1342. Smelter City State Bank (Durango, CO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 17, 1907
Location
Durango, Colorado (37.275, -107.880)

Metadata

Model
gpt-5-mini
Short Digest
c9042abe

Response Measures

None

Description

Bank failed to open (suspended) Dec 17, 1907 due to lack of confidence attributed to indictments of prominent citizens (land fraud). By Dec 22 the state bank commissioner had placed the bank in receivership and papers state it would not be able to reorganize/reopen. No explicit run (heavy withdrawals) is described in the articles — sequence is suspension then receivership/closure.

Events (3)
1. December 17, 1907 Suspension
Cause
Local Shock
Cause Details
Lack of public confidence attributed to indictments of prominent citizens on land fraud charges in the locality, prompting the bank to fail to open (suspend).
Newspaper Excerpt
The Smelter City bank of Durango, a state institution, capital $30,000, failed to open this morning... 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
Source
newspapers
2. December 22, 1907 Receivership
Newspaper Excerpt
H. M. Beatty, state bank commissioner... after placing the institutions in the hands of receivers to wind up their affairs. Neither ... 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.
Source
newspapers
3. January 9, 1908 Other
Newspaper Excerpt
The report of the condition of the Smelter City State bank as filed with Judge Pike yesterday afternoon by Receiver Rowe N. Pingrey... the report reveals sad state and makes it certain that depositors will not receive even 10 per cent unless from individual sources on the part of Mr. McConnell.
Source
newspapers

Newspaper Articles (20)
1. December 17, 1907 Rock Island Argus Rock Island, IL
Article from Rock Island Argus, December 17, 1907

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INDICTMENTS FOR LAND FRAUD CAUSE Weakens Public Confidence. it Is Said, Resulting in Failure of Bank at Durango, Col. Durango, Col., Dec. 17.-The Smelter City bank of Durango, a state institution, with capital stock of $30,000, failed to open this morning. There is no statement of deposits and it is believed they will not exceed $100,000. Charles McConnell, president of the bank said all the liabilities would be paid in full. Lack of confidence due, it is said, to the indictment of prominent citizens on charges of land frauds under the federal laws led to the suspensione of the Smelter city, as well as the Colorado bank, which failed last week.

2. December 17, 1907 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, December 17, 1907

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DURANGO BANK FAILS. The Smelter City, a State Institution, With Capital of $30,000. Durango, Colo., Dec. 17.-The Smelter City bank of Durango. a state institution, capital $30,000, failed to open this morning. No statement of its assets or liabilities has been given out, but the deposits are believed not to exceed $100,000. Charles McConnell, president of the bank, said that all liabilities would be paid in full. 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 AS well as the Colorado bank, which failed last week.

3. December 17, 1907 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, December 17, 1907

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LACK OF CONFIDENCE. Due to Indictment of Prominent Citizens Closes a Bank. Durango, Colo., Dec. 17.-The Smelter City bank of Durango, a state institution, capital $30,000 failed to open this morning. No statement of its assets or liabilities has been given out but the deposits ar believed not to exceed $100,000. Charles L. Connell, president of the bank, said that all liabilities would be paid in full. Lack of confidence due, it is said, to the indictments of prominent citizens on charges or land frauds under the federal laws led to the suspension of the Smelter City as well as the Colorado bank which failed last week.

4. December 18, 1907 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, December 18, 1907

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SMELTER CITY BANK CLOSES State Institutio nat Durango, Colo., Suspends Becouse of Land Fraud Cases. DURANGO Colo., Dec. 17.-The Smelter City bank of Durango, a state institution. capital $30,000, failed to open this morning. No statement of Its assets or liabilities has been given out, but the deposits are believed not to exceed $100,000. Charles McConnell, president of the bank, said that all liabilities would be paid in full. 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, as well as the Colorado bank, which failed last week.

5. December 18, 1907 The Vinita Daily Chieftain Vinita, OK
Article from The Vinita Daily Chieftain, December 18, 1907

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The Smelter City Bank of Durango, Colo., suspended Tuesday morning. The deposits exceed $100,000. The cause is attributed to lack of confidence.

6. December 18, 1907 Bryan Morning Eagle Bryan, TX
Article from Bryan Morning Eagle, December 18, 1907

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BANK GOES UNDER. President of Institution Says Liabillties Will Be Paid In Full. Durango, Colo., Dec. 17.-The Smelter City bank of Durango, a state institution, capitalized at $30,000, failed to open Tuesday morning. No statement of its assets or liabilities has been given out, but deposits are believed not to exceed $100,000. Charles McConnell, president of the bank, said all liabilities will be paid in full. Lack of confidence, due, it is said. to Indictments of prominent citizers on chai of land frauds under the Federal laws, led to the suspension of this bank. as well as the Colorado bank which failed last week.

7. December 18, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 18, 1907

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LAND FRAUD CHARGES CAUSE BANK'S FAILURE Durango, Colo., Dec. 17.-The Smelter City bank of Durango, a state institution, capital $30,000, failed to open this morning. No statement of its assets or liabilities has been given out, but the deposits are believed not to exceed $100,000. Charles McConnell, president of the bank, said that all liabilities would be paid in full. 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 as well as the Colorado bank, which failed last week.

8. December 23, 1907 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, December 23, 1907

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Banks in Bad Condition By Associated Press. DENVER. Col., Dec. 22.-Neither the Colorado State bank of Durango and its Branch bank at Pagosa Springs nor the Smelter City State bank. also of 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.

9. 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.

10. December 23, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 23, 1907

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DURANGO BANKS "BUSTED" Neither of the Concerns Recently Closed Has Cash Enough to Reopen. 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. he assets have a face value of $450,000. but are of such character as to fall very far short of meeting the indebtedness. The liabilities of the Smelter City State bank 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 The Spanish Fork Press Spanish Fork, UT
Article from The Spanish Fork Press, December 26, 1907

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NORTHWEST After being closed for coinage poses for more than twelve years, United States mint at Carson Nevada, may be reopened within next few months. Negotiations between the unions of Butte and the Rocky tain Bell Telephone company are parently off, the situation indicating struggle to a finish. The break in the transmission wire of the Nevada Power company, whic threw Goldfield into darkness, which was charged to the strikin miners, it now develops was by a snowslide. General Funston has ordered a eral courtmartial to convene at field. This order would indicate, army men, that the troops now on at that place would be held there some time to come. Judge Bourquin of the state distric court at Butte instructed the jury acquit A. B. Clements, cashier of failed Aetna bank, on a felony charg growing out of the alleged receipt deposits when he knew the bank insolvent. A dispatch from Denver says tha James R. Barber and Summer Moon. the millionaire lumbermen Eau Claire, Wis., indicted with ator Borah for alleged conspiracy land frauds, may be taken to for trial. Colonel William Crooks, assistan to the general manager of the man lines in the Pacific northwes died in Portland on the 17th of plications growing out of a cold tracted about six weeks ago. He 76 years old. The supreme court of Montana granted a writ of habeas corpus the case of G. S. E. Wisner, an conda bank employee, who had convicted on the charge of receivin deposits when he knew his principa to be insolvent. The Smelter City bank of Durange Colo., a state institution, capital 000, has closed its doors. Lack of fidence, due, it is said, to the indic ments of prominent citizens on charges of land frauds under the eral laws, led to the suspension. O. C. Dallas, chief clerk, and J. McLeod, at the head of the survey partment in the office of United State surveyor general in Helena, have arrested. The indictment alleges fo gery and conspiracy to defraud government of the United States. The state board of pardons of tana has approved the action of ernor Tooele in granting a pardon Elizabeth Morrison, a Butte woman who, upon conviction on a slaughter charge for the killing Richard Finnegan, had been tenced to the penitentiary for thre years. The Hamilton Powder company works blew up Sunday morning at parture Bay, B. C. The loss is $40,00 No one was killed or injured. In couver, thirty-five miles away, house were shaken SO badly that it was lieved an earthquake had occurred many persons rushed to the street

12. December 28, 1907 The L'anse Sentinel L'anse, MI
Article from The L'anse Sentinel, December 28, 1907

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packago or GLEMONY Jawelry stolen at more than $30,000 was States ued from a wagon of the United Express company in New York. The Smelter City bank of Durango, its Col., a state institution, closed doors. Nellie G. Cochran of Chicago, Mrs. years old, was shot and probably a 38 fatally wounded by M. L. Dillon, salesman, who then killed himself. The British torpedo boat destroyer fast Tartar broke all records in the steaming in her final trials over of official course, attaining a speed 37.037 knots. Daniel Rodgers, a colored man, said in be 100 years old, was arrested an to III. He was applying for dis. increase Joliet, in pension and it was covered that he had violated a prison parole Sixteen in 1898. hundred Polish schools have by closed by an order issued been Skallon. The funds, $150,000, conhave Gen. been sent abroad to avoid fiscation. result of a remarkable surgical operation As a Bertha Stublow, five years supof Summer, Wash., has been plied old, with an upper lip and a palate. Col. W. F. Cody's son-in-law, Lieut. cavClarence A. Stott of the Twelfth with is dead. He was serving his alry, troop in South Dakota in connection with the Indian troubles. An explosion occurred in a coal 60 mine at Yolande, Ala., and about men were believed to have perished. Shools in Farmington, Big Falls because and Ulm, Minn., were closed and of New the prevalence of diphtheria scarlet fever. The licenses of the Commonwealth and Insurance company of Texas of Fire German Fire Insurance company Indiana were revoked by State Super- of intendent of Insurance Barnes, Kansas, by telegraph. Upon recommendation by Adjt. Gen. Gov. Willson, of Kentucky, KenJohnston, ordered company H, of the First for tucky militia, to leave Louisville Hopkinsville. The rumor to the effect that James the the British ambassador to WashBryce, United States, is to leave the ington embassy is declared absolutely untrue in London. Mrs. Alexander Gilmour, formerly Miss Ethel Watterson, and the youngest daughter of Col. Henry Watterson, died at Louisville, Ky The payment of gold and silver in it amounts to those who desire was any formally resumed by Portland banks. President Gompers, of the American the Federation of Labor, speaking at banquet of the National Civic Federation in New York, warned employers that the working men would fight of the utmost against any reduction wages at the present time. Bernard E. Wallace killed Elsie Ker- cab lin and himself in an automobile in Brooklyn. A deliberately planned and sensa- main tional duel occurred on the Edstreet of Laurel, Miss., in which W. ward Bragg was killed, and B. Sharborough, former state senator, was wounded. Six hundred quarts of nitroglycerin and the Dupont Powder works, two in half miles from Bowling Green, O., exploded. a It is not believed there was loss of life. Miss Mary Elizabeth Lewis, who has inherited a fortune of $1,500,000, inbeen released from a New York sane asylum after 25 years' incarcera- look tion and will now be allowed to after her estate. survey is planning in to an experiment establish The geological station mine disPittsburg for the study of the with a view to abating of underground d dangers asters explosions. James and William Campbell and o wife were an a n Central passenger Illinois the latter's struck train and by killed. at near Epworth, Ia., t a complete e state railroad system crossing Virtually the transformation is about 1 in to be introduced in Prussia. On all except main trunk lines, automobile 1 cars, which run singly, will replace is locomotives drawing ordinary trains. Frank Frankenberg, aged 60 years. e cashier of the Colonial Savings bank is of Columbus, O., dropped dead. t. Fire destroyed the four-story build at 11, of the Harmony Knitting mills ing Troy, N. Y. The loss is $150,000. of Col. A. S. Colyar, aged 90 years, t. noted jurist, statesman and author, e died at his home in Nashville, Tenn. be Miss Catherine Andrews, dressed in boy's clothes, called at the United n States recruiting office in Sioux City, e Ia., and sought to enlist in the army of the Philippines. nDr. Vladimir Sviatlowsky, professor of economy in the University of Petersburg, Russia, siYork police that he of the political St. New box reported had contain been to 11 defrauded of $750 when a was d ing two quarts of chestnuts palmed off on him as one containing valuable diamonds. e in The cry of a babe in a lodging house of an alarm that saved eight from Two death proved by fire in Allentown, PA. e were asphyxiated. in A brilliant naval and military bal was given at the Hotel Chamberlain

13. December 30, 1907 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, December 30, 1907

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NOT THE SLIGHTEST REGARD FOR TRUTH. -0(From Friday's Daily.) Herald is not going to part con- of The any wrong doing on the facts are done E. McConnell. The but Charles enough-for the depositors, for bad it comes to downright lying people when purpose of stirring up the is not the keeping up a feeling that is time and for any community, it leads us good was called. and this Morna halt the article published in the guaranto Democrat-a paper that loss, and ing every creditor against its power t teed turn has been doing all in the presd in months past to bring on which for condition in Durango-in is ent the grossest misrepresentation made. member of the advistory commit- bank e A the Smelter City State that e tee of The Herald this morning the First informed was no covering up of and that there National bank deal whatever in every d transaction was straight dollar of ithe particular and that not a securities Smelter City State bank that the hypothecated. He said McConnell e were National loaned Mr. furnished 18 $10,000 on First personal security brother in to Mr. McConnell and his used by California. While this money was City the benefit of the Smelter raised e for bank not a dollar was $10. n State smelter securities. The National through left in the First ot 000 the credit of the t. bank to be used for bank State was to Smelter checks National City and purposes, the First for exchange as a sort of clearing house little o acting Smelter. Of this $10,000 a before y the $8,000 had been drawn This on money n- as over Smelter bank closed. the Colo the borrowed the day after Mr. Mcwas bank closed and K rado with it he h instead Connel State Therefore, thought of could his drawing sock. tide over. $10,000 and sticking it in the money k. t the the Democrat alleged, bank as in the First National transaction remained the depositors by the the asand that much ahead as d are just of the bank are not held against; veri-yt. sets $10,000. This statement was offig this the First National in g. g fied this afternoon. It is cial by also bank Herald line the statement made to a closedot with the day the bank with his brother he it ove reporter that tiding advanced the in e $10,000 in hopes of wilfully bank Just why the Democrat such lying 11 the people and prints except I. to g cites is hard to understand s articles on the general policy of misrepresen- year in and o tation-a policy followed management. out by the Day of this year stated in the beginning going to d As The Herald is not the part condone article, any wrong doing he on will have 8 Mr. McConnell, but untangle y of to explain and help out of i e enough manufacturing stories receiver S it without whole cloth. made his Although official the report, judg- suffinhas not known to show very bad in cient is on the part of Mr. McConnell years on ment the bank so many by Scontinuing basis. This is explained that he h, a losing McConnell on the ground out eMr. in hopes of making sufficient settle the W. lived of his mining interests to III bank's losses in full. h who lost large sams of money bitter III Those the bank have a right feel g. in thousand dollar bills do not grow to st as tree, but there is nothing on gained every by newspapers incitinited facts. be who do not know the itors said the receiver's report borrowed will It is that Mr. McConnell bank of' e show of the First National $25,000 is $15,000 giving as security money Smelter Denver, bank collateral. This against left in Denver to be drawn of the ct was there remains about $2,500 Denver e above and amount. By paying the released ig the collateral will be at the bank with securities in the bank that and of closing the total amount neigher time be realized will be in the This 10 borhood can of $20,000 to $25,000. credik 10 to 15 per cent. If to er will pay receive anything in addition Mr. id tors this it will have to come It through remains, nMcConnell personally. in able to do. therefore. to be seen what he will be e

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

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The above is a summary of the report of the condition of the Smelter City State bank as filed with Judge Pike yesterday afternoon by Receiver Rowe N. Pingrey. The report is itemized in detail and shows careful work on the part of the receiver in making the affairs of the bank plain to every creditor. The report reveals sad state and makes it certain that depositors will not receive even 10 per cent unless from individual sources on the part of Mr. McConnell. Mr. Pingrey figures $29,601.03 as good with $12,257.99 doubtful. Out of the good will have to be paid $15,000 to the First National bank of Denver. Looking at it from the most favorable light the doubtful will not any more than pay the expenses of the receivership, hence there will be less than $15,000 to pay $140,000. In his report the $17,500 guarantee of D. F. Day is not mentioned, unless it is classed in the worthless column-where it belongs. It really seems incomprehensible how any one would continue a bank under such conditions for so many years. Had Colorado any sort of decent banking law in the past no such state of affairs could exist. Judging from investigations of the Rocky Ford bank there are rotten concerns out. side of Durango and no doubt many more surprises are in store for the people when the bank commissioner completes a round-up of the state banks under the new law.

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

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y PARESIS OF THE BRAIN t When a man is suffering with paresis of the brain and is permitted to run at large by the authorities the public must necessarily take chances and S liable to attack at any time. As David F. Day is thus afflicted we suppose our good people must stand it. They must take chances of the man breaking out in a new place at any time. The Herald is prepared to prove that Dave Day in his Democrat will not tell the truth nor right a wrong or a misstatement. although day after day he prates about his honesty and assertions that he never failed to make a retraction. Some days ago he stated that Chas. E. McConnell borrowed $10,000 at the First National bank by putting up Smelter State bank securities and then pocketed the money, when the facts were that the money borrowed was through private security and for the benefit of the Smelter City State bank. He also caused this statement to go to the Pueblo Chieftain and we noticed the same lie published in other papers. Has a solitary individual seen a retraction? No. The man who runs the Democrat has not the decency or honor to make an honest correction. Again, Day has asserted several times that Mr. McConnell sold out the railway survey to the Southern Pacific and pocketed $25, 000. Will the Democrat have the deceny to correct this? No. The day before the Smelter bank closed Mr. Day guaranteed depositors to the extent of $17,500. If he fails to keep this guarantee he is just as much a deceiver as any of the bank officers. Will he keep his promise? No. Again, have you noticed how quick he shuts up when he gets back a patron. He keeps digging until he gets them. Then not a word. It's wonderful the effect a little advertisement or a 50,000 run on job work has with this honest new3paper man. And talk about being servile. All Durango remembers how he came out with a tirade against the appointment of Messrs. Pingrey and Boyle as receivers of the closed banking institutions. He does not tell how it hap. pened he stopped suddenly and what was said to him. No, he leaves this out. Just now a few, very few. creditors of the closed banks are listening to him and will sacrifice their holdings for a song even in the Colorado State. And among this number are some who have berated him all over the country

16. January 10, 1908 The Dolores Star Dolores, CO
Article from The Dolores Star, January 10, 1908

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From the reports given out by the receivers of the defunct Duraugo banks it would appear that the financial panic just came in time to give these banks an excuse for closing as neither could have run over the first of the year when the banking law went into effect. The report of the receiver of the Smelter City bank shows that the depositors can not hope for more than ten or fifteen cents on the dollar Aut of the assets of that institution. The re: port as published in the Democrat gave the total assets at $110,665.54, of this amount $29,601.03 is considered good, $12,257.00 doubtful, and $48,809.52 worthless. The liabilities are only $155,117.13.

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

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NOTICE OF DEPOSITORS' MEETING There will be a meeting held of depositors only of the Smelter City State bank at Durango city hall. January 14 at 8 o'clock p. m. to hear report of the receiver, and discuss such other matters of importance as may be deemed necessary relative to the interests of the depositors and looking towards the best means of winding up the affairs of said bank. R. E. SLOAN, Chairman. January 10, 1908.

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

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SMELTER CITY BANK Largely Atte ing of Depos Last Night Depositors of the Smelter City State bank met at the city hall last evening of listening to the reReceiver Pingrey and port for the of purpose Mr. Pingrey that of the advisory committee. read the synopsis of his report which has already been published. then E. C. Lightner read the report of the advisory committee as follows: "We have examined every resource at our command to devise ways and means of securing the most money out of the assets of the Smelter City bank, and in this we have been ably assisted by Mr. Pingrey, the receiver who has allowed us free access to all the books and papers connected with the bank and while we hardly think it necessary to comment on the situa tion at this time, as you no doubt are fully as conversant with the re ceiver's report as the advisory board is, however, we would like to state, that the total liabilities of the bank amount to $155,000. and the total as sets, which the receiver has deemed wise to place in three distinct col umns: a The good $27,000 $14,000 The doubtful $68,000 The worthless Total assets of $109,000 as against $155,000 liabilities. To the good as sets can be added the lot on Main street, situated near the Jackson Hardvalued at $2,500 and in the Farmington ware the lots company. valued addition at $500, in Farmington, N. M., making a total of $30,000 which can be considered as good assets. From this amount we have deducted $15,000 for securities hypothecated in Denver i and which are not available at the present time, leaving a net amount of t assets, which can be classed as good of $17,600 then the amount which Mr McConnell claims that he can get re leased from the indebtedness of the bank by giving his own personal note the influence of certain would leave a net friends, or through liability in sight of $113,000. and the receiver has $17,600 with which to pay this $113, 000 liabilities. "We have as stated before the ad visory board, has executed every known means at its command to arrive at some agreement that would be satisfactory to the depositors in general, and we beg to submit to you the following proposition to which Mr. McConnell and his attorneys have agreed and we will leave this matter with you for your consideration." After the reading of the above the chairman had the secretary read the proposed agreement between the committee and McConnell, which is as fol lowe: "This agreement made and entered into this day of January, A. D. 1908, by and between Charles E. Me Connell of the city of Durango, La Plata County. Colorado, party of the first part and R. E. Sloan, E. C. Light ner and F. R. Graham, of the said city, county and state, parties of the second part, witnesseth: "WHEREAS, the said Charles E. Mc Connell was the president of the Smelter City State bank of Durango, Colo., and the owner of certain stock in said bank, and "WHEREAS, the said Smelter City State bank of Durango, Colo., has be come financially embarrassed, and un able to meet its financial obligations, and was placed in the hands of the state bank commissioner of the state of Colorado, and "WHEREAS, the said state bank commissioner has heretofore applied to the district court of the sixth judicial district of the state of Colorado, in and for the county of Archuleta, for a receiver of said bank, and "WHEREAS, Rowe N. Pingrey has been by said court heretofore duly ap pointed receiver for said bank, and has duly qualified as such receiver and entered upon the discharge of his duties as such receiver and is now in possession of all the property of said bank, as provided by law, and "WHEREAS, the said R. E. Sloan, E. C. Lightner and F. R. Graham have been heretofore selected as a committee the creditors of said bank to the condition with said sugascertain to advise by receiver thereof, means and and gest plans, and ways and by which the greatest amount of money might be realized out of the assets of said bank for the purpose of protect-

19. December 21, 1908 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, December 21, 1908

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8 means 100 cents on the dollar and about $3,000 over to pay the receivership expenses, but should the receivership expenses run to $7,500 as agreed to in a signed card. then it means 96 to 97 cents on the dollar. Just what the receiver and attorneys will be allowed is a matter for the court, but in placing the limit at $7,500 we do so on account of the card of the receiver and attorneys published recently. This morning the court entered the order authorizing the transfer of the bank assets and all Mr. Boyle has to do is to disburse the cash and this should be forthcoming to morrow or by the outside Saturday enabling depositors to spend a happy Sabbath. The court this morning or dered a dividend paid to depositors but did not fix the amount, not having decided on the sum to be allowed the receiver and attorneys, the size of dividend being left to the discretion of the receiver, and this being the case we presume the dividend will not be less than 95 per cent. Thus it is with great pleasure The Herald announces the happy outcome. It is a source of great gratification to all immediately concerned as well as the people at large-those having no direct pecuniary interest. Coming right down to facts, every citizen has a pecuniary interest in the settlement, because the turning loose of this sum of money at the present time will aid every Durangoite as the money will keep changing hands until it pays obligations five or six times more than the original. Now we trust that Mr. McConnell will be able to get the affairs of the Smelter City State bank settled in the near future and then Durango will again rejoice. After entering the order in the Colorado State bank matter this morning, all criminal cases were continued until the April term to which time court adjourned. 1

20. March 4, 1909 Semi-Weekly Herald Durango, CO
Article from Semi-Weekly Herald, March 4, 1909

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PAYING SMELTER STATE BANK DIVIDENDS. It is gratifying to the people of Durango that the affairs of the Smelter City State bank have been settled much more satisfactory than at first appeared possible. At one time it did not look as though the bank would pay over 10 or 15 cents on the dollar, but the advisory committee and others interested kept at the good work without being discouraged. Many of the depositors took stock in the Nevada mining property at a reduced rate that may net them double value, and the final agreement reached between the advisory committee, depositors, Mr. McConnell and Mr. Reynolds, provided for a total payment of 621/2 per cent in cash and notes, and 37 1/2 per cent in mining stock. The depositors were to receive the above clear of receivership expenses according to the agreement, and after the depositors had agreed to the proposition Mr. Reynolds came to the front with the amount of cash agreed on with the result that Receiver Pingrey is able to pay at once a dividend of 54 6-10 per cent, which means turning loose imme. diately in the neighborhood of $50, 000. About 8 per cent more will be paid in 18 months as per notes given by Mr. McConnell and endorsed by Mr. Reynolds, while the 37 1/2 per cent in stock will be issued at once. If re ports are anywhere near correct, from those who have personally inspected the Nevada property and those who know the conditions, there is little doubt but that depositors will finally es receive at least dollar for dollar and possibly more. It would certainly be gratifying if those who took stock for their entire deposit would make double on the investment. is Of course with the settlement all n criminal proceedings were dismissed le