1337. Colorado State Bank (Durango, CO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 14, 1907
Location
Durango, Colorado (37.275, -107.880)

Metadata

Model
gpt-5-mini
Short Digest
c718a776

Response Measures

None

Description

The Colorado State Bank (Durango) suspended Dec 14, 1907 citing depositor uneasiness after indictments of several directors and impaired cash reserves from a partially paid land/water company sale. State bank commissioner placed the bank in receivership (Dec 22, 1907) and receivers were appointed; officials later arrested and receiver reported large shortfall. The institution did not reopen and was wound up — thus a suspension followed by permanent closure/receivership. No explicit depositor run is described.

Events (2)
1. December 14, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Depositor uneasiness following indictments of several bank directors for alleged land frauds; also impaired cash reserve when buyers for Montezuma Water and Land company paid only 20% rather than full payment, reducing liquidity.
Newspaper Excerpt
The Colorado State bank of this city suspended business today pending reorganization. ... the causes leading to the suspension are the uneasiness in the minds of the depositors caused by the fact that Ellis Hampton, B. N. Freeman and Frank Eldridge, directors of the bank, have been indicted for alleged land frauds in Archuleta county.
Source
newspapers
2. December 22, 1907 Receivership
Newspaper Excerpt
Neither the Colorado State bank of Durango and its branch bank at Pagosa Springs ... will be able to reorganize and reopen, according to H. M. Beatty, state bank commissioner, who ... placed the institutions in the hands of receivers to wind up their affairs.
Source
newspapers

Newspaper Articles (21)
1. December 15, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 15, 1907

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DURANGO BANK SUSPENDS Colorado Institution Obliged to Close Pending Reorganisation-Hopea of Resumption. DURANGO, Colo., Dec. 14.-The Colorado State bank of this city suspended business today pending reorganization. It holds déposits of $500,000 and its capital is $75,000. The officials of the bank issued a statement in which they assert that the assets are entirely unimpaired and that the bank will be able to pay its depositors as well as its stockholders in full. The statement further says that the causes leading to the suspension are the uneasiness in the minds of the depositors caused by the fact that Ellis Hampton, B. N. Freeman and Frank Eldridge, directors of the bank, have been indicted for alleged land frauds in Archuleta county. The statement says that these indictments are entirely unfounded. The bank recently sold a third interest in the Montezuma Water and Land company. Payment for this was to have been made in cash in full this fall. The financial flurry has rendered it impossible for the purchasers to pay more than 20 per cent of the amount due and this has impaired the cash reserve of the bank. An examination of the books of the bank is being made by Charles E. Herr, J. W. Walters and O. S. Bayle, a committee of depositors. and they have reported that so far as their examination extends they find the bank in splendid condition. It is expected that the bank will resume operations in a short time.

2. December 16, 1907 The Marion Daily Mirror Marion, OH
Article from The Marion Daily Mirror, December 16, 1907

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TELEGRAPHIC BREVITIES. The Colorado state bank, of Durango, Col., has suspended business pending reorganization. It holds deposits of $500,000. At Portsmouth. O., Edmona Creasey and Mamie Livesay, colored, were asphyxiated at the home of John Grimes, who employed them as servants. Prof. George Blutz, head of the department of horticulture at State college, Bellefonte, Pa, committed suicide by leaping from a window on the sixth story of the college. Indictments have been returned at Kansas City, Me., against over 75 managers and stage employes of theatres, charging them with violating the Sunday closing law. A number of proprietors of pool halls were also indicted.

3. December 16, 1907 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, December 16, 1907

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COLORADO STATE BANK CLOSE'S ITS DOORS. -1)(From Friday's Daily.) Universal surprise was expressed this morning when the Colorado State bank failed to open its doors and posted notice as follows: "The board of directors of the Coiorado State bank have decided to temporarily suspend business. They look forward, confidently, to an early reorganization, as in their judgment, the bank is most amply solvent and will pay all depositors in full." The statement below fully explains the reasons for suspension. A committee, composed of Chas. E Herr, O. F. Boyle and J. W. Waters, representative business men, are 80 ing over the bank's books this afternoon and it is hoped they will complete their work in time for The Her ald to publish H detailed statement. However, we can state now that every dollar of the bank's finances are accounted for. Business men and other depositors express their utmost confidence in the early resumption of the bank and that depositors will be paid dollar for dollar. Some of Durango's wealthiest men : are heavy stockholders in the bank 11 and are individually responsible for double the amount of their stock and will see that the affairs are honestly and justly settled to the extent of their 'means, if necssary. But those who are familiar with the bank's dition are emphatic in their state. ments that it will not be necessary nto draw a dollar from any stockholder. t There is no occasion for alarm. it of will take time, it is-true, but every er dollar will be paid. n. The statement of the reasons for the at temporary suspension as given by the 1d bank's officials follows: at -

4. December 16, 1907 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, December 16, 1907

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News of the Day. L. F. Parker, general solicitor of the Frisco Railroad, was found dead in a bath tub at his home in St. Louis today. With the closing of the theatres there was an unusually heavy Sunday business by the saloons in New York yesterday. It is announced that between January 1 and 15 the railroads in the southwest will lay off 11,000 men for an indefinite period. The Colorado State Bank, of Durango, Col., suspended business Saturday pending reorganization. It holds deposits of $500,000, and its capital is $75,000. The executive heads of 65 railroads have decided to refuse the demands made by their employes representing all branches except the locomotive engineers. Several persons were shot in a riot of striking masons today, in Havana. The entire police reserves of the city were called out to quell the uprising and succeded in clearing the streets after desperate fighting. The High Federal Court of Venezuela, in the $10,000,000 damage suit brought by Venezuela against the French-Venezuelan Railroad Company, annuls the concession of the company and condemns it to pay damages. It is reported that Raisuli, the Moroccan bandit, has agreed with the British government on terms for the release of Kaid Harry McLean, the English general, who was chief of the army of the Sultan of Morocco. President and Mrs. Roosevelt, Secretary and Mrs. Metcalf and other guests of the President sailed on the Mayflower yesterday evening from Washington for Hampton Roads to see the departure of the battleship fleet this morning. Another Pittsburger attracted by a face of a beautiful actress is the Pitts. burg Press' diagnosis of the story that Joseph Schwab, brother of Charles M. Schwab, has become estranged from his wife, Esther Munhall Schwab. Eight social democratic members of the second Russian Douma have been sentenced to five years in the mines and subsequent deportation to Siberia, nine are sentenced to four years in the mines and ten are sent into perpetual exile in Siberia. Immigration to the United States during the year ended June 30, 1907, was vastly greater than in any previous year of the history of this country. The total arrivals were 1,285,349. Aliens rejected, 13,164. The immigration from Japan has trebled, hundreds of Japanese coming in by stealth. The Central American Peace Conference practically concluded its labors in Washington on Saturday when it was announced that the delegates had agreed upon and were ready to sign seven treaties. The most important step towards the preservation of peace in Central America consisted in the agreement on the treaty establishing a permanent court. A furious free fight raged on the floor of the Austrian Parliament this afternoon. Scores of deputies were knocked down, dozens bear cuts and bruises and two were 80 badly injured they had to be carried from the chamber. The confliet broke out with a ruling from the chair adverse to the Ruthnian party which was employed dilatory tactics to abstruct legislation. Tbe mystery of the murder of Frederick R. Romer, whose body was found badly beaten early Friday morning in his room in the Park Hotel, in Orange, N. J. took a new turn yesterday when Charles Graham told the police that he saw a woman, carrying a baby and acting strangely in front of the place a short time before the tragedy. He said a low whistle, coming apparently from a hotel window, was auswered by the woman. John Gordon, a wealthy farmer living near Marion, O., burned $10,000 in bills yesterday, a short time before he died. Gordon was eighty-âve years old, and in the last few weeks had grown childish. He had steadfastly refused to put the $10,000, the savings of years, into a bank, but kept the money under his pillow. Yesterday morning he amused himself by setting fire to them and watching them burn. He then succumbed to heart disease. Otto Schmigelr, a Hungarian tailor of Columbus, Ohio, yesterday shot and probably fatally wounded Mrs. Carpline Webster and seriously wounded Miss Myrtle Spence and then killed himself. The tragedy occurred at the home of Mrs. Webster, a grocer's wife, from whom Schmigler rented a room. He had been out of employment for some time and was despondent. It is said that Schmigler was infatuated with Miss Spence and that his advances had been repulsed. Miss Annie McGuire, eighteen years old, of Clinton, Mass., is dead, after having taken two headache pills that were left at the door of her home by a sample distributer. Medical Examiner Tobey and Dr. Goodwin are emphatic in their report that the headache pills caused a depression of the young woman's heart which brought about oedema of the lungs, resulting in her quick death. The town is much ex. cited over her death, because the pills were distributed broadcast. During the season of navigation on the Great Lakes just closed 38 vessels, with & total tonnage of 2,010,000, passed out of existence as the result of collisions fires and other accidents. The

5. December 18, 1907 The Morning Journal-Courier New Haven, CT
Article from The Morning Journal-Courier, December 18, 1907

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LAND FRAUDS HIT BANK. Lack of Confidence Through Indictmen of Prominent Men. Durango, Col., Dec. 17.-Lack of confidence, due, it is said, to the indictments of prominent citizens on charges of land frauds under the federal laws, led to the suspension of the Smelter City bank to-day as well as the Colorado bank, which failed last week. The former is a state institution, capital $30,000. No statement of its assets or liabilities has been given out, but the deposits are believed not to exceed $100,000,

6. December 19, 1907 The Plymouth Tribune Plymouth, IN
Article from The Plymouth Tribune, December 19, 1907

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Colorado Bank Closes. The Colorado State Bank, of Durango, Colo., has suspended pending reorganization. It has deposits of $500,000 and its capital is $75,000. The officials of the bank issued a statement in which they assert that the assets are entierly unimpaired and that the bank will be able to pay its depositors as well as its stockholders in full.

7. December 19, 1907 The News=record Enterprise, OR
Article from The News=record, December 19, 1907

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NEWS OF THE WEEK In a Condensed Form for Our Busy Readers. A Resume of the Less Important but Not Less Interesting Events of the Past Week. England has just been visited by a severe storm. The Colorado State bank, of Durango, has suspended. The revolutionary agitation is growing in Portugal. The Yaqui Indians are again on the warpath in Mexico. The National Bank of Commerce, of Kansas City, will reopen. Japan and Russia have combined to freeze China out of Manchuria. The bridal gifts of Marshall Field's daughter were stolen in England. The peace conference of the Central American republics has been concluded. Scotchmen in London are again adopting the kilt as a regular wearing apparel. The East has just exeprienced a great storm. Heavy snow fell and many wires are down. Premiums are being offered for the new gold pieces without the motto "In God We Trust." A petition to allow women to vote on municipal affairs in Paris was greeted with laughter by the council. General Funston finds the Goldfield situation serious. Commissioner of Indian Affairs Leupp says Indians are losing millions yearly in timber lands. A hous -to-house canvass at Monongah, W. Va., shows 18 still missing as a result of the mine disaster. Plans are complete for re-organizing the Merchants' National bank at Portland and it is expected to open soon. District Attorney Langdon, of San Francisco, also admits that the evidence of Ruef will be required to convict Calhoun. The American Can company has control of the Pacific coast, having absorbed the United Can company, of San Francisco. Goldfield mineowners have withdrawn their new scale and opened negotiations with the American Federation of Labor. The object seems to be to get this organization into a fight with the Western Federation of Miners. D. L. Anderson, president of the Foochow university, who has just returned to this country, says China is on the eve of a bloody revolution that will mark her entrance into the parliament of the world as a power to be reckoned with. The campaign against rate is being kept up vigorously in San Francisco. The Michigan state treasurer is to be removed for putting funds in a rotten bank. The great fleet of warships is all ready to start on its voyage to the Pacific. The presence of General Funston at Goldfield is believed to have a good effect. Bristol's nomination has been withdrawn from the senate as district attorney for Oregon. Mrs. Longworth has undergone an operation for appendicitis, but there is no fear of the results. Senator Bourne, of Oregon, will continue his third-term agitation despite the statement issued by Roosevelt. Kuropatkin has taken the witness stand in behalf of Stoessel and the general stands a better chance of being cleared. Two mail pouches containing valuable packages were stolen from the Omaha postoffice, and no trace of them has been found. Harry Orchard is not displaying as much bravado in telling the story of his crimes to the Pettibone jury as he did at the first recital. Heney has admitted that he needs Abe Ruef's testimony to convict Calhoun and may yet grant the ex-boss immunity and get him on the stand. Sousa has fully recovered from the effects of ptomaine poisoning. State Attorney Healy says he will enforce the Sunday closing laws in Chicago. The ordinance allowing theaters to open in New York on Sundays has been held up. In the Boston city election Republicans elected the mayor for the first time in six years. Queen Carola, of Saxony, is dying. The prediction is made in the East that Bryan and Roosevelt will be opposing candidates for president. A bridge in construction across the

8. December 19, 1907 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, December 19, 1907

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NORTHWEST NOTES Chairman Taggart has appointed John Sunderland of Reno national Democratic committeeman for Nevada to succeed John H. Dennis, deceased. W. F. Dupee, who was shot at Port. land by John Wynne, died shortly after reaching the hospital. A charge of murder will be lodged against Wynne. The First National bank of Saratoga, Wyoming, has been authorized to begin-business with $25,000 capital. I. C. Miller is president and Gustave Jensen cashier. Judge Wolverton, in the federal court at Portland, removed George H. Hill as receiver of the Title Guarantee and Trust company, and appointed K. C. Mears, cashier of the Bankers and Lumbermen's bank, to succeed him. J. Holman Buck, the editor of the Mina. Nevada, Miner, who shot and killed Francis L. Burton at that place, has been released from custody by order of the district attorney, although the coroner's jury failed to exonerate him. A new coal company which hns begun development work on their property in the Rock Springs section of Wyoming, has spent $200,000 in development work the past summer, and reports that nine splendid veins have been uncovered. In the explosion of the engine of a Northern Pacific freight train near Bozeman, Mont., Fireman John Welch was instantly killed and Head Brakeman Veyno seriously injured. Veyno was hurled 100 feet from the engine, and is probably fatally hurt. In the United States court at Carson City, Nevada, Senator Williams and his brother, George B. Williams, indicted for illegally appropriating government land, through their attorney entered a plea of guilty to the five indictments against them. Twenty-three new freight engines, purchased this month by the Salt Lake Route, announcement of which was made by former United States Senator W. A. Clark, president of the line, recently, will be delivered to the company within the next three weeks. Believing that the investigation by the officers of the interior department into the charges of graft against certain officials in connection with the Crow Indian reservation, Montana, was a farce, Judge William H. Hunt of Helena has ordered the federal grand jury to conduct a complete probing of the allegations. The sleeping apartment of Mrs. Jas. A. Wood, wife of the A. Y. P. commissioner general to the Jamestown exposition, was entered at Seattle by burglars, who, after striking Mrs. Wood over the head with a revolver and threatening death if she interfered, robbed her of several valuable pieces of jewelry. The unusual height of the breakers at Santa Cruz, California, resulted in the drowning of John Day of Globe, Arizona, an engineer on the Gila Valley raflroad. He was visiting Santa Cruz, accompanied by his niece, and was fishing from Treasurer pier. The breakers washed him off and he was drowned before help could reach him. Five hundred men, members of the Butte Miners' union, seized a miner at work on the new Bell telephone building as a carpenter and escorted him to their hall. Later the man disappeared. At one time a riot seemed imminent. The Bell company had been boycotted by union labor in Montana because of the strike of linemen and operators, begun last March. The Colorado State bank of Durango, Colo., has suspended business pending reorganization. It holds deposits of $500,000 and its capital is $75,000. The officials of the bank issued a statement in which they assert that the assets of the bank are entirely unimpaired and depositors will be paid in full. Wm. Burner, longshoreman, discovered by his wife on the street in Portland in company of another wowoman, immediately drew a revolver and shot himself. The woman, a Mrs. e*Reign, grasped the revolver from Burner and attempted to shoot herself, but was disarmed by a policeman. The Cherokee-Nevada Copper company has levied an assessment of two cents per share for the purpose of enabling the management to proceed soon after the first of the year with development work. The CherokeeNevada company was formed during the current season, the ground being located in Nevada close to the San Pedro railroad line. Charges on all freight to Goldfield, Nev., must be prepaid by the shipper. Notice to this effect was given by the Salt Lake route to patrons in a circular issued last week. Unsettled financial conditions at Goldfield are, It is explained, the cause of the order. James Brennan, a Buffalo Peak ranchman, who is wanted at Cripple Creek for alleged cattle stealing, fought a running rifle battle with a sheriff's posse near Granite, Colorado,

9. December 21, 1907 The Garland Globe Garland, UT
Article from The Garland Globe, December 21, 1907

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NORTHWEST NOTES Chairman Taggart has appointed, John Sunderland of Reno national Democratic committeeman for Nevada to succeed John H. Dennis, deceased. W. F. Dupee, who was shot at Portland by John Wynne, died shortly after reaching the hospital. A charge of murder will be lodged against Wynne. The First National bank of Saratoga, Wyoming, has been authorized to begin business with $25,000 capital. I. C. Miller is president and Gustave Jensen cashier. Judge Wolverton, in the federal court at Portland, removed George H. Hill as receiver of the Title Guarantee and Trust company, and appointed K. C. Mears, cashier of the Bankers and Lumbermen's bank, to succeed him. J. Holman Buck, the editor of the Mina. Nevada, Miner, who shot and killed Francis L. Burton at that place, has been released from custody by order of the district attorney, although the coroner's jury failed to exonerate him. A new coal company which has begun development work on their property in the Rock Springs section of Wyoming, has spent $200,000 in development work the past summer, and reports that nine splendid veins have been uncovered. In the explosion of the engine of a Northern Pacific freight train near Bozeman, Mont., Fireman John Welch was instantly killed and Head Brakeman Veyno seriously injured. Veyno was hurled 100 feet from the engine, and is probably fatally hurt. In the United States court at Carson City, Nevada, Senator Williams and his brother, George B. Williams, indicted for illegally appropriating government land, through their attorney entered a plea of guilty to the five indictments against them. Twenty-three new freight engines, purchased this month by the Salt Lake Route, announcement of which was made by former United States Senator W. A. Clark, president of the line, recently, will be delivered to the company within the next three weeks. Believing that the investigation by the officers of the interior department into the charges of graft against certain officials in connection with the Crow Indian reservation, Montana, was a farce, Judge William H. Hunt of Helena has ordered the federal grand jury to conduct a complete probing of the allegations. The sleeping apartment of Mrs. Jas. A. Wood, wife of the A. Y. P. commissioner general to the Jamestown exposition, was entered at Seattle by burglars, who, after striking Mrs. Wood over the head with a revolver and threatening death if she interfered, robbed her of several valuable pieces of jewelry. The unusual height of the breakers at Santa Cruz, California, resulted in the drowning of John Day of Globe, Arizona, an engineer on the Gila Valley railroad. He was visiting Santa Cruz, accompanied by his niece, and was fishing from Treasurer pier. The breakers washed him off and he was drowned before help could reach him. Five hundred men, members of the Butte Miners' union, seized a miner at work on the new Bell telephone building as a carpenter and escorted him to their hall. Later the man disappeared. At one time a riot seemed imminent. The Bell company had been boycotted by union labor in Montana because of the strike of linemen and operators, begun last March. The Colorado State bank of Durango, Colo., has suspended business pending reorganization. It holds deposits of $500,000 and its capital is $75,000. The officials of the bank issued a statement in which they assert that the assets of the bank are entirely unimpaired and depositors will be paid in full. Wm. Burner, longshoreman, discovered by his wife on the street in Portland in company of another wowoman, immediately drew a revolver and shot himself. The woman, a Mrs. De Reign, grasped the revolver from Burner and attempted to shoot herself, but was disarmed by a policeman. The Cherokee-Nevada Copper company has levied an assessment of two cents per share for the purpose of enabling the management to proceed soon after the first of the year with development work. The CherokeeNevada company was formed during the current season, the ground being located in Nevada close to the San Pedro railroad line. Charges on all freight to Goldfield, Nev., must be prepaid by the shipper. Notice to this effect was given by the Salt Lake route to patrons in a cir. cular issued last week. Unsettled financial conditions at Goldfield are, it is explained, the cause of the order. James Brennan, a Buffalo Peak ranchman, who is wanted at Cripple Creek for alleged cattle stealing, fought a running rifle battle with a sheriff's nosse near Granite Colorado

10. December 23, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 23, 1907

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DURANGO BANKS STAY CLOSED Examiner Says Institutions in Hands of Receiver Will Not Be Reopened. DENVER. Colo., Dec. 22.-Neither the Colorado State bank of Durango and its branch bank at Pagosa Springs, nor the Smelter City State bank. also at Durango, both of which closed their doors week before last, will be able to reorganize and reopen, according to H. M. Beatty, state bank commissioner, who returned from Durango yesterday, after placing the institutions in the hands of receivers to wind up their affairs. The liabilities of the Colorado State and its Pagosa branch are $330,000, which do not include a capital stock of $75,000. The assets have a face value of $450,000. but are of such character as to fall very short of meeting the indebtedness. The liabilities of the Smelter City State are $142,000; assets, $172,000; capital stock, $30,000. The assets are also of such character as not to meet the indebtedness of the institution.

11. December 26, 1907 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, December 26, 1907

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LAND FRAUD CASES HIT BANK. Indictment of Directors Forces Institution to Close. The Colorado State Bank of Durango, Colo., has suspended business pending reorganization. It holds deposits of $500,000 and its capital is $75,000. The officials of the bank issued a statement in which they assert that the assets are entirely unimpaired and that the bank will be able to pay its depositors, as well as its stockholders, in full. The statement further says that the cause leading to the suspension in the uneasiness in the minds of the depositors because of the fact that Ellis Hampton, B. N. Freeman and Frank Eldridge, directors of the bank, have been indicted for alleged land frauds in Archuleta County. The statement says that these indictments are without warrant.

12. December 27, 1907 The Springfield Herald Springfield, CO
Article from The Springfield Herald, December 27, 1907

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Bank Receivers Appointed. Durango.-District Judge Pike, while holding court at Pagosa Springs for Archuleta county, appointed Owen F. Boyle receiver of the Colorado State bank, fixing his bond at $50,000. Rowe Pingrey was named as receiver of the Smelter City State bank, his bond being $25,000. Both will immediately furnish bonds, begin work and will report on the conditions of the two institutions in a short time. The combined deposits of the two banks are about $325,000.

13. January 5, 1908 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 5, 1908

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Bank Officials Arrested. Durango, Colo., January 4.-Following the report of Owen M. Boyles, receiver for the defunct Colorado State bank, which was filed in the district court today, warrants were sworn out charging Benjamin M. Freeman, and Frank Eldredge, Ethan Hampton and William Chapman, directors, with having received deposits when they knew the bank to be insolvent. They were arrested and gave bonds for appearance at trial. According to Receiver Boyles' report, the Colorado State bank will be able to pay depositors only 25 cents on the dollar at the outside estimate.

14. January 5, 1908 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 5, 1908

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COLORADO BANKERS PLACED UNDER ARRREST Durango, Colo., Jan. 4.-Following the report of Owen F. Boyle, receiver of the defunct Colorado State bank, which was filed in the district court today, warrants were sworn out charging Benjamin M. Freeman, president, and Frank Eldredge, Evan Hampton and W. C. Chapman, directors, with having received deposits when they knew the bank to be insolvent. They were arrested and gave bonds for appearance for trial. According to Receiver Boyle's report, the Colorado State bank will be able to pay depositors only 25 cents on the dollar at the outside estimate.

15. January 9, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, January 9, 1908

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To Depositors of the Colorado State Bank of Durango: I wish to say to you that the report of the receiver of this bank to the

16. January 13, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, January 13, 1908

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DEPOSITORS' MEETING. There will be a meeting for depositors only of the Colorado State bank at Red Men hall, Monday, January 13, 1908, at 7:30 p. m., to hear report of receiver, and discuss other matters of importance relative to the winding up of the affairs of the bank. HERMAN BERNDT, Chairman. January 9, 1908.

17. January 23, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, January 23, 1908

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THE CONGO IN THE KINDLING is now said, that the idebtedness It the Colorado State Bank Building holdon to be wiped out, and that that is of B. N. Freeman is to be turned and ing unincumbered to the banks' over depositors' trustees. That looks said, good the face of it, but it is further Coloraon that this mortgage against the raised do State Bank building is to be and there and placed upon the Schutt Gallotti building. Whoever is planning this agreement with doing nothing short of juggling depois advisory committee and the sitors, the and the Democrat will tell you why. Is it not a fact that in the $141,000 assets listed as good by the receiver of these buildings appear as the property boadthe Income Property company. of and the bonds are hypothecated in ed, $30,000 to Freeman's brother osfor Potiac, Mich., as collateral for an of tensible $17,500 loan and $20,000 the bonds are hypothecated with the Surety company, which guaranteed the county's deposit in the bank. Now then, the point we wish to unis this: If the $20,000 mortgage and cover taken off the bank building, is placed upon the Income Property com- lia holdings. are not the original just bilities pany of the bank increased by Unthat sum? We say yes, they are. of the this operation the net result additional der assets offered by the quar- and tette of boodlers is $20,000 less, dollar we rise to assert that the cents again for dollar racket looks like 30 to us. Democrat would advise no one until to in and sign an agreement far rush they digest it well and good. So its a juggle and not a proposition. The above is from Sunday morning's paDemocrat, and is in line with the The per's well-known despicable lying. is conclusion drawn by the Democrat the lie from begining to end and for a sole purpose of deceiving the deposit- more The Herald asserts once ors. that the Democrat will misrepresent cast lie unblushingly in order to odium and on the Colorado State Bank of- to ficials. The Herald is not going are condone any misdeeds, If there debut it does seem as though Demopositors any, should see through the failed, crat's game. When the bank with column after column was filed tears for the poor women and children ill having small deposits, who could plan afford to lose them. Now that a 275 been devised, whereby about are has of these poor savings depositors for dolreceive their money dollar Freeto within ninety days, or Messrs $75,000 lar and Chapman forfeit chanman of property, the Democrat that worth its base and takes a position reges absolutely means, they .will not two, ceive a cent for possibly a year the or tothen only in driblets to cent, and tune of possibly 20 to 25 per according tal to its own statement publish- filed the morning after the receiver does not his ed report. The Democrat paid, the women and children is want the depositor who thinks so, is opand hoo-dooed, and the fact that it their a plan whereby they get of doubt posing without any question days money where $50 or under, within nintey is sufficient proof. yet in the face of this there are nd depositors taking and supporting out of some sheet that would cheat them will a money. The Herald editor Na this David F. Day at the First mormeet bank at 9 oclock tomorrow that tional and put up $500 against misrepre- $500 ning wilfully and maliciously of Sun he the facts in his article that the sents morning-to the effect the bank day mortgage is taken off pro$20,000 building and added to the Income 20,000. thus reducing the assets reward of perty, depositor can secure a to ac Any who will get David F. Day or $25. the Herald's offer. Put up shut cept up your willful misrepresenta tion. Also make good your $17,500 bank gua- deto Smelter City State considered rantee positors. if you want to be decent in the eyes of the people.

18. January 30, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, January 30, 1908

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it required longer hours in studying out the best way of carrying out the views of both sides. At first it way thought the selection of three trustees of which two were to be selected from among the depositors and the other Mr. Freeman, who was to be in direct charge, would fill the bill. This was found to be objectionable as trustees could not be vested with sufficient power and beside would not be responsible to the court. Then three recelvers were discussed, the decision finally coming down to the appointment of Messrs. Freeman and Chap. man upon them deeding direct to the receivers, and therefore subject to the order of the court, the realty described The realty in question is the Colorado State bank building, paying interest on an investment of $50,000; the store building, warehouses and two lots of W.C. Chapman, and three lots and res. idences in North Durango. he committee figured this property down to about $65,000 real value. Then added to this is a guarantee of $5,000 in cash. In paying depositors under the original agreement, having $50 or less in 90 days out of the regular assets of the bank, some with over $50 might object, hence it was decided that the best way to get around this would be for the bank officials to advance the necessary money and thus the small depositors would receive their money without lessening the assets of the bank. Then the agreement calls for the Chapman and Hampton deposits remaining until all others are paid in full. Finally, depositors must be paid in full within three years with 5 per cent interest or all the property described must be used to satisfy the deficiency; further, should the property deeded to the receiver not meet the requirements, then Mr. Chapman, Mr. Freeman and Mr. Eldredge must make good. At a meeting of the Durango and Pab gosa Springs committees yesterday af1 ternoon the decision was unanimous 8 for the carrying out of this proposition. And all the gentlemen represented are I heavy depositors. They rest content ed that within three years they will have their money dollar for dollar with interest. The committee has called a h meeting of depositors to be held one g week from tonight for the purpose of 8 making their report and general dis. cussion. In the meantime a copy of r the agreement will be received by all y depositors and the committee desires e each and every one to sign and mail d to Mr. Jackson at the earliest possible moment. 8. I In this connection it should be stated n that the work of the writer as well as k that of the advisory committee was y carried on without the slightest disrespect for the present receiver, Mr.

19. August 10, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, August 10, 1908

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DISTRICT COURT. District court convened at 2 o'clock this afternoon when another proposition was submitted by Mr. O'Donnell for the settlement of the Colorado State bank receivership. to the effect. that $7,500 would be put. up in cash to pay the receiver and his attorneys and that inside of ninety days the differ ence owed depositors over and above those taking bonds would be paid in full dollar for. dollar, the receiver to turn over the assets of the bank to those furnishing the money. The court refused to grant the De. tition which will be published in full tomorrow. Court thereupon adjourned until August 28, the jury being excused MR. til September s.

20. August 13, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, August 13, 1908

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LIBERAL BIDS. Receiver O. F. Boyle was asked by a Herald representative today regarding the disposition of the flouring mill property in his hands as receiver of the Colorado State bank. He replied no sale had been made. The reporter then asked If the street rumor was true that he had received bids running from $6,000 to $8,000. He replied in the affirmative. Then asked why he had not sold the property Mr. Boyle said he had not yet reported the bids to the court for approval or rejection. While The Herald has no voice in the matter, it seems that the price of fered is a fair one and in the interests of creditors should be sold to the highest bidder. We understand the Farmers' Co-Operative Milling company was a liberal bidder and by the mill going to this concern will prove beneficial in many ways as it will shut out a third mill in our city.

21. December 26, 1908 The Monte Vista Journal Monte Vista, CO
Article from The Monte Vista Journal, December 26, 1908

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COLORADO NEWS There are still several thousand tons of beets in the ground in northern Colorado. Invitations have been issued by the University of Colorado for a conference of principals and superintendents of high schools of the state at Boulder Jan. 1st and 2nd. If the Indian school at Fort Lewis near Durango is discontinued by the government an effort will be made to secure the site and building for the use of some state institution. There are a dozen buildings and 6,000 acres of land, a part of which is underlaid by coal. Owing to the rapid thinning out of young pine trees on the government forest reserve during the past few years, orders have been issued to the rangers in the Colorado district to prohibit the cutting of Christmas trees except where a necessity exists for the thinning of clumps. The Naturita Telephone Company, which proposes building lines through Montrose and San Miguel counties, has been incorporated with a capital of $50,000. The principal offices are to be at Coventry. The incorporators are G. A. Akers, H. H. Ross, Henry Pamm, George M. Hook and Arthur Priestley. Herbert T. Herr, who, some time ago went from a superintendency on the Denver & Rio Grande railway to the Westinghouse company in Pittsburg, has been promoted to general manager of the entire mechanical engineering department of the Westinghouse concern. Mr. Herr and his wife, who was Irene Viancourt, are both graduates of the East Denver high school. The United States Sugar and Land Company of Colorado Springs, with extensive properties at Garden City, Kansas, will issue $1,500,000 in bonds for the purpose of enlarging the scope of its operations. Charles Hayden of the Boston firm of Hayden, Stone & Co., is a director of the Sugar and Land corporation, together with C. M. MacNeil and Spencer Penrose of Colorado Springs. What is probably the highest quarter section of land in the United States ever located as a homestead, and which has been the subject of much legal controversy, may again come up in the courts as a result of the assigning by Dr. A. G. Lewis of Manitou to the Colorado City realty firm of Kinsman & Wolff of his claim to the 160 acres of land on the summit of Pike's peak. "Grandma" Petrie, said to be the oldest resident of Mesa county and one of the oldest women in the state, died at Grand Junction on the 19th inst., at the age of ninety-seven. A week before, she fell and sustained a broken hip. This injury, together with old age, was the cause of her death. She was a native of Syracuse, N. Y., and came to Grand Junction in 1888, living with her son, Charles H. Petrie. The following officers were chosen by the Colorado Scientific Society at its meeting in Denver on the 19th inst.: Franklin Guiterman, president: D. W. Brunton, first vice president: Charles W. Comstock, second vice president; William A. Johnston, secretary: John W. Richards, treasurer. W. F. Mills and George L. Cannon were chosen to serve on the executive committee. A telegram from Senator Guggenheim states that the government has selected as a site for the postoffice building for Greeley, the corner of Eights avenue and Eighth street, commonly called the Currier corner. Congress provided $15,000 for the site, and business men pledged an amount sufficient to meet the difference between $15,000 and the price asked for the site, probably $45,000. The affairs of the Colorado State Bank of Durango are now said to be practically settled. B. N. Freeman, presi tent of the bank, and his assoclates have turned over to the receiver cash and securities to the amount of $175,000 in purchase of the bank assets, which in addition to the cash collected by the receiver, is sufficient to pay the total liabilities of the bank, which at the time of suspension were $350,000 The Colorado Museum of Natural History. situated in the City Park, at Denver, has received a most valuable gift from Mr. Henry M. Porter of this city consisting of what in known as the "Mary Kimball Pratt" collection Indian, fossile of