gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8cac44c7c3238c9a
Response Measures
Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
60.0%
Date receivership started
1913-11-29
Date receivership terminated
1926-03-31
OCC cause of failure
Fraud
Share of assets assessed as good
32.6%
Share of assets assessed as doubtful
40.5%
Share of assets assessed as worthless
26.9%
Description
Receivership was promptly appointed and the institution remained in receivership with dividends paid later.
Events (5)
1.May 31, 1905Chartered
Source
historical_nic
2.November 28, 1913Run
Cause
Rumor Or Misinformation
Cause Details
Ugly rumors about the bank's stability combined with publicity of depreciated securities prompted heavy withdrawals (about $225,000 reportedly withdrawn).
Measures
Depositors' committee organized; plans to pay depositors with certificates and raise cash reserve; supporters pledged funds to reopen.
Newspaper Excerpt
Much surprise was expressed ... panicstrickes over the suspension ... For several days there have been many ugly rumore afloat ... deposits amounting to over $225,000 have been withdrawn.
Source
newspapers
3.November 29, 1913Receivership
Source
historical_nic
4.November 29, 1913Receivership
Newspaper Excerpt
Receiver F. E. Chapman ... temporary receiver of the Mesa County National Bank ... My reports are made to the comptroller of the currency ... I am working in the interests of the depositors of the Mesa County National bank.
Source
newspapers
5.November 29, 1913Suspension
Cause
Government Action
Cause Details
Temporary suspension ordered by the Comptroller of the Currency following withdrawals and recognition of depreciated securities.
Newspaper Excerpt
The order for a temporary suspension came from the comptroller of the treasury at Washington and Walter W. Smith, national bank examiner, has been placed in charge.
Source
newspapers
Newspaper Articles (24)
1.November 29, 1913The Glenwood PostGlenwood Springs, CO
Click image to open full size in new tab
Article Text
MESA COUNTY CLOSES ITS DOORS Ugly Rumors and Bepression of Securities Forces m. stitution to the Wall WILL REOPEN SOON Grand Junction, Nov. 28.-Much surfailure of prise was expressed at the the Mess County National bank to open its doors this morning and many small depositions were panicstrickes over the suspension of what has heretofore been generally considered one of the strongest financial institutions on the western slope. For several days there have been many ugly rumore afloat concerning the stability of the bank, some of these evidently being prompted by prejudice and personal enmity against Orson Adams, the president of the institubecause of his aggressive in political and attitude tion. who, municipal mat. has ters during the past few years, provoked considerable opposition against the bank, and it is rumored the past ten days deposits to over $225,000 that amounting during have been dewithdrawn. This with the recent preciation of certain securities held by the bank and heretofore considered giltedged have operated very seriously against the bank, but these conditions were not generally known to the small depositors nor to outsiders. The Mesa County State bank was established more than 25 years ago and for many years was easily is the lead of all booking Institutions in Man county of - - Tax years ago a change was made to a national bank and the name changed. The order for a temporary suspension came from the comptroller of the treasury at Washington and Walter W. Smith, national bank examiner, has been placed in charge. Among the heavy stockholders of the bank are Oreon Adams, A. R. and J. M. Sampliner, Dr. Bull and other A leading business men of the city. reorganization is under way and it its is said that the bank will reopen doors within the next two or three weeks. President Adams, who has tried very hard to avert the trouble, savs that the depositors will not suffer, but will be paid in full. The people here have full faith in Mr. Adams' business ability and, after the first shock, they have rallied to him in most failloyal fashion. It is felt that the is in no way a reflection upon local been business ure conditions which have the good this fall, but due to tank very being deceived in a large amount to of securities and unkind rumors due personal prejudice against Mr. Adams. Orson Adams is well known in Glenwood Springs where he is regarded as in of the shrewdest business men one the state. He is thoroughly familiar has with the banking business and it bank always been supposed that bis business founded upon a very solid foundation. was Mr. Adame has always both been a very aggressive character and a political and business way Post in a of very positive ideas. The business man pleased to note that the shown is of Grand Junction have this such men great faith in Mr. Adams in unfortunate affair and that they pre- full that be will pay depositors in and diet still make a success of the banking business. is not known here just what hav- are It securities referred to above as known the weakened the bank, but it is intering Mr. Adams has been heavily and that in the Grand Junction street in. interurban ested railway and other local the dustries and it is presumed that bank became involved pretty heavily these enterprises. The bank statement is cap italized in at $100.000, but no of has yet been made as to the amount the shortage. I Miss Allen returned last Sunday
2.December 3, 1913The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
Money Pledges For Cash Reserve and Capital and Make up Depreciated Securities. DEPOSITORS MUST GIVE AID Prominent Financiers Join With Mr. Adams and the Institution Will be More Sound Financially Than Ever Before. If the plan which has been practically agreed upon by the depositors' committee is approved at a meeting of depositors called for tomorrow evening at the auditorium, the Mesa County National bank will re-open its doors within a short time, with Orson Adams and other influential financiers in charge, and with every depositor and stockholder receiving dollar for dollar. The plan in brief provides for the payment of the depositors with certificates, payable at regular intervals within a year, the deposit within the bank of the cash reserve required by the government, and the approval of this action by the receiver and the comptroller of the currency. The committee which met this morning and selected. Arthur Gormley as chairman, has been carefully going over the proposed solution of the problem, with many of the depositors, and It has received unanimous approval. "If the depositors are willing to accept the plan hich will be preating Thursday night," said Mr. Gormley, the bank can be re-opened within ten days or two weeks, and none will lose a cent. We have discussed the matter with the examiner and when we have completed our work will submit it for approval. If the depositors approve of the plan it will be submitted to the receiver and the comptroller of the currency." The members of the committee, while maintaining eecrecy in regard to their plan were unusually optimistic, in the belef that the Mesa County National bank would be reopened within a very short time, and that it would be placed on the soundest financial basis. It is said that the plan calls for payment of the depositors in certificates, to be taken up within certified specified periods, the last to be paid within a year. If the bank can be reopened by this method it will avoid the expense of long and complicated liquidation, which would materially depreciate the assets of the institution. F. E. Chapman, who has been nam(Continued on Page 8.)
3.December 5, 1913The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
WILL REOPEN BANK BEFORE THE HOLIDAYS Plan of Depositor's Committee Approved; Vote of Confidence in Adams. WAS MEETING JUBILEE The Announcement That Mr. Adams Will Retire as the Executive of This Old Institution Is the One Ray of Gloom. HE - Mesa County National bank will open its doors for business T again within two weeks, and in plenty of time for the Christmas season as the result of the action of 600 depositors, who at a meeting in the Auditorium last evening approved the plans for reopening presented by the depositors' committee. Approval of the action of the committee was punctuated with cheers for Orson Adams, president of the bank, and the meeting adjourned with a vote of confidence in Mr. Adams, and thanks for his efforts in straightening out the difficulties surrounding the closing of the bank. There was but one note of sadness at the meetings, which somewhat dimmed the ovation for Mr. Adams, by the announcement made by W. D. Halpin that Mr. Adams had planned to retire from the executive management of the Mesa County National bank. once it was re-established on a strong financial basis, although still retaining his interests and expressing a willingness to assist in a minor official position. The meeting of the depositors lasted just 15 minutes and expressed again the extreme confidence the people of the valley and city feel in Mr. Orson Adams, a confidence which many of the heavy depositors stated would result in no appreciable withdrawal of deposits, and would lead to an increase both in business and prosperity for the Mesa County National bank. The Report. Horace T. De Long called the meeting to order promptly at 8 o'clock, and at once presented Arthur Gormley, chairman of the committee, who read the following report, which was unanimously adopted: To the Depositors of the Mesa County National Bank: We, the committee appointed by the chairman of the meeting of depositors, held on December 1. after carefully investigating the situation in regard to the reopening of the Mesa County National bank, beg leave to submit the following: It is in our opinion of the utmost importance that the bank be reopened at the earliest possible date, as any other course will mean a delay in the settlement of the affairs of the bank and a loss to the depositors. It is our earnest hope that we can avoid a lengthy receivership. With this end in view, we have consulted Mr. Orson Adams. who states that if the depositors will agree to accept settlement of their claims against the bank. partly in cash upon the reopening of the bank, and the balance upon certificates of deposit, (Continued on Page 2.)
4.December 6, 1913The Meeker HeraldMeeker, CO
Click image to open full size in new tab
Article Text
Mesa Bank Closes Banking, business and social circles in Meeker were surpised to hear of, last Sunday, the closing of the Mesa County National bank, Grand Junetion. Too much depreciated lower Grand River valley securieties was the cause of the suspension. Orson Adams, head of the closed bank, has many friends in this town all of whom hope he will be able to get its affairs straightened up and again resume business ere long.
5.December 10, 1913The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
THOUGHT ALL CHECKS BE PAID Announcement in The Sentinel last evening of the payment of checks drawn on the Mesa County National bank against the Grand Junction Building & Loan association almost started a run today. Many of those holding checks from various sources against the closed bank, thought that all checks were to be paid, instead of just those drawn by the loan association, and insisted that this be done.
6.December 24, 1913The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
ACTION ON BANK DELAYED UNTIL AFTER HOLIDAYS With the departure of Receiver F. E. Chapman for Denver to spend the holidays, it is probable that there will be no developments in regard to the re-opening of the Mesa County National bank until his return the first of the year. Negotiations have been delayed pending consideration of the bank's condition by the comptroller of the currency. and when the latter files a report. the Denver men who have interested themselves in the local institution will come here. It is stated that everything still looks favorable for the reopening of the bank.
7.January 14, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
RECEIVER MAKES STATEMENT AS TO MESA CO. BANK Reports Must Go to Comptroller -Depositors Must Make Their Claims Soon. No statement of the condition of the Mesa County National Bank can be made at this time, according to F. A., Chapman, receiver of the bank. who returned from Denver this morning. "My reports are made to the comptroller of the currency," said Mr. Chapman, "and the law provides no way by which this information can be given to the public, as in the case of a state bank. The assignee of a state bank makes his report to the courts, and that information at once becomes public. "I will say this much, however. The depreciation in securities in the Mesa County bank affect in no way either of the other banks in Grand Junction. Nor does this depreciation affect generally the securities in the valley or county. To the best of my knowledge the other banks are in good condition and there was absolutely no justification for the run last week.' "I am working in the interests of the depositors of the Mesa County National bank. and am pushing the settlement to a conclusion as rapidly as it is possible to do so. As soon as there is a sufficient amount of money on hand a dividend will be paid to the depositors on the order of the comptroller of the currency." The depositors of the bank will be required to make legal proof of their claims in the usual order in order to participate in the dividend. Mr. Chapman said this morning that the depositors and other creditors were unusually slow in making these claims, which should be hurried as much as possible. The same proof is required in the case of drafts and certificates of deposit.
8.January 23, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
DELAY BY DEPOSITORS IN PROVING UP CLAIMS STOPS BANK SETTLEMENT The delay by depositors in proving up their claims in the Mesa County National Bank is holding up to a large extent the settlement of the bank's affairs. Not more than 20 per cent of the depositors have proved their claims, and some are likely to suffer losses as a result. Until the claims are proved up, it is impossible to consider any plans which might be made for the possible re-opening of the bank. Many of the depositors have an idea that the papers they signed for the depositors' committee is all that is required, but it will be necessary for all of them to file a claim with the receiver, in the same manner as any other creditor of the bank.
9.February 12, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
DEPOSITORS SOON TO GET A DIVIDEND Assessment on Shareholders Will probably Force Action For Re-Opening. STOCKHOLDERS MEET AGAIN The first dividend to the depositors of the Mesa County National bank of from 15 to 20 per cent will probably be paid about the last of this month. There is now approximately $80,000 available for this purpose in the hands of the receiver and the assessment on the stockholders, ordered by the comptroller of the currency, will probably bring in an additional $30.000, although only a fourth of this will be available for the first dividend. Temporary Receiver Chapman last evening mailed out notices of a 100 per cent assessment to the stockholders of record of the bank, on order of Comptroller Williams. The stockholders are permitted to pay 25 per cent of the assessment Feb. 28, and the remainder in three monthly installments The assessment is expected to raise between $30.000 and $35,000, which will be placed to the credit of the depositors. On the major portion of the stock the assessment cannot be collected. Of the total capital of $100,000, which is assessable, $58,000 represents the holdings of Orson Adams, which is held as collateral by the First National bank of Denver. There are a number of women stockholders. who: the opinion of members of the depositors committee, will be unable to pay the assessment, but it is hoped to realize at least $30,000: The order of the comptroller will force action on the reorganization plans. The assessment will compel the First National bank of Denver to release the stock it holds, or pay the assessment of $58,000. If this is not done the stock will revert to the bank and will be disposed of for what it will bring. There are about 300 shares held in the valley, and many small blocks of stock are held by eastern parties, many of them women. H. F. Barnard of Denver, representing Colorado Springs parties holding sixty shares, reached here yesterday and had a conference with other stockholders today. Another meeting will be called in a few days and it may be possible that the comptroller will be asked to revoke his order, conditional on the stockholders agreeing to arrange for the reopening of the bank and restoring the capital of the institution. It is said by this method more money can be realized for the depositors than by foreing the liquidation of the bank's assets through receivership. Mr. Barnard in his conferences today indicated that his clients were willing to pay the assessment, but would much prefer to see the bank reopened, even though the cost to the stockholders was greater. for in that event the bank as a going institution. would give value to the stock. In case the bank can be reopened, it is said to bei the plan of the men
10.February 23, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
Senator John J. Tobin, who was recently appointed receiver of the Mesa County National Bank, returned last evening from his home in Montrose to take charge of the bank affairs.
11.February 28, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
PAYMENTS ARE MADE ON STOCK Plans for Reorganization of Bank Dropped HE first payments on the hundred per cent assessment made T' by the Comptroller of the Currency upon the $100,000 capital stock of the Mesa County National bank were made by stockholders today, thus ending for the present the plans for the re-organization of the bank. Practically all of the Grand Junetion stockholders paid the twentyfive per cent of the assessment levied by the comptroller, and Receiver John J. Tobin was well satisfied with the results of the assessment. However, no payments were made on the $58,000 stock of the bank held by the First National bank of Denver as collateral, and a number of the eastern stockholders failed to make the required payments. The next step to be taken by the receiver will be a formal demand for payment, accompanied by threat of suit unless the amounts are paid. The practical result will be the forfeiture of all stock upon which the assessments are not paid, which will then be sold at auction for whatever it may bring. The inability of the stockholders' ccmmittee to secure possession of the stock held by the Denver bank practically blocked all efforts to bring about the re-opening of the bank. Without this stock it was impossible to secure the capital to make good the impaired assets of the bank, and the probabilities are that no further effort toward re-organization will be made, although it is not impossible that some of the men who were interested in the old bank may form a ccmpany to have as its ultimate purDOBA, the incorporation of a new bank for Grand Junction. It is still problematical just what amount of money will be realized for the depositors from the hundred per cent assessment on the stockholders. The best that can be hoped is said to be a realization of between $35,000 and $45,000. No arrangements have yet been made for the payment of the first dividend, although there will be enough funds on hand with the next 25 per cent assessment to pay the depositors from 20 to 25 per cent. Tomorrow will be the end of the three months' periood since the closing of the bank. but the legal time for filing of claims does not expire until April 5, as the call for (Continued on Page 6.)
12.March 10, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
GIVE UP EXPENSIVE BUILDING. T the earliest possible moment the present extensive and exA pensive quarters of the defunct Mesa County National Bank should be vacated. The high rent that necessarily has to be paid for these fine banking rooms must come from the assets of the bank and therefore every month spent in that building proves a drain on the depositors of the closed bank. Such rooms are not necessary to carry on the affairs of the closed institution and they should be vacated just as quickly as possible by the receiver and his assistants.
13.March 20, 1914The Delta IndependentDelta, CO
Click image to open full size in new tab
Article Text
Conductor Hugh Gallagher of the Grand Junction-Montriose passenger run, took a lay-off for a day or so the fore part of this week and came up from the Mesa county metropolis on Monday to look after his ranch and Hugh other interests near Delta. states that business conditions in Grand Junction are now much better than they were for a time following the failure of the Mesa County National bank.
14.March 25, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
Word has been received here that Francis Chapman, temporary receiver of the Mesa County National had been appointed temporary receiver for the American National Bank of Caldwell, Idaho.
15.March 27, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
Francis A, Chapman, who was temporary receiver for the Mesa County National Bank, stopped off this morning on his way to Caldwell, Ida., where he has been appointed receiver for the American National Bank of that city. He will leave tomorrow night.
16.April 9, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
In anticipation of the sale of the furniture and fixtures of the Mesa County National Bank Receiver Tobin has had the property appraised by a committee composed of Benton Canon, A. T. Gormley and C. C. Lamb.
17.April 13, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
NEW BANK IS t a SOON 10 BE t OPENED HERE Three Different Groups of Financial Interests Figuring on 1 Location in This City. That Grand Junction will soon have a third bank. following the sale of the fixtures of the Mesa County National bank, is the opinion of Receiver J. J. Tobin of the closed institution. Three different groups of financial men have been interested in the fixtures, which probably will not be moved, but will be used for the opening of a new institution. Telluride, Glenwood Springs and Denver and local parties are all interested in opening a new bank in Grand Junction. and the approval of the courts of the sale of the fixtures of the Mesa county bank will be followed by an early announcement of the plans for the new institution. According to Receiver Tobin, the men who asked to have the fixtures appraised so that they might buy them are amply able to finance the new institution. and local men will be permitted to take only small blocks of the stock. In case of the successful opening of a new bank. it is not improbable that the government will receive an offer for the remaining assets of the Mesa County National bank. There is necessarily delay in ordering a distribution of the assets now on hand," said Receiver Tobin this morning, because of the additional burden imposed upon the comptroller of the currency and other departments at Washington in the reorganization under the new banking system. That has been responsible for some of the delay in securing consideration of the affairs of the local institution. Now that the preliminary details of the new law are out of the way more consideration will be given these purely local affairs. A number of witnessed called to appear before the federal grand jury in connection with the failure of the local bank. will leave tomorrow for Pueblo. The witnessed have been subpoenaed to appear in Pueblo Wednesday afternoon.
18.May 20, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
John J. Tobin, receiver for the Mesa County National bank, returned last evening from Denver, where he has been attending the legislature.
19.June 8, 1914Las Vegas OpticLas Vegas, NM
Click image to open full size in new tab
Article Text
COLORADO BANKER PLEADS GUILTY ORSON ADAMS GRAND JUNCTION FIANCIER HELD ON SIX COUNTS Denver, June 8. Arson Adams, former president of the Mesa County National bank of Grand Junction, Colorado, today pleaded guilty on 50 counts of a grand jury indictment returned several months ago, containing 82 counts charging mis appropriation or to bank's funds. Judge Robert F J. Lewis, Seventh United States district court, pronorabed sentence of six years If the federal penitontary, OBM each count, sentence to run concurrently. The remaining counts of the indictment weer nolle prossed. Judge Lewis and many of the spectators sat in court with tear-dimmed eyes, as Harry Kelly, district attorney plead for leniency, stating that Adams was an "empire builder" and had gained no personal profit through his misdeeds, which, he said. were not committed with criminal intent. The bank was closed November 28, 1918, by the comptroller of the currency, but later was re-opened. The institution was capitalized at $100,000 with a $35,000 surplus and $450,000 in deposits.
20.June 9, 1914Rock Island ArgusRock Island, IL
Click image to open full size in new tab
Article Text
BANKER GETS SIX YEARS Admits Misappropriating Funds of National Bank in Colorado. Denver, June 9.-Orson Adams, former president of the Mesa County National bank of Grand Junction, Colo., yesterday pleaded guilty to 50 counts of a grand jury indictment charging misappropriation of the bank's funds in the federal court here. Judge Robert E. Lewis pronounced sentence of six years in the federal penitentiary on each count, sentence to run concurrently. The district attorney said Adams had gained no personal profit. The bank was closed Nov. 28, 1913.
21.July 27, 1914The Daily SentinelGrand Junction, CO
Click image to open full size in new tab
Article Text
Senator John J. Tobin returned from Montrose last evening where he has been enjoying a brief vacation. He is receiver for the Mesa County National bank.
22.December 28, 1916The Julesburg Grit-AdvocateJulesburg, Big Springs, CO
Click image to open full size in new tab
Article Text
Mesa Bank Pays Dividend. Grand Junction.-The Mesa County National bank, of which Senator J. J. Tobin of Montrose is receiver, will pay another 5 per cent dividend repayment to the stockholders, who with this payment will have recovered 45 per cent of the money they had in. vested in the bank, which failed Nov. 27, 1913. Orson Adams, convicted of wrecking the bank's finances, is serving a six-year sentence in Leavenworth The dividend penitentiary. amount to $24,900.
23.December 29, 1916The Ordway New EraOrdway, CO
Click image to open full size in new tab
Article Text
Mesa Bank Pays Dividend. Grand Junction.-The Mesa County National bank, of which Senator J. J. Tobin of Mon-rose is receiver, will pay another 5 per cent dividend repay. ment to the scockholders, who with this payment will bave recovered 45 per cent of the money they had invested in the bank, which failed Nov. 27, 1913. Orson Adams, convicted of wrecking the bank's finances, is servsestence eix-year Leaves
24.May 25, 1917Gunnison News-ChampionGunnison, CO
Click image to open full size in new tab
Article Text
John J. Tobin, receiver of the defunct Mesa County National bank at Grand Junction, has handed in his res. ignation, there being only detail business to complete and this will be handled by the government officials. The bank has paid back nearly fifty cents on the dollar.
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.
