1194. Colorado State Bank (Grand Junction, CO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 6, 1902
Location
Grand Junction, Colorado (39.064, -108.551)

Metadata

Model
gpt-5-mini
Short Digest
a320437986f120fa

Response Measures

None

Description

The Colorado State Bank (Grand Junction, CO) closed/suspended operations on Jan 6, 1902 after the Hanover National Bank of New York forced collection of a $30,000 loan made for the Colorado Sugar Company. The bank was placed in the hands of an assignee/receiver (W. T. Dowrey, later W. C. McCurdy) and never resumed operations as an ongoing bank; subsequent actions by the assignee/receiver and suits and dividends indicate permanent failure/receivership rather than a simple short suspension. No newspaper describes a depositor run; cause is creditor/correspondent action forcing collection.

Events (3)
1. January 6, 1902 Other
Newspaper Excerpt
The Colorado State bank was today placed in the hands of W. T. Dowrey, as assignee.
Source
newspapers
2. January 6, 1902 Receivership
Newspaper Excerpt
The Colorado State bank was today placed in the hands of W. T. Dowrey, as assignee. ... The assignee will be able to straighten out the tangle and the bank will be enabled to resume on a safe basis.
Source
newspapers
3. January 6, 1902 Suspension
Cause
Correspondent
Cause Details
Hanover National Bank of New York forced collection of a $30,000 loan made for the Colorado Sugar Company, compelling Colorado State Bank to close/suspend.
Newspaper Excerpt
The New-York bank recently forced the collection of the loan, thus compelling the local bank to suspend.
Source
newspapers

Newspaper Articles (18)
1. January 7, 1902 New-York Tribune New York, NY
Article from New-York Tribune, January 7, 1902

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COLORADO STATE BANK FAILS. HANOVER NATIONAL BANK, OF NEW-YORK, THE PRINCIPAL CREDITOR. Grand Junction, Col., Jan. 6.-The Colorado State Bank has closed its doors. Some time ago the bank secured a loan of $30,000 from the Hanover National Bank, of New-York, for the Colorado Sugar Company, of this city. The New-York bank recently forced the collection of the loan, thus compelling the local bank to suspend. J. F. McFarland, cashier of the bank, is manager of the Colorado Sugar Company. He was in New-York attempting to reorganize the sugar company when he was called back to Denver. It is stated that the bank has deposits of $180,000. and within three or four weeks will resume business. The bank closed its doors in 1893, but was reorganized within a short time afterward. T. M. Jones is president.

2. January 7, 1902 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, January 7, 1902

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COLORADO BANK SUSPENDS. Collection of a Loan, Forced by a New York Bank, the Cause. GRAND JUNCTION, Col., Jan. 6.-The Colorado State Bank, one of the oldest institutions in Grand Junction, has closed its doors. Some time ago the bank secured a loan of $30,000 from the Hanover National Bank, of New York, for the Colorado Sugar Company, of this city. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend. It is said the bank has deposits of $180,000, and within three or four weeks will resume business. The Colorado State Bank closed its doors in 1893, but was reorganized soon afterward. T. M. Jones is president.

3. January 7, 1902 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, January 7, 1902

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BANK CLOSES. Colorado State, of Grand Junction, Forced to the Wall. Grand Junction, Col., Jan. 7.-The Colorado State bank, one of the oldest institutions in Grand Junction, has closed its doors. Some time ago the bank secured the loan of $30,000 from the Hanover National bank of New York for the Colorado Sugar company of this city. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend. J. E. McFarland, cashier of the bank, is the manager o fthe Colorado Sugar company. He was in New York attempting to reorganize the sugar company when he was called back to Denver. where a meeting of the directors of the sugar company will be held this week. It is claimed that the bank has der posits of $180,000 and within three or four weeks will resume business. The Colorado State bank closed its doors in 1893, but was reorganized within a short time afterward. T. M. Jones is president.

4. January 7, 1902 The Billings Gazette Billings, MT
Article from The Billings Gazette, January 7, 1902

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COLORADO BANK SUSPENDS. Business Will Be Resumed In Three or Four Weeks. Grand Junction, Colo., Jan. 6.-The Colorado State bank, one of the oldest institutions in Grand Junction, has closed its doors. Some time ago the bank secured a loan of $30,000 from the Hanover National bank of New York for the Colorado Sugar company of this city. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend. J. F. McFarland, cashier of the bank, is manager of the Colorado Sugar company. He was in New York attempting to reorganize the Sugar company when he was called back to Denver, where a meeting of the directors of the Sugar company will be held this week. It is stated that the bank has deposits of $180,000 and within three or four weeks will resume business.. The Colorado State bank closed its doors in 1893 but was reorganized with a short time afterwards. T. M. Jones is president.

5. January 7, 1902 The Saint Paul Globe Saint Paul, MN
Article from The Saint Paul Globe, January 7, 1902

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COLORADO BANK CLOSES. New York Creditor Forced an OverHeavy Collection. GRAND JUNCTION, Col., Jan. 6.-The Colorado State bank, one of the oldest institutions in Grand Junction, has closed its doors. Some time ago the bank secured a loan of $30,000 from the Hanover National Bank of New York for the Colorado Sugar company, of this city. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend.

6. January 7, 1902 Arizona Republican Phoenix, AZ
Article from Arizona Republican, January 7, 1902

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COLORADO BANK Finds It Necessary to Lock Up for a While. Grand Junction. Colo., Jan. 6.-The Colorado State bank. one of the oldest institutions in Grand Junction, has closed its doors. Some time ago the bank secured a loan of $30,000 from a New York bank for the Colorado Sugar company of this city. The New York bank recently forced a collection of this loan. thus compelling the local bank to suspend. J. F. McFarland, cashier of the bank, is manager of the sugar company. It is claimed the bank has deposits to the amount of $180,000 and within a few weeks will resume. T. M. Jones is president.

7. January 7, 1902 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 7, 1902

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COLORADO BANK CLOSES. Caused by Failure of Colorado Sugar Beet Co. to Meet Its Obligations. Grand Junction, Colo., Jan. 6.-The Colorado State bank was today placed in the hands of W. T. Dowrey, as assignee. Cashier J. E. McFarland issued a statement to the effect that the closing of the bank was due to the inability of the Colorado beet sugar factory to meet certain notes due to the bank of Hanover, N. Y., and that in order to bring about the most satisfactory settlement for all concerned it was decided to close for a period of two or three weeks. McFarland is also manager of the beet sugar company. Some time ago the bank secured the loan of $30,000 from the Hanover National bank of New York for the Colorado Sugar company of this city. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend. A. meeting of the directors of the sugar company will be held this week in Denver to take steps for the protection of creditors. It is claimed the bank has deposits of $180,000, and within three or four weeks will resume business. The Colorado State bank closed its doors in 1893, but was reorganized within a short time afterward. T. M. Jones is president.

8. January 7, 1902 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 7, 1902

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BANK SHUTSITS DOORS Inability of a Sugar Concorn to Meet Liabilities the Cause. Grand Junction, Colo., Jan. 6.-The Colorado State bank was today placed in the hands of W: T. Dowrey, as assignee. Cashier J. E. McFarland issued a statement to the effect that the closing of the bank was due to the inability of the Colorado beet sugar factory to meet certain notes due to the bank of Hanover, N. Y., and that in order to bring about the most satisfactory settlement for all concerned it was decided to close for a period of two or three weeks. McFarland is also manager of the beet sugar company. Some time ago the bank secured the loan of $30,000 from the Hanover National bank of New York for the Colorado Sugar company of this city. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend. A meeting of the directors of the sugar company will be held this week in Denver to take steps for the protection of creditors. It is claimed the bank has deposits of $180,000, and within. three or four weeks will resume business, The Colorado State bank closed its doors in 1893; but was reorganized within a short time afterward. T. M. Jones is president.

9. January 7, 1902 The Wichita Daily Eagle Wichita, KS
Article from The Wichita Daily Eagle, January 7, 1902

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COLORADO BANK "BUSTED" New York Firm Forces Local Bank to Pay Loan. Grand Junction. Col., Jan. 6.-The Colorado State bank, one of the oldest institutions in Grand Junction. has closed its doors. Some time ago the bank secured the loan of $80,000 from the Hanover National bank of New York City for the Colorado Sugar company of, this city, The New York bank recently forced the collection of the loan. thus compelling the local bank to suspend. J. F. McFarland. cashier of the bank: is the manager of the Colorado Sugar company. He was in New York attempting to reorganize the sugar company, when he was called back to Denver, where a meeting of the directors of the sugar company will be held this week. It Is claimed that the bank has deposits of $180,000 and within three or four weeks will resume business The Colorado State bank closed its doors in 1833, but was reorganized within a short time afterward. T. M. Jones is president.

10. January 9, 1902 Abilene Weekly Reflector Abilene, KS
Article from Abilene Weekly Reflector, January 9, 1902

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A Colorado Mank Closes Its Doors. Grand Junction. Col.. Jan. 7.-The Colorado State bank. one of the oldest institutions in Grand Junction. has closed its doors. Some time ago the bank secured the loan of $30,000 from the Hanover national bank of New York, for the Colorado Sugar company, of this city. The New York recently forced the collection of the loan. thus compelling the local bank to suspend. J. F. McFarland, cashier of the bank. is the manager of the Colorado Sugar company. He was in New York attempting to reorganize the Sugar company when he was called back to Denver, where a meeting of the directors of the sugar company will be held this week. It is claimed that the bank has deposits of $180.000 and within three or four weeks will resume business.

11. January 9, 1902 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, January 9, 1902

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Purely Local Causes. The suspension of the Colorado State Bank at Grand Junction is purely a local affair and the result of local causes. Upon the basis of Cashier McFarland's statement, the bank closed its doors in order to protect its depositors It had become involved in the financial tangle of the sugar plant, and, if its officers are biameable for anything. it is too much local enterprise and patriotism. The assignee will be able to straighten out the tangle and the bank will be enabled to resume on a safe basis. There is no suspicion of fraud or misconduet on the part of the bank or its officers. The leason of the suspention is, however, that there is a limit to which banks can go in aveisting industrial enterprises unless its resources are ample to swing the whole afair in case of necessity. This is seldom the case with small country banks, and great conservation therefore should be the rule. There are those who believe that because a bank is a bank its resources are unlimited, and it can continue to loan money on all kinds of local securities regardless of amounts. This is not true. The first duty of a bank is to protect the interests and funds of its depositors, regardless of all other considerations The Grand Junction bank appears to have ample securities of this kind, but these must be turned into money, and the claim of the New York bank disposed of, before it will be free to resumebueiness.-RockyMountainNowe

12. January 9, 1902 Durango Semi-Weekly Herald Durango, CO
Article from Durango Semi-Weekly Herald, January 9, 1902

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r TELEGRAPH NEWS. r WASHINGTON Jan 6 The folin lowing correspondence was made is public at the White House today "Treasury Department, Washington, ie D. C., Dec. 19, 1901 k"The President.- respectfully t submit this as my resignation of the high office of secretary of the treasury, the same to take effect upon the In appointment of my successor this step toward separation from your executive staff, permit me to thank e you for the confidence bestowed upon r for the kindness and court tesy me and of which I have been the recipient at your hands. "With the most earnest desires for e the highest success of your adminis tration, I remain, e Sincerely yours, "LYMAN J. GAGE. 4. r "White House, Washington, Jan. 1902. 1 "My Dear Mr. Secretray. ac n cepting your resignation, I wish to express my regret that you feel it necessary to leave the cabinet, and h my hearty thanks for the invaluable Your services you have rendered. e service to the nation has been rendered at the cost of loss to you, heavy loss, from a material stand point, as must ever be the case with a man like yourself, who deliberately abandons the comparative ease and the high pecuniary rewards of a large private business for the exhausting work of the position you have so honorably filled during the last five years. With all good wishes, believe me Sincerely yours, "THEODORE ROOSEVELT "To Hon. Lyman Gage. "White House. Washington, Jan. 4. 1902. "My Dear Postmaster General.-It t with the most genuine regret that I is accept your resignation after having vainly tried to prevent your send it. During our four months service together I to value most not ing close only have highly grown your trained ability and unswerving rec- a titude of thought and purpose as public man, but also to prize your personal friendship I thank you for the great services you have ren redered in your office. I deeply gret we are no 'longer to to serve side side. and I earnestly wish God you well by in the future, and bid you speed in your new duties, for where ever you may be the weight of your the influence is sure to be potent govern on side of clean and honest ment. g Faithfully yours, "THEODORE ROOSEVELT. LONON, Jan. 6. News .has been recevied here that the British steam purchased at Martinique by sup- Lib posed er private parties is now the erator of Venezuela and is doing country. service off the coast of that the Many British sailors have joined gold vessel and they now wearing large lace, living high and receiving call The transaction has been pay. the attention of the admiralty like and ed to additional complications are ly to ensue. GRAND JUNCTION, Colo., Jan. this 6 Colorado State bank of receiv-The went into the hands of a of the city morning The cause embarrassment er this of the bank is sugar due the inability of the beet to to meet its obligations. of company DENVER, Jan. 6.-The chief the powas notified this morning by that authorities lice at Kearney, Neb., had arrested there this morning to be they whom they believed murdered Llewellyn, a man the soldier The of policeman here last year. ficials a here regard the story reported as false, aras Llewellyn has been frequent all over the country months rested within the past few ly WASHINGTON Jan. 6.-Congress there was promptly at noon, but session met full attendance. The houses. not a therefore brief in both and was were all on hand The leaders made to push arrangements were the at once to completion congress. through important measures before the Phil which most First will come up is now be ippine tariff matter the Panama and Nic fore the senate, canal matters, the debate and on a araguan will open tomorrow, a which to assist Cuba by granting Cua measure reduction of tariff rates upon products. ban proposition of France to sell The Panama canal properties. vast the the great the buildings entire at both ends, excavations the machinery and of way, which has cost and the right people nearly two hun up the French millions, is looked dred and forty by the leaders in It on very favorably will doubtless length isth congress. somewhat the debate on who the really eu but those this mian matter. affairs of state believe hes guide the that there will be no to accept itancy morning on the France's part of bargain our government proposiy d tion. leaders in both houses desire are and also ind very The earnest in their on the line sug it tent to help President Cuba Palma in his Payne last gested week's by declaration. means Chairman committee of the ways and Platt of the senate d Cuba and committee Chairman on relations with

13. January 11, 1902 Chicago Eagle Chicago, IL
Article from Chicago Eagle, January 11, 1902

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Colorado State Bank Closed. The Colorado State Bank, one of the eldest institutions in Grand Junetion, Colo., has closed its doors. Some time ago the bank secured a loan of $30,000 from the Hanover National Bank of New York for the Colorado Sugar Company of Grand Junction. The New York bank recently forced the collection of the loan, thus compelling the local bank to suspend. It is stated that the bank within three or four weeks will resume business.

14. February 21, 1902 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, February 21, 1902

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Orson Adams jr. and W. S. Wallace left for Denver last night ou business connected with oil lands. Mrs. J. R. Perry, sister of Mrs. E.G. Morris, is a visitor here from Denver. She will remain some time. O. Reber. traveling freight agent of the Missouri Pacific railway, is a pleasant visitor to the city today. Samuel Sampliner, who has been VISiting his brother, A. R. Sampliner, leaves tonight for his trip to the coast. G. W. Martin, general western agent of the St. Louis & San Francisco railroad, is in the city today from Denver. Edwin K. Price, son of Poatmaster Price, was an arrival in the city last night Mr. Price is working for several insurance companies. Commemorative services of Miss Wil lard will be held Sunday afternoon at 2:30 at the Preabyterian church. Good mueic and everyone invited. The Colorado delegation in congress has been worked by an impecunious stranger who has been given at various times a half dollar each by the members. A meeting will be held at the court house Saturday night for the purpose of forming a new mining district of the territory in which the many placer mining claims have been filed. The Citizens' band will give their last ball of the season on Washington's birthday. All music, except the novelty dan. ces, will be new and played for the first time in Grand Junction. Orchestra of ten pieces J. K. Cheater and wife of Sterling, Illinoie, are visitors to the city with their relatives, Mr. and Mrs. E. P. Chester. J. K. Chester is a prominent dry goods merchant in his home town and is enroute home from a trip to the coast. A petition is in circulation today among the depositore of the defunct Colt orado State Bank, asking that a new receiver in the person of W. C. McCurdy be appointed in place of W T. Dowrey. This petition will have to go before Judge Stevens, as he is the only authority who can remove a court's officer, which the receiver of a state bank is. f A Sabbath school convention is to be held tomorrow in the Seventh Day Ad ventist's church. The morning session begins at 10 a.m.; the afternoon session at p.m. Several papers will be read by the ladies of the church, bearing on ditferent phases of the Sabbath school work. All are invited to attend, espe. cially those interested in that line of christian work. A telegram WAS received at Fruita yesterday asking that a man be intercepted 9 there on the Western train. who had a very bad case of the smallpox. He was arrested, but escaped and came to this city. Sheriff Struthers and Marshal Allison were notified and the arrest of f the man was consumated this morning. r He evidently had a very bad case of the k t smallpox 88 the room where he was taken to be examined was most thore oughly fumigated. I The Palisade Oil & Development Co. e is now issuing its stock. The stock can a be obtained by calling on R. H Bancroft, secretary of the company, at Palisade, or remitting to him and same will be forwarded at once. The machinery g for this company has been shipped and is now on the way hey hope to have the derrick erected and the tools working in less than ten days. A. O. Barton, the new traveling audid tor for the D. & R. G. railroad, is in the city on his first trip.

15. August 15, 1902 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, August 15, 1902

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TO RECOVER MONEY Suits Brought Against County Treasurer Williams and ExCounty Treasurer McCurdy and Their Bondsmen Also. Two suite were filed with the clerk of the district court today of material in. tereet to the taxpayers of this county They were filed and the suits begun by District Attorney Samuel G. McMullin representing the people and Judge C.F. Caswell for the board of county commieeioners of Mesa county. The title of the suits are "The People of the State of Colorado for the Use of the Board of County Commissioners of Mesa County VB. Geo. J. D. Williame, Treasurer of the County, and Oreon Adams Jr., W. P. Ela, J. F. McFarland and T. M. Jones, to Recover the Amount of $15,000.00 of the Monies that Were On Deposit in the Colorado State Bank, Which Failed in This City in January." The other suit was for the same amount and was brought by the same complainants against ex-Treesurer W. C. McCurdy and his bondsmen, W. G. Connelly, W. S. Wallace, J. F. McFarland, T. M. Jones, A. A. Miller, Oreon Adams Jr., W. P. Ela and George P. Smith. The total amount that was involved of the funds of the county at the time of the failure of the Colorado State Bank was approximately $18,000. Of this sum one-third has been paid in a dividend made by W. C. McCurdy, the receiver for the bank, leaving a balance of $12,239.73 The suite have been brought against the old county treasurer as well as the new county treasurer to decide who is rasponsible for the deposit in the bank at the time of its failure. This is left to the court to decide through these suits. Look-Ar elegant new line of street hats at The Ladies' Emporium. The funeral of Mrs. Phoebe M. Jordan will be held tomorrow at Fruitvale school house at 10 a.m. Rev. Martin officiating. Burial in Orchard Mesa cemetery. The Ladies' Emporium has a beautiful line of early autumn hate now ready for inspection. The ladies will be pleased to have you call and see them. Carriages and rige of all kinds painted. Up to date colors and finish. Rigs called for and delivered. W. D. Daviee, 233 Main street. Telephone 673 black. Edwin A. Haskell, Herman Hoeech and wife, James H. Coegrove and wife Frank H. Haskell and wife, are among those who arrived home from Zion today. The fall examination for the school teachers of Mesa county has been in progress at the office of the superinten dent today. A large number are taking the examination. A. H. Searlee, of Denver and a mem ber of the famous drill team of the famoue No. 17 Eik organization is in the city, visiting with his friend manager Has kell, of the Opera House. Mr. Searles is the secretary of The Curran Bill Posting and Distributing Co. and one of the best known men in Denver. The democrats are wondering when the chairman of the county central committee will call the committee together to decide upon a date for the convention. Chairman Alvin N. Bucklin is away fishing and the matter has been held in abeyance by his absence. The call should be issued very shortly, as the state convention is not far off. The Sentinel, at its own expense, will install in tne poetoffice of this city, one of the Western Union Telegraph Co.'s electric clock, giving U. S. Obeervatory time. This clock will remain in the postoffice at all times and can be seen by everybody. The Sentinel will pay for this clock and it will be for the benefit of the public, in assisting the people to and maintain place in the correct city has time. been The selected most public it should assist in making the time of everyone about equal. There has been no standard regulation of time in this city and it is hoped that the time piece which The Sentinel has arranged for will materially assist in aiding for a uniformity about time.

16. May 15, 1903 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, May 15, 1903

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RECOVERS $67,500.00. A Compromise Effected Between As= signee McCurdy of Colorado State Bank and Stockholders of Sugar Company. Depositors Rejoice at Good News of Coming Dividend. If it isn't good news it ought to be that a compromise has been effected between Wililam McCurdy. assignee of the defunct Colorado State bank and the stockholders of the Colorado Sugar Manufacturing company, whereby there has been turned over to William McCurdy the sum of $30,000 in cash and $75,000 worth of the stock of the newly organized sugar company, in lieu of 3800 acres of land and all the holdings of the Colorado State Bank, against the sugar company. It has been further agreed by the present owners of the Sugar plant that they will take at any time during the year, if the assignee of the bank so desires, the $75,000.00 worth of stock of the company held by the assignee and as part of this consideration, for 50 cents on the dollar. If Assignee McCurdy should desire to accept the promise of 50 cents on the dollar for the stock, he would be able to secure for the stockholders of the bank all told from this deal, $67,500.00 or almost enough to pay dollar for dollar on the deposits of the bank. This compromise which Assignee McCurdy has effected with the principal stockholders of the Sugar company, was secured through the tact and discretion of a certain gentleman of this city, who will be named at some future period and to whom credit is due for urging a suit against the stockholders of the Sugar company to protect the rights of the bank. The suit, however, was not brought, but a threat to sue led up to the compromise which has brought to the assignee of the bank this great sum of money, amounting to $30,000 in cash immediately and another $37,500 in cash, if the assignee agrees to accept the new company's offer for the stock. This compromise was a splendid one for the depositors of the bank. For a time it did not look as it they would realize much more than the dividend already declared. Now it is certain that a goodly portion of the money that the depositors had in the bank will in time come back to them. The 3,800 acres of land was practically valueless to the bank as an asset. In the hands of the Suagr company it can be made to earn something in raising beets. The consummation of this compromise is to be heralded with much pleasure to the depositors. They can see in securing that amount of money another dividend on their deposits. The new company which has effected this compromise is composed of some of the stockholder in the old company and Judge Alfred Hand of Scranton, Penn. It will be remembered that it was exclusively published in this paper several weeks ago, that Judge Hand had become largely interested in the Suagr company. It was alsostated that the factory would be run the present year. The Sentinel is informed that it was hoped to effect the present compromise sooner, in order to attempt to start the factory in operation this year, but as this was delayed all that can be done is to make thorough preparation for the work next year. This will be done at once.

17. May 16, 1903 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, May 16, 1903

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Good All Around. The result of the compromise in securing at once $30,000 in cash and as much more in prospect for the depositors of the Colorado State bank. will be another dividend which will almost wipe out the claims of the depositors against that defunct institution. There will be practically $75,000 in cash to be distributed among the depositors, SO that what was looked upon as a calamity, when the bank first failed, will have the edge taken off of the disaster, by the expected dividends which must come under the present status of the bank's affairs. But there is a better satisfaction than this in securing this compromise and settlement. It practically settles the disputes in relation to the control and management of the Sugar company, SO that work can go forward toward its rehabilitation and operation. The parties who are now in control propose that the plant shall be operated to the best advantage possible. It has not been a success so far; this is well known and the reasons therefor. The new company will start with the costly experience of other managements to avoid and there is every prospect that the company will run its factory at a profit next year. No reason whatever of lack of productiveness of the soil in raising sugar beets could be considered a cause. The primal reason being that the people were not tutored in raising beets and they believed they could not be classed as a profitable crop. The first factory in the state being located here, it was to be expected that it would meet all the difficulties that a factory might be subjected to. These piled up on it until there seemed no limit to obstacles. However, those factories on the eastern portion of the slope are beginning to experience just such difficulties of securing labor to cultivate beets, as the Grand Junction factory first experienced and they have troubles of their own. There is everything now favorable to the successful operation of the factory. The company owning and controlling the factory is a strong one, composed of some of the original stockholders, with Judge Hand of Pennsylvania and his associates, SO that there is the best prospects ahead for the Grand Junction Sugar factory.

18. June 4, 1903 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, June 4, 1903

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County Board Meeting. The board met at ten o'clock a. m. pursuant to adjournment. Present were James H. Smith, William Ditman and James U. Harris commissioners; C. F. Caswell attorney and B. P. Blair deputy clerk. The mniutes of the last meeting were read and approved. On motion the treasurer was instructed to cancel tax sales 5386 and 5387 on account of erroneous assessment and sale and a warrant for $16.20 and another for $16.20 were drawn on the contingent fund in favor of Delaplain and Crosbv the legal holders, in payment thereof. On account of erroneous assessment for the year 1901 for capital invested in manufacturing to the Colorado Sugar Manufacturing company, $60,000 in valuation was abated. On account of erroneous assessment for the year 1902 for improvements and personal property to the Colorado Sugar Manufacturing company $80,000 in valuation was abated. Mr. Harris introduced the following resolution which was seconded by Mr. Ditman and passed by the board: Whereas, heretofore it appeared to the board by the reports of the county treasurers that $17,536.76 had been by them deposited in the Colorado State bank which thereafter assigned for the benefit of its creditors and that such deposits became unavailable as funds and, whereas heretofore suits against the treasurers and their bondsmen were ordered to be brought to recover such amount and Whereas, $3,266.80 of said amount has since been paid and. Whereas said treasurers and their bondsmen now propose to pay $3266.80 and assign to the county all claims against the bank in settlement of said amount, and to avoid further litigation cost and expense and, Whereas it appears to the board that such sum with the further amount that may be received from the assets of said bank in accordance with the exhibit presented herewith would probably be greater than the net amount that could be received by prosecuting said suits, And it furtherappeared to the board that the stated proportion of said unavailable funds has been fully paid and it further appeared that the city of Grand Junction and School District No. 1 approve a settlement on the foregoing basis and it further appeared that it is for the best interest of the county. city, towns and all school districts, that said settlement be made. It is ordered that such sum be received in lieu of any sum that might be recovered by the prosecution of such suits and that the district attorney be requested to dismiss the same without prejudice and that such sum be received in full payment for or on account as all liabilities of thetreasurers, W.C. McCurdy and Geo. J. D. Williams and their respective bondsmen SO far as the same have accrued by virtue of such monies deposited or contained in the Colorado State Bank. On motion the board adjourned to meet Thurdsay, June 4th, 1903 at ten o'clock a. m.