5c69bc99Full suspension
Other: Assignee/receiver actions followed closure; later court actions and indictments in 1908 regarding officers.
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COLORADO BANK BROKE. Ouray, Colo., June 11.-The Bank of Ouray closed its doors today. Its liabilities are about $100,000 and the creditors are mainly small depositors. The assets are not stated, but are said not to equal the liabilities. The failure was precipitated by a run on the bank in which depositors withdrew about $50,000. The bank is owned by George Hurlbert, president, and Judge Theron Stevens.
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Ouray Bank Closes. Ouray, Colo.-Unable to weather a run which it was feared would come following the rendering of a judgment of $17,900 against the institution, the Bank of Ouray failed to open. Its liabilities are approximately $118,000, while the assets, according to the officers, will more than offset this. The bank was operated by the firm of Hurlburt, Stevens & McClure, George R. Hurlburt being president. Judge Theron Stevens, pioneer jurist and statesman, is a member of the firm. "If our assets are handled properly," said President Hurlburt, "the depositors will get dollar for dollar. The court judgment was the only reason for our closig. We are not in shape to stand a run and deemed it inadvisable to to attempt to continue business. I do not think that we will reopen." The verdict of $17,900 was rendered in the case of the city of Ouray vs. the Bank of Ouray for the collection of a note of $5,000 with interest at eighteen per cent. In February, 1905, the First National Bank of Ouray traded the note to the city of Ouray in exchange for deposit certificates held by the city on the bank. A judgment was taken at that time against the Milwaukee Mining Company, the makers of the note, but collection could not be made from this company and the bank and its successors became liable as indorsers on the note. The case has been taken to the Supreme Court twice on demurrers and objections in points of law and decisions have been rendered by the Supreme Court which brought the case to trial before the District Court at this time.
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Tue bank of Ouray, a private banking institution, closed its doors this morning after a brief run precipitated by the rendering in district court last evening of a judgement against the bank in favor of the city of Ouray for $17.900. The liabilities of the bank are estimated at $100,000, and it is expected it will pay out in full. Walter Wheeler was appointed assignee. The officers of the bank are George R. Hurlbut, president; Theroh Stevens. vice president; Frank P. Tanner, cashier; and Harvey Quigley, assistant cashier.
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Ouray Bank Closes. Ouray, Colo.-Unable to weather a run which it was feared would come following the rendering of a judgment of $17,900 against the institution, the Bank of Ouray failed to open. Its liabilities are approximately $118,000. while the assets, according to the officers, will more than offset this. The bank was operated by the firm of Hurlburt, Stevens & McClure, George R. Hurlburt being president. Judge Theron Stevens. pioneer jurist and statesman, is a member of the firm. "If our assets are handled properly," said President Hurlburt, "the deposit ors will get dollar for dollar. The court judgment was the only reason for our closig. We are not in shape to stand a run and deemed it inadvisable to to attempt to continue business. I do not think that we will reopen." The verdict of $17,900 was rendered in the case of the city of Ouray VS. the Bank of Ouray for the collection of a note of $5,000 with interest at eighteen per cent. In February, 1905, the First National Bank of Ouray traded the note to the city of Ouray in exchange for deposit certificates held by the city on the bank. A judgment was taken at that time against the Milwaukee Mining Company, the makers of the note, but collection could not be made from this company and the bank and its successors became liable as indorsers on the note. The case has been taken to the Supreme Court twice on demurrers and objections in points of law and decisions have been rendered by the Supreme Court which brought the case to trial before the District Court at this time.
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Ouray Bank Closes. Ouray, Colo.-Unable to weather a run which it was feared would come following the rendering of a judgment of $17,900 against the institution, the Bank of Ouray failed to open. Its liabilities are approximately $118,000. while the assets, according to the offieers, will more than offset this. The bank was operated by the firm of Hurlburt, Stevens & McClure, George R. Hurlburt being president. Judge Theron Stevens, pioneer jurist and statesman, is a member of the firm. "If our assets are handled properly," said President Hurlburt, "the deposit ors will get dollar for dollar. The court judgment was the only reason for our closig. We are not in shape to stand 3. run and deemed it inadvisable to to attempt to continue business. I do not think that we will reopen." The verdict of $17,900 was rendered in the case of the city of Ouray VS. he Bank of Ouray for the collection of 1 note of $5,000 with interest at eighteen per cent. In February, 1905, the First National Bank of Ouray traded the note to the city of Ouray in exchange for deposit certificates held by the city on the bank A judgment was taken at that time against the Milwaukee Mining Company, the makers of the note, but collection could not be made from this company and the bank and its successors became liable as indorsers on the note. The case has been taken to the Supreme Court twice on demurrers and objections in points of law and decisons have been rendered by the Supreme Court which brought the case o trial before the District Court at this time.
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Patrick Gibbons, supposed 10 DO Insane, brutally assaulted Mrs. Chris Jorgensen, aged 87, at Anaconda, Mont. A crowd of women attempted to lynch Gibbons and would have succeeded ,but for the officers. Wells Morton, a prominent broker and promoter, has been found by the Goldfield mining stock exchange to be insolvent. The failure was caused by short interests in Jumbo Extension and other rising securities. J. Ross Clark of the Salt Lake Route states that trains should be running into Goldfield by Sept. 1, and that rights-of-way are being secured through Columbia, Diamondfield and other towns on the way to Tonopah. While pursuing two Montana horse thieves, Sheriff Guy and a posse from Johnson county, Wyoming, shot and killed one of the robbers that held up a Northern Pacific passenger train at Welch Spur recently. The other man escaped. For the first time in the history of the Wells-Fargo Express company anywhere, it has made a shipment of structural steel in carload lots by express. Two carloads of iron and steel to be used in the completion of the new Goldfield News building was shipped from Reno to Goldfield by express. The Bank of Ouray, Colo., nas closed its doors. Its liabilities are about $100,000 the creditors are mainly small depositors. The assets are not stated, but are said not to equal the liabilities. The failure was precipitated by a run on the bank in which depositors withdrew about $50,000. The train dispatchers of Sparks, Verdi and Reno complain that the Southern Pacific company is not obeying the eight-hour law in regard to operators and dispatchers passed by the last legislature, and have asked District Attorney Moran to take action against the company to enforce the law.
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NO RECEIVER TO BE APPOINTED (By Associated Press) Ouray, July 2.-The district court today denied the petition of Mrs. Mary Shanks, city treasurer of Ouray to have a receiver appointed for the defunct Bank of Ouray. The indications are that the matter will drag along in the courts for some time.
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ed a big sensation. Since his defeat for re-election to the district court two years ago, judge Stevens has made his home in Nevada. When he learned of the investigation being conducted and the possibilities of his indictment he wired the Sherff to the effect that the county would not be put to the slightes expense. "Just notify me and I will hasten back," he is said to have telegraphed. Whether word was sent to Judge Stevens of the indictment is not known, but when he arrived the capiases were served on the three men, who gave bond; Judge Stevens and Hurlburt in the sum of $15,000 each and Tanner $10,000. The Grand Jury which returned the indictments against the three bankers is reported also to have indicted others, but no arrests have been made and none of the officials in a position to know will commit themselves on the subject. The probing board was cailed by Judge Sprigg Shackelford and was in session from last Wednesday morning until Friday night. Their report was made to Judge Shackleford Saturday. They are said to have been voted as a unit on the indictment of the bankers. The sympathy of the community is with Judge Stevens, whom the people believe had no active part in the management of the bank and really did not know the condition of the institution. They also take the view that the law undoubtedly has been violated and that duty requires an investigation to be made. The Bank of Ouray closed its doors in June of 1907.The deposits amopnted to approximately $100,000. The first report made by the bank officials piaced the assets of the firm at $96,000, but in the year and a-half intervening the receiver has been able to realize only 43 1-3 per cent of the depositor's money.