The Elbert County tribune., 1908-01-23
FAILURE OF
oRMAN & CROOK
IsIe CONTRACTING FIRM FLEA
PAPERS IN BANKRUPTCY IN
FEDERAL COURT.
LOST ON CONTRACTS
REPUTED ASSETS, INCLUDING
PERSONAL PROPERTY, Ex-
CEED LIABILITIES.

Denver-Orman & Crook. contrao
tors, with Offices in this city, but with
most of their contracts beyond the
state, filed papers in bankruptcy pro-
ceedings in the Federal Court Thurs
day. Their liabilities are given at
S741, ,136 and their assets at s1,2s2.771-
Tight money markets and trouble with
the reclamation service over their con-
tracts are given as the cause. The
end had been seen for some time.
Fully three weeks ago the Moffat road
lcanceled the firms construction con-
tract and on assignment took posses
sion of the grading outfit and went to
work for the time being building the
road under General Manager Deuel..
Other contracts in Montana, Idaho and
South Dakota had been Cancelled or
suspended. Although money was made
on the Moffat road the firm lost heav.
lily on the other undertakings, partic
ularly the reclamation contracts, an
experience not new to this firm.
To say that the firm will pay in full
would be wrong, says the Republican,
although the assets on paper are half
a million dollars more than the liabil-
titles. There will be losses to the un-
has put his personal property, includ-
ing his home, into the assets and his
partner has done the same. Heavy
losses followed contract for con-
.struction work in Montana for the
Chicago, Milwaukee & St. Paul rail.
road.
The principal creditors of the firm
are the First National bank of Denver
and the First National bank of Pueblo.
To the former the company is indebted
to the amount of s154.255.56, which is
well secured by real estate in this city
and Pueblo valued at S1S0,17S.S3. The
Pueblo bank has claim of SIZE. 1920,
which is secured by real estate worth
$4,000. Their residences at Pueblo.
the ranches owned by them and all
their real estate are included in the
mortgages given to the banks.
Two months ago the firm completed
the Uncompahgre project at Montrose,
for which it was awarded the contract
by the government. The men who
were employed on this work have been
paid off and only those who sold sup
plies to the company while the con.
tract was being carried out will be at
fected by the bankrupt condition Of
the firm.
There are 72,S9329 due for mater
ial and labor on the Moffat road. Mum
erous creditors are scattered through,
out Colorado, Montana and North Da
kota and their claims are chiefly for
supplies furnished the men and horsea
employed by the company. The Hun,
garian flour mills and the c. s. Morey
Mercantile Company have large claims
of this kind.
OF the assets $3.50, ,95S.44 is due the
firm on open accounts. Among the
other important assets are included
machinery and tools valued at S172,.
700, horses valued at $52,650 and
stocks and bonds worth S125,000.
The Colorado-Utah Construction
Company owes the firm $140,17S.83,
while the United States reclamation
service owes it s49, 9,19S.34 on the I'm.
compahgre project.
Mr.. Orman is personally indebted
to the firm to the amount of S46,9S7.5s
for money drawn at various times,
while Mr.. Crook is debtor to it to the
amount of 4S,394.S9
According to the individual petition
filed by Mr.. Orman his liabilities
amount to s129,3S7.9S and his assets
come to S333,050.25. Mr.. Crooks liza
bilities total s12S,751.16 while his as
sets aggregate $103,050
Orman owes the FIRST National bank
of Pueblo $4,000 which is secured by
real estate to the value of s1S5,00O.
A contingent liability mentioned In
the schedule is $4,000 owed by him to
the government on contractors bond
given by Taylor & Moore in connec-
tion with work on the Uncompahgre
project. He owns stock in the United
States Exploration Company, the Riv.
erside Investment Company, the Lake
Park Land Company, the Bankers
Consolidated Mines Company, the Bes-
semer Irrigating Ditch Company and
other concerns with total face value
Of s176,334.
In the petition Mr.. Cfman says that
all the cash he has on hand is S51625.
The household furnishings and goods
In his residence at Pueblo belong to
Mrs. Orman.
Mr.. Crooks principal debtor is the
Pueblo Savings bank to which he owes
$4,000. The claim is secured by real
estate worth $4,000. His chief as
sets consist of stock.