1419. Bank of Montrose (Montrose, CO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 29, 1897
Location
Montrose, Colorado (38.478, -107.876)

Metadata

Model
gpt-5-mini
Short Digest
ad963785

Response Measures

None

Description

Bank failed to open Sept 29, 1897 after heavy withdrawals triggered by the recent closing of the Bank of Rico. Directors closed (suspended) to forestall a run. Subsequent reports (early October 1897) show an assignee (N. G. Clark) and a depositor committee finding a $43,000 deficit, indicating the bank remained closed and went into liquidation/receivership.

Events (2)

1. September 29, 1897 Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals precipitated by the recent closing of the Bank of Rico; directors closed the bank to forestall a run.
Newspaper Excerpt
The Bank of Montrose failed to open its doors this morning. ... withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run.
Source
newspapers
2. October 7, 1897 Receivership
Newspaper Excerpt
The property of the Bank of Montrose is in the hands of N. G. CLARK, assignee. ... The committee reported total liabilities $222,000 and good assets $179,000, leaving a deficit of $43,000; committee recommended stockholders make good the deficit (probably done). (reports dated Oct. 7-8, 1897).
Source
newspapers

Newspaper Articles (15)

Article from Kansas City Journal, September 30, 1897

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Article Text

Colorado Bank Fails. Montrose, Col., Sept. 29.-The Bank of Montrose failed to open its doors this morning. Recent withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital is $50,000 and the deposits $177,219. An effort will be made to reopen the bank.


Article from The Seattle Post-Intelligencer, September 30, 1897

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Article Text

Another Colorado Bank Closed. DENVER, Sept. 29.-A special to the Republican from Montrose, Col., says: The Bank of Montrose failed to open its doors this morning. The president, James McClure, is also a stockholder in the Bank of Rico, which closed a few days ago, since which time withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital is $50,000 and the deposits $177,219. An effort will be made to reopen the bank.


Article from The Herald, September 30, 1897

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Article Text

A Broken Bank DENVER, Col., Sept. 29.-A special to the Republican from Montrose, Col., says: The Bank of Montrose failed to open its doors this morning. The president, J. E. McClure, is also a stockholder in the Bank of Rico, which closed a few days ago, since which time withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital stock is $50,000 and the deposits $177,279. An effort will be made to reopen the bank.


Article from The Topeka State Journal, September 30, 1897

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Article Text

Montrose Bank Closes. Denver, Col., Sept. 30.-A special to the Republican from Montrose, Col., says: The Bank of Montrose failed to open its doors this morning. The president, J. E. McClure, is also a stockholder in the Bank of Rico which closed a few days ago, since which time withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital is $50,000 and the deposits $177,219. An effort will be made to reopen the bank.


Article from Deseret Evening News, September 30, 1897

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Article Text

TELEGRAPHIC BREVITIES. Yellow fever is increasing rapidly in New Orleans. The bank at Montrose, Colo., falled on Wednesday. Twenty American locomotives have been ordered by the Japanese rallway bureau. There is a movement among the Choctaw Indians in Indian Territory to remove to a tract of land in Mexico. After the appointment of three subcommittees on Wednesday night, the monetary conference in Washington adjourned till Oct. 11. Two thousand cripples are expected to be present at the American Brotherhood of Cripples convention in St. Louis, Mo., on Saturday. George E. Wilson fell from the crest of Telegraph Hill, San Francisco, on Wednesday, 120 feet, and broke nearly evey bone in his body. W. J. Bryan has sent a telegram of congratulation to George Frederick Williams, Democratic nominee for governor of Massachusetts. Ex-State Senator Dorsey, at Moundsville, West Va., shot himself through the head Wednesday. His act was due to despondency caused by financial reverses. Dr. Nansen, the explorer, is coming to the United States to deliver sixty lectures for $65,000 and a percentage of the receipts. He will leave Christiana Oct. 1. The Boston baseball club beat the Brooklyn club Wednesday afternoon. by a score of 12 to 4. The Bostons need only two more games to give them the championship. At Omaha Wednesday, Judge Murger refused an extension of time for separating the telegraph properties of the Union Pacific and Western Union, which is set for Dec 31. A train carrying physicians was prevented from passing through Lafayette, Louisiana, on Wednesday night, by a mob armed with shotguns. Fears of spread of yellow fever was the cause of the mob's action. An unknown man in Colfax, Washington, broke into a house Wednesday night, and attempted to assault a 14year-old girl. Her cries brought help, but the brute escaped. A crowd of citizens is looking for him, and he may be lynched if caught.


Article from The Indianapolis Journal, September 30, 1897

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Article Text

Failure of a Colorado Bank. DENVER, Col., Sept. 29.-A special from Montrose says the Bank of Montrose failed to open its doors this morning. The president, w. E. McClure, is also a stockholder in the Bank of Rico, which closed a few days ago, since which time withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital is $50,000 and the deposits $177,219. An effort will be made to reopen the bank.


Article from The Saint Paul Globe, September 30, 1897

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Article Text

Bank Doors Closed. DENVER. Col., Sept. 29.-A special from Montrose, Col., Says: The Bank of Montrose failed to open its doors this morning. The president, J. E. McClure. is also a stockholder of the Bank of Rico. which closed a few days ago, since which time withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital is $50,000 and the deposits $177,219. An effort will be made to re-open the bank.


Article from The Coeur D'alene Press, October 2, 1897

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Article Text

BANK OF MONTROSE, COL., FAILED. Withdrawals for the Reco Bank Caused the Downfall. Denver, Col., Sept. 30.-A special to the Republican from Montrose, Col., says the Bank of Montrose failed to open its doors yesterday. The president, J. E. McClure, is also a stockholder in the Bank of Rico, which closed a few days ago, since which time withdrawals from the Montrose concern have been so heavy that the directors thought best to forestall a run. The capital is $50,000 and the deposits $177,219. An effort will be made to reopen the bank.


Article from The Irish Standard, October 2, 1897

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Article Text

Colorado Bank Falls. Denver, Col., Sept. 30.-A special from Montrose says the Bank of Montrose failed to open its doors Wednesday morning. The president, J.E. McClure, 18 also a stockholder in the Bank of Rico, which closed a few daysago, since which time withdrawals from the Montrose concern have been 80 heavy that the directors thought best to forestall A run. The capital is $50,000 and the deposits $177,219. An effort will be made to reopen the bank.


Article from Deseret Evening News, October 7, 1897

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Article Text

Hard on the Stockholders. Montrose, Colo., Oct. 7.-The committee appointed by the depositors of the suspended Bank of Montrose to examine the books of the institution, reported the total liabilities to be $222,000 and total good assets $179,000 leaving a deficit of $43,000. The committee recommended that the stockholders immediately make good the $43,000 deficit, which will probably be done today.


Article from The Delta Independent, October 8, 1897

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Article Text

Last Tuesday, about noon, the bank or Montrose posted the following notice on its doors: This bank is closed pending a meeting of the directors J. McCLURE, Pres. The action was caused by the demands at the cashier's window. The failure of the Bank of Rico last week had much to do with the closing of the bank here, as it was that which caused a withdrawal of deposits. The local bank stood it until noon Tuesday, but at that time a demand for $20,000 in a lump took the reserves out and the president, J. E. McClure, was forced to close the doors. Many of our citizens had money on deposit, dispite the run made, and it will go hard with some of them to weather the storm. A large amount of county funds are tied up. but the commissioners. assert the security required of the bank is ample to make the deposits good. It is rumored that matters will be straightened out in a few days. On Wednesday morning the following notice was posted on the door of the bank: The property of the Bank of Montrose is in the bands of N. G. CLARK, assignee. Captain Clark is well known here and most people repose great confidence in him.-Montrose Enterprise. The citizens of Delta regret very much the failure of the above institution. for it will injure every industry in our neighboring town, Montrose. And while the records show that few banks are ever opened after a failure, it is hoped that this may prove au exception to the general rule and be able to resume.


Article from The Salt Lake Herald, October 8, 1897

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Article Text

The Montrose Bank Failure. Montrose, Col., Oct. 7.-The committee appointed by the depositors of the suspended Bank of Montrose to examine the books of that institution, reported the total liabilities to be $222,000 and total good assets $179,000, leaving a deficit of $43,000. The committee recommended that the stockholders immediately make good the $43,000 deficit, which will probably be done today. Gray's Laxative Pellets cure Constipation.


Article from The Neihart Herald, October 9, 1897

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Timber fires destroy 5,000 acres of forest near Hill, S. D. T. E. Byrnes, Mpls., held for forging a $15,000 mortgage. John Boecker, Carroll, Ia., chloroforms and butchers his family. Hawaii is reported to have offered Japan $100,000 to call it square. Chicago labor council repudiates anarchy in burning denunciations. The bank of Montrose, Colo., succumbs to a great run of prosperity. Spain's cabinet has resigned on account of Uncle Sam's last letters. Lawyer Bateman of Chicago croaks suddenly in Washington city. The Sylva gang of desperadoes in New Mexico is cooped. One will hang. Mrs. Waters, a 3 months bride suicides at St. Louis. Cause unknown. Anarchs caught in a plot to slay the czar by tunneling a street in Warsaw. Geo. Fred Williams of Mass. nominated for governor on a silver platform. J. J. Shepard, Chicago capitalist is nipped for embezzling a paltry $400,000. At Santa Cruz, Calif., 200 tons of dynamite approach the clouds. Loss, $250,000. Paucity of dough causes druggist Harmon of Butte to suicide with a shooting iron. The town of Lookout Mt., Tenn, has gone into the hands of a receiver. Bankrupt. A woman asphyxiates herself and four children in a New York hotel. She had the blues. y C. H. Gill, extreasurer of West Superior pulled for gobbling $27,on 000 of city money. New Jersey election defeats the anti-gambling law, also the woman's e suffrage resolution. S t The Phoenix Brewing company e of Louisville succumbs to the trust S and fails for $250,000. it W. H. Irwin, a mine operator of e Boulder, Colo., bowls up and d shoots his wife and self. h Bob Ammon, the big bilk of Gilt n Edge, Mt., is jugged in New York of for offering to accept a bribe. n or Deadwood officers return from the d Hole in the Wall country with three st more Belle Fourche train wreckers. n Veno, the healing impostor, was 1e arrested for fraud in Butte, just a st he was heeling his way out of the ie state


Article from The Salt Lake Herald, November 17, 1897

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COLORADO BANK FAILURE. Reasons For Suspension of Delta County Bank. Denver, Nov. 16.-A special to the News from Delta, Colo., says: The cause of the failure of the Delta County bank, which closed its doors yesterday, is said to have been poor collections and the fact that J. E. McClure, president of the Bank of Montrose, which failed recently, was at one time vice president of the Delta County bank, although he is at present but a small stockholder in this bank. The Delta County bank also had some money tied up in the Montrose County bank. The assets are stated to be $110,000, and the liabilities $70,000.


Article from The Salt Lake Herald, April 1, 1898

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Colorado. Ole Oleson, a Swede miner, aged 30 years, was instantly killed at the North Chicago mine at Telluride Tuesday. He was riding around on the sweep of a whim, when a portion of the roof fell in, breaking his neck. Ex-State Treasurer Mulnix has turned into the state treasury the sum of $36,833.09, which represents the balance due as treasurer of the state of Colorado. The payment of this sum clears up all indebtedness due the state from money that was tied un in suspended banks, except a small amount which was deposited in the recently failed bank of Montrose, for which the state has ample security. When Mr. Mulnix went out of office the state funds were short over $60,000. The coroner's jury rendered a verdict that Mrs. Farger, who was found dead at Denver on Monday morning, was murdered. There was an effort to prove that the woman was poisoned by relatives who were interested in her life insurance. Mrs. Farger carried $20,000 life insurance. The large mercantile houses of Denver will obev the new ordinance prohibiting the employment of children under 14 years of age during the school hours.