Smelter City State Bank (Durango, CO)

Article Text

LAND FRAUDS CLOSE BANK

Indictments Cause Loss of Confidence in Durango, Col. Durango, Col., Dec. 17.-The Smelter City Bank of Durango, a state institution, with a capital of $30,000, failed to open this morning. No statement was made but deposits are believed not to exceed $100,000. Charles McConnell, president of the bank, said all 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 suspension of the Smelter City as well as the Colorado Bank, which failed last week.

Article Text

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,

Article Text

Colorado State Bank Suspends

Durango, Colo., Dec. 18.-The Smelter City bank of Durango, a state institution, capitalized at $30,000, failed to open its doors. 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.

Article Text

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

Article Text

Durango Bank Fails

Durango, Col., December 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 its deposits are believed to not 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 frauds under the federal laws led to the suspension of the Smelter City as well as the Colorado bank, which falled week.

Article Text

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.

Article Text

Colorado State Bank Suspends

Durango, Colo., Dec. 17.-The Smelter City bank of Durango, a state institution, capitalized at $30,000, failed to open its doors. No statement of its assets or liabilities has been given out, but the deposits are believed not to exceed $100,000. Charles McCon nell, president of the bank, said that all liabilities would be paid in full.

Article Text

SMELTER CITY BANK CLOSES Institution at Durango, Colo., Suspends Because of Land Fraud Cases. Durango, Colo., Dec. 18.-The Smelter City bank of Durango, a state institution, capital $30,000. failed to open. 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

Article Text

Colorado State Bank Suspends

Durango, Colo., Dec. 17.-The Smelter City bank of Durango, a state institution, capitalized at $30,000, failed to open its doors. 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.

Article Text

COLORADO STATE BANKS HOPELESSLY INSOLVENT Receivers Wind Up Affairs of Durange Institutions Closed Last Week. Devenr. 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 dogre the week before last, will be able to reorganize and re-open, 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 far short of meeting the indebtedness of the institution.

Article Text

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.

Article Text

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.

Article Text

e trict court in Pagoca Springs returned last evening. -0Lloyd Sheets, who returned from Denver Tuesday evening, will be on hand to assist the receiver and depositors in untangling the Smelter 3 City State bank affairs. -0-Mrs. R. W. Solomon. who was at Mercy hospital several days has SD far recovered as to be able to return to the ranch at Tiffany this morning. -0The Misses Francis and Marian Bell and Miss Ethel Sheets came in from Columbia. Mo., last evening where they afe attending Stephen's college. will be here during the holidays when they return to resume their studies. State Bank Commissioner H. M. Beatty having contpleted his business with the banks here and departed for Denver this morning. We trust he will never have occasion to visit this section on a similar mission. The condition of the failed banks may be bad. but until criminal crookedness is shown we are going to give the men every opportunity to straighten the tangle and pay depositors dollar for dollar. The man who jumps a board bill is liable to bump up against the real thing. Sheriff Palmquist of Silverton convinced two men of this fact in Ditrango yesterday who were willing to pay all expenses as well as the board bill which they attempted to "jump." John Gaylord, county clerk. along with three others who examined the books and paper of the Bank of Pa. gosa. make the statement that the bank is in excellent shape and if the Durango institution turns out as weil as expected the people of Archuleta county will be paid dollar for dollar in the long run. Last night Durango lodge No. 46. A F. & A. M., installed officers as follows: C. L. Russell, W. M.; T. H. Ballard. S. W.: G. H. Chariton, J. W.: W. C. Leisenberg, treasurer: Glenn Scouten. secretary: G. W. Moody, S. D.: S. D. Henderson, J. D. W. F. Ballreich. S. S.: J. T. Graham. J. S.: J. J. Biggs tyler. Owing to thef act that the Elks lodge has $1,500 tied up in the Smelter City State bank the plan to secure quarters for a club room and home has been abapdoned for the present. It will doubtless be raken in later,

Article Text

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.

Article Text

HOPELESSLY WRECKED

Failed Colorado Banks Will Not Be Able to Resume. 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, 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.

Article Text

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.

Article Text

Bank President Arrested

Durango.-Charles E. McConnell, president of the Smelter City State bank, which closed its doors a week ago last Monday, was arrested late Wednesday afternoon on a warrant sworn out by Harry Jackson, charging him with receiving deposits when he knew the bank to be insolvent. Mr. McConnell gives out the statement that he has mining interests and property which he will turn in soon, so that he can liquidate the debts of the bank. It is said that the books which Receiver Rowe Pingree has been going over for the last week will show that no regular meeting of the stockholders or directors of the bank has been held for the last nine years.

Article Text

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

Article Text

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.

Article Text

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.