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FLORENCE BANK CLOSES Florence. Colo., March 5.-The Florence State bank of this city was closed today by order of state bank examiners. Bad loans and inability to make collections are assigned as the cause of the failure. The bank has a calptal of $30,000 and deposits of $175,000. There is a possibility that the assets will be sufficient to pay the depositors, but this has not been officially determined.
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BAD LOANS CLOSES COLORADO BANK Florence, Colo., March The Florence State bank of this city was closed today by order or state bank examiners. Bad loans and inability to make collections are assigned as the cause of the failure. The bank has a capital of $20,000 and deposits of $175,000. There is a possibility that the assets will be sufficient to pay the depositors, but this has not been officially determined.
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Charge Bank Stockholders with Fraud. Florence.Charging that he was induced to purchase fifty shares of capital stock in the Florence State bank by fraudulent representations and statements, John C. Bundy has filed suit in the District Court against Newton Large, Elizabeth B. Large, Samuel S. Large, Anna L. McCulloch, Richard S. Large, Amy Large and George Wilson, as the receivers of the Florence State bank.
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Charge Bank Stockholders with Fraud. Florence.-Charging that he was in. duced to purchase fifty shares of capital stock in the Florence State bank by fraudulent representations and statements, John C. Bundy has filed suit in the District Court against Newton Large, Elizabeth B. Large, Sam uel S. Large, Anna L. McCulloch, Richard S. Large, Amy Large and George Wilson, as the receivers of the Florence State bank.
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Charge Bank Stockholders with Fraud. Florence.-Charging that he was indueed to purchase fifty shares of capital stock in the Florence State bank by fraudulent representations and statements, John C. Bundy has filed suit in the District Court against Newton Large, Elizabeth B. Large, Samuel S. Large, Anna L. McCulloch, Richard S. Large, Amy Large and George Wilson, as the receivers of the Florence State bank.
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Charge Bank Stockholders with Fraud. Florence.-Charging that he was induced to purchase fifty shares of capital stock in the Florence State bank by fraudulent representations and statements, John C. Bundy has filed suit in the District Court against Newton Large, Elizabeth B. Large, Samuel S. Large, Anna L. McCulloch, Richard S. Large, Amy Large and George Wilson, as the receivers of the Florence State bank.
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FLORENCE BANK MONEY RETURNED The U. S. Fidelity and Guaranty company, through its general agent, E. A. Bradbury, has paid to the county treasurer, Jonathan seaman, the sum of $4896.70, being the amount the county treasurer had on deposit in the Forence State bank at the time of its suspension.
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COUNTY TREASURER SUSTAINED BY COURT The friendly suits instituted in the district court by George Wilson as receiver for the Florence State bank, and by Mrs. Mary L. Yelton of Florence, for herself, and for and in behalf of some fifty or sixty other persons similarly situated, against Jonathan Seaman as county treasurer was on Thursday decided by Judge Wilkin in facor of the defendant. In this proceeding an injunction was asked for by the petitioners to restrain Mr. Seaman as county treasurer fro mselling certain lands owned by the plaintiffs at tax sale on which the assessment had been paid to the Florence State bank before its it:solvency and for which cashier's checks had been remitted to the county treasurer's office. These cashier's checks, about a half dozen in number and representing $1,672.70, were forwarded to the county treasurer just before the second half of the taxes for the year 1912 become delinquent and before receipts could be made out and mailed to the individuals directly concerned the bank failed and the cashier's checks in possession of Mr. Seaman became worthless. The case of Mrs. Mary L. Yelton et al vs. the county treasurer was the only one tried, the other. almost identical with it, consequently a hearing o fit was unnecessary after the first complaint had been disposed of by the court. In concluding his opinion Judge Wilkin stated, "I am quite clear, gentlemen, that the injunction ought not to go against the treasurer of the county." Judge c. D. Bradley and J. D. Blunt of Florence conducted the case for the plaintiffs, while the defense was made by Judge J. G. Schweigert, county attorney.
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INSURANCE ON MILL PUTS BANK ON FEET DENVER, March 3.-The financial convolutions of an unnamed man from Kansas yesterday placed the defunct Florence State bank of Florence, Colo., on its feet. through a decision of the supreme court awarding $27,000 insurance money to the cashier of that institution. The financial entanglements of the Kansan started with a deserted mill and an abandoned gold mine. Several years ago a mill was built at Florence, Colo, for the purpose of treating ore with a cyanide process. which failed An unknown man from Kansas City bought the mill, together with an old mine, for $10,000, and organized the Colorado Mining, Milling & Leasing company, used the structure to get out a prospectus and sold stock to the amount of $120,000 to Kansas and Nebraska people. Insurance on the place required a special risk contract, by which protection to the amount of $60,000 was obtained. from seven different companies. The mill was destroyed by fire. Six companies paid the claims presented. but the seventh. the Palatine Insurance company, refused. The Kansan assigned the suit to the bank and disappeared Damages in the sum of $21,000. with interest at 8 per cent, was awarded the cashier. acting as recelver for the bank. against the Palatine Insurance company. The money received from the sult will place the bank on its feet.
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FIRST CASE BEING TRIED FRIDAY The first case to be given a hearng at the present term of the distrct court was called for trial before Judge Wilkin this morning. It is a civil proceeding in which Amy Smith of Florence appears as plaintiff and T. M. Howells, Josephine Walsh and George Wilson, receiver, as intervenors in a money demand from Henry S. Andrews, formerly of Florence. The plaintiff was at one time clerk and stenographer in the employ of Mr. Andrews, the defendant, and the suit is an outgrowth of the fail. ure of the Florence State bank about a year ago. G. W. Wilkes is conducting the prosecution. The defendant is not represented at the trial of the case.
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JUDGE CAVENDER HOLDING COURT HERE Judge Charles Cavender of Leadville arrived here on Monday and is presiding in the Fremont county district court in the case of J. C. Bundy of Florence versus the stockholders of the Florence State bank in which the complainant asks that the sale of stock, for which he paid $5,000 shortly before the bank closed its doors, be set aside on the ground that the deal was made through misrepresentation of the banks affairs by the Large family. The hearing began at 9 o'clock Tuesday morning, with Judge Cavender of Leadville sitting in the case. There will be no jury in the hearing. The defendants in the case are Newton Large, cashier of the Florence State bank, Samuel S. Large, Eliabetzh Large, Amy Large, Richard S. Large, Annie McCullough, and Geo. Wilson, receiver of the institution. The latter is named as a defendant in the case only for the purpose of bringing in records of the bank, as the suit will not directly affect finances of the bank. The stock was purchased from the Large family and did not enter directly into the affairs of the bank, and the suit is being brought to recover from 0 them the amount paid for the stock 0 The case, however, has indirectly a 0 very important bearing on the affairs 0 of the bank, as Mr. Bundy as a stock0 holder of the institution, is liable for 0 an assessment of twice the amount 1 of his stock to make up the deficiency 0 due the depositors of the bank, an 0 item of far greater importance than the original amount paid for the stock and the outcome of the suit will determine whether Mr. Bundy must pay this amount or whether the liability for the double assessment will re3 vert back to the Larges. 1 Attorneys Wilkes and Maupia are 0 acting as Mr. Bundy's attorneys in 0 the case, Jas T. Locke is represent0 ing Mr. Large and Attorneys Blunt 0 and Hessick are looking after the in0 terests of Receiver Geo. Wilson.
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DECISIONS FAVORABLE TO DEPOSITORS Two decisions were handed down in the district court here this morning by Judge Charles Cavender of Leadville in the Florence State bank cases; both of them favorable to the depositors and creditors of the defunct institution. One of them was in the case of John c. Bundy against the shareholders of the bank in which- he asked the court to set aside as fraudulent the sale to him of $5,000 of the capital stock of the concern and the other was the suit brought by the creditors against the stockholders to recover from them a judgment of twice the amount of the par value of the stock held by them in the bank for distribution among the creditors. The Bundy case was called for trial Tuesday morning and its hearing, coupled with the argument of the testimony, occupied the attention of the court until noon on Thursday, when Judge Cavender took it under advisement until 10 o'clock this morning before rendering an opinion. The defendants were Newton Large, former cashier of the Florence State bank, Samuel S. Large, Amy Large, Richard S. Large, Annie McCullough and Geo. Wilson, receiver of the bank. The latter was made a defendant only for the purpose of having the records of the bank in his possession brought into court and presented in evidence. The suit against the stockholders was determined to some extent by the showing made in the Bundy case and its adjudication. Under Judge Cavender's ruling the stockholders of the bank are liable to an assessment of twice par value of the shares of the capital stock of the bank held by them to be paid over to the depositors of the institution to make good the losses sustained by them as a result of its failure. In the stockholders case Judge Cavender decreed that each of them must pay over to the creditors of the bank an amount double the par value of the capital stock owned by them at the time the bank closed Its doors; the assessment to be as follows: Newton Large, $19,400; Frank Roby, $2,000; Samuel S. Large, $200; Marshal Eakin $400; John c. Bundy, $10,000; Samuel S. Large as administrator, $11,700. Ten days were asked by attorneys
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MONEY DEMANDS MADE IN DISTRICT COURT George Wilson, as receiver for the Florence State bank, through his attorneys, Blunt & Hessick of Florence, was complainant in the d strict court before Judge Cooper on Friday in three suits brought on a money demand. They were against Phil A. Chappell and Julia Newell Chappell in the sum of $279.44, Harry A. House in the sum of $576.88 and C. M. Walher in the sum of $1,633.50. The defendants in neither case appeared to fight the proceedings and default was taken and judgment renderedeagainst them in the amount claimed in the complaint. In the same court at the same time and in favor of the same plaintiff a deficiency judgement was entered against Peter Tonso in the sum of $1,017.18.
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SALE OF BANK RECEIVER'S ASSETS. Notice is hereby given that the undersigned, George Wilson, receiver of the Florence State Bank, of Florence, Colorado, pursuant to order of court, will on Monday, the 11th day of November. A. D. 1918, at 10 o'clock a. m., at his office at 131 West Main street, Florence, Colorado, offer for sale at Bublic auction to the highest and best hidder for cash. all the remaining asFets of the said Florence State Bank. Said remaining assets consist of certain notes, accounts, overdrafts. bills receivable, court judgment and real 08+ tate. A complete list of said remaining assets will be furnished to prospective bidders upon application. The receiver reserves the right to reject any and all bids. GEORGE WILSON, Receiver of Florence State Bank. Florence, Colorado. First publication Sept. 12. 1918. Last publication Out 3. 1918.
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RECEIVER'S SALE OF BANK ASSETS. Notice is hereby given that the undersigned, George Wilson, receiver of the Florence State Bank, of Florence, Colorado, pursuant to order of court, will on Monday, the 11th day of November. A. D. 1918. at 10 o'clock a. m., at his office at 131 West Main street, Florence, Colorado, offer for sale at public auction to the highest and best bidder for cash. all the remaining assets of the said Florence State Bank. Said remaining assets consist of certain notes, accounts. overdrafts, bills receivable, court judgment and real e3tate. A complete list of said remaining assets wil be furnished to prospective bidders upon application. The receiver reserves the right to reject any and all bids. GEORGE WILSON, Receiver of Florence State Bank. Florence, Colorado. First publication Sept. 12. 1918. Last publication Oct 3. 1913.
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Florence Bank Receivership Ends FLORENCE. July 13.-By an order entered some days ago, the receiver ship of the old Florence State Bank was brought to a close. This bank was closed in the spring of 1913. and George Wilson was appointed receiver. Since that time the bank's business has been in process of liquidation, and the winding up of the institution has now been completed, the final report of the receiver ahving been approved by this recent order of the court, and his bondsmen discharged and relieved of further liability as such.