UID
5628644791123
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
562864479 hash
Start Date
July 3, 1893
Location
Golden, Colorado (39.756, -105.221)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ccc8d0418acff6e8

Response Measures

None

Description

The bank made an assignment (suspended) on July 3, 1893, and reopened on July 10, 1893.

Events (2)
1. July 3, 1893 Suspension
Cause
Macro News
Cause Details
General financial crisis and stringency of the money market during the Panic of 1893.
Newspaper Excerpt
The Jefferson County Bank, in this city, made an assignment this morning.
Source
newspapers
2. July 10, 1893 Reopening
Newspaper Excerpt
The Jefferson County Bank, at Golden, will reopen on next Monday, and the business will be conducted by C. J. Schell
Source
newspapers

Newspaper Articles (9)
1. July 4, 1893 The Times Richmond, VA
Article from The Times, July 4, 1893

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THE SOUTH'S GOOD RECORD. She Withstands the Financial Crisis Better Than Any Other Section. CHATTANOOGA July 3.-An analysis of the statistics of business failures in the United States for the first six months of this year by the Tradesman discloses the fact that the Southern States have withstood the financial crisis better than any other section of the country. The Tradesman's figures show that while the total number of failures in the United States were 16 2-5 per cent. greater for the first half of 1893 than for the corresponding period of 1892, in the Southern States the increase was only 1 3-4 per cent. The assets of embarrassed firms in the same period for the whole of the United States increased 260 per cent, whereas in the South the increase was only 100. Liabilities for the whole country Increased 200 per cent. over the same period of last year, and for the South the increase was 100 per cent. More Bank Failures. ALBUQUERQUE, N. M., July 3.-The Albuquerque National Bank suspended this morning GOLDEN, COL., July 3.-The McPherson County Bank this morning made an assignement for the benefit of its creditors. No statement as to assets and liabilities has so far been made public. GOLDEN, COL., July -The Jefferson County Bank, in this city, made an assignment this morning. The total liabilities of the bank are placed at $76,538, while the assets are $111,380. Run on a Savings Bank. BROOKLYN, N. Y., July 3.-There was a slight run on the Williamsburg Savings Bank at 10 o'clock this morning. Nearly 1,000 persons crowded to get into the bank as it opened, and until noon hundreds of anxious inquiries were made. In most cases the inquirers went away satisfied. The proportion of those withdrawing their deposits was five to one of those depositing.

2. July 4, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 4, 1893

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BUSINESS REVERSES. Many Banks Unable to Withstand the Pressure. ALBUQUERQUE, N. M., July 3.-The following notice was posted on the door of the Albuquerque National Bank this morning: "The Albuquerque National Bank is compelled temporarily to suspend business. This is brought about by the unusual demands of depositors since the suspension of California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can soon resume business and that every creditor will be paid in full, as the assets greatly exceed the liabilities. "JOHN A. LEE, Vice-President." The suspension will cause no loss to depositors, as the bank has a surplus of $40,000. The other local banks are exceptionally strong and have a large cash reserve. Full confidence is expressed by citizens in their soundness and no runs whatever are being made. The liabilities of the Albuquerque National are $275,000 and the assets $420,000. The New Mexico Savings Bank and Trust Company also closed to-day. Its officers say the depositors will be paid in full. LEADVILLE, Colo., July 3.-A run was made on the California, Carbondale and American banks to-day, but all the demands of depositors were promptly met, and at the closing hour the run had ceased. The American National Bank closed its doors this morning, but the directors say the depositors will be paid in full. The bank's statement shows resources amounting to $3,536,134 and liabilities of $342,625. GOLDEN, Colo., July 3.-The Jefferson County Bank failed this morning. There is DO statement of assets or liabilities. The total liabilities are $76,538 and the assets $111,380. The officers are confident that every cent will be paid. CINCINNATI, Ohio, July 3.-Freiberg Bros.. liquor-dealers, have failed; liabilities, $200,000; assets, same. BROOKLYN, July 3.-There was a run on the Williamsburg Savings Bank this morning. Nearly 1000 persons crowded into the bank as it opened, and until noon anxious inquiries were made. The proportion. of those with drawing deposits was as five to one of those depositing. General A. V. Meserole, president of the bank. said: "We paid out $230,000 on Saturday and took in $140,000. mostly from the depositors. We are doing business fast, and are prepared for a run, should it come." CHICAGO, July 3.-A. G. Postlethwalte filed a bill to-day for a receiver for the Illinois Fuel Company of Sangamon County, which confessed judgment some days ago for $70,000. The complainant is holder of the company's stock. He claims that the officers put all his investment in the company and have mismanaged its affairs. He claims the company owes him $42,000 money loaned. WINNIPEG, July 3.-The Commercial

3. July 4, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, July 4, 1893

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Telegraphic Small Talk. The Albuqueruque (N. M.) National Bank sus. pended yesterday. The Bullionville Reduction-Works. Pioche, Nev., were burned Sunday. Loss, over $100,000: insurance. $50,000. The Jefferson county bank, Golden, Col. made an assignment vesterday. Total liabilities, $76,538; assets. $111,380. Freiburg Brothers. one of the largest wholesale liquor firms in Cincinnati. failed at noon yesterday for $200,000. Cause, stringency of the money market. The American National Bank. Leadville, Col., failed to open its doors yesterday morning. No statement of assets and liabilities yet. The probabilities are that the bank will re. sume. Secretary Herbert yesterday appointed Lieutenant Singer Chief of the Bureau of Naval In. telligence in the place of Commander Chad wick. who was detached and ordered as Chief of the Bureau of Equipment. III is reported that a futile attempt was made to wreck the train of the Czarewitch near Dunaburg. Government of Vitebak, Russia, while be was on his way to London to attend the royal wedding. No particulars. Admiral Erben, who is now at Queenstown, Ireland, in command of the American warship Chicago, has accepted an invitation from the Mayor of Cork to visit the agricultural show in that city and to meet Lord Houghton, the Irish Viceroy. Secretary Carlisle and Mrs. Carlisle and their SOD. Logan Carlisle, were to leave Washington this morning for Chicago, Secretary Carlisle to be absent two weeks, during which time Assistant-Secretary Hamlin will act as Secretary of the Treasury. There was a slight run on the Williamsburg (Brooklyn, N. Y.) Savings Bank at 10 o'clock yesterday morning. Nearly 1,000 persons crowded to get into the bank as it opened. and until noon hundreds of anxious inquiries were made, but in most cases the inquirers went away satisfied. Mr. McAdoo, Assistant Secretary of the Navy. left Washington yesterday for a month's leave of absence. He stopped in Philadelphia, where he delivered an address at the pic-nic and annual games of the Ancient Order of Hibernians and will go to Newark, N. J., to-day and deliver an oration there. Robert Breckinridge, son of Congressmen W. P. Breckinridge, and Edward Simms, of Paris, Ky., whose father is the wealthiest man in Bourbon county. Ky., met in a personal encounter Saturday ou Broadway. Lexington, Kv., the result of which was the severe wounding of young Breckinridge and & visit to the stationhouse by the young men. The fighters made up at the station and were release on ball. Replying to a question asked in the British House of Commons yesterday by Mr. John Redmond. Mr. Gladstone intimated that It was the intention of the government to appoint a joint commission to inquire into the financial relations between Great Britain and Ireland. Mr. Gladstone added that the sittings of the commission would not begin until the excitement in connection with the passage of the home-rule bill had subsided.

4. July 4, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, July 4, 1893

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BANKS CLOSE UP. New Mexico and Colorado Institutions Suspend. ALBUQUERQUE, N. M., July 3.-The Albuquerque National bank, which always has been recognized as next to the largest institution of the kind in the city, failed to open its doors th : S inorning, posting un a notice to the effect that the suspension is only temporarydepositors need have no tear of not being paid in full. The New Mexico Savings Bank and Trust company. an adjunct of the Albuquerque, is also closed, with the same kind of a notice posted up. John A. Lee, vice president of the national bank, states that all depositors will be paid in full by both banks. Territorial funds to the amount of $30,000, and county funds to $30,000 had only recently been deposited in the Albuquerque National bank. No run has been made on the other banks. GOLDEN, Col., July 3.-The Jefferson County bank in this city made au assignment this afternoon. The total liab. lities of the bank are placed at $76,538.79, while the assets are $111,350.35. LEADVILLE, Col., July3.-The American National bank did not open its doors this morning, owing to the impossibility of realizing upon securities. No statement of assets and liabilities is made, A number of depositors had withdrawn their money, but a great deal more money had been deposited than taken out. The probabilities are that the bank will resume. ASPEN, Col., July 3.-The McPherson County bank did not open its doors this morning, but instead made an assignment for the benefit of its creditors. Impossibility to collect on notes outstanding is given as the cause of the failure. No statement as to assets and liabilities has so far been made public. CINCINNATI, July 3.-Freidberg Bros., one of the largest wholesale liquor firms in this city, failed at noon today for $200,000, caused by stringency of the money market.

5. 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.

6. 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.

7. July 12, 1893 The Star Reynoldsville, PA
Article from The Star, July 12, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them until after collection has been made by them. The First National Bank of San Diego, Cal.. which suspended a month ago, has re. sumed. ALBEQUERQUE, N. M.-The albequerque National Ban't suspended and the New Mexico Savings Bank and Trust Company, an adjunet, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSBURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.--The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap; ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaha and Houston Improvement Company. The Finley county bank of Garden City, Kas., has failed. The American National bank. of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National bank became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000, OMAHA. NEB.--The National bank of Ashland clo ed its doors. The closing of the American Saving Bank of this city are sup. posed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $159,000 and assets of $259,000.

8. July 13, 1893 The Middleburgh Post Middleburg, PA
Article from The Middleburgh Post, July 13, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them antil after collection has been made by them. The First National Bank of San Diego, Cal., which suspended a month ago, has reumed. ALBEQUERQUE, N. M.-The albequerque National Ban's suspended and the New Mexico Savings Bank and Trust Company, an adjunct, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSHURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.-The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap: ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaba and Houston Improvement Company The Finley county bank of Garden City, Kas., has failed. The American National bank of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National ban't became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000. OMAHA. NEB.--The National bank of Ashand clo ed its doors. The closing of the American Saving Bank of this city are supposed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech bad an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $153,000 and assets of $259,000.

9. July 15, 1893 The Lamar Register Lamar, CO
Article from The Lamar Register, July 15, 1893

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NEWS OF THE W Colorado. Lucius P. Marsh died in Denver ago. There is a general prospect that Pueblo banks will soon reopen. Attachments exceeding $150,000 placed upon the Holden Smelter ville. Governor Waite has removed Mine Inspector McNell on the grou lect of duty. George Stockton of Denver com cide a few days since by sticking into his heart. President Sloeum of Colorado received the degree of dector of terred by Amberst. Several forest fires have done late. mu the vicialty of Ouray of caused in by careless hunters. The Chamberlin Investment Denver assigned on the 10th $1,112,118.30, assets $2,940,691.45. Tommy Brennan, a 13-year-old worked in a coal mine at Crest has was run over and killed by a coal mass meeting was held in Denve A which esolutions were adopted at the suggestion of Ex-Governor silver be coined at the ratio of 20 The firemen's tournament at 5th and 6th was a great success Sprit the Crowell Hose. of Colorado the F. record for wet test, their time seconds Owing to the refusal of the Uni to give a round trip rate road from Georgetown to Denver of $2.75 the Georgetown people attended convention. The newly Incorporated Denver, Cor San Francisco Railroad elected & the following officers Pre Governor John Evans: vice-prest N. Byers: secretary. W. G. Evans John J. Riethman. Sr. The case of T. S. Lynch. the whose case has attracted teacher, account of the board of dering tion on him barred out. and which quently brought into the courts, cided against the teacher. Deaver Markets-Eggs ranch butter. best creamery see hay. 15c; upland baled 19:10: alfalfs $6.00: wheat 85c: sacked 87c: oats, $1.18. saci 75c: potatoes $2.75: cattle. choice $3.50. COWS bogs, choice $5.00: spring KL50@$5.00per doz: bens. 12c The new game law went into The law differs from the old 7th. Ing more stringent provisions season for killing deer. antelope gins August 1 and ends November the old law the season extended tember 1 to December 1. It bailler kill more than one antelope Under to the old law the limit was lope. The southern suburba of Deaver oughly abaken up on the morning by the explosion of a powder Manchester. No serious damage winds the neighborhood except to It were broken in all directions. that the explosion was caused by bad made the place their headq cently. So far as known go one building at the time William Berry, a carpenter burn at th mine, Cripple Creek. was He cist Thursday night on Bull HILL in bed by the light of a cand fire fell ing asleep. and the candle set clothing. He ran out with bis und be flames, and after the fire had be in seemed crazed and ran back H focated by the fire and smoke. eral hours in great distress The American, Western and the tional banks of Pueblo closed the 5th They state that they have a sources, but that there has been depositors for some time. and cannot of realize on their securities enough to pay all ct cace. They resume abortly The State American treasure In the Western and the are well secured by heavy bonds The Jefferson county bank at of Go the 3rd. In the articles on filed in the office of the county sets of the bank are placed at $111. Am the liabilities at $76,348.19 sets are State, county and city the amount of $26,698.07 The chie ca amounted to only $3,800. The is the county of Jefferson, which Is posit the sum of $20,428.87 that all claims will ultimately be The directors of the Deaver Railroad Company. at a recent New York, decided to pass the qua dend of 1 per cent. upon the prefe of This action was taken because tainty regarding the company's in view of the unsettled condi mining nues industry in Colorado. The for makes the following statement ending June 30. the last md estimated: year Gross earnings $9,314 net rating expenses. $5,282,903; $4,032,554. Utah Grambonner for STATE number