Bank of Newcastle (Newcastle, WY)

Episode Information

Episode UID
7285611791248
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
728561179 hash
Start Date
December 5, 1903
Location
Newcastle, Wyoming (43.855, -104.205)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
88c39f4f78e5f6f0

Response Measures

None

Description

Contemporary report states the bank closed Dec 5, 1903 after a draft depleted reserves.

Events (1)
1. December 5, 1903 Suspension
Cause
Correspondent
Cause Details
A large draft depleted the bank's reserves, prompting suspension/closure.
Newspaper Excerpt
The first bank to close its doors was the Bank of Newcastle on Saturday, December 5th, 1903.
Source
newspapers

Newspaper Articles (3)
1. December 12, 1903 Custer Weekly Chronicle Custer, SD
Article from Custer Weekly Chronicle, December 12, 1903

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Article Text

SATURDAY, DECEMBER 12, 1903. Go to Heidepriem's for toys. Those new buggies and wagons are fine. The hunting season closes next Tuesday, December 15th. Miss Rilla Mae Willis has organized a music class in Hill City. If you want an overcoat or suit thats right go to Willis Dunn Co. B. R. Wood and W. S. Wood have gone to Omaha with a shipment of cattle. Services in the Congregational church Sunday, December 12th, throughout the day. Judge Feay has been confined to his home the greater part of the week with a severe cold. O. L. Metcalf has purchased Lofland's dray line and will conduct the business in the future. C. J. Sine, Supt. of the Ivanhoe left for his home in Indiana on the 7th to attend the funeral of a brother. Mrs. T. V. Garlock is able to be out again, after being confined to her home for some time with a severe cold. Headquarters for Santa Claus is again at Heidepriem's. A light snow visited Custer on Monday night last and in the morning the ground was covered to the depth of about one inch. Casper Billings and Miss Ruby F. Tubbs were married in this city Thursday, December 10th. Justice E. H. Raymour performed the ceremony. The Knights of Pythias are preparing to give a grand ball at the opera house on Christmas night. The best of music will be secured. Everybody invited. Alonzo Ayers and Theodore Rasmussen represented Buffalo Gap in town Thursday. While here Mr. Rassmussen filed on a piece of desert land near Fairburn. It is reported that the Bank of Newcastle, Wyoming, has for some days been in the hands of the examiner. We trust that does not mean the hands of a receiver. The Congregational fair and supper on Friday evening of last week was a splendid success socially, financially and otherwise. Something over $125 being netted. It is reported that Mrs. Ennie Tow. ner, who has been very ill with inflamatory rheumatism and dropsy, is no better, and no hopes are held out for her recovery. Makes assimiliation perfect, healthy blood, firm muscles, strong nerves. Quickens the brain, makes and keeps you well. Great medicine, Rocky Mountain Tea. A. J. Jones. Christmas presents at Heidepriem's.

2. December 23, 1903 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 23, 1903

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Article Text

RUN ON A BANK. That at Garland, Wyo., Affected by a Newcastle Failure. (Special to the "News.") Garland, Wyo., Dec. 22.-The Garland bank had its doors closed as a result of the failure of the Bank of New Castle last week. It was reported here that the local bank was involved with the New Castle institution and a heavy run was made. The Garland bank was connected. in no way with the New Castle bank, however. Stockholders say they will be able to meet their obligations and resume business at once.

3. February 7, 1924 News Letter Journal Newcastle, WY
Article from News Letter Journal, February 7, 1924

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Article Text

CITY TAKES NEWS CALMLY The news of the closing of the bank spread rapidly throughout the city, but occasioned no excitement nor apprehension on the part of the people. Business went on as usual at the First National, the only difference being a substantial increase in deposits. Deposits at the First National Friday were approximately $5,000.00. Saturday the deposits increased to $12,000.00. Withdrawals were normal. Thus did the people demonstrate their confidence in the stability of their financial institutions. NOBODY HARD HIT So far as can be learned, business houses and individuals who carried accounts at the Weston County Bank are merely temporarily inconvenienced by the closing of the bank. Many business men carried accounts with both banks, and were able to carry on as usual. Others found it necessary to open an account at the First National in order to handle their receipts and disbursements. A few individuals who had all their ready cash on deposit at the Weston County Bank are temporarily embarrassed. The county treasurer had approximately $8000.00 in county funds on deposit in the Weston County Bank. This deposit is protected by Liberty Bonds deposited with the county treasurer, according to a member of the County Board. The City of Newcastle and some of the school districts also had funds deposited in the bank. Although the bonding company had canceled the bond carried by the Weston County Bank, it is understood that these funds are protected. A large stockholder in the Weston County Bank informed the News-Journal that the depositors are not in danger of losing a penny. The bank was in splendid condition and the inability to realize quickly on otherwise good paper prompted its closing. The officers did not feel justified in accepting deposits with a depleted reserve. A SPLENDID RECORD Newcastle has reason to have confidence in the financial institutions in this city, by reason of the fact that in its history of forty years but two banks have suspended. The first bank to close its doors was the Bank of Newcastle on Saturday, December 5th, 1903. By a strange coincidence this bank occupied the same quarters as the Weston County Bank; both banks closed on Saturday forenoon; and both banks suspended because of a draft which depleted their reserves. It has been twenty years since the failure of the Bank of Newcastle—a splendid record for Newcastle in view of the times of stress through which the nation has passed in those twenty years. The same cool headed judgement and conservative management will enable Newcastle to duplicate that splendid record in the next twenty years. In this work every citizen should be proud to have a part.