gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f6c820a3f82af723
Response Measures
None
Description
Suspension attributed to loss of confidence from local land-fraud indictments; receivers appointed and bank wound up.
Events (4)
1.December 17, 1907Suspension
Cause
Local Shock
Cause Details
Lack of confidence caused by indictments of prominent citizens on land fraud charges tied to local scandals
Newspaper Excerpt
The Smelter City Bank of Durango ... failed to open this morning. Lack of confidence, due, it is said to the indictments of prominent citizens on charges of land frauds ... led to the suspension of the Smelter City bank
Source
newspapers
2.December 22, 1907Receivership
Newspaper Excerpt
will be placed in the hands of receivers to wind up their affairs. ... H. M. Beatty, state bank commissioner, ... placing the institutions in the hands of receivers to wind up their affairs.
Source
newspapers
3.December 25, 1907Other
Newspaper Excerpt
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.
Source
newspapers
4.January 2, 1908Other
Newspaper Excerpt
Charles E. McConnell, president of the Smelter City State bank, which closed its doors ... was arrested ... charging him with receiving deposits when he knew the bank to be insolvent.
Source
newspapers
Newspaper Articles (20)
1.December 17, 1907The News-DemocratProvidence, RI
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Article Text
SMELTER CITY BANK CLOSES ITS DOORS Durango, Col., Dec. 17.-The Smelter City Bank of Durango, a state institution capitalized at $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 $100,600, 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 bank, as well as the Colorado bank, which failed last week.
2.December 17, 1907Evening Times-RepublicanMarshalltown, IA
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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.
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,
4.December 18, 1907The Madison Daily LeaderMadison, SD
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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.
5.December 18, 1907The Vinita Daily ChieftainVinita, OK
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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.
6.December 18, 1907The Birmingham Age-HeraldBirmingham, AL
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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.
7.December 18, 1907The Salt Lake HeraldSalt Lake City, UT
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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.
8.December 19, 1907Reporter and FarmerWebster, SD
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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.
9.December 20, 1907The Red Cloud ChiefRed Cloud, NE
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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
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.
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.
12.December 23, 1907Los Angeles HeraldLos Angeles, CA
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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.
13.December 25, 1907The Lamar RegisterLamar, CO
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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.
14.December 27, 1907The Charles Mix New EraWagner, SD
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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.
15.December 27, 1907The Springfield HeraldSpringfield, CO
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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.
16.December 28, 1907The Miller SunMiller, SD
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Article Text
HOPELESSLY WRECKED. Falled 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.
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.
18.January 2, 1908The Elbert County TribuneElbert, CO
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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.
19.January 10, 1908The Dolores StarDolores, CO
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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.
20.January 13, 1908Semi-Weekly HeraldDurango, CO
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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.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
