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Bank of Victor Records

 Collection
Identifier: COU:81

Scope and Contents

The Bank of Victor collection contains the records of the bank during a period in which the mining city of Victor was going into a decline. Much of the correspondence reflects this deteriorating condition of the economy of the city during this period (roughly 1900-1925).

The correspondence was generated by the three banks: The City Bank in Victor, The First National Bank of Cripple Creek and the Bank of Victor. These three banks were of financial interest to Albert E. Carlton, a Colorado Springs mining investor-promoter. Principal correspondents were C.D. Hall, real estate man and cashier at the City Bank, c. 1907-1928; J.N. Simmons, cashier at City Bank 1905-1914 and vice president of Bank of Victor; Gretchen Delahoyde Jones, cashier at the Bank of Victor 1918-1926; and A.E. Carlton and his brother Leslie G. Carlton. Most of this correspondence deals with the day-today operations of the bank in handling collections, arranging payments of out-of-town companies, etc. However, a significant portion deals with matters of more general interest, such as answers to inquiries on the value of Victor real estate, inquiries about the financial reliability of individuals and corporations, and a few personal letters.

There are six boxes of cancelled checks and drafts from banks in New York, Chicago and Denver, reflecting the Bank of Victor’s widespread operations. There are also several boxes of credit/debit slips, remittance forms and other material detailing the day-to-day business of the bank from around 1905 to 1925. This latter material has not been sorted except by material type.

There is one box of material from the Vindicator Gold Mining Company, the Copeland Ore Sampling Company and other mining endeavors in which Carlton had an interest.

There are also roughly 125 ledgers and account books of the City Bank, the First National Bank, the Bank of Victor and several mining companies, covering the period from the 1890’s to the 1920’s.

The material located in the BANK FORMS section shows the individual transactions between the bank of Victor and the other banks, companies and individuals. Each deposit, withdrawal, or transfer of funds is itemized on an individual slip of paper. The material is only partially organized.

Explanatory Note: BDL refers to bundle CD BX refers to card box VL refers to volume

Dates

  • 1890 - 1920

Historical Note

The Bank of Victor was founded in 1896 by David H. Moffat, a prominent Denver banker and railroad builder. Moffat became involved in Cripple Creek through his promotion of the Florence and Cripple Creek Narrow Gauge Railroad. In 1893, he founded the Bi-Metallic Bank in Cripple Creek. Around 1901, Moffat sold out the Bi-Metallic Bank to J.F. Hadley and established the Cripple Creek State Bank. He chose A.A. Rollestone, his head cashier at the Bank of Victor, to be the head cashier of the Cripple Creek State Bank. Moffat owned, but rarely visited, these two leading banks of the Cripple Creek District until his death in 1911. At that time, they were briefly acquired by J.T. Milliken, prominent St. Louis-based owner of Cripple Creek mining properties.

At the same time, Albert E. Carlton, owner of the Colorado Trading and Transfer Company, was building his own banking empire, in competition with Moffat’s. This banking business would be the base for Carlton’s great fortune in a later period as head of the Golden Cycle Corporation, owner of the United Gold Mining Company, the Portland Mining Company and the Golden Cycle Mill. In 1898, Carlton bought out pioneer Cripple Creek banker J.M. Parker’s First National Bank in Cripple Creek. He decided lumber merchant, Larry Maroney, would be the vice president. In 1904, Carlton founded the City Bank in Victor as a competitor to Moffat’s Bank of Victor. Real estate man C.D. Hall was brought in as vice president and J.N. Simmons was hired as cashier.

After the death of David H. Moffat, A.E. Carlton bought out Bank of Victor from its new owner, Milliken, and consolidated it with his own City Bank under the name of the Bank of Victor. He brought City Bank cashier Simmons into this bank as vice president. By 1914, Carlton controlled the most important bank in each of the two gold mining towns. In Cripple Creek, the only other bank was the Cripple Creek State Bank, now owned by A.W. Morrell. In Victor, the only competitor was the short-lived Citizens Bank, owned by J.R. Gardner.

By 1924, both of these banks had folded and A.E. Carlton was left as the sole banking interest in the two declining gold mining towns. Increasingly, their business was related to the liquidation of property holdings in the two towns. In 1916, Carlton brought his brother Leslie G. Carlton into his banking business as one of the directors. In 1922, L.G. Carlton became president of First National Bank of Cripple Creek. In 1926, the Bank of Victor closed, having been consolidated with the First national Bank of Cripple Creek. The First National Bank continued operations until 1971 when it lost its national charter and closed. It reopened after a two year cessation of business, as the Bank of Cripple Creek under a state charter.

CHRONOLOGY

1892 (?) Founding of First Bank in Cripple Creek by J.M. Parker 1893 Bi-Metallic Bank founded at Cripple Creek by david H. Moffat. 1896 Bank of Victor founded by David H. Moffat 1898 Albert E. Carlton bought J.M. Parker’s First National Bank of Cripple Creek 1901 Bi-Metallic Bank sold by Moffat to J.F. Hadley 1904 Moffat founded Cripple Creek State Bank 1911 Death of David H. Moffat 1913 (?) A.E. Carlton bought Moffat’s Bank of Victor from J.T. Milliken 1913 City Bank in Victor closed 1916 Leslie G. Carlton brought into banking business as a Director 1920 Citizens Bank in Victor closed 1922 Cripple Creek State Bank Closed 1922 L.G. Carlton became president of First National Bank, Cripple Creek 1926 Bank of Victor closed by consolidation with First National Bank of Cripple Creek 1932 Death of Albert E. Carlton

Extent

54 linear feet (177 boxes)

Language of Materials

English

Abstract

The Bank of Victor was founded in 1896 by David H. Moffat. After Moffat's death in 1911, the Bank was consolidated with Albert E. Carlton's banking interests. During the 1920s the Cripple Creek District went in decline and the banking business reflected this decline. The Bank of Victor was absorbed by the First National Bank of Cripple Creek in 1926. The collection consists of ledgers, financial papers and correspondence of the Bank of Victor, and the First National Bank of Cripple Creek.

Arrangement

This collection is arranged into the following series: I. CORRESPONDENCE Bank Of Victor Correspondence Mining And Railway Company Correspondence 2. REMITTANCES Bank Remittances Company Remittances III. LIBERTY BONDS IV. GENERAL FINANCIAL RECORDS V. BANK BOOKS VI. CHECKS AND DRAFTS VII. BANK FORMS Bank Forms and Books VIII. MINING COMPANY MATERIAL Copeland Ore Sampling Company Golden Cycle Mining Company Elkton Consolidated Mining and Milling Company Colburn – Ajax Gold Mining Company Cripple Creek and Colorado Springs Railway IX. BOUND BANK LEDGERS X. MINING AND RAILWAY COMPANY LEDGERS XI. OVERSIZE
Status
Completed
Author
Processed by Ellen Arguimbau, 1975 Reformatted by: Sarah Fallik
Date
July, 1975
Description rules
Describing Archives: A Content Standard
Language of description
English
Script of description
Latin

Repository Details

Part of the University of Colorado Boulder Libraries, Special Collections & Archives Repository

Contact:
1720 Pleasant Street
184 UCB
Boulder Colorado 80503 United States