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COLORADO STATE BANK SUSPENDS. Durango, Col., Dec. 14.-The Colorado State Bank of this city suspended business to-day, pending reorganization. It holds deposits of $500,000 and its capital is $75,000.
Colorado State Bank (Durango, CO)
Episode Information
- Episode Type
- Suspension → Closure
- Start Date
- December 14, 1907
- Location
- Durango, Colorado (37.275, -107.880)
- Bank Type
- state
Metadata
Notes
Bank initially suspended claiming unimpaired assets, but state commissioner placed it in receivership and receiver later reported heavy insolvency.
Events (3)
1.
December 14, 1907
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Depositor uneasiness caused by indictments of several bank directors on alleged land fraud charges.
- Newspaper Excerpt
- The Colorado State Bank of this city suspended business to-day, pending reorganization.
- Source
- newspapers
2.
December 22, 1907
Receivership
- Newspaper Excerpt
- state bank commissioner ... returned from Durango ... after placing the institutions in the hands of receivers to wind up their affairs.
- Source
- newspapers
3.
January 4, 1908
Other
- Newspaper Excerpt
- warrants were sworn out charging Benjamin M. Freeman, president, and Frank Eldredge ... with having received deposits when they knew the bank to be insolvent.
- Source
- newspapers
Newspaper Articles (21)
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COLORADO STATE BANK CLOSES ITS DOORS Morning Times Special. Durango, Colo., Dec. 14-Colorado state bank of this city closed its doors this afternoon until reorgamization. The bank has a half million on deposit with a capital stock of $75,000. Suspension was caused by uneasiness of the depositors over indicaments there. Directors in land fraud cases were the directors in the bank which failed. The bank is solvent and will resume business shortly.
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SUSPENSION OF BANK Colorado State Bank of Durango Quits Business Pending a Reorganization. Durango, Colo., Dec. 14.-The Colorado State Bank of this city suspended business today pending re-organ ization. It holds deposits of $500,000 and its capital is $75,000. Officials of the bank assert that the assets are entirely unimpaired and that the bank will be able to pay its depositors as well as stockholders in full.
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An Xmas Gift Suggestion: A pretty PICTURE. TRESSLAR'S STUDIO. COLORADO BANK SUSPENDS. Officials Declare That Assets Are Not Impaired. Durango, Colo., Dec. 14-The Colorado State Bank of this city suspended business today 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 was 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, had 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
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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.
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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,
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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.
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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.
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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.
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LAND FRAUD CASES HIT BANK. Indietment 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.
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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.
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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.
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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.
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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.
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Colorado Bank Officers Arrested. DURANGO, Colo., January 4.-Following the filing today of the report of Owen Boyle. receiver for the defunct Colorado State Bank. warrants were sworn out charging Benjamin M. Freeman, president, 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 released on bonds. According to Receiver Boyle's report the Colorado State Bank will be able to pay depositors 25 cents on the dollar.
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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.
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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
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Durango, Colo.-Soon after the filing of the report of the defunct Colorado State bank, Saturday, with District Judge Charles A. Pike, by Receiver O. F. Boyle, warrants were sworn out by George Olbert, a heavy depositor of the institution, for the arrest of President B. M. Freeman and Directors W. C. Chapman. Frank Eldredge and C. E. Hampton, charging them with receiving funds for deposit after they knew the bank to be insolvent. All three officials went before a justice and were bound over tc the District Court on bonds of $15,000 each. They gave bond and were released.
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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.
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A meeting of Colorado State bank depositors has been called for Monday, Jan. 13th, at which time the report of Receiver O. F. Boyle will be taken up and discussed along with a statement from Mr. Freeman and other officers of the bank. in which it is reported certain propositions will be made, the nature of which we are not positively informed. This meeting will undoubtedly develop something tangible. or at least stepping stones for getting together.
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committee. The affairs of the Colorado State Bank of Durango are now said to be practically settled. B. N. Freeman, president of the bank, and his associates 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 is known as the "Mary Kimball Pratt" collection of fossils, Indian relics, minerals, gems, old coins, and similar articles. The collection is said to be exceptionally valuable, containing something like 8,000 specimens, some of them of great value because of their rarity. It Is said that the automobile owners of Colorado Springs have promised to contribute $5,000 toward the proposed boulevard from Colorado Springs to Canon City, provided the road is extended to the Royal Garge. Whis is in line with the resolution adopted by the Canon City Merchants' Association, asking the State Legislature to appropriate $10,000 toward the projected Canon City-Colorado Springs road.