Bank of Ouray (Ouray, CO)

Episode Information

Episode UID
9411749891290
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
941174989 hash
Start Date
June 11, 1907
Location
Ouray, Colorado (38.023, -107.671)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a4ea99cbcbf06c14

Response Measures

None

Description

A judgment against the bank precipitated the run; a receiver was later reported in 1908.

Events (3)
1. June 11, 1907 Run
Cause
Bank Specific Adverse Info
Cause Details
Rendering of a $17,900 judgment against the bank prompted depositor withdrawals (~$50,000).
Measures
Bank failed to open and closed its doors; officers cited inability to stand a run.
Newspaper Excerpt
The failure was precipitated by a run on the bank in which depositors withdrew about $50,000.
Source
newspapers
2. June 11, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after a run precipitated by the district-court judgment of $17,900; bank failed to open next business day.
Newspaper Excerpt
The Bank of Ouray closed its doors today. Its liabilities are about $100,000.
Source
newspapers
3. July 28, 1908 Receivership
Newspaper Excerpt
Joseph G. Tumbach of Ouray ... receiver of the defunct Bank of Ouray, was in town on business today.
Source
newspapers

Newspaper Articles (10)
1. June 12, 1907 The Lake County Times Hammond, IN
Article from The Lake County Times, June 12, 1907

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Article Text

NEWS FACTS IN OUTLINE The government has filed a petition at Philadelphia asking an injunction against the alleged anthracite coal combination. Secretary Taft was the guest of honor at Davenport, Ia., at the banquet of the Tri-City Press club. He spoke in eulogy and defense of the president, especially as to his states rights policy. The Bank of Ouray, Colo., a state bank, has closed its doors. Liabilities about $100,000. Representing Queen Alexandria Field Marshal Lord Roberts welcomed to London the delegates to the eighth international Red Cross convention. Mrs. Andrew Van Vranken Raymond, wife of the president of Union college, Schenectady, N. Y., is dead of heart failure. Governor Hughes, of New York, has vetoed the 2-cent fare bill passed by the legislature, because he considers it inequitable in its provisions. France will not temporarily suspend the duties on wheat and flour owing to the rise in price of bread. Detectives at Lafayette, N. Y., arrested Mr. and Mrs. George Halling, wanted at DeKalb, Ill., on a charge of issuing worthless checks to the value of $550. The first of the 932 cases against the Standard Oil company brought by Ohio on chargesof violating the Valentine anti-trust laws is in progress at Findlay, 0. The national executive offices have been removed to Oyster Bay for the summer. Pittsburg, Kan., is dry for the first time in fifteen years, every saloon there having closed.

2. June 12, 1907 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, June 12, 1907

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Article Text

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.

3. June 13, 1907 Gilpin Observer Central City, CO
Article from Gilpin Observer, June 13, 1907

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Article Text

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.

4. June 14, 1907 The Dolores Star Dolores, CO
Article from The Dolores Star, June 14, 1907

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Article Text

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.

5. June 15, 1907 The Idaho Springs Siftings-News Idaho Springs, CO
Article from The Idaho Springs Siftings-News, June 15, 1907

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Article Text

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.

6. June 15, 1907 The Glenwood Post Glenwood Springs, CO
Article from The Glenwood Post, June 15, 1907

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Article Text

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.

7. June 20, 1907 The Lehi Banner Lehi, UT
Article from The Lehi Banner, June 20, 1907

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Article Text

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.

8. July 2, 1907 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, July 2, 1907

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Article Text

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.

9. July 28, 1908 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, July 28, 1908

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Article Text

Joseph G. Tumbach of Ouray, manager of the San Pedro Mining & Milling Company and receiver of the defunct Bank of Ouray, was in town on business today.

10. December 14, 1908 Carson City Daily Appeal Carson City, NV
Article from Carson City Daily Appeal, December 14, 1908

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Article Text

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.