10068. Merchants National Bank (Helena, MT)

View Charter #2732 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2732
Charter Number
2732
Start Date
October 20, 1896
Location
Helena, Montana (46.593, -112.036)

Metadata

Model
gpt-5-mini
Short Digest
d17c2a5845981267

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
66.0%
Date receivership started
1897-06-02
Date receivership terminated
1903-06-17
OCC cause of failure
Losses
Share of assets assessed as good
37.3%
Share of assets assessed as doubtful
45.4%
Share of assets assessed as worthless
17.3%

Description

Newspaper accounts document an earlier run (Oct 1896) tied to fallout from the failure of the First National, followed by a suspension on Feb 13, 1897 and appointment of a receiver. Although several articles in Feb–Jun 1897 report plans or hopes to resume, the bank was placed in the hands of a receiver and its assets were later sold (receiver activity in 1897–1898), indicating permanent failure rather than a successful resumption. OCR errors in some articles corrected (e.g., 'Nationl' → 'National'; 'Herschfield'/'Hershfield' normalized to L. H. Hershfield).

Events (5)
1. June 14, 1882 Chartered
Source
historical_nic
2. October 20, 1896 Run
Cause
Local Banks
Cause Details
Run grew out of distrust created by the failure of the First National of Helena; depositors withdrew funds.
Measures
Bank met demands and claimed it would hold out till every depositor is paid in full.
Newspaper Excerpt
The run on the Merchants' Nationl bank, which began last week, has almost abated, and the institution is meeting every demand...
Source
newspapers
3. February 13, 1897 Suspension
Cause
Rumor Or Misinformation
Cause Details
Persistent rumors and circulating stories attacking the bank's credit produced steady withdrawals; articles also note public distrust after other local failures.
Newspaper Excerpt
Persistent and relentless withdrawals have largely reduced the bank's available resources, and to better protect depositors we deem it advisable to order the suspension of business for the time being.
Source
newspapers
4. February 15, 1897 Receivership
Newspaper Excerpt
A receiver for the failed Merchants' national bank of Helena, Mont., which closed its doors Saturday; Receiver J. Sam Brown... has been put in temporary charge. (also later Receiver Wilson appears).
Source
newspapers
5. June 2, 1897 Receivership
Source
historical_nic

Newspaper Articles (23)
1. October 27, 1896 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, October 27, 1896

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HELENA BANKS. A Startling Rumor That Many of Them Were on the Verge of Collapse Is Denied. (Special to The Herald.) BUTTE, Mont., Oct. 26.-The startling rumor that several additional banks in Helena were on the verge of collapse was circulated in business circles today, but the following special received in Butte this evening indicates that the runs on the banks is not so serious as reported: "The run on the Merchants' Nationl bank, which began last week, has almost abated, and the institution is meeting every demand, and claims it will hold out till every depositor is paid in full. The Montana National had a little run for a day or two, but as the depositors soon found out it was invulnerable, and had more money than depositors could possibly call for, they soon got tired and quit. The trouble all grew out of the distrust created by the failure of the First National of Helena, and the methods of the management of that institution. It advertised to pay interest and accented deposits from all over Montana, and as far off as Minnesota, and when it had corralled all the loose money it could expect, it failed because the Northern Pacific drew out a paltry $60,000. "One man in Beaverhead county had $60,000, every dollar he had on earth, deposited in that institution.

2. February 13, 1897 San Antonio Daily Light San Antonio, TX
Article from San Antonio Daily Light, February 13, 1897

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ANOTHER BANK. Washington, Feb. 13.-The comptroller of the currency received notice today that the Merchants' National bank of Helena, Mont., has suspended. According to last report the bank had a capital stock of $350,000.

3. February 14, 1897 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, February 14, 1897

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Acting Controller Coffin said that for some time he had been !ooking for the bank to fail, and that he believed bad management was the primary cause of it. Receiver J. Sam Brown, now in charge of the First National Bank, of Helena, has been put in temporary charge. NEW YORK, Feb. 13.-The Fourth National Bank is the New York correspondent of the Merchants' National Bank, of Helena, Mont., which suspended to-day. The officers of the Fourth National say there has been talk concerning the Helena institution for some time past. It had, however, always kept a handsome balance with them, and had such a balance at this time.

4. February 14, 1897 The Houston Daily Post Houston, TX
Article from The Houston Daily Post, February 14, 1897

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Merchants National Bank of Helena. Washington, February 13.-The comptroller of the currency received notice today that the Merchants' National bank of Helena, Mont. had suspended. According to the last report of the bank its capital stock was $850,000, surplus $70,000. undivided profits $69,000, due other banks $123,000. individual deposits $981,000, United States deposits $70,000. Acting Comptroller Coffin said today that for some time he had been looking for this bank to fall, and he believed bad management to be the primary cause. Receiver J. Samuel Brown, now in charge of the First National bank at Helena, has been put in temporary charge. Helena, Mont., February 13.-The Merchants' National bank falled to open its doors this morning. The following notice was posted: "Persistent and relentless withdrawals have largely reduced the bank's available resources. and to better protect Cepositors we deem it advisable to order the suspen. sion of business for the time being. (Signed) "Board of Directors." The suspension was a great surprise to the Helena public. MS the bank was considered to be exceptionally strong and conservatively managed.

5. February 15, 1897 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, February 15, 1897

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MONEY OUT, NONE IN THE UNBEARABLE STRAIN ON THE MERCHANTS' NATIONAL. One of the Directors Says That Enemies Caused the Failure-Mr. Hershfield Is Prostrated. Special Dispatch to the Standard. Helena, Feb. 14.-Little new developed to-day regarding the suspension of the Merchants' National bank. L. H. Hershfield, president of the bank, is confined to his room at the home of a friend, and declines to see any one. A him physician to-day. has and been it is said in attendance he is so com- on pletely prostrated that he is actually not able to receive calls from any one. Cashier T. P. Bowman has nothing to say concerning the bank at this time. Moses Morris, director of the bank. said to-night: "While I had nothing to do with the actual management of the bank and can therefore give you no figures, I will say that Mr. Hershfield has been conservative and it was through no fault of his that the suspension came about. It is due entirely to the enemies of the bank who have persistently been circulating stories attacking its credit. Any bank would be compelled to suspend under such circumstances, for owing to these malicious reports depositors have been steadily withdrawing their money while new deposits came in slowly." "Will the bank pay out?" Director Morris was asked. "Well, it may sound like a chestnut to say so, but I believe It will pay the depositors dollar for dollar." Bank Examiner Eugene T. Wilson is expected to arrive here to-morrow night to take charge of the Merchants'. "I received official notice to-day." said Receiver J. Sam Brown, who was yesterday put in charge of the bank temporarily, "that Mr. Wilson will take charge of the bank. He has been enI gaged in this kind of work in Moscow. I think he will arrive Monday night and assume control Tuesday." The bank had on hand $38,000 in cash when it suspended. Last week Presj. I dent Hershfield was offered assistance from Castern bankers. DALL declined it. believing that the steady witadraw. ! of I redeposits port that would the bank not continue of Miles The City, of I which Aaron Hershfield is president. I had loaned the Merchants' $10,000. is emphatically denied by the others of t the latter institution.

6. February 15, 1897 Marietta Daily Leader Marietta, OH
Article from Marietta Daily Leader, February 15, 1897

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CONDENSED NEWS Gathered From All Parts of the Country By Telegraph. Herr Mitterwurzer, a comedian well known in America, is dead in Vienna. The State Trust and Savings bank, of West Superior, Wis., suspended Saturday morning. It is reported here that a blockade of Crete by the European powers will be established shortly. The business portion of the town of Malvern, Ark., was destroyed by fire Friday. The loss will aggregate $100,000. W. L. Frost has been appointed receiver for the Commercial Saving bank, a small institution at Leds, a suburb of Sioux City Ia. Mr. Woodman (rep., 111.) Friday addressed the house ways and means committee on support of his bill placing a tax of $50 per thousand on cigarettes. The Turkish porte has informed the powers that Turkey will attack Greece in Thessaly in the event of the powers failing to restrain hostile action on the part of Greece in Crete. In the Michigan legislature Friday Representative Goodell, of Wayne county, gave notice of a bill to prevent monopolies in articles of general necessity and providing a penalty therefor. The Merchants' national bank of Helena, Mont., failed Saturday morning, and Bank Examiner J. S. Brown. now receiver of the First national bank of Helena, leas been placed in temporary charge. : A semi-official note has been issued at Rome stating Italy will not oppose Greece in any action the latter country may take on the Cretan question. It is added that Italy does not wish to serve Turkey in any way. The White Star line steamer Brittanic from New York for Liverpool, arrived at Queenstown at 10:34 o'clock Saturday forenoon. She reports having experienced heavy northeasterly gales and high seas during five days of her passage. Capt Harry Brown, junior member of the firm of W. H. Brown's Sons, whose boats are known all along the Ohio and Mississippi rivers, has retired from the firm. Capt. Sam S. Brown will look after the interests of the company in the future. The Berlin Post Friday evening publishes an article in which it says that war between Greece and Turkey is almost inevitable. The paper adds that Turkey is entitled to allow her troops to cross the Thessalian frontier in view of the action of Greece. The Felloweraft club, which was founded by the newspaper men of Detroit, gave a reception to Gen. Russell A. Alger Friday night. The occasion was the opening of their new club house on Wilcox street, and was attended by a large number of Detroit's most prominent citizens. The London Morning Post Saturday publishes a news agency statement that the powers are unanimous in their condemnation of the attitude of Greece, and that they will not allow her to continue her present course. She must, it is added, abandon the idea of commencing war with Turkey. The fifth annual banquet of the Lincoln club was held in Sweet's hotel, Grand Rapids, Friday evening, and was of more than local interest from the fact that Gonzalez de Quesada, charge d'affaires of the Cuban repub. lic at Washington, was present and made one of the principal addresses. As has been the custom for many years on February 12, the base of the Lincoln statue in Statuary hall, at the national capital, was draped with an American flag, and entwining about the feet of the statue were garlands of

7. February 15, 1897 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, February 15, 1897

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Hershfield's Bank Suspends. HELENA, Mon., Feb. 15.-The Merchants National bank has suspended. The suspension was a great surprise to the Helena public, as the bank was considered exceptionally strong and conservatively managed. The last report of the bank, published Dec. 17, showed deposits of $1,550,500; loans, $1,260,000 cash and exchange, $462,000. The capital stock is $350,000 and the surplus $136,000. L. H. Herschfield, president, is the oldest and one of the most prominent bankers in the state, the firm of Herschfield & Bro. having been established in Helena in 1865.

8. February 17, 1897 The Greenville Times Greenville, MS
Article from The Greenville Times, February 17, 1897

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A Receiver Necessary. WASHINGTON, Feb. 15.-Comptroller Eckels says that it will be necessary to appoint a receiver for the failed Merchants' national bank of Helena, Mont., which closed its doors Saturday.

9. February 17, 1897 Morris Tribune Morris, MN
Article from Morris Tribune, February 17, 1897

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Fought Twenty Hard Rounds. NEW YORK, Feb. 17.-In - a hard fought 20-round fight in the Broadway Athletic club house, George Dixon of Boston and Jack Downey of Brooklyn worked so fast and well that the referee could not pick, a winner and declared the bout a draw, a very popular decision. A new electric light plant has been put in at Decorah, Ia. A good market for American oak lumber is opening up in France. Another copper mine has been opened in Keweenaw county, Michigan. Thirteen million square feet of American lumber was sent from America to China last year. As a result of the business done in 1896 the Illinois Steel company showed a deficit of $349,399. Pacific coast powder manufacturers, who have been at war for several years, have patched up a peace. The Merchants' National bank of Helena, Mon., has suspended. L. H. Herschfield was president. The old Grand Pacific hotel at Chicago is to be rebuilt at a cost of half is million and then reopened as a hotel. The Northwestern Telephone company has completed its long distance line from St. Cloud, Minn., to Fargo, N. D. The steel pool has collapsed and prices have dropped $8 per ton. An immense amount of orders were booked at $17. The live stock industry of Montana contributes 40 per cent of all the revenues of the state government, while mining contributes but 5 per cent.

10. February 19, 1897 Shoshone Journal Shoshone, ID
Article from Shoshone Journal, February 19, 1897

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Salt Lake City, Feb. 15.-A special to the Salt Lake Tribune from Helena, Mont., says: The suspension of the Merchants National bank on Saturday the 13th Inst., may bring about a public Investigation to Inquire more closely Into the factsleading up to the failure. This Inquiry will not be by process of law, but by Indignant citizens. With the exception of a certain class, the fallure of L. H. Hershheld banks is looked upon as one of the reatest outrages perpetrated on the citizens of this State. Ever since the First National bank of this city falled, rumors have been current not only In this city but throughout the State that the Merchants' was unsound. The First National failed six months ago, and these rumors have not been allowed to die in the meantime. The result was that money was continu. ally withdrawn by the effect of the rumors and by persuamon, until the time came when Mr. Hershneld was compelled to close to save his depositors, who will get 100 cents on the dollar. President Marlowe of the Montana National bank of this city says the Merchants' bank is perfectly sound and need not have shut down had It been left alone for a week or two and been given an opportunity to realize on its assets, The fact that It stood a run for six months shows that It was sound In the first place. The citizens of Helena are Incensed that some of its citizens would circulate rumbers and be so persistent in this as to break a bank. When once the t investigation is started, no stone will be unturned to find out who started the rumors, and to punish the origin tors. t

11. February 19, 1897 Shoshone Journal Shoshone, ID
Article from Shoshone Journal, February 19, 1897

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TALKED A BANK TO DEATH Persistent Rumors Led to a Co stant Run. Helena Citizens will Have an Investigation of the Canses Leading to the Merchants' National FailureOutrageous Proceedings if True.

12. February 24, 1897 The Ravalli Republican Stevensville, Hamilton, MT
Article from The Ravalli Republican, February 24, 1897

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Merchant's National to Resume. Helena, Mont,, Feb. 18.-President L. II. Hershfield of the suspended Merchants National bank, has decided to open that institution again as soon as the formalities prior to such a step can be gone through with. How long it will be before he can resume business again is not definitely known. It may be within six weeks, possibly three months. A receiver has to be appointed first then an inventory of the bank has to be made and the report submitted to the comptroller of the currency at Washington, and the outline of the lines upon which he proposes to open up again and continue business submitted and accepted by that official. It is stated upon good authority that Eckels is willing to let the bank resume.

13. February 25, 1897 The Sauk Centre Herald Sauk Centre, MN
Article from The Sauk Centre Herald, February 25, 1897

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MINOR ITEMS OF INTEREST. The Merchants' National bank of Helena, recently suspended, is to resume shortly. The Missouri legislature has passed a law which prohibits any persons from solemnizing marriages who is not a citizen of the United States. Freight handlers. of the Flint and Pere Marquette line at Ludington, Mich., to the number of 400 are on a strike for a restoration of former wages. Judge Long of the Michigan supreme court, was renominated by acclamation by the Republican state convention, as was also W. J. Crocker of Adrian, for regent of the University of Michigan.

14. February 26, 1897 Little Falls Weekly Transcript Little Falls, MN
Article from Little Falls Weekly Transcript, February 26, 1897

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MINOR ITEMS OF INTEREST. The Merchants' National bank of Helena, recently suspended, is to resume shortly. The Missouri legislature has passed a law which prohibits any persons from solemnizing marriages who is not a citizen of the United States. Freight handlers of the Flint and Pere Marquette line at Ludington, Mich., to the number of 400 are on a strike for a restoration of former wages. Judge Longof the Michigan supreme court, was I' nominated by acclamation by the Republican state convention, as was also W. J. Crocker of Adrian, for regent of the University of Michigan.

15. February 27, 1897 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, February 27, 1897

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HELENA BAN KTO RESUME. The Merchants National WIII Be in Operation in June. Helena. Mont., Feb. 25. -- The Merchants National bank will resume business again in it short time. The bank is not in a bad condition. and only that which would eventually break any bank. a constant run extending over a period of four or live months. forced it to close its doors. President Hershfield has gone East where he has the promise of sufficient funds to put the bank on its feet and place it in it position 10 pay any de mands.

16. April 17, 1897 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, April 17, 1897

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MERRITT INDICTED CHARGED WITH PERJURY IN THE BURNS.SHELTON CASE. The Reverend Administrator Cleared-An Insane Boy-Mr. Hershfield Hopes to Reopen the Bank. Special Dispatch to the Standard Helena, April 16.-Lawrence G. Merritt, witness in the suit brought by Mattie E. Burns to remove Rev. John H. Shelton as administrator of the James M. Smith estate, has been indicted by the Lewis and Clarke grand jury for perjury, During the trial in January Merritt swore that be saw Shelton and his lawyer, Frank D. Miracle. in possession of a $20,000 certifieate of deposit on the Merchants National bank in favor of James M. Smith, and that they took the certificate away, No accounting was ever made of the certificate and it was alleged that Rev. Mr. Shelton has defrauded the estate of the money. Merritt swore positively to having seen the certificate and described It minutely on the stand. It was proved by the defense, through the officers and books of the bank. that no such certificate had ever been in existence. The indictment was returned yesterday but the answer was not made until this morning. Merritt was released this afternoon on $750 bonds. He was ordered to plead Monday. Victor Lewis, a 10-year-old lad, who has lived with his mother in Helena all his life. was adjudged hopelessly Insane today in the district court and ordered sent to Warm Springs. He has been demented for years and is now a chattering limatic. Epilepsy was the cause of the malady. L. H. Hershfield president of the suspended Merchants National bank, arrived home to-day from Washington, where he had a long conference with the comptroller of the treasury. He feels very confident that the bank will be opened in the near future. He has a plan which he says will be entirely successful if It will meet with the co-operation of depositors. He will offer to pay the depositors 15 per cent. on the resumption of business and IS per cent. thereafter every four months until paid. If the depositors will consent to that arrangement the bank will reopen.

17. June 20, 1897 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, June 20, 1897

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CAN DO NOTHING FOR 'EM Sheriffs Must Transport Their Prisoners to the Pen. CAN'T USE STATE FUNDS Because the Legislature Made No Provision to Cover Such Expenses Something New in Injunction Line. Special Dispatch to the Standard Helena, June 19.-Sheriff C. C. Proctor of Cascade county, who refused to transport convicted persons to the state penitentiary unless the state or county paid the traveling expenses, will find no comfort in the reply of Secretary of State Hogan to hs appeal asking the state board of examiners to allow warrants to be drawn in payment of such claims of sheriffs. Secretary Hogan says that the board can do nothing for the sheriffs, who must put their hope in Providence and the Sixth legislative assembly, as the last legislature failed to make the usual provision for the payment of such claims by means of an appropriation. The secretary says that the law prohibits the issuance of warrants where there is no appropriation to cover their payment unless there is a specific provision of law directing that warrants be issued. In conclusion Seeretary Hogan writes: "There is therefore nothing which the board of examiners can do, but to audit the claims and transmit them. with their approval. to the next session of the legislative assembly. I can assure you that the board regrets the neglect of the legislature to make an appropriation COVering those claims. but we are unable to do anything further in the matter.' Lewis and Clarke county was treated to a new experience in the injunction line to-day. Mrs. Alice B. was December married last Simon, to Joseph who Simon, one of the proprietors of the Cosmopolitan hotel in this city, secured an order from the district court enjoining her husband from deserting her. She brought an action this afternoon alleging that her husband had threatened to leave her unless she went back to her home in Montreal and remained there. She said that her husband had refused to support her in the hope and expectation that she would bring an action for divorce against him. Judge Smith ordered Mr. Simon to show cause why he should not give security for his wife's support. The proceedings will probably end in action for divorce. It looks now as if the suspended Merchants' National bank. which is now in the hands of a temporary receiver, would be able to resume business under conditions imposed by the comptroller of the currency. The county board of commissioners to-day directed Treasurer Garratt to sign an extension of the time allowed the bank in which to pay a deposit of $25,700 belonging to the county. It is believed the city will also accept the terms imposed by the bank and the comptroller as to its deposit of $37,000. which was in the bank when it suspended. The county will be proteeted by an indemnity bond. State Treasurer Collins and State Auditor Poindexter have issued instructions to all county treasurers in Montana to comply with the section of the law which provides for monthly settlements with the state. All moneys in possession of county treasurers belonging to the state must be turned over to the state treasurer before the first Monday in each month for the previous month. In consequence of the new order the state treasurer will be able to call in warrants more frequently and thus quite a large amount of interest in the aggregate will be saved to the state.

18. November 19, 1897 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, November 19, 1897

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RECEIVER IS DISCHARGED F. C. WEBSTER MAKES HIS REPORT ON THE GOLDEN SCEPTER Judge Knowles Approves the Report and Releases the Bondsmen Merchants' National Bank Assets. Special Dispatch to the Standard. Helena, Nov. 18.-F. C, Webster of Missouta. receiver of the Golden Scepire Mining company located at Quigley, which was recently sold at a master-in-chancery's sale under foreclosure proceedings, instituted by Fraser and Chalmers of Chicago, and which will be reorganized under the name of the Majestic Mining company, made his final report to Judge Knowles to-day and was discharged from further responsibility. Mr. Webster gave the court a detailed account of his stewardship. the various sums expended and manner the same were raised. Among the expenditures was $1.270 premiums on insurance, $3051.48 taxes and other small amounts Including summ disbursed for part of the annual representation work on the 40 claims or the property. or the money paid, $2,000 was raised by negotiating in Philadelphia at par two receiver's certificates of $1,000 each, bearing Interest at 10 per cent. A certificate for the taxes is now in Philadelphia being negotiated. Itis total disbursements were $5,622.23, which was $515.75 above ricelpts. When he assumed control of the property October 5 last, be had been informed that there were 27 claims upon which the annual representation work would have to be performed in order that they might not be lost to the trust. Upon investigation, however, he found that the number was 40, This work is being carried cn. He estimates that upon the Enterprise placer 160 acres upon which the company's mill is shuated, $200 in representation should be done: $100 on the 20 acres adjoining. upon which are other buildings, and $200 upon other properties. In order to carry on the work he had made arrangements with President J. R. McDonaid of the new company. He agrees to complete the work. pay for watchmen and various other expenses. The new company is to pay off all the indebtedness under the terms of the decree, May 7, 1838, and for this Mr. McDonald accepted a receiver's certificate for $2,900. The court approved Mr. Webster's neHons by accepting his report, net asing his bondsmen and allowing him $1,000 for his services. Judge Knowles also granted Receiver Wilson of the Merchant's National bank of this city, permission to sell from the assits of the bank to W. E. Willams. Harold M. Cole and W. H. Little for $0,000. the Ruby Silver quarts lode claim and one-half Interest In the Ringwald and the Diamond Jewell claims. all situated In Broadwater county. The case of the County Commissioners of Custer County egainst Anderson, a suit over taxes, has been continued for the term.

19. March 9, 1898 Elmore Bulletin Rocky Bar, Mountain Home, ID
Article from Elmore Bulletin, March 9, 1898

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NORTHWEST NOTES. f The Montanian says Choteau is to have a national bank. Winnemucca, Nevada, is considering 1, an electric light proposition. 1 I The Russian thistle is spreading in h Montana. In 1896 it was found in only nine counties, now it is reported in , fifteen. Governor W. A. Richards has issued his annual quarantine proclamation regarding the shipment of cattle into Wyoming. Gov. Smith of Montana, has consented to act as a member of a national committee to erect a monument to the "Maine" victims. A new ditch is being constructed in Jackson's Hole seven miles long. The ditch connects with the Grovant river, and ten ranchmen will receive water therefrom. Backed, it is said, by $200,000 of English capital, C. W. Thebo of Kalispell, Montana, will buy 1000 head of steers in this state and take them to Dawson via Taiia. The Denver & Gulf had determined to close the Hartville, (Wyo.) iron mines March 1st, but has extended the time one month. The wagon haul to the railroad consumes the profits. The Connecticut Mutual Life Insurance company of Hartford, Conn. with western offices in Salt Lake, has notified Insurance Commissioner Owen of its intention to quit business in Wyoming. In fifteen years Montana's copper output has risen from 9,058,285 pounds to 250,000,000 pounds. From the Butte district alone, during this period, $200,000,000 worth of copper has been taken. Receiver Wilson of the Merchants' National bank at Helena, Mont., has been instructed to pay 'another dividend of 5 per cent., making a total of 30 per cent. Still another is likely about May 1st. There was recently deposited in the First National bank, at Montana, by some non-residents, a large sum of money, believed to be $22,000, to be used in the purchase of horses for use on the Edmonton route. Complaints have been received at the office of the state engineer of Wyoming that persons are illegally engaged in cutting government timber in the vicinity of Laramie Peak, in Albany and Laramie counties. A telephone line between Ely and Cherry Creek, Wyoming is practically assured. An argument in its favor is the forced ride of fifty miles when a physician is needed, exemplified several times within it few weeks. James Sommers is the name of the man killed near the Buckeye mine, above Rimini, Mont., recently. He was not killed in the mine, as reported, but in the timber, a tree falling on him and crushing out his life. The propagation of thequail industry in Natrona county, Wyoming, is growing with the town sports and ranchmen throughout the county, and no less than thirteen dozen quails have been ordered from the neighborhood of Wichita, Kan.. to be scattered along the wooded streams on ranches. D. P. Stedman confirms the reported find of rich copper ore in the Silver Crown district, Wyoming. Several assays have been secured which show values of 40 per cent. copper and several dollars silver to the ton. The vein has been prospected for seventeen feet and at that depth is ten feet wide. J. E O'Brien an employee of the Anaconda smelter, Mont., was in the act of shifting a belt from one pulley to another, when in an almost unaccountable manner his left arm came in contact with the swiftly moving belt which threw him back against an ore crusher. His head struch a projecting iron rod or bolt in a crusher with such force as to drive it into the brain and make a ghastly wound. The Wyoming Valley Oil company's well at Douglas is said to be down over 800 feet. Oil is showing up in the well. The drill is now penetrating & solid formation and it is expected that oil may be struck any day Fish Commissioner Gustav of Wyoming, now in the at Schnitger State small fry troughs has 650,- the hatchery, and on be to begin the of will 000 state ready April delivery 1st the he trout to the various counties of state. James T. McLamey of Shelby JuneMont., quarreled a who was his way on tion, beating with McLamey the train, hobo and the festive hobo struck head with a couplin over the The pin, tourist inHicting fatal injuries. escapd. A friendly suit has been instituted for the purpose of having the state su-

20. May 3, 1898 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, May 3, 1898

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# AFTER BANK OFFICIALS # CHARGES FALSE REPORTS Twenty-Two Counts in the Indictment Against the President of the Suspended Merchants' National. Special Dispatch to the Standard. Helena, May 2-The idently of two of the parties indicted by the recent federal grand jury, whose indictments were placed in the secret docket pending their arrest, was made public to-day. They are L. H. Hershfield, late president of the suspended Merchants' National bank of this city, and T. P. Bowman, assistant cashier. Messrs. Hershfield and Bowman returned from the East to-day, having started for Montana as soon as they were apprised of the grand jury's action. Both presented themselves in court and their bonds were fixed at $5,000. These they readily furnished and were released, Sam Weinstein and C. D. Hard becoming securities for Mr. Hershfield and Jacob Yund, Sam Alexander, C. W. Dresser and Tom Cooney going on Mr. Bowman's bond. There are 22 counts in the indictment against Hershfield, in a number of which it is alleged that Bowman was implicated. The indictments against Hershfield charge false entries, false reports to the comptroller of the currency and application of funds in the shape of interest upon notes which he is alleged to have owed the bank. The indictment against the late president of the Merchants' is a long document drawn up in the usual phraseology of such instruments. Briefly the counts charge: No. 1, a false report to the comptrolier on Feb. 28, 1896, of having $37,000 in checks and other cash items, when the bank had $12.346.11; No. 2, reporting on same date $57,000 in the reserve, instead of $55,000; No. 3, alleged false report as to amount due from other banks and in reserve on same date: No. 4, report as to some items May 7, 1896; No. 5, cash receipts May 4. 1896, showing receipt of $50,000 in currency; No. 6, entry May 4. 1896, as to discounting two notes for $25,000 each; Nos. 7, 8, 9 and 10th counts also alleged false entries; No. 11 alleged false cash report July 15, 1896; No. 12, false entry of warrant; No. 13. false entry of cash receipts Sept. 12, 1895; No. 14, false entry as to receipt of money on demand certificate of deposit Sept. 12, 1896: No. 15. false entry in teller's cash book Sept. 29, 1896; Nos. 16, 17, 19, 20, 21 and 22, alleged misapplication of money due bank as interest upon notes made and executed upon different dates by settling the notes without turning the interest into the bank. Endorsed upon the Hershfield indictment are the names of these witnesses: Eugene T. Wilson, Ney T. Davidson, Harry B. Palmer, Robert Coburn, John Potter, N. W. McConnell, J. B. Clayberg, James T. Woods, Jennie Smith, Thomas Moran, J. H. Longmaid, Charles H. Patterson, H. H. Nazro, Ira B. Bowen, A. V. Shoemaker, P. N. Lillianthal, J. W. Shivers, Frank L. Bacon, John H. Bryce and G. W. Foust. There remains one more indictment in the secret docket. This is also said to be against a bank official, a resident of a town in the eastern part of the state. It is expected he will present himself in court to-morrow when his identity can be made known.

21. August 27, 1898 The Neihart Herald Neihart, MT
Article from The Neihart Herald, August 27, 1898

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# THEY BUY THE ONTARIO. T. E. Collins and W. J. Clark Invest in a Good Mine. The Ontario mine, over the border of Deer Lodge county, above Rimini, is to be sold by the Merchants' National bank of Helena for $65,000 according to the terms of an order of court obtained by Receiver Wilson, of the bank, in Judge Knowles' court. The prospective purchasers are state treasurer T. E. Collins and W. J. Clark, who formerly operated at Neihart. As stated in the receiver's petition for permission to conclude the sale, no cash payment is to be made but the good faith of the purchasers is to be amply guaranteed by their assumption of the expense of keeping the mine pumped out. The cost of pumping, which has been between $25 and $30 a day, has been borne by the trust since the previous obligees relinquished their hold on the mine, for the obvious reason that the chance of disposing of it would have been greatly lessened if the mine had been allowed to fill. Under the terms of the contract as disclosed by the petition and order of court the purchasers are required to pay the following installments on the purchase price: $10,000 at the end of six months; $15,000 at the end of 12 months; $20,000 at the end of 18 months, and the remainder at the end of 24 months, making in all $65,000.

22. September 21, 1898 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, September 21, 1898

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Valley Water Company. A bank book showed that he had $875 on deposit in the Silver Bow national bank, and a letter which refers to a dividend of 25 per cent. on a claim of $7,247 held by him against the Merchants national bank of Helena, which has been placed to his credit by the receiver of that institution. He was a Mason, an Odd Fellow and a Mystic Shriner. He is said to have once been a prominent citizen of Butte. In this city he led a very quiet life.

23. May 4, 1899 Daily Inter Mountain Butte, MT
Article from Daily Inter Mountain, May 4, 1899

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Two companies of the Twenty-fourth infantry from Fort Douglass, Utah, arrived in Missoula yesterday. It was given out that the men were to be stationed at Fort Missoula but it is more probable that they will be rushed through to Wardner. Senator Carter, it is understood, will urge the appointment of Sergeant Asa F. Fisk, a musician in the First Montana, as a lieutenant in the regular army. Lieut. Homer Rickards of Butte was appointed to the place sought for Fisk, but failed to appear for examination, fearing he could not pass physically. Information was received in Helena yesterday that the United States circuit court of appeals has decided in favor of the appeal of the City of Helena from the decision of Judge Knowles in the suit of the Helena Consolidated Water company against the city to enforce its contract under which the city was to pay $18,000 a year for water for public use. Charles Connon, formerly an owner in the famous Stray Horse mine and at present a well-to-do cattleman in northern Montana is in a peck of trouble. Yesterday he was arrested in Helena on a charge of grand larceny and was made the defendant in a breach of promise suit, his accuser in both instances being Miss Nellie Ullon of Harlem, Mont., whom he promised to marry, but failed to keep his word. Last winter, he was married at Hot Springs, Ark., to Miss Carrie Beard and now Miss Ullon wants $10,000 damages for her wounded affections. The grand larceny case is of a sensational nature. Miss Ullon alleges that Connon admitted to her that he had stolen $10,000 from his own safe deposit vault in the Merchant's National bank of Helena some three years ago, and had recovered judgment from the bank for the amount. In the trial of the suit to recover damages for the loss of the money it was made to appear that Henry Bernard, an employe of the bank stole the money. Bernard disappeared. Judgment was secured against the bank and about half the amount realized on a receiver's certificate, the bank having gone into the hands of a receiver before the money was missed. Connon was arrested yesterday, but was released on $200 cash bail, his financial interests in the state being considered so good that he won't decamp. The supreme court at Helena yesterday modified the injunction issued in March in the case of the Boston and Montana vs. the Chile Gold Mining company, the Johnstown Mining company and the Montana Ore Purchasing company, restraining defendants from working portions of the Johnstown mine in Butte that apex in the Pennsylvania. The Montana Ore Purchasing company desired the modification that they might, by working the ground, secure evidence to be used in one of the numerous suits with the Boston and Montana. The supreme court allows the modification, with certain restrictions, but maintains that none of the ore taken out may be removed from the property.