The state herald., 1908-01-24
FAILURE OF
ORMAN & CROOK
BIG CONTRACTING FIRM FILES
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 tho
state, filed papers in bankruptcy pro-
ceedings in the Federal Court Thurs
day. Their liabilities are given ut
S741, 1876 and their assets at 81 l,2S2,77l
Tight money markets and trouble with
the reclamation service over their con-
tracts are given as the cause. Tho
end had been seen for some time
Fully three weeks ago the Moifat road
Cancelled the firms construction CON
tract and on assignment took posses
sion of the grading outfit and went to
work for the time being building tho
road under General Manager Deuel.
Other contracts in Montana, Idaho and
South Dakota had been cancelled or
suspended. Although money was made
on the Moflat road the firm lost heay-
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-
secured creditors, although Mr., Orman
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 tho former the company Is indebted
TO the amount Of 1854 l,255.jG, which 10
well secured by real estate In this city
and Pueblo valued at SlSO,l7S.S3. The
Pueblo bank has a claim Of Sl7J, 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 MontTose.
for which II was awarded the contract
by the government The men who
were employed on this work have been
paid on 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 S72.S02.29 due for mater
lhl and labor ON the MOifat road Mum
erous creditors are scattered through
out Colorado. Montana and North Da
knta nnd their claims are chiefly for
supplies furnished the men and horses
employed by the company, The Hun
garian -four mills and the C. S. Morey
Mercantile Company have large claims
OF this kind
OF the assets SS59,95S.Ai Is due the
firm on open accounts. Among Lha
other important assets are included
machinery and tools valued ~ si72,
700. horses valued ut Sb2 $50 and
stocks and bonds worth $4,000
The C0luudo-Utah ConHtrurtion
Company owes the 1rm giiGl7S 81.
while the United States reclamation
service uwcg Il Si9,igS3l on tho In.
oompahFrD project.
Mr.. Ormnn Is personally Indebted
10 the firm to the amount NJ 3iG.9s7 rs
for money drawn at various times,
while MIR, Crook ~ dObt0r 10 Il 10 tho
amount Of siS.3aisg,
According Ia the individual petition
filed by Mr. Ormnn bin liabilities
amount 20 Sl293S7gS and his assets
come 20 sG33O5O Mr. Crooks LA.
hilltlos total sl2NT5llG while his an
sets aggregate Sl03.05O.
Ormnn owes the FIRST National bank
Of Pueblo $4,000 which IN secured by
real estate 90 tho yhlur 0f slsI. 600.
a contingent liability mentioned In
tho schedule d. $4,000 owed by him 10
the government on contractor bond
given by Taylor A moore In c1uuco-
iIon with work ON tho uncumpahErs
project Tie owns stock ln The United
States Exploration Company, tho Rivs
ofHldo Investment Company the Lake
Park Land Company, the nhuluru'
Consolidated Mines Company. tho nua
Bomer Irritating Ditch Company and
other concerns with total face value
of ti7C.33t.
In tho petition Mr. Ormun says that
All tho cash be has on hand n f5tCss.
Tho household furnishings aud goods
IN hlg residence nj Pueblo belong 10
mrs ormnn.
Nr Crooks principal debtor n the
Pueblo Savings bank 10 which ho p~ra
$4,000, Tho claim IA secured hy real
estate worth 100000 His chief as-
sets consist Of stock